Date of report (Date of earliest event reported) |
February 27, 2024 |
DARLING INGREDIENTS INC. | ||||||||||||||
(Exact Name of Registrant as Specified in Charter) |
Delaware | 001-13323 | 36-2495346 | ||||||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Common stock $0.01 par value per share | DAR | New York Stock Exchange | (“NYSE”) |
☐ | Emerging growth company |
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |
DARLING INGREDIENTS INC. | |||||||||||
Date: February 27, 2024 | By: | /s/ John F. Sterling | |||||||||
John F. Sterling | |||||||||||
Executive Vice President, General Counsel |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Three Months Ended December 30, 2023 (unaudited) |
|||||||||||||||||
Net sales | $ | 1,045,642 | $ | 423,836 | $ | 144,605 | $ | — | $ | 1,614,083 | |||||||
Cost of sales and operating expenses | 755,062 | 311,163 | 111,427 | — | 1,177,652 | ||||||||||||
Gross Margin | 290,580 | 112,673 | 33,178 | — | 436,431 | ||||||||||||
Loss (gain) on sale of assets | 1 | (8,243) | (40) | — | (8,282) | ||||||||||||
Selling, general and administrative expenses | 77,281 | 30,195 | 6,714 | 18,430 | 132,620 | ||||||||||||
Restructuring and asset impairment charges | 3,934 | 9,199 | — | — | 13,133 | ||||||||||||
Acquisition and integration costs | — | — | — | 1,726 | 1,726 | ||||||||||||
Change in fair value of contingent consideration | 5,167 | — | — | — | 5,167 | ||||||||||||
Depreciation and amortization | 98,400 | 26,655 | 8,480 | 4,394 | 137,929 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 4,690 | — | 4,690 | ||||||||||||
Segment operating income/(loss) | $ | 105,797 | $ | 54,867 | $ | 22,714 | $ | (24,550) | $ | 158,828 | |||||||
Equity in net income of other unconsolidated subsidiaries | 1,508 | — | — | — | 1,508 | ||||||||||||
Segment income/(loss) | $ | 107,305 | $ | 54,867 | $ | 22,714 | $ | (24,550) | $ | 160,336 | |||||||
Segment EBITDA | $ | 213,298 | $ | 90,721 | $ | 26,504 | $ | (18,430) | $ | 312,093 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 38,816 | — | 38,816 | ||||||||||||
Combined adjusted EBITDA | $ | 213,298 | $ | 90,721 | $ | 65,320 | $ | (18,430) | $ | 350,909 |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||
Net sales | $ | 1,216,073 | $ | 387,733 | $ | 164,277 | $ | — | $ | 1,768,083 | |||||||
Cost of sales and operating expenses | 950,778 | 294,417 | 134,093 | — | 1,379,288 | ||||||||||||
Gross Margin | 265,295 | 93,316 | 30,184 | — | 388,795 | ||||||||||||
Loss (gain) on sale of assets | 169 | (117) | 14 | — | 66 | ||||||||||||
Selling, general and administrative expenses | 73,736 | 28,073 | 3,769 | 16,142 | 121,720 | ||||||||||||
Restructuring and asset impairment charges | — | 21,109 | — | — | 21,109 | ||||||||||||
Acquisition and integration costs | — | — | — | 2,738 | 2,738 | ||||||||||||
Depreciation and amortization | 91,282 | 14,722 | 8,606 | 2,774 | 117,384 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 123,448 | — | 123,448 | ||||||||||||
Segment operating income/(loss) | $ | 100,108 | $ | 29,529 | $ | 141,243 | $ | (21,654) | $ | 249,226 | |||||||
Equity in net loss of other unconsolidated subsidiaries | (831) | — | — | — | (831) | ||||||||||||
Segment income/(loss) | $ | 99,277 | $ | 29,529 | $ | 141,243 | $ | (21,654) | $ | 248,395 | |||||||
Segment EBITDA | $ | 191,390 | $ | 65,360 | $ | 26,401 | $ | (16,142) | $ | 267,009 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 145,984 | — | 145,984 | ||||||||||||
