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Logitech Delivers New Sales Record and Sixth Consecutive Year of Growth
Earnings Per Share Up Over 20%; Company Beats Three-Year Non-GAAP EPS
Goal A Full Year Early
LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)–Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced
financial results for the fourth quarter and full year of Fiscal Year
2019, ended March 31, 2019.
For Fiscal Year 2019:
-
Sales were the highest ever at $2.79 billion, up 9 percent in US
dollars and 10 percent in constant currency compared to the prior
year, the sixth consecutive year of growth. -
GAAP operating income grew 15 percent to $263 million, compared to
$230 million a year ago. GAAP earnings per share (EPS) grew 24 percent
to $1.52, compared to $1.23 a year ago. -
Non-GAAP operating income grew 23 percent to $352 million, compared to
$287 million a year ago. Non-GAAP EPS grew 26 percent to $2.01,
compared to $1.60 a year ago.
For Q4 Fiscal Year 2019:
-
Sales grew to $624 million, up 5 percent in US dollars and 9 percent
in constant currency compared to Q4 of the prior year. -
GAAP operating income grew 8 percent to $42 million, and non-GAAP
operating income grew 16 percent to $64 million, compared to Q4 of the
prior year.
“We’ve delivered our third consecutive year of double-digit growth in
constant currency and our highest fiscal year sales ever,” said Bracken
Darrell, Logitech president and chief executive officer. “Our
innovative, diverse product portfolio delivered, led by strong,
sustainable growth in our major categories of Gaming, Video
Collaboration, and Creativity & Productivity. And we are not just
growing topline, but also systematically delivering strong leverage on
the bottom line. In fact, we achieved our plan to double non-GAAP EPS to
$2.00 a full year early. Our strategy is working, and we are excited for
our future as the world’s leading cloud peripheral company.”
Outlook
Logitech confirmed its Fiscal Year 2020 outlook of mid to high
single-digit sales growth in constant currency and $375 million to $385
million in non-GAAP operating income.
Management Update
Additionally, Logitech announced today that Vincent Pilette, Logitech’s
chief financial officer, is leaving the Company. Vincent will leave, and
cease to be a member of the Group Management Team, at the end of May,
2019, to pursue a senior leadership role at another company. Logitech
has named Nate Olmstead interim chief financial officer following
Vincent’s departure. Nate joined Logitech in 2019 as vice president of
finance, and brings over 16 years of financial management experience,
most recently as the vice president of finance for global operations at
Hewlett Packard Enterprise. Nate has a BA from Stanford and an MBA from
Harvard.
“When I joined Logitech, I had a vision to turn Logitech into a design
company, pursuing opportunities in the many new market opportunities
enabled by the cloud,” said Bracken Darrell. “We needed financial and
operational strength to support the ambition of that vision. Vincent has
been a terrific partner for this pursuit these past six years, and we’ve
made great progress. But more important than his partnership and
leadership is the team he built and the culture of rigor and discipline
he helped instill throughout the company. We now have a strong, seasoned
finance team across every area and a proven track record of operational
excellence. That is his most important legacy. I’m excited for him in
his next challenge. And I’m even more energized by our continued
progress toward our design company vision.”
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results
teleconference available online on the Logitech corporate website at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the
results for Q4 and the full Fiscal Year 2019 on Tuesday, April 30, 2019
at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer
Time. A live webcast of the call will be available on the Logitech
corporate website at http://ir.logitech.com.
Use of Non-GAAP Financial Information and Constant Currency
To facilitate comparisons to Logitech’s historical results, Logitech has
included non-GAAP adjusted measures, which exclude share-based
compensation expense, amortization of intangible assets, purchase
accounting effect on inventory, acquisition-related costs, change in
fair value of contingent consideration for business acquisition,
restructuring charges (credits), loss (gain) on investments in privately
held companies, non-GAAP income tax adjustment, and other items detailed
under “Supplemental Financial Information” after the tables below.
Logitech also presents percentage sales growth in constant currency to
show performance unaffected by fluctuations in currency exchange rates.
Percentage sales growth in constant currency is calculated by
translating prior period sales in each local currency at the current
period’s average exchange rate for that currency and comparing that to
current period sales. Logitech believes this information, used together
with the GAAP financial information, will help investors to evaluate its
current period performance and trends in its business. With respect to
the Company’s outlook for non-GAAP operating income, most of these
excluded amounts pertain to events that have not yet occurred and are
not currently possible to estimate with a reasonable degree of accuracy.
