Curaleaf Reports Fourth Quarter and Fiscal Year End 2022 Results
- Record fiscal year 2022 revenue of
and Adjusted EBITDA(1) of$1.34 billion , representing an increase of$305 million 12% and17% from fiscal 2021, respectively - Fourth quarter 2022 Revenue of
, representing an increase of$352.5 million 14% year-over-year, and Adjusted EBITDA(1) of$73 million - Operating cash flow of
and cash on balance sheet of$46 million $163 million
Boris Jordan, Executive Chairman of Curaleaf, commented, "2022 was another record year for Curaleaf that further solidified our leadership position in the industry. In the fourth quarter, we delivered sales growth of
Matt Darin, Chief Executive Officer of Curaleaf, stated, "Curaleaf accomplished a great deal last year; we launched 171 new products, introduced three new brands, opened 28 new stores, completed six acquisitions, expanded our European presence with the German market, converted to GAAP accounting, and built out the management team with high caliber talent. Further, we sold over
1Adjusted EBITDA, adjusted gross margin and adjusted net loss attributable to Curaleaf Holdings, Inc. are non- GAAP financial measures, and adjusted EBITDA Margin, Adjusted Gross Margin and Adjusted Net Loss per share are Non-GAAP financial ratios, in each case without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non- GAAP ratios. See the section entitled "Reconciliation of Non-GAAP financial measures" below for a reconciliation of the Non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. |
Fourth Quarter 2022 Financial Highlights
- Net Revenue of
, a$352.5 million 14% increase year-over-year, and4% increase quarter-over-quarter - Gross profit of
and gross margin of$78.1 million 22% - Adjusted gross profit net of add-backs of
, adjusted gross margin of$165.4 million 47% inclusive of a 240 basis point impact from an expense reclassification into cost of goods sold - Net loss attributable to Curaleaf Holdings, Inc. of
or net loss per share$260.3 million $0.36 - Adjusted net loss attributable to Curaleaf Holdings, Inc.(1) of
or net loss per share(1) of$162 million .$0.23 - Adjusted EBITDA of
or$73M 21% of revenue, excluding non-cash goodwill impairments and inventory write-downs totaling$225 million - Cash position at quarter end totaled
$163M
Full Year 2022 Financial Highlights
- Net revenue of
, a$1.33 6 billion12% increase year-over-year - Gross profit of
and gross margin of$579 million 43% - Adjusted gross profit(1) net of add-backs of
, a$671.9 million 18% increase year-over-year - Adjusted gross margin(1) of
50.3% inclusive of a 60bp impact from an expense reclassification into cost of goods sold - Operating cash flow of
$46 million - Net loss attributable to Curaleaf Holdings, Inc. of
or net loss per share of$370 million $0.52 - Adjusted net loss(1) attributable to Curaleaf Holdings, Inc. of
or net loss per share(1) of$252 million $0.35 - Adjusted EBITDA(1) of
or$305 million 23% of revenue, excluding non-cash goodwill impairments and inventory write-downs of$225 million
Fourth Quarter and FY 2022 Financial Highlights (Unaudited)
($ thousands)
($ thousands) - QTD | ||||||||
Three months ended | ||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||
Total Revenue | $ | 352,492 | $ | 339,726 | $ | 308,675 | ||
Adjusted EBITDA(1)(2) | 73,188 | 76,405 | 63,337 | |||||
Net loss attributable to Curaleaf Holdings Inc. | (260,331) | (51,389) | (72,959) | |||||
Net loss per share – basic and diluted | $ | (0.36) | $ | (0.07) | $ | (0.10) | ||
($ thousands) - YTD | ||||||||
Year ended | ||||||||
December 31, 2022 | December 31, 2021 | |||||||
Total Revenue | $ | 1,336,342 | $ | 1,195,987 | ||||
Adjusted EBITDA(1)(2) | 305,363 | 261,822 | ||||||
Net loss attributable to Curaleaf Holdings Inc. | (370,098) | (205,940) | ||||||
Net loss per share – basic and diluted | $ | (0.52) | $ | (0.29) |
(1) | Adjusted EBITDA is a Non-GAAP financial measure without a standardized definition under GAAP, and which may not be comparable to similar measures used by other issuers. |
(2) | See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. See the sections entitled "Reconciliations of Non-GAAP financial measures" for reconciliations of Non-GAAP measures to the most directly comparable GAAP measures. |
Fourth Quarter 2022 Operational Highlights
- Added eight net new retail dispensaries including four in
Nevada , three inFlorida , and two inArizona . - Completed the acquisition of Tryke Companies, a vertically integrated MSO operating in
Arizona ,Nevada , andUtah . - Launched Find, a flower brand meeting the trend of the economizing consumer with high quality cannabis flower at an accessible price point.
