Green Thumb Industries Reports Third Quarter 2024 Results
Green Thumb Industries reported strong Q3 2024 financial results with revenue of $287 million, up 4.2% year-over-year. The company achieved $89 million in Adjusted EBITDA (31% of revenue) and GAAP net income of $9 million ($0.04 per share). Notable achievements include securing a $150 million 5-year credit facility, retiring $225 million in senior secured debt, and opening four new RISE Dispensaries. Cash flow from operations reached $152 million for the first nine months, with $174 million cash on hand at quarter end. The company also authorized a $50 million share repurchase program.
Green Thumb Industries ha riportato risultati finanziari solidi per il Q3 2024, con un fatturato di 287 milioni di dollari, in aumento del 4,2% rispetto all'anno precedente. L'azienda ha raggiunto un Adjusted EBITDA di 89 milioni di dollari (31% del fatturato) e un reddito netto GAAP di 9 milioni di dollari (0,04 dollari per azione). Tra i risultati degni di nota vi sono l'assicurazione di un credito di 150 milioni di dollari con scadenza di 5 anni, il rimborso di 225 milioni di dollari di debito senior garantito e l'apertura di quattro nuovi RISE Dispensaries. Il flusso di cassa dalle operazioni ha raggiunto 152 milioni di dollari nei primi nove mesi, con 174 milioni di dollari di liquidità a fine trimestre. L'azienda ha inoltre autorizzato un programma di riacquisto di azioni da 50 milioni di dollari.
Green Thumb Industries reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 287 millones de dólares, un aumento del 4.2% en comparación con el año anterior. La compañía logró un EBITDA ajustado de 89 millones de dólares (31% de los ingresos) y una ganancia neta GAAP de 9 millones de dólares (0.04 dólares por acción). Entre los logros notables se incluye la obtención de una facilidad de crédito de 150 millones de dólares a 5 años, la reducción de 225 millones de dólares en deuda senior garantizada y la apertura de cuatro nuevos dispensarios RISE. El flujo de efectivo de las operaciones alcanzó 152 millones de dólares en los primeros nueve meses, con 174 millones de dólares en efectivo al final del trimestre. La compañía también autorizó un programa de recompra de acciones por 50 millones de dólares.
그린 썸 인더스트리는 2024년 3분기에 2억 8,700만 달러의 강력한 매출을 기록하며 지난해 대비 4.2% 증가했다고 보고했습니다. 이 회사는 8,900만 달러의 조정된 EBITDA(수익의 31%)와 GAAP 기준 순이익 900만 달러 ($0.04 per share)을 달성했습니다. 주요 성과로는 1억 5,000만 달러의 5년 만기 신용 시설 확보, 2억 2,500만 달러의 고정 담보 부채 상환, 그리고 네 개의 새로운 RISE 디스펜서리 개점이 포함됩니다. 운영에서의 현금 흐름은 첫 아홉 개월 동안 1억 5,200만 달러에 도달했으며, 분기 말 기준으로 1억 7,400만 달러의 현금을 보유하고 있었습니다. 이 회사는 또한 5,000만 달러의 자사주 매입 프로그램을 승인했습니다.
Green Thumb Industries a annoncé de solides résultats financiers pour le troisième trimestre de 2024, avec un chiffre d'affaires de 287 millions de dollars, en augmentation de 4,2 % par rapport à l'année précédente. L'entreprise a réalisé un EBITDA ajusté de 89 millions de dollars (31 % du chiffre d'affaires) et un revenu net GAAP de 9 millions de dollars (0,04 dollar par action). Parmi les réalisations notables figurent l'obtention d'une facilité de crédit de 150 millions de dollars sur 5 ans, le remboursement de 225 millions de dollars de dette sécurisée senior, et l'ouverture de quatre nouveaux dispensaires RISE. Le flux de trésorerie provenant des opérations a atteint 152 millions de dollars au cours des neuf premiers mois, avec 174 millions de dollars en liquidités à la fin du trimestre. L'entreprise a également autorisé un programme de rachat d'actions de 50 millions de dollars.
Green Thumb Industries hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit einem Umsatz von 287 Millionen Dollar, was einem Anstieg von 4,2 % im Jahresvergleich entspricht. Das Unternehmen erreichte ein Adjusted EBITDA von 89 Millionen Dollar (31 % des Umsatzes) und einen GAAP-Nettoeinkommen von 9 Millionen Dollar (0,04 Dollar pro Aktie). Zu den bemerkenswerten Erfolgen zählt die Sicherung einer Kreditfazilität von 150 Millionen Dollar mit einer Laufzeit von 5 Jahren, die Rückzahlung von 225 Millionen Dollar an gesichertem, vorrangigem Fremdkapital sowie die Eröffnung von vier neuen RISE-Dispensaries. Der Cashflow aus dem operativen Geschäft erreichte 152 Millionen Dollar in den ersten neun Monaten, mit 174 Millionen Dollar in Barreserven zum Quartalsende. Das Unternehmen hat außerdem ein Aktienrückkaufprogramm in Höhe von 50 Millionen Dollar genehmigt.
