Aphria Inc. Announces Third Quarter Fiscal Year 2021 Results
Aphria reported its financial results for Q3 FY2021, achieving its eighth consecutive quarter of positive adjusted EBITDA. The company generated net revenue of $153.6 million, a 6.4% increase year-over-year, but faced challenges from COVID-19 lockdowns, leading to a 4.3% decline compared to the previous quarter. Adjusted EBITDA rose to $12.7 million, while adjusted net income was a loss of $47.9 million. Aphria's strategic merger with Tilray aims to create a leading global cannabis entity, enhancing growth prospects. The company maintained strong cash reserves of $267.1 million.
- Eighth consecutive quarter of positive adjusted EBITDA.
- Net revenue increased by 6.4% year-over-year to $153.6 million.
- Strategic merger with Tilray expected to create a stronger global cannabis company.
- Improved free cash flow of $12.4 million due to better working capital management.
- Strong cash position with $267.1 million available for growth.
- Net income loss of $361 million, significantly worse than the prior year.
- Adjusted cannabis gross profit decreased to $20.3 million, down from $31.2 million.
- Net cannabis revenue dropped 23.8% compared to the prior quarter.
- Increased operating expenses totaling $100 million, up from $82.7 million.
Reports Eighth Consecutive Quarter of Positive Adjusted EBITDA and Positive Adjusted EBITDA from Cannabis Business
LEAMINGTON, ON, April 12, 2021 /PRNewswire/ - Aphria Inc. ("Aphria," "we," or the "Company") (TSX: APHA) (NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported its financial results for the third quarter and nine months ended February 28, 2021. All amounts are expressed in Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.
Irwin D. Simon, Chairman and Chief Executive Officer, commented, "Our global team executed well in the very fluid, ongoing COVID-19 operating environment. We proactively managed our expenses and maintained our positive adjusted EBITDA for the third quarter of fiscal 2021. The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business; however, we believe Aphria remains well-positioned with our leading brands and market share to experience a robust increase in our top-line as the market improves. In the U.S., we had a solid first full quarter of contribution from SweetWater even with lower on-premise sales compared to the prior year quarter as many foodservice industry establishments were still operating with limited capacity. Going forward, we are excited about the strategic opportunities for incremental growth as we look to parlay our branded consumer products into additional complementary product offerings in Canada, the U.S. and internationally."
Mr. Simon continued, "We remain excited with the opportunities created for both Aphria shareholders and Tilray stockholders in completing our proposed business combination with Tilray, and believe that together, we will create one of the strongest global cannabis and consumer packaged goods companies in the world. We expect to have a tremendous runway for long-term sustainable growth as we build upon our existing foundation in Canada and internationally by increasing the scale of our global operations. We expect Aphria and Tilray's complementary cultures of innovation, brand development and cultivation to further set us apart from others in the industry along with the strength of our balance sheet and cash availability as we enhance value for all stakeholders."
Key Operating Highlights – Third Quarter Fiscal 2021
- Reached a definitive agreement to combine with Tilray, Inc. ("Tilray") to create the world's largest global cannabis company based on pro forma revenue1,
- Closed a USD
$120 million financing with BMO, providing a USD$20 million revolving facility and USD$100 million term debt facility; - Maintained its #1 licensed producer status in Ontario and Alberta in terms of sales to the provincial boards, based on Headset data for the period December 2020 to February 2021, the same as its prior fiscal quarter;
- Improved its market share in Quebec, rising to #2 licensed producer in terms of sales to the provincial board, based on internal analyses;
- Recorded eighth consecutive quarter of positive adjusted EBITDA2 and positive adjusted EBITDA from cannabis business2;
- Adjusted EBITDA from cannabis business2 of
$7.9 million in the third quarter compared to$12.9 million in the prior quarter; - Adjusted EBITDA2 increased to
$12.7 million in the third quarter compared to$12.6 million in the prior quarter; - Free cash flow2 improved
$12.4 million during the third quarter predominantly as a result of increased cash provided by operating activities, as the Company better managed its working capital; - Third quarter revenues were impacted by lockdowns in the major Canadian provinces, particularly Ontario, which was in a lockdown for nearly the entire quarter, and in Germany;
- Gross revenue for adult-use cannabis of
$59.6 million in the third quarter, an increase of33.4% from the prior year quarter, and a decrease of17.3% from the prior quarter; - Net cannabis revenue of
$51.7 million in the third quarter, a decrease of7.8% from the prior year quarter, and a decrease23.8% from the prior quarter; - Net revenue of
$153.6 million in the third quarter, an increase of6.4% from the prior year quarter, and a decrease of4.3% from the prior quarter; - Ended the third quarter with a strong balance sheet and liquidity, including
$267.1 million of cash and cash equivalents to fund planned Canadian and international growth; - Broken Coast expanded its premium cannabis offering with introduction of newly developed strain "Pipe Dream;"
- Launched SweetWater Brewing Company, LLC ("SweetWater") beverages statewide in Colorado, the first U.S. state to legalize adult-use cannabis; and,
- Introduced the Solei brand topical, a high potency topical available in the Canadian market.
