Aurora Cannabis Files Full Year Results and Announces Fiscal 2024 Fourth Quarter
Aurora Cannabis (NASDAQ: ACB) announced its FY2024 results, highlighting a record annual adjusted EBITDA of $12.8 million and a 21% increase in total net revenue compared to the previous fiscal year. In Q4 2024, the company achieved its sixth consecutive quarter of positive adjusted EBITDA, with total net revenue up 5% YoY to $67.4 million, driven by a 20% YoY growth in global medical cannabis revenue to $45.6 million. Aurora finished the fiscal year with approximately $180 million in cash and no cannabis-related debt. The company reaffirms its goal of achieving positive free cash flow by the end of 2024.
- Record annual adjusted EBITDA of $12.8 million.
- 21% increase in total net revenue for FY2024.
- Sixth consecutive quarter of positive adjusted EBITDA in Q4 2024.
- 5% YoY increase in Q4 2024 total net revenue to $67.4 million.
- 20% YoY growth in global medical cannabis revenue to $45.6 million.
- Ended FY2024 with approximately $180 million in cash.
- No cannabis-related debt at the end of FY2024.
- Consumer cannabis net revenue decreased by 29% YoY to $10.2 million.
- Adjusted gross margin for consumer cannabis decreased to 16% from 25% YoY.
- Net loss of $20.8 million in Q4 2024, though an improvement from $76.2 million YoY.
- Adjusted SG&A expenses increased by 15% YoY to $31.6 million.
Insights
Aurora Cannabis has reported its best fiscal year to date, which is significant for investors. The most compelling figure is the
Additionally, Aurora's strong cash position of
However, it's essential to be cautious about the challenges. The decline in the consumer cannabis segment, down 29% YoY, highlights ongoing pressure in this lower-margin market. Investors should also note the company's adjusted SG&A expenses of
The reaffirmation of guidance to achieve positive free cash flow by December 2024 is another positive signal, suggesting further improvements in operational efficiency and revenue growth. While the overall financial outlook seems positive, the decline in consumer cannabis revenues is a potential risk factor that should be monitored.
The significant growth in Aurora's global medical cannabis net revenue by
The success with new cultivars in these markets, coupled with a high adjusted gross margin of
However, reliance on high-margin international markets can be both a strength and a risk. Regulatory changes or market saturation in these regions could impact future performance. Nonetheless, Aurora's current trajectory in the medical cannabis space appears robust.
Aurora's performance highlights a strategic pivot towards high-margin international and medical cannabis markets. The
However, the consumer cannabis segment's revenue decline of
Looking ahead, the forecasted growth in net revenue for Q1 2025, driven by regulatory reforms in Germany and seasonal upticks in plant propagation, provides a positive outlook. Investors should consider the balance of growth opportunities and risks across different segments and geographies.
Delivers Record Annual Adjusted EBITDA1 of
NASDAQ | TSX: ACB
- Q4 Represents the Sixth Consecutive Quarter of Positive Adjusted EBITDA1
- Increased Total Quarterly Net Revenue
5% YoY to$67.4 Million 20% YoY to$45.6 Million - Ended the Fiscal Year with a Cash Position of
~ with Cannabis Business Debt-Free2$180 Million - Re-Affirms Target of Reaching Positive Free Cash Flow1 by December 31, 2024
"We are incredibly pleased to be reporting our strongest fiscal year ever at Aurora. Total fiscal year 2024 net revenue increased
"Aurora is the largest global medical cannabis company in nationally legal markets and our leadership is best differentiated by serving the diverse needs of patients across the world. In Q4 2024, global medical cannabis net revenue1 increased
____________________________ |
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 |
Fourth Quarter 2024 Highlights
(Unless otherwise stated, comparisons are made between fiscal Q4 2024, Q3 2024, and Q3 2023 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 adjustments[1] on consumer cannabis net revenue[1] was
Plant Propagation:
Plant propagation net revenue1 was wholly comprised of the Bevo business, that 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 Loss:
Net loss from continuing operations for the three months ended March 31, 2024 was
Adjusted EBITDA:
Adjusted EBITDA1 was
Convertible Senior Notes Repayment
During the three months ended March 31, 2024, the Company repaid an aggregate of approximately
Fiscal Q1 2025 Expectations:
- In Q1 2025, the period ending June 30, 2024, the Company expects to achieve consolidated net revenue percentage growth in the mid to high teens from Q4 2024. This expected increase in net revenue is driven by:
- Growth in high margin international medical cannabis revenue from recent regulatory reforms in
Germany which is expected to increase the size of the market, combined with continued strength in key European markets, as well as incremental revenue from MedReleaf Australia; and
- Growth in high margin international medical cannabis revenue from recent regulatory reforms in
- Our plant propagation segment typically experiences a seasonally higher quarter as it completes its peak spring floral sales period.