Therefore, no reconciliation to the GAAP amounts has been provided for
Fiscal Year 2020.
About Logitech
Logitech designs products that have an everyday place in people’s lives,
connecting them to the digital experiences they care about. More than 35
years ago, Logitech started connecting people through computers, and now
it’s a multi-brand company designing products that bring people together
through music, gaming, video and computing. Brands of Logitech include Logitech,
Ultimate
Ears, Jaybird,
Blue
Microphones, ASTRO
Gaming and Logitech
G. Founded in 1981, and headquartered in Lausanne, Switzerland,
Logitech International is a Swiss public company listed on the SIX Swiss
Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find
Logitech at www.logitech.com,
the company
blog or @Logitech.
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding: our preliminary financial results for the three
months and full fiscal year ended March 31, 2019, innovation, product
portfolio, brand leadership, growth, profitability and leverage,
sustainability, market leadership, position for the future, focus,
vision ability to be a design company, outlook for Fiscal Year 2020
operating income and sales growth, and our executive officers. The
forward-looking statements in this release involve risks and
uncertainties that could cause Logitech’s actual results and events to
differ materially from those anticipated in these forward-looking
statements, including, without limitation: if our product offerings,
marketing activities and investment prioritization decisions do not
result in the sales, profitability or profitability growth we expect, or
when we expect it; if we fail to innovate and develop new products in a
timely and cost-effective manner for our new and existing product
categories; if we do not successfully execute on our growth
opportunities or our growth opportunities are more limited than we
expect; the effect of pricing, product, marketing and other initiatives
by our competitors, and our reaction to them, on our sales, gross
margins and profitability; if we are not able to maintain and enhance
our brands; if our products and marketing strategies fail to separate
our products from competitors’ products; if we do not fully realize our
goals to lower our costs and improve our operating leverage; if there is
a deterioration of business and economic conditions in one or more of
our sales regions or product categories, or significant fluctuations in
exchange rates; changes in trade policies and agreements and the
imposition of tariffs that affect our products or operations and our
ability to mitigate; risks associated with acquisitions. A detailed
discussion of these and other risks and uncertainties that could cause
actual results and events to differ materially from such forward-looking
statements is included in Logitech’s periodic filings with the
Securities and Exchange Commission, including our Annual Report on Form
10-K for the fiscal year ended March 31, 2018 and our Quarterly Report
on Form 10-Q for the fiscal quarter ended December 31, 2018, available
at www.sec.gov,
under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements to
reflect new information or events or circumstances occurring after the
date of this press release.
Note that unless noted otherwise, comparisons are year over year.
Logitech and other Logitech marks are trademarks or registered
trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and
other countries. All other trademarks are the property of their
respective owners. For more information about Logitech and its products,
visit the company’s website at www.logitech.com.
LOGITECH INTERNATIONAL S.A. | |||||||||||||||||
PRELIMINARY RESULTS* | |||||||||||||||||
(In thousands, except per share amounts) – unaudited | |||||||||||||||||
Three Months Ended | Fiscal Years Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Net sales (A) | $ | 624,308 | $ | 592,426 | $ | 2,788,322 | $ | 2,566,863 | |||||||||
Cost of goods sold | 388,028 | 377,617 | 1,737,969 | 1,648,744 | |||||||||||||
Amortization of intangible assets and purchase accounting effect on inventory |
3,305 | 2,574 | 13,342 | 8,878 | |||||||||||||
