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Zebra Technologies Announces First-Quarter 2019 Results
First-Quarter Financial Highlights
-
Strong first-quarter net sales of $1,066 million; year-over-year
growth of 9.1% - Net income of $115 million and net income per diluted share of $2.12
- Non-GAAP diluted EPS increased 14% year-over-year to $2.92
-
Adjusted EBITDA increased 10.3% year-over-year to $225 million; and
adjusted EBITDA margin expanded 20 bps year-over-year to 21.1%
LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24ZBRA&src=ctag” target=”_blank”gt;$ZBRAlt;/agt; lt;a href=”https://twitter.com/hashtag/earnings?src=hash” target=”_blank”gt;#earningslt;/agt;–Zebra
Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of
the enterprise with solutions and partners that enable businesses to
gain a performance edge, today announced results for the first quarter
ended March 30, 2019.
“Our first quarter results were driven by solid execution and strong
demand for our leading portfolio of solutions. We outperformed in data
capture and mobile computing and managed costs well,” said Anders
Gustafsson, chief executive officer of Zebra Technologies. “We are
increasing our 2019 sales and profit outlook based on our solid start to
the year and recent acquisition of Temptime Corporation. We remain
focused on our enterprise asset intelligence vision to drive innovative
solutions for our customers.”
$ in millions, except per share amounts | 1Q19 | 1Q18 | Change | |||||||||||
Select reported measures: | ||||||||||||||
Net sales | $ | 1,066 | $ | 977 | 9.1 | % | ||||||||
Gross profit | 501 | 465 | 7.7 | % | ||||||||||
Net income | 115 | 109 | 5.5 | % | ||||||||||
Net income per diluted share | $ | 2.12 | $ | 2.01 | 5.5 | % | ||||||||
Select Non-GAAP measures: | ||||||||||||||
Organic net sales growth | 7.9 | % | ||||||||||||
Adjusted gross profit | 503 | 466 | 7.9 | % | ||||||||||
Adjusted gross margin | 47.2 | % | 47.7 | % | (50) bps | |||||||||
Adjusted EBITDA | 225 | 204 | 10.3 | % | ||||||||||
Adjusted EBITDA margin | 21.1 | % | 20.9 | % | 20 bps | |||||||||
Non-GAAP net income | $ | 160 | $ | 138 | 15.9 | % | ||||||||
Non-GAAP earnings per diluted share | $ | 2.92 | $ | 2.56 | 14.1 | % | ||||||||
Reported (GAAP) results
Net sales were $1,066 million in the first quarter of 2019 compared to
$977 million in the first quarter of 2018. Net sales in the Enterprise
Visibility & Mobility (“EVM”) segment were $709 million in the first
quarter of 2019 compared with $625 million in the first quarter of 2018.
Asset Intelligence & Tracking (“AIT”) segment net sales were $357
million in the first quarter of 2019 compared to $352 million in the
prior year period. First-quarter 2019 gross profit was $501 million
compared to $465 million in the comparable prior year period. Net income
for the first quarter of 2019 was $115 million, or $2.12 per diluted
share, compared to net income of $109 million, or $2.01 per diluted
share, for the first quarter of 2018.
Adjusted (Non-GAAP) results
Consolidated net sales were $1,066 million in the first quarter of 2019
compared to $977 million in the prior year period, an increase of 9.1%.
Consolidated organic net sales growth for the first quarter was 7.9%
reflecting solid growth in APAC, EMEA and North America. First-quarter
year-over-year organic net sales growth was 11.6% in the EVM segment and
1.2% in the AIT segment.
Consolidated adjusted gross margin was 47.2% in the first quarter of
2019, compared to 47.7% in the prior year period. This decrease was
primarily due to unfavorable business mix. Adjusted operating expenses
increased in the first quarter of 2019 to $297 million from $282 million
in the prior year period primarily due to investments to accelerate
organic growth as well as inclusion of expenses from recently acquired
Xplore Technologies and Temptime Corporation.
Adjusted EBITDA for the first quarter of 2019 increased to $225 million,
or 21.1% of adjusted net sales, compared to $204 million, or 20.9% of
adjusted net sales, for the first quarter of 2018 primarily due to lower
operating expenses as a percentage of net sales.
Non-GAAP net income for the first quarter of 2019 was $160 million, or
$2.92 per diluted share, compared with $138 million, or $2.56 per
diluted share, for the first quarter of 2018.
Balance Sheet and Cash Flow
As of March 30, 2019, the company had cash and cash equivalents of $61
million and total debt of $1,744 million.
Free cash flow in the first quarter was $27 million. The company
generated $42 million of operating cash flow and incurred capital
expenditures of $15 million. The company had net borrowings of $146
million, primarily to fund the acquisition of Temptime Corporation.
Outlook
Second Quarter 2019
The company expects second-quarter 2019 net sales to increase
approximately 7% to 9% from the second quarter of 2018. This expectation
includes an approximately 250-300 basis point additive impact from
recently acquired businesses, and an approximately 50 basis point
negative impact from foreign currency translation.
Adjusted EBITDA margin is expected to be in the range of 20% to 21% for
the second quarter of 2019. Non-GAAP earnings per diluted share are
expected to be in the range of $2.80 to $2.95. This assumes an adjusted
effective tax rate of approximately 16% to 17%.