- Unveiled the national rebrand and ongoing expansion of Grassroots premium flower brand and launched Grassroots Diamond Infused Pre-Rolls.
- Began adult-use sales at
Bordentown Township ,New Jersey location, the Company's third location to sell adult-use cannabis in the Garden State.
Full Year 2022 Operational Highlights
- Opened 28 locations across key strategic markets, including
Arizona ,Florida ,Maryland andPennsylvania . - 21 new stores opened and seven stores added via acquisition.
- Introduced 171 products to market in 2022, with three new brand launches throughout the year.
- New brand launches include Endless Coast, Find, and Plant Precision, targeting a variety of price points and product need states.
- New products launched in 2022 accounted for approximately
18% of full year 2022 revenue. - Completed the acquisition of Bloom Dispensaries in
Arizona . - Completed majority stake acquisition of
Germany's Four20 Pharma.
Post Fourth Quarter 2022 Highlights
- Announced cost reduction plan and discontinued operations in
California ,Colorado andOregon as a part of Curaleaf's continued effort to streamline its business. - Reduced payroll hours by
10% coupled with other expense reductions across the organization resulting in over of annual gross run rate expense savings, above the previously anticipated savings of$60 million .$40 million - Continued to strategically expand its retail footprint in
Florida , opening five additional stores. As of May 1, 2023, Curaleaf retail operations totaled 152 nationwide. - Gained approval to sell to adult-use customers at its
Stamford, Connecticut location in January immediately following the opening of adult-use sales, and at itsHartford, Connecticut location in March. - Completed the acquisition of Deseret Wellness, providing three dispensaries in
Utah .
Financial Results for the Fourth Quarter Ended December 31, 2022
Revenue
($ thousands)
Three months ended | ||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||
Retail revenue | $ | 277,470 | $ | 259,652 | $ | 225,592 | ||
Wholesale revenue | 73,836 | 78,901 | 82,455 | |||||
Management fee income | 1,186 | 1,173 | 628 | |||||
Total Revenue | $ | 352,492 | $ | 339,726 | $ | 308,675 |
Total revenue was a record
Retail revenue was
Wholesale revenue was
Net Income / (Loss)
($ thousands)
Three months ended | ||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||
Total Revenue | $ | 352,492 | $ | 339,726 | $ | 308,675 | ||
Gross profit | 78,100 | 161,821 | 146,725 | |||||
(Loss) income from operations | (81,534) | 19,136 | 10,490 | |||||
Total other expense, net | (167,687) | (23,946) | (50,862) | |||||
Income tax expense | (13,528) | (49,346) | (35,128) | |||||
Net loss | (262,749) | (54,156) | (75,500) | |||||
Less: Net loss attributable to non-controlling interest | (2,418) | (2,767) | (2,541) | |||||
Net loss attributable to Curaleaf Holdings, Inc. | $ | (260,331) | $ | (51,389) | $ | (72,959) |
Net loss attributable to Curaleaf Holdings, Inc. was
Financial Results for the Year Ended December 31, 2022
Revenue (Audited)
($ thousands)
Year ended | |||||
December 31, 2022 | December 31, 2021 | ||||
Retail revenue | $ | 1,015,179 | $ | 859,959 | |
Wholesale revenue | 316,321 | 333,711 | |||
Management fee income | 4,842 | 2,317 | |||
Total Revenue | $ | 1,336,342 | $ | 1,195,987 |
Total revenue for the year ended 2022 was a record
Retail revenue was
Wholesale revenue was
Net Income / (Loss) (Audited)
($ thousands)
Year ended | |||||
December 31, 2022 | December 31, 2021 | ||||
Total Revenue | $ | 1,336,342 | $ | 1,195,987 | |
Gross profit | 579,031 | 569,831 | |||
(Loss) income from operations | (12,372) | 58,573 | |||
Total other expense, net | (214,057) | (120,770) | |||
Income tax expense | (150,502) | (152,445) | |||
Net loss | (376,931) | (214,642) | |||
Less: Net loss attributable to non-controlling interest | (6,833) | (8,702) | |||
Net loss attributable to Curaleaf Holdings, Inc. | $ | (370,098) | $ | (205,940) |
Net loss, attributable to Curaleaf Holdings, Inc., for the year ended 2022 was
Balance Sheet and Cash Flow
As of December 31, 2022, the Company had
During the fourth quarter of 2022, Curaleaf invested
Shares Outstanding
For the fourth quarter of 2022 and 2021, the Company's weighted average subordinate voting shares outstanding amounted to 715,796,271 and 707,450,310 shares, respectively.
