Aurora Cannabis Announces Fiscal 2025 First Quarter Results and Delivers Positive Free Cash Flow
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced its Q1 fiscal 2025 results, highlighting positive free cash flow of $6.5 million and a 12% year-over-year increase in total quarterly net revenue to $83.4 million. The company achieved record net revenue of $47.2 million in global medical cannabis and generated Adjusted EBITDA of $4.9 million, an 87% YoY increase. Aurora ended the quarter with a debt-free cannabis business and a cash position of ~$182 million. The company's performance was driven by strong growth in the global medical cannabis segment and a record contribution from its Bevo plant propagation business. Aurora's CEO, Miguel Martin, emphasized the company's commitment to operational excellence and strategic growth, positioning it well for sustained positive momentum.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) ha annunciato i risultati del primo trimestre fiscale 2025, mettendo in evidenza un flusso di cassa positivo di 6,5 milioni di dollari e un aumento del 12% del fatturato netto trimestrale rispetto all'anno precedente, per un totale di 83,4 milioni di dollari. L'azienda ha registrato un fatturato netto record di 47,2 milioni di dollari nel settore della cannabis medica globale e ha generato un EBITDA rettificato di 4,9 milioni di dollari, con un incremento dell'87% anno su anno. Aurora ha chiuso il trimestre con un'attività di cannabis priva di debiti e una posizione di cassa di circa 182 milioni di dollari. Le prestazioni dell'azienda sono state sostenute da una forte crescita nel segmento della cannabis medica globale e da un contributo record della sua attività di propagazione vegetale Bevo. Il CEO di Aurora, Miguel Martin, ha sottolineato l'impegno dell'azienda per l'eccellenza operativa e la crescita strategica, posizionandola favorevolmente per un sostenuto slancio positivo.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) anunció sus resultados del primer trimestre fiscal 2025, destacando un flujo de efectivo libre positivo de 6,5 millones de dólares y un incremento del 12% en los ingresos netos trimestrales en comparación con el año anterior, alcanzando los 83,4 millones de dólares. La compañía logró un ingreso neto récord de 47,2 millones de dólares en cannabis médico global y generó un EBITDA ajustado de 4,9 millones de dólares, un aumento del 87% interanual. Aurora terminó el trimestre con un negocio de cannabis libre de deudas y una posición de efectivo de aproximadamente 182 millones de dólares. El desempeño de la compañía fue impulsado por un fuerte crecimiento en el segmento de cannabis médico global y una contribución récord de su negocio de propagación de plantas Bevo. El CEO de Aurora, Miguel Martin, enfatizó el compromiso de la empresa con la excelencia operativa y el crecimiento estratégico, posicionándola bien para mantener un impulso positivo sostenido.
오로라 캐너비스 주식회사 (NASDAQ: ACB) (TSX: ACB)는 2025 회계년도 1분기 결과를 발표하며 650만 달러의 긍정적인 자유 현금 흐름과 전년 대비 12% 증가한 분기 총 순수익 8,340만 달러를 강조했습니다. 이 회사는 전 세계 의료용 대마초에서 4720만 달러의 기록적인 순수익을 달성했으며, 조정된 EBITDA는 490만 달러로, 전년 대비 87% 증가했습니다. 오로라는 무부채 상태의 대마초 사업과 약 1억 8,200만 달러의 현금 보유액으로 분기를 마감했습니다. 회사의 성장은 전 세계 의료용 대마초 부문에서의 강력한 성장과 Bevo 식물 번식 사업으로부터의 기록적인 기여 덕분에 이루어졌습니다. 오로라의 CEO인 미겔 마르틴은 회사의 운영 우수성과 전략적 성장에 대한 의지를 강조하며 지속적인 긍정적인 모멘텀을 위해 잘 준비되었다고 밝혔습니다.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) a annoncé ses résultats du premier trimestre de l'exercice fiscal 2025, mettant en avant un flux de trésorerie libre positif de 6,5 millions de dollars et une augmentation de 12% des revenus nets trimestriels par rapport à l'année précédente, atteignant 83,4 millions de dollars. L'entreprise a réalisé un revenu net record de 47,2 millions de dollars dans le secteur du cannabis médical mondial et a généré un EBITDA ajusté de 4,9 millions de dollars, soit une augmentation de 87% par rapport à l'année dernière. Aurora a terminé le trimestre avec une activité de cannabis sans dettes et une position de trésorerie d'environ 182 millions de dollars. Les performances de l'entreprise ont été soutenues par une forte croissance dans le segment du cannabis médical mondial et une contribution record de son activité de propagation de plantes Bevo. Le PDG d'Aurora, Miguel Martin, a souligné l'engagement de l'entreprise envers l'excellence opérationnelle et la croissance stratégique, la positionnant bien pour un élan positif soutenu.