Gross profit | 232,975 | 212,235 | 1,037,011 | 909,241 | |||||||||||||
Operating expenses: | |||||||||||||||||
Marketing and selling | 119,628 | 109,572 | 488,263 | 435,489 | |||||||||||||
Research and development | 42,110 | 37,616 | 161,230 | 143,760 | |||||||||||||
General and administrative | 23,557 | 23,387 | 98,732 | 96,353 | |||||||||||||
Amortization of intangible assets and acquisition-related costs | 3,913 | 2,553 | 14,290 | 8,930 | |||||||||||||
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
Total operating expenses |
190,748 | 173,128 | 773,817 | 679,508 | |||||||||||||
Operating income | 42,227 | 39,107 | 263,194 | 229,733 | |||||||||||||
Interest income | 2,666 | 1,872 | 8,375 | 4,969 | |||||||||||||
Other income (expense), net | 493 | (1,543 | ) | (436 | ) | (2,437 | ) | ||||||||||
Income before income taxes | 45,386 | 39,436 | 271,133 | 232,265 | |||||||||||||
Provision for income taxes | 3,265 | 5,032 | 13,560 | 23,723 | |||||||||||||
Net income | $ | 42,121 | $ | 34,404 | $ | 257,573 | $ | 208,542 | |||||||||
Net income per share : | |||||||||||||||||
Basic | $ | 0.25 | $ | 0.21 | $ | 1.56 | $ | 1.27 | |||||||||
Diluted | $ | 0.25 | $ | 0.20 | $ | 1.52 | $ | 1.23 | |||||||||
Weighted average shares used to compute net income per share: | |||||||||||||||||
Basic | 165,776 | 164,374 | 165,609 | 164,038 | |||||||||||||
Diluted | 168,956 | 169,387 | 168,965 | 168,971 | |||||||||||||
LOGITECH INTERNATIONAL S.A. | |||||||||
PRELIMINARY RESULTS* | |||||||||
(In thousands) – unaudited | |||||||||
March 31, | March 31, | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | 2019 | 2018 | |||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 604,516 | $ | 641,947 | |||||
Accounts receivable, net (A) | 383,309 | 214,885 | |||||||
Inventories | 293,495 | 259,906 | |||||||
Other current assets (A) | 69,116 | 56,362 | |||||||
Total current assets | 1,350,436 | 1,173,100 | |||||||
Non-current assets: | |||||||||
Property, plant and equipment, net | 78,552 | 86,304 | |||||||
Goodwill | 343,684 | 275,451 | |||||||
Other intangible assets, net | 118,999 | 87,547 | |||||||
Other assets | 132,453 | 120,755 | |||||||
Total assets | $ | 2,024,124 | $ | 1,743,157 | |||||
Current liabilities: | |||||||||
Accounts payable | $ | 283,922 | $ | 293,988 | |||||
Accrued and other current liabilities (A) | 433,897 | 281,732 | |||||||
Total current liabilities | 717,819 | 575,720 | |||||||
Non-current liabilities: | |||||||||
Income taxes payable | 36,384 | 34,956 | |||||||
Other non-current liabilities | 93,582 | 81,924 | |||||||
Total liabilities | 847,785 | 692,600 | |||||||
Shareholders’ equity: | |||||||||
Registered shares, CHF 0.25 par value: | 30,148 | 30,148 | |||||||
Issued shares—173,106 at March 31, 2019 and 2018 | |||||||||
Additional shares that may be issued out of conditional capitals — |
|||||||||
Additional shares that may be issued out of authorized capital — 34,621 at March 31, 2019 and none at March 31, 2018 |
|||||||||
Additional paid-in capital | 56,655 | 47,234 | |||||||
Shares in treasury, at cost— 7,244 and 8,527 shares at March 31, 2019 and 2018, respectively |
(169,802 | ) | (165,686 | ) | |||||
Retained earnings (A) | 1,365,036 | 1,232,316 | |||||||
Accumulated other comprehensive loss | (105,698 | ) | (93,455 | ) | |||||
Total shareholders’ equity | 1,176,339 | 1,050,557 | |||||||
Total liabilities and shareholders’ equity | $ | 2,024,124 | $ | 1,743,157 | |||||
LOGITECH INTERNATIONAL S.A. | |||||||||||||||||
PRELIMINARY RESULTS* | |||||||||||||||||
(In thousands) – unaudited | |||||||||||||||||
Three Months Ended | Fiscal Years Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 42,121 | $ | 34,404 | $ | 257,573 | $ | 208,542 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||
Depreciation | 10,816 | 11,077 | 43,471 | 41,295 | |||||||||||||
Amortization of intangible assets | 6,944 | 4,954 | 24,180 | 15,607 | |||||||||||||
Share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
Gain on investments | (227 | ) | (119 | ) | (816 | ) | (669 | ) | |||||||||
Deferred income taxes | (2,535 | ) | 413 | (12,257 | ) | 7,141 | |||||||||||
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
