High Tide Releases Audited 2023 Financial Results Featuring Record Fourth Quarter Revenue of $127.1 Million, Record Adjusted EBITDA of $8.4 Million and Record Free Cash Flow of $5.7 Million, Respectively
- 40% increase in free cash flow from the third to the fourth fiscal quarter of 2023
- 37% revenue increase for the year ended October 31, 2023
- Record positive adjusted EBITDA of $30.6 million for the year ended October 31, 2023
- Maintained position as Canada's top revenue-generating cannabis company
- Significant growth in Cabana Club membership to over 1.28 million members
- Record cash balance of $30.1 million as of October 31, 2023
- Non-cash impairment charges of $34.3 million in the fourth fiscal quarter of 2023
- Loss from operations of $34.2 million in the fourth fiscal quarter of 2023
- Debt restructuring and significant insider buying of shares
Insights
The reported increase in free cash flow from $4.1 million to $5.7 million and the current annual revenue run rate nearing $510 million are significant indicators of High Tide Inc.'s financial health and operational efficiency. The 40% sequential increase in free cash flow is particularly noteworthy as it suggests a robust capacity for the company to generate cash from its operations. This is a positive signal for investors, as it implies that the company may have more funds available for reinvestment, debt reduction, or distribution to shareholders.
The company's status as Canada's top revenue-generating cannabis company and the expansion of its Cabana Club membership base could be seen as a strategic move to secure customer loyalty and recurring revenue, which is beneficial for long-term stability. However, the non-cash impairment charges of $34.3 million, primarily related to goodwill, raise questions about the valuation of the company's assets and the sustainability of its e-commerce segment in a post-pandemic market. Investors should consider the potential impact of these charges on future earnings and the company's overall financial position.
High Tide Inc.'s market share and retail presence are key factors in its competitive positioning within the cannabis industry. With over 19% market share in Alberta and 9% in Ontario, the company demonstrates a strong foothold in significant regional markets. The strategy to expand to 300 brick-and-mortar stores in Canada aligns with the industry's growth trajectory and could capitalize on the increasing demand for cannabis products.
The emphasis on the Cabana Club membership's growth and the success of the Cabana ELITE paid membership program indicates an effective customer retention strategy, which is crucial in the competitive retail landscape. The increase of 35% year-over-year in overall membership and 367% in ELITE memberships suggests that the company is effectively leveraging its loyalty programs to enhance customer lifetime value and drive sales.
Regulatory changes, such as Ontario's decision to double its provincial retail cannabis store cap, present significant opportunities for High Tide Inc. to expand its market presence. The company's proactive approach in entering new markets, like Mississauga, through advocacy and strategic positioning, demonstrates an understanding of the regulatory environment and an ability to adapt to changes. This agility is crucial for maintaining a competitive edge in the highly regulated cannabis industry.
Furthermore, international prospects, particularly in the United States and Europe, could represent future growth avenues for High Tide Inc. However, these opportunities come with regulatory complexities that will require careful navigation. The company's attention to these developments, such as potential cannabis rescheduling in the United States, indicates a forward-thinking approach that may benefit its long-term strategic planning.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated August 31, 2023, to its short form base shelf prospectus dated August 3, 2023.
