Ayr Strategies Inc. (CSE: AYR.A, OTCQX: AYRSF) (“Ayr” or the
“Company”), a vertically-integrated cannabis multi-state operator
(MSO) with a presence in the western and eastern U.S., is reporting
financial results for the three months and full year ended December
31, 2019.
Unless otherwise noted, all results are
presented in U.S. dollars.
Annualized Full Year 2019 Financial
Summary3 (vs. 2018)
- Total revenue increased 75% to $124.2 million compared to $70.9
million.
- Adjusted Gross Profit (a non-IFRS measure defined below)
increased 78% to $63.0 million compared to $35.5 million.
- Adjusted EBITDA (a non-IFRS measure defined below) increased
47% to $34.5 million compared to $23.5 million; when excluding
corporate and public company costs, Adjusted EBITDA increased
80%.
- Loss from operations decreased 8% to $61.9 million compared to
$66.8 million.
Q4 2019 Financial Summary (vs. Q3
2019)
- Total revenue increased to $32.3 million compared to $32.1
million.
- Adjusted Gross Profit was $15.1 million compared to $17.2
million, with the decrease primarily resulting from
reclassification of approximately $2 million of SG&A
expenses.
- Adjusted EBITDA increased 6% to $9.2 million compared to $8.7
million.
- Loss from operations was $16.9 million compared to $10.7
million, with the increase entirely resulting from non-cash
charges.
Management Commentary
“In just seven months of combined operations,
our business has thrived and we have delivered on the ambitious
expectations that we laid out for our shareholders,” said Ayr CEO
Jon Sandelman. “Our Nevada dispensaries have become the market and
industry leader in terms of productivity, and our Massachusetts
businesses continued to outperform despite multiple regulatory
challenges.
“BDS Analytics ranks our dispensaries as the
highest revenue generating stores among MSOs. In Nevada, our retail
performance is stronger than ever with average annual revenue per
dispensary of $17 million, with our top store generating nearly $26
million annually. We also consistently improved profitability
across our Nevada portfolio in 2019 as we vertically integrated the
four businesses we acquired, and our in-house brands are now
accounting for approximately 27% of dispensary sales compared to
22% in Q3 and less than 3% at the start of 2019.
“In Massachusetts, we currently sell to more
than two-thirds of all recreational dispensaries. In light of the
Massachusetts vape ban in the fourth quarter, we pivoted our
resources to make up the lost revenue and margin from vapes, and we
were the first cannabis company back to market when the vape ban
was lifted earlier than expected in December. Further, we rolled
out several Nevada brands in Massachusetts during the quarter, and
both customer feedback and initial sell-through have been very
strong. All of this underscores the strength of our teams on the
ground, which provide us operational leverage and flexibility that
is essential in the cannabis industry.
“For 2020, our ambitious organic growth plans
are fully funded. We have completed construction on our cultivation
expansions in both Nevada and Massachusetts, and these expansions
have more than doubled our capacity, taking our canopy from 27,000
square feet to 63,000 square feet. We are underway with our first
grow cycles in these new facilities and expect sales from our
initial harvests to begin in Q2 2020.
“Looking beyond these key growth drivers for
2020, we continue to target business combinations that can expand
our initial portfolio and footprint; these combinations would add
to our current 2020 financial outlook. The cannabis market
environment continues to favor our strengths of financial
discipline, cash flow generation and a fully funded growth
strategy, and we have every expectation of capitalizing on
attractive M&A opportunities in 2020.”
2020 Outlook
Ayr expects 2020 revenue to range between $207
million and $227 million, reflecting approximately 67% to 83%
organic growth from 2019. The Company also expects adjusted EBITDA
to range between $93 million and $103 million, reflecting
approximately 170% to 199% organic growth from 2019.
For more information about the Company’s 2020
outlook, including detailed financial bridges outlining various
growth initiatives, please view Ayr’s corporate presentation posted
in the Investors section of the Company’s website at
www.ayrstrategies.com.
1 Non-IFRS measure defined in “Definition and
Reconciliation of Non-IFRS Measures” below.2 Includes data for
October and November 2019; Nevada sales for December 2019 are
unavailable. 3 Due to the qualifying transaction completed on
May 24, 2019, the 2019 annual results have been normalized by
taking the 221-day period and annualizing it to produce a full year
of results, whereas the 2018 results represent pro forma
consolidated results as reported in the Company’s Business
Acquisition Report filed on August 7, 2019.
