The Next Generation Cannabis Platform
Adjusted EBITDA Reconciliation
JUSHI HOLDINGS INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(in thousands of U.S. dollars)
NET LOSS (1)
Income tax expense (benefit)
Interest expense, net
Depreciation and amortization (2)
EBITDA (Non-GAAP)
Non-cash share-based compensation
Inventory-related adjustments (3)
Fair value changes in derivatives
Indefinite-lived asset impairment
Other (income) expense, net (4)
Start-up costs
(5)
(6)
Transaction costs
Adjusted EBITDA (Non-GAAP)
Three Months
Ended
September 30,
2023
$
$
(20,622) $
8,011
9,345
5,816
2,550
1,056
7,460
(1,356)
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Three Months
Ended June 30,
2023
9,710 $
Financials and Filings :: Jushi Holdings Inc.
(JUSH) (jushico.com)
Three Months
(14,036) $
8,546
9,790
6,629
10,929
2,363
(1,090)
Ended
September 30,
2022
418
12,620 $
(54,696)
(2,802)
13,111
6,618
(37,769)
5,466
(1,197)
(6,352)
37,600
1,575
118
1,212
653
(1) Net loss includes amounts attributable to non-controlling interests.
(2) Includes amounts that are included in cost of goods sold and in operating expenses.
(3) Includes: (i) inventory step-up on business combinations; (ii) inventory recall reserves; and (iii) reserves for discontinued products. The inventory step-up on business combinations relates to the fair value write-
up on inventory acquired on the business acquisition date and then sold subsequent to the acquisition date. The inventory recall reserves relate to the estimated impact of the Pennsylvania Department of Health
recall and ban of vape products containing certain cannabis concentrates. The ban was lifted in June 2022.
(4) Includes: (i) remeasurement of contingent consideration related to acquisitions; (ii) losses (gains) on legal settlements; and (iii) severance costs.
(5) Expansion and start-up costs incurred in order to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations of each new location.
(6) Transaction costs include: (i) registration statement costs such as professional fees and other costs relating to our SEC registration; and (ii) acquisition and deal costs.
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