2023 Q4 Form 10-Q Financial Statement

#000162828023038947 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $67.77M $65.38M
YoY Change -11.78% -10.22%
Cost Of Revenue $40.55M $36.86M
YoY Change -26.09% -18.22%
Gross Profit $27.22M $28.51M
YoY Change 23.97% 2.78%
Gross Profit Margin 40.16% 43.61%
Selling, General & Admin $21.72M $25.69M
YoY Change -38.24% -30.45%
% of Gross Profit 79.81% 90.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.808M $3.815M
YoY Change -37.13% -52.67%
% of Gross Profit 25.01% 13.38%
Operating Expenses $25.18M $25.69M
YoY Change -35.64% -36.71%
Operating Profit $2.041M $2.826M
YoY Change -111.89% -122.0%
Interest Expense -$1.382M $9.378M
YoY Change -108.02% -238.75%
% of Operating Profit -67.71% 331.85%
Other Income/Expense, Net -$4.988M -$15.44M
YoY Change -74.39% 5204.81%
Pretax Income -$12.90M -$12.61M
YoY Change -90.88% -78.07%
Income Tax $5.101M $8.011M
% Of Pretax Income
Net Earnings -$18.00M -$20.62M
YoY Change -87.18% -62.3%
Net Earnings / Revenue -26.57% -31.54%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.09 -$0.11
COMMON SHARES
Basic Shares Outstanding 196.6M shares 196.6M shares
Diluted Shares Outstanding 195.1M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.03M $25.01M
YoY Change -0.65% -19.48%
Cash & Equivalents $26.03M $25.01M
Short-Term Investments
Other Short-Term Assets $8.502M $911.0K
YoY Change 1451.46% -79.08%
Inventory $33.59M $37.70M
Prepaid Expenses
Receivables $3.380M $6.063M
Other Receivables $10.14M $10.14M
Total Short-Term Assets $81.64M $88.26M
YoY Change 16.54% 9.14%
LONG-TERM ASSETS
Property, Plant & Equipment $240.6M $163.7M
YoY Change 35.38% -44.64%
Goodwill $30.91M $38.24M
YoY Change -19.17% -53.12%
Intangibles $95.97M $97.62M
YoY Change -4.11% -45.23%
Long-Term Investments $200.0K $977.0K
YoY Change -79.53%
Other Assets $14.04M $34.23M
YoY Change -50.28% 17.65%
Total Long-Term Assets $381.8M $400.4M
YoY Change -16.88% -31.5%
TOTAL ASSETS
Total Short-Term Assets $81.64M $88.26M
Total Long-Term Assets $381.8M $400.4M
Total Assets $463.4M $488.7M
YoY Change -12.46% -26.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.38M $20.36M
YoY Change -27.82% 12.72%
Accrued Expenses $32.52M $47.41M
YoY Change -29.8% 12.26%
Deferred Revenue $1.407M $1.417M
YoY Change -24.76% -24.35%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $95.40M $35.62M
YoY Change 996.04% -76.36%
Total Short-Term Liabilities $162.5M $116.3M
YoY Change 50.95% -49.16%
LONG-TERM LIABILITIES
Long-Term Debt $178.9M $176.5M
YoY Change -0.93% 10.28%
Other Long-Term Liabilities $129.7M $25.70M
YoY Change 501.6% -30.28%
Total Long-Term Liabilities $308.6M $364.6M
YoY Change -17.9% 85.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.5M $116.3M
Total Long-Term Liabilities $308.6M $364.6M
Total Liabilities $469.6M $480.8M
YoY Change -2.86% -1.18%
SHAREHOLDERS EQUITY
Retained Earnings -$509.8M -$491.8M
YoY Change 14.64% 61.36%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.232M $9.219M
YoY Change
Total Liabilities & Shareholders Equity $463.4M $488.7M
YoY Change -12.46% -26.56%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$18.00M -$20.62M
YoY Change -87.18% -62.3%
Depreciation, Depletion And Amortization $6.808M $3.815M
YoY Change -37.13% -52.67%
Cash From Operating Activities $4.509M $2.458M
YoY Change -5.73% -603.69%
INVESTING ACTIVITIES
Capital Expenditures $2.358M $2.241M
YoY Change -69.18% -73.04%
Acquisitions
YoY Change
Other Investing Activities $2.030M $1.405M
YoY Change -2460.47% -145.8%
Cash From Investing Activities -$328.0K -$836.0K
YoY Change -95.76% -92.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.345M -3.215M
YoY Change 59.51% -4971.21%
NET CHANGE
Cash From Operating Activities 4.509M 2.458M
Cash From Investing Activities -328.0K -836.0K
Cash From Financing Activities -3.345M -3.215M
Net Change In Cash 836.0K -1.593M
YoY Change -116.55% -86.5%
FREE CASH FLOW
Cash From Operating Activities $4.509M $2.458M
Capital Expenditures $2.358M $2.241M
Free Cash Flow $2.151M $217.0K
YoY Change -175.0% -102.47%

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<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#1f497d;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> 1. NATURE OF OPERATIONS</span></div></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Jushi Holdings Inc. (the “Company” or “Jushi”) is incorporated under the British Columbia’s Business Corporations Act. The Company is a vertically integrated, multi-state cannabis operator engaged in retail, distribution, cultivation, and processing in both medical and adult-use markets. As of September 30, 2023, Jushi, through its subsidiaries, owns or manages cannabis operations and/or holds licenses in the adult-use and/or medicinal cannabis marketplace in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania and Virginia. The Company’s head office is located at 301 Yamato Road, Suite 3250, Boca Raton, Florida 33431, United States of America, and its registered address is Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia V6C 2X8, Canada.</span></div>The Company is listed on the Canadian Securities Exchange (“CSE”) and trades its subordinate voting shares (“SVS”) under the ticker symbol “JUSH”, and trades on the United States Over the Counter Stock Market (“OTCQX”) under the symbol “JUSHF”.
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CY2023Q3 jush Lessee Operating Lease Liability To Be Paid After Year Four
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CY2023Q3 us-gaap Finance Lease Liability
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CY2023Q3 us-gaap Finance Lease Liability Current
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us-gaap Derivative Gain Loss On Derivative Net
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CY2023Q3 us-gaap Derivative Liabilities
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CY2023Q3 us-gaap Preferred Stock Shares Issued
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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CY2023Q3 jush Rent And Related Expense
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CY2023Q3 us-gaap Depreciation Nonproduction
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CY2022Q3 us-gaap Depreciation Nonproduction
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CY2023Q3 jush Professional And Legal Fees
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CY2022Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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us-gaap Operating Expenses
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CY2023Q3 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2022Q3 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q3 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q3 jush Unrecognized Tax Benefits Deferred
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3442000 usd
CY2022Q4 jush Unrecognized Tax Benefits Deferred
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3412000 usd
CY2023Q3 jush Real Estate Property Competing Property Radius
RealEstatePropertyCompetingPropertyRadius
2500 ft
CY2022Q4 us-gaap Loss Contingency Estimate Of Possible Loss
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20000000 usd
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
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