Conference Call
Ayr CEO Jonathan Sandelman, CFO Brad Asher and COO
Jennifer Drake will host a conference call tomorrow, February 27,
2020 at 8:30 a.m. Eastern time, followed by a question and answer
period.
Conference Call Date: Thursday, February 27,
2020Time: 8:30 a.m. Eastern timeToll-free dial-in number: (877)
282-0546International dial-in number: (270) 215-9898Conference ID:
2431737
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact Gateway Investor Relations at
(949) 574-3860.
The conference call will be broadcast live and
available for replay here.
A telephonic replay of the conference call will
also be available after 11:30 a.m. Eastern time on the same day
through March 5, 2020.
Toll-free replay number: (855)
859-2056International replay number: (404) 537-3406Replay ID:
2431737
Financial Statements
Certain financial information reported in this news
release is extracted from Ayr’s financial statements as at and for
the three and twelve month periods ended December 31, 2019. These
results presented herein are preliminary and subject to change. Ayr
will file its annual financial statements on SEDAR shortly. All
such financial information contained in this news release is
qualified in its entirety by reference to such financial
statements.
Definition and Reconciliation of
Non-IFRS Measures
The Company reports certain non-IFRS measures that
are used to evaluate the performance of its businesses and the
performance of their respective segments, as well as to manage
their capital structures. As non-IFRS measures generally do not
have a standardized meaning, they may not be comparable to similar
measures presented by other issuers. Securities regulators require
such measures to be clearly defined and reconciled with their most
comparable IFRS measure.
The Company references non-IFRS measures and
cannabis industry metrics in this document and elsewhere. Non-IFRS
measures are not recognized measures under IFRS and do not have a
standardized meaning prescribed by IFRS and are therefore unlikely
to be comparable to similar measures presented by other companies.
Rather, these are provided as additional information to complement
those IFRS measures by providing further understanding of the
results of the operations of the Company from management’s
perspective. Accordingly, these measures should not be considered
in isolation, nor as a substitute for analysis of the Company’s
financial information reported under IFRS. Non-IFRS measures used
to analyze the performance of the Company’s businesses include
“Adjusted EBITDA” and “Adjusted Gross Profit”.
The Company believes that these non-IFRS financial
measures provide meaningful supplemental information regarding the
Company’s performances and may be useful to investors because they
allow for greater transparency with respect to key metrics used by
management in its financial and operational decision-making. These
financial measures are intended to provide investors with
supplemental measures of the Company’s operating performances and
thus highlight trends in the Company’s core businesses that may not
otherwise be apparent when solely relying on the IFRS measures.
Adjusted EBITDA“Adjusted EBITDA” represents income
(loss) from operations, as reported, before interest and tax,
adjusted to exclude extraordinary items, non-recurring items, other
non-cash items, including stock-based compensation expense,
depreciation and amortization, the adjustments for the accounting
of the fair value of biological assets and the incremental costs to
acquire cannabis inventory in a business combination, and further
adjusted to remove acquisition related costs.
Adjusted Gross Profit“Adjusted Gross Profit”
represents the gross profit, as reported, adjusted to exclude the
accounting for the fair value of biological assets and the
incremental costs to acquire cannabis inventory in a business
combination.
A reconciliation of how Ayr calculates Adjusted
EBITDA and Adjusted Gross Profit and reconciles them to IFRS
figures is provided below. As well, the Company reminds you
that Adjusted EBITDA and Adjusted Gross Profit are non-IFRS
measures. Additional reconciliations and other disclosures
concerning non-IFRS measures will be provided in our MD&A for
the 3 months and year ended December 31, 2019, when filed.
Forward-Looking Statements
Certain information contained in this news release
may be forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements are often, but not
always, identified by the use of words such as “target”, “expect”,
“anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”,
“outlook”, “intend”, “plan”, “seek”, “will”, “may” and “should” and
similar expressions or words suggesting future outcomes. This news
release includes forward-looking information and statements
pertaining to, among other things, Ayr’s future growth plans.
Numerous risks and uncertainties could cause the actual events and
results to differ materially from the estimates, beliefs and
assumptions expressed or implied in the forward-looking statements,
including, but not limited to: anticipated strategic, operational
and competitive benefits may not be realized; events or series of
events may cause business interruptions; required regulatory
approvals may not be obtained; acquisitions may not be able to be
completed on satisfactory terms or at all; and Ayr may not be able
to raise additional capital. Among other things, Ayr has assumed
that its businesses will operate as anticipated, that it will be
able to complete acquisitions on reasonable terms, and that all
required regulatory approvals will be obtained on satisfactory
terms and within expected time frames.