- Consolidated adjusted gross margin for each individual segment are typically similar on quarter over quarter basis, with a higher mix contribution from plant propagation.
- Positive adjusted EBITDA should be higher compared to the fourth quarter as a result of revenue growth combined with comparable consolidated margins.
- Operating cash flow is expected to improve in Q1 2025 compared to Q4 2024.
Achieving Positive Free Cashflow:
The Company views the target of positive free cashflow by end of calendar year 2024 as being achievable because of the following:
- Positioned to deliver continued increases in global medical cannabis, building on the growth expected in Q1 2025, driven by the full recognition of revenue in
Australia as well as further growth in key European markets. - Operating expenditure and gross margins are positioned to be in line with previously stated targets leading to continued strong positive adjusted EBITDA.
- Disciplined working capital management and maintenance capital expenditure of approximately
$2.0 million
Key Quarterly Financial and Operating Results
($ thousands, except Operational Results) | Three months ended | ||||||
March 31, 2024 | March 31, 2023(6) | $ Change | % Change | December 31, 2023(7) | $ Change | % Change | |
Financial Results | |||||||
Net revenue (1)(2a) | 5 % | 5 % | |||||
Medical cannabis net revenue (1)(2a) | 20 % | 1 % | |||||
Consumer cannabis net revenue (1)(2a) | ( | (29 %) | ( | (12 %) | |||
Plant propagation revenue | ( | (3 %) | 43 % | ||||
Adjusted gross margin before FV adjustments on total net revenue (2b) | 49 % | 49 % | N/A | 0 % | 53 % | N/A | (4 %) |
Adjusted gross margin before FV adjustments on core cannabis net revenue (2b) | 56 % | 52 % | N/A | 4 % | 56 % | N/A | 0 % |
Adjusted gross margin before FV adjustments on medical cannabis net revenue (2b) | 66 % | 60 % | N/A | 6 % | 62 % | N/A | 4 % |
Adjusted gross margin before FV adjustments on consumer cannabis net revenue (2b) | 16 % | 25 % | N/A | (9 %) | 29 % | N/A | (13 %) |
Adjusted gross margin before FV adjustments on plant propagation net revenue (2b) | 25 % | 36 % | N/A | (11 %) | 28 % | N/A | (3 %) |
Adjusted SG&A expense(2d)(5) | 15 % | 14 % | |||||
Adjusted EBITDA (2c)(5) | ( | (5 %) | ( | (63 %) | |||
Balance Sheet | |||||||
Working capital (2e) | 25 % | ( | (2) % | ||||
Cannabis inventory and biological assets (3) | 59 % | 31 % | |||||
Total assets | ( | (9 %) | 2 % | ||||
Operational Results – Cannabis | |||||||
Average net selling price of dried cannabis excluding bulk sales (2f) | 13 % | 13 % | |||||
Kilograms sold (4) | 15,179 | 16,578 | (1,399) | (8 %) | 14,440 | 739 | 5 % |
(1) | Includes the impact of actual and expected product returns and price adjustments (Q4 2024 – nil; Q3 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) | "Working capital" is defined as Current Assets less Current Liabilities as reported on the Company's Consolidated Statements of Financial Position. | |
f) | Net selling price of dried cannabis excluding bulk sales is comprised of revenue from dried cannabis excluding bulk sales (Q4 2024 – | |
(3) | Represents total biological assets and inventory, exclusive of merchandise, accessories, supplies, consumables and plant propagation biological assets. | |
(4) | The kilograms sold, net of returns during the period. | |
(5) | 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. | |
(6) | Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements). | |
(7) | During the three months ended March 31, 2024, and subsequent to the filing of the Company's Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under "Historical Quarterly Results" section of this MD&A for further detail. | |
Conference Call
Aurora will host a conference call today, Thursday, June 20, 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: | Thursday, June 20, 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
