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Janus Henderson Group plc Reports First Quarter 2019 Diluted EPS of US$0.48, or US$0.56 on an Adjusted Basis
-
Strong investment performance, with 69% and 74% of assets under
management (“AUM”) outperforming relevant benchmarks on a 3 and 5 year
basis, respectively, as at 31 March 2019 -
First quarter net income of US$94.1 million and adjusted net income of
US$110.0 million -
AUM of US$357.3 billion, up 9% compared to the prior quarter,
reflecting positive markets partially offset by net outflows of US$7.4
billion -
Completed US$31 million of share buybacks during March; US$169 million
remains authorised for buybacks in 2019 - Board declared quarterly dividend of US$0.36 per share
LONDON–(BUSINESS WIRE)–Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published
its first quarter 2019 results for the period ended 31 March 2019.
First quarter 2019 net income attributable to JHG was US$94.1 million
compared to US$106.8 million in the fourth quarter 2018 and US$165.2
million in the first quarter 2018. Adjusted net income attributable to
JHG, adjusted for one-time, acquisition and transaction related costs,
of US$110.0 million declined 6% compared to US$117.5 million in the
fourth quarter 2018 and declined 23% compared to US$143.6 million in the
first quarter 2018.
First quarter 2019 diluted earnings per share was US$0.48 compared to
US$0.54 in the fourth quarter 2018 and US$0.82 in the first quarter
2018. Adjusted diluted earnings per share of US$0.56 declined 5%
compared to US$0.59 in the fourth quarter 2018 and declined 21% versus
US$0.71 in the first quarter 2018.
Dick Weil, Chief Executive Officer of Janus Henderson Group plc,
stated:
“Overall investment performance for the quarter was strong, but we
continue to face pockets of underperformance which are driving
substantial net outflows. That said, we are seeing encouraging results
in several areas of our business, including momentum in the US retail
channel, primarily with our US Equity strategies, ongoing growth in our
Multi-Asset capability, and an improving environment in Continental
Europe.
“We finished the quarter with a 9% increase in assets under management
as strong investment performance and rebounding markets offset outflows.
“We continue to be financially disciplined, remaining focused on
investing in sustainable growth and upholding our commitment to return
cash flow to shareholders, with over US$100 million returned through
dividends and our share buyback programme in the first quarter.”
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions,
except per share data or as noted)
The Group presents its financial results in US$ and in accordance with
accounting principles generally accepted in the United States of America
(‘US GAAP’ or ‘GAAP’). However, in the opinion of Management, the
profitability of the Group and its ongoing operations is best evaluated
using additional non-GAAP financial measures on an adjusted basis. See
adjusted statements of income reconciliation for additional information.
Three months ended | |||||||||
31 Mar | 31 Dec | 31 Mar | |||||||
2019 | 2018 | 2018 | |||||||
GAAP basis: |
|||||||||
Revenue | 519.3 | 545.1 | 587.7 | ||||||
Operating expenses | 394.8 | 395.1 | 411.5 | ||||||
Operating income | 124.5 | 150.0 | 176.2 | ||||||
Operating margin | 24.0% | 27.5% | 30.0% | ||||||
Net income attributable to JHG | 94.1 | 106.8 | 165.2 | ||||||
Diluted earnings per share | 0.48 | 0.54 | 0.82 | ||||||
Three months ended | |||||||||
31 Mar | 31 Dec | 31 Mar | |||||||
2019 | 2018 | 2018 | |||||||
Adjusted basis: |
|||||||||
Revenue | 417.4 | 442.7 | 470.4 | ||||||
Operating expenses | 274.0 | 277.4 | 281.6 | ||||||
Operating income | 143.4 | 165.3 | 188.8 | ||||||
Operating margin | 34.4% | 37.3% | 40.1% | ||||||
Net income attributable to JHG | 110.0 | 117.5 | 143.6 | ||||||
Diluted earnings per share | 0.56 | 0.59 | 0.71 | ||||||
First quarter 2019 adjusted revenue of US$417.4 million decreased from
the fourth quarter 2018 result of US$442.7 million due to a slight
decline in management fee margin, given outflows in higher fee equity
products, and lower performance fees from segregated mandates. First
quarter 2019 adjusted operating income of US$143.4 million decreased
from US$165.3 million in the fourth quarter 2018, with lower adjusted
revenue slightly offset by lower operating expenses.
DIVIDEND AND SHARE BUYBACK
On 1 May 2019, the Board declared a first quarter dividend in respect of
the three months ended 31 March 2019 of US$0.36 per share. Shareholders
on the register on the record date of 13 May 2019 will be paid the
dividend on 29 May 2019. Janus Henderson does not offer a dividend
reinvestment plan.
As part of the US$200 million on-market buyback programme approved by
the Board in February, JHG purchased approximately 1.3 million of its
ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on
the ASX in March, for a total outlay of US$31 million.
During the first quarter, the firm also purchased shares on market for
the annual share grants associated with 2018 variable compensation,
which is not connected with the buyback programme. As a firm policy,
Janus Henderson does not issue new shares to employees as part of its
annual compensation practices.