Other | 148 | (18 | ) | (230 | ) | (11 | ) | ||||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||||||||
Accounts receivable, net | 100,146 | 137,665 | (58,798 | ) | (26,363 | ) | |||||||||||
Inventories | 47,612 | 21,739 | (21,551 | ) | 16,047 | ||||||||||||
Other assets | 2,298 | 2,045 | (8,800 | ) | (16,908 | ) | |||||||||||
Accounts payable | (152,791 | ) | (134,016 | ) | (19,134 | ) | 17,695 | ||||||||||
Accrued and other liabilities | (35,896 | ) | 1,134 | 51,278 | 44,655 | ||||||||||||
Net cash provided by operating activities | 31,738 | 90,177 | 305,181 | 346,261 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (7,626 | ) | (12,155 | ) | (35,930 | ) | (39,748 | ) | |||||||||
Acquisitions, net of cash acquired | 94 | — | (133,814 | ) | (88,323 | ) | |||||||||||
Investment in privately held companies | (175 | ) | (360 | ) | (2,717 | ) | (1,240 | ) | |||||||||
Proceeds from return of investments | 124 | — | 124 | 237 | |||||||||||||
Purchases of short-term investments | — | — | (1,505 | ) | (6,789 | ) | |||||||||||
Sales of short-term investments | — | — | — | 6,789 | |||||||||||||
Purchases of trading investments | (868 | ) | (3,211 | ) | (5,203 | ) | (6,053 | ) | |||||||||
Proceeds from sales of trading investments | 862 | 3,214 | 5,700 | 6,423 | |||||||||||||
Net cash used in investing activities | (7,589 | ) | (12,512 | ) | (173,345 | ) | (128,704 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||||
Payment of cash dividends | — | — | (113,971 | ) | (104,248 | ) | |||||||||||
Payment of contingent consideration for business acquisition | — | — | — | (5,000 | ) | ||||||||||||
Purchases of registered shares | (9,995 | ) | (10,314 | ) | (32,449 | ) | (30,722 | ) | |||||||||
Proceeds from exercises of stock options and purchase rights | 7,922 | 10,963 | 18,057 | 41,910 | |||||||||||||
Tax withholdings related to net share settlements of restricted stock units |
(1,659 | ) | (4,308 | ) | (30,770 | ) | (29,813 | ) | |||||||||
Net cash used in financing activities | (3,732 | ) | (3,659 | ) | (159,133 | ) | (127,873 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (389 | ) | 3,053 | (10,134 | ) | 4,730 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 20,028 | 77,059 | (37,431 | ) | 94,414 | ||||||||||||
Cash and cash equivalents at beginning of the period | 584,488 | 564,888 | 641,947 | 547,533 | |||||||||||||
Cash and cash equivalents at end of the period | $ | 604,516 | $ | 641,947 | $ | 604,516 | $ | 641,947 | |||||||||
LOGITECH INTERNATIONAL S.A. | |||||||||||||||||||||||
PRELIMINARY RESULTS* | |||||||||||||||||||||||
(In thousands) – unaudited | |||||||||||||||||||||||
NET SALES | Three Months Ended | Fiscal Years Ended | |||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||
Net sales by product category: | |||||||||||||||||||||||
Pointing Devices | $ | 131,640 | $ | 129,937 | 1 | % | $ | 536,890 | $ | 516,637 | 4 | % | |||||||||||
Keyboards & Combos | 132,356 | 136,787 | (3 | ) | 536,619 | 498,472 | 8 | ||||||||||||||||
PC Webcams | 30,366 | 31,776 | (4 | ) | 121,282 | 112,147 | 8 | ||||||||||||||||
Tablet & Other Accessories | 23,412 | 27,292 | (14 | ) | 128,315 | 107,942 | 19 | ||||||||||||||||
Video Collaboration | 69,367 | 54,709 | 27 | 259,521 | 182,717 | 42 | |||||||||||||||||
Mobile Speakers | 22,688 | 13,974 | 62 | 230,378 | 314,817 | (27 | ) | ||||||||||||||||
Audio & Wearables | 65,086 | 55,248 | 18 | 277,429 | 252,330 | 10 | |||||||||||||||||
Gaming | 137,649 | 126,763 | 9 | 648,130 | 491,995 | 32 | |||||||||||||||||
Smart Home | 11,515 | 15,892 | (28 | ) | 49,344 | 89,373 | (45 | ) | |||||||||||||||
Other (1) | 229 | 48 | 377 | 414 | 433 | (4 | ) | ||||||||||||||||
Total net retail sales | $ | 624,308 | $ | 592,426 | 5 | $ | 2,788,322 | $ | 2,566,863 | 9 | |||||||||||||
__________________ |
(1) |
Other category includes products that we currently intend to transition out of, or have already transitioned out of, because they are no longer strategic to our business. |
|
LOGITECH INTERNATIONAL S.A. | |||||||||||||||||
PRELIMINARY RESULTS* | |||||||||||||||||
(In thousands, except per share amounts) – Unaudited | |||||||||||||||||
GAAP TO NON GAAP RECONCILIATION (A)(B) | Three Months Ended | Fiscal Years Ended | |||||||||||||||
