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TerrAscend Second Quarter 2022 Revenue Increases 31% Sequentially to $65 Million

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) ( OTCQX: TRSSF), a leading North American cannabis operator, today reported its financial results for the second quarter ending June 30, 2022. All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under U.S. Generally Accepted Accounting principles (GAAP).

Second Quarter 2022 Financial Highlights

  • Net Sales increased 31% sequentially to $65 million as compared to $50 million in Q1 2022.
  • Gross Profit Margin was 35.5% as compared to 30.4% in Q1 2022.
  • Adjusted Gross Profit Margin1 was 47.1% as compared to 38.4% in Q1 2022.
  • Adjusted EBITDA1 was $5.8 million as compared to $3.3 million in Q1 2022.
  • Adjusted EBITDA Margin1 was 8.9% as compared to 6.6% in Q1 2022.
  • GAAP Net Income was $14.2 million as compared to net loss of $16 million in Q1 2022.
  • Cash and Cash Equivalents totaled $49 million as of June 30, 2022.

Jason Wild, Executive Chairman of TerrAscend, commented, "We grew revenue 31% sequentially for the second quarter as New Jersey adult-use sales got off to a great start.  Growth should continue as we remain on track for each of our stores in New Jersey to achieve at least a $40 million run rate in their first full year of adult-use sales.  Adjusted EBITDA and margins grew sequentially, and I expect this to continue into the second half of the year.  The leadership team, which has been significantly bolstered over the past few quarters, remains focused on building the business for success over the long term and we will continue to make decisions with that mindset."

Ziad Ghanem, President and Chief Operating Officer, added, "TerrAscend is focused on engaging our team members, listening to our customers, delivering quality products, and achieving operational excellence. Between our state line up and the wide-open map that will allow us to be selective on where we go next, TerrAscend is set up for strong growth for years to come. We will achieve that growth while improving margins and driving profitability."

Financial Summary Q2 2022 and Comparative Periods 

(in millions of U.S. Dollars)

 

Q2 2021

  

Q1 2022

  

Q2 2022

 

Revenue, net

  

58.7

   

49.7

   

64.8

 

QoQ increase

  

10.1

%

  

0.9

%

  

30.5

%

YoY increase

  

71.6

%

  

-6.9

%

  

10.4

%

          

Gross profit

  

34.8

   

15.1

   

23.0

 

Adjusted Gross profit1

  

35.9

   

19.1

   

30.5

 

Adjusted gross margin %

  

61.1

%

  

38.4

%

  

47.1

%

          

Share-based compensation expense

  

4.6

   

3.4

   

4.4

 

General & Administrative expense (excluding share based comp)

  

16.1

   

19.2

   

29.5

 

% of revenue, net

  

27.4

%

  

38.7

%

  

45.5

%

          

Adjusted EBITDA1

  

23.2

   

3.3

   

5.8

 

Adjusted EBITDA % of revenue, net

  

39.5

%

  

6.6

%

  

8.9

%

          

Net income (loss)

  

(29.7)

   

(16.0)

   

14.2

 

Cash used in operations

  

(16.3)

   

(18.8)

   

(16.1)

 

1. Adjusted EBITDA and the respective margin and Adjusted Gross Profit and the respective margin are non-GAAP measures. Please see discussion and reconciliation of non-GAAP measures at the end of this press release.

