Net Revenue Increased 27% to $513 Million Compared to Prior Year

Net Income of $33.6 Million, Adjusted EBITDA of $12.3 Million, Net Cash from Operating Activities of $8.3 Million and Positive Free Cash Flow of $3.3 Million in Q4

Completed Business Combination with Aphria Inc., Achieved $35 Million in Synergies To Date; On-track for $80 Million Target

Cannabis Revenue Grew 55% in Q4, #1 Market Share in Canada

Leading EU GMP-Certified Medical Cannabis LP in Europe with Demand Growing

Executive Leadership Executing On Plan to Drive Accelerated Growth and Sustained Profitability in Global Cannabis Market

Tilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, today reported financial results for the full fiscal year and fourth quarter ended May 31, 2021. Results for the full year and fourth quarter include legacy-Aphria’s fiscal 2021 financial results and four weeks of Tilray. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated, and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

Irwin D. Simon, Tilray’s Chairman and Chief Executive Officer, stated, “Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources and operational excellence position us optimally to capitalize on the opportunity. In a very short period of time since our business combination was finalized, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions and achieved $35 million in synergies to date – well on our way to delivering $80 million in cost savings over the next 16 months.”

Mr. Simon continued, “These are early achievements but they provide the roadmap for our strategy and priorities moving forward. Tilray is now truly leading the global cannabis industry with low cost of production, leading brands, a well-developed distribution network, and unique partnerships that we believe will drive sustainable shareholder value in the quarters to come. We look forward to accelerating and refining our business-level strategies and roadmaps and to ensuring unmistakable, measurable progress as we build the leading consumer-packaged goods business in the cannabis industry.”

Financial Highlights - 2021 Fiscal Fourth Quarter1

  • Net revenue increased 25% to $142.2 million during the fourth quarter from $113.5 million in the prior year quarter. The increase was driven by 36% growth in net cannabis revenue to $53.7 million, which included four weeks of contribution from legacy-Tilray, a 10% decline in distribution revenue, net beverage alcohol revenue of $15.9 million following our SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest.
  • Net income of $33.6 million during the fourth quarter compared to net loss of $84.3 million in the prior year quarter.
  • Adjusted EBITDA increased 285% to $12.3 million during the fourth quarter from $3.2 million in the prior year quarter marking the ninth consecutive quarter of positive Adjusted EBITDA.
  • Gross profit decreased 19% to $22.5 million during the fourth quarter from $27.8 million in the prior year quarter. Included in gross profit was a one-time inventory valuation adjustment of $19.9 million resulting from excess inventory quantities upon the business combination with Aphria. Adjusted gross profit, excluding inventory valuation adjustment, increased 53% to $42.4 million during the fourth quarter from $27.8 million in the prior year quarter.
  • Free cash flow increased 112% to $3.3 million in the fourth quarter from ($28.3) million in the prior year quarter.

Financial Highlights- 2021 Fiscal Year

  • Net revenue increased 27% to $513.1 million during 2021 from $405.3 million in 2020. The increase was driven by 55% growth in net cannabis revenue to $201.4 million, which included four weeks of contribution from legacy-Tilray, 1% growth in distribution revenue to $277.3 million, net beverage alcohol revenue of $28.6 million following our SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest due to our Tilray reverse acquisition on April 30, 2021.
  • Net loss of $336.0 million in 2021 compared to net loss of $100.8 million in 2020 was driven by $63.6 million of transaction costs related to out-of-pocket fees to consummate our business combinations, and $170.5 million of non-cash unrealized loss on our convertible debentures.
  • Adjusted EBITDA increased 598% to $40.8 million in 2021 from $5.8 million in 2020.
  • Gross profit increased 28% to $123.2 million during 2021 from $96.1 million in the prior year. Included in gross profit was a one-time inventory valuation adjustment of $19.9 million in Q4 resulting from excess inventory quantities upon the business combination with Aphria. Adjusted gross profit, excluding inventory valuation adjustment, increased 50% to $143.9 million in 2021 from $96.1 million in 2020.
  • Ended the year with a strong balance sheet and liquidity, including cash and cash equivalents of $488.5 million.