2020 targets, and the related assumptions, involve
known and unknown risks and uncertainties that may cause actual
results to differ materially. While Ayr believes there is a
reasonable basis for these targets, such targets may not be met.
These targets represent forward-looking information. Actual results
may vary and differ materially from the targets.
Assumptions
Forward-looking information in this subject to the
assumptions and risks as described in our MD&A for September
30, 2019. Please see our MD&A for September 30, 2019 for a
summary of assumptions underlying our targets for 2020 revenues.
For more information about the Company’s 2020 outlook, including
detailed financial bridges outlining various growth initiatives,
please view Ayr’s corporate presentation posted in the Investors
section of the Company’s website at www.ayrstrategies.com. As well,
we remind you that Adjusted EBITDA and Adjusted Gross Profit are
non-IFRS measures. Additional reconciliations and other disclosures
concerning non-IFRS measures will be provided in our MD&A for
the 3 months and year ended December 31, 2019, when filed.
About Ayr Strategies Inc.
Ayr Strategies (“Ayr”) is an expanding
vertically integrated, U.S. multi-state cannabis operator, focusing
on high-growth markets. With anchor operations in Massachusetts and
Nevada, the company cultivates and manufactures branded cannabis
products for distribution through its network of retail outlets and
through third-party stores. Ayr strives to enrich and enliven
consumers’ experience every day – helping them to live their best
lives, elevated.
Ayr’s leadership team brings proven expertise in
growing successful businesses through disciplined operational and
financial management, and is committed to driving positive impact
for customers, employees and the communities they touch. For
more information, please visit www.ayrstrategies.com.
Company Contact:
Jennifer Drake, COOT: (212) 299-7606
Investor Relations Contact:
Sean Mansouri, CFA or Cody SlachGateway Investor
RelationsT: (949) 574-3860Email: ayr@gatewayir.com
Ayr Strategies Inc.
(formerly, Cannabis Strategies Acquisition
Corp.)
Unaudited Condensed Consolidated
Statements of Financial Position
(Expressed in United States
Dollars)
|
|
|
|
|
|
As at |
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
$ |
|
$ |
|
ASSETS |
|
|
Current |
|
|
|
Cash and
cash equivalents |
8,403,196 |
|
109,952 |
|
|
Accounts
receivable |
2,621,239 |
|
- |
|
|
Due from
related parties |
85,000 |
|
- |
|
|
Inventory |
13,718,840 |
|
- |
|
|
Biological
assets |
2,935,144 |
|
- |
|
|
Prepaid expenses and other assets |
2,163,329 |
|
274,886 |
|
|
|
29,926,748 |
|
384,838 |
|
Non-current |
|
|
|
Restricted
cash and short-term investments held in escrow |
- |
|
99,684,243 |
|
|
Property,
plant and equipment |
37,152,861 |
|
- |
|
|
Right-of-use
assets |
12,315,417 |
|
- |
|
|
Goodwill and
intangible assets |
274,639,440 |
|
- |
|
|
Equity
investments |
427,399 |
|
- |
|
|
Other
assets |
638,394 |
|
- |
|
Total assets |
355,100,259 |
|
100,069,081 |
|
|
|
|
|
LIABILITIES |
|
|
Current |
|
|
|
Trade
payables |
6,806,053 |
|
- |
|
|
Accrued
liabilities |
5,123,865 |
|
2,489,096 |
|
|
Advances
from related parties |
- |
|
536,382 |
|
|
Lease
obligations - current portion |
1,087,835 |
|
- |
|
|
Purchase
consideration payable |
9,831,700 |
|
- |
|
|
Income tax
payable |
5,202,943 |
|
- |
|
|
Debts
payable - current portion |
6,628,843 |
|
- |
|
|
|
34,681,239 |
|
3,025,478 |
|
Non-current |
|
|
|
Deferred
underwriters commission |
- |
|
3,457,154 |
|
|
Deferred tax
liabilities |
41,077,761 |
|
- |
|
|
Class A
Restricted Voting Shares subject to redemption |
- |
|
145,694,363 |
|
|
Warrant
liability |
36,874,124 |
|
23,983,372 |
|
|
Lease
obligations - non-current portion |
13,033,310 |
|
- |
|
|
Contingent
consideration |
22,656,980 |
|
- |
|
|
Debts
payable - non-current portion |
37,366,818 |
|
- |
|
|
Accrued
interest payable |
815,662 |
|
- |
|
Total liabilities |
186,505,894 |
|
176,160,367 |
|
|
|
|
|
SHAREHOLDERS' EQUITY (DEFICIENCY) |
|
|
|
Share
capital |
382,210,006 |
|
1,821,997 |
|
|
Treasury
stock |
(245,469 |
) |
- |
|
|
Contributed
surplus |
28,879,225 |
|
- |
|
|
Other
comprehensive income |
3,265,610 |
|
3,422,120 |
|
|
Deficit |
(245,515,007 |
) |
(81,335,403 |
) |
Total shareholders' equity (deficiency) |
168,594,365 |
|
(76,091,286 |
) |
Total liabilities and shareholders' equity |
355,100,259 |
|
100,069,081 |
|
|
|
|
|
Ayr Strategies Inc.