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht, wobei ein positiver Cashflow von 6,5 Millionen Dollar und ein 12%iger Anstieg der gesamten vierteljährlichen Nettoumsätze im Vergleich zum Vorjahr auf 83,4 Millionen Dollar hervorgehoben wurden. Das Unternehmen erzielte einen Rekordnettoumsatz von 47,2 Millionen Dollar im globalen medizinischen Cannabisbereich und generierte ein bereinigtes EBITDA von 4,9 Millionen Dollar, was einem Anstieg von 87% im Jahresvergleich entspricht. Aurora beendete das Quartal mit einem schuldenfreien Cannabisgeschäft und einer liquiden Mitteln in Höhe von etwa 182 Millionen Dollar. Die Unternehmensleistung wurde durch starkes Wachstum im globalen medizinischen Cannabis-Segment und einen Rekordbeitrag aus dem Bevo-Pflanzenvermehrungsgeschäft angetrieben. Auroras CEO, Miguel Martin, betonte das Engagement des Unternehmens für operative Exzellenz und strategisches Wachstum, das es gut positioniert, um einen anhaltenden positiven Schwung zu erhalten.
- Positive free cash flow of $6.5 million
- 12% year-over-year increase in total quarterly net revenue to $83.4 million
- Record net revenue of $47.2 million in global medical cannabis
- Adjusted EBITDA of $4.9 million, an 87% YoY increase
- Debt-free cannabis business with a cash position of ~$182 million
- 13% growth in global medical cannabis business
- 16% growth in plant propagation business
- Medical cannabis adjusted gross margin before fair value adjustments reached 69%
- 10% decrease in consumer cannabis net revenue to $11.5 million
- Adjusted gross margin before fair value adjustments on consumer cannabis net revenue decreased from 26% to 24%
- Adjusted SG&A likely to remain above the previous target of $30 million
Insights
Aurora Cannabis's Q1 FY2025 results show significant improvement, marking a milestone quarter with positive free cash flow of
The medical cannabis segment, contributing
While the consumer cannabis segment saw a
Aurora's Q1 results reflect a strategic pivot towards higher-margin segments, particularly in global medical cannabis. The record
The company's performance in key markets like Germany, Australia and the UK suggests a strong international growth trajectory. However, the
Looking ahead, Aurora's expectations for continued strong performance in Europe and Australia, coupled with its debt-free status and focus on operational efficiency, position it well in the global cannabis market. However, investors should monitor the sustainability of free cash flow generation, given the anticipated negative impact in Q2 due to significant annual and one-time cash payments.
- Delivers Positive Free Cash Flow1 of
$6.5 Million - Increases Total Quarterly Net Revenue1 by
12% YoY to$83.4 Million $47.2 Million - Generates Adjusted EBITDA1 of
$4.9 Million 87% - Ends the Fiscal Quarter with a Debt-Free Cannabis Business2 and a Cash Position of
~ $182 Million
"This was a milestone quarter for Aurora, as we delivered strong net revenue1 growth, a substantial increase in adjusted EBITDA1, and positive free cash flow1. Our impressive performance was driven by record net revenue1 in the rapidly growing global medical cannabis segment, and we look forward to building on our achievements in key markets such as
"The progress we made during the quarter sets a strong foundation for the rest of the fiscal year, and with our continued commitment to operational excellence and strategic growth, we are well-positioned to sustain this positive momentum. Our growth in global medical, the highest margin cannabis segment, alongside our strong balance sheet and ongoing fiscal discipline, are pivotal as we build on our achievement with respect to positive free cash flow," Mr. Martin concluded.