Net tangible assets per share
US$ | 31 Mar 2019 | 31 Dec 2018 | ||||||
Net tangible assets per ordinary share | 1.31 | 1.32 | ||||||
Net tangible assets are defined by the ASX as being total assets less
intangible assets less total liabilities ranking ahead of, or equally
with, claims of ordinary shares.
AUM AND FLOWS (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign currency
rates as non-USD denominated AUM is translated into USD. Redemptions
include impact of client switches. The reclassification in the fourth
quarter 2018 reflects an operational reclassification of an existing
client’s funds.
Total Group comparative AUM and flows |
||||||||||||||||
Three months ended | ||||||||||||||||
31 Mar | 31 Dec | 31 Mar | ||||||||||||||
2019 | 2018 | 2018 | ||||||||||||||
Opening AUM | 328.5 | 378.1 | 370.8 | |||||||||||||
Sales | 15.6 | 16.6 | 19.7 | |||||||||||||
Redemptions | (23.0 | ) | (25.0 | ) | (22.4 | ) | ||||||||||
Net sales / (redemptions) | (7.4 | ) | (8.4 | ) | (2.7 | ) | ||||||||||
Market / FX | 36.2 | (41.2 | ) | 3.8 | ||||||||||||
Closing AUM | 357.3 | 328.5 | 371.9 | |||||||||||||
Quarterly AUM and flows by capability |
||||||||||||||||||||||||||||||
Equities |
Fixed
Income |
Quantitative
Equities |
Multi-Asset | Alternatives | Total | |||||||||||||||||||||||||
AUM 31 Mar 2018 | 190.7 | 80.0 | 50.4 | 31.8 | 19.0 | 371.9 | ||||||||||||||||||||||||
Sales | 8.5 | 5.0 | 0.4 | 1.8 | 1.4 | 17.1 | ||||||||||||||||||||||||
Redemptions | (9.6 | ) | (5.6 | ) | (1.2 | ) | (1.3 | ) | (2.1 | ) | (19.8 | ) | ||||||||||||||||||
Net sales / (redemptions) | (1.1 | ) | (0.6 | ) | (0.8 | ) | 0.5 | (0.7 | ) | (2.7 | ) | |||||||||||||||||||
Market / FX | 3.7 | (2.9 | ) | 0.5 | 0.3 | (0.7 | ) | 0.9 | ||||||||||||||||||||||
AUM 30 Jun 2018 | 193.3 | 76.5 | 50.1 | 32.6 | 17.6 | 370.1 | ||||||||||||||||||||||||
Sales | 6.8 | 6.0 | 1.3 | 2.2 | 1.4 | 17.7 | ||||||||||||||||||||||||
Redemptions | (9.9 | ) | (7.6 | ) | (1.3 | ) | (1.3 | ) | (1.9 | ) | (22.0 | ) | ||||||||||||||||||
Net sales / (redemptions) | (3.1 | ) | (1.6 | ) | (0.0 | ) | 0.9 | (0.5 | ) | (4.3 | ) | |||||||||||||||||||
Market / FX | 9.0 | (0.4 | ) | 2.8 | 1.1 | (0.2 | ) | 12.3 | ||||||||||||||||||||||
AUM 30 Sep 2018 | 199.2 | 74.5 | 52.9 | 34.6 | 16.9 | 378.1 | ||||||||||||||||||||||||
Sales | 8.6 | 4.7 | 0.3 | 2.3 | 0.7 | 16.6 | ||||||||||||||||||||||||
Redemptions | (12.7 | ) | (6.0 | ) | (1.4 | ) | (2.0 | ) | (2.9 | ) | (25.0 | ) | ||||||||||||||||||
Net sales / (redemptions) | (4.1 | ) | (1.3 | ) | (1.1 | ) | 0.3 | (2.2 | ) | (8.4 | ) | |||||||||||||||||||
Market / FX | (29.2 | ) | (1.3 | ) | (7.5 | ) | (2.5 | ) | (0.7 | ) | (41.2 | ) | ||||||||||||||||||
Reclassification | 1.7 | 0.5 | – | (2.2 | ) | – | – | |||||||||||||||||||||||
AUM 31 Dec 2018 | 167.6 | 72.4 | 44.3 | 30.2 | 14.0 | 328.5 | ||||||||||||||||||||||||
Sales | 6.9 | 4.9 | 0.7 | 2.2 | 0.9 | 15.6 | ||||||||||||||||||||||||
Redemptions | (9.8 | ) | (7.7 | ) | (1.7 | ) | (1.5 | ) | (2.3 | ) | (23.0 | ) | ||||||||||||||||||
Net sales / (redemptions) | (2.9 | ) | (2.8 | ) | (1.0 | ) | 0.7 | (1.4 | ) | (7.4 | ) | |||||||||||||||||||
Market / FX | 24.1 | 2.9 | 6.3 | 2.5 | 0.4 | 36.2 | ||||||||||||||||||||||||
AUM 31 Mar 2019 | 188.8 | 72.5 | 49.6 | 33.4 | 13.0 | 357.3 | ||||||||||||||||||||||||
Average AUM |
|||||||||||||
Three months ended | |||||||||||||
31 Mar
2019 |
31 Dec
2018 |
31 Mar
2018 |
|||||||||||
Equities | 182.8 | 179.5 | 194.6 | ||||||||||
Fixed Income | 73.3 | 73.0 | 79.7 | ||||||||||
Quantitative Equities | 48.3 | 47.6 | 51.4 | ||||||||||
Multi-Asset | 32.1 | 32.2 | 32.1 | ||||||||||
Alternatives | 13.5 | 15.5 | 19.6 | ||||||||||
Total | 350.0 | 347.8 | 377.4 | ||||||||||
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 31 Mar 2019)
Capability | 1 year | 3 years | 5 years | ||||||||||
Equities | 64% | 69% | 77% | ||||||||||
Fixed Income | 58% | 92% | 89% | ||||||||||
Quantitative Equities | 15% | 14% | 12% | ||||||||||
Multi-Asset | 88% | 91% | 91% | ||||||||||
Alternatives | 89% | 98% | 100% | ||||||||||
Total | 60% | 69% | 74% |
Note: Outperformance is measured based on composite performance gross of
fees vs primary benchmark, except where a strategy has no benchmark
index or corresponding composite in which case the most relevant metric
is used: (1) composite gross of fees vs zero for absolute return
strategies, (2) fund net of fees vs primary index or (3) fund net of
fees vs Morningstar peer group average or median. Non-discretionary and
separately managed account assets are included with a corresponding
composite where applicable.
Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and
custom non-discretionary accounts with no corresponding composite are
excluded from the analysis. Excluded assets represent 4% of AUM as at 31
Mar 2019. Capabilities defined by Janus Henderson.
% of mutual fund AUM in top 2 Morningstar quartiles (at 31 Mar 2019)
Capability | 1 year | 3 years | 5 years | ||||||||||
Equities | 78% | 72% | 86% | ||||||||||
Fixed Income | 68% | 42% | 48% | ||||||||||
Quantitative Equities | 63% | 3% | 97% | ||||||||||
Multi-Asset | 84% | 86% | 88% | ||||||||||
Alternatives | 93% | 33% | 94% | ||||||||||
Total | 78% | 67% | 81% |
Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton
Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based),
Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and
Australian Managed Investment Schemes. The top two Morningstar quartiles
represent funds in the top half of their category based on total return.
On an asset-weighted basis, 80% of total mutual fund AUM was in the top
2 Morningstar quartiles for the 10-year period ended 31 Mar 2019. For
the 1-, 3-, 5- and 10-year periods ending 31 Mar 2019, 62%, 50%, 62% and
62% of the 205, 195, 181 and 141 total mutual funds, respectively, were
in the top 2 Morningstar quartiles.
Analysis based on ‘primary’ share class (Class I Shares, Institutional
Shares or share class with longest history for US Trusts; Class A Shares
or share class with longest history for Dublin based; primary share
class as defined by Morningstar for other funds). Performance may vary
by share class. Rankings may be based, in part, on the performance of a
predecessor fund or share class and are calculated by Morningstar using
a methodology that differs from that used by Janus Henderson.
Methodology differences may have a material effect on the return and
therefore the ranking. When an expense waiver is in effect, it may have
a material effect on the total return, and therefore the ranking for the
period.
ETFs and funds not ranked by Morningstar are excluded from the analysis.
Capabilities defined by JHG. © 2019 Morningstar, Inc. All Rights
Reserved.
SECOND QUARTER 2019 RESULTS
Janus Henderson intends to publish its second quarter 2019 results on 31
July 2019.
FIRST QUARTER 2019 RESULTS BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer Roger
Thompson will present these results on 2 May 2019 on a conference call
and webcast to be held at 8am EDT, 1pm BST, 10pm AEST.
Those wishing to participate should call:
United Kingdom | 0800 358 6377 (toll free) | |||
US & Canada | 800 239 9838 (toll free) | |||
Australia | 1 800 573 793 (toll free) | |||
All other countries: | +1 323 794 2551 (this is not a toll free number) | |||
Conference ID: | 6246882 | |||
Access to the webcast and accompanying slides will be available via the
investor relations section of Janus Henderson’s website (www.janushenderson.com/IR).
About Janus Henderson
Janus Henderson Group (JHG) is a leading global active asset manager
dedicated to helping investors achieve long-term financial goals through
a broad range of investment solutions, including equities, fixed income,
quantitative equities, multi-asset and alternative asset class
strategies.
Janus Henderson has approximately US$357 billion in assets under
management (at 31 March 2019), more than 2,000 employees, and offices in
28 cities worldwide. Headquartered in London, the company is listed on
the New York Stock Exchange (NYSE) and the Australian Securities
Exchange (ASX).
FINANCIAL DISCLOSURES
Period ending 31 March 2018 reflects the reclassification of certain
revenue amounts from ‘Other revenue’ to ‘Shareowner servicing fees’.