Full Year 2019
The company expects full-year 2019 net sales to increase approximately
5% to 8% from 2018. This expectation includes an approximately 2
percentage point positive impact from recently acquired businesses, and
an approximately 50 basis point negative impact from foreign currency
translation.
Adjusted EBITDA margin is expected to be in the range of 21% and 22% for
the full-year 2019, favorable to 2018.
For the full-year 2019, the company expects to generate free cash flow
of at least $625 million.
Conference Call Notification
Investors are invited to listen to a live webcast of Zebra’s conference
call regarding the company’s financial results for the first quarter of
2019. The conference call will be held today, Tuesday, Apr. 30, at 7:30
a.m. Central Time (8:30 a.m. Eastern Time). To view the webcast, visit
the investor relations section of the company’s website at investors.zebra.com.
About Zebra
Zebra (NASDAQ: ZBRA) empowers the front line of business in
retail/ecommerce, manufacturing, transportation and logistics,
healthcare and other industries to achieve a performance edge. With more
than 10,000 partners across 100 countries, we deliver industry-tailored,
end-to-end solutions that intelligently connect people, assets and data
to help our customers make business-critical decisions. Our
market-leading solutions elevate the shopping experience, track and
manage inventory as well as improve supply chain efficiency and patient
care. Ranked on Forbes’ list of America’s Best Employers for the last
three years, Zebra helps our customers capture their edge. For more
information, visit www.zebra.com/
or sign up for our news
alerts. Follow us on LinkedIn,
Twitter
and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements, as defined by
the Private Securities Litigation Reform Act of 1995, including, without
limitation, the statements regarding the company’s outlook. Actual
results may differ from those expressed or implied in the company’s
forward-looking statements. These statements represent estimates only as
of the date they were made. Zebra undertakes no obligation, other than
as may be required by law, to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changed circumstances or any other reason after the date
of this release.
These forward-looking statements are based on current expectations,
forecasts and assumptions and are subject to the risks and uncertainties
inherent in Zebra’s industry, market conditions, general domestic and
international economic conditions, and other factors. These factors
include customer acceptance of Zebra’s hardware and software products
and competitors’ product offerings, and the potential effects of
technological changes. The continued uncertainty over future global
economic conditions, the availability of credit and capital markets
volatility may have adverse effects on Zebra, its suppliers and its
customers. In addition, a disruption in our ability to obtain products
from vendors as a result of supply chain constraints, natural disasters
or other circumstances could restrict sales and negatively affect
customer relationships. Profits and profitability will be affected by
Zebra’s ability to control manufacturing and operating costs. Because of
its debt, interest rates and financial market conditions will also have
an impact on results. Foreign exchange rates will have an effect on
financial results because of the large percentage of our international
sales. The outcome of litigation in which Zebra may be involved is
another factor. The success of integrating acquisitions could also
affect profitability, reported results and the company’s competitive
position in its industry. These and other factors could have an adverse
effect on Zebra’s sales, gross profit margins and results of operations
and increase the volatility of our financial results. When used in this
release and documents referenced, the words “anticipate,” “believe,”
“outlook,” and “expect” and similar expressions, as they relate to the
company or its management, are intended to identify such forward-looking
statements, but are not the exclusive means of identifying these
statements. Descriptions of the risks, uncertainties and other factors
that could affect the company’s future operations and results can be
found in Zebra’s filings with the Securities and Exchange Commission,
including the company’s most recent Form 10-K and Form 10-Q.
Use of Non-GAAP Financial Information
This press release contains certain Non-GAAP financial measures,
consisting of “adjusted net sales,” “adjusted gross profit,” “EBITDA,”
“Adjusted EBITDA,” “Non-GAAP net income,” “Non-GAAP earnings per share,”
“free cash flow,” “organic net sales growth,” and “adjusted operating
expenses.” Management presents these measures to focus on the on-going
operations and believes it is useful to investors because they enable
them to perform meaningful comparisons of past and present operating
results. The company believes it is useful to present Non-GAAP financial
measures, which exclude certain significant items, as a means to
understand the performance of its ongoing operations and how management
views the business. Please see the “Reconciliation of GAAP to Non-GAAP
Financial Measures” tables and accompanying disclosures at the end of
this press release for more detailed information regarding non-GAAP
financial measures herein, including the items reflected in adjusted net
earnings calculations. These measures, however, should not be construed
as an alternative to any other measure of performance determined in
accordance with GAAP.
The company does not provide a reconciliation for non-GAAP estimates on
a forward-looking basis (including the information under “Outlook”
above) where it is unable to provide a meaningful or accurate
calculation or estimation of reconciling items and the information is
not available without unreasonable effort. This is due to the inherent
difficulty of forecasting the timing or amount of various items that
have not yet occurred, are out of the company’s control and/or cannot be
reasonably predicted, and that would impact diluted net earnings per
share, the most directly comparable forward-looking GAAP financial
measure. For the same reasons, the company is unable to address the
probable significance of the unavailable information. Forward-looking
non-GAAP financial measures provided without the most directly
comparable GAAP financial measures may vary materially from the
corresponding GAAP financial measures.