Combined adjusted EBITDA | $ | 191,390 | $ | 65,360 | $ | 172,385 | $ | (16,142) | $ | 412,993 |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Twelve Months Ended December 30, 2023 (unaudited) |
|||||||||||||||||
Net sales | $ | 4,472,592 | $ | 1,752,065 | $ | 563,423 | $ | — | $ | 6,788,080 | |||||||
Cost of sales and operating expenses | 3,385,859 | 1,310,581 | 446,620 | — | 5,143,060 | ||||||||||||
Gross Margin | 1,086,733 | 441,484 | 116,803 | — | 1,645,020 | ||||||||||||
Loss (gain) on sale of assets | 814 | (8,144) | (91) | — | (7,421) | ||||||||||||
Selling, general and administrative expenses | 310,363 | 128,464 | 23,543 | 80,164 | 542,534 | ||||||||||||
Restructuring and asset impairment charges | 4,026 | 14,527 | — | — | 18,553 | ||||||||||||
Acquisition and integration costs | — | — | — | 13,884 | 13,884 | ||||||||||||
Change in fair value of contingent consideration | (7,891) | — | — | — | (7,891) | ||||||||||||
Depreciation and amortization | 360,249 | 94,991 | 34,466 | 12,309 | 502,015 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 366,380 | — | 366,380 | ||||||||||||
Segment operating income/(loss) | $ | 419,172 | $ | 211,646 | $ | 425,265 | $ | (106,357) | $ | 949,726 | |||||||
Equity in net income of other unconsolidated subsidiaries | 5,011 | — | — | — | 5,011 | ||||||||||||
Segment income/(loss) | $ | 424,183 | $ | 211,646 | $ | 425,265 | $ | (106,357) | $ | 954,737 | |||||||
Segment EBITDA | $ | 775,556 | $ | 321,164 | $ | 93,351 | $ | (80,164) | $ | 1,109,907 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 501,987 | — | 501,987 | ||||||||||||
Combined adjusted EBITDA | $ | 775,556 | $ | 321,164 | $ | 595,338 | $ | (80,164) | $ | 1,611,894 |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Twelve Months Ended December 31, 2022 | |||||||||||||||||
Net sales | $ | 4,539,000 | $ | 1,459,630 | $ | 533,574 | $ | — | $ | 6,532,204 | |||||||
Cost of sales and operating expenses | 3,473,506 | 1,102,250 | 426,853 | — | 5,002,609 | ||||||||||||
Gross Margin | 1,065,494 | 357,380 | 106,721 | — | 1,529,595 | ||||||||||||
Gain on sale of assets | (3,426) | (1,008) | (60) | — | (4,494) | ||||||||||||
Selling, general and administrative expenses | 258,781 | 101,681 | 13,690 | 62,456 | 436,608 | ||||||||||||
Restructuring and asset impairment charges | 8,557 | 21,109 | — | — | 29,666 | ||||||||||||
Acquisition and integration costs | — | — | — | 16,372 | 16,372 | ||||||||||||
Depreciation and amortization | 295,249 | 59,029 | 29,500 | 10,943 | 394,721 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 372,346 | — | 372,346 | ||||||||||||
Segment operating income/(loss) | $ | 506,333 | $ | 176,569 | $ | 435,937 | $ | (89,771) | $ | 1,029,068 | |||||||
Equity in net income of other unconsolidated subsidiaries | 5,102 | — | — | — | 5,102 | ||||||||||||
Segment income/(loss) | $ | 511,435 | $ | 176,569 | $ | 435,937 | $ | (89,771) | $ | 1,034,170 | |||||||
Segment EBITDA | $ | 810,139 | $ | 256,707 | $ | 93,091 | $ | (62,456) | $ | 1,097,481 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 443,487 | — | 443,487 | ||||||||||||
Combined adjusted EBITDA | $ | 810,139 | $ | 256,707 | $ | 536,578 | $ | (62,456) | $ | 1,540,968 |
December 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 126,502 | $ | 127,016 | |||||||
Restricted cash | 292 | 315 | |||||||||