For the years ended December 31, 2022, and December 31, 2021, the Company's weighted average subordinate voting shares outstanding amounted to 711,159,444 and 698,759,274 shares, respectively.
As of December 31, 2022, and December 31, 2021 Company's issued and outstanding subordinate voting shares plus multiple voting shares amounted to 717,490,830 and 708,340,434 shares, respectively.
2021 and 2022 Restatement Update
As previously disclosed, the 2022 full year results include restated revenue amounts for the first, second, and third quarters of 2022 as compared with what was previously reported, and the reduction of aggregate revenue for the full 2022 fiscal year is
Conference Call Information
The Company will host a conference call and audio webcast for investors and analysts on Monday, May 1, 2023 at 5:00 P.M. ET to discuss Q4 and 2022 earnings results. The call can be accessed by dialing 1-844-512-2926 in the
A replay of the conference call can be accessed at 1-877-344-7529, or internationally 1-412-317-0088, or from
A webcast of the call can be accessed on the investor relations section of the Curaleaf website at ir.curaleaf.com. The teleconference will be available for replay starting at approximately 7:00 P.M. ET on May 1, 2023, and will end at 11:59 P.M. ET on May 8, 2023.
Non-GAAP Financial and Performance Measures
Curaleaf reports its financial results in accordance with GAAP and uses a number of financial measures and ratios when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. Curaleaf refers to certain Non-GAAP financial measures and ratios such as "Adjusted Gross Profit", "Adjusted Gross Margin", "Adjusted Net Loss", "Adjusted Net Loss Per Share", "Adjusted EBITDA", and "Adjusted EBITDA Margin". These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company defines "Adjusted Gross Profit" as Gross Profit net of cost of goods sold and related other add-backs. "Adjusted Gross Margin" is defined by Curaleaf as gross profit net of add-backs divided by total revenues. "Adjusted Net Loss" is defined by Curaleaf as Net Loss less other add-backs. "Adjusted Net Loss per Share" is defined by Curaleaf as Adjusted Net Loss divided by the weighted average shares outstanding. "Adjusted EBITDA" is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and other add-backs related to business development, acquisition, financing and reorganization costs. "Adjusted EBITDA Margin" is defined by Curaleaf as Adjusted EBITDA divided by total revenue. Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of Non-GAAP measures to the most directly comparable GAAP measures.
Reconciliation of Non-GAAP financial measures and Non-GAAP financial ratios | |||||
Adjusted Gross Profit (Unaudited) | |||||
Three months ended | |||||
December 31, 2022 | September 30, 2022 | ||||
Gross profit | $ | 78,100 | $ | 161,821 | |
Other add-backs (1) | 87,258 | 4,238 | |||
Adjusted Gross Profit (2) | 165,358 | 166,059 | |||
Adjusted Gross Margin (3) | 46.9 % | 48.9 % |
(1) | Other add-backs in Q4 2022 primarily include inventory write-downs primarily associated with the CA, CO, OR state exits, and Tryke FMV inventory step-up. |
(2) | Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" above for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Gross Profit, the most comparable GAAP measure, to Adjusted Gross Profit, a non-GAAP measure. |
Gross profit was
Twelve months ended | |||||
December 31, 2022 | December 31, 2021 | ||||
Gross profit | $ | 579,031 | $ | 569,831 | |
Other add-backs (1) | 92,829 | 711 | |||
Adjusted Gross Profit (2) | 671,860 | 570,542 | |||
Adjusted Gross Margin (3) | 50.3 % | 47.7 % |
(1) | Other add-backs in 2022 primarily include inventory write-downs primarily associated with the CA, CO, OR state exits, and Tryke FMV inventory step-up. |
(2) | Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" above for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Gross Profit, the most comparable GAAP measure, to Adjusted Gross Profit, a non-GAAP measure. |
Adjusted Net Loss (Unaudited) ($ thousands) | |||||
Three months ended | |||||