March 31, | March 31, | ||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Gross profit – GAAP | $ | 232,975 | $ | 212,235 | $ | 1,037,011 | $ | 909,241 | |||||||||
Share-based compensation expense | 938 | 971 | 3,812 | 3,733 | |||||||||||||
Amortization of intangible assets and purchase accounting effect on inventory |
3,305 | 2,574 | 13,342 | 8,878 | |||||||||||||
Gross profit – Non-GAAP | $ | 237,218 | $ | 215,780 | $ | 1,054,165 | $ | 921,852 | |||||||||
Gross margin – GAAP | 37.3 | % | 35.8 | % | 37.2 | % | 35.4 | % | |||||||||
Gross margin – Non-GAAP | 38.0 | % | 36.4 | % | 37.8 | % | 35.9 | % | |||||||||
Operating expenses – GAAP | $ | 190,748 | $ | 173,128 | $ | 773,817 | $ | 679,508 | |||||||||
Less: Share-based compensation expense | 12,164 | 9,928 | 46,453 | 40,405 | |||||||||||||
Less: Amortization of intangible assets and acquisition-related costs | 3,913 | 2,553 | 14,290 | 8,930 | |||||||||||||
Less: Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
Less: Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
Operating expenses – Non-GAAP | $ | 173,131 | $ | 160,647 | $ | 701,772 | $ | 635,197 | |||||||||
% of net sales – GAAP | 30.6 | % | 29.2 | % | 27.8 | % | 26.5 | % | |||||||||
% of net sales – Non – GAAP | 27.7 | % | 27.1 | % | 25.2 | % | 24.7 | % | |||||||||
Operating income – GAAP | $ | 42,227 | $ | 39,107 | $ | 263,194 | $ | 229,733 | |||||||||
Share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
Amortization of intangible assets | 6,944 | 4,954 | 24,180 | 15,607 | |||||||||||||
Purchase accounting effect on inventory | 34 | 173 | 1,756 | 789 | |||||||||||||
Acquisition-related costs | 240 | — | 1,696 | 1,412 | |||||||||||||
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
Operating income – Non – GAAP | $ | 64,087 | $ | 55,133 | $ | 352,393 | $ | 286,655 | |||||||||
% of net sales – GAAP | 6.8 | % | 6.6 | % | 9.4 | % | 8.9 | % | |||||||||
% of net sales – Non – GAAP | 10.3 | % | 9.3 | % | 12.6 | % | 11.2 | % | |||||||||
Net income – GAAP | $ | 42,121 | $ | 34,404 | $ | 257,573 | $ | 208,542 | |||||||||
Share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
Amortization of intangible assets | 6,944 | 4,954 | 24,180 | 15,607 | |||||||||||||
Purchase accounting effect on inventory | 34 | 173 | 1,756 | 789 | |||||||||||||
Acquisition-related costs | 240 | — | 1,696 | 1,412 | |||||||||||||
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
Gain on investments | (227 | ) | (119 | ) | (816 | ) | (669 | ) | |||||||||
Non-GAAP income tax adjustment | 830 | 4,249 | (6,952 | ) | 6,282 | ||||||||||||
Net income – Non – GAAP | $ | 64,584 | $ | 54,560 | $ | 339,004 | $ | 271,077 | |||||||||
Net income per share: | |||||||||||||||||
Diluted – GAAP | $ | 0.25 | $ | 0.20 | $ | 1.52 | $ | 1.23 | |||||||||
Diluted – Non – GAAP | $ | 0.38 | $ | 0.32 | $ | 2.01 | $ | 1.60 | |||||||||
Shares used to compute net income per share: | |||||||||||||||||
Diluted – GAAP and Non – GAAP | 168,956 | 169,387 | 168,965 | 168,971 | |||||||||||||
LOGITECH INTERNATIONAL S.A. | |||||||||||||||||
PRELIMINARY RESULTS* | |||||||||||||||||
(In thousands) – unaudited | |||||||||||||||||
SHARE-BASED COMPENSATION EXPENSE | Three Months Ended | Fiscal Years Ended | |||||||||||||||
March 31, | March 31, | ||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Share-based Compensation Expense | |||||||||||||||||
Cost of goods sold | $ | 938 | $ | 971 | $ | 3,812 | $ | 3,733 | |||||||||
Marketing and selling | 5,380 | 4,417 | 20,630 | 17,765 | |||||||||||||
Research and development | 2,073 | 1,584 | 7,368 | 6,381 | |||||||||||||
General and administrative | 4,711 | 3,927 | 18,455 | 16,259 | |||||||||||||
Total share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
Income tax benefit | (2,515 | ) | (4,077 | ) | (17,091 | ) | (15,998 | ) | |||||||||
Total share-based compensation expense, net of income tax benefit | $ | 10,587 | $ | 6,822 | $ | 33,174 | $ | 28,140 | |||||||||
*Note: These preliminary results for the three months and fiscal year
ended March 31, 2019 are subject to adjustments, including subsequent
events that may occur through the date of filing our Annual Report on
Form 10-K.
