Retail Update and Investment Thesis
Q1 2022 BALANCE SHEET AND CASH FLOW
Cash & Equivalents
($ in millions)
AWH
250
3/31/22
($ in millions)
200
155
Cash &
143.8
-1
150
-1
Equivalents
-10
Fully Diluted
100
Shares
181.1
Outstanding
50
Basic &
Diluted (1)
0
12/31/21
Total Debt,
net (2)
233.7
Cash used for
Operations
Cash used
for
Investing
Cash used
for
Financing
144
3/31/22
Net Debt (3)
89.9
(1) Includes 174.4M Class A Common Shares, 65k Class B shares, 6.6M of unvested Restricted Stock Units or
Restricted Stock Awards, and 17.6k in the money warrants. There are 3.5M warrants outstanding at an
exercise price of $4. Dilution was calculated using the treasury stock method and a 3/31/31 share price of
US$4.02 on the CSE.
(2)
(3)
Total Debt, net is equal to Total debt less unamortized deferred financing costs.
Net debt is equal to Total Debt,net less Cash & Equivalents.
Note: waterfall may not foot due to rounding.
$10M cash used for operations
D
$1M cash used for investing (proceeds from NJ sale-leaseback nearly
offsetting payments made for acquisitions in prior quarters and capital
investments)
$1M cash used for debt payment
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