Second Quarter 2022 Business and Operational Highlights  

  • Held the grand opening of adult-use sales on April 21st at its Apothecarium stores in Maplewood and Phillipsburg, New Jersey, two of only twelve dispensaries at the time to open for adult-use sales in the state.
  • Approved for hydrocarbon extraction in New Jersery with initial products launched in the quarter.
  • Successfully launched Cookies and Gage brands in New Jersey, resulting in a 40% increase in sales for the first full weekend versus the prior weekend with continued momentum and growth since launch.
  • Signed lease on new facility in New Jersey, which will accommodate expanded capacity up to the 150,000 square foot canopy limit over time.
  • Received home delivery license for medical patients in New Jersey.
  • Partnered with Cookies to open third Cookies-branded dispensary in Michigan, located in Ann Arbor.
  • Announced agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC ("Pinnacle"), a dispensary operator in Michigan with 5 operational locations.
  • Operationalized extraction lab and packaging facility in Michigan.
  • Introduced Khalifa Kush, a premium cannabis brand founded by Grammy Award-nominated recording artist Wiz Khalifa, at Gage Cannabis dispensaries in Michigan.
  • Announced agreement to acquire Allegany Medical Marijuana Dispensary ("AMMD") located in Cumberland, Maryland, which will enable the Company to become vertically integrated in the state.
  • Appointed Lynn Gefen as Chief Legal Officer and Corporate Secretary.

Subsequent Events

  • Opened third New Jersey Apothecarium Dispensary in Lodi.
  • Opened first "Cookies Corner" at The Apothecarium location in Maplewood, New Jersey.
  • Exclusively launched Chris Webber's "Players Only" premium cannabis brand in Gage and Cookies dispensaries in Michigan.

Second Quarter 2022 Financial Results 
Net sales for the second quarter of 2022 totaled $64.8 million, an increase of 30.5% sequentially and 10.4% year over year, mainly related to a partial quarter of adult use sales in New Jersey along with a full quarter of contribution related to the acquisition of Gage, partially offset by the Company's decision to discontinue non-branded wholesale sales in Michigan. 

Gross margin for the second quarter of 2022 was 35.5%. Adjusted gross margin was 47.1% as compared to 38.4% in the previous quarter, an improvement of 870 basis points quarter over quarter. The sequential margin expansion was driven by strong improvements across all of the Company's core businesses.  Adjusted gross margin excludes the one-time impact of reserves and write-downs related to aged inventory in Pennsylvania, dating back to the revamp of its cultivation facility in the second half of 2021.

General & Administrative expenses (G&A), excluding stock-based compensation, increased $10 million versus the first quarter of 2022 to $29.5 million, mainly driven by the full quarter addition of the Gage acquisition. Excluding Michigan, G&A expenses were up $1.1 million quarter over quarter related to additional staffing and other pre-opening expenses in preparation for the start of adult use sales in New Jersey. As a percentage of revenue, G&A increased to 45.5% in the second quarter from 38.7% in the previous quarter. The increase as a percentage of revenue was impacted by the addition of Gage for a full quarter as well as staffing for all three stores in New Jersey despite the delayed opening of the Lodi store, which opened subsequent to the quarter. 

Adjusted EBITDA for the quarter was $5.8 million versus $3.3 million in the first quarter of 2022. Adjusted EBITDA margin improved from 6.6% in the first quarter to 8.9% in the second quarter. The improvement was driven by higher sales and improved gross margin, offset by higher G&A expenses with the addition of Gage for a full quarter and costs associated with the launch of adult-use in New Jersey.

GAAP Net income for the quarter was $14.2 million, compared to a Net loss of $16.0 million in first quarter of 2022.

Balance Sheet and Cash Flow
Cash and cash equivalents were $49 million as of June 30, 2022, compared to $88 million as of March 31, 2022. The Company has ample liquidity and access to capital, mainly through its capacity for additional borrowing related to its unencumbered owned assets and minimal usage of sale leasebacks. The Company also has the ability to raise equity should the capital markets improve. 

Cash used from operations was $16.1 million for the three months ended June 30, 2022, mainly driven by tax payments of $9.2 million and interest payments of $6.4 million. Current income taxes payable at the end of the period was $13 million.  

Capital expenditures, including deposits, were $12.3 million in the quarter, primarily related to the on-going expansion work at the Company's Maryland and Michigan cultivation and processing facilities. The Company also made final note payments of $5 million related to its previous acquisitions of HMS in Maryland and KCR in Pennsylvania. 