As a global company, Zebra’s operating results reported in U.S. dollars
are affected by foreign currency exchange rate fluctuations because the
underlying foreign currencies in which the company transacts change in
value over time compared to the U.S. dollar; accordingly, the company
presents certain organic growth financial information, which includes
impacts of foreign currency translation, to provide a framework to
assess how the company’s businesses performed excluding the impact of
foreign currency exchange rate fluctuations. Foreign currency impact
represents the difference in results that are attributable to
fluctuations in the currency exchange rates used to convert the results
for businesses where the functional currency is not the U.S. dollar.
This impact is calculated by translating, for certain currencies,
current period results at the currency exchange rates used in the
comparable period in the prior year, rather than the exchange rates in
effect during the current period. In addition, the company excludes the
impact of its foreign currency hedging program in both the current year
and prior year periods. The company believes these measures should be
considered a supplement to and not in lieu of the company’s performance
measures calculated in accordance with GAAP.
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) |
|||||||||
March 30, 2019 |
December 31, |
||||||||
(Unaudited) | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 61 | $ | 44 | |||||
Accounts receivable, net of allowances for doubtful accounts of $2 million and $3 million as of March 30, 2019 and December 31, 2018, respectively |
488 | 520 | |||||||
Inventories, net | 510 | 520 | |||||||
Income tax receivable | 21 | 24 | |||||||
Prepaid expenses and other current assets | 62 | 54 | |||||||
Total Current assets | 1,142 | 1,162 | |||||||
Property, plant and equipment, net | 257 | 249 | |||||||
Right-of-use lease asset | 110 | — | |||||||
Goodwill | 2,567 | 2,495 | |||||||
Other intangibles, net | 311 | 232 | |||||||
Long-term deferred income taxes | 97 | 114 | |||||||
Other long-term assets | 92 | 87 | |||||||
Total Assets | $ | 4,576 | $ | 4,339 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | $ | 131 | $ | 157 | |||||
Accounts payable | 457 | 552 | |||||||
Accrued liabilities | 275 | 322 | |||||||
Deferred revenue | 222 | 210 | |||||||
Income taxes payable | 61 | 60 | |||||||
Total Current liabilities | 1,146 | 1,301 | |||||||
Long-term debt | 1,605 | 1,434 | |||||||
Long-term lease liabilities | 102 | — | |||||||
Long-term deferred income taxes | 1 | 8 | |||||||
Long-term deferred revenue | 178 | 172 | |||||||
Other long-term liabilities | 77 | 89 | |||||||
Total Liabilities | 3,109 | 3,004 | |||||||
Stockholders’ Equity: | |||||||||
Preferred stock, $.01 par value; authorized 10,000,000 shares; none issued |
— | — | |||||||
Class A common stock, $.01 par value; authorized 150,000,000 shares; issued 72,151,857 shares |
1 | 1 | |||||||
Additional paid-in capital | 305 | 294 | |||||||
Treasury stock at cost, 18,176,120 and 18,280,673 shares as of March 30, 2019 and December 31, 2018, respectively |
(611 | ) | (613 | ) | |||||
Retained earnings | 1,803 | 1,688 | |||||||
Accumulated other comprehensive loss | (31 | ) | (35 | ) | |||||
Total Stockholders’ Equity | 1,467 | 1,335 | |||||||
Total Liabilities and Stockholders’ Equity | $ | 4,576 | $ | 4,339 |
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share data) (Unaudited) |
|||||||||
Three Months Ended | |||||||||
March 30, 2019 |
March 31, 2018 |
||||||||
Net sales: | |||||||||
Tangible products | $ | 924 | $ | 839 | |||||
Services and software | 142 | 138 | |||||||
Total Net sales | 1,066 | 977 | |||||||
Cost of sales: | |||||||||
Tangible products | 471 | 423 | |||||||
Services and software | 94 | 89 | |||||||
Total Cost of sales | 565 | 512 | |||||||
Gross profit | 501 | 465 | |||||||
Operating expenses: | |||||||||
Selling and marketing | 122 | 120 | |||||||
Research and development | 111 | 101 | |||||||
General and administrative | 76 | 71 | |||||||
Amortization of intangible assets | 28 | 23 | |||||||
Acquisition and integration costs | 4 | 2 | |||||||
Exit and restructuring costs | 1 | 4 | |||||||
Total Operating expenses | 342 | 321 | |||||||
Operating income | 159 | 144 | |||||||
Other expenses: | |||||||||
Foreign exchange loss | (3 | ) | — | ||||||
Interest expense, net | (24 | ) | (11 | ) | |||||
Other, net | (1 | ) | — | ||||||
Total Other expenses, net | (28 | ) | (11 | ) | |||||
Income before income tax | 131 | 133 | |||||||
Income tax expense | 16 | 24 | |||||||
Net income | $ | 115 | $ | 109 | |||||
Basic earnings per share | $ | 2.14 | $ | 2.04 | |||||
Diluted earnings per share | $ | 2.12 | $ | 2.01 |
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||||
Three Months Ended | |||||||||
March 30, 2019 |
March 31, 2018 |
||||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 115 | $ | 109 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||
Depreciation and amortization | 47 | 43 | |||||||
Amortization of debt issuance costs and discounts | 1 | 2 | |||||||
Share-based compensation | 10 | 10 | |||||||
Deferred income taxes | (10 | ) | (2 | ) | |||||
