{"id":454140,"date":"2021-03-09T16:07:19","date_gmt":"2021-03-09T21:07:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454140"},"modified":"2021-03-09T16:07:19","modified_gmt":"2021-03-09T21:07:19","slug":"curaleaf-reports-record-fourth-quarter-and-fiscal-year-end-2020-financial-and-operational-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/curaleaf-reports-record-fourth-quarter-and-fiscal-year-end-2020-financial-and-operational-results\/","title":{"rendered":"Curaleaf Reports Record Fourth Quarter and Fiscal Year End 2020 Financial and Operational Results"},"content":{"rendered":"
\n

Record Fiscal Year and Fourth Quarter 2020 Pro Forma Revenue(1)(2) of $767.1 Million and $238.8 Million, Respectively<\/h2>\n

Record Fiscal Year and Fourth Quarter 2020 Managed Revenue(1) of $653.0 Million, up 161% from 2019 and $233.3 Million, up 186% from 2019, Respectively<\/h2>\n

Record Fiscal Year and Fourth Quarter 2020 Adjusted EBITDA(1) of $144.1 Million up 456% from 2019 and $53.8 Million up 289% from 2019, Respectively, as Operations Across 23 States Continue to Scale<\/h2>\n

Raised $289.8 Million of Net Proceeds from a Common Stock Offering and Debt Offering in January 2021, Providing the Company with Capital to Pursue Additional Organic and Inorganic Growth Opportunities<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n WAKEFIELD, Mass.<\/span>, March 9, 2021<\/span> \/PRNewswire\/ —\u00a0Curaleaf Holdings, Inc. <\/b>(CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”)<\/b>,\u00a0a leading U.S. provider of consumer products in cannabis, today reported its financial and operating results for the fourth quarter and year ended December 31, 2020<\/span>. All financial information is provided in U.S. dollars unless otherwise indicated.<\/p>\n

\n Q4 and FY2020 Financial Highlights (Unaudited)<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n ($ thousands, except per share amounts)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Q4 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Q3 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u00a0% qoq
Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Q4 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0% yoy
Change<\/b><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n FY 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n FY 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u00a0% yoy
Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Managed Revenue(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $233,339<\/span>\n <\/p>\n<\/td>\n

\n

\n $193,220<\/span>\n <\/p>\n<\/td>\n

\n

\n 21%<\/span>\n <\/p>\n<\/td>\n

\n

\n $81,667<\/span>\n <\/p>\n<\/td>\n

\n

\n 186%<\/span>\n <\/p>\n<\/td>\n

\n

\n $652,983<\/span>\n <\/p>\n<\/td>\n

\n

\n $250,642<\/span>\n <\/p>\n<\/td>\n

\n

\n 161%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n $230,253<\/span>\n <\/p>\n<\/td>\n

\n

\n $182,408<\/span>\n <\/p>\n<\/td>\n

\n

\n 26%<\/span>\n <\/p>\n<\/td>\n

\n

\n $75,457<\/span>\n <\/p>\n<\/td>\n

\n

\n 205%<\/span>\n <\/p>\n<\/td>\n

\n

\n $626,637<\/span>\n <\/p>\n<\/td>\n

\n

\n $221,018<\/span>\n <\/p>\n<\/td>\n

\n

\n 184%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross profit before impact of biological assets<\/span>\n <\/p>\n<\/td>\n

\n

\n $110,595<\/span>\n <\/p>\n<\/td>\n

\n

\n $91,775<\/span>\n <\/p>\n<\/td>\n

\n

\n 21%<\/span>\n <\/p>\n<\/td>\n

\n

\n $39,762<\/span>\n <\/p>\n<\/td>\n

\n

\n 178%<\/span>\n <\/p>\n<\/td>\n

\n

\n $315,489<\/span>\n <\/p>\n<\/td>\n

\n

\n $118,632<\/span>\n <\/p>\n<\/td>\n

\n

\n 166%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross profit on cannabis sales(1)<\/sup>\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n $109,625<\/span>\n <\/p>\n<\/td>\n

\n

\n $89,669<\/span>\n <\/p>\n<\/td>\n

\n

\n 22%<\/span>\n <\/p>\n<\/td>\n

\n

\n $21,986<\/span>\n <\/p>\n<\/td>\n

\n

\n 399%<\/span>\n <\/p>\n<\/td>\n

\n

\n $275,071<\/span>\n <\/p>\n<\/td>\n

\n

\n $71,471<\/span>\n <\/p>\n<\/td>\n

\n

\n 285%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross margin on cannabis sales(1)\u00a0<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 48%<\/span>\n <\/p>\n<\/td>\n

\n

\n 50%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 47%<\/span>\n <\/p>\n<\/td>\n

\n

\n 41%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $53,784<\/span>\n <\/p>\n<\/td>\n

\n

\n $42,295<\/span>\n <\/p>\n<\/td>\n

\n

\n 27%<\/span>\n <\/p>\n<\/td>\n

\n

\n $13,824<\/span>\n <\/p>\n<\/td>\n

\n

\n 289%<\/span>\n <\/p>\n<\/td>\n

\n

\n $144,080<\/span>\n <\/p>\n<\/td>\n

\n

\n $25,903<\/span>\n <\/p>\n<\/td>\n

\n

\n 456%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss) attributable to Curaleaf Holdings Inc.<\/span>\n <\/p>\n<\/td>\n

\n

\n ($35,274)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($9,343)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($26,561)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($61,735)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($67,244)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss) per share \u2013 basic and diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.05)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.01)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.06)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.11)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.15)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n See “Non-IFRS Financial and Performance Measures” below for more information regarding Curaleaf’s use of Non-IFRS financial measures and other reconciliations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (2)<\/span>\n <\/p>\n<\/td>\n

\n

\n Fourth Quarter Pro Forma for the period included the revenue from Alternative Therapies Group, Inc. (“ATG”) as if the acquisition had occurred on October 1, 2020, the revenue of then pending acquisitions of Maryland Compassionate Care and Wellness, LLC (Grassroots related subsidiary) as if it occurred on October 1, 2020 and excluded revenue of the pending asset sales of HMS Health, LLC, HMS Processing, LLC and Town Center Wellness, LLC as if the sales had occurred on October 1, 2020. Fiscal Year 2020 Pro Forma includes the revenue from Cura Partners, Inc. (“Select”), Arrow Companies (“Arrow”), Remedy Compassion Center, Inc. (“Remedy”), GR Companies, Inc. (“Grassroots”), Virginia’s Kitchen, LLC (“Blue Kudu”), Curaleaf NJ, Inc. (“CLNJ”), Prime Organic Therapy, Inc. (“MEOT”) and ATG as if the acquisitions had occurred on January 1, 2020 and excluded revenue of the pending asset sales of HMS Health, LLC, HMS Processing, LLC and Town Center Wellness, LLC as if the sales had occurred\u00a0 on January 1, 2020. <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Fourth Quarter Highlights<\/b>\n <\/p>\n