Green Thumb Earnings + Call Notes
U.S. cannabis leader reports Q324.
$286.9M Revs; est. $283.4M
$89.2M AEBITDA; est. $89.7M
$147.6M GP; est. $145.3M
$42.6M OI; est. $50.3M
51.4% GM; est. 51.3%
$8.6M NI; est. $13.7M
$0.04EPS; est. $0.05
Third quarter revenue of $287 million increased 4% year-over-year.
Cash at quarter end totaled $174 million.
Third quarter GAAP net income of $9 million or $0.04 per basic and diluted share.
Third quarter AEBITDA of $89 million or 31% of revenue.
Nine months cash flow from operations of $152 million,
^ net of $88 million of tax payments.
Opened four RISE Dispensaries in the quarter: three in Florida and one in New York.
Entered into a $150 million 5-year credit facility at an industry-leading interest rate of SOFR +5.00%.
Retired $225 million senior secured debt, due April 30, 2025.
Authorized $50 million for the repurchase of Subordinate Voting Shares from September 23, 2024 to September 22, 2025.
“In the third quarter, our team delivered impressive results, including $287 million in revenue, Adjusted EBITDA of $89 million or 31% of revenue, and $48 million of cash flow from operations. Importantly, that cash flow from operations is after paying $35 million in taxes in the quarter. This quarter we achieved a major milestone for our Company and the cannabis industry broadly when we entered a five-year, $150 million syndicated bank loan facility. This transaction strengthens our balance sheet by allowing us to retire our previous $225 million senior secured debt that matured in 2025. The new facility matures in 2029, giving us five years of valuable time to continue executing our growth strategy. Following this transaction, we plan to double down on our efforts to build brands that Americans want and love. As we begin our second decade as a company, we are even more confident in the future of cannabis in America as a means for well-being, and America needs a healthy dose of well-being now more than ever. Good news, it’s still Day One — every day.”
Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.
Call Notes
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