As of August 11, 2022, there were 318 million basic shares outstanding including 253 million common shares, 13 million preferred shares as converted, and 52 million exchangeable shares.

Conference Call
TerrAscend will host a conference call today, August 11, 2022, to discuss these results. Jason Wild, Executive Chairman, Ziad Ghanem, President and Chief Operating Officer, and Keith Stauffer, Chief Financial Officer, will host the call starting at 5:00 p.m. Eastern time. A question-and-answer session will follow management's presentation.

CONFERENCE CALL DETAILS

  

DATE:

Thursday, August 11, 2022

TIME:

5:00 p.m. Eastern Time

WEBCAST:

Click Here

DIAL-IN NUMBER:

1-888-664-6392

CONFERENCE ID:

81354387

REPLAY:

416-764-8677 or 1-888-390-0541
Available until 12:00 midnight Eastern Time Thursday, August 26, 2022

Replay Code: 354387#


Financial results and analyses are available on the Company's website (www.terrascend.com) and SEDAR (www.sedar.com).

The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Definition and Reconciliation of Non-GAAP Measures
In addition to reporting the financial results in accordance with GAAP, the Company reports certain financial results that differ from what is reported under GAAP. Non-GAAP measures used by management do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies. The Company believes that certain investors and analysts use these measures to measure a company's ability to meet other payment obligations or as a common measurement to value companies in the cannabis industry, and the Company calculates Adjusted Gross Profit as Gross Profit adjusted for certain material non-cash items and Adjusted EBITDA as EBITDA adjusted for certain material non-cash items and certain other adjustments management believes are not reflective of the ongoing operations and performance. Such information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company believes this definition is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of the Company's underlying business performance and other one-time or non-recurring expenses.

The table below reconciles Gross Profit and Adjusted Gross Profit for the quarters ended June 30, 2022, March 31, 2022, and June 30, 2021

 

For the Three Months Ended

 

(in millions of U.S. Dollars)

 

June 30, 2021

  

March 31, 2022

  

June 30, 2022

 

Gross profit

  

34,835

   

15,140

   

22,993

 

Add (deduct) the impact of:

         

Vape recall

  

   

1,894

   

1,071

 

Accelerated depreciation

  

   

238

   

 

Non-cash write downs of inventory

  

449

   

   

5,894

 

Relief of fair value of inventory upon acquisition

  

567

   

1,806

   

549

 

Adjusted gross profit

  

35,851

   

19,078

   

30,507

 


The table below reconciles net loss to EBITDA and Adjusted EBITDA for the quarters ended June 30, 2022, March 31, 2022, and June 30, 2021

 

For the Three Months Ended

 
  

June 30, 2021

  

March 31, 2022

  

June 30, 2022

 
          

Net income (loss)

 

$

(29,662)

  

$

(16,006)

  

$

14,162

 

Add (deduct) the impact of:

         

Provision for income taxes

  

6,937

   

3,743

   

4,688

 

Finance expenses

  

6,424

   

6,699

   

9,427

 

Amortization and depreciation

  

3,529

   

5,084

   

7,046

 

EBITDA

  

(12,772)

   

(480)

   

35,323

 

Add (deduct) the impact of:

         

Relief of fair value of inventory upon acquisition

  

567

   

1,806

   

549

 

Non-cash write downs of inventory

  

449

   

-

   

5,894

 

Vape recall

  

-

   

1,894

   

1,071

 

Share-based compensation

  

4,648

   

3,356

   

4,463

 

Impairment of goodwill and intangible assets

  

8,640

   

   

 

Loss on disposal of fixed assets

  

36

   

   

929

 

Revaluation of contingent consideration

  

(7)

   

119

   

34

 

Restructuring and executive severance

  

467

   

   

 

Legal settlements

  

740

   

   

 

Other one-time items

  

860

   

1,974

   

924

 

(Gain) loss on fair value of warrants and purchase option derivative asset

  

19,891

   

(5,713)

   

(47,345)

 

Indemnification asset release

  

2,599

   

(25)

   

3,998

 

Unrealized and realized loss (gain) on investments

  

(5,964)

   

   

234

 

Unrealized and realized foreign exchange loss

  

3,055

   

356

   

(306)

 

Adjusted EBITDA

 

$

23,209

  

$

3,287

  

$

5,768

 

About TerrAscend
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.

Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.

Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com.

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

Unaudited Interim Condensed Consolidated Balance Sheets
(Amounts expressed in thousands of United States dollars, except for per share amounts)

  

At

  

At

 
  

June 30, 2022

  

December 31, 2021

 

Assets

      

Current Assets

      

Cash and cash equivalents

 

$

48,426

  

$

79,642

 

Restricted cash

  

605

   

 

Accounts receivable, net

  

22,189

   

14,920

 

Investments

  

4,072

   

 

Inventory

  

54,371

   

42,323

 

Prepaid Expenses and other current assets

  

7,655

   

6,336

 
   

137,318

   

143,221

 

Non-Current Assets

      

Property and equipment, net

  

238,797

   

140,762

 

Deposits

  

4,698

   

 

Operating lease right of use assets

  

30,570

   

29,561

 

Intangible assets, net

  

351,638

   

168,984

 

Goodwill

  

240,598

   

90,326

 

Indemnification asset

  

-

   

3,969

 

Other non-current assets

  

4,998

   

5,111

 
   

871,299

   

438,713

 

Total Assets

 

$

1,008,617

  

$

581,934

 
       

Liabilities and Shareholders' Equity

      

Current Liabilities

      

Accounts payable and accrued liabilities

 

$

57,535

  

$

30,340

 

Deferred revenue

  

2,404

   

1,071

 

Loans payable, current

  

58,856

   

8,837

 

Contingent consideration payable, current

  

3,028

   

9,982

 

Operating lease liability, current

  

1,394

   

1,171

 

Lease obligations under finance leases, current

  

384

   

22

 

Corporate income tax payable

  

13,189

   

9,621

 

Other current liabilities

  

3,613

   

-

 
   

140,403

   

61,044

 

Non-Current Liabilities

      

Loans payable, non-current

  

180,781

   

176,306

 

Contingent consideration payable, non-current

  

2,620

   

2,553

 

Operating lease liability, non-current

  

31,680

   

30,573

 

Lease obligations under finance leases, non-current

  

4,794

   

181

 

Warrant liability

  

6,176

   

54,986

 

Deferred income tax liability

  

73,087

   

14,269

 

Financing obligations

  

11,606

   

 

Other long term liabilities

  

12,502

   

13,068

 
   

323,246

   

291,936

 

Total Liabilities

  

463,649

   

352,980

 

Commitments and Contingencies

      

Shareholders' Equity

      

Share Capital

      

Series A, convertible preferred stock, no par value, unlimited shares authorized; 12,658 and 13,708 shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Series B, convertible preferred stock, no par value, unlimited shares authorized; 610 and 610 shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Series C, convertible preferred stock, no par value, unlimited shares authorized; nil and 36 shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Series D, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Proportionate voting shares, no par value, unlimited shares authorized; nil and nil shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Exchangeable shares, no par value, unlimited shares authorized; 52,395,071 and 38,890,571 shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Common stock, no par value, unlimited shares authorized; 252,707,325 and 190,930,800 shares outstanding as of June 30, 2022 and December 31, 2021 respectively

  

   

 

Additional paid in capital

  

854,948

   

535,418

 

Accumulated other comprehensive income (loss)

  

(1,063)

   

2,823

 

Accumulated deficit

  

(315,132)

   

(314,654)

 

Non-controlling interest

  

6,215

   

5,367

 

Total Shareholders' Equity

  

544,968

   

228,954

 

Total Liabilities and Shareholders' Equity

 

$

1,008,617

  

$

581,934

 


Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
(Amounts expressed in thousands of United States dollars, except for per share amounts)