Forward-looking statements made in this news release include, but are not limited to, statements regarding pro forma measures including revenue, cash flow, Adjusted gross margin before fair value adjustments, and expected SG&A run-rates; ongoing cost efficiencies; the Company's path and timing to achieve positive free cash flow; the acquisition of MedReleaf Australia and associated benefits to the Company; the Company's leadership in the global medical cannabis market; and statements under the heading "Fiscal Q1 2025 Expectations", including, but not limited to, those related to expectations for increased revenue, further growth in international medical cannabis markets, Bevo's performance, continued positive Adjusted EBITDA and improvements in operating cash flow. 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 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 that 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 non-government consumer sales channels, management's estimates of consumer demand in
The Company's AIF[2], 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 year ended March 31, 2024, and nine months ended March 31,2023 (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 Cannabis | Consumer Cannabis | Core Wholesale Bulk Cannabis | Total Core Cannabis | Non-Core Wholesale Bulk Cannabis | Plant Propagation | Total |
Three months ended March 31, 2024 | |||||||
Gross revenue | 48,466 | 15,240 | 221 | 63,927 | 893 | 10,416 | 75,236 |
Excise taxes | (2,818) | (5,007) | — | (7,825) | — | — | (7,825) |
Net revenue (1) | 45,648 | 10,233 | 221 | 56,102 | 893 | 10,416 | 67,411 |
Non-recurring net revenue adjustments (4) | — | — | — | — | (192) | (192) | |
Adjusted net revenue | 45,648 | 10,233 | 221 | 56,102 | 893 | 10,224 | 67,219 |
Cost of sales | (20,976) | (11,682) | (131) | (32,789) | (2,555) | (8,327) | (43,671) |
Depreciation | 2,262 | 1,195 | 14 | 3,471 | 270 | 660 | 4,401 |
Inventory impairment and non-recurring costs included in cost of sales (2)(5) | 2,985 | 1,842 | 22 | 4,849 | 416 | 42 | 5,307 |
Adjusted gross profit (loss) before FV adjustments (1) | 29,919 | 1,588 | 126 | 31,633 | (976) | 2,599 | 33,256 |
Adjusted gross margin before FV adjustments (1) | 66 % | 16 % | 57 % | 56 % | (109 %) | 25 % | 49 % |
Three months ended December 31, 2023(8) | |||||||
Gross revenue | 47,942 | 16,951 | 106 | 64,999 | 323 | 7,285 | 72,607 |
Excise taxes | (2,860) | (5,328) | — | (8,188) | — | — | (8,188) |
Net revenue(1) | 45,082 | 11,623 | 106 | 56,811 | 323 | 7,285 | 64,419 |
Non-recurring revenue adjustments (4,5) | — | — | — | — | $ — | $ (872) | (872) |
Adjusted net revenue | 45,082 | 11,623 | 106 | 56,811 | 323 | 6,413 | 63,547 |
Cost of sales | (23,786) | (12,292) | (133) | (36,211) | (449) | (7,321) | (43,981) |
Depreciation | 2,665 | 1,340 | 14 | 4,019 | 48 | 1,052 | 5,119 |
Inventory impairment, non-recurring, out-of-period, and market development costs included in cost of sales (2)(3)(4)(6) | 4,201 | 2,719 | 28 | 6,948 | 95 | 1,681 | 8,724 |
Adjusted gross profit (loss) before FV adjustments (1) | 28,162 | 3,390 | 15 | 31,567 | 17 | 1,825 | 33,409 |
Adjusted gross margin before FV adjustments (1) | 62 % | 29 % | 14 % | 56 % | 5 % | 28 % | 53 % |
Three months ended March 31, 2023(7) | |||||||
Gross revenue | 40,592 | 18,956 | 307 | 59,855 | 488 | 10,754 | 71,097 |
Excise taxes | (2,681) | (4,465) | — | (7,146) | — | — | (7,146) |
Net revenue(1) | 37,911 | 14,491 | 307 | 52,709 | 488 | 10,754 | 63,951 |
Cost of sales | (19,549) | (14,556) | (173) | (34,278) | (646) | (8,032) | (42,956) |
Depreciation | 2,453 | 1,773 | 21 | 4,247 | 77 | 877 | 5,201 |
Inventory impairment, out-of-period, and non-recurring adjustments included in cost of sales (2)(4)(6) | 2,555 | 1,912 | 25 | 4,492 | 96 | 233 | 4,821 |
Adjusted gross profit (loss) before FV adjustments (1) | 23,370 | 3,620 | 180 | 27,170 | 15 | 3,832 | 31,017 |
Adjusted gross margin before FV adjustments (1) | 60 % | 25 % | 59 % | 52 % | 3 % | 36 % | 49 % |
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 one-time excise tax refunds, inventory count adjustments resulting from facility shutdowns and inter-site transfers, and abnormal spikes to utilities costs on its 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 facility. |
