Press Release: The Cannabist Company Reports Fourth Quarter and Full Year 2023 Results

 (expense), net          (8,710)        22,618        (63,658)       (16,454) 
Income tax 
 benefit 
 (expense)               13,902         37,122         (5,389)        11,213 
                    -----------    -----------    -----------    ----------- 
Net income (loss)       (72,498)      (301,017)      (174,287)      (421,481) 
Net income (loss) 
 attributable to 
 non-controlling 
 interests                  286           (907)         1,425         (5,476) 
                    -----------    -----------    -----------    ----------- 
Net income (loss) 
 attributable to 
 Columbia Care 
 shareholders      $    (72,784)  $   (300,110)  $   (175,712)  $   (416,005) 
Weighted average 
 common shares 
 outstanding - 
 basic and 
 diluted            408,462,038    391,268,805    411,451,127    392,571,201 
Earnings per 
 common share 
 attributable to 
 Cannabist 
 Company 
 shareholders - 
 basic and 
 diluted           $      (0.18)  $      (0.77)  $      (0.43)  $      (1.06) 
 
 
TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) 
                (in US $ thousands, unaudited) 
 
               Three Months Ended        Full Year Ended 
               -------------------  -------------------------- 
                          December 
               December     31,     December    December 31, 
               31, 2023     2022    31, 2023        2022 
Cash           $  35,764  $ 48,154  $  35,764  $        48,154 
Total current 
 assets          187,527   237,177    187,527          237,177 
Property and 
 equipment, 
 net             298,498   357,993    298,498          357,993 
Right of use 
 assets          218,273   219,895    218,273          219,895 
                --------   -------   --------   -------------- 
Total assets     823,111   994,726    823,111          994,726 
Total current 
 liabilities     160,044   203,118    160,044          203,118 
Total 
 liabilities     757,759   787,823    757,759          787,823 
Total equity      65,352   206,903     65,352          206,903 
                --------   -------   --------   -------------- 
Total 
 liabilities 
 and equity    $ 823,111  $994,726  $ 823,111  $       994,726 
 
 
  TABLE 3 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
               (in US $ thousands, unaudited) 
 
                Three Months Ended        Full Year Ended 
              ----------------------  ----------------------- 
              December    December    December   December 31, 
              31, 2023    31, 2022    31, 2023       2022 
Net cash 
 provided by 
 (used in) 
 operating 
 activities   $  9,380   $ 5,152      $  7,471   $(111,401) 
Net cash 
 (used in) 
 investing 
 activities    (25,437)   (3,369)       (3,499)    (75,327) 
Net cash 
 provided by 
 (used in) 
 financing 
 activities   $ (8,197)  $(3,652)     $(14,124)  $ 153,684 
 
 
    TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES 
                 (in US $ thousands, unaudited) 
 
                  Three Months Ended        Full Year Ended 
                 ---------------------  ------------------------ 
                 December    December    December   December 31, 
                 31, 2023    31, 2022    31, 2023       2022 
Net income 
 (loss)          $(72,498)  $(301,017)  $(174,287)  $(421,481) 
Income tax 
 (benefit) 
 expense          (13,902)    (37,122)      5,389     (11,213) 
Depreciation 
 and 
 amortization      15,122      21,711      62,729      84,788 
Net interest 
 and debt 
 amortization      12,909      14,035      54,865      52,542 
                  -------    --------    --------    -------- 
EBITDA 
 (Non-GAAP)      $(58,369)  $(302,393)  $ (51,304)  $(295,364) 
 
Share-based 
 compensation    $(12,839)  $   7,281   $   5,465   $  27,930 
Goodwill and 
 intangible 
 impairment        65,522     340,121      65,522     340,121 
Adjustments for 
 other 
 acquisition 
 and non-core 
 costs             18,329      10,310      50,078      38,407 
Gain on 
 remeasurement 
 of contingent 
 consideration, 
 net                    -     (37,362)          -     (37,362) 
Fair value 
 changes on 
 derivative 
 liabilities         (171)       (620)       (116)     (6,560) 
Fair value 
 mark-up for 
 acquired 
 inventory              -          68           -         204 
                  -------    --------    --------    -------- 
Adjusted EBITDA 
 (Non-GAAP)      $ 12,472   $  17,405   $  69,645   $  67,376 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240313236624/en/

 
    CONTACT:    Investor Contact 

Lee Ann Evans

SVP, Capital Markets

investor@cannabistcompany.com

Media Contact

Lindsay Wilson

SVP, Communications

media@cannabistcompany.com

(END) Dow Jones Newswires

March 13, 2024 07:00 ET (11:00 GMT)