.22
$
0.01
$
(1.45)
$
(0.05)
Weighted average number of outstanding common shares, basic:
303,281,549
182,029,481
241,806,351
171,075,324
Earnings (loss) per share, diluted
Net income (loss) per share, diluted:
$
(0.38)
$
0.01
$
(1.45)
$
(0.05)
Weighted average number of outstanding common shares, diluted:
315,974,639
194,739,044
242,044,821
171,075,324
CANOPY GROWTH CORPORATION |
|||||||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2018 AND 2017 |
|||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||
UNAUDITED |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
(Expressed in CDN $000's) |
2018 |
2017 |
2018 |
2017 |
|||||||
(Restated) |
(Restated) |
||||||||||
Net inflow (outflow) of cash related to the following activities: |
|||||||||||
Operating |
|||||||||||
Net loss |
$ |
74,860 |
$ |
11,014 |
$ |
(346,732) |
$ |
227 |
|||
Adjustments for: |
|||||||||||
Depreciation of property, plant and equipment |
5,257 |
2,324 |
15,703 |
6,360 |
|||||||
Amortization of intangible assets |
2,633 |
2,863 |
7,869 |
9,175 |
|||||||
Share of loss on equity investments |
2,089 |
- |
9,021 |
170 |
|||||||
Fair value changes in biological assets included in inventory sold and other charges |
28,105 |
24,204 |
105,989 |
47,836 |
|||||||
Unrealized gain on changes in fair value of biological assets |
(22,267) |
(28,845) |
(90,500) |
(79,221) |
|||||||
Share-based compensation |
64,090 |
19,015 |
194,686 |
30,249 |
|||||||
Loss on disposal of property, plant and equipment and intangible assets |
(397) |
385 |
1,443 |
553 |
|||||||
Other assets |
1,902 |
(5,286) |
(16,908) |
(1,932) |
|||||||
Other income and expense |
(215,188) |
(40,972) |
(45,919) |
(40,972) |
|||||||
Income tax (recovery) expense |
1,041 |
7,595 |
(1,398) |
9,635 |
|||||||
Non-cash interest and FX impact on assets |
1,804 |
- |
1,394 |
- |
|||||||
Changes in non-cash operating working capital items |
(40,692) |
(14,020) |
(129,547) |
(26,675) |
|||||||
Net cash used in operating activities |
(96,763) |
(21,723) |
(294,899) |
(44,595) |
|||||||
Investing |
|||||||||||
Purchases and deposits of property, plant and equipment and assets in process |
(202,057) |
(60,581) |
(495,236) |
(86,107) |
|||||||
Purchases of intangible assets and intangibles in process |
(33,800) |
(751) |
(40,140) |
(1,033) |
|||||||
Proceeds on disposals of property and equipment |
- |
- |
- |
75 |
|||||||
Purchases of marketable securities |
(799,418) |
- |
(802,247) |
(118) |
|||||||
Proceeds on assets classified as held for sale |
- |
- |
- |
7,000 |
|||||||
Investments in associates |
15,238 |
(12,887) |
(27,201) |
(18,824) |
|||||||
Investments in other financial assets |
(44,376) |
(19,020) |
(74,071) |
(27,732) |
|||||||
Net cash outflow on acquisition of BC Tweed NCI |
- |
- |
(1,000) |
- |
|||||||
Net cash outflow on acquisition of Spectrum Chile NCI |
3 |
- |
(996) |
- |
|||||||
Net cash inflow (outflow) on acquisition of subsidiaries |
(344,899) |
(3,241) |
(344,472) |
(3,600) |
|||||||
Net cash used in investing activities |
(1,409,309) |
(96,480) |
(1,785,363) |
(130,339) |
|||||||
Financing |
|||||||||||
Payment of share issue costs |
(11,798) |
(1,166) |
(18,617) |
(1,345) |
|||||||
Proceeds from issuance of common shares and warrants |
5,072,500 |
244,990 |
5,072,500 |
269,990 |
|||||||
Proceeds from issuance of shares by Canopy Rivers |
- |
- |
91,218 |
35,113 |
|||||||
Proceeds from exercise of stock options |
15,104 |
4,109 |
28,730 |
7,544 |
|||||||
Proceeds from exercise of warrants |
18,551 |
154 |
18,684 |
681 |
|||||||
Issuance of long-term debt |
- |
- |
600,000 |
- |
|||||||
Payment of long-term debt issue costs |
- |
- |
(16,380) |
- |
|||||||
Repayment of finance lease obligations |
(2,624) |
- |
(2,728) |
- |
|||||||
Repayment of long-term debt |
(2,856) |
(387) |
(3,499) |
(1,141) |
|||||||
Net cash provided by financing activities |
5,088,877 |
247,700 |
5,769,908 |
310,842 |
|||||||
Effect of exchange rate changes on cash and cash equivalents |
103,664 |
- |
103,664 |
- |
|||||||
Net cash inflow |
3,686,469 |
129,497 |
3,793,310 |
135,908 |
|||||||
Cash and cash equivalents, beginning of period |
429,401 |
115,494 |
322,560 |
101,800 |
|||||||
Cash and cash equivalents, end of period |
$ |
4,115,870 |
$ |
244,991 |
$ |
4,115,870 |
$ |
237,708 |
CANOPY GROWTH CORPORATION |
|||||||||||
Adjusted EBITDA1Non-GAAP Measure |
Three Months Ended |
Nine Months Ended |
|||||||||
(In CDN$000's) |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
(Restated) |
(Restated) |
||||||||||
Adjusted EBITDA1Reconciliation |
|||||||||||
Loss from operations - as reported |
$ |
(157,241) |
$ |
(26,032) |
$ |
(316,427) |
$ |
(31,249) |
|||
IFRS fair value accounting related to biological assets and inventory |
|||||||||||
Fair value changes in biological assets included in inventory sold and other charges |
28,105 |
24,204 |
105,989 |
47,836 |
|||||||
Unrealized gain on changes in fair value of biological assets |
(22,267) |
(28,845) |
(90,500) |
(79,221) |
|||||||
5,838 |
(4,641) |
15,489 |
(31,385) |
||||||||
Share-based compensation expense (per statement of cash flows)2 |
64,090 |
19,015 |
194,686 |
30,249 |
|||||||
Excess space provision included in general and administration expenses |
(178) |
- |
4,068 |
- |
|||||||
Acquisition Costs |
4,520 |
790 |
9,606 |
2,491 |
|||||||
Depreciation and amortization (per statement of cash flows) |
7,890 |
5,187 |
23,572 |
15,535 |
|||||||
76,322 |
24,992 |
231,932 |
48,275 |
||||||||
Adjusted EBITDA |
$ |
(75,081) |
$ |
(5,681) |
$ |
(69,006) |
$ |
(14,359) |
1 - Adjusted EBITDA is Earnings Before Interest, Tax, and Depreciation, stock compensation, fair value changes and other non-cash items, and as adjusted for acquisition related items. |
||||||||
2 - Includes $23,849 and $8,914 for the three months ended December 31, 2018 and 2017, respectively, in share-based compensation expense related to acquisition milestones |
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