6. | Out-of-period adjustments include adjustments to year-end bonus accruals included in the current quarter but relating to prior quarters and 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 and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements). |
8. | During the three months ended March 31, 2024, and subsequent to the filing of the Company's Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under "Historical Quarterly Results" section of this MD&A for further detail. |
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:
The following is the Company's adjusted EBITDA:
($ thousands) | Three months ended | Year ended | Nine months ended | ||
March 31, 2024 | December 31, 2023(7) | March 31, 2023(6) | March 31, 2024 | March 31, 2023(6) | |
Net income (loss) from continuing operations | (20,793) | (17,755) | (76,150) | (59,045) | (183,228) |
Income tax expense (recovery) | (711) | (67) | (3,109) | (554) | (15,184) |
Other income (expense) | 18,785 | (199) | 48,149 | 13,146 | 51,303 |
Share-based compensation | 3,029 | 2,839 | 3,620 | 12,717 | 10,764 |
Depreciation and amortization | 6,328 | 8,411 | 9,875 | 32,225 | 28,995 |
Acquisition costs | 2,970 | 1,567 | 696 | 5,326 | 5,608 |
Inventory and biological assets fair value and impairment adjustments | (16,940) | (479) | 6,719 | (25,345) | 64,862 |
Business transformation related charges (1) | 7,539 | 5,132 | 7,253 | 25,189 | 28,202 |
Out-of-period adjustments (2) | (185) | 613 | 1,333 | 1,236 | 2,316 |
Non-recurring items (3) | 1,869 | 5,107 | 2,425 | 7,859 | 2,608 |
Markets under development (4) | — | — | 1,172 | — | 3,308 |
Adjusted EBITDA (5) | 1,891 | 5,169 | 1,983 | 12,754 | (446) |
(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) | Markets under development represents the adjustment for business operations focused on developing international markets prior to commercialization. |
(5) | 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. |
(6) | Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements). |
(7) | During the three months ended March 31, 2024, and subsequent to the filing of the Company's Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under "Historical Quarterly Results" section of this MD&A for further detail. |
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:
The table below outlines Adjusted SG&A for the periods ended:
Three months ended | Year ended | Nine months ended | |||
($ thousands) | March 31, 2024 | December 31, 2023(2) | March 31, 2023 | March 31, 2024 | March 31, 2023 |
Sales and marketing | 14,537 | 12,106 | 13,246 | 51,937 | 38,684 |
General and administration | 25,658 | 22,259 | 26,046 | 92,222 | 81,416 |
Business transformation costs(3) | (6,862) | (5,150) | (7,209) | (22,590) | (27,239) |
Out-of-period adjustments(3) | (642) | 214 | (818) | (1,236) | (1,801) |
Non-recurring costs | (1,093) | (1,670) | (2,837) | (3,768) | (6,243) |
Market development costs | — | — | (958) | — | (2,935) |
Adjusted SG&A (1) | 31,598 | 27,759 | 27,470 | 116,565 | 81,882 |
(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) | During the three months ended March 31, 2024, and subsequent to the filing of the Company's Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under "Historical Quarterly Results" section of this MD&A for further detail. |
(3) | Comparative periods have been adjusted for changes in presentation. |
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:
($ thousands) | March 31, 2024 | Three months ended December 31, 2023 | March 31, 2023 | |
Total current assets | 426,605 | 411,194 | 479,927 | |
Total current liabilities | (124,620) | (102,451) | (237,737) | |
Working capital(1) | 301,985 | 308,743 | 242,190 | |
(1) | Working capital for the three months ended December 31, 2023, and March 31,2023 has been adjusted. Refer to discussion under "Liquidity and Capital Resources" section of the MD&A. |
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SOURCE Aurora Cannabis Inc.
FAQ
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