Unrealized loss/(gain) on forward interest rate swaps | 8 | (12 | ) | ||||||
Other, net | 1 | (1 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable, net | 28 | 9 | |||||||
Inventories, net | 23 | 6 | |||||||
Other assets | (10 | ) | (7 | ) | |||||
Accounts payable | (97 | ) | (12 | ) | |||||
Accrued liabilities | (94 | ) | (74 | ) | |||||
Deferred revenue | 18 | 19 | |||||||
Income taxes | 2 | 22 | |||||||
Other operating activities | — | 4 | |||||||
Net cash provided by operating activities | 42 | 116 | |||||||
Cash flows from investing activities: | |||||||||
Purchases of property, plant and equipment | (15 | ) | (18 | ) | |||||
Acquisition of businesses, net of cash acquired | (179 | ) | — | ||||||
Proceeds from sale of long-term investments | 10 | — | |||||||
Purchases of long-term investments | — | (2 | ) | ||||||
Net cash used in investing activities | (184 | ) | (20 | ) | |||||
Cash flows from financing activities: | |||||||||
Payments of long-term debt | (37 | ) | (95 | ) | |||||
Proceeds from issuance of long-term debt | 183 | — | |||||||
Other financing activities | 15 | 3 | |||||||
Net cash provided by/(used in) financing activities | 161 | (92 | ) | ||||||
Effect of exchange rate changes on cash | (2 | ) | (2 | ) | |||||
Net increase in cash and cash equivalents | 17 | 2 | |||||||
Cash and cash equivalents at beginning of period | 44 | 62 | |||||||
Cash and cash equivalents at end of period | $ | 61 | $ | 64 | |||||
Supplemental disclosures of cash flow information: | |||||||||
Income taxes paid | $ | 22 | $ | 2 | |||||
Interest paid | $ | 16 | $ | 26 |
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF ORGANIC NET SALES GROWTH (Unaudited) |
||||||||||
Three Months Ended | ||||||||||
March 30, 2019 | ||||||||||
AIT | EVM | Consolidated | ||||||||
Reported GAAP Consolidated Net sales growth | 1.4 | % | 13.4 | % | 9.1 | % | ||||
Adjustments: | ||||||||||
Impact of foreign currency translation(1) | 1.0 | % | 0.8 | % | 0.9 | % | ||||
Impact of acquisition(2) | (1.2 | )% | (2.6 | )% | (2.1 | )% | ||||
Organic Net sales growth | 1.2 | % | 11.6 | % | 7.9 | % |
(1) |
Operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations. Foreign currency translation impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. dollar. This impact is calculated by translating, for certain currencies, the current period results at the currency exchange rates used in the comparable prior year period, rather than the exchange rates in effect during the current period. In addition, we exclude the impact of the company’s foreign currency hedging program in both the current and prior year periods. |
(2) |
For purposes of computing Organic Net sales, amounts directly attributable to the Xplore acquisition (included in our consolidated results beginning August 14, 2018) and the Temptime acquisition (included in our consolidated results beginning February 21, 2019) will be excluded for 12-months following the acquisition date. |
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGIN (In millions) (Unaudited) |
|||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||||||||||||
AIT | EVM | Consolidated | AIT | EVM | Consolidated | ||||||||||||||||||||
GAAP |
|||||||||||||||||||||||||
Reported Net sales | $ | 357 | $ | 709 | $ | 1,066 | $ | 352 | $ | 625 | $ | 977 | |||||||||||||
Reported Gross profit (1) | 184 | 318 | 501 | 183 | 282 | 465 | |||||||||||||||||||
Gross Margin | 51.5 | % | 44.9 | % | 47.0 | % | 52.0 | % | 45.1 | % | 47.6 | % | |||||||||||||
Non-GAAP |
|||||||||||||||||||||||||
Adjusted Net sales | $ | 357 | $ | 709 | $ | 1,066 | $ | 352 | $ | 625 | $ | 977 | |||||||||||||
Adjusted Gross profit (2) | 184 | 319 | 503 | 183 | 283 | 466 | |||||||||||||||||||
Adjusted Gross Margin | 51.5 | % | 45.0 | % | 47.2 | % | 52.0 | % | 45.3 | % | 47.7 | % |
(1) |
Fiscal 2019 consolidated results include corporate eliminations related to business acquisitions that are not reported in segment results. |
|
(2) |
Adjusted Gross profit excludes purchase accounting adjustments and share-based compensation expense. |
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (In millions, except share data) (Unaudited) |
||||||||||
Three Months Ended | ||||||||||
March 30, 2019 |
March 31, 2018 |
|||||||||
Net income | $ | 115 | $ | 109 | ||||||
Adjustments to Cost of sales(1) | ||||||||||
Purchase accounting adjustments | 1 | — | ||||||||
Share-based compensation | 1 | 1 | ||||||||
Total adjustments to Cost of sales | 2 | 1 | ||||||||
Adjustments to Operating expenses(1) | ||||||||||
Amortization of intangible assets | 28 | 23 | ||||||||
Acquisition and integration costs | 4 | 2 | ||||||||
Share-based compensation | 12 | 10 | ||||||||
Exit and restructuring costs | 1 | 4 | ||||||||
Total adjustments to Operating expenses | 45 | 39 | ||||||||
Adjustments to Other expenses, net(1) | ||||||||||
Amortization of debt issuance costs and discounts | 1 | 2 | ||||||||
Investment loss | 1 | — | ||||||||
Foreign exchange loss | 3 | — | ||||||||
Forward interest rate swaps loss/(gain) | 8 | (12 | ) | |||||||
Total adjustments to Other expenses, net | 13 | (10 | ) | |||||||
Income tax effect of adjustments(2) | ||||||||||
Reported income tax expense | 16 | 24 | ||||||||
