Darling Ingredients Inc Q4 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst : Wanted to ask on just the guidance around DGD. We've seen a bit stronger EBITDA this year on a per-gallon basis and in 2019 than the $2.25 you're guiding for. Is this just conservatism? Or is there anything maybe to call out, either just given moves in feedstock costs that might cause the year to start off a bit lower? Or if there's start-up costs late in the year that we should be factoring in that are driving that number?

Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst : Okay. And then Randy, I do have a question on feedstocks, as you predicted some of us would have on the prepared remarks. As we look towards sourcing animal fats from outside the U.S., how does procurement in terms of pricing compare, both in terms of underlying fat prices and then just shipping costs as you look at shipping via freight versus shipping domestically?