Year of Notable Growth & Expanding Footprint
GAAP RECONCILIATIONS
Adjusted Gross Profit
Gross Profit
Gross Margin
Depreciation and amortization included in cost of goods sold
Equity-based compensation included in cost of goods sold
Start-up costs included in cost of goods sold (1)
Non-cash inventory adjustments (2)
Adjusted Gross Profit
Adjusted Gross Margin
Q1 2022
Q2 2022 Q3 2022
Q4 2022
FY2022
Q1 2023 Q2 2023 Q3 2023 Q4 2023
FY 2023
$ 23,447 $ 32,968 $ 36,636 $ 41,512 $ 134,563 $ 35,704 $ 28,319 $ 43,556 $ 47,541 $ 155,120
27.6%
33.8%
32.9%
37.0%
33.1%
31.3%
23.0%
30.8%
33.9%
29.9%
2,943
3,953
4,722
3,742
15,360
6,327
8,503
7,435
7,184
29,449
3,995
3,167
2,629
1,836
11,627
50
1,931
2,476
2,054
6,511
3,923
4,248
2,610
2,263
13,044
1,570
1,570
2,204
112
4,049
4,113
10,478
3,942
6,172
2,938
3,298
16,350
$ 36,513
42.9%
44,448 $ 50,646 $ 53,466 $ 185,072 $ 47,593 $ 44,925 $ 56,405 $ 60,077 $ 209,000
45.6% 45.5% 47.7% 45.6% 41.7% 36.5% 39.9% 42.9%
40.3%
Q1 2022 Q2 2022 Q3 2022
Q4 2022
FY2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
FY 2023
Adjusted EBITDA
Net Income (Loss)
Income tax expense
Other, net
Interest expense
$ (27,815) $ (21,172) $ (16,862) $ (15,050) $ (80,899) $ (18,472) $ 841 $ (11,240) $ (19,343) $ (48,214)
7,107
11,472
11,178
11,936
41,693
10,017
4,737
6,726
11,974
33,454
(103)
(151)
(273)
(229)
(756)
(265)
(24,044)
(902)
(632)
(25,843)
6,031
9,246
8,434
8,725
32,436
8,975
10,481
8,963
8,565
36,984
Depreciation and amortization
5,675
7,010
7,994
8,776
29,455
13,719
15,543
14,930
14,791
58,983
Non-cash inventory adjustments (2)
2,204
112
4,049
4,113
10,478
3,942
6,172
2,938
3,298
16,350
Equity-based compensation
6,499
7,055
6,382
3,059
22,995
3,005
4,129
5,610
5,600
18,344
Start-up costs (3)
4,760
5,364
6,563
6,669
23,356
2,527
278
504
579
3,888
Transaction-related and other non-recurring expenses (4)
6,194
2,027
601
297
9,119
302
2,971
1,996
7,519
12,788
(Gain)/loss on sale of assets
818
(72)
(296)
(105)
345
(442)
216
(226)
Litigation settlement
5,000
5,000
AWH
Adjusted EBITDA
Adjusted EBITDA Margin
$ 16,370 $ 20,891 $ 27,770 $ 28,191 $ 93,222 $ 23,308 $ 21,324 $ 29,525 $ 32,351 $ 106,508
19.2% 21.4% 25.0% 25.1%
23.0% 20.4%
17.3%
20.9%
23.1%
(1) Incremental expenses associated with the expansion of activities at our cultivation facilities that are not yet operating at scale, including excess overhead expenses resulting in delays from regulatory approvals at certain cultivation facilities.
(2) Consists of write-offs of expired products, obsolete packaging, and net realizable value adjustments related to certain inventory items.
20.5%
(3) One-time costs associated with acquiring real estate, obtaining licenses and permits, and other costs incurred before commencement of operations at certain locations, as well as incremental expenses associated with the expansion of activities at our cultivation facilities that are not yet operating
at scale, including excess overhead expenses resulting from delays in regulatory approvals at certain cultivation facilities. Also includes other one-time expenses related to certain reserves, as well as fair value adjustments related to earn-outs, as applicable.
(4) Legal and professional fees associated with litigation matters, potential acquisitions, and other regulatory matters and other non-recurring expenses.
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