AYR Wellness Earnings + Call Notes

Leveraged to states transitioning to adult use.

AYR Wellness Earnings

$118M Revs; est. $115.7M
$29.1M AEBITDA; est. $28.7M
$50.7M GP; est. $53.3M
42.9% GM; est. 46%
$8.7m CFFO
Expects FCF+ FY24
$8.7m CFFO

Generated $0.4m FCF during the quarter; expects FCF+ FY'24

Expects Q2 to be flat/modestly up vs. Q1

Expect stronger growth in 2H '24

Continues to expect aEBITDA margin of approx 25% FY'24

Expect to generate CFFO + FCF FY'24

“Our team is also acutely focused on positioning AYR for success ahead of the key state-level catalysts on the horizon in Ohio, where we anticipate converting to adult-use over the summer, and Florida and Pennsylvania, where we hope to see adult-use pass later this year. With only 15 of AYR’s 91 dispensaries operating in adult-use markets, we are poised to take advantage of the significant growth opportunity that the transition to adult-use presents across the majority of our footprint, without materially increasing our fixed cost base. With a strong asset base and tailwinds for the regulatory environment, we look forward to generating meaningful, sustainable, and profitable financial growth for years to come.” CEO David Goubert

Call Notes