  

For the Three Months Ended

  

For the Six Months Ended

 
  

June 30, 2022

  

June 30, 2021

   

June 30, 2022

  

June 30, 2021

 

Revenue

 

$

65,367

  

$

61,977

   

$

115,812

  

$

118,473

 

Excise and cultivation tax

  

(563)

   

(3,254)

    

(1,349)

   

(6,396)

 

Revenue, net

  

64,804

   

58,723

    

114,463

   

112,077

 
              

Cost of Sales

  

41,811

   

23,888

    

76,330

   

42,300

 
              

Gross profit

  

22,993

   

34,835

    

38,133

   

69,777

 
              

Operating expenses:

             

General and administrative

  

33,981

   

20,750

    

56,533

   

41,142

 

Amortization and depreciation

  

3,016

   

1,844

    

5,634

   

3,717

 

Total operating expenses

  

36,997

   

22,594

    

62,167

   

44,859

 
              

(Loss) income from operations

  

(14,004)

   

12,241

    

(24,034)

   

24,918

 

Other expense (income)

             

Revaluation of contingent consideration

  

34

   

(7)

    

153

   

2,990

 

(Gain) loss on fair value of warrants and purchase option derivative asset

  

(47,345)

   

19,891

    

(53,058)

   

25,301

 

Finance and other expenses

  

13,902

   

8,919

    

20,758

   

15,309

 

Transaction and restructuring costs

  

627

   

432

    

1,242

   

432

 

Impairment of goodwill

  

   

5,007

    

   

5,007

 

Impairment of intangible assets

  

   

3,633

    

   

3,633

 

Unrealized and realized foreign exchange loss

  

(306)

   

3,055

    

50

   

5,838

 

Unrealized and realized loss (gain) on investments

  

234

   

(5,964)

    

234

   

(6,192)

 

Income (loss) before provision from income taxes

  

18,850

   

(22,725)

    

6,587

   

(27,400)

 

Provision for income taxes

  

4,688

   

6,937

    

8,431

   

16,373

 

Net income (loss)

 

$

14,162

  

$

(29,662)

   

$

(1,844)

  

$

(43,773)

 
              

Foreign currency translation

  

280

   

(3,025)

    

3,887

   

(5,214)

 

Comprehensive income (loss)

 

$

13,882

  

$

(26,637)

   

$

(5,731)

  

$

(38,559)

 
              

Net income (loss) attributable to:

             

Common and proportionate Shareholders of the Company

 

$

13,217

  

$

(30,660)

   

$

(3,140)

  

$

(44,834)

 

Non-controlling interests

  

945

   

998

    

1,296

   

1,061

 
              

Comprehensive income (loss) attributable to:

             

Common and proportionate Shareholders of the Company

 

$

12,937

  

$

(27,635)

   

$

(7,027)

  

$

(39,620)

 

Non-controlling interests

  

945

   

998

    

1,296

   

1,061

 
              

Net income (loss) per share, basic and diluted

             

Net income (loss) per share - basic

 

$

0.05

  

$

(0.17)

   

$

(0.01)

  

$

(0.25)

 

Weighted average number of outstanding common and proportionate voting shares

  

252,305,425

   

182,369,839

    

231,829,926

   

176,901,119

 

Net income (loss) per share - diluted

 

$

0.05

  

$

(0.17)

   

$

(0.01)

  

$

(0.25)

 

Weighted average number of outstanding common and proportionate voting shares, assuming dilution

  

257,883,711

   

182,369,839

    

231,829,926

   

176,901,119

 


Unaudited Interim Condensed Consolidated Statements of Cash Flows
(Amounts expressed in thousands of United States dollars, except for per share amounts)

 

For the Six Months Ended

 
  

June 30, 2022

  

June 30, 2021

 

Operating activities

      

Net loss

$

 

(1,844)

 

$

 

(43,773)

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities

      

Non-cash write downs of inventory

  

8,495

   

699

 

Accretion expense

  