Progress on Cost-Saving Synergies and Strengthening Financial Condition

The Company expects to deliver significant cost synergies totaling approximately $80 million within eighteen months of closing the Aphria Tilray business combination and plans to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales, and marketing, and corporate expenses. To date, the Company has achieved $35 million in synergies.

Recent Business Developments Reflect Strong, Ongoing Global Growth and Opportunity

Recent Progress on Expanding International Medical Business and Canadian Adult-Use Product Line

  • Tilray has been gaining market share nationally in Canada month-over-month since April 2021.
  • On July 19, 2021, our wholly-own subsidiary, SweetWater Brewing Company, the 11th largest craft brewer in the U.S.2, announced the launch of 420 Imperial IPA, the first line extension off of its flagship 420 brand.
  • On July 12, 2021, SweetWater Brewing Company announced its West Coast expansion including a new Colorado Brewery and the opening of SweetWater Mountain Taphouse at Denver International Airport.
  • On July 7, 2021, we announced the completion and shipment of the first successful EU GMP-certified medical cannabis harvest grown in Germany for German distribution.
  • On June 30, 2021, we announced the first cross-brand product collaboration between Canadian craft-cannabis brand Broken Coast and SweetWater to launch U.S. distribution of “Broken Coast BC Lager” and introduce the cannabis brand to consumers across the country.
  • On June 25, 2021, our leading Canadian cannabis brand, RIFF, launched new multi-pack of cannabis pre-rolls across Canada.
  • On June 8, 2021, we launched our new medical cannabis brand, Symbios, across Canada. Symbios is the inaugural brand from the ‘new’ Tilray developed to offer patients a broader spectrum of medical cannabis formats and cannabinoid ratios at a better price point.
  • On April 27, 2021, Tilray was named to TIME’s inaugural list of the TIME100 Most Influential Companies in the world.

Conference Call

Tilray will host a conference call to discuss these results today at 8:30 a.m. ET. Investors interested in participating in the live call can dial (877) 407-0792 from Canada and the U.S. or (201) 689-8263 from international locations.

There will also be a simultaneous, live webcast available on the Investors section of the Company’s website at www.tilray.com. The webcast will also be archived after the call concludes.

About Tilray®

Tilray, Inc. is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.

For more information on how we open a world of wellbeing, visit www.Tilray.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictions based on expectations and projections about future events and are not statements of historical fact. You can identify forward-looking statements by the use of forward-looking terminology such as "plan," "continue," "expect," "anticipate," "intend," "predict," "project," "estimate," "likely," "believe," "might," "seek," "may," "will," "remain," "potential," "can," "should," "could," "future" and similar expressions, or the negative of those expressions, or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of the Company's strategic initiatives, including productivity and synergies initiatives, our future performance and results of operations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, levels of activity, performance or achievements of the Company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations for our business as well as challenges and uncertainty resulting from the COVID-19 pandemic. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the Annual Report on Form 10-K of Tilray for the fiscal year ended May 31, 2021. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Use of Non-U.S. GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures, including adjusted gross margin, Adjusted EBITDA and free cash flow. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.

Adjusted EBITDA is calculated as net income (loss) before inventory valuation adjustments; interest expenses, net; other expenses (income), net; deferred income tax (recoveries) expenses, current income tax expenses (benefit); foreign exchange gain (loss), net; depreciation and amortization expenses; stock-based compensation expenses; loss from equity method investments; loss on disposal of property and equipment; amortization of inventory step-up; severance costs; impairment of assets; and change in fair value of warrant liability. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Gross margin, excluding inventory valuation adjustments, is calculated as revenue less cost of sales adjusted to add back inventory valuation adjustments and amortization of inventory step-up, divided by revenue. A reconciliation of Gross margin, excluding inventory valuation adjustments, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Free cash flow is comprised of two GAAP measures deducted from each other which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

 

 

 

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

As a result of the Arrangement on April 30, 2021, the results of operations included herein for the three months and fiscal year ended May 31, 2021 include the result of Aphria for the three and twelve months ended May 31, 2021, respectively and the results of Tilray beginning after April 30, 2021 for the one month ended May 31, 2021. The operating results for the prior periods are those of Aphria.