1 This press release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. See "Non-GAAP Measures" below for reconciliations of non-GAAP financial measures to GAAP financial measures. |
2 Aurora's only remaining debt is non-recourse debt of |
First Quarter 2025 Highlights
(Unless otherwise stated, comparisons are made between fiscal Q1 2025, Q4 2024, and Q1 2024 results and are in Canadian dollars)
Consolidated Revenue and Adjusted Gross Profit:
Total net revenue1 was
Consolidated adjusted gross margin before fair value adjustments1 was
Medical Cannabis:
Medical cannabis net revenue1 was
The increase in net revenue1 of
Adjusted gross margin before fair value adjustments1 on medical cannabis net revenue reached
Consumer Cannabis:
Aurora's consumer cannabis net revenue1 was
Adjusted gross margin before fair value adjustments1 on consumer cannabis net revenue1 was
Plant Propagation:
Plant propagation net revenue1 was wholly comprised of the Bevo business, and contributed
Adjusted gross margin before fair value adjustments1 on plant propagation revenue was
Selling, General and Administrative ("SG&A"):
Adjusted SG&A1 was
Adjusted R&D1, was
Net Income (Loss):
Net income from continuing operations for the three months ended June 30, 2024 was
Adjusted EBITDA:
Adjusted EBITDA1 increased
Fiscal Q2 2025 Expectations:
We expect to see continued strong net revenue and adjusted gross margins across our cannabis business, supported by net revenue1 growth in
For plant propagation, we expect to see seasonally reduced revenues and gross profit in Q2 2025 that will be in line with historical performance as
Positive adjusted EBITDA is expected to continue while free cash flow is anticipated to be negatively impacted by several significant annual and one-time cash payments that typically occur in Q2 2025.
Key Quarterly Financial Results
Three months ended | |||||||
($ thousands, except Operational Results) | June 30, | March 31, | $ Change | % Change | June 30, | $ Change | % Change |
Financial Results | |||||||
Net revenue (1)(2a) | 24 % | 12 % | |||||
Medical cannabis net revenue (1)(2a) | 3 % | 13 % | |||||
Consumer cannabis net revenue (1)(2a) | 13 % | ( | (10 %) | ||||
Plant propagation revenue | 122 % | 16 % | |||||
Adjusted gross margin before FV adjustments on total net | |||||||
revenue (2b) | 43 % | 50 % | N/A | (7 %) | 44 % | N/A | (1 %) |
Adjusted gross margin before FV adjustments on cannabis | |||||||
net revenue (2b) | 53 % | 54 % | N/A | (1 %) | 52 % | N/A | 1 % |
Adjusted gross margin before FV adjustments on medical | |||||||
cannabis net revenue (2b) | 69 % | 66 % | N/A | 3 % | 61 % | N/A | 8 % |
Adjusted gross margin before FV adjustments on | |||||||
consumer cannabis net revenue (2b) | 24 % | 16 % | N/A | 8 % | 26 % | N/A | (2 %) |
Adjusted gross margin before FV adjustments on plant propagation net revenue (2b) | 18 % | 25 % | N/A | (7 %) | 22 % | N/A | (4 %) |
Adjusted SG&A expense(2d) | 0 % | 8 % | |||||
Adjusted EBITDA (2c) | 111 % | 87 % | |||||
Free cash flow (2e) | ( | (130 %) | ( | (156 %) | |||
Balance Sheet | |||||||
Working capital (2f) | 7 % | 68 % | |||||
Cannabis inventory and biological assets (3) | ( | (42 %) | ( | (15) % | |||
Total assets | 0 % | 1 % | |||||
(1) | Includes the impact of actual and expected product returns and price adjustments (Q1 2025 – nil; Q1 2024 - | |
(2) | These terms are defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of this MD&A. Refer to the following sections for reconciliation of Non-GAAP Measures to the IFRS equivalent measure: | |
a. | Refer to the "Revenue" and "Cost of Sales and Gross Margin" section for a reconciliation of cannabis net revenue to the IFRS equivalent. | |
b. | Refer to the "Adjusted Gross Margin" section for reconciliation to the IFRS equivalent. | |
c. | Refer to the "Adjusted EBITDA" section for reconciliation to the IFRS equivalent. | |
d. | Refer to the "Operating Expenses" section for reconciliation to the IFRS equivalent. | |
e. | Refer to the "Liquidity and Capital Resources" section for a reconciliation to the IFRS equivalent. | |
f. | "Working capital" is defined as Current Assets less Current Liabilities as reported on the Company's Consolidated Statements of Financial Position. | |
(3) | Represents total biological assets and inventory, exclusive of merchandise, accessories, supplies, consumables and plant propagation biological assets. | |
(4) | Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations. | |
Conference Call
Aurora will host a conference call today, Wednesday, August 7, 2024, to discuss these results. Miguel Martin, Chief Executive Officer, and Simona King, Chief Financial Officer, will host the call starting at 8:00 a.m. Eastern time | 6:00 a.m. Mountain Time. A question and answer session will follow management's presentation.
