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Curaleaf Posts Financials

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TheQueen
(@gtosali1967)
Reputable Member
Joined: 10 months ago
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PR) Curaleaf Reports Fourth Quarter and Fiscal Year End 2021 Results
4:01 PM ET 3/3/22 | Dow Jones


- Record fiscal year 2021 revenue and Adjusted EBITDA(1) of $1.2 billion and $298 million, representing an increase of 93% and 107%, respectively

- Fourth quarter 2021 Revenue and Adjusted EBITDA of $320 million and $80 million, representing an increase of 39% and 48% year-over-year, respectively

WAKEFIELD, Mass., March 3, 2022 /PRNewswire/ -- Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the fourth quarter and year ended December 31, 2021. All financial information is provided in U.S. dollars unless otherwise indicated.

 
Fourth Quarter and FY 2021 Financial Highlights (Unaudited) 
($ thousands, 
except per 
share                      Q4 2020 (As     % yoy               FY 2020 (As     % yoy 
amounts)         Q4 2021   Restated)       Change  FY 2021     Restated)        Change 
Total Revenue    $320,011  $230,253       39%      $1,209,661  $626,637       93% 
Gross profit 
 before impact 
 of biological 
 assets          159,437   110,595        44%      588,051     315,489        86% 
Gross profit on 
 cannabis 
 sales(1)(2)     158,809   109,625        45%      585,734     275,071        113% 
Gross margin on 
 cannabis 
 sales(1)(2)     49.7%     47.8%                   48.5%       46.9% 
Adjusted 
 EBITDA(1)(2)    79,675    53,784         48%      298,037     144,080        107% 
Net loss 
 attributable 
 to Curaleaf 
 Holdings Inc.   (27,543)  (37,067)                (101,731)   (57,161) 
Net loss per 
 share -- basic 
 and diluted     ($0.04)   ($0.06)                 ($0.15)     ($0.10) 
 
 
 
(1)  Represents a Non-IFRS financial measure or Non-IFRS ratio without a 
     standardized definition under IFRS, which may not be comparable to 
     similar measures used by other issuers. 
(2)  See "Non-IFRS Financial and Performance Measures" below for definitions 
     and more information regarding Curaleaf's use of Non-IFRS financial 
     measures and Non-IFRS ratios. See the sections entitled "Gross Profit on 
     Cannabis Sales" and "Adjusted EBITDA" below (pgs. 3-7) for 
     reconciliations of Non-IFRS measures to the most directly comparable IFRS 
     measures. 
(3)  Cannabis sales excludes Management Fee Income. Gross profit and gross 
     margin on cannabis sales both exclude the impact of biological assets. 
 


Earnings Call: Thursday, March 3, 2022, at 5:00 P.M. ET

Conference ID # is 1618049

Replay ID # is 4919700

U.S. Live Call: +1-888-317-6003

International Live Call (Toll): +1-412-317-6061

Canada Live Call: +1-866-284-3684

U.S. Replay: +1-877-344-7529

International Replay (Toll): +1-412-317-0088

Canada Replay: +1-855-669-9658

A webcast of the call can be accessed on the investor relations section of the Curaleaf website at ir.curaleaf.com

The teleconference will be available for replay starting at approximately 7:00 P.M. ET on March 3, 2022, and will end at 7:00 P.M. ET on March 10, 2022

Boris Jordan, Executive Chairman of Curaleaf, commented, "2021 was another exceptional year for Curaleaf. We reached a significant milestone by generating over 90% revenue growth and exceeding $1.2 billion of total revenue for the first time. We continued to deliver gross and Adjusted EBITDA margin expansion and ended the year with one of the strongest balance sheets in the industry to support our ongoing growth strategies. In addition, we announced strategic acquisitions that have strengthened our ability to continue gaining share in key U.S. markets as well as internationally. Looking to 2022, we remain focused on executing our plan for strong, above market revenue growth and margin accretion, and believe we are incredibly well positioned to benefit from significant near-term catalysts such as the anticipated launch of New Jersey's adult use market."

Joe Bayern, Chief Executive Officer of Curaleaf, stated, "In 2021, we made significant progress strengthening all areas of our business including growing our retail and wholesale distribution, introducing new products, expanding our cultivation and production capacity, and entering new markets such as Europe. I believe our focus and strong execution in 2021 set us up extraordinarily well for the significant growth opportunities that lie ahead in 2022 and beyond. I am incredibly proud of the hard work and dedication of all our team members who have made our continued success possible. I believe Curaleaf is better positioned than ever to capitalize on the massive and growing cannabis opportunity."

Fourth Quarter 2021 Operating Highlights

   -- Added eight new retail dispensaries including five in Florida, two in 
      Colorado, and one in Arizona. 
 
   -- Entered into a definitive agreement to acquire Tryke Companies, a 
      vertically integrated MSO in Nevada, Arizona, and Utah. 
 
   -- Entered into a definitive agreement to acquire Natural Remedy Patient 
      Center, LLC, a Safford, Arizona dispensary. 
 
   -- Entered into a definitive agreement to acquire Bloom Dispensaries, a 
      single state operator in Arizona. 
 
   -- Completed the offering of $475 million aggregate principal amount of 8.0% 
      Senior Secured Notes due 2026 and retired all prior indebtedness, 
      increasing liquidity and materially reducing the average interest rate on 
      the Company's outstanding debt. 
 