Consolidated Statements of Financial Position

(In thousands of United States dollars)

 

May 31,

2021

 

 

May 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

488,466

 

 

$

360,646

 

Accounts receivable, net

 

 

87,309

 

 

 

37,931

 

Inventory

 

 

256,429

 

 

 

139,781

 

Prepaids and other current assets

 

 

48,920

 

 

 

32,660

 

Convertible notes receivable

 

 

2,485

 

 

 

10,609

 

Total current assets

 

 

883,609

 

 

 

581,627

 

Capital assets

 

 

650,698

 

 

 

420,706

 

Right-of-use assets

 

 

18,267

 

 

 

5,356

 

Intangible assets

 

 

1,605,918

 

 

 

263,318

 

Goodwill

 

 

2,832,794

 

 

 

447,330

 

Interest in equity investees

 

 

8,106

 

 

 

 

Long-term investments

 

 

17,685

 

 

 

19,595

 

Other assets

 

 

8,285

 

 

 

 

Total assets

 

$

6,025,362

 

 

$

1,737,932

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

$

8,717

 

 

$

389

 

Accounts payable and accrued liabilities

 

 

212,813

 

 

 

112,411

 

Contingent consideration

 

 

60,657

 

 

 

 

Warrant liability

 

 

78,168

 

 

 

 

Current portion of lease liabilities

 

 

4,264

 

 

 

954

 

Current portion of long-term debt

 

 

36,622

 

 

 

6,141

 

Total current liabilities

 

 

401,241

 

 

 

119,895

 

Long - term liabilities

 

 

 

 

 

 

 

 

Lease liabilities

 

 

53,946

 

 

 

4,227

 

Long-term debt

 

 

167,486

 

 

 

94,028

 

Convertible debentures

 

 

667,624

 

 

 

196,405

 

Deferred tax liability

 

 

265,845

 

 

 

48,446

 

Other liabilities

 

 

3,907

 

 

 

 

Total liabilities

 

 

1,560,049

 

 

 

463,001

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

Common stock

 

46

 

 

 

24

 

Additional paid-in capital

 

 

4,792,406

 

 

 

1,366,736

 

Accumulated other comprehensive income (loss)

 

 

152,668

 

 

 

(5,434

)

Deficit

 

 

(486,050

)

 

 

(113,352

)

Total Tilray shareholders' equity

 

 

4,459,070

 

 

 

1,247,974

 

Non-controlling interests

 

 

6,243

 

 

 

26,957

 

Total shareholders' equity

 

 

4,465,313

 

 

 

1,274,931

 

Total liabilities and shareholders' equity

 

$

6,025,362

 

 

$

1,737,932

 

Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)

 

 

Three months ended May 31,

 

 

Years ended May 31,

 

(In thousands of United States dollars, except for per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net revenue

 

$

142,236

 

 

$

113,542

 

 

$

513,085

 

 

$

405,326

 

Cost of goods sold

 

 

119,738

 

 

 

85,735

 

 

 

389,903

 

 

 

309,273

 

Gross profit

 

 

22,498

 

 

 

27,807

 

 

 

123,182

 

 

 

96,053

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

32,847

 

 

 

24,913

 

 

 

111,575

 

 

 

93,789

 

Selling

 

 

8,525

 

 

 

7,320

 

 

 

26,576

 

 

 

18,975

 

Amortization

 

 

16,100

 

 

 

3,645

 

 

 

35,221

 

 

 

15,138

 

Marketing and promotion

 

 

5,103

 

 

 

2,874

 

 

 

17,539

 

 

 

15,266

 

Research and development

 

 

358

 

 

 

430

 

 

 

830

 

 

 

1,916

 

Impairment

 

 

 

 

 

50,679

 

 

 

 

 

 

50,679

 

Transaction costs

 

 

33,260

 

 

 

1,387

 

 

 

63,612

 

 

 

4,299

 

Total operating expenses

 

 

96,193

 

 