Accounts receivable, net | 626,008 | 559,695 | |||||||||
Accounts receivable due from related party - Diamond Green Diesel | 172,283 | 116,878 | |||||||||
Inventories | 758,739 | 673,621 | |||||||||
Prepaid expenses | 105,657 | 85,665 | |||||||||
Income taxes refundable | 23,599 | 18,583 | |||||||||
Other current assets | 42,586 | 56,324 | |||||||||
Total current assets | 1,855,666 | 1,638,097 | |||||||||
Property, plant and equipment, net | 2,935,185 | 2,462,082 | |||||||||
Intangible assets, net | 1,075,892 | 865,122 | |||||||||
Goodwill | 2,484,502 | 1,970,377 | |||||||||
Investment in unconsolidated subsidiaries | 2,251,629 | 1,926,395 | |||||||||
Operating lease right-of-use assets | 205,539 | 186,141 | |||||||||
Other assets | 234,960 | 136,268 | |||||||||
Deferred income taxes | 17,711 | 17,888 | |||||||||
$ | 11,061,084 | $ | 9,202,370 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 60,703 | $ | 69,846 | |||||||
Accounts payable, principally trade | 425,588 | 472,491 | |||||||||
Income taxes payable | 15,522 | 44,851 | |||||||||
Current operating lease liabilities | 55,325 | 49,232 | |||||||||
Accrued expenses | 440,999 | 432,023 | |||||||||
Total current liabilities | 998,137 | 1,068,443 | |||||||||
Long-term debt, net of current portion | 4,366,370 | 3,314,969 | |||||||||
Long-term operating lease liabilities | 154,903 | 141,703 | |||||||||
Other non-current liabilities | 349,809 | 298,933 | |||||||||
Deferred income taxes | 498,174 | 481,832 | |||||||||
Total liabilities | 6,367,393 | 5,305,880 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.01 par value; | 1,744 | 1,736 | |||||||||
Additional paid-in capital | 1,697,787 | 1,660,084 | |||||||||
Treasury stock, at cost | (629,008) | (554,451) | |||||||||
Accumulated other comprehensive loss | (198,346) | (383,874) | |||||||||
Retained earnings | 3,733,254 | 3,085,528 | |||||||||
Total Darling's stockholders' equity | 4,605,431 | 3,809,023 | |||||||||
Noncontrolling interests | 88,260 | 87,467 | |||||||||
Total Stockholders' Equity | 4,693,691 | 3,896,490 | |||||||||
$ | 11,061,084 | $ | 9,202,370 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
(unaudited) | $ Change | (unaudited) | $ Change | ||||||||||||||||||||||||||||||||
December 30, | December 31, | Favorable | December 30, | December 31, | Favorable | ||||||||||||||||||||||||||||||
2023 | 2022 | (Unfavorable) | 2023 | 2022 | (Unfavorable) | ||||||||||||||||||||||||||||||
Net sales | $ | 1,614,083 | $ | 1,768,083 | $ | (154,000) | $ | 6,788,080 | $ | 6,532,204 | $ | 255,876 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of sales and operating expenses | 1,177,652 | 1,379,288 | 201,636 | 5,143,060 | 5,002,609 | (140,451) | |||||||||||||||||||||||||||||
(Gain) loss on sale of assets | (8,282) | 66 | 8,348 | (7,421) | (4,494) | 2,927 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses |
132,620 | 121,720 | (10,900) | 542,534 | 436,608 | (105,926) | |||||||||||||||||||||||||||||
Restructuring and asset impairment charges | 13,133 | 21,109 | 7,976 | 18,553 | 29,666 | 11,113 | |||||||||||||||||||||||||||||
Acquisition and integration costs | 1,726 | 2,738 | 1,012 | 13,884 | 16,372 | 2,488 | |||||||||||||||||||||||||||||
Change in fair value of contingent consideration | 5,167 | — | (5,167) | (7,891) | — | 7,891 | |||||||||||||||||||||||||||||