Adjusted income tax | (31 | ) | (25 | ) | ||||||
Total adjustments to income tax | (15 | ) | (1 | ) | ||||||
Total adjustments | 45 | 29 | ||||||||
Non-GAAP Net income | $ | 160 | $ | 138 | ||||||
GAAP earnings per share | ||||||||||
Basic | $ | 2.14 | $ | 2.04 | ||||||
Diluted | $ | 2.12 | $ | 2.01 | ||||||
Non-GAAP earnings per share | ||||||||||
Basic | $ | 2.96 | $ | 2.59 | ||||||
Diluted | $ | 2.92 |
|
$ | 2.56 |
(1) | Presented on a pre-tax basis. | |
(2) |
Represents adjustments to the GAAP income tax expense commensurate with pre-tax non-GAAP adjustments and to exclude the impacts of certain discrete income tax items. |
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES GAAP to NON-GAAP RECONCILIATION TO EBITDA (In millions) (Unaudited) |
|||||||||
Three Months Ended | |||||||||
March 30, 2019 |
March 31, 2018 |
||||||||
Net income | $ | 115 | $ | 109 | |||||
Add back: | |||||||||
Depreciation | 19 | 20 | |||||||
Amortization of intangible assets | 28 | 23 | |||||||
Total Other expenses, net | 28 | 11 | |||||||
Income tax expense | 16 | 24 | |||||||
EBITDA (Non-GAAP) | 206 | 187 | |||||||
Adjustments to Cost of sales | |||||||||
Purchase accounting adjustments | 1 | — | |||||||
Share-based compensation | 1 | 1 | |||||||
Total adjustments to Cost of sales | 2 | 1 | |||||||
Adjustments to Operating expenses | |||||||||
Acquisition and integration costs | 4 | 2 | |||||||
Share-based compensation | 12 | 10 | |||||||
Exit and restructuring costs | 1 | 4 | |||||||
Total adjustments to Operating expenses | 17 | 16 | |||||||
Total adjustments to EBITDA | 19 | 17 | |||||||
Adjusted EBITDA (Non-GAAP) | $ | 225 | $ | 204 | |||||
Adjusted EBITDA % of Adjusted Net Sales | 21.1 | % | 20.9 | % |
FREE CASH FLOW |
||||||||
Three Months Ended | ||||||||
March 30, 2019 |
March 31, 2018 |
|||||||
Net cash provided by operating activities | $ | 42 | $ | 116 | ||||
Less: Purchases of property, plant and equipment | (15 | ) | (18 | ) | ||||
Free cash flow (Non-GAAP)(1) | $ | 27 | $ | 98 |
(1) |
Free cash flow is defined as Net cash provided by operating activities in a period minus purchases of property, plant and equipment (capital expenditures) made in that period. This measure does not represent residual cash flows available for discretionary expenditures as the measure does not deduct the payments required for debt service and other contractual obligations or payments for future business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statements of cash flows. |
Contacts
Investors
Michael Steele, CFA, IRC
Vice
President, Investor Relations
Phone: + 1 847 793 6707
[email protected]
Media
Therese Van Ryne
Director,
Global Public Relations
Phone: + 1 847 370 2317
[email protected]
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SCHWAZZE
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FY 2023 Revenue of $172.4 Million; Income from Operations of $3.3 Million; Adjusted EBITDA of $53.4 Million or 31% of Revenue
Generated $12.2 Million of Operating Cash Flow in FY 2023
DENVER, March 27, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the fourth quarter and full year ended December 31, 2023.
“This past year, the Schwazze team delivered solid top-line growth in two highly competitive markets with 31% adjusted EBITDA margins and improved operating cash flow,” said Forrest Hoffmaster, Interim CEO of Schwazze. “We continued to sharpen our retail strategy while expanding our store footprint by more than 50% to 63 dispensaries across our two markets. Although the Colorado and New Mexico markets were pressured in 2023, we have built a solid foundation with best-in-class service for our patients and customers. Internally, we are also relentlessly focused on maximizing the operating efficiencies of our manufacturing and cultivation facilities to drive higher yields, improved flower quality, and greater output.”
“With strong demand and over 680 recreational retail stores at year-end, the competitive landscape in Colorado is fierce, underscoring the importance of our investments in and attention to elevating the customer experience. We significantly outpaced the market in Q4 on a sequential and year-over-year basis and expect to bolster our growth through improvements in customer acquisition, retention, and loyalty, as well as in the overall retail experience. Additionally, we are beginning to see wholesale pricing stabilize, which we anticipate will continue based on plant counts and ongoing retail pricing pressure.”
“In New Mexico, the proliferation of new licenses has led to increased competition and aggressive pricing strategies from certain players. Cannabis sales in the state were up 18% across a store base that was over 50% higher year-over-year in Q4, leading to lower average revenue per store. While we are beginning to see a slow-down in net new store openings, we anticipate a challenging market ahead. We remain focused on cost optimization and asset utilization while implementing a balanced pricing and promotional strategy to drive traffic into our stores, where we believe we excel in delivering an elevated retail experience. We are committed to fulfilling our promise of being the retailer of choice in New Mexico.”