DATE: | Wednesday, August 7, 2024 |
TIME: | 8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time |
WEBCAST: |
This weblink has also been posted to the Company's "Investor Info" link at https://www.auroramj.com/investors/ under "Events".
About Aurora Cannabis
Aurora is opening the world to cannabis, serving both the medical and consumer markets across
Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".
Forward Looking Statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements regarding the Company's Q1 FY2025 results, statements under the heading "Fiscal Q2 2025 Expectations", including as related to net cannabis revenue growth and adjusted gross margins, revenue and gross profit in the plant propagation segment, and expectations for positive adjusted EBITDA and free cash flow, statements regarding the Company's continued commitment to operational excellence and strategic growth, sustained positive momentum, and expectations for SG&A and R&D expenses, as well as those statements regarding the Company's conference call to discuss results.
These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and nongovernment consumer sales channels, management's estimates of consumer demand in
The Company's AIF, MD&A and annual financial statements, which have been filed on SEDAR+ and with the SEC, are also available on the Company's website www.auroramj.com and shareholders may receive hard copies free of charge upon request by contacting aurora@icrinc.com.
Non-GAAP Measures
This news release contains reference to certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. Non-GAAP Measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP Measures are intended to provide additional information and to assist management and investors in assessing financial performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The information included under the heading "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" in the Company's management's discussion and analysis for the fiscal period ended June 30, 2024 (the "MD&A") is incorporated by reference into this news release. The MD&A is available on the Company's issuer profiles on SEDAR+ at www.sedarplus.com and on the SEC's EDGAR website at www.sec.gov.
Net Revenue, Adjusted Gross Profit and Margin
Net revenue, adjusted gross profit before FV adjustments, and adjusted gross margin before FV adjustments are Non-GAAP Measures and can be reconciled with revenue, gross profit and gross margin, the most directly comparable GAAP financial measures, respectively, as follows:
($ thousands) | Medical | Consumer | Wholesale Bulk Cannabis | Total | Plant | Total |
Three months ended June 30, 2024 | ||||||
Gross revenue | 50,121 | 17,215 | 1,620 | 68,956 | 23,081 | 92,037 |
Excise taxes | (2,920) | (5,682) | — | (8,602) | — | (8,602) |
Net revenue (1) | 47,201 | 11,533 | 1,620 | 60,354 | 23,081 | 83,435 |
Non-recurring net revenue adjustments (2)(4)(5) | — | — | — | — | (369) | (369) |
Adjusted net revenue | 47,201 | 11,533 | 1,620 | 60,354 | 22,712 | 83,066 |
Cost of sales | (16,902) | (10,557) | (6,212) | (33,671) | (19,639) | (53,310) |
Depreciation | 1,705 | 1,041 | 612 | 3,358 | 1,022 | 4,380 |
Inventory impairment and non-recurring costs included in | ||||||
cost of sales (2)(5) | 800 | 733 | 431 | 1,964 | (118) | 1,846 |
Adjusted gross profit (loss) before FV adjustments (1) | 32,804 | 2,750 | (3,549) | 32,005 | 3,977 | 35,982 |
Adjusted gross margin before FV adjustments (1) | 69 % | 24 % | (219 %) | 53 % | 18 % | 43 % |
Three months ended March 31, 2024(7) | ||||||
Gross revenue | 48,466 | 15,240 | 1,114 | 64,820 | 10,416 | 75,236 |
Excise taxes | (2,818) | (5,007) | — | (7,825) | — | (7,825) |