(formerly, Cannabis Strategies Acquisition
Corp.)
Unaudited Condensed Consolidated
Statements of Loss and Comprehensive Loss
(Expressed in United States
Dollars)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
|
|
|
|
|
|
Revenues, net of discounts |
32,282,616 |
|
- |
|
|
75,195,556 |
|
- |
|
|
|
|
|
|
|
|
Cost of goods sold excluding fair value items |
17,158,918 |
|
- |
|
|
37,009,909 |
|
- |
|
Incremental costs to acquire cannabis inventory in business
combination |
3,764,678 |
|
- |
|
|
3,764,678 |
|
- |
|
Cost of goods sold |
20,923,596 |
|
- |
|
|
40,774,587 |
|
- |
|
|
|
|
|
|
|
|
Gross profit before fair value adjustments |
11,359,020 |
|
- |
|
|
34,420,969 |
|
- |
|
|
|
|
|
|
|
|
Fair value adjustment on sale of inventory |
(4,838,814 |
) |
- |
|
|
(18,272,212 |
) |
- |
|
Unrealized gain on biological asset transformation |
1,765,527 |
|
- |
|
|
10,108,105 |
|
- |
|
|
|
|
|
|
|
|
Gross profit |
8,285,733 |
|
- |
|
|
26,256,862 |
|
- |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
General and
administrative |
7,248,271 |
|
2,341,604 |
|
|
19,036,452 |
|
3,241,993 |
|
|
Sales and
marketing |
463,452 |
|
- |
|
|
1,345,009 |
|
- |
|
|
Depreciation |
1,017,198 |
|
- |
|
|
1,392,994 |
|
- |
|
|
Amortization |
2,434,288 |
|
- |
|
|
7,222,595 |
|
- |
|
|
Stock-based
compensation |
13,296,643 |
|
- |
|
|
28,879,225 |
|
- |
|
|
Acquisition
expense |
724,139 |
|
- |
|
|
5,847,800 |
|
- |
|
Total expenses |
25,183,991 |
|
2,341,604 |
|
|
63,724,075 |
|
3,241,993 |
|
|
|
|
|
|
|
|
Loss from operations |
(16,898,258 |
) |
(2,341,604 |
) |
|
(37,467,213 |
) |
(3,241,993 |
) |
|
|
|
|
|
|
|
Other (expense) income |
|
|
|
|
|
|
Share of
gain (loss) on equity investments |
241,115 |
|
- |
|
|
(72,600 |
) |
- |
|
|
Transaction
costs |
- |
|
- |
|
|
- |
|
(454,288 |
) |
|
Foreign
exchange |
(17,904 |
) |
- |
|
|
(141,106 |
) |
- |
|
|
Unrealized
gain (loss) - changes to fair value of financial liabilities |
2,771,673 |
|
(42,503,558 |
) |
|
(119,235,147 |
) |
(72,351,356 |
) |
|
Interest
expense |
(1,176,278 |
) |
- |
|
|
(3,035,492 |
) |
- |
|
|
Interest
income |
8,483 |
|
231,553 |
|
|
404,835 |
|
932,867 |
|
|
Other |
185,458 |
|
- |
|
|
202,610 |
|
- |
|
Total other income (expense) |
2,012,547 |
|
(42,272,005 |
) |
|
(121,876,900 |
) |
(71,872,777 |
) |
|
|
|
|
|
|
|
Loss before income tax |
(14,885,711 |
) |
(44,613,609 |
) |
|
(159,344,113 |
) |
(75,114,770 |
) |
|
|
|
|
|
|
|
|
Current
tax |
(3,795,071 |
) |
- |
|
|
(8,728,061 |
) |
- |
|
|
Deferred
tax |
1,216,549 |
|
- |
|
|
3,892,570 |
|
- |
|
|
|
|
|
|
|
|
Net loss |
(17,464,233 |
) |
(44,613,609 |
) |
|
(164,179,604 |
) |
(75,114,770 |
) |
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment |
468,229 |
|
(66,489 |
) |
|
(156,510 |
) |
3,504,595 |
|
|
|
|
|
|
|
|
Net loss and comprehensive loss |
(16,996,004 |
) |
(44,680,098 |
) |
|
(164,336,114 |
) |
(71,610,175 |
) |
|
|
|
|
|
|
|
Basic and diluted net loss per share |
(0.65 |
) |
(12.07 |
) |
|
(9.43 |
) |
(20.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding (basic and
diluted) |
26,672,864 |
|
3,696,486 |
|
|
17,404,742 |
|
3,707,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ayr Strategies Inc.