Subsequent Events
- Launched www.aphriatilraytogether.com, for shareholders of Aphria and Stockholders of Tilray to find up-to-date information about the proposed Aphria-Tilray business combination;
- Scheduled special meeting of Aphria shareholders on April 14, 2021 to approve the proposed Aphria-Tilray business combination; and,
- Received vote FOR recommendations from ISS and Glass Lewis for the Aphria-Tilray business combination. ISS and Glass Lewis are leading independent proxy advisory firms that provide voting recommendations to institutional shareholders.
Key Financial Highlights (In thousands of Canadian dollars)
Three months ended | Three months ended | |
February 28, 2021 | February 29, 2020 | |
Net revenue | ||
Gross profit | ||
Adjusted cannabis gross profit 1 | ||
Adjusted cannabis gross margin 1 | ||
Adjusted beverage alcohol gross profit 1 | N/A | |
Adjusted beverage alcohol gross margin 1 | N/A | |
Adjusted distribution gross profit 1 | ||
Adjusted distribution gross margin 1 | ||
Net income (loss) | ( | |
Adjusted net income (loss) 1 | ( | ( |
Adjusted EBITDA 1 | ||
Q3-2021 | Q2-2021 | |
Distribution revenue | ||
Net cannabis revenue | ||
Net beverage alcohol revenue | ||
Net revenue | ||
Kilograms (or kilogram equivalents) sold 1 | 18,695 | 26,730 |
Cash cost to produce dried cannabis / gram1 | ||
"All-in" cost of goods sold / gram1 | ||
Adjusted EBITDA from cannabis business 1 | ||
Adjusted EBITDA from businesses under development 1 | ( | ( |
Adjusted EBITDA from beverage alcohol business 1 | ||
Adjusted EBITDA from distribution business 1 | ||
Cash and cash equivalents & marketable securities | ||
Working capital | ||
Capital and intangible asset expenditures - wholly-owned subsidiaries 1 | ||
Capital and intangible asset expenditures -majority-owned subsidiaries1 |
Net revenue for the three months ended February 28, 2021 was
As a result of the ongoing effects of COVID-19, including provincial lockdowns and provincial boards taking measures to lower their inventory levels which had previously included forecasted cannabis market growth, the Company experienced what it believes is a transitory reduction in demand during the quarter. These provincial government measures resulted in decreased orders from provincial boards and product returns of approximately
The average retail selling price of medical cannabis, before excise tax, decreased to
The average selling price of adult-use cannabis, before excise tax, decreased to
Adjusted cannabis gross profit for the third quarter was
Adjusted distribution gross profit for the third quarter was
During the quarter, the Company's adjusted gross margin on beverage alcohol decreased from
Operating expenses in the quarter increased to
Net loss for the third quarter of fiscal year 2021 was
For the three months ended February 28, | For the nine months ended February 28, | ||||
2021 | 2020 | 2021 | 2020 | ||
Net (loss) income | |||||
Unrealized loss (gain) on convertible debentures | 264,788 | (23,145) | 352,013 | (86,430) | |
Share-based compensation | 36,271 | 5,126 | 54,127 | 17,645 | |
Transaction costs | 12,013 | 2,478 | 37,637 | 3,904 | |
Adjusted net income (loss) | |||||
Adjusted income (loss) per share - basic2 | |||||
Adjusted EBITDA increased to
The Company continued to improve its free cash flow in the quarter, as the Company moved closer to its target of generating positive free cash flow.
