Darling Ingredients Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Darling Ingredients Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance for the period ending March 30, 2024.</b>

AI Summary

DARLING INGREDIENTS INC. (DAR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Darling Ingredients Inc. filed its 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 28th. The filing was made on May 7, 2024. The company's SIC code is 2070 (FATS & OILS).

Why It Matters

For investors and stakeholders tracking DARLING INGREDIENTS INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, expenses, and other key metrics, crucial for assessing the company's current performance and future outlook. Understanding the details within this report allows stakeholders to evaluate Darling Ingredients' operational efficiency and financial health in the fats and oils industry.

Risk Assessment

Risk Level: medium — DARLING INGREDIENTS INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain significant new strategic information or forward-looking guidance that would drastically alter risk perception.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends and cost management.

Key Numbers

• 2024-03-30 — Period End Date (Quarterly report period)
• 2024-05-07 — Filing Date (Date the report was filed)
• 12/28 — Fiscal Year End (Company's fiscal year end date)
• 2070 — SIC Code (Standard Industrial Classification for FATS & OILS)

Key Players & Entities

• DARLING INGREDIENTS INC. (company) — Filer name
• DAR (company) — Ticker symbol
• 20240330 (date) — Period of report
• 20240507 (date) — Filing date
• IRVING (location) — Business address city
• DE (location) — State of incorporation
• 2070 (industry) — Standard Industrial Classification
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Darling Ingredients Inc. operates in the FATS & OILS industry, a sector focused on processing and refining animal by-products and other organic materials into valuable ingredients.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the revenue and cost of goods sold for the reported quarter.
2. Examine any disclosed selling, general, and administrative expenses.
3. Review the company's fiscal year-end date and its implications for financial reporting cycles.

Key Dates

• 2024-03-30: Quarter End — End of the reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — hange on which registered Common stock $0.01 par value per share DAR New York Stock
• $1.00 — on fuel receives a base credit of up to $1.00 per gallon of renewable diesel multipli

Filing Documents

• dar-20240330.htm (10-Q) — 1969KB
• ex311-20240330.htm (EX-31.1) — 11KB
• ex312-20240330.htm (EX-31.2) — 10KB
• ex32-20240330.htm (EX-32) — 11KB
• 0000916540-24-000014.txt (&nbsp;) — 11778KB
• dar-20240330.xsd (EX-101.SCH) — 70KB
• dar-20240330_cal.xml (EX-101.CAL) — 123KB
• dar-20240330_def.xml (EX-101.DEF) — 466KB
• dar-20240330_lab.xml (EX-101.LAB) — 860KB
• dar-20240330_pre.xml (EX-101.PRE) — 666KB
• dar-20240330_htm.xml (XML) — 2045KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Consolidated Balance Sheets 3 March 30, 2024 (unaudited) and December 30, 2023 Consolidated Statements of Operations (unaudited) 4 Three Months Ended March 30, 2024 and April 1, 2023 Consolidated Statements of Comprehensive Income/(Loss) (unaudited) 5 Three Months Ended March 30, 2024 and April 1, 2023 Consolidated Statements of Stockholders' Equity (unaudited) 6 Three Months Ended March 30, 2024 and April 1, 2023 Consolidated Statements of Cash Flows (unaudited) 7 Three Months Ended March 30, 2024 and April 1, 2023

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 50

: OTHER INFORMATION

PART II: OTHER INFORMATION Item 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 52 Item 1A.

RISK FACTORS

RISK FACTORS 52 Item 5. OTHER INFORMATION 52 Item 6. EXHIBITS 52

Signatures

Signatures 53 2 DARLING INGREDIENTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 30, 2024 and December 30, 2023 (in thousands, except share data) March 30, 2024 December 30, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 145,473 $ 126,502 Restricted cash 4,086 292 Accounts receivable, less allowance for bad debts of $ 15,936 at March 30, 2024 and $ 15,208 at December 30, 2023 623,936 626,008 Accounts receivable due from related party - Diamond Green Diesel — 172,283 Inventories 687,485 758,739 Prepaid expenses 97,619 105,657 Income taxes refundable 32,464 23,599 Other current assets 28,247 42,586 Total current assets 1,619,310 1,855,666 Property, plant and equipment, less accumulated depreciation of $ 2,431,378 at March 30, 2024 and $ 2,360,342 at December 30, 2023 2,910,335 2,935,185 Intangible assets, less accumulated amortization of $ 523,801 at March 30, 2024 and $ 748,646 at December 30, 2023 1,057,123 1,075,892 Goodwill 2,498,457 2,484,502 Investment in unconsolidated subsidiaries 2,378,531 2,251,629 Operating lease right-of-use assets 215,880 205,539 Other assets 246,561 234,960 Deferred income taxes 16,572 17,711 $ 10,942,769 $ 11,061,084 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 103,075 $ 60,703 Accounts payable, principally trade 343,388 425,588 Income taxes payable 11,657 15,522 Current operating lease liabilities 59,480 55,325 Accrued expenses 449,694 440,999 Total current liabilities 967,294 998,137 Long-term debt, net of current portion 4,362,856 4,366,370 Long-term operating lease liabilities 161,296 154,903 Other non-current liabilities 303,927 349,809 Deferred income taxes 464,406 498,174 Total liabilities 6,259,779 6,367,393 Commitments and contingencies Stockholders' equity: Common stock, $ 0.01 par value; 250,000,000 shares authorized; 174,853,704 and 174,427,981 shares issued at March 30, 2024 and December 30,

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 30, 2024 (unaudited) (1) General The accompanying consolidated financial statements for the three month periods ended March 30, 2024 and April 1, 2023, have been prepared by Darling Ingredients Inc., a Delaware corporation ("Darling", and together with its subsidiaries, the "Company" or "we", "us" or "our") in accordance with generally accepted accounting principles in the United States ("GAAP") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The information furnished herein reflects all adjustments (consisting only of normal recurring accruals) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Form 10-K for the fiscal year ended December 30, 2023. (2) Summary of Significant Accounting Policies (a) Basis of Presentation The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represent the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as a

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View this 10-Q filing on SEC EDGAR