2019 Q2 Form 10-Q Financial Statement

#000156459019031859 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $45.90M $15.53M $9.744M
YoY Change 371.1% 203.76% 95.19%
Cost Of Revenue $33.63M $12.40M $5.567M
YoY Change 504.11% 474.07% 143.74%
Gross Profit $12.27M $3.134M $4.177M
YoY Change 193.82% 6.82% 54.25%
Gross Profit Margin 26.74% 20.18% 42.87%
Selling, General & Admin $30.93M $24.14M $8.927M
YoY Change 246.45% 407.14% 126.06%
% of Gross Profit 252.0% 770.26% 213.72%
Research & Development $1.528M $1.850M $639.0K
YoY Change 139.12% 150.0% -38.56%
% of Gross Profit 12.45% 59.03% 15.3%
Depreciation & Amortization $2.990M $1.010M $566.0K
YoY Change 428.27% 124.44% 67.46%
% of Gross Profit 24.36% 32.23% 13.55%
Operating Expenses $32.46M $26.04M $9.566M
YoY Change 239.28% 369.19% 91.74%
Operating Profit -$32.96M -$22.91M -$10.99M
YoY Change 199.93% 777.03% 374.53%
Interest Expense -$8.581M -$14.04M $497.0K
YoY Change -1826.56% 4429.03% -0.6%
% of Operating Profit
Other Income/Expense, Net $1.224M $1.400M $76.00K
YoY Change 1510.53% -480.0%
Pretax Income -$38.50M -$35.55M -$12.77M
YoY Change 201.46% 1121.65% 424.44%
Income Tax -$2.200M -$4.540M $63.00K
% Of Pretax Income
Net Earnings -$36.30M -$31.01M -$12.83M
YoY Change 182.87% 959.08% 427.02%
Net Earnings / Revenue -79.08% -199.67% -131.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$373.3K -$589.4K -$171.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.9M $517.6M $25.30M
YoY Change 773.12%
Cash & Equivalents $184.6M $487.3M $25.33M
Short-Term Investments $36.30M $30.30M
Other Short-Term Assets $1.547M $3.000M $1.200M
YoY Change 28.92%
Inventory $75.30M $16.21M $6.750M
Prepaid Expenses $8.201M $1.496M
Receivables $24.61M $16.53M $1.757M
Other Receivables $1.200M $1.000M $3.700M
Total Short-Term Assets $358.6M $554.3M $38.74M
YoY Change 825.56% 4369.1%
LONG-TERM ASSETS
Property, Plant & Equipment $365.5M $80.21M $65.71M
YoY Change 456.24% 100.61%
Goodwill $155.0M
YoY Change
Intangibles $332.0M $4.486M $1.395M
YoY Change 23698.06% 380.3%
Long-Term Investments $6.134M $16.90M
YoY Change
Other Assets $7.800M $800.0K $600.0K
YoY Change 1200.0%
Total Long-Term Assets $665.5M $102.4M $67.73M
YoY Change 882.57% 146.4%
TOTAL ASSETS
Total Short-Term Assets $358.6M $554.3M $38.74M
Total Long-Term Assets $665.5M $102.4M $67.73M
Total Assets $1.024B $656.7M $106.5M
YoY Change 861.82% 1117.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.37M $10.65M $13.21M
YoY Change 84.48% 91.43%
Accrued Expenses $32.40M $14.80M $3.300M
YoY Change 881.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $37.00M
YoY Change -100.0%
Long-Term Debt Due $300.0K $500.0K $9.128M
YoY Change -96.71% -94.7%
Total Short-Term Liabilities $175.9M $25.94M $62.85M
YoY Change 179.9% -48.35%
LONG-TERM LIABILITIES
Long-Term Debt $434.4M $428.7M $8.400M
YoY Change 5071.43%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $434.4M $428.7M $8.400M
YoY Change 5071.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $175.9M $25.94M $62.85M
Total Long-Term Liabilities $434.4M $428.7M $8.400M
Total Liabilities $664.0M $459.0M $71.24M
YoY Change 831.96% 680.64%
SHAREHOLDERS EQUITY
Retained Earnings -$173.5M -$108.2M -$58.47M
YoY Change 196.8% 167.41%
Common Stock $8.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $360.1M $197.7M $35.33M
YoY Change
Total Liabilities & Shareholders Equity $1.024B $656.7M $106.5M
YoY Change 861.82% 1117.22%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$36.30M -$31.01M -$12.83M
YoY Change 182.87% 959.08% 427.02%
Depreciation, Depletion And Amortization $2.990M $1.010M $566.0K
YoY Change 428.27% 124.44% 67.46%
Cash From Operating Activities -$85.39M -$19.81M -$990.0K
YoY Change 8525.25% -4062.0% -61.92%
INVESTING ACTIVITIES
Capital Expenditures -$17.52M -$15.55M -$15.86M
YoY Change 10.47% 93.65% 2950.0%
Acquisitions
YoY Change
Other Investing Activities -$11.56M -$29.53M $29.50M
YoY Change -139.19% 147400.0%
Cash From Investing Activities -$29.08M -$45.08M $13.64M
YoY Change -313.2% 460.7% -2828.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.960M 451.3M 2.120M
YoY Change 133.96% 6023.88% -3.64%
NET CHANGE
Cash From Operating Activities -85.39M -19.81M -990.0K
Cash From Investing Activities -29.08M -45.08M 13.64M
Cash From Financing Activities 4.960M 451.3M 2.120M
Net Change In Cash -109.5M 386.4M 14.77M
YoY Change -841.44% -227417.65% -1741.11%
FREE CASH FLOW
Cash From Operating Activities -$85.39M -$19.81M -$990.0K
Capital Expenditures -$17.52M -$15.55M -$15.86M
Free Cash Flow -$67.87M -$4.260M $14.87M
YoY Change -556.42% -149.94% -814.9%