Q3 - 2021 | Q2 - 2021 | |||||
Cash provided by (used in) operating activities: | $ 1,150 | $ 3,404 | ||||
Investment in capital and intangible assets | (5,045) | (19,726) | ||||
Free cash flow | $ (3,895) | $ (16,322) | ||||
Conference Call
Aphria will host a conference call to discuss these results today at 9:00 am Eastern Time. To listen to the live call, dial (888) 231-8191 from Canada and the U.S. or (647) 427-7450 from international locations and use the passcode 6497567. A telephone replay will be available approximately two hours after the call concludes through May 12, 2021. To access the recording, dial (855) 859-2056 and use the passcode 6497567.
There will also be a simultaneous, live webcast available on the Investors section of Aphria's website at aphriainc.com. The webcast will be archived for 30 days.
Special Shareholders Meeting
The Meeting will take place via live audio webcast at www.virtualshareholdermeeting.com/APHA2021 on Wednesday, April 14, 2021 at 4:00 pm (Eastern time).
YOUR VOTE IS IMPORTANT – PLEASE VOTE TODAY
The proxy voting deadline is 4:00 p.m. (Eastern time) on Monday April 12, 2021
The Aphria Board unanimously recommends that Shareholders vote FOR the Aphria Resolution
Your Vote is Important
Whether or not you plan to virtually attend the Meeting, please vote as soon as possible by one of the methods described in the proxy materials to ensure that your Shares are represented and voted at the Meeting.
How to Vote
Your vote is important regardless of the number of Shares you own. Registered and beneficial Shareholders may vote using the following methods:
- Internet: Go to www.proxyvote.com and enter the 16-digit control number printed on the form of proxy or voting instruction form or scan the QR Code on the Aphria form of proxy to access the website and follow the instructions on the screen.
- Telephone: Call the toll-free telephone number provided on the form of proxy or voting instruction form and follow the prompted voting instructions. You will need to enter the 16-digit control number.
- Mail: Enter voting instructions, sign and date the form of proxy or voting instruction form and return your completed form of proxy or voting instruction form in the postage paid envelope provided with your proxy materials to:
Data Processing Centre
P.O. Box 3700 STN Industrial Park
Markham, ON L3R 9Z9
If you hold your Shares through an intermediary, please follow the instructions on the voting instruction form provided by such intermediary to ensure that your vote is counted at the Meeting.
Deadline for Receipt of Proxies
To be counted at the Meeting, a Shareholder's voting instructions must be received by 4:00 p.m. (Eastern time) on Monday, April 12, 2021, or if the Meeting is postponed or adjourned, at least 48 hours (excluding non-Business Days) prior to the date of the postponed or adjourned Meeting).
Aphria Shareholder Questions
Aphria and Tilray are committed to keeping shareholders of both companies up to date with developments and significant milestones.
If you have questions or need more information about the proposed transaction, please contact Aphria's shareholder communications advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at (877) 452.7184 toll-free in Canada, (416) 304.0211 for international calls or by e-mail at assistance@laurelhill.com.
We Have A Good Thing Growing
About Aphria Inc.
Aphria Inc. is a leading global cannabis-lifestyle consumer packaged goods company with operations in Canada, the United States, Europe and Latin America, that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body and soul and invoke a sense of wellbeing. Aphria's mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. Headquartered in Leamington, Ontario, Aphria cultivates, processes, markets and sells medical and adult-use cannabis, cannabis-derived extracts and derivative cannabis products in Canada under the provisions of the Cannabis Act and globally pursuant to applicable international regulations. Aphria also manufactures, markets and sells alcoholic beverages in the United States. For more information, visit: aphriainc.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking information or forward-looking statements (together, "forward-looking statements") under applicable securities laws and are expressly qualified by this cautionary statement. Any information or statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, but not limited to, statements in this press release with regards to Canadian, U.S. and international growth, Aphria's market position, ability to generate consistent growth, net revenue and adjusted EBITDA, completion of the combination with Tilray and expected synergies from the combination, expected scale of operations of the combined company, and expectations regarding future balance sheet strength of the combine Aphria and Tilray. The Company uses words such as "forecast", "future", "should", "could", "enable", "potential", "contemplate", "believe", "anticipate", "estimate", "plan", "expect", "intend", "may", "project", "will", "would" and the negative of these terms or similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Various assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this press release. Forward-looking statements reflect management's current beliefs with respect to future events and are based on information currently available to management including based on reasonable assumptions, estimates, internal and external analysis and opinions of management considering its experience, perception of trends, current conditions and expected developments as well as other factors that management believes to be relevant as at the date such statements are made. Forward-looking statements involve significant known and unknown risks and uncertainties. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements. Factors that may cause such differences include, but are not limited to, risks associated with assumptions and expectations described in the Company's critical accounting policies and estimates; the adoption and impact of certain accounting pronouncements; the Company's future financial and operating performance; the competitive and business strategies of the Company; the intention to grow the business, operations and potential activities of the Company; the Company's ability to provide a return on investment;
the Company's ability to maintain a strong financial position and manage costs; the Company's ability to maximize the utilization of its existing assets and investments; the Company's ability to take a leadership position in the industry; the expected inventory and production capacity of the Company; the expected category growth of the Company's products; the anticipated increase in demand for bulk and saleable flower, and the related growth in the wholesale market; the expected variability of wholesale cannabis revenue; the market for the Company's current and proposed products, including vape pens, as well as the Company's ability to capture market share; the anticipated timing for the release of expected product offerings; the expected cost to produce a gram of dried cannabis; the expected cost to process cannabis oil; the development of affiliated brands, product diversification and future corporate development; expectations with respect to the Company's product development, product offering and the sales mix thereof; the Company's satisfaction of international demand for its products; the Company's plans with respect to importation/exportation; the Company's ability to meet the demand for medical cannabis; the Company's plans to establish strategic partnerships, including collaborations with academic institutions in Germany; whether the Company will have sufficient working capital and its ability to obtain financing required in order to develop its business and continue operations; the Company's expected ongoing contractual relationships, and the terms thereof; the Company's ability to comply with its financial covenants in the future; the applicable laws, regulations, licensing and any amendments thereof related to the cultivation, production and sale of cannabis product in the Canadian and international markets; the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; the Company's purpose, mission, vision and values; expectations with respect to crop rotation and harvest, the anticipated future gross margins of the Company and the potential for significant growths or losses; the potential for the Company to record future impairment losses; the performance of the Company's business and operations; the Company's ability to capitalize on the US market; future expenditures, strategic investments and capital activities; the anticipated timing for the first harvest from the Company's German cultivation facility and the expected capacity of such facility; current and future legal actions, and the Company's ability to cover any costs or judgements arising from these actions either through insurance or otherwise; Aphria's and Tilray's strategic business combination and the expected timing and closing of the combination including, receipt of required shareholder approvals, court approvals and satisfaction of other closing customary conditions; the expected strategic and financial benefits of the combination, including estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies; estimates of pro–forma financial information of the combined Aphria and Tilray, including in respect of expected revenues and production of cannabis;; the combined company's anticipated scalable medical and adult-use cannabis platforms that are expected to strengthen the leadership position in Canada, internationally and, eventually in the United States; the expectation that the combined company will offer a diversified and branded product offering and distribution footprint, state-of-the-art cultivation, processing and manufacturing facilities; operational efficiencies expected to be generated as a result of the combination in the amount of approximately C
The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release.
The schedule below is an excerpt of Aphria Inc.'s financial statements prepared on a basis consistent with IFRS for the third quarter and nine months ended February 28, 2021 and filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. This schedule does not contain all of the information in Aphria Inc.'s financial statements that is important to you. You should read the financial statements and Management's Discussion and Analysis for the third quarter and nine months ended February 28, 2021 to obtain a comprehensive understanding of Aphria Inc.'s financial statements and notes thereto under IFRS and related information.