“Looking ahead, we are optimistic about the regulatory momentum in the industry at large. In the meantime, we will continue to elevate the customer experience, improve our loyalty program, increase our cost efficiencies, and enhance our retail assets. Our team has a demonstrated track record of executing in competitive markets like Colorado and New Mexico where we remain one of the largest operators. We look forward to driving growth and profitability across each of our markets in 2024.”
Fourth Quarter 2023 Financial Summary
$ in Thousands USD |
Q4 2023 |
Q3 2023 |
Q4 2022 |
Total Revenue |
$43,325 |
$46,747 |
$40,147 |
Gross Profit |
$7,034 |
$21,438 |
$21,719 |
Adjusted Gross Profit[1] |
$20,180 |
$21,438 |
$21,719 |
Operating Expenses |
$23,276 |
$12,514 |
$24,224 |
Income (Loss) from Operations |
$(16,242) |
$8,924 |
$(2,505) |
Adjusted EBITDA[2] |
$10,953 |
$14,119 |
$13,285 |
Operating Cash Flow |
$3,452 |
$6,946 |
$6,260 |
Full Year 2023 Financial Summary
$ in Thousands USD |
FY 2023 |
FY 2022 |
Total Revenue |
$172,448 |
$159,379 |
Gross Profit |
$76,024 |
$80,289 |
Adjusted Gross Profit1 |
$89,170 |
$86,830 |
Operating Expenses |
$72,735 |
$67,434 |
Income from Operations |
$3,289 |
$12,855 |
Adjusted EBITDA2 |
$53,412 |
$52,010 |
Operating Cash Flow |
$12,201 |
$6,694 |
___________________________ |
1 Adjusted Gross Profit is a non-GAAP measure as defined by the SEC and represents gross profit excluding non-cash inventory adjustments. The Company uses Adjusted Gross Profit as it believes it better explains the results of its core business. See “ADJUSTED GROSS PROFIT RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release. |
2 Adjusted EBITDA is a non-GAAP measure as defined by the SEC, and represents earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. The Company uses Adjusted EBITDA as it believes it better explains the results of its core business. See “ADJUSTED EBITDA RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release. |
Full Year 2023 Operational Highlights
- Expanded the Company’s retail footprint by more than 50% in New Mexico and Colorado to 63 dispensaries.
- Completed the acquisition of Everest Apothecary, adding 14 dispensaries, one cultivation facility, and one manufacturing plant to the Company’s New Mexico operations.
- Acquired Standing Akimbo, the largest medical cannabis dispensary in Colorado, and opened the Company’s first medical dispensary in Colorado Springs under the Standing Akimbo banner.
- Acquired two Colorado retail dispensaries in Fort Collins and Garden City from Smokey’s.
- Unveiled an enhanced, custom ecommerce platform in New Mexico under the R. Greenleaf banner.
- Increased wholesale penetration in Colorado and New Mexico by over 3x year-over-year to more than 27% total door penetration in both states.
- Grew Lowell Farms pre-roll sales by over 250% in Colorado where it is now the #1 pre-roll in the state. In addition, Lowell is in six of the largest Colorado accounts and will be available for wholesale in New Mexico starting April 1st, 2024.
- Grew sales with Wana, our fan-favorite gummies brand, by 48% in New Mexico where it is now in 130 doors with eight of the top ten accounts in the state.
Fourth Quarter 2023 Financial Results
Total revenue in the fourth quarter of 2023 increased 8% to $43.3 million compared to $40.1 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period and increased wholesale revenue, partially offset by pricing pressure from the proliferation of new licenses in New Mexico.
Gross profit for the fourth quarter of 2023 was $7.0 million or 16.2% of total revenue, compared to $21.7 million or 54.1% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by 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. Adjusted gross profit, which excludes non-cash inventory adjustments, for the fourth quarter of 2023 was $20.2 million or 46.6% of revenue.
Operating expenses for the fourth quarter of 2023 were $23.3 million compared to $24.2 million for the same quarter last year. The decrease was primarily due to a lower impairment charge in the fourth quarter of 2023. This was partially offset by an increase in four-wall SG&A expenses associated with the 22 additional stores in Colorado and New Mexico that are still ramping, as well as greater salaries and stock-based compensation.
Loss from operations for the fourth quarter of 2023 was $16.2 million compared to $2.5 million in the same quarter last year. The decrease was driven by the aforementioned lower gross profit, primarily related to the non-cash inventory adjustment. Net loss was $33.9 million for the fourth quarter of 2023 compared to $27.3 million for the same quarter last year.
Adjusted EBITDA for the fourth quarter of 2023 was $11.0 million or 25.3% of revenue, compared to $13.3 million or 33.1% of revenue for the same quarter last year. The decrease in Adjusted EBITDA margin was primarily driven by higher operating expenses associated with the 22 additional stores that are still ramping.
As of December 31, 2023, cash and cash equivalents were $19.2 million compared to $38.9 million on December 31, 2022. Total debt as of December 31, 2023, was $156.8 million compared to $127.8 million on December 31, 2022.
Conference Call
The Company will conduct a conference call today, March 27, 2024, at 5:00 p.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2023.