Net revenue(1) | 45,648 | 10,233 | 1,114 | 56,995 | 10,416 | 67,411 |
Non-recurring revenue adjustments (4,5) | — | — | — | — | $ (192) | (192) |
Adjusted net revenue | 45,648 | 10,233 | 1,114 | 56,995 | 10,224 | 67,219 |
Cost of sales | (20,795) | (11,682) | (2,686) | (35,163) | (8,327) | (43,490) |
Depreciation | 2,262 | 1,195 | 284 | 3,741 | 660 | 4,401 |
Inventory impairment, non-recurring, out-of-period, and | ||||||
market development costs included in cost of sales (2)(3)(4)(5)(6) | 2,985 | 1,842 | 438 | 5,265 | 42 | 5,307 |
Adjusted gross profit (loss) before FV adjustments (1) | 30,100 | 1,588 | (850) | 30,838 | 2,599 | 33,437 |
Adjusted gross margin before FV adjustments (1) | 66 % | 16 % | (76 %) | 54 % | 25 % | 50 % |
Three months ended June 30, 2023(7) | ||||||
Gross revenue | 43,872 | 17,051 | 371 | 61,294 | 19,904 | 81,198 |
Excise taxes | (2,257) | (4,209) | — | (6,466) | — | (6,466) |
Net revenue(1) | 41,615 | 12,842 | 371 | 54,828 | 19,904 | 74,732 |
Non-recurring net revenue adjustments (4) | (598) | (249) | — | (847) | — | (847) |
Adjusted net revenue | 41,017 | 12,593 | 371 | 53,981 | 19,904 | 73,885 |
Cost of sales | (24,390) | (15,970) | (822) | (41,182) | (18,951) | (60,133) |
Depreciation | 2,776 | 1,643 | 85 | 4,504 | 870 | 5,374 |
Inventory impairment, and non-recurring adjustments | ||||||
included in cost of sales (2)(4)(5) | 5,692 | 5,010 | 242 | 10,944 | 2,501 | 13,445 |
Adjusted gross profit (loss) before FV adjustments (1) | 25,095 | 3,276 | (124) | 28,247 | 4,324 | 32,571 |
Adjusted gross margin before FV adjustments (1) | 61 % | 26 % | (33 %) | 52 % | 22 % | 44 % |
(1) | These terms are Non-GAAP Measures and are note recognized, defined or standardized measures under IFRS. Refer to the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of this MD&A. |
(2) | Inventory impairment includes inventory write-downs due to lower of cost or net realizable value adjustments, obsolescence provision adjustments, and inventory destruction. |
(3) | Markets under development represents the adjustment for business operations focused on developing international markets prior to commercialization. |
(4) | Non-recurring items includes inventory count adjustments resulting from facility shutdowns and abnormal fluctuations in utilities costs in the plant propagation business. |
(5) | Non-recurring items includes business transformation costs in connection with the re-purposing and ramp-up of the Company's Sky and Sun facilities. |
(6) | Out-of-period adjustments include adjustments to input assumptions related to fair value of biological assets. |
(7) | Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations. |
Adjusted EBITDA
Adjusted EBITDA is a Non-GAAP Measure and can be reconciled with net income (loss), the most directly comparable GAAP financial measure, as follows:
Three months ended | |||
($ thousands) | June 30, 2024 | March 31, 2024 | June 30, 2023 |
Net income (loss) from continuing operations | 4,844 | (20,267) | (20,197) |
Income tax expense (recovery) | 2,857 | (711) | 96 |
Other income (expense) | (6,824) | 18,719 | 5,680 |
Share-based compensation | 3,019 | 3,029 | 2,281 |
Depreciation and amortization | 6,494 | 6,296 | 8,241 |
Acquisition costs | 1,001 | 2,970 | 226 |
Inventory and biological assets fair value and impairment adjustments | (12,348) | (16,940) | (3,404) |
Business transformation related charges (1) | 4,381 | 7,539 | 5,717 |
Out-of-period adjustments (2) | — | (185) | 330 |
Non-recurring items (3) | 1,463 | 1,869 | 3,649 |
Adjusted EBITDA (4) | 4,887 | 2,319 | 2,619 |