   -- Signed a national distribution agreement with Southern Glazer's Wine & 
      Spirits to bring Curaleaf's Hemp and Select CBD product lines into 
      Southern Glazer's distribution network. 


Full Year 2021 Operating Highlights

   -- Significantly expanded retail, wholesale, and cultivation operations 
      through organic growth and strategic acquisitions. 
 
   -- Increased retail locations from 96 to 117 as of December 31, 2021. 
 
   -- Reached approximately 2,300 active wholesale accounts as of December 31, 
      2021, an increase of over 90% from year end 2020. 
 
   -- Grew cultivation sites from 23 to 25. 
 
   -- Expanded total cultivation and production capacity by over 2.5 million 
      square feet to approximately 4.4 million square feet. 
 
   -- Significant focus on R&D activities drove the introduction of 147 new 
      products in our markets, with approximately 11% of full year 2021 revenue 
      generated by new products launched in the last 12 months. 
 
   -- Entered the European market through the successful acquisition of EMMAC 
      Life Sciences Group and subsequently rebranded to Curaleaf International. 
 
   -- Completed the acquisition of Los Sueños Farms, the largest outdoor 
      grow in Colorado. 


Post Fourth Quarter 2021 Highlights

   -- Completed the acquisition of Bloom Dispensaries adding four retail 
      locations and two cultivation and processing facilities totaling 63,500 
      square feet in Arizona. 
 
   -- Continued to organically expand our retail footprint, opening two 
      additional dispensaries in Florida and three in Pennsylvania. As of March 
      3, 2022, Curaleaf retail operations totaled 126 nationwide. 
 
Financial Results for the Fourth Quarter Ended December 31, 2021 
 
Revenue (Unaudited) 
($ thousands) 
                                  Q4 2021       Q3 2021      Q4 2020 
Retail revenue                    $225,592      $224,543     $164,932 
Wholesale revenue                 93,791        92,041       64,351 
Management fee income             628           541          970 
Total Revenue                     $320,011      $317,125     $230,253 
 


Total revenue was a record $320 million for the fourth quarter of 2021, an increase of 1% from $317 million in the third quarter of 2021 and 39% from $230 million in the fourth quarter of 2020. The Company's year-over-year revenue growth primarily reflects continued organic growth driven by new retail store openings, the addition of new wholesale partner accounts, product launches, and the expansion of cultivation and production facilities.

Retail revenue was $226 million, compared with $225 million in the third quarter of 2021, and up 37% from $165 million in the fourth quarter of 2020. Retail revenue represented 71% of total revenue. Curaleaf's year-over-year retail revenue growth was supported by 21 new stores added in 2021.

Wholesale revenue was $94 million, an increase of 2% from the third quarter of 2021 and 46% year-over-year and represented 29% of total revenue. Wholesale revenue growth was supported by the addition of new wholesale partner accounts, which increased by more than 90% from year-end 2020 to approximately 2,300 total accounts.

 
Gross Profit on Cannabis Sales (Unaudited) 
($ thousands) 
                                            Q4 2021   Q3 2021   Q4 2020 
Retail and wholesale revenue                $319,383  $316,584  $229,283 
Cost of goods sold                          160,574   172,216   119,658 
Gross profit on cannabis sales (1)          158,809   144,368   109,625 
Gross margin on cannabis sales (1)          49.7%     45.6%     47.8% 
Management fee income(2)                    628       541       970 
Gross profit before impact of biological 
 assets                                     $159,437  $144,909  $110,595 
 
 
 
(1)  Represents a non-IFRS measure or Non-IFRS ratio. See "Non-IFRS Financial 
     and Performance Measures" below for definitions and more information 
     regarding Curaleaf's use of Non-IFRS financial measures and Non-IFRS 
     ratios. 
(2)  Management fee income is added to Gross Profit on Cannabis Sales to 
     obtain Gross profit before impact of biological assets, the most 
     comparable IFRS measure. 
 


Mike Korner and awesame reacted
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awesame
(@awesame)
Trusted Member
Joined: 11 months ago
Posts: 33
 

Thanks for posting this @gtosali1967. Do you know if they provided any forward guidance on the call?


D. H. Taylor reacted
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TheQueen
(@gtosali1967)
Reputable Member
Joined: 10 months ago
Posts: 150
Topic starter  

@awesame    I have reached out to D.H. for his interpretation on Curaleaf.  Theres so much uncertainty due to his Russian/Ukaranian heritage that is causing a lot of untruth and fear.    Lets see what D.H. says.  Im trying to just go by what the numbers say.


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TheQueen
(@gtosali1967)
Reputable Member
Joined: 10 months ago
Posts: 150
Topic starter  

Here is D.H.'s input,  there should be more coming tomorrow or the next day.:

 

I read the report. There was a surprise jump upward in margins. That shows Curaleaf is getting better at being efficient. That is good. The increase in revenue was smallish. But, we never care about q4. When the end of year hits, we usually know what to expect. It’s next year revenue that we care mostly about. 
The people who are grumbling usually are only happy when reports are so good that at the end of the day they can buy a new Porsche & mansion with their pathetic 10 share position they have. You are correct to ignore them. 
 
As for Ukraine, this will calm down and the markets will start to go back up again very soon; probably next week. 

D. H. Taylor reacted
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