Central Garden & Pet Co. Files 10-Q

TL;DR

**CENTRAL GARDEN & PET CO (CENT) FILED 10-Q FOR PERIOD ENDING 12/28/24. CHECK FINANCIALS.**

AI Summary

Central Garden & Pet Co. filed a 10-Q for the period ending December 28, 2024. The filing provides financial updates for the company, which operates in the wholesale-nondurable goods sector. Key financial details and operational information are presented for investors and stakeholders.

Why It Matters

This filing provides crucial financial performance data for Central Garden & Pet Co., allowing investors to assess the company's health and make informed decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently indicate new risks.

Key Players & Entities

• CENTRAL GARDEN & PET CO (company) — Filer of the 10-Q
• 20241228 (date) — End of the reporting period
• 0000887733 (company) — Central Index Key for Central Garden & Pet Co.
• DE (location) — State of incorporation
• 9259484000 (phone_number) — Business phone number

FAQ

Filing Documents

• cent-20241228.htm (10-Q) — 2016KB
• q12025exhibit1023.htm (EX-10.23) — 54KB
• q12025exhibit22.htm (EX-22) — 33KB
• q12025exhibit311.htm (EX-31.1) — 22KB
• q12025exhibit312.htm (EX-31.2) — 22KB
• q12025exhibit321.htm (EX-32.1) — 9KB
• q12025exhibit322.htm (EX-32.2) — 9KB
• cent-20241228_g1.jpg (GRAPHIC) — 99KB
• image_0.jpg (GRAPHIC) — 11KB
• 0000887733-25-000006.txt ( ) — 9447KB
• cent-20241228.xsd (EX-101.SCH) — 31KB
• cent-20241228_cal.xml (EX-101.CAL) — 66KB
• cent-20241228_def.xml (EX-101.DEF) — 225KB
• cent-20241228_lab.xml (EX-101.LAB) — 520KB
• cent-20241228_pre.xml (EX-101.PRE) — 368KB
• cent-20241228_htm.xml (XML) — 1910KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of December 28, 2024, December 30, 2023 and September 28, 2024 4 Condensed Consolidated Statements of Operations Three Months Ended December 28, 2024 and December 30, 2023 5 Condensed Consolidated Statements of Comprehensive Income Three Months Ended December 28, 2024 and December 30, 2023 6 Condensed Consolidated Statements of Cash Flows Three Months Ended December 28, 2024 and December 30, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This Form 10-Q includes "forward-looking statements." Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, projected cost savings, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, our business strategy and the trends we anticipate in the industries and markets in which we operate and other information that is not historical information. When used in this Form 10-Q, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, our examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but we cannot assure you that our expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking described in the section entitled "Item 1A – Risk Factors." If any of these risks or uncertainties materializes, or if any of o

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts, unaudited) December 28, 2024 December 30, 2023 September 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 618,020 $ 341,419 $ 753,550 Restricted cash 14,649 14,200 14,853 Accounts receivable (less allowances of $ 22,264 , $ 24,973 and $ 21,035 ) 399,443 370,996 326,220 Inventories, net 815,782 948,398 757,943 Prepaid expenses and other 39,919 39,047 34,240 Total current assets 1,887,813 1,714,060 1,886,806 Plant, property and equipment, net 370,673 389,440 379,166 Goodwill 551,361 546,436 551,361 Other intangible assets, net 465,914 489,058 473,280 Operating lease right-of-use assets 195,775 177,499 205,137 Other assets 64,319 105,841 57,689 Total $ 3,535,855 $ 3,422,334 $ 3,553,439 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 221,903 $ 212,193 $ 212,606 Accrued expenses 262,952 230,477 245,226 Current lease liabilities 58,623 51,035 57,313 Current portion of long-term debt 173 466 239 Total current liabilities 543,651 494,171 515,384 Long-term debt 1,190,271 1,189,093 1,189,809 Long-term lease liabilities 163,271 136,708 173,086 Deferred income taxes and other long-term obligations 118,831 149,776 117,615 Equity: Common stock, $ 0.01 par value: 10,718,231 , 11,077,612 and 11,074,620 shares outstanding at December 28, 2024 , December 30, 2023 and September 28, 2024 107 111 111 Class A common stock, $ 0.01 par value: 53,128,604 , 54,515,853 and 54,446,194 shares outstanding at December 28, 2024 , December 30, 2023 and September 28, 2024 531 545 544 Class B stock, $ 0.01 par value: 1,602,374 shares outstanding at December 28, 2024 , December 30, 2023 and September 28, 2024 16 16 16 Additi

financial statements

financial statements. Accounting Standards Not Yet Adopted Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker that are included within each reported measure of segment profit or loss, and also requires all annual disclosures currently required by Topic 280 to be included in interim periods. ASU No. 2023-07 is to be applied retrospectively for

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