Condensed consolidated statements of comprehensive income |
||||||||||||||||
Three months ended | ||||||||||||||||
31 Mar | 31 Dec | 31 Mar | ||||||||||||||
(in US$ millions, except per share data or as noted) | 2019 | 2018 | 2018 | |||||||||||||
Revenue: | ||||||||||||||||
Management fees | 441.9 | 452.3 | 502.9 | |||||||||||||
Performance fees | (5.6 | ) | 3.5 | (3.9 | ) | |||||||||||
Shareowner servicing fees | 35.9 | 37.0 | 38.4 | |||||||||||||
Other revenue | 47.1 | 52.3 | 50.3 | |||||||||||||
Total revenue | 519.3 | 545.1 | 587.7 | |||||||||||||
Operating expenses: | ||||||||||||||||
Employee compensation and benefits | 145.0 | 155.8 | 146.7 | |||||||||||||
Long-term incentive plans | 48.4 | 32.3 | 40.0 | |||||||||||||
Distribution expenses | 101.9 | 102.4 | 117.3 | |||||||||||||
Investment administration | 11.8 | 11.6 | 11.4 | |||||||||||||
Marketing | 7.5 | 12.8 | 8.5 | |||||||||||||
General, administrative and occupancy | 65.2 | 62.4 | 72.2 | |||||||||||||
Depreciation and amortisation | 15.0 | 17.8 | 15.4 | |||||||||||||
Total operating expenses | 394.8 | 395.1 | 411.5 | |||||||||||||
Operating income | 124.5 | 150.0 | 176.2 | |||||||||||||
Interest expense | (4.1 | ) | (4.0 | ) | (3.8 | ) | ||||||||||
Investment gains (losses), net | 13.3 | (15.3 | ) | (0.7 | ) | |||||||||||
Other non-operating income (expenses), net | (3.9 | ) | 13.5 | 38.9 | ||||||||||||
Income before taxes | 129.8 | 144.2 | 210.6 | |||||||||||||
Income tax provision | (29.9 | ) | (43.4 | ) | (47.4 | ) | ||||||||||
Net income | 99.9 | 100.8 | 163.2 | |||||||||||||
Net loss (income) attributable to noncontrolling interests | (5.8 | ) | 6.0 | 2.0 | ||||||||||||
Net income attributable to JHG | 94.1 | 106.8 | 165.2 | |||||||||||||
Less: allocation of earnings to participating stock-based awards | (2.4 | ) | (2.8 | ) | (4.2 | ) | ||||||||||
Net income attributable to JHG common shareholders | 91.7 | 104.0 | 161.0 | |||||||||||||
Basic weighted-average shares outstanding (in millions) | 191.8 | 193.3 | 195.9 | |||||||||||||
Diluted weighted-average shares outstanding (in millions) | 192.5 | 194.1 | 196.9 | |||||||||||||
Diluted earnings per share (in US$) | 0.48 | 0.54 | 0.82 | |||||||||||||
Adjusted statements of income (unaudited)
The following are reconciliations of US GAAP basis revenues, operating
income, net income attributable to JHG and diluted earnings per share to
adjusted revenues, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.
Three months ended | ||||||||||||||||
31 Mar | 31 Dec | 31 Mar | ||||||||||||||
(in US$ millions, except per share data or as noted) | 2019 | 2018 | 2018 | |||||||||||||
Reconciliation of revenue to adjusted revenue | ||||||||||||||||
Revenue | 519.3 | 545.1 | 587.7 | |||||||||||||
Distribution expenses1 | (101.9 | ) | (102.4 | ) | (117.3 | ) | ||||||||||
Adjusted revenue | 417.4 | 442.7 | 470.4 | |||||||||||||
Reconciliation of operating income to adjusted operating income | ||||||||||||||||
Operating income | 124.5 | 150.0 | 176.2 | |||||||||||||
Employee compensation and benefits2,4 | 4.3 | 4.4 | 2.9 | |||||||||||||
Long-term incentive plans2 | (0.2 | ) | (0.2 | ) | 0.1 | |||||||||||
Marketing2 | – | 0.1 | 0.1 | |||||||||||||
General, administration and occupancy2,4 | 7.4 | 1.9 | 2.1 | |||||||||||||
Depreciation and amortisation2,3 | 7.4 | 9.1 | 7.4 | |||||||||||||
Adjusted operating income | 143.4 | 165.3 | 188.8 | |||||||||||||
Operating margin | 24.0 | % | 27.5 | % | 30.0 | % | ||||||||||
Adjusted operating margin | 34.4 | % | 37.3 | % | 40.1 | % | ||||||||||
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
||||||||||||||||
Net income attributable to JHG | 94.1 | 106.8 | 165.2 | |||||||||||||
Employee compensation and benefits2,4 | 4.3 | 4.4 | 2.9 | |||||||||||||
Long-term incentive plans2 | (0.2 | ) | (0.2 | ) | 0.1 | |||||||||||
Marketing2 | – | 0.1 | 0.1 | |||||||||||||
General, administration and occupancy2,4 | 7.4 | 1.9 | 2.1 | |||||||||||||
Depreciation and amortisation2,3 | 7.4 | 9.1 | 7.4 | |||||||||||||
Interest expense4 | 0.9 | 0.9 | 0.7 | |||||||||||||
Other non-operating income (expenses), net4 | 0.4 | 0.3 | (44.8 | ) | ||||||||||||
Income tax provision5 | (4.3 | ) | (5.8 | ) | 9.9 | |||||||||||
Adjusted net income attributable to JHG | 110.0 | 117.5 | 143.6 | |||||||||||||
Less: allocation of earnings to participating stock-based awards | (2.8 | ) | (3.2 | ) | (3.6 | ) | ||||||||||
Adjusted net income attributable to JHG common shareholders | 107.2 | 114.3 | 140.0 | |||||||||||||
Weighted average diluted common shares outstanding – diluted (two class) (in millions) |
192.5 | 194.1 | 196.9 | |||||||||||||