- The Company increased its positive free cash flow run rate from
$4.1 million $5.7 million 40% - Current annual revenue run rate is approaching
$510 million Canada 's top revenue-generating cannabis company1 - The Company celebrated its 15th consecutive quarter and its 5th straight quarter of record2 positive adjusted EBITDA3
- Same-store sales increased
13% year-over-year and3% sequentially - The Company maintains its position as the largest non-franchised cannabis retailer in
Canada , with 163 current locations and 4.9 million total customers acrossCanada ,the United States andEurope - Cabana Club membership grew to over 1.28 million members as of today, representing an increase of
35% year-over-year and16% since September 14, 2023 - The Company grew its Cabana ELITE paid membership program at its fastest pace since inception to over 28,000 members as of today, representing an increase of
367% year-over-year and49% since September 14, 2023 - During the fourth fiscal quarter of 2023, Canna Cabana held over
19% of the cannabis retail market share inAlberta and9% inOntario . Across the five provinces in which the Company has a presence, Canna Cabana represented10% of the market share in dollars while only representing approximately4.6% of the total cannabis retail store count in those provinces4
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1Based on reporting by New Cannabis Ventures as of December 19, 2023. For the New Cannabis Ventures' senior listing, segmented cannabis-only sales must generate more than |
2Excluding a one-time benefit in the third fiscal quarter of 2023 of |
3Adjusted EBITDA is a non-IFRS financial measure |
4As per data from Statistics Canada and Provincial regulators |
2023 Fiscal Year and Fourth Fiscal Quarter – Financial Highlights
- Revenue increased by
37% to$487.7 million 2% to$127.1 million - Free cash flow increased from
$4.1 million $5.7 million 40% sequentially. Annualizing this quarter's performance results in a free cash flow yield of11% on the Company's enterprise value as of the close of January 26, 20245 - Gross profit increased by
30% to$131.3 million $33.0 million 12% year-over-year and3% sequentially, excluding the one-time$2.4 million Manitoba 's SRF in the third fiscal quarter of 2023 - Gross margin was
27% for the year ended October 31, 2023. Gross margin for the fourth fiscal quarter of 2023 was26% , fairly consistent versus27% in the fourth fiscal quarter of 2022 and equal to the third fiscal quarter of 2023, excluding the impact fromManitoba 's SRF - Adjusted EBITDA6 was a record
$30.6 million 110% year-over-year, and was also a record at$8.4 million 7% sequentially,² and was up67% versus the fourth fiscal quarter of 2022. Adjusted EBITDA margin for the year ended October 31, 2023 was6.3% , versus4.1% for the year ended October 31, 2022. Adjusted EBITDA margin in the fourth fiscal quarter of 2023 was6.6% , which compares to4.6% in the fourth fiscal quarter of 2022 and6.3% ² in the third fiscal quarter of 2023 - Salaries, wages and benefits represented
11.6% of revenue for fiscal 2023, compared to12.3% in fiscal 2022. In the fourth fiscal quarter of 2023, salaries, wages and benefits represented11.6% of revenue, compared to12.1% in the fourth fiscal quarter of 2022, and11.1% in the third fiscal quarter of 2023 - General and administrative expenses represented
5.5% of revenue for fiscal 2023, compared to7.3% in fiscal 2022. In the fourth fiscal quarter of 2023, general and administration expenses represented5.3% of revenue, compared to7.4% in the fourth fiscal quarter of 2022 and was consistent with the prior quarter - Revenue from the Cabanalytics Business Data and Insights platform, including ad revenue, was
$26.3 million $21.7 million 21% year-over-year. Cabanalytics revenue grew to$6.8 million 3% sequentially - The Company's locations generated same-store sales growth of
13% year-over-year and3% sequentially. Over the last eight quarters, the Company's same-store sales are up a remarkable110% - During the fourth fiscal quarter of 2023, the Company completed its annual impairment testing. Driven primarily by a global post-pandemic slowdown in e-commerce sales, to which the Company's e-commerce assets have not been immune, the Company experienced non-cash impairment charges primarily relating to goodwill of
$34.3 million 9% of the Company's consolidated revenues for the fourth fiscal quarter of 2023. Loss from operations was$34.2 million - Cash on hand as of October 31, 2023, was a record
$30.1 million $25.1 million $25.7 million
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5Free Cash Flow incorporates the |
6Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company's operating performance and therefore highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company. |
"Once again, the High Tide team has demonstrated that it is amongst the best in the business by delivering a second consecutive quarter of record free cash flow, clocking in at
"Looking ahead, we see ample opportunities to build on our success in the Canadian market, where our Cabana Club membership is showing no signs of slowing down and now stands at over 1.28 million Cabana Club members. ELITE, our paid membership tier, grew at its fastest pace since inception, up 9,200 members versus September 14, 2023, and has now surpassed 28,000 members.