December 31, 2022 | September 30, 2022 | ||||
Net Loss | $ | (262,749) | $ | (54,156) | |
Other add-backs (1) | 100,650 | 10,531 | |||
Adjusted Net Loss (2) | (162,099) | (43,625) | |||
Adjusted Net Loss per Share (3) | (0.23) | (0.06) |
(1) | Other add-backs in Q4 2022 primarily include goodwill impairments and inventory write-downs primarily associated with the CA, CO, OR state exits, and Tryke FMV inventory step-up. |
(2) | Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" above for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net Loss, the most comparable GAAP measure, to Adjusted Net Loss, a non-GAAP measure. |
Twelve months ended | |||||
December 31, 2022 | December 31, 2021 | ||||
Net Loss | $ | (376,931) | $ | (214,642) | |
Other add-backs (1) | 124,697 | 43,665 | |||
Adjusted Net Loss (2) | (252,234) | (170,977) | |||
Adjusted Net Loss per Share (3) | (0.35) | (0.24) |
(1) | Other add-backs in 2022 primarily include goodwill impairments and inventory write-downs primarily associated with primarily the CA, CO, OR state exits, and Tryke FMV inventory step-up. |
(2) | Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" above for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net Loss, the most comparable GAAP measure, to Adjusted Net Loss, a non-GAAP measure. |
Adjusted EBITDA (Unaudited) ($ thousands) | ||||||||
Three months ended | ||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||
Net loss | $ | (262,749) | $ | (54,156) | $ | (75,500) | ||
Interest expense, net | 25,896 | 25,043 | 19,647 | |||||
Income tax expense | 13,528 | 49,346 | 35,128 | |||||
Depreciation and amortization (1) | 47,180 | 41,543 | 34,170 | |||||
Share-based compensation | 6,892 | 5,195 | 8,450 | |||||
Other (income) expense | 141,791 | (1,097) | 31,215 | |||||
Other add-backs (2) | 100,650 | 10,531 | 10,227 | |||||
Adjusted EBITDA (3) | $ | 73,188 | $ | 76,405 | $ | 63,337 | ||
Adjusted EBITDA Margin (3) | 20.8 % | 22.5 % | 20.5 % |
(1) | Depreciation and amortization expense include amounts charged to cost of goods sold on the statement of profits and losses. |
(2) | Other add-backs in Q4 2022 primarily include inventory write-downs, legal fees, and accounting and professional fees. |
(3) | Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net Loss, the most comparable GAAP measure, to Adjusted EBITDA, a non-GAAP measure. |
Adjusted EBITDA was
Year ended | |||||
December 31, 2022 | December 31, 2021 | ||||
Net loss | $ | (376,931) | $ | (214,642) | |
Interest expense, net | 93,193 | 77,883 | |||
Income tax expense | 150,502 | 152,445 | |||
Depreciation and amortization (1) | 165,021 | 120,103 | |||
Share-based compensation | 28,017 | 39,481 | |||
Other (income) expense | 120,864 | 42,887 | |||
Other add-backs (2) | 124,697 | 43,665 | |||
Adjusted EBITDA (3) | $ | 305,363 | $ | 261,822 | |
Adjusted EBITDA Margin (3) | 22.9 % | 21.9 % |
(1) | Depreciation and amortization expense in 2022 and 2021 include amounts charged to cost of goods sold on the statement of profits and flosses. |
(2) | Other add-backs in 2021 primarily include inventory write-downs, acquisition related expenses, accounting and professional fees, legal fees, bad debt write off, and employee severance costs. |
(3) | Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net Loss, the most comparable GAAP measure, to Adjusted EBITDA, a non-GAAP measure. |
Adjusted EBITDA for the year ended 2022 was
Consolidated Statements of Financial Position (Audited) ($ thousands) | |||||
As of | |||||
December 31, 2022 | December 31, 2021 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 163,177 | $ | 299,329 | |
Accounts receivable, net | 52,162 | 60,427 | |||
Inventories, net | 250,643 | 248,146 | |||
Assets held for sale | 107,051 | 80,736 | |||
Prepaid expenses and other current assets | 32,301 | 35,670 | |||
Current portion of notes receivable | — | 2,315 | |||
Total current assets | 605,334 | 726,623 | |||
Deferred tax asset | 1,564 | 2,155 | |||
Notes receivable | — | 842 | |||
Property, plant and equipment, net | 618,165 | 525,825 | |||
Right-of-use assets, finance lease | 156,868 | 103,035 | |||