(formerly, Cannabis Strategies Acquisition
Corp.)
Unaudited Condensed Consolidated
Statements of Cash Flows
(Expressed in United States
Dollars)
|
|
|
|
Year Ended |
|
December 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
$ |
|
$ |
|
Operating activities |
|
|
Net
loss |
(164,179,604 |
) |
(75,114,770 |
) |
Adjustments for: |
|
|
Acquisition costs associated with financing activities |
129,235 |
|
454,288 |
|
Net
unrealized loss on changes in the fair value of financial
liabilities |
119,235,147 |
|
72,351,356 |
|
Stock-based compensation |
28,879,225 |
|
- |
|
Depreciation |
2,172,373 |
|
- |
|
Amortization on intangible assets |
8,137,864 |
|
- |
|
Share
of loss on equity investments |
72,600 |
|
- |
|
Incremental costs to acquire cannabis inventory in business
combination |
3,764,678 |
|
- |
|
Fair
value adjustment on sale of inventory |
18,272,212 |
|
- |
|
Unrealized gain on biological asset transformation |
(10,108,105 |
) |
- |
|
Deferred tax benefit |
(3,892,570 |
) |
- |
|
Interest accretion |
1,652,510 |
|
- |
|
Interest income |
- |
|
(932,867 |
) |
Changes in non-cash operations, net of business
acquisition: |
|
|
Accounts receivable |
(1,308,328 |
) |
- |
|
Inventory and biological assets |
(5,809,848 |
) |
- |
|
Prepaid expenses and other assets |
(1,459,072 |
) |
(272,021 |
) |
Trade
payables |
2,992,073 |
|
- |
|
Accrued liabilities |
(179,574 |
) |
2,195,529 |
|
Income tax payable |
5,202,943 |
|
- |
|
Cash provided by (used in) operating activities |
3,573,759 |
|
(1,318,485 |
) |
|
|
|
Investing activities |
|
|
Transfer of (Investment in) restricted cash and short term
investments held in escrow and interest income |
99,684,243 |
|
(7,526,058 |
) |
Purchase of property, plant and equipment |
(14,417,635 |
) |
- |
|
Deferred underwriters commission paid |
(3,457,154 |
) |
263,415 |
|
Cash
paid for business combinations, net of cash acquired |
(74,714,171 |
) |
- |
|
Cash
paid for business combinations, working capital |
(547,042 |
) |
- |
|
Payments for interests in equity accounted investments |
(500,000 |
) |
- |
|
Advances (to) from related corporation |
(809,191 |
) |
120,105 |
|
Cash provided by (used in) investing activities |
5,239,050 |
|
(7,142,538 |
) |
|
|
|
Financing activities |
|
|
Proceeds from issuance of Class A and B shares |
- |
|
8,328,708 |
|
Proceeds from exercise of warrants |
2,460,150 |
|
- |
|
Redemption of Class A shares |
(7,519 |
) |
- |
|
Repayments of debts payable |
(2,879,329 |
) |
- |
|
Repayments of lease obligations (principal portion) |
(763,878 |
) |
- |
|
Purchase of treasury stock |
(311,674 |
) |
- |
|
Cash (used in) provided by financing activities |
(1,502,250 |
) |
8,328,708 |
|
|
|
|
Net
increase (decrease) in cash |
7,310,559 |
|
(132,315 |
) |
Effect of foreign currency translation |
982,685 |
|
(1,180,907 |
) |
Cash
and cash equivalents, beginning of period |
109,952 |
|
1,423,174 |
|
Cash and cash equivalents, end of period |
8,403,196 |
|
109,952 |
|
|
|
|
Ayr Strategies Inc.