Aphria Inc. | |||||||
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) | |||||||
(Unaudited - in thousands of Canadian dollars, except share and per share amounts) | |||||||
For the three months ended | For the nine months ended | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Net revenue | $ 153,638 | $ 144,424 | $ 459,859 | $ 391,136 | |||
Cost of goods sold | 115,872 | 108,733 | 335,008 | 297,403 | |||
Gross profit before fair value adjustments | 37,766 | 35,691 | 124,851 | 93,733 | |||
Fair value adjustment on sale of inventory | 45,044 | 16,383 | 102,600 | 36,060 | |||
Fair value adjustment on growth of biological assets | (38,967) | (40,267) | (124,209) | (86,912) | |||
Gross profit | 31,689 | 59,575 | 146,460 | 144,585 | |||
Operating expenses: | |||||||
General and administrative | 26,095 | 27,920 | 82,239 | 72,301 | |||
Share-based compensation | 36,271 | 5,126 | 54,127 | 17,645 | |||
Selling | 7,632 | 5,089 | 22,383 | 12,731 | |||
Amortization | 13,792 | 5,352 | 24,848 | 16,256 | |||
Marketing and promotion | 4,041 | 4,185 | 15,421 | 16,611 | |||
Research and development | 158 | 710 | 586 | 1,992 | |||
Transaction costs | 12,013 | 2,478 | 37,637 | 3,904 | |||
100,002 | 50,860 | 237,241 | 141,440 | ||||
Operating loss | (68,313) | 8,715 | (90,781) | 3,145 | |||
Finance income (expense), net | (10,025) | (7,352) | (23,302) | (17,615) | |||
Non-operating income (expense), net | (276,507) | 9,848 | (383,626) | 34,719 | |||
(Loss) income before income taxes | (354,845) | 11,211 | (497,709) | 20,249 | |||
Income taxes (recovery) | 6,151 | 5,514 | (11,020) | 6,040 | |||
Net (loss) income | (360,996) | 5,697 | (486,689) | 14,209 | |||
Other comprehensive (loss) income | |||||||
Other comprehensive (loss) income | (5,836) | (734) | (4,778) | (2,729) | |||
Comprehensive (loss) income | $ (366,832) | $ 4,963 | $ (491,467) | $ 11,480 | |||
Total comprehensive income (loss) attributable to: | |||||||
Shareholders of Aphria Inc | (385,279) | 5,893 | (538,745) | 12,944 | |||
Non-controlling interests | 18,447 | (930) | 47,278 | (1,464) | |||
$ (366,832) | $ 4,963 | $ (491,467) | $ 11,480 | ||||
Weighted average number of common shares - basic | 316,670,951 | 257,517,234 | 299,130,624 | 253,477,710 | |||
Weighted average number of common shares - diluted | 316,670,951 | 257,955,708 | 299,130,624 | 254,010,666 | |||
(Loss) income per share - basic | $ (1.14) | $ 0.02 | $ (1.63) | $ 0.06 | |||
(Loss) income per share - diluted | $ (1.14) | $ 0.02 | $ (1.63) | $ 0.06 | |||
Condensed Interim Consolidated Statements of Cash Flows | |||||
(Unaudited - in thousands of Canadian dollars) | |||||
For the nine months ended | |||||
2021 | 2020 | ||||
Cash used in operating activities: | |||||
Net (loss) income for the period | $ (486,689) | $ 14,209 | |||
Adjustments for: | |||||
Future income taxes | (37,974) | 2,040 | |||
Fair value adjustment on sale of inventory | 102,600 | 36,060 | |||
Fair value adjustment on growth of biological assets | (124,209) | (86,912) | |||
Unrealized foreign exchange loss (gain) | 24,744 | 3,136 | |||
Amortization | 54,820 | 34,832 | |||
Loss on promisorry notes receivable | -- | 12,000 | |||
Unrealized loss on convertible notes receivable | 3,786 | 7,569 | |||
Transaction costs associated with business acquisitions | 31,199 | -- | |||
Other non-cash items | (641) | (544) | |||
Share-based compensation | 54,127 | 17,645 | |||
Loss on long-term investments | 5,272 | 28,144 | |||
Loss (gain) on convertible debentures | 352,013 | (86,430) | |||
Change in non-cash working capital | (43,831) | (102,941) | |||
(64,783) | (121,192) | ||||
Cash provided by (used in) financing activities: | |||||
Share capital issued, net of cash issuance costs | 127,163 | 99,727 | |||
Proceeds from warrants and options exercised | 178 | 5,252 | |||
Proceeds from long-term debt | 127,471 | 79,400 | |||
Repayment of long-term debt | (6,536) | (9,730) | |||
Repayment of lease liabilities | (1,824) | (912) | |||
(Decrease) increase in bank indebtedness | (537) | 6,948 | |||
Dividend paid to non-controlling interest | (14,700) | -- | |||
231,215 | 180,685 | ||||
Cash used in investing activities: | |||||
Proceeds from disposal of marketable securities | -- | 19,861 | |||
Investment in capital and intangible assets | (42,075) | (104,397) | |||
Proceeds from disposal of capital and intangible assets | 8,193 | 1,673 | |||
