Year of Notable Growth & Expanding Footprint
Q4 2023 BALANCE SHEET AND CASH FLOW
Q4 Cash & Equivalents
($ in millions)
AWH
12/31/23
100
(in millions)
Cash &
Shares
Equivalents
Fully Diluted
Outstanding
Basic &
$72.5
2862
80
0.1
72.5
63.9
60
-8.2
16.7
40
20
222.9
0
9/30/23
Diluted (1)
Cash inflow /
(use) from
Operations
Cash inflow /
(use) from
Investing
Cash inflow /
(use) from
Financing
12/31/23
Total Debt,
net (2)
$308.7
Q4:
Net Debt (3)
$236.2
Enterprise
FY:
Value (4)
$452.4
(1) Includes 206.8M Class A Common Shares, 65k Class B shares, 16.0M of unvested Restricted Stock Units
and/or Restricted Stock Awards. There are also 4.6M warrants outstanding, none of which were in the
money at quarter-end; 1.3M have an exercise price of $4.00/sh; 3.1M have an exercise price of $3.10/sh;
and 0.2M have an exercise price of $2.64/sh. There are also 507k options exercisable, none of which were in
the money at quarter-end. Dilution was calculated using the treasury stock method and a 12/31/23 share
price of US$0.97 on the CSE.
(2)
(3)
(4)
Total Debt, net is equal to Total debt less unamortized deferred financing costs.
Net debt is equal to Total Debt net less Cash & Equivalents.
Market cap equals $216.2M or 222.9 million FDSO times 12/31/23 share price of US$0.97 on the CSE.
Enterprise value is calculated by adding net debt of $236.2M to this market value.
Note: waterfall may not foot due to rounding.
$16.7M net Cash from Operations (CFFO) generated
$8.4M Free Cash Flow (FCF) generated, inclusive of $8.2M in net CapEx used
to support dispensary builds and cultivation improvements
$55M net Cash from Operations (CFFO) generated*
$30M FCF generated*, inclusive of $24M in net CapEx
$60M Cash used for Financing inclusive of net CapEx and acquisition related
payments such as MD and PA
■ $17M Cash used for Investing, inclusive of ERTC repayment to lender
*Exclusive of $21M Employee Retention Tax Credit inflowsView entire presentation