- Revenue growth of 4.2% YoY to $287 million
- Strong Adjusted EBITDA of $89 million (31% of revenue)
- Healthy gross profit margin of 51.4%
- Consumer Packaged Goods revenue increased 10%
- Secured $150 million credit facility at favorable terms
- Strong cash position of $174 million
- Retail comparable sales decreased 2.7%
- Increased operating expenses to 36.6% of revenue from 30.8%
- Net income declined to $8.6 million from $10.5 million YoY
CHICAGO and VANCOUVER, British Columbia, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the quarter ended September 30, 2024. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.
Highlights for the third quarter and nine months ended September 30, 2024:
- Third quarter revenue of
$287 million increased4% year-over-year. - Cash at quarter end totaled
$174 million . - Third quarter GAAP net income of
$9 million or$0.04 per basic and diluted share. - Third quarter Adjusted EBITDA of
$89 million or31% of revenue. - Nine months cash flow from operations of
$152 million , net of$88 million of tax payments. - Opened four RISE Dispensaries in the quarter: three in Florida and one in New York.
- Entered into a
$150 million 5-year credit facility at an industry-leading interest rate of SOFR +5.00% . - Retired
$225 million senior secured debt, due April 30, 2025. - Authorized
$50 million for the repurchase of Subordinate Voting Shares from September 23, 2024 to September 22, 2025.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“In the third quarter, our team delivered impressive results, including
Green Thumb President Anthony Georgiadis added, “We are incredibly proud of our team and the results they delivered this quarter. In addition to launching legal sales in Ohio in early August and opening four new RISE Dispensaries, we continued to make meaningful market share gains across our Consumer Packaged Goods brand portfolio in a number of states. As we look ahead to the balance of the year and 2025, we are confident that our focus on operational excellence, superior product quality, and brands that resonate with consumers is a winning combination for Green Thumb.”
Third Quarter 2024 Financial Overview
Total revenue for the third quarter 2024 was
Retail revenue for the third quarter 2024 increased
Gross profit for the third quarter 2024 was
Total selling, general and administrative expenses for the third quarter were
Net income attributable to the Company for the third quarter 2024 was
In the third quarter 2024, EBITDA was
For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.”
Balance Sheet and Liquidity
As of September 30, 2024, current assets were
Total basic and diluted weighted average shares outstanding for the three months ended September 30, 2024, were 236.3 million shares and 238.3 million shares, respectively.
Capital Allocation
On September 13, the Company’s Board of Directors authorized up to
Under the Company’s previous share repurchase program that expired on September 10, 2024, the Company repurchased a total of approximately 6.6 million shares for
Business Developments
During the third quarter 2024, the Company opened four retail stores:
- RISE Dispensary Jacksonville, Florida; profits from the grand opening were donated to Minorities for Medical Marijuana (M4MM).
- RISE Dispensary East Syracuse, New York; profits from the grand opening were donated to We Rise Above The Streets Recovery Outreach Inc.
- RISE Dispensary Tallahassee, Florida on Mahan Drive; profits from the grand opening were donated to the Minorities for Medical Marijuana (M4MM).
- RISE Dispensary Tallahassee, Florida on Tennessee Street; profits from the grand opening were donated to the Minorities for Medical Marijuana (M4MM).
In addition to the four new retail locations, legal cannabis sales launched in Ohio on August 6 at all five RISE Dispensaries in Ohio.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Definitions
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.
Conference Call and Webcast
Green Thumb will host a conference call on Thursday, November 7, 2024, at 5:00 pm ET to discuss its third quarter 2024 financial results for the quarter ended September 30, 2024. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 20 manufacturing facilities, 98 open retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs approximately 4,800 people and serves millions of patients and customers each year. More information is available at www.gtigrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “opportunity,” “project,” “potential,” “risk,” “anticipate,” “believe,” “plan,” “forecast,” “continue,” “suggests” or “could” or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; the Company may be subject to action by the U.S. federal government; state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may be subject to heightened scrutiny by Canadian regulatory authorities; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; cannabis businesses are subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company faces intense competition; the Company faces competition from unregulated products; the Company is dependent upon the popularity and consumer acceptance of its brand portfolio; the Company lacks access to U.S. bankruptcy protections; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it carries on business; the Company has limited trademark protections; the Company may face difficulties in enforcing its contracts; cannabis businesses are subject to unfavorable tax treatment; cannabis businesses may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company’s use of joint ventures may expose it to risks associated with jointly owned investments; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company’s business is subject to the risks inherent in agricultural operations; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company faces an inherent risk of product liability or similar claims; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; and issuances of substantial amounts of the Super Voting Shares, Multiple Voting Shares, Subordinate Voting Shares may result in dilution. