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Last10K.com | 10-Q Quarterly Report Wed Feb 09 2022
SMITHS FALLS, ON, February 9, 2022 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the third quarter fiscal 2022 ended December 31, 2021. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Encouraging Q3 FY2022 performance drove sequential revenue growth and record quarterly revenue for BioSteel and Storz & Bickel businesses
"In the third quarter we actioned to win where it matters - driving record performance in our CPG business from both BioSteel and Storz & Bickel, while beginning to stabilize our Canadian business including maintaining the #1 position in premium flower. Our continued discipline and focus are expected to fortify Canopy’s competitive positioning in Canada as we ambitiously build our U.S. CPG, CBD, and THC strategies.”
David Klein, Chief Executive Officer
"Throughout fiscal 2022, we continued to reduce our operating expenses and capital investments. With a renewed sense of urgency, we are focused on achieving profitability in Canada by taking additional steps to simplify our business and optimize our expenses, while making strategic investments in key growth areas.”
Judy Hong, Interim Chief Financial Officer
Highlights
• Net revenue increased 7% versus Q2 FY2022. Net revenue decreased by 8% during Q3 FY2022 versus Q3 FY2021, as strong growth in consumer products revenue was offset by the decline in Canadian cannabis sales.
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BioSteel and Storz & Bickel (“S&B”) achieved record quarterly revenue during Q3 FY2022 driven by expanded distribution of BioSteel and new products launches for S&B. |
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U.S. CBD distribution drive increased Martha Stewart CBD and Quatreau door count in Q3 FY2022 by 21% and 225%, respectively from Q2 FY2022. |
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Actions well underway to drive improved execution in the Canadian cannabis market, with DOJA, 7Acres and Tweed innovation supporting flower strategy and hero brand, Deep Space, line extension. |
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U.S. MSO ecosystem strengthens with acquisition of an option to purchase Wana Brands upon federal permissibility of THC in the U.S., along with continued growth of Acreage’s footprint with its recent acquisition of operations in Ohio, establishing a market-leadership position in the state. |
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Established cross-functional team to execute North America THC strategy, leveraging early advantages of strong balance sheet, scalable THC brands, established national distribution channels and MSO relationships to expedite entry into the U.S. upon federal permissibility of THC. |
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Released inaugural Environmental, Social and Governance report, demonstrating the Company’s commitment towards responsible and sustainable growth. |
Third Quarter Fiscal 2022 Financial Summary
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(in millions of Canadian \dollars, unaudited) |
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Net Revenue |
Gross margin percentage |
Adjusted gross margin percentage1 |
Net loss |
Adjusted EBITDA2 |
Free cash flow3 |
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Reported |
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$141.0 |
7% |
13% |
$(115.5) |
$(67.4) |
$(168.3) |
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vs. Q3 FY2021 |
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(8%) |
(900) bps |
(1,300) bps |
86% |
1% |
(24%) |
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1 Adjusted gross margin is a non-GAAP measure, and for Q3 FY2022 excludes $3.1 million related to the flow-through of inventory step-up associated with the acquisition of Supreme Cannabis and $4.6 million restructuring costs recorded in cost of goods sold (Q3 FY2021 - excludes $nil related to the flow-through of inventory step-up and $15.6 million restructuring costs recorded in cost of goods sold). See "Non-GAAP Measures". 2 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". 3 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". |
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The following information was filed by Canopy Growth Corp (CGC) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Canopy Growth Corp's financial trajectory
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Canopy Growth Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Financial - Earnings Highlight
Management calculates Adjusted EBITDA as the reported net income (loss), adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairments and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs.
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Financial - Expense Highlight
These cost reductions were partially offset by an increase in general and administrative expenses associated with the growth in our business, particularly in relation to our acquisition of Supreme Cannabis in the first quarter of fiscal 2022.
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Financial - Expense Highlight
These cost reductions were partially offset by an increase in general and administrative expenses associated with the growth in our business, particularly in relation to our acquisition of Supreme Cannabis in the first quarter of fiscal 2022.
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Financial - Cash Flow Highlight
While we have incurred net losses on a U.S. GAAP basis and Adjusted EBITDA losses to date, and our cash and cash equivalents have decreased $539.5 million from March 31, 2021 (and, together with short-term investments, decreased $876.2 million from March 31, 2021), as discussed in the "Cash Flows" section below, management anticipates the success and eventual profitability of the business.
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Legal - Other Highlight
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law.
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Interim Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Interim Consolidated Balance Sheets (Unaudited)
Condensed Interim Consolidated Statements Of Cash Flows (Unaudited)
Condensed Interim Consolidated Statements Of Operations And Comprehensive (Loss) Income (Unaudited)
Condensed Interim Consolidated Statements Of Shareholder's Equity (Unaudited)
Accumulated Other Comprehensive Income (Loss)
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Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details)
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Acquisitions - Ace Valley - Additional Information (Details)
Acquisitions - Additional Information (Details)
Acquisitions - Summary Of Consolidated Balance Sheet Impact At Acquisition Of Company's Business Combinations (Details)
Acquisitions - Supreme Cannabis - Additional Information (Details)
Acreage Arrangement And Amendments To Cbi Investor Rights Agreement And Warrants
Acreage Arrangement And Amendments To Cbi Investor Rights Agreement And Warrants - Additional Information (Details)
Amounts Receivable, Net
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Amounts Receivable, Net - Additional Information (Details)
Amounts Receivable, Net - Components Of Amounts Receivable, Net (Details)
Asset Impairment And Restructuring Costs
Asset Impairment And Restructuring Costs - Additional Information (Details)
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Fair Value Of Financial Instruments - Summary Of Financial Assets And Liabilities Measured At Estimated Fair Value On A Recurring Basis (Details)
Fair Value Of Financial Instruments - Summary Of Valuation Techniques And Significant Unobservable Inputs In The Fair Value Measurement Of Significant Level 2 Financial Instruments (Details)
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Canopy Growth Corp provided additional information to their SEC Filing as exhibits
Ticker: CGC
CIK: 1737927
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-004413
Submitted to the SEC: Wed Feb 09 2022 4:31:16 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Medicinal Chemicals And Botanical Products
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