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, March 27, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 38840334
Webcast: SHWZ Q4 & FY 2023 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: 840334
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
Schwazze (OTCQX: SHWZ) (Cboe: 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/.
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 STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars
For the Three Months Ended |
For the Twelve Months Ended |
||||||||||
December 31, |
December 31, |
||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
||||||||
Operating Revenues |
|||||||||||
Retail |
$ |
39,592,779 |
$ |
36,868,429 |
$ |
155,463,816 |
$ |
141,254,893 |
|||
Wholesale |
3,730,749 |
3,158,670 |
16,765,425 |
17,819,938 |
|||||||
Other |
1,287 |
120,188 |
218,545 |
304,388 |
|||||||
Total Revenue |
43,324,815 |
40,147,287 |
172,447,786 |
159,379,219 |
|||||||
Total Cost of Goods & Services |
36,291,059 |
18,428,528 |
96,424,150 |
79,090,461 |
|||||||
Gross Profit |
7,033,756 |
21,718,759 |
76,023,636 |
80,288,758 |
|||||||
Operating Expenses |
|||||||||||
Selling, General and Administrative Expenses |
10,848,029 |
8,922,627 |
39,916,518 |
29,036,962 |
|||||||
Professional Services |
1,115,457 |
1,112,975 |
3,558,501 |
6,722,554 |
|||||||
Loss on Impairment |
1,810,890 |
8,011,405 |
1,801,740 |
8,011,405 |
|||||||
Salaries |
6,561,800 |
5,292,996 |
23,883,354 |
20,990,290 |
|||||||
Stock Based Compensation |
2,952,669 |
883,890 |
3,574,831 |
2,672,713 |
|||||||
Total Operating Expenses |
23,288,845 |
24,223,893 |
72,734,944 |
67,433,924 |
|||||||
Income from Operations |
(16,255,089) |
(2,505,134) |
3,288,692 |
12,854,834 |
|||||||
Other Income (Expense) |
|||||||||||
Interest Expense, net |
(8,112,391) |
(6,827,557) |
(32,069,082) |
(30,139,645) |
|||||||
Unrealized Gain (Loss) on Derivative Liabilities |
1,384,228 |
(9,690,200) |
15,870,233 |
18,414,760 |
|||||||
Other Loss |
68,400 |
3,736 |
68,400 |
24,136 |
|||||||
Loss on Business Disposition |
(1,968,807) |
(4,684,366) |
(1,968,807) |
(4,684,366) |
|||||||
Unrealized Gain (Loss) on Investments |
– |
3,083 |
1,816 |
(39,270) |
|||||||
Total Other Income (Expense) |
(8,628,570) |
(21,195,304) |
(18,097,441) |
(16,424,385) |
|||||||
Pre-Tax Net Income (Loss) |
(24,883,659) |
(23,700,438) |
(14,808,749) |
(3,569,551) |
|||||||
Provision for Income Taxes |
4,494,049 |
3,638,695 |
19,740,595 |
14,898,064 |
|||||||
Net Income (Loss) |
$ |
(29,377,708) |
$ |
(27,339,133) |
$ |
(34,549,344) |
$ |
(18,467,615) |
|||
Less: Accumulated Preferred Stock Dividends for the Period |
(1,541,341) |
(2,508,677) |
(8,154,993) |
(7,802,809) |
|||||||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(30,919,049) |
$ |
(29,847,810) |
$ |
(42,704,337) |
$ |
(26,270,424) |
|||
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||||||||
Basic Earnings (Loss) per Share |
$ |
(0.43) |
$ |
(0.57) |
$ |
(0.66) |
$ |
(0.49) |
|||
Diluted Earnings (Loss) per Share |
$ |
(0.43) |
$ |
(0.57) |
$ |
(0.66) |
$ |
(0.49) |
|||
Weighted Average Number of Shares Outstanding – Basic |
71,680,200 |
53,637,003 |
64,535,245 |
53,637,003 |
|||||||
Weighted Average Number of Shares Outstanding – Diluted |
71,680,200 |
53,637,003 |
64,535,245 |
53,637,003 |
|||||||
Comprehensive Income (Loss) |
$ |
(29,377,708) |
$ |
(27,339,133) |
$ |
(34,549,344) |
$ |
(18,467,615) |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars
For the Twelve Months Ended |
||||||
December 31, |
||||||
2023 |
2022 |
|||||
(Audited) |
(Audited) |
|||||
Cash Flows from Operating Activities: |
||||||
Net Income (Loss) for the Period |
$ |
(34,549,344) |
$ |
(18,467,615) |
||
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
||||||
Depreciation & Amortization |
20,933,541 |
10,660,172 |
||||
Non-Cash Interest Expense |
4,024,604 |
4,118,391 |
||||
Impairment of Goodwill |
1,801,740 |
8,011,405 |
||||
Non-Cash Lease Expense |
7,648,531 |
3,910,679 |
||||
Deferred Taxes |
(2,090,967) |
502,070 |
||||
Loss on Disposition of Business Units |
1,968,807 |
4,684,369 |
||||
Change in Derivative Liabilities |
(15,870,233) |
(18,414,760) |
||||
