Darling Ingredients Inc. (NYSE:DAR) Q2 2023 Earnings Conference Call August 9, 2023 9:00 AM ET

Company Participants

Suann Guthrie – Senior Vice President-Investor Relations, Sustainability & Communications

Randall C. Stuewe – Chairman and Chief Executive Officer

Brad Phillips – Chief Financial Officer

John Bullock – Chief Strategy Officer

Matt Jansen – Chief Operating Officer-North America

Conference Call Participants

Manav Gupta – UBS

Derrick Whitfield – Stifel

Dushyant Ailani – Jefferies

Sam Margolin – Wolfe Research

Andrew Strelzik – BMO

Ryan Todd – Piper Sandler

Adam Samuelson – Goldman Sachs

Ben Kallo – Baird

Ben Bienvenu – Stephens

Tom Palmer – JPMorgan

Paul Cheng – Scotia Bank

Jason Gabelman – TD Cowen

Bill Baldwin – Baldwin Anthony Securities

Operator

Good morning, and welcome to the Darling Ingredients Inc. Conference Call to Discuss the Company's Second Quarter 2023 Results. After the speakers’ prepared remarks, there will be a question-and-answers period and instructions to ask a question will be given at that time. Today’s call is being recorded.

I would now like to turn the call over to Ms. Suann Guthrie. Please go ahead.

Suann Guthrie

Good morning. Thank you for joining the Darling Ingredients second quarter 2023 earnings call. Here with me today are Mr. Randall C. Stuewe, Chairman and Chief Executive Officer; Mr. Brad Phillips, Chief Financial Officer; Mr. John Bullock, Chief Strategy Officer; and Mr. Matt Jansen, Chief Operating Officer of North America.

Our second quarter 2023 earnings news release and slide presentation are available on the Investor Relations page under Events and Presentations tab on our corporate website and will be joined by a transcript of this call once it is available. During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events.

These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results can materially differ because of factors discussed in yesterday's press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K, 10-Q and other reported filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

Now I will hand the call over to Randy.

Randall C. Stuewe

Hey, thanks, Suann. Good morning, everyone. Thanks for joining us for our second quarter 2023 earnings call. By all accounts, Darling Ingredients had a fantastic quarter with a record $508.3 million in combined adjusted EBITDA. Excluding a one-time $18.5 million inventory negative impact due to the Gelnex acquisition, our combined adjusted EBITDA would have been $526.8 million for the second quarter.