"While we remain focused on our core Canadian business, like any forward-thinking company, we are always looking at what opportunities may exist to expand our Canna Cabana brand internationally. We are seeing momentum regarding cannabis rescheduling in
Fiscal Fourth Quarter 2023 – Operational Highlights (August 1 - October 31)
- Organic retail store expansion continued with 3 new Canna Cabana locations in
Alberta andOntario - The Company filed a
$100 million $30 million U.S. dollars) of common shares from treasury to the public from time to time, at the Company's discretion subject to regulatory requirements. The Company notes that its previous ATM program expired with approximately75% of the facility undrawn - Launched the "Altogether Magazine" (Cabanalytics Consumer Insights or CCI) to over 1.1 million ELITE and Cabana Club members
- The Company ranked 38th out of 425 in the Globe and Mail's annual ranking of
Canada 's "Top Growing Companies," with 1,040% revenue growth over three years. This marks the third year in a row the Company has earned a spot on this prestigious list
Subsequent Events (November 1 - present)
- As of January 29, 2024, memberships in the Cabana Club loyalty program increased to over 1.28 million, up from 950,000 members as of January 30, 2023, and 1.1 million as of September 14, 2023, representing an increase of
35% year-over-year and16% sequentially - As of January 29, 2024, ELITE memberships have grown to over 28,000 members, up from 18,800 as of September 14, 2023, representing an increase of
49% sequentially - The Company opened 7 new stores: 1 in
British Columbia , 2 inAlberta , 1 inSaskatchewan , 1 inManitoba and 2 inOntario - The Company entered
Ontario 's third-largest city,Mississauga , after spearheading efforts to convince city council to opt-into cannabis retail sales - The Company successfully completed a restructuring of approximately
$8.9 million $1.0 million - The Company reported that certain officers, directors, and consultants led by the Company's Founder and Chief Executive Officer, in the aggregate, acquired 125,917 common shares in the capital of High Tide on the open market between November 20 and November 21 at an average price of
$1.88 - The Company grew its World Vision sponsorship support to 326 children internationally after committing to sponsoring two additional children for every new store that opens in
Canada
Selected financial information for the fourth quarter and year ended October 31, 2023:
(Expressed in thousands of Canadian Dollars)
Three months ended October 31 | Audited Year Ended October 31 | |||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||
$ | $ | $ | $ | |||||||||
Revenue | 127,105 | 108,248 | 17 % | 487,669 | 356,852 | 37 % | ||||||
Gross Profit | 32,984 | 29,518 | 12 % | 131,314 | 100,952 | 30 % | ||||||
Gross Profit Margin | 26 % | 27 % | (1 %) | 27 % | 28 % | (1 %) | ||||||
Total Operating Expenses | (67,188) | (83,434) | 19 % | (172,739) | (173,262) | 0 % | ||||||
Adjusted EBITDA | 8,362 | 5,017 | 67 % | 30,636 | 14,620 | 110 % | ||||||
Loss from Operations7 | (34,204) | (53,916) | 37 % | (41,425) | (72,310) | 43 % | ||||||
Net loss | (31,805) | (52,503) | 39 % | (40,952) | (70,848) | 42 % | ||||||
Loss per share (Basic and | (0.39) | (0.85) | 54 % | (0.53) | (1.14) | 54 % | ||||||
The following is a reconciliation of Adjusted EBITDA to Net Loss:
(Expressed in thousands of Canadian Dollars)
Three Months Ended October 31 | Year Ended October 31 | ||||||||
2023 | 2022 | 2023 | 2022 | ||||||
Net (loss) income | (31,805) | (52,503) | (40,952) | (70,848) | |||||
Income taxes (recovery) | (4,571) | (1,782) | (7,644) | (2,915) | |||||
Accretion and interest | 1,632 | 782 | 7,136 | 5,344 | |||||
Depreciation and amortization | 8,583 | 8,249 | 32,761 | 30,169 | |||||
EBITDA 8 | (26,161) | (45,254) | (8,699) | (38,250) | |||||
Foreign exchange loss (gain) | (152) | (14) | (134) | 310 | |||||
Transaction and acquisition costs | 691 | 2,444 | 2,591 | 5,036 | |||||
Debt restructuring gain | - | - | - | - | |||||
(Gain) loss revaluation of put option liability | 544 | (3,166) | (1,932) | (10,497) | |||||