(formerly, Cannabis Strategies Acquisition
Corp.)
Unaudited Condensed Consolidated Adjusted
EBITDA Reconciliation
(Expressed in United States
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended December 31, |
|
Year ended December 31, |
|
Annualized2 Year ended
December 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Loss from
operations |
(16,898,258 |
) |
|
(2,341,604 |
) |
|
(37,467,213 |
) |
|
(3,241,993 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash items accounting for adjustments of cannabis
inventory |
|
|
|
|
|
|
|
|
|
Incremental
costs to acquire cannabis inventory in business combination |
3,764,678 |
|
|
|
|
3,764,678 |
|
|
|
|
|
|
Fair value
adjustment on sale of inventory |
4,838,814 |
|
|
|
|
18,272,212 |
|
|
|
|
|
|
Unrealized
gain on biological asset transformation |
(1,765,527 |
) |
|
|
|
(10,108,105 |
) |
|
|
|
|
|
|
6,837,965 |
|
|
|
|
11,928,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
295,630 |
|
|
|
|
295,630 |
|
|
|
|
|
|
Depreciation
and amortization (from statement of cash flows) |
4,511,734 |
|
|
|
|
10,310,237 |
|
|
|
|
|
|
Acquisition
costs |
724,139 |
|
|
|
|
5,847,800 |
|
|
|
|
|
|
Stock-based
compensation, non-cash |
13,296,643 |
|
|
|
|
28,879,225 |
|
|
|
|
|
|
Other1 |
472,326 |
|
|
|
|
1,105,694 |
|
|
|
|
|
|
|
19,300,472 |
|
|
|
|
46,438,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Non-IFRS) |
9,240,179 |
|
|
(2,341,604 |
) |
|
20,900,158 |
|
|
(3,241,993 |
) |
|
34,518,360 |
|
|
|
|
|
|
|
|
|
|
|
|
1 Other adjustments made to exclude the impact of non-recurring
items. |
|
|
|
|
|
|
|
|
|
2 Due to the
qualifying transaction completed on May 24, 2019, the 2019 annual
results have been normalized by taking the 221-day period and
annualizing it to produce a full year of results, whereas the 2018
results represent pro forma consolidated results as reported in the
Company’s Business Acquisition Report filed on August 7, 2019. |
|
|
|
|
|
|
|
|
|
|
|
|
Ayr Strategies Inc.
(formerly, Cannabis Strategies Acquisition
Corp.)
Unaudited Condensed Consolidated Adjusted
Gross Profit Reconciliation
(Expressed in United States
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended December 31, |
|
Year ended December 31, |
|
Annualized1 Year ended
December 31, |
|
|
2019 |
|
|
2018 |
|
2019 |
|
|
2018 |
|
2019 |
|
Gross
Profit |
8,285,733 |
|
|
|
|
26,256,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash items accounting for adjustments of cannabis
inventory |
|
|
|
|
|
|
|
|
|
Incremental
costs to acquire cannabis inventory in business combination |
3,764,678 |
|
|
|
|
3,764,678 |
|
|
|
|
|
|
Fair value
adjustment on sale of inventory |
4,838,814 |
|
|
|
|
18,272,212 |
|
|
|
|
|
|
Unrealized
gain on biological asset transformation |
(1,765,527 |
) |
|
|
|
(10,108,105 |
) |
|
|
|
|
|
|
6,837,965 |
|
|
|
|
11,928,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Gross Profit (Non-IFRS) |
15,123,698 |
|
|
|
|
38,185,647 |
|
|
|
|
63,066,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Due to the
qualifying transaction completed on May 24, 2019, the 2019 annual
results have been normalized by taking the 221-day period and
annualizing it to produce a full year of results, whereas the 2018
results represent pro forma consolidated results as reported in the
Company’s Business Acquisition Report filed on August 7, 2019. |
|
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