Diluted earnings per share (two class) (in US$) | 0.48 | 0.54 | 0.82 | |||||||||||||
Adjusted diluted earnings per share (two class) (in US$) | 0.56 | 0.59 | 0.71 |
1 |
Distribution expenses are paid to financial intermediaries for the distribution of JHG’s investment products. JHG management believes that the deduction of third-party distribution, service and advisory expenses from revenue in the computation of net revenue reflects the nature of these expenses, as these costs are passed through to external parties that perform functions on behalf of, and distribute, the Group’s managed AUM. |
|
2 |
Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs do not represent the ongoing operations of the Group. |
|
3 |
Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. JHG management believes these non-cash and acquisition-related costs do not represent the ongoing operations of the Group. |
|
4 |
Adjustments for the three months ended 31 March 2019 and 31 December 2018 primarily represent increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting and deferred consideration costs associated with acquisitions prior to the Merger. Adjustments for the three months ended 31 March 2018 include the gain on the sale of JHG’s back-office, middle-office and custody function in the US to BNP Paribas, fair value movement on options issued to Dai-ichi in addition to the same adjustments affecting the three-month 2019 period. JHG management believes these costs do not represent the ongoing operations of the Group. |
|
5 |
The tax impact of the adjustments is calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax-deductible. |
|
Condensed consolidated balance sheets (unaudited) |
|||||||||
31 Mar | 31 Dec | ||||||||
(in US$ millions) | 2019 | 2018 | |||||||
Assets | |||||||||
Cash and cash equivalents | 717.1 | 880.4 | |||||||
Investment securities | 270.7 | 291.8 | |||||||
Property, equipment and software, net | 72.6 | 69.5 | |||||||
Intangible assets and goodwill, net | 4,619.0 | 4,601.3 | |||||||
Assets of consolidated variable interest entities | 330.0 | 323.9 | |||||||
Other assets | 1,013.7 | 745.0 | |||||||
Total assets | 7,023.1 | 6,911.9 | |||||||
Liabilities, redeemable noncontrolling interests and equity | |||||||||
Debt | 318.4 | 319.1 | |||||||
Deferred tax liabilities, net | 730.7 | 729.9 | |||||||
Liabilities of consolidated variable interest entities | 11.0 | 6.5 | |||||||
Other liabilities | 950.9 | 859.5 | |||||||
Redeemable noncontrolling interests | 137.0 | 136.1 | |||||||
Total equity | 4,875.1 | 4,860.8 | |||||||
Total liabilities, redeemable noncontrolling interests and equity | 7,023.1 | 6,911.9 | |||||||
Condensed consolidated statements of cash flows (unaudited) |
||||||||||||||||
Three months ended | ||||||||||||||||
(in US$ millions) |
31 Mar
2019 |
31 Dec
2018 |
31 Mar
2018 |
|||||||||||||
Cash provided by (used for) | ||||||||||||||||
Operating activities | (34.7 | ) | 243.3 | 61.7 | ||||||||||||
Investing activities | 51.3 | 13.0 | 11.6 | |||||||||||||
Financing activities | (198.3 | ) | (127.8 | ) | (208.2 | ) | ||||||||||
Effect of foreign exchange rate changes | 5.0 | (8.0 | ) | 6.1 | ||||||||||||
Net change during period | (176.7 | ) | 120.5 | (128.8 | ) | |||||||||||
STATUTORY DISCLOSURES
Associates and joint ventures
At 31 March 2019, the Group holds interests in the following associates
and joint ventures managed through shareholder agreements with third
party investors, accounted for under the equity method:
- Long Tail Alpha LLC. Ownership 20%
Basis of preparation
In the opinion of management of Janus Henderson Group plc, the condensed
consolidated financial statements contain all normal recurring
adjustments necessary to fairly present the financial position, results
of operations and cash flows of JHG in accordance with US GAAP. Such
financial statements have been prepared in accordance with the
instructions to Form 10-Q pursuant to the rules and regulations of the
SEC. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with GAAP have been
condensed or omitted pursuant to such rules and regulations. The
financial statements should be read in conjunction with the annual
consolidated financial statements and notes presented in Janus Henderson
Group’s Annual Report on Form 10-K for the year ended 31 December 2018,
on file with the SEC (Commission file no. 001-38103). Events subsequent
to the balance sheet date have been evaluated for inclusion in the
financial statements through the issuance date and are included in the
notes to the condensed consolidated financial statements.