Loss (gain) on extinguishment of debenture | - | 609 | - | 354 | |||||
Impairment loss | 34,265 | 48,592 | 34,265 | 48,681 | |||||
Share-based compensation | (284) | 2,091 | 5,034 | 8,080 | |||||
Loss (gain) on revaluation of marketable securities | (13) | 81 | (40) | 489 | |||||
Gain on extinguishment of financial liability | (60) | (366) | - | 418 | |||||
Gain on revaluation of debenture | (505) | - | (505) | - | |||||
Other losses | 37 | - | 55 | - | |||||
Adjusted EBITDA 8 | 8,362 | 5,017 | 30,635 | 14,621 | |||||
7 Income from operations, excluding non-cash impairment charges, was
8 Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company's operating performance and, therefore, highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.
Free Cash Flow* | Q4 | Q3 | Q2 | Q1 |
Net cash provided by (used in) operating activities | 9,637 | 7,545 | 1,365 | 2,114 |
Sustaining Capex | (1,080) | (705) | (625) | (246) |
Lease Liability Payments | (2,870) | (2,789) | (2,691) | (2,715) |
Free Cash Flow | 5,687 | 4,051 | (1,951) | (847) |
*The Company defines free cash flow as net cash provided by (used in) operating activities, minus sustaining capex, minus lease liability payments. Sustaining Capex is defined as leasehold improvements and maintenance spending required in the existing business. The most directly comparable financial measure is net cash provided by operating activities, as disclosed in the consolidated statement of cash flows. It should not be viewed as a measure of liquidity or a substitute for comparable metrics prepared in accordance with IFRS.
Outlook:
High Tide, through its innovative discount club model, maintains its status and leadership position as the largest non-franchised retail cannabis chain in
During the second half of fiscal 2023, the Company generated a record
Webcast and Conference Call
The Company will host a webcast and conference call to discuss its audited results and outlook at 11:30 AM (Eastern Time) tomorrow, Tuesday, January 30, 2024.
Webcast Link for High Tide Earnings Event:
https://events.q4inc.com/attendee/307349204
Participants may pre-register for the webcast by clicking on the link above prior to the beginning of the live webcast. Three hours after the live webcast, a replay of the webcast will be available at the same link above.
Participants may access the audio of the High Tide earnings event through either the new webcast format or the conference call line below. However, any participant who wishes to ask a question must access the event via conference call, as the webcast does not support live questions.
Participant Details
Joining by Telephone:
Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=59676
Participant Access Code: 499316
*Participants will need to enter the participant access code before being met by a live operator*
ATM Program Quarterly Update
Pursuant to the Company's at-the-market equity offering program (the "ATM Program") that allows the Company to issue up to
Pursuant to an equity distribution agreement dated August 31, 2023, entered into among the Company, ATB Capital Markets Inc. and ATB Capital Markets
The Company intends to use the net proceeds of the ATM Program if any, and at the discretion of the Company, to fund strategic initiatives it is currently developing, to support the growth and development of the Company's existing operations, funding future acquisitions as well as working capital and general corporate purposes.
Common Shares issued pursuant to the ATM Program are issued pursuant to a prospectus supplement dated August 31, 2023 (the "Canadian Prospectus Supplement") to the Company's final base shelf prospectus dated August 3, 2023, filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of
The ATM Program is effective until the earlier of (i) the date that all Common Shares available for issue under the ATM Program have been sold, (ii) the date the Canadian Prospectus Supplement in respect of the ATM Program or Canadian Shelf Prospectus is withdrawn and (iii) the date that the ATM Program is terminated by the Company or Agents.
ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™ is the largest non-franchised cannabis retail chain in
Retail Innovation: Fastendr™ is a unique and fully automated technology that integrates retail kiosks and smart lockers to facilitate a better buying experience through browsing, ordering and pickup.
E-commerce Platforms: High Tide operates a suite of leading accessory sites across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
CBD: High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.
High Tide consistently moves ahead of the currents, having been named one of
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements herein include, but are not limited to, statements regarding:
The Company's business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, proposed acquisitions, expansions and store openings); the Company's future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company's business and future activities following the date hereof; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; the market for the Company's current and proposed product offerings, as well as the Company's ability to capture market share; the distribution methods expected to be used by the Company to deliver its product offerings; the Company's strategic investments and capital expenditures, and related benefits; changes in general and administrative expenses; future business operations and activities and the timing and performance thereof; the future tax liability of the Company; the estimated future contractual obligations of the Company; the future liquidity and financial capacity of the Company and its ability to fund its working capital requirements and forecasted capital expenditures; the competitive landscape within which the Company operates and the Company's market share or reach; the Company adding the number of additional cannabis retail store locations the Company proposes to add to the Company's business upon the timelines indicated herein, and the Company remaining on a positive growth trajectory; same-store sales continuing to increase; the Company making meaningful increases to its revenue profile; the Company completing the development of its cannabis retail stores; the Company's ability to continue to generate consistent free cash flow from operations and from financing activities; free cash flow allowing the Company reaccelerate the pace of organic store openings; the Company achieving sustained growth while remaining free cash flow positive; the Company's ability to maximize shareholder value; the Company's ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the realization of cost savings, synergies or benefits from the Company's recent and proposed acquisitions, and the Company's ability to successfully integrate the operations of any business acquired within the Company's business; the anticipated sales from continuing operations; Cabana Club and ELITE loyalty programs membership continuing to increase; the anticipated changes to and effects of the ELITE program on the business and operations of the Company; the Company expanding its Canna Cabana brand internationally; the Company hitting its forecasted revenue and sales projections; the intention of the Company to complete the ATM Program and any additional offering of securities of the Company; the aggregate amount of the total proceeds that the Company will receive pursuant to the ATM Program and/or any future offering; the Company's expected use of the net proceeds from the ATM Program and/or any future offering; the listing of Common Shares offered in the ATM Program and/or any future offering; the anticipated effects of the ATM Program and/or any future offering on the business and operations of the Company; legislative changes occurring in
Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Although the Company believes that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information ("FOFI") within the meaning of applicable securities legislation about prospective results of operations, financial position or cash flows, which is subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above "Cautionary Note Regarding Forward-Looking Statements". FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. FOFI does not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as of the applicable date. However, because this information is highly subjective and subject to numerous risks, readers are cautioned not to place undue reliance on the FOFI as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI.
Importantly, the FOFI contained in this press release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing for the Company's products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company's business, (iii) the Company's ongoing inventory levels, and operating cost estimates, and (iv) the Company's net proceeds from the ATM Program and future financings. The FOFI or financial outlook contained in this press release do not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Cautionary Note Regarding Forward-Looking Statements" and under the heading "Risk Factors" in the Company's public disclosures, FOFI or financial outlook within this press release should not be relied on as necessarily indicative of future results.
Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.
CONTACT INFORMATION
Media Inquiries
Omar Khan
Chief Communications and Public Affairs Officer
High Tide Inc.
omar@hightideinc.com
403-770-3080
Investor Inquiries
Vahan Ajamian
Capital Markets Advisor
High Tide Inc.
vahan@hightideinc.com
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SOURCE High Tide Inc.
FAQ
What was the increase in free cash flow from the third to the fourth fiscal quarter of 2023?
What was the revenue increase for the year ended October 31, 2023?
What was the record positive adjusted EBITDA for the year ended October 31, 2023?
What was the Cabana Club membership growth?
What was the cash balance as of October 31, 2023?