Right-of-use assets, operating lease | 122,646 | 76,048 | |||
Intangible assets, net | 1,217,192 | 1,036,054 | |||
Goodwill | 625,129 | 605,834 | |||
Investments | 2,797 | 4,401 | |||
Other assets | 48,224 | 24,256 | |||
Total assets | $ | 3,397,919 | $ | 3,105,073 | |
Liabilities and shareholders' equity | |||||
Current liabilities: | |||||
Accounts payable | $ | 85,263 | $ | 26,751 | |
Accrued expenses | 112,535 | 86,966 | |||
Income tax payable | 149,569 | 139,172 | |||
Lease liability, finance lease | 8,366 | 4,565 | |||
Lease liability, operating lease | 17,592 | 12,745 | |||
Current portion of notes payable | 51,964 | 1,966 | |||
Current contingent consideration liability | 18,537 | 9,155 | |||
Liabilities held for sale | 16,341 | 18,581 | |||
Deferred consideration | 24,446 | — | |||
Financial obligation | 4,740 | 4,171 | |||
Other current liabilities | 1,726 | 12,168 | |||
Total current liabilities | 491,079 | 316,240 | |||
Deferred tax liability | 295,645 | 257,784 | |||
Notes payable | 570,856 | 457,917 | |||
Lease liability, finance lease | 167,693 | 109,712 | |||
Lease liability, operating lease | 115,440 | 65,498 | |||
Contingent consideration liability | 10,572 | 28,839 | |||
Deferred consideration | 36,854 | — | |||
Financial obligation | 214,139 | 153,559 | |||
Other long-term liability | 94,824 | 50,431 | |||
Total liabilities | 1,997,102 | 1,439,980 | |||
Temporary Equity: | |||||
Redeemable non-controlling interest contingency | 121,113 | 118,972 | |||
Shareholders' equity: | |||||
Additional paid-in capital | 2,163,061 | 2,047,531 | |||
Treasury shares | (5,208) | (5,208) | |||
Accumulated other comprehensive income | (18,593) | (6,744) | |||
Accumulated deficit | (859,556) | (489,458) | |||
Total shareholders' equity | 1,279,704 | 1,546,121 | |||
Total liabilities and shareholders' equity | $ | 3,397,919 | $ | 3,105,073 |
Consolidated Statements of Profits and Losses (Audited) ($ thousands, except for share and per share amounts) | |||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Revenues: | |||||||||||
Retail and wholesale revenues | $ | 351,306 | $ | 308,047 | $ | 1,331,500 | $ | 1,193,670 | |||
Management fee income | 1,186 | 628 | 4,842 | 2,317 | |||||||
Total revenues | 352,492 | 308,675 | 1,336,342 | 1,195,987 | |||||||
Cost of goods sold | 274,392 | 161,950 | 757,311 | 626,156 | |||||||
Gross profit | 78,100 | 146,725 | 579,031 | 569,831 | |||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 120,831 | 103,881 | 447,538 | 386,637 | |||||||
Share-based compensation | 6,892 | 8,450 | 28,017 | 39,481 | |||||||
Depreciation and amortization | 31,911 | 23,904 | 115,848 | 85,140 | |||||||
Total operating expenses | 159,634 | 136,235 | 591,403 | 511,258 | |||||||
(Loss) income from operations | (81,534) | 10,490 | (12,372) | 58,573 | |||||||
Other income (expense): | |||||||||||
Interest income | 36 | 134 | 137 | 629 | |||||||
Interest expense | (17,437) | (13,107) | (59,498) | (52,403) | |||||||
Interest expense related to lease liabilities and financial obligations | (8,495) | (6,674) | (33,832) | (26,109) | |||||||
Loss on impairment | (144,461) | (8,901) | (144,461) | (14,573) | |||||||
Other income (expense), net | 2,670 | (22,314) | 23,597 | (28,314) | |||||||
Total other expense, net | (167,687) | (50,862) | (214,057) | (120,770) | |||||||
Loss before provision for income taxes | (249,221) | (40,372) | (226,429) | (62,197) | |||||||
Income tax expense | (13,528) | (35,128) | (150,502) | (152,445) | |||||||
Net loss | (262,749) | (75,500) | (376,931) | (214,642) | |||||||
Less: Net loss attributable to non-controlling interest | (2,418) | (2,541) | (6,833) | (8,702) | |||||||
Net loss attributable to Curaleaf Holdings, Inc. | (260,331) | (72,959) | (370,098) | (205,940) | |||||||
Loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted | $ | (0.36) | $ | (0.10) | $ | (0.52) | $ | (0.29) | |||
Weighted average subordinate voting shares outstanding – basic and diluted | 715,796,271 | 707,450,310 | 711,159,444 | 698,759,274 |