Corporate governance principles and recommendations
In the opinion of the Directors, the financial records of the Group have
been properly maintained, and the Condensed Consolidated Financial
Statements comply with the appropriate accounting standards and give a
true and fair view of the financial position and performance of the
Group. This opinion has been formed on the basis of a sound system of
risk management and internal control which is operating effectively.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Past performance is no guarantee of future results. Investing involves
risk, including the possible loss of principal and fluctuation of value.
This document includes statements concerning potential future events
involving Janus Henderson Group plc that could differ materially from
the events that actually occur. The differences could be caused by a
number of factors including those factors identified in Janus Henderson
Group’s Annual Report on Form 10-K for the fiscal year ended 31 December
2018, on file with the Securities and Exchange Commission (Commission
file no. 001-38103), including those that appear under headings such as
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the control of JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such statements
were made. Janus Henderson Group assumes no duty to update them, even if
experience, unexpected events, or future changes make it clear that any
projected results expressed or implied therein will not be realised.
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The information, statements and opinions contained in this document do
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Contacts
Investor enquiries:
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Global Head of
Investor Relations
+44 (0) 20 7818 2106
[email protected]
Jim
Kurtz
US Investor Relations Manager
+1 (303) 336 4529
[email protected]
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Non-US Investor Relations Manager
+44 (0) 20 7818 2905
[email protected]
Or
Investor
Relations
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Media
enquiries:
North America:
Taylor Smith
+1 303
336 5031
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Sally
Todd
+44 (0) 20 7818 2244
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Cannabis
Rubicon Organics Reports Q1 2024 Financial Results
SCHWAZZE
Schwazze Announces First Quarter 2024 Financial Results
Schwazze Management to Host Conference Call Today at 5:00 p.m. Eastern Time
DENVER, May 15, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the first quarter ended March 31, 2024.
“We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Throughout the quarter, we continued to sharpen our pricing and promotional efforts while enhancing the in-store experience, widening assortment, improving in-stock position, and advancing our loyalty program to attract and retain new customers. We also strengthened our wholesale business with quarter-over-quarter growth, while surpassing 30% total door penetration across both states.”
“The Colorado market remains highly competitive with more than 680 active recreational licenses, underscoring the importance of delivering an exceptional customer experience and fully integrated retail support program. Although retail pricing has recently stabilized, Colorado sales in Q1 were down 10% year-over-year due to lower volumes. Nonetheless, we significantly outpaced the market as our sales were up 9%, demonstrating the effectiveness of our operating playbook to compete in challenging environments. We expect to continue driving improvements in customer acquisition, retention, and loyalty as we further increase market share in the state.”
“In New Mexico, the proliferation of new licenses continued to outpace state cannabis sales as store count in Q1 increased 31% year-over-year while the market grew only 13%. In addition to pricing and promotional efforts, we’ve focused on driving traffic into our stores by expanding assortment with high quality flower and delivering an elevated customer experience. The New Mexico regulatory body has also increased its license enforcement efforts in recent months, contributing to more than 70 store closures and a 33% sequential decrease in net new store openings in the first quarter. We will continue to support the New Mexico Cannabis Control Division as it develops its regulatory framework.”
“Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We are beginning to see positive momentum from our pricing and promotional strategy and will remain focused on driving operating efficiencies while further optimizing our assets as we consolidate cultivation facilities and eliminate underperforming stores that do not meet our high-margin thresholds. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward.”
First Quarter 2024 Financial Summary
$ in Thousands USD |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Total Revenue |
$41,601 |
$43,325 |
$40,001 |
Gross Profit |
$17,934 |
$7,034[1] |
$21,849 |
Operating Expenses |
$20,643 |
$23,276 |
$16,199 |
Income (Loss) from Operations |
$(2,709) |
$(16,242) |
$5,650 |
Adjusted EBITDA[2] |
$7,341 |
$10,953 |
$14,525 |
Operating Cash Flow |
$(3,700) |
$3,452 |
$(880) |
Recent Highlights
- Announced the grand opening of a medical and recreational dispensary in March under the Everest Apothecary banner in Las Cruces, New Mexico, increasing the Company’s retail footprint to 34 stores across the state.
- Increased wholesale penetration in the first quarter to more than 30% of total doors in Colorado and New Mexico.
- Lowell Herb Co. pre-roll sales increased more than 3x quarter-over-quarter in Colorado, where it continues to be the #1 pre-roll in the state.
- Wana gummy sales up more than 2x quarter-over-quarter in New Mexico.
First Quarter 2024 Financial Results
Total revenue in the first quarter of 2024 increased 4% to $41.6 million compared to $40.0 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period, partially offset by continued pricing pressure and the proliferation of new licenses in New Mexico.
Gross profit for the first quarter of 2024 was $17.9 million or 43.1% of total revenue, compared to $21.8 million or 54.6% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by the aforementioned pricing pressure in New Mexico, as well as higher medical sales mix in Colorado.
____________________________ |
1 Q4 2023 Gross Profit includes one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. |
Operating expenses for the first quarter of 2024 were $20.6 million compared to $16.2 million for the same quarter last year. The year-ago period benefitted from a payroll tax credit of $3.9M. The remaining increase was primarily driven by personnel expenses and four-wall SG&A costs associated with 21 additional stores in Colorado and New Mexico that are still ramping.