Promissory notes advances | (3,000) | -- | |||
Repayment of convertible notes receivable | 5,000 | -- | |||
Investment in long-term investments and equity investees | -- | (605) | |||
Proceeds from disposal of long-term investments and equity investees | 10,452 | 26,177 | |||
Net cash paid on business acquisitions | (354,396) | (34,722) | |||
(375,826) | (92,013) | ||||
Effect of foreign exchange on cash and cash equivalents | (20,694) | (3,175) | |||
Net decrease in cash and cash equivalents | (230,088) | (35,695) | |||
Cash and cash equivalents, beginning of period | 497,222 | 550,797 | |||
Cash and cash equivalents, end of period | $ 267,134 | $ 515,102 | |||
Cash and cash equivalents are comprised of: | |||||
Cash in bank | $ 35,218 | $ 514,899 | |||
Short-term deposits | 231,916 | 203 | |||
Cash and cash equivalents | $ 267,134 | $ 515,102 | |||
Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA as net income (loss), plus (minus) income taxes (recovery), plus (minus) finance (income) expense, net, plus (minus) non-operating (income) loss, net, plus amortization , plus share-based compensation, plus (minus) non-cash fair value adjustments on sale of inventory and on growth of biological assets, plus impairment, plus transaction costs and certain one-time non-operating expenses, as determined by management, all as follows:
For the three months ended | For the nine months ended | ||||
2021 | 2020 | 2021 | 2020 | ||
Net (loss) income | $ (360,996) | $ 5,697 | $ (486,689) | $ 14,209 | |
Income taxes | 6,151 | 5,514 | (11,020) | 6,040 | |
Finance expense, net | 10,025 | 7,352 | 23,302 | 17,615 | |
Non-operating (income) loss, net | 276,507 | (9,848) | 383,626 | (34,719) | |
Amortization16 | 25,568 | 13,301 | 54,820 | 34,832 | |
Share-based compensation | 36,271 | 5,126 | 54,127 | 17,645 | |
Fair value adjustment on sale of inventory | 45,044 | 16,383 | 102,600 | 36,060 | |
Fair value adjustment on growth of biological assets | (38,967) | (40,267) | (124,209) | (86,912) | |
Acquisition mark-up on inventory sold | 1,035 | -- | 1,035 | -- | |
Transaction costs | 12,013 | 2,478 | 37,637 | 3,904 | |
Adjusted EBITDA | $ 12,651 | $ 5,736 | $ 35,229 | $ 8,674 | |
__________________________ |
1 Based on the most recently reported quarterly financials for Aphria and Tilray at December 16, 2020. |
2 In this press release, reference is made to adjusted cannabis gross profit, adjusted cannabis gross margin, adjusted beverage alcohol gross profit, adjusted beverage alcohol gross margin, adjusted distribution gross profit, adjusted distribution gross margin, adjusted net income (loss) Adjusted loss per share calculated based on the weighted average number of common shares – basic as disclosed in the Company's financial statements, adjusted EBITDA, adjusted EBITDA from cannabis business, adjusted EBITDA from distribution business, adjusted EBITDA from businesses under development, adjusted EBITDA from beverage alcohol business, free cash flow, cash costs to produce dried cannabis per gram, "all-in" cost of sales of dried cannabis per gram, capital and intangible asset expenditures – wholly-owned subsidiaries, and capital and intangible asset expenditures – majority-owned subsidiaries which are not measures of financial performance under International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS). These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS and as a result are unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complementary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under IFRS. Definitions and reconciliations for all terms above can be found in the Company's Management's Discussion and Analysis for the three months ended February 28, 2021, filed on SEDAR and EDGAR. A definition and reconciliation of adjusted EBITDA to net income (loss) can be found at the end of this press release. |
3 As disclosed on the Condensed Interim Consolidated Statements of Cash Flows. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/aphria-inc-announces-third-quarter-fiscal-year-2021-results-301266533.html
SOURCE Aphria Inc.
FAQ
What were Aphria's revenue results for Q3 FY2021?
How did COVID-19 impact Aphria's financial performance?
What is Aphria's adjusted EBITDA for Q3 FY2021?
What is Aphria's net loss for Q3 FY2021?
What is the significance of the Aphria-Tilray merger?