Depreciation and amortization | 137,929 | 117,384 | (20,545) | 502,015 | 394,721 | (107,294) | |||||||||||||||||||||||||||||
Total costs and expenses | 1,459,945 | 1,642,305 | 182,360 | 6,204,734 | 5,875,482 | (329,252) | |||||||||||||||||||||||||||||
Equity in net income of Diamond Green Diesel | 4,690 | 123,448 | (118,758) | 366,380 | 372,346 | (5,966) | |||||||||||||||||||||||||||||
Operating income | 158,828 | 249,226 | (90,398) | 949,726 | 1,029,068 | (79,342) | |||||||||||||||||||||||||||||
Other expense: | |||||||||||||||||||||||||||||||||||
Interest expense | (68,453) | (46,139) | (22,314) | (259,223) | (125,566) | (133,657) | |||||||||||||||||||||||||||||
Foreign currency gain (loss) | (206) | (5,272) | 5,066 | 8,133 | (11,277) | 19,410 | |||||||||||||||||||||||||||||
Other income (expense), net | 2,825 | 242 | 2,583 | 16,310 | (3,609) | 19,919 | |||||||||||||||||||||||||||||
Total other expense | (65,834) | (51,169) | (14,665) | (234,780) | (140,452) | (94,328) | |||||||||||||||||||||||||||||
Equity in net income (loss) of other unconsolidated subsidiaries | 1,508 | (831) | 2,339 | 5,011 | 5,102 | (91) | |||||||||||||||||||||||||||||
Income from operations before income taxes | 94,502 | 197,226 | (102,724) | 719,957 | 893,718 | (173,761) | |||||||||||||||||||||||||||||
Income tax expense | 7,246 | 37,995 | 30,749 | 59,568 | 146,626 | 87,058 | |||||||||||||||||||||||||||||
Net income | 87,256 | 159,231 | (71,975) | 660,389 | 747,092 | (86,703) | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(2,740) | (2,671) | (69) | (12,663) | (9,402) | (3,261) | |||||||||||||||||||||||||||||
Net income attributable to Darling | $ | 84,516 | $ | 156,560 | $ | (72,044) | $ | 647,726 | $ | 737,690 | $ | (89,964) | |||||||||||||||||||||||
Basic income per share: | $ | 0.53 | $ | 0.98 | $ | (0.45) | $ | 4.05 | $ | 4.58 | $ | (0.53) | |||||||||||||||||||||||
Diluted income per share: | $ | 0.52 | $ | 0.96 | $ | (0.44) | $ | 3.99 | $ | 4.49 | $ | (0.50) | |||||||||||||||||||||||
Number of diluted common shares: | 161,935 | 163,504 | 162,387 | 164,121 |
Twelve Months Ended | |||||||||||
(unaudited) | |||||||||||
December 30, | December 31, | ||||||||||
Cash flows from operating activities: | 2023 | 2022 | |||||||||
Net income | $ | 660,389 | $ | 747,092 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 502,015 | 394,721 | |||||||||
Gain on sale of assets | (7,421) | (4,494) | |||||||||
Asset impairment | 4,734 | 29,666 | |||||||||
Deferred taxes | (22,241) | 46,734 | |||||||||
Change in fair value of contingent consideration | (7,891) | — | |||||||||
Decrease in long-term pension liability | (1,040) | (7,037) | |||||||||
Stock-based compensation expense | 33,156 | 25,005 | |||||||||
Write-off deferred loan costs | 653 | — | |||||||||
Deferred loan cost amortization | 6,216 | 4,984 | |||||||||
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries | (371,391) | (377,448) | |||||||||
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries | 168,277 | 95,546 | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | (10,832) | (56,543) | |||||||||
Income taxes refundable/payable | (39,933) | (3,495) | |||||||||
Inventories and prepaid expenses | 49,582 | (130,170) | |||||||||
Accounts payable and accrued expenses | (82,939) | 65,936 | |||||||||
Other | 17,929 | (16,758) | |||||||||
Net cash provided by operating activities | 899,263 | 813,739 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (555,480) | (391,309) | |||||||||