Amortization of Debt Issuance Costs |
1,686,049 |
1,686,048 |
||||
Amortization of Debt Discount |
8,523,493 |
7,484,613 |
||||
(Gain) Loss on Investments, net |
(1,816) |
39,270 |
||||
Stock Based Compensation |
3,590,473 |
812,073 |
||||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
||||||
Accounts Receivable |
927,259 |
(105,185) |
||||
Inventory |
4,571,069 |
789,399 |
||||
Prepaid Expenses & Other Current Assets |
1,579,349 |
(2,770,179) |
||||
Other Assets |
263,419 |
(248,682) |
||||
Change in Operating Lease Liabilities |
(7,498,128) |
(13,113,041) |
||||
Accounts Payable & Other Liabilities |
(3,241,850) |
11,845,245 |
||||
Income Taxes Payable |
17,934,967 |
5,270,074 |
||||
Net Cash Provided by (Used in) Operating Activities |
12,200,963 |
6,694,346 |
||||
Cash Flows from Investing Activities: |
||||||
Collection of Notes Receivable |
11,944 |
– |
||||
Cash Consideration for Acquisition of Business, net of Cash Acquired |
(15,834,378) |
(58,981,226) |
||||
Purchase of Fixed Assets |
(7,865,654) |
(14,007,892) |
||||
Purchase of Intangible Assets |
(2,750,000) |
– |
||||
Investment in Private Entity |
– |
(2,000,000) |
||||
Net Cash Provided by (Used in) Investing Activities |
(26,438,088) |
(74,989,118) |
||||
Cash Flows from Financing Activities: |
||||||
Payment on Notes Payable |
(5,354,218) |
(134,498) |
||||
Proceeds from Issuance of Common Stock |
– |
978,308 |
||||
Payment for Statutory Withholdings on RSU |
(108,978) |
– |
||||
Net Cash Provided by (Used in) Financing Activities |
(5,463,196) |
843,810 |
||||
Net (Decrease) in Cash & Cash Equivalents |
(19,700,321) |
(67,450,962) |
||||
Cash & Cash Equivalents at Beginning of Period |
38,949,253 |
106,400,216 |
||||
Cash & Cash Equivalents at End of Period |
$ |
19,248,932 |
$ |
38,949,253 |
||
Supplemental Disclosure of Cash Flow Information: |
||||||
Cash Paid for Interest |
$ |
17,896,954 |
$ |
15,243,990 |
||
Cash Paid for Income Taxes |
5,000,000 |
12,340,000 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars
For the Three Months Ended |
For the Twelve Months Ended |
||||||||||
December 31, |
December 31, |
||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||
Net Income (Loss) |
$ |
(29,364,680) |
$ |
(27,339,133) |
$ |
(34,549,344) |
$ |
(18,467,615) |
|||
Interest Expense, net |
8,112,391 |
6,827,557 |
32,069,082 |
30,139,645 |
|||||||
Provision for Income Taxes |
4,494,049 |
3,638,695 |
19,740,595 |
14,898,064 |
|||||||
Other (Income) Expense, net of Interest Expense |
516,180 |
14,367,747 |
(13,971,641) |
(13,715,260) |
|||||||
Depreciation & Amortization |
3,162,425 |
3,701,128 |
18,970,960 |
12,524,677 |
|||||||
Earnings Before Interest, Taxes, Depreciation and |
|||||||||||
Amortization (EBITDA) (non-GAAP) |
$ |
(13,079,635) |
$ |
1,195,994 |
$ |
22,259,652 |
$ |
25,379,511 |
|||
Non-Cash Stock Compensation |
1,597,157 |
883,890 |
2,219,319 |
2,672,713 |
|||||||
Deal Related Expenses |
2,196,733 |
1,914,820 |
5,528,048 |
6,822,111 |
|||||||
Capital Raise Related Expenses |
1,779 |
(257,271) |
38,559 |
533,958 |
|||||||
Inventory Adjustment to Fair Market Value for |
|||||||||||
Purchase Accounting |
5,792,488 |
– |
5,792,488 |
6,541,651 |
|||||||
One-Time Inventory Impairment |
7,353,972 |
– |
7,353,972 |
– |
|||||||
One-Time Goodwill Impairment |
1,801,740 |
8,011,405 |
1,801,740 |
8,011,405 |
|||||||
Severance |
111,752 |
263,374 |
537,584 |
334,910 |
|||||||
Retention Program Expenses |
– |
– |
505,655 |
– |
|||||||
Employee Relocation Expenses |
5,065 |
(3,750) |
70,107 |
15,360 |
|||||||
Pre-Operating & Dark Carry Expenses |
2,663,824 |
1,027,738 |
2,663,824 |
1,027,738 |
|||||||
One-Time Legal Settlements |
1,204,058 |
440,000 |
1,204,058 |
440,000 |
|||||||
Other Non-Recurring Items |
1,304,501 |
(191,674) |
3,436,773 |
230,858 |
|||||||
Adjusted EBITDA (non-GAAP) |
$ |
10,953,434 |
$ |
13,284,526 |
$ |
53,411,779 |
$ |
52,010,215 |
|||
Revenue |
43,324,815 |
40,147,287 |
172,447,786 |
159,379,219 |
|||||||
Adjusted EBITDA Percent |
25.3 % |
33.1 % |
31.0 % |
32.6 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-fourth-quarter-and-full-year-2023-financial-results-302101678.html
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