(A) Adoption of ASC Topic 606
On April 1, 2018, we adopted the new revenue standards under Accounting
Standards Codification (“ASC”) Topic 606. The adoption of Topic 606 did
not have an impact over the total cash flows from operating, investing,
or financing activities. The following tables summarize the impacts of
adopting Topic 606 on our condensed consolidated statements of
operations for the three months and fiscal year ended March 31, 2019 and
condensed consolidated balance sheets as of March 31, 2019 (in
thousands):
Three Months Ended March 31, 2018 | Year Ended March 31, 2019 | |||||||||||||||||||||||
As Reported |
If Reported |
Effect of |
As Reported |
If Reported |
Effect of |
|||||||||||||||||||
Net sales | $ | 624,308 | $ | 626,369 | $ | (2,061 | ) | $ | 2,788,322 | $ | 2,784,636 | $ | 3,686 | |||||||||||
As of March 31, 2019 | |||||||||||||
As Reported Under |
Balance Under |
Effect of Change | |||||||||||
Accounts receivable, net | $ | 383,309 | $ | 260,401 | $ | 122,908 | |||||||
Other current assets | $ | 69,116 | $ | 60,449 | $ | 8,667 | |||||||
Accrued and other current liabilities | $ | 433,897 | $ | 295,126 | $ | 138,771 | |||||||
Retained earnings | $ | 1,365,036 | $ | 1,372,232 | $ | (7,196 | ) | ||||||
(B) Non-GAAP Financial Measures
To supplement our condensed consolidated financial results prepared in
accordance with GAAP, we use a number of financial measures, both GAAP
and non-GAAP, in analyzing and assessing our overall business
performance, for making operating decisions and for forecasting and
planning future periods. We consider the use of non-GAAP financial
measures helpful in assessing our current financial performance, ongoing
operations and prospects for the future as well as understanding
financial and business trends relating to our financial condition and
results of operations.
While we use non-GAAP financial measures as a tool to enhance our
understanding of certain aspects of our financial performance and to
provide incremental insight into the underlying factors and trends
affecting both our performance and our cash-generating potential, we do
not consider these measures to be a substitute for, or superior to, the
information provided by GAAP financial measures. Consistent with this
approach, we believe that disclosing non-GAAP financial measures to the
readers of our financial statements provides useful supplemental data
that, while not a substitute for GAAP financial measures, can offer
insight in the review of our financial and operational performance and
enables investors to more fully understand trends in our current and
future performance. In assessing our business during the quarter ended
March 31, 2019 and previous periods, we excluded items in the following
general categories, each of which are described below:
Share-based compensation expenses. We believe that providing
non-GAAP measures excluding share-based compensation expense, in
addition to the GAAP measures, allows for a more transparent comparison
of our financial results from period to period. We prepare and maintain
our budgets and forecasts for future periods on a basis consistent with
this non-GAAP financial measure. Further, companies use a variety of
types of equity awards as well as a variety of methodologies,
assumptions and estimates to determine share-based compensation expense.
We believe that excluding share-based compensation expense enhances our
ability and the ability of investors to understand the impact of
non-cash share-based compensation on our operating results and to
compare our results against the results of other companies.
Amortization of intangible assets. We incur intangible asset
amortization expense, primarily in connection with our acquisitions of
various businesses and technologies. The amortization of purchased
intangibles varies depending on the level of acquisition activity. We
exclude these various charges in budgeting, planning and forecasting
future periods and we believe that providing the non-GAAP measures
excluding these various non-cash charges, as well as the GAAP measures,
provides additional insight when comparing our gross profit, operating
expenses, and financial results from period to period.
Contacts
Ben Lu
Vice President, Investor Relations – USA
+1 (510)
713-5568
Krista Todd
Vice President, Global Communications – USA
+1
(510) 713-5834
Ben Starkie
Corporate Communications – Europe
+41 (0)
79-292-3499
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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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