Ayr Wellness Inc

OTCQX International:AYRWFUnited StatesView on Canadian Exchange

07:11 AM EST, 11/13/2024 (MT Newswires) -- ...

asset (213) (1,700) Cash used in investing activities from continuing operations (21,154) (33,936) Proceeds from sale of Arizona business - discontinued operation - 18,084 Cash received for working capital - discontinued operations - 840 Cash used in investing activities of discontinued operations - (44) Cash used in investing activities (21,154) (15,056) ------------------ ------------------ Financing activities Proceeds from exercise of warrants 27 - Proceeds from notes payable 40,000 10,430 Proceeds from financing transaction, net of financing costs 8,309 39,100 Debt issuance costs paid (9,216) - Payment for settlement of contingent consideration (10,094) (10,118) Tax withholding on stock-based compensation awards (283) (360) Repayments of debts payable (19,181) (49,098) Repayments of lease liabilities - finance (principal portion) (7,589) (7,676) ------------------ Cash provided by (used in) financing activities by continuing operations 1,973 (17,722) ------------------ ------------------ Cash used in financing activities from discontinued operations - (124) ------------------ Cash provided by (used in) financing activities 1,973 (17,846) ------------------ ------------------ Net decrease in cash and cash equivalents and restricted cash (188) (7,797) Cash, cash equivalents and restricted cash at beginning of the period 50,766 76,827 Cash included in assets held-for-sale - 3,813 Cash, cash equivalents and restricted cash at end of the period $ 50,578 $ 72,843 ================== ================== Supplemental disclosure of cash flow information: Interest paid during the period, net $ 34,178 $ 25,430 Income taxes paid during the period, net 6,405 7,080 Non-cash investing and financing activities: Recognition of right-of-use assets for operating leases 48,537 8,586 Recognition of right-of-use assets for finance leases 2,440 4,402 Issuance of promissory note related to business combinations 1,820 1,580 Conversion of convertible note related to business combination 700 2,800 Issuance of Equity Shares related to business combinations and asset acquisitions 210 115 Issuance of Equity Shares related to settlement of contingent consideration - 4,647 Issuance of promissory note related to settlement of contingent consideration - 14,000 Settlement of contingent consideration - 37,713 Capital expenditure for cultivation facility 2,467 1,764 Extinguishment of construction finance liabilities for lease reclassification of cultivation facility 39,176 - Extinguishment of note payable related to sale of Arizona business - 22,505 Extinguishment of accrued interest payable related to sale of Arizona business - 1,165 Reduction of lease liabilities related to sale of Arizona business - 16,734 Reduction of right-of-use assets related to sale of Arizona business - 16,739 Reclassification of right-of-use assets to property, plant, and equipment due to exercise of repurchase option at lease expiration 5,597 - Retirement of Treasury Shares 8,987 - Issuance of warrants in connection with debt extinguishment 47,049 - Issuance of Equity Shares in connection with debt extinguishment 94,302 - Ayr Wellness Inc. Unaudited Interim Consolidated Adjusted EBITDA and Gross Profit Reconciliation (Expressed in United States Dollars, in thousands) Three Months Ended Nine Months Ended ---------------------- ----------------------- September September September September 30, 2024 30, 2023 30, 2024 30, 2023 $ $ $ $ ---------------- --------- --------- --------- ---------- Loss from continuing operations (GAAP) (17,444) (1,429) (27,082) (27,603) Interest (within cost of goods sold "COGS") 575 776 1,869 2,290 Depreciation and amortization (from statement of cash flows) 21,151 22,019 65,008 68,812 Acquisition and transaction costs 1,270 (1,182) 3,634 3,460 Stock-based compensation, non-cash 8,794 3,410 15,696 13,417 Impairment of assets 2,150 - 2,150 - Start-up costs(1) 4,762 2,909 10,638 8,871 Other(2) 4,888 1,924 9,024 14,961 --------- --------- 43,590 29,856 108,019 111,811 Adjusted EBITDA from continuing operations (non-GAAP) 26,146 28,427 80,937 84,208 ----------------- --------- --------- --------- ---------- (1) These are set-up costs to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations (2) Other non-core costs including non-operating adjustments, severance costs and non-cash inventory write-downs Three Months Ended Nine Months Ended ---------------------- ----------------------- September September September September 30, 2024 30, 2023 30, 2024 30, 2023 $ $ $ $ ---------------- --------- --------- --------- ---------- Gross profit (GAAP) 43,012 48,131 140,833 153,060 Interest (within COGS) 575 776 1,869 2,290 Depreciation and amortization (within COGS) 9,119 10,109 28,892 29,422 Start-up costs (within COGS) 3,102 1,295 6,258 4,305 Other (within COGS) 4,567 196 5,886 5,773 Adjusted Gross Profit from continuing operations (non-GAAP) 60,375 60,507 183,738 194,850 ----------------- --------- --------- --------- ----------