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and elsewhere in the Company’s filings with the SEC, which are available on the SEC’s website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Investor Contact:
Mathew Faulkner
Chief Financial Officer
Andy Grossman
EVP, Capital Markets & Investor Relations
InvestorRelations@gtigrows.com
310-622-8257
Media Contact:
GTI Communications
media@gtigrows.com
Green Thumb Industries Inc.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
For the Three Months Ended September 30, 2024, June 30, 2024 and September 30, 2023
| Three Months Ended | ||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Revenues, net of discounts | $ | 286,865 | $ | 280,147 | $ | 275,398 | ||||||
| Cost of Goods Sold | (139,274 | ) | (129,627 | ) | (141,592 | ) | ||||||
| Gross Profit | 147,591 | 150,520 | 133,806 | |||||||||
| Expenses: | ||||||||||||
| Selling, General, and Administrative | 104,967 | 96,500 | 84,779 | |||||||||
| Total Expenses | 104,967 | 96,500 | 84,779 | |||||||||
| Income From Operations | 42,624 | 54,020 | 49,027 | |||||||||
| Other Income (Expense): | ||||||||||||
| Other Income (Expense), net | (290 | ) | 2,464 | (631 | ) | |||||||
| Interest Income, net | 2,665 | 2,314 | 1,576 | |||||||||
| Interest Expense, net | (5,296 | ) | (5,981 | ) | (4,639 | ) | ||||||
| Total Other Income (Expense) | (2,921 | ) | (1,203 | ) | (3,694 | ) | ||||||
| Income Before Provision for Income Taxes And Non-Controlling Interest | 39,703 | 52,817 | 45,333 | |||||||||
| Provision For Income Taxes | 30,922 | 31,899 | 34,526 | |||||||||
| Net Income Before Non-Controlling Interest | 8,781 | 20,918 | 10,807 | |||||||||
| Net Income Attributable To Non-Controlling Interest | 165 | 206 | 295 | |||||||||
| Net Income Attributable To Green Thumb Industries Inc. | $ | 8,616 | $ | 20,712 | $ | 10,512 | ||||||
| Net Income per share - basic | $ | 0.04 | $ | 0.09 | $ | 0.05 | ||||||
| Net Income per share - diluted | $ | 0.04 | $ | 0.09 | $ | 0.05 | ||||||
| Weighted average number of shares outstanding - basic | 236,303,348 | 237,416,373 | 239,459,783 | |||||||||
| Weighted average number of shares outstanding - diluted | 238,295,887 | 240,137,922 | 240,289,959 | |||||||||
Green Thumb Industries Inc.
Highlights from the Unaudited Interim Condensed Consolidated Balance Sheet
(Amounts Expressed in Thousands of United States Dollars)
| September 30, | ||||||
| 2024 | ||||||
| (Unaudited) | ||||||
| Cash and Cash Equivalents | $ | 173,641 | ||||
| Other Current Assets | 218,233 | |||||
| Property and Equipment, Net | 695,666 | |||||
| Right of Use Assets, Net | 245,978 | |||||
| Intangible Assets, Net | 500,860 | |||||
| Goodwill | 589,691 | |||||
| Other Long-term Assets | 90,803 | |||||
| Total Assets | $ | 2,514,872 | ||||
| Total Current Liabilities | $ | 160,669 | ||||
| Notes Payable, Net of Current Portion and Debt Discount | 246,182 | |||||
| Lease Liabilities, Net of Current Portion | 260,790 | |||||
| Other long-Term Liabilities | 72,510 | |||||
| Total Equity | 1,774,721 | |||||
| Total Liabilities and Equity | $ | 2,514,872 | ||||
| Green Thumb Industries Inc. |
| Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures |
| For the Three Months Ended September 30, 2024, June 30, 2024 and September 30, 2023 |
| (Amounts Expressed in Thousands of United States Dollars) |
EBITDA, and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:
(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.
(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs.
The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.
| Three Months Ended | ||||||||||||
| Adjusted EBITDA | September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Net Income Before Noncontrolling Interest (GAAP) | $ | 8,781 | $ | 20,918 | $ | 10,807 | ||||||
| Interest Income, net | (2,665 | ) | (2,314 | ) | (1,576 | ) | ||||||
| Interest Expense, net | 5,296 | 5,981 | 4,639 | |||||||||
| Provision For Income Taxes | 30,922 | 31,899 | 34,526 | |||||||||
| Other (Income) Expense, net | 290 | (2,464 | ) | 631 | ||||||||
| Depreciation and Amortization | 28,492 | 27,985 | 25,628 | |||||||||
| Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) | $ | 71,116 | $ | 82,005 | $ | 74,655 | ||||||
| Share-based Compensation, Non-Cash | 8,349 | 8,866 | 7,215 | |||||||||
| Acquisition, Transaction, and Other Non-Operating (Income) Costs | 9,727 | 2,925 | 1,119 | |||||||||
| Adjusted EBITDA (non-GAAP measure) | $ | 89,192 | $ | 93,796 | $ | 82,989 | ||||||
This press release was published by a CLEAR® Verified individual.
FAQ
What was Green Thumb Industries (GTBIF) revenue in Q3 2024?
How many new RISE Dispensaries did GTBIF open in Q3 2024?
What was GTBIF's Adjusted EBITDA margin in Q3 2024?
How much cash did GTBIF have at the end of Q3 2024?