Loss from operations for the first quarter of 2024 was $2.7 million compared to income from operations of $5.6 million in the same quarter last year. Net loss was $16.1 million for the first quarter of 2024 compared to net income of $1.7 million for the same quarter last year.
Adjusted EBITDA for the first quarter of 2024 was $7.3 million compared to $14.5 million for the same quarter last year. The decrease in Adjusted EBITDA was primarily driven by lower gross margin and higher operating expenses associated with the 21 additional stores that are still ramping.
As of March 31, 2024, cash and cash equivalents were $13.2 million compared to $19.2 million on December 31, 2023. Total debt as of March 31, 2024, was $159.7 million compared to $156.8 million on December 31, 2023.
Conference Call
The Company will conduct a conference call today, May 15, 2024, at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Schwazze
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2024 and December 31, 2023
Expressed in U.S. Dollars
March 31, |
December 31, |
||||
2024 |
2023 |
||||
ASSETS
|
|||||
Current Assets |
|||||
Cash & Cash Equivalents |
$ |
13,151,317 |
$ |
19,248,932 |
|
Accounts Receivable, net of Allowance for Doubtful Accounts |
3,356,032 |
4,261,159 |
|||
Inventory |
26,382,184 |
25,787,793 |
|||
Marketable Securities, net of Unrealized Loss of $347,516 and Loss of $1,816, respectively |
108,583 |
456,099 |
|||
Prepaid Expenses & Other Current Assets |
3,502,310 |
3,914,064 |
|||
Total Current Assets |
46,500,426 |
53,668,047 |
|||
Non-Current Assets |
|||||
Fixed Assets, net Accumulated Depreciation of $10,061,700 and $8,741,782, respectively |
31,326,000 |
31,113,630 |
|||
Investments |
2,000,000 |
2,000,000 |
|||
Investments Held for Sale |
– |
202,111 |
|||
Goodwill |
67,492,705 |
67,499,199 |
|||
Intangible Assets, net Accumulated Amortization of $36,483,160 and $32,706,765, respectively |
162,391,482 |
166,167,877 |
|||
Other Non-Current Assets |
1,328,187 |
1,263,837 |
|||
Operating Lease Right of Use Assets |
34,575,832 |
34,233,142 |
|||
Deferred Tax Assets, net |
992,144 |
1,996,489 |
|||
Total Non-Current Assets |
300,106,350 |
304,476,285 |
|||
Total Assets |
$ |
346,606,776 |
$ |
358,144,332 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|||||
Current Liabilities |
|||||
Accounts Payable |
$ |
9,443,233 |
$ |
13,341,561 |
|
Accrued Expenses |
8,106,618 |
7,774,691 |
|||
Derivative Liabilities |
1,319,845 |
638,020 |
|||
Lease Liabilities – Current |
5,186,316 |
4,922,724 |
|||
Current Portion of Long Term Debt |
29,579,713 |
3,547,011 |
|||
Income Taxes Payable |
28,235,039 |
25,232,782 |
|||
Total Current Liabilities |
81,870,764 |
55,456,789 |
|||
Non-Current Liabilities |
|||||
Long Term Debt, net of Debt Discount & Issuance Costs |
130,120,753 |
153,262,203 |
|||
Lease Liabilities – Non-Current |
30,735,072 |
30,133,452 |
|||
Total Non-Current Liabilities |
160,855,825 |
183,395,655 |
|||
Total Liabilities |
$ |
242,726,589 |
$ |
238,852,444 |
|
Stockholders’ Equity |
|||||
Preferred Stock, $0.001 Par Value. 10,000,000 Shares Authorized; 82,185 Shares Issued and |
|||||
82,185 Outstanding as of March 31, 2024 and 85,534 Shares Issued and 85,534 Outstanding as of |
|||||
December 31, 2023. |
82 |
86 |
|||
Common Stock, $0.001 Par Value. 250,000,000 Shares Authorized; 79,168,539 Shares Issued |
|||||
and 78,248,389 Shares Outstanding as of March 31, 2024 and 74,888,392 Shares Issued |
|||||
and 73,968,242 Shares Outstanding as of December 31, 2023. |
79,169 |
74,888 |
|||
Additional Paid-In Capital |
202,677,665 |
202,040,968 |
|||
Accumulated Deficit |
(96,843,602) |
(80,790,927) |
|||
Common Stock Held in Treasury, at Cost, 920,150 Shares Held as of March 31, 2024 and |
|||||
920,150 Shares Held as of December 31, 2023. |
(2,033,127) |
(2,033,127) |
|||
Total Stockholders’ Equity |
103,880,187 |
119,291,888 |
|||
Total Liabilities & Stockholders’ Equity |
$ |
346,606,776 |
$ |
358,144,332 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Operating Revenues |
|||||
Retail |
$ |
37,633,252 |
$ |
35,820,111 |
|
Wholesale |
3,898,320 |
4,058,925 |
|||
Other |
69,421 |
121,900 |
|||
Total Revenue |
41,600,993 |
40,000,936 |
|||
Total Cost of Goods & Services |
23,667,319 |
18,152,163 |
|||
Gross Profit |
17,933,674 |
21,848,773 |
|||
Operating Expenses |
|||||
Selling, General and Administrative Expenses |