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<p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#auto;">Significant estimates and judgments</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of revenue, expenses, assets, liabilities, accompanying disclosures and the disclosure of contingent liabilities. These estimates and judgments are subject to change based on experience and new information. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affecting future periods. Estimates and judgments are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Financial statement areas that require significant estimates and judgments are as follows:</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Business combinations &#8211; <font style="color:#000000;">The Company uses judgment in applying the acquisition method of accounting for business combinations and estimates to value identifiable assets and liabilities at the acquisition date. Estimates are used to determine cash flow projections, including the period of future benefit, and future growth and discount rates, among other factors. The values allocated to the acquired assets and liabilities assumed affect the amount of goodwill recorded on acquisition. </font>Fair value is typically estimated using the present value of future discounted cash flows, an income approach. Significant estimates in the discounted cash flow model primarily include the discount rate, rates of future revenue growth and profitability of the acquired business, and working capital effects. The discount rate considers the relevant risk associated with business-specific characteristics and the uncertainty related to the ability to achieve the projected cash flows. These estimates and the resulting valuations require significant judgment.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Contingent consideration &#8211; Contingent consideration is subject to measurement uncertainty as the financial impact will only be confirmed by the outcome of a future event. The assessment of contingent consideration involves a significant amount of judgment, including determining a reliable estimate of the amount of cash outflow required to settle the obligation based on significant unobservable inputs as well as estimates around the probability and timing of satisfying the future events on which the contingent consideration is based.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Asset impairment &#8211; Asset impairment tests require the allocation of assets to asset groups, which requires significant judgment and interpretation with respect to the integration between the assets and shared resources. Asset impairment tests require the determination of whether there is an indication of impairment. The assessment of whether an indication of impairment exists is performed at the end of each reporting period and requires the application of judgment, historical experience, and external and internal sources of information. </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based payments &#8211; Stock-based payment transactions are measured and recognized based on estimated fair value, which requires judgment in determining the appropriate valuation model and assumptions, including discount for shares not registered with the Securities Exchange Commission (&#8220;SEC&#8221;) subject to transfer restrictions.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Imputed interest for loans receivable &#8211; In connection with the loans obtained as part of the ABG Profit Participation Arrangement, judgment is required to estimate the prevailing market interest rate at each time a loan is issued.</p>
tlry Increase Decrease In Assets And Liabilities Due To Change In Exchange Rate
IncreaseDecreaseInAssetsAndLiabilitiesDueToChangeInExchangeRate
2299000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
3862000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
5776000
CY2018Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
0
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
0
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9964000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
9306000
CY2019Q2 us-gaap Cost Method Investments
CostMethodInvestments
12262000
CY2019Q2 us-gaap Available For Sale Securities Equity Securities Noncurrent
AvailableForSaleSecuritiesEquitySecuritiesNoncurrent
4799000
CY2018Q4 us-gaap Available For Sale Securities Equity Securities Noncurrent
AvailableForSaleSecuritiesEquitySecuritiesNoncurrent
1845000
CY2018Q4 us-gaap Cost Method Investments
CostMethodInvestments
15066000
CY2019Q2 us-gaap Equity Method Investments
EquityMethodInvestments
6134000
us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
6000
CY2018 us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
69000
tlry Fair Value Measurement Transfers Between With Levels Of Hierarchy For Assets And Liabilities Held
FairValueMeasurementTransfersBetweenWithLevelsOfHierarchyForAssetsAndLiabilitiesHeld
0
tlry Fair Value Measurement Transfers Between With Levels Of Hierarchy For Assets And Liabilities Held
FairValueMeasurementTransfersBetweenWithLevelsOfHierarchyForAssetsAndLiabilitiesHeld
0
CY2019Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
14718000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2132000
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
39142000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
12812000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
9229000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
9205000
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21457000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1267000
CY2019Q2 us-gaap Inventory Write Down
InventoryWriteDown
201000
CY2018Q2 us-gaap Inventory Write Down
InventoryWriteDown
491000
CY2019Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
26885000
CY2018Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
1511000
CY2019Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8201000
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1496000
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1547000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
87714000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7500000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
68853000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
25979000
CY2019Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
337838000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5855000
CY2018Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
6739000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2253000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5080000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
97766000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2443000
CY2019Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
24287000
CY2018Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
9716000
CY2019Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
81000
CY2018Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
933000
CY2019Q2 us-gaap Interest Payable Current
InterestPayableCurrent
5938000
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
5302000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7943000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3278000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
486000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
565000
CY2019Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
49581000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
17984000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5673000
CY2019Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
7241000
CY2018Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
2260000
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
13652000
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
3357000
CY2019Q2 us-gaap Professional Fees
ProfessionalFees
4208000
CY2018Q2 us-gaap Professional Fees
ProfessionalFees
1174000
us-gaap Professional Fees
ProfessionalFees
6665000
us-gaap Professional Fees
ProfessionalFees
2656000
CY2019Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
1161000
CY2018Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
554000
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
1882000
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
719000
CY2019Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
3855000
CY2018Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1354000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
7063000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2755000
CY2019Q1 us-gaap Convertible Debt
ConvertibleDebt
3000000
tlry Change In Foreign Exchange Rate
ChangeInForeignExchangeRate
0.10

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