Press Release: The Cannabist Company Reports First Quarter 2024 Results

     TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) 
                     (in US $ thousands, unaudited) 
                                    Three Months Ended 
                  March 31, 2024    December 31, 2023     March 31, 2023 
                 ----------------  -------------------  ------------------ 
Cash               $       44,473   $           35,764   $        40,159 
Total current 
 assets                   189,887              187,527           238,479 
Property and 
 equipment, 
 net                      291,125              298,498           348,581 
Right of use 
 assets                   213,668              218,273           210,751 
                 ---  -----------      ---------------      ------------ 
Total assets              812,831              823,111           973,021 
Total current 
 liabilities              165,979              160,044           172,363 
Total 
 liabilities              769,923              757,759           791,696 
Total equity               42,908               65,352           181,325 
                 ---  -----------      ---------------      ------------ 
Total 
 liabilities 
 and equity        $      812,831   $          823,111   $       973,021 
 
 
        TABLE 3 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                      (in US $ thousands, unaudited) 
 
                                    Three Months Ended 
                  March 31, 2024    December 31, 2023     March 31, 2023 
                 ----------------  -------------------  ------------------ 
Net cash 
 provided by 
 (used in) 
 operating 
 activities       $       (6,211)   $           9,380    $       (3,405) 
Net cash 
 provided by 
 (used in) 
 investing 
 activities                2,403              (25,437)           (2,552) 
Net cash 
 provided by 
 (used in) 
 financing 
 activities       $       12,517    $          (8,197)   $       (2,037) 
 
 
         TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES 
                      (in US $ thousands, unaudited) 
 
                                    Three Months Ended 
                  March 31, 2024    December 31, 2023     March 31, 2023 
                 ----------------  -------------------  ------------------ 
Net income 
 (loss)           $      (34,568)   $         (72,498)   $      (36,572) 
Income tax 
 (benefit) 
 expense                   8,868              (13,902)           10,689 
Depreciation 
 and 
 amortization             13,964               15,122            15,063 
Net interest 
 and debt 
 amortization             12,480               12,909            13,671 
                     -----------       --------------       ----------- 
EBITDA 
 (Non-GAAP)       $          744    $         (58,369)   $        2,851 
 
Share-based 
 compensation     $        3,182    $         (12,839)   $        6,515 
Goodwill and 
 intangible 
 impairment                    -               65,522                 - 
Adjustments for 
 other 
 acquisition 
 and non-core 
 costs                     9,032               18,329             6,968 
Gain on 
remeasurement 
of contingent 
consideration, 
net                            -                    -                 - 
Fair value 
 changes on 
 derivative 
 liabilities               2,346                 (171)               30 
Fair value 
mark-up for 
acquired 
inventory                      -                    -                 - 
                     -----------       --------------       ----------- 
Adjusted EBITDA 
 (Non-GAAP)       $       15,304    $          12,472    $       16,364 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240509448995/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

May 09, 2024 07:03 ET (11:03 GMT)