Consolidated Statements of Cash Flows (Audited) ($ thousands, except for share and per share amounts) | |||||
Year ended December 31, | |||||
2022 | 2021 | ||||
Cash flows from operating activities: | |||||
Net Loss | $ | (376,931) | $ | (214,642) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 163,769 | 120,544 | |||
Share-based compensation | 28,017 | 39,481 | |||
Non-cash interest expense | 11,609 | 7,000 | |||
Amortization of operating lease right-of-use assets | 12,704 | 13,019 | |||
Loss on impairment | 144,461 | 14,573 | |||
(Gain) loss on debt retirement | (205) | 21,344 | |||
Loss on sale or retirement of asset | 548 | 4,705 | |||
(Gain) loss on investment | (21,953) | 2,093 | |||
Deferred taxes | (25,826) | (10,604) | |||
Changes in assets and liabilities: | |||||
Receivables | 7,956 | (25,257) | |||
Inventories | 31,236 | (93,123) | |||
Prepaid expenses and other current assets | (13,198) | (24,897) | |||
Tax receivable | (34,505) | - | |||
Other assets | 14,101 | 6,655 | |||
Accounts payable | 51,707 | (10,298) | |||
Income taxes payable | 10,721 | 27,225 | |||
Operating leases, net (right-of-use asset acquisitions and disposals) | 2,872 | - | |||
Operating lease liabilities | (11,643) | (12,060) | |||
Accrued expenses | 50,961 | 75,962 | |||
Net cash provided by (used in) operating activities | 46,401 | (58,280) | |||
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment, net | (138,362) | (171,955) | |||
Proceeds from sale of entities | 10,987 | 29,828 | |||
Proceeds from consolidation of acquisitions | 29,952 | 14,500 | |||
Acquisition related cash payments | (133,983) | (37,820) | |||
Payments received on notes receivable | 2,315 | 3,713 | |||
Note receivable from third party | - | (2,240) | |||
Dividend received | 468 | - | |||
Net cash used in investing activities | (228,623) | (163,974) | |||
Cash flows from financing activities: | |||||
Proceeds from financing agreement | - | 531,093 | |||
Minority interest investment in Curaleaf International | - | 83,979 | |||
Debt issuance costs | - | (5,564) | |||
Acquisition escrow shares returned and retired | - | (8,312) | |||
Minority interest buyouts | - | (1,190) | |||
Proceeds from sale leasebacks | - | 4,516 | |||
Proceeds from financing transactions | 65,241 | 18,978 | |||
Lease liability payments | (5,604) | (3,553) | |||
Principal payments on notes payable and financing liabilities | (3,287) | (371,748) | |||
Prepayment penalties on retired notes payable | - | (23,827) | |||
Remittances of statutory withholdings on share-based payment awards | (4,999) | (18,979) | |||
Exercise of stock options | (812) | 3,157 | |||
Issuance of common shares, net of issuance costs | - | 240,569 | |||
Net cash provided by financing activities | 50,539 | 449,119 | |||
Net (decrease) increase in cash | (131,683) | 226,865 | |||
Cash beginning balance | 299,329 | 73,542 | |||
Effect of exchange rate on cash | (4,469) | (1,078) | |||
Cash and cash equivalents | $ | 163,177 | $ | 299,329 |
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, and Grassroots provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In
Curaleaf IR Twitter Account https://twitter.com/Curaleaf_IR
Investor Relations Website https://ir.curaleaf.com/
Contact Information
Investor Contact:
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
ir@curaleaf.com
Media Contact:
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
media@curaleaf.com
Disclaimer
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and
Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the impact of any restatement of financial statements of the Company or other actions that may be taken or required as a result of such reviews, including the reaction to any such restatement by Curaleaf's shareholders, the possibility that the ongoing review may identify further errors, which may be material, in the Company's accounting, any potential inquiry by Canadian and/or
Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
View original content:https://www.prnewswire.com/news-releases/curaleaf-reports-fourth-quarter-and-fiscal-year-end-2022-results-301812305.html
SOURCE Curaleaf Holdings, Inc.