Acquisition, net of cash acquired | (1,093,183) | (1,772,437) | |||||||||
Investment in Diamond Green Diesel | (75,000) | (264,750) | |||||||||
Investment in other unconsolidated subsidiaries | (27) | — | |||||||||
Loan to Diamond Green Diesel | — | (50,000) | |||||||||
Loan repayment from Diamond Green Diesel | 25,000 | 50,000 | |||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 10,748 | 13,442 | |||||||||
Proceeds from insurance settlement | 14,014 | — | |||||||||
Payments related to routes and other intangibles | (1,524) | (1,492) | |||||||||
Net cash used in investing activities | (1,675,452) | (2,416,546) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 817,101 | 1,934,885 | |||||||||
Payments on long-term debt | (319,367) | (63,078) | |||||||||
Borrowings from revolving credit facility | 2,666,360 | 1,873,795 | |||||||||
Payments on revolving credit facility | (2,194,902) | (1,897,280) | |||||||||
Net cash overdraft financing | (9,780) | 24,069 | |||||||||
Acquisition hold-back payments | (3,793) | — | |||||||||
Deferred loan costs | (9) | (16,780) | |||||||||
Repurchase of common stock | (52,941) | (125,531) | |||||||||
Minimum withholding taxes paid on stock awards | (17,296) | (46,944) | |||||||||
Distributions to noncontrolling interests | (9,081) | (4,532) | |||||||||
Net cash provided by financing activities | 876,292 | 1,678,604 | |||||||||
Effect of exchange rate changes on cash flows | 14,179 | 5,299 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 114,282 | 81,096 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 150,168 | 69,072 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 264,450 | $ | 150,168 |
December 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets: | |||||||||||
Total current assets | $ | 1,877,430 | $ | 1,304,805 | |||||||
Property, plant and equipment, net | 3,838,800 | 3,866,854 | |||||||||
Other assets | 89,697 | 61,665 | |||||||||
Total assets | $ | 5,805,927 | $ | 5,233,324 | |||||||
Liabilities and members' equity: | |||||||||||
Total current portion of long term debt | $ | 278,639 | $ | 217,066 | |||||||
Total other current liabilities | 417,918 | 515,023 | |||||||||
Total long term debt | 737,097 | 774,783 | |||||||||
Total other long term liabilities | 16,996 | 17,249 | |||||||||
Total members' equity | 4,355,277 | 3,709,203 | |||||||||
Total liabilities and members' equity | $ | 5,805,927 | $ | 5,233,324 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
$ Change | $ Change | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | Favorable | December 31, | December 31, | Favorable | ||||||||||||||||||||||||||||||
2023 | 2022 | (Unfavorable) | 2023 | 2022 | (Unfavorable) | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,633,795 | $ | 1,594,552 | $ | 39,243 | $ | 6,990,622 | $ | 5,501,166 | $ | 1,489,456 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Total costs and expenses less lower of cost or market inventory valuation and depreciation, amortization and accretion expense | 1,495,293 | 1,302,584 | (192,709) | 5,925,778 | 4,614,192 | (1,311,586) | |||||||||||||||||||||||||||||
Lower of cost or market (LCM) inventory valuation adjustment | 60,871 | — | (60,871) | 60,871 | — | (60,871) | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense |
58,881 | 36,054 | (22,827) | 230,921 | 125,656 | (105,265) | |||||||||||||||||||||||||||||