(1) | Business transformation related charges includes costs related to closed facilities, certain IT project costs, costs associated with the repurposing of Sky, severance and retention costs in connection with the business transformation plan, costs associated with the retention of certain medical aggregators. Some prior period amounts have been adjusted for changes in presentation. |
(2) | Out-of-period adjustments reflect adjustments to net loss for the financial impact of transactions recorded in the current period that relate to prior periods. Some prior period amounts have been adjusted for changes in presentation. |
(3) | Non-recurring items includes one-time excise tax refunds, non-core adjusted wholesale bulk margins, inventory count adjustments resulting from facility shutdowns and inter-site transfers, litigation and non-recurring project costs. |
(4) | Adjusted EBITDA is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A. Prior period comparatives were adjusted to include the adjustments for markets under development, business transformation costs, and non-recurring charges related to non-core bulk cannabis wholesales to be comparable to the current period presentation. |
Adjusted SG&A
Adjusted SG&A is a Non-GAAP Measure and can be reconciled with sales and marketing and general and administrative expenses, the most directly comparable GAAP financial measure, as follows:
Three months ended | |||
($ thousands) | June 20, 2024 | March 31, 2024 | June 30, 2023 |
Sales and marketing | 14,024 | 14,530 | 12,670 |
General and administration | 22,524 | 25,418 | 21,349 |
Business transformation costs | (4,868) | (6,862) | (4,063) |
Out-of-period adjustments | — | (642) | (330) |
Non-recurring costs | (284) | (1,093) | (593) |
Adjusted SG&A (1) | 31,396 | 31,351 | 29,033 |
(1) | Adjusted SG&A is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of this MD&A. |
(2) | Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations. |
Free Cash Flow
The table below outlines free cash flow for the periods ended:
Three months ended | |||
($ thousands) | June 30, 2024 | March 31, 2024(2) | June 30, 2023(2) |
Cash used in operating activities from continuing operations before changes in non- cash working capital | (1,822) | (10,074) | (13,005) |
Changes in non-cash working capital | 10,682 | (10,335) | 3,814 |
Net cash provided by (used in) operating activities from continuing operations | 8,860 | (20,409) | (9,191) |
Less: maintenance capital expenditures(1) | (2,370) | (1,457) | (2,495) |
Free cash flow(1) | 6,490 | (21,866) | (11,686) |
(1) | Maintenance capital expenditures are comprised of costs to sustain facilities, machinery and equipment in working order to support operations and excludes discretionary investments for revenue growth. |
(2) | Free cash flow is a Non-GAAP Measure and is not a recognized, defined, or a standardized measure under IFRS. Refer to the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of this MD&A. |
Working Capital
Working capital is a Non-GAAP Measure and can be reconciled with total current assets and total current liabilities, the most directly comparable GAAP financial measure, as follows:
Three months ended | ||||
($ thousands) | June 30, 2024 | March 31, 2024 | June 30, 2023 | |
Total current assets | 439,366 | 426,605 | 399,311 | |
Total current liabilities | (116,803) | (124,620) | (207,110) | |
Working capital(1) | 322,563 | 301,985 | 192,201 | |
(1) | Working capital for the three months ended March 31, 2024 and June 30, 2023 has been adjusted. Refer to discussion under "Liquidity and Capital Resources" section of the MD&A. |
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SOURCE Aurora Cannabis Inc.
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