 

91,248

 

 

 

255,353

 

 

 

200,062

 

Operating loss

 

 

(73,695

)

 

 

(63,441

)

 

 

(132,171

)

 

 

(104,009

)

Finance income (expense), net

 

 

(9,466

)

 

 

(6,411

)

 

 

(27,977

)

 

 

(19,371

)

Non-operating income (expense), net

 

 

121,510

 

 

 

(17,351

)

 

 

(184,838

)

 

 

14,195

 

Income (loss) before income taxes

 

 

38,349

 

 

 

(87,203

)

 

 

(344,986

)

 

 

(109,185

)

Income taxes (recovery)

 

 

4,744

 

 

 

(2,897

)

 

 

(8,972

)

 

 

(8,352

)

Net income (loss)

 

$

33,605

 

 

$

(84,306

)

 

$

(336,014

)

 

$

(100,833

)

Earnings (Loss) per share - basic and diluted

 

$

0.18

 

 

$

(0.39

)

 

$

(1.25

)

 

$

(0.47

)

Net Revenue by Operating Segment

(In thousands of United States dollars)

 

Three Months Ended

May 31, 2021

 

 

% of

Total

revenue

 

 

Three Months Ended

May 31, 2020

 

 

% of

Total

revenue

 

Cannabis revenue

 

$

53,703

 

 

38%

 

 

$

39,587

 

 

35%

 

Distribution revenue

 

 

66,792

 

 

47%

 

 

 

73,955

 

 

65%

 

Beverage alcohol revenue

 

 

15,947

 

 

11%

 

 

 

 

 

0%

 

Wellness revenue

 

 

5,794

 

 

4%

 

 

 

 

 

0%

 

Net revenue

 

$

142,236

 

 

100%

 

 

$

113,542

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands of United States dollars)

 

Year Ended

May 31, 2021

 

 

% of

Total

revenue

 

 

Year Ended

May 31, 2020

 

 

% of

Total

revenue

 

Cannabis revenue

 

$

201,392

 

 

39%

 

 

$

129,896

 

 

32%

 

Distribution revenue

 

 

277,300

 

 

54%

 

 

 

275,430

 

 

68%

 

Beverage alcohol revenue

 

 

28,599

 

 

6%

 

 

 

 

 

0%

 

Wellness revenue

 

 

5,794

 

 

1%

 

 

 

 

 

0%

 

Net revenue

 

$

513,085

 

 

100%

 

 

$

405,326

 

 

100%

 

 

Other Information

(In thousands of United States dollars, except for percent data)

 

 

Three months ended May 31,

 

 

Years ended May 31,

 

Adjusted EBITDA Reconciliation

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

33,605

 

 

$

(84,306

)

 

$

(336,014

)

 

$

(100,833

)

Income taxes

 

 

4,744

 

 

 

(2,897

)

 

 

(8,972

)

 

 

(8,352

)

Finance expense, net

 

 

9,466

 

 

 

6,411

 

 

 

27,977

 

 

 

19,371

 

Non-operating expense (income), net

 

 

(121,510

)

 

 

17,351

 

 

 

184,838

 

 

 

(14,195

)

Amortization

 

 

24,539

 

 

 

10,320

 

 

 

67,832

 

 

 

35,669

 

Share-based compensation

 

 

5,937

 

 

 

3,799

 

 

 

17,351

 

 

 

18,079

 

Impairment

 

 

 

 

 

50,679

 

 

 

 

 

 

50,679

 

Inventory valuation adjustments

 

 

19,919

 

 

 

 

 

 

19,919

 

 

 

 

Purchase price accounting step up

 

 

 

 

 

 

 

 

835

 

 

 

 

Facility start-up costs

 

 

2,056

 

 

 

467

 

 

 

2,056

 

 

 

 

Lease expense

 

 

303

 

 

 

 

 

 

1,337

 

 

 

1,128

 

Transaction costs

 

 

33,260

 

 

 

1,387

 

 

 

63,612

 

 

 

4,299

 

Adjusted EBITDA

 

$

12,319

 

 

$

3,211

 

 

