Q2 revenue increases 45% YoY to US$25.0 million
Adjusted EBITDA of $3.9
million and US$0.02
EPS
BOULDER, CO, Aug. 14, 2019 /CNW/ - (TSX:CWEB, OTCQX:CWBHF),
Charlotte's Web Holdings, Inc.
("Charlotte's Web" or the
"Company") the market share leader in whole-plant CBD hemp extract
products, today reported financial results for the second quarter
ended June 30, 2019. All amounts are
expressed in United States
dollars. Certain metrics, including those expressed on an adjusted
basis, are non-IFRS measures.
Second Quarter 2019 Financial Highlights
- Organic consolidated year-over-year revenue growth of 45% to
$25.0 million
- 75% gross margin produced gross profit of $18.8 million
- Adjusted EBITDA of $3.9 million,
16% of consolidated revenue
- Net income of $2.2 million, 9% of
consolidated revenue
- 53% of revenue from retail outlets
- Earnings per share of $0.02 basic
and diluted
Second Quarter 2019 Business Highlights
- Multiple national retailers commenced carrying Charlotte's Web products
- Total retail locations carrying Charlotte's Web products increased by 1926 to
7871
- Distribution and sales gains in both natural health and
national mass retailers
- New pet line launched with twelve new SKU's
- New line of CBD gummies launched with three SKU's
- Hemp acreage planted for 2019 increased by 187% from 2018 to
862 acres
- FDA commits to working with hemp industry on hemp product
regulations
- Commenced trading on the Toronto Stock Exchange (TSX)
Subsequent to the close of the second quarter, Charlotte's Web filled top executive positions
including Tony True as Chief
Customer Officer to build and lead a CPG sales organization;
Paul Lanham as Chief Information
Officer, and most recently, Russ Hammer as the Company's Chief
Financial Officer who brings substantial international as well as
retail experience.
"We have been experiencing increased sales through both our
e-commerce and retail sales channels," said Deanie Elsner, Charlotte's Web Chief Executive Officer.
"Top tier mass retailers are entering the market as several
national grocery and drugstore brands have announced their CBD
plans. The majority of these are now carrying Charlotte's Web products. This is a
significant development for the hemp CBD category. To effectively
service projected growth, we have been building our executive
leadership with experienced consumer-packaged goods (CPG)
executives in sales, marketing, finance, data and operations.
Similarly, we are expanding our capabilities in cultivation,
R&D, production and distribution."
Q2-2019 Business Review
Retail uptake in the natural health channel increased during the
second quarter, along with a marked entry of large national brand
chains within the food, drug and mass (FDM) retail segment. Five
leading national retailers such as CVS and Kroger are selling
Charlotte's Web products, adding
significantly to the Company's brick and mortar presence in
the United States. There are well
over 8,000 retail locations carrying Charlotte's Web products today.
To support the growing product portfolio and projected retailer
demand, Charlotte's Web increased
the total acres planted for 2019 to 862, an 187% increase from 300
acres planted in 2018. The hemp harvested from 300 acres in 2018
totalled 675,000 pounds.
During the quarter, Charlotte's
Web introduced new products including new hemp extract infused CBD
gummies in three flavors, and a new twelve SKU pet product line
including functionally focused chews with synergistic ingredients
to support specific health functions - Calming, Hips &
Joints and Cognition. Subsequent to the second quarter, the Company
signed two distribution partners for its pet line; Pacific Pet in
California, one of the largest
distributors of pet food and pet products on the west coast,
servicing 1,000 independent pet stores in California, Arizona, Nevada, and Hawaii; and "Pet Food Experts", servicing over
4,000 retailers in 33 states out of five distribution centers
located in Rhode Island,
Pennsylvania, Illinois, Washington and Colorado.
"We are experiencing increased momentum with large retailers as
consumer awareness and interest in CBD grows," said Deanie Elsner. "We believe we'll continue to see
additional large retailers coming onboard and expect an increase in
the number of states and locations with our existing retail
partners throughout the year. Kroger is the most recent example as
they added four new states to their distribution in July, including
Texas, which is the latest state
to approve hemp CBD products."
Q2-2019 Financial Review
Second Quarter 2019 Results
The following table sets forth selected financial information
for the periods indicated.
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
U.S. $ millions,
except per share data
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue
|
|
$
|
25.0
|
|
$
|
17.2
|
|
$
|
46.7
|
|
$
|
30.3
|
Gross profit before
biological
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
adjustment
|
|