11,835,818 |
10,100,934 |
|||
Professional Services |
1,671,881 |
1,187,364 |
|||
Salaries |
6,880,988 |
4,695,971 |
|||
Stock Based Compensation |
253,916 |
214,544 |
|||
Total Operating Expenses |
20,642,603 |
16,198,813 |
|||
Income from Operations |
(2,708,929) |
5,649,960 |
|||
Other Income (Expense) |
|||||
Interest Expense, net |
(8,307,369) |
(7,745,854) |
|||
Unrealized Gain (Loss) on Derivative Liabilities |
(681,825) |
8,501,685 |
|||
Other Loss |
10,500 |
– |
|||
Loss on Investment |
(33,382) |
– |
|||
Unrealized Gain on Investment |
(347,516) |
1,816 |
|||
Total Other Income (Expense) |
(9,359,592) |
757,647 |
|||
Pre-Tax Net Income (Loss) |
(12,068,521) |
6,407,607 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Less: Accumulated Preferred Stock Dividends for the Period |
(2,155,259) |
(2,029,394) |
|||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(18,207,934) |
$ |
(283,965) |
|
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||
Basic Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.01) |
|
Diluted Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.06) |
|
Weighted Average Number of Shares Outstanding – Basic |
76,006,932 |
55,835,501 |
|||
Weighted Average Number of Shares Outstanding – Diluted |
76,006,932 |
101,608,278 |
|||
Comprehensive Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|||||
Net Income (Loss) for the Period |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
|||||
Depreciation & Amortization |
5,096,314 |
6,151,395 |
|||
Non-Cash Interest Expense |
1,031,431 |
991,184 |
|||
Non-Cash Lease Expense |
2,871,226 |
2,251,459 |
|||
Deferred Taxes |
1,004,345 |
(637,225) |
|||
Loss on Investment |
202,111 |
– |
|||
Change in Derivative Liabilities |
681,825 |
(8,501,685) |
|||
Amortization of Debt Issuance Costs |
421,512 |
421,513 |
|||
Amortization of Debt Discount |
2,303,246 |
1,999,933 |
|||
(Gain) Loss on Investments, net |
347,516 |
(1,816) |
|||
Stock Based Compensation |
640,974 |
214,544 |
|||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
|||||
Accounts Receivable |
905,127 |
(118,181) |
|||
Inventory |
(587,900) |
(3,023,251) |
|||
Prepaid Expenses & Other Current Assets |
411,754 |
(3,036,801) |
|||
Other Assets |
(64,350) |
360,674 |
|||
Change in Operating Lease Liabilities |
(2,348,703) |
(1,531,765) |
|||
Accounts Payable & Other Liabilities |
(3,566,401) |
(3,464,671) |
|||
Income Taxes Payable |
3,002,257 |
5,299,403 |
|||
Net Cash Provided by (Used in) Operating Activities |
(3,700,390) |
(879,861) |
|||
Cash Flows from Investing Activities: |
|||||
Collection of Notes Receivable |
– |
10,631 |
|||
Purchase of Fixed Assets |
(1,532,287) |
(2,913,394) |
|||
Net Cash Provided by (Used in) Investing Activities |
(1,532,287) |
(2,902,763) |
|||
Cash Flows from Financing Activities: |
|||||
Payment on Notes Payable |
(864,938) |
– |
|||
Net Cash Provided by (Used in) Financing Activities |
(864,938) |
– |
|||
Net (Decrease) in Cash & Cash Equivalents |
(6,097,615) |
(3,782,624) |
|||
Cash & Cash Equivalents at Beginning of Period |
19,248,932 |
38,949,253 |
|||
Cash & Cash Equivalents at End of Period |
$ |
13,151,317 |
$ |
35,166,628 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash Paid for Interest |
$ |
4,515,205 |
$ |
6,540,748 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Interest Expense, net |
8,307,369 |
7,745,854 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Other (Income) Expense, net of Interest Expense |
1,052,223 |
(8,503,501) |
|||
Depreciation & Amortization |
5,618,834 |
6,612,814 |
|||
Earnings Before Interest, Taxes, Depreciation and |
|||||
Amortization (EBITDA) (non-GAAP) |
$ |
2,909,905 |
$ |
12,262,774 |
|
Non-Cash Stock Compensation |
253,916 |
214,544 |
|||
Deal Related Expenses |
637,761 |
1,195,802 |
|||
Capital Raise Related Expenses |
20,760 |
35,068 |
|||
Severance |
484,561 |
118,436 |
|||
Retention Program Expenses |
807,500 |
280,632 |
|||
Pre-Operating & Dark Carry Expenses |
1,053,837 |
391,917 |
|||
One-Time Legal Settlements |
417,653 |
– |
|||
Other Non-Recurring Items |
754,751 |
25,707 |
|||
Adjusted EBITDA (non-GAAP) |
$ |
7,340,644 |
$ |
14,524,880 |
|
Revenue |
41,600,993 |
40,000,936 |
|||
Adjusted EBITDA Percent |
17.6 % |
36.3 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-first-quarter-2024-financial-results-302146858.html
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