Total costs and expenses | 1,615,045 | 1,338,638 | (276,407) | 6,217,570 | 4,739,848 | (1,477,722) | |||||||||||||||||||||||||||||
Operating income | 18,750 | 255,914 | (237,164) | 773,052 | 761,318 | 11,734 | |||||||||||||||||||||||||||||
Other income | 3,454 | 1,244 | 2,210 | 10,317 | 3,170 | 7,147 | |||||||||||||||||||||||||||||
Interest and debt expense, net | (12,072) | (10,262) | (1,810) | (49,857) | (19,796) | (30,061) | |||||||||||||||||||||||||||||
Income before income tax expense | 10,132 | 246,896 | (236,764) | 733,512 | 744,692 | (11,180) | |||||||||||||||||||||||||||||
Income tax expense | 752 | — | (752) | 752 | — | (752) | |||||||||||||||||||||||||||||
Net income | $ | 9,380 | $ | 246,896 | $ | (237,516) | $ | 732,760 | $ | 744,692 | $ | (11,932) |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Adjusted EBITDA | December 30, | December 31, | December 30, | December 31, | |||||||||||||||||||
(U.S. dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income attributable to Darling | $ | 84,516 | $ | 156,560 | $ | 647,726 | $ | 737,690 | |||||||||||||||
Depreciation and amortization | 137,929 | 117,384 | 502,015 | 394,721 | |||||||||||||||||||
Interest expense | 68,453 | 46,139 | 259,223 | 125,566 | |||||||||||||||||||
Income tax expense | 7,246 | 37,995 | 59,568 | 146,626 | |||||||||||||||||||
Restructuring and asset impairment charges | 13,133 | 21,109 | 18,553 | 29,666 | |||||||||||||||||||
Acquisition and integration costs | 1,726 | 2,738 | 13,884 | 16,372 | |||||||||||||||||||
Change in fair value of contingent consideration | 5,167 | — | (7,891) | — | |||||||||||||||||||
Foreign currency (gain) loss | 206 | 5,272 | (8,133) | 11,277 | |||||||||||||||||||
Other (income) expense, net | (2,825) | (242) | (16,310) | 3,609 | |||||||||||||||||||
Equity in net income of Diamond Green Diesel | (4,690) | (123,448) | (366,380) | (372,346) | |||||||||||||||||||
Equity in net (income) loss of other unconsolidated subsidiaries | (1,508) | 831 | (5,011) | (5,102) | |||||||||||||||||||
Net income attributable to noncontrolling interests | 2,740 | 2,671 | 12,663 | 9,402 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 312,093 | $ | 267,009 | $ | 1,109,907 | $ | 1,097,481 | |||||||||||||||
Foreign currency exchange impact | (7,932) | (1) | (10,830) | (2) | |||||||||||||||||||
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) | $ | 304,161 | $ | 267,009 | $ | 1,099,077 | $ | 1,097,481 | |||||||||||||||
DGD Joint Venture Adjusted EBITDA (Darling's share) | $ | 38,816 | $ | 145,984 | $ | 501,987 | $ | 443,487 | |||||||||||||||
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA | $ | 350,909 | $ | 412,993 | $ | 1,611,894 | $ | 1,540,968 | |||||||||||||||
(1) The average rate assumption used in this calculation were the actual average rate for the three months ended December 30, 2023 of €1.00:$1.07, R$1.00:$0.20 and CAD$1.00:$0.73 as compared to the average rate for the three months ended December 31, 2022 of €1.00:$1.02, R$1.00:$0.19 and CAD$1.00:$0.74, respectively. | |||||||||||||||||||||||
(2) The average rate assumption used in this calculation were the actual average rate for the twelve months ended December 30, 2023 of €1.00:$1.08, R$1.00:$0.20 and CAD$1.00:$0.74, as compared to the average rate for the twelve months ended December 31, 2022 of €1.00:$1.05, R$1.00:$0.19 and CAD$1.00:$0.77, respectively. | |||||||||||||||||||||||