1,936

   

(544)

 

Depreciation of property and equipment and amortization of intangible assets

  

12,131

   

7,050

 

Amortization of operating right-of-use assets

  

1,074

   

2,269

 

Share-based compensation

  

7,819

   

8,215

 

Deferred income tax (recovery) expense

  

(787)

   

285

 

(Gain) loss on fair value of warrants and purchase option derivative

  

(53,058)

   

25,301

 

Revaluation of contingent consideration

  

153

   

2,990

 

Impairment of intangible assets

  

   

3,633

 

Impairment of goodwill

  

   

5,007

 

Loss on disposal of fixed assets

  

929

   

 

Release of indemnification asset

  

3,973

   

3,796

 

Forgiveness of loan principal and interest

  

   

(766)

 

Unrealized and realized foreign exchange loss

  

50

   

5,838

 

Unrealized and realized loss (gain) on investments

  

234

   

(6,192)

 

Changes in operating assets and liabilities

      

Receivables

  

475

   

(950)

 

Inventory

  

208

   

(9,879)

 

Prepaid expense and deposits

  

1,474

   

(507)

 

Deposits

  

206

   

 

Other assets

  

461

   

389

 

Accounts payable and accrued liabilities and other payables

  

(8,299)

   

639

 

Operating lease liability

  

(614)

   

(1,889)

 

Other liability

  

(10,353)

   

 

Contingent consideration payable

  

(410)

   

(11,394)

 

Corporate income tax payable

  

5

   

(293)

 

Deferred revenue

  

766

   

 

Net cash used in operating activities

  

(34,976)

   

(10,076)

 

Investing activities

      

Investment in property and equipment

  

(12,500)

   

(10,856)

 

Investment in intangible assets

  

(1,330)

   

(40)

 

Principal payments received on lease receivable

  

392

   

359

 

Distributions of earnings from associates

  

   

469

 

Deposits for property and equipment

  

(10,036)

   

(10,583)

 

Deposits for business acquisition

  

(852)

   

 

Payments made for land contracts

  

(429)

   

 

Cash received on acquisition

  

24,716

   

 

Cash portion of consideration paid in acquisitions, net of cash acquired

  

   

(42,736)

 

Net cash used in investing activities

  

(39)

   

(63,387)

 

Financing activities

      

Proceeds from options and warrants exercised

  

24,158

   

12,921

 

Loan principal paid

  

(5,203)

   

 

Loan amendment fee paid

  

(1,200)

   

 

Proceeds from loans payable

  

   

766

 

Cash distributions to NJ partners

  

(1,436)

   

 

Capital contributions received (paid) from (to) non-controlling interests

  

(448)

   

(383)

 

Payments of contingent consideration

  

(6,630)

   

(18,274)

 

Payments made for financing obligations

  

(460)

   

 

Proceeds from private placement, net of share issuance costs

  

   

173,477

 

Net cash provided by financing activities

  

8,781

   

168,507

 

Net (decrease) increase in cash and cash equivalents and restricted cash during the period

  

(26,234)

   

95,044

 

Net effects of foreign exchange

  

(4,377)

   

(89)

 

Cash and cash equivalents and restricted cash, beginning of period

  

79,642

   

59,226

 

Cash and cash equivalents and restricted cash, end of period

$

 

49,031

 

$

 

154,181

 
       

Supplemental disclosure with respect to cash flows

      

Income taxes paid

$

 

9,213

 

$

 

16,381

 

Interest paid

$

 

14,641

 

$

 

13,290

 

Lease termination fee paid

$

 

3,300

   

-

 

Non-cash transactions

      

Equity and warrant liability issued as consideration for acquisition

$

 

294,800

 

$

 

34,427

 

Promissory note issued as consideration for acquisitions

$

 

-

 

$

 

6,750

 

Shares issued for liability settlement

$

 

22

 

$

 

57

 

Accrued capital purchases

$

 

9,776

 

$

 

336

 

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