$

40,771

 

 

$

5,845

 

 

 

Three months ended May 31,

 

 

Years ended May 31,

 

Key Operating Metrics

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net cannabis revenue

 

$

53,703

 

 

$

39,587

 

 

$

201,392

 

 

$

129,896

 

Net beverage alcohol revenue

 

 

15,947

 

 

 

 

 

 

28,599

 

 

 

 

Distribution revenue

 

 

66,792

 

 

 

73,955

 

 

 

277,300

 

 

 

275,430

 

Wellness revenue

 

 

5,794

 

 

 

 

 

 

5,794

 

 

 

 

Cannabis cost of sales

 

 

49,731

 

 

 

20,692

 

 

 

130,511

 

 

 

68,551

 

Beverage alcohol cost of sales

 

 

5,349

 

 

 

 

 

 

12,687

 

 

 

 

Distribution cost of sales

 

 

60,425

 

 

 

65,043

 

 

 

242,472

 

 

 

240,722

 

Wellness cost of sales

 

 

4,233

 

 

 

 

 

 

4,233

 

 

 

 

Gross profit (excluding adjustments)

 

 

42,417

 

 

 

27,808

 

 

 

143,936

 

 

 

96,053

 

Cannabis gross margin (excluding adjustments)

 

 

44.5

%

 

 

47.7

%

 

 

45.1

%

 

 

47.2

%

Beverage gross margin (excluding adjustments)

 

 

66.5

%

 

 

 

 

 

58.6

%

 

 

 

Distribution gross margin (excluding adjustments)

 

 

9.5

%

 

 

12.1

%

 

 

12.6

%

 

 

12.6

%

Wellness gross margin (excluding adjustments)

 

 

26.9

%

 

 

 

 

 

26.9

%

 

 

 

Adjusted EBITDA

 

 

12,319

 

 

 

3,211

 

 

 

40,771

 

 

 

5,845

 

Cash and cash equivalents

 

 

488,466

 

 

 

360,646

 

 

 

488,466

 

 

 

360,646

 

Working capital

 

 

482,368

 

 

 

349,320

 

 

 

482,368

 

 

 

349,320

 

 

 

Three months ended May 31,

 

 

Years ended May 31,

 

Free Cash Flow

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net cash provided by (used in) operating activities

 

$

8,281

 

 

$

(7,367

)

 

$

(44,715

)

 

$

(100,627

)

Less: investments in capital and intangible assets

 

 

4,943

 

 

 

20,908

 

 

 

38,874

 

 

 

98,786

 

Free cash flow

 

 

3,338

 

 

 

(28,275

)

 

 

(83,589

)

 

 

(199,413

)

 

 

Three months ended May 31, 2021

 

Gross profit (excluding adjustments)

 

Cannabis

 

 

Beverage

 

 

Distribution

 

 

Wellness

 

 

Total

 

Gross revenue

 

$

71,358

 

 

$

16,549

 

 

$

66,792

 

 

$

5,794

 

 

$

160,493

 

Excise taxes

 

 

(17,655

)

 

 

(602

)

 

 

 

 

 

 

 

 

(18,257

)

Net revenue

 

 

53,703

 

 

 

15,947

 

 

 

66,792

 

 

 

5,794

 

 

 

142,236

 

Cost of goods sold

 

 

49,731

 

 

 

5,349

 

 

 

60,425

 

 

 

4,233

 

 

 

119,738

 

Gross profit

 

 

3,972

 

 

 

10,598

 

 

 

6,367

 

 

 

1,561

 

 

 

22,498

 

Gross margin

 

 

7

%

 

 

66

%

 

 

10

%

 

 

27

%

 

 

16

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory valuation adjustment

 

 

19,919

 

 

 

 

 

 

 

 

 

 

 

 

19,919

 

Purchase price accounting step up

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross profit

 

 

23,891

 

 

 

10,598

 

 

 

6,367

 

 

 

1,561

 

 

 

42,417

 

Adjusted gross margin

 

 

44

%

 

 

66

%

 

 

10

%

 

 

27

%

 

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended May 31, 2020

 

Gross profit (excluding adjustments)

 

Cannabis

 

 

Beverage

 

 

Distribution

 

 

Wellness

 

 

Total

 

Gross revenue

 

$

48,833

 

 

$

 

 

$

73,955

 

 

$

 

 

$

 

Excise taxes

 

 

(9,246

)

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

 

39,587

 

 

 

 

 

 

73,955

 

 

 

 

 

 

113,542

 

Cost of goods sold

 

 

20,692

 

 

 

 

 

 

 

65,043

 

 

 

 

 

 

85,735

 

Gross profit

 

 

18,895

 

 

 

 

 

 

8,912

 

 

 

 

 

 

27,807

 

Gross margin

 

 

48

%

 

 

%

 

 

12

%

 

 

%

 

 

24

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory valuation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase price accounting step up

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross profit

 

 

18,895

 

 

 

 

 

 

8,912

 

 

 

 

 

 

27,807

 

Adjusted gross margin

 

 

48

%

 

 

%

 

 

12

%

 

 

%

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

Year ended May 31, 2021

 

Gross profit (excluding adjustments)

 

Cannabis

 

 

Beverage

 

 

Distribution

 

 

Wellness

 

 

Total

 

Gross revenue

 

$

264,334

 

 

$

29,661

 

 

$

277,300

 

 

$

5,794

 

 

$

577,089

 

Excise taxes

 

 

(62,942

)

 

 

(1,062

)

 

 

 

 

 

 

 

 

(64,004

)

Net revenue

 

 

201,392

 

 

 

28,599

 

 

 

277,300

 

 

 

5,794

 

 

 

513,085

 

Cost of goods sold

 

 

130,511

 

 

 

12,687

 

 

 

242,472

 

 

 

4,233

 

 

 

389,903

 

Gross profit

 

 

70,881

 

 

 

15,912

 

 

 

34,828

 

 

 

1,561

 

 

 

123,182

 

Gross margin

 

 

35

%

 

 

56

%

 

 

13

%

 

 

27

%

 

 

24

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory valuation adjustment

 

 

19,919

 

 

 

 

 

 

 

 

 

 

 

 

19,919

 

Purchase price accounting step up

 

 

 

 

 

835

 

 

 

 

 

 

 

 

 

835

 

Adjusted gross profit

 

 

90,800

 

 

 

16,747

 

 

 

34,828

 

 

 

1,561

 

 

 

143,936

 

Adjusted gross margin

 

 

45

%

 

 

59

%

 

 

13

%

 

 

27

%

 

 

28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended May 31, 2020

 

Gross profit (excluding adjustments)

 

Cannabis

 

 

Beverage

 

 

Distribution

 

 

Wellness

 

 

Total

 

Gross revenue

 

$

153,477

 

 

$

 

 

$

275,430

 

 

$

 

 

$

428,907

 

Excise taxes

 

 

(23,581

)

 

 

 

 

 

 

 

 

 

 

 

(23,581

)

Net revenue

 

 

129,896

 

 

 

 

 

 

275,430

 

 

 

 

 

 

405,326

 

Cost of goods sold

 

 

68,551

 

 

 

 

 

 

240,722

 

 

 

 

 

 

309,273

 

Gross profit

 

 

61,345

 

 

 

 

 

 

34,708

 

 

 

 

 

 

96,053

 

Gross margin

 

 

47

%

 

 

%

 

 

13

%

 

 

%

 

 

24

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory valuation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase price accounting step up

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross profit

 

 

61,345

 

 

 

 

 

 

34,708

 

 

 

 

 

 

96,053

 

Adjusted gross margin

 

 

47

%

 

 

%

 

 

13

%

 

 

%

 

 

24

%

1 This press release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. Reconciliations of non-GAAP financial measures to GAAP financial measures and other non-GAAP financial calculations are provided herein in the tables.

2 The Brewers Association Top 50 Brewing Companies by Sales Volume Report for 2020

Media: Berrin Noorata, news@tilray.com Investors: Raphael Gross, +1-203-682-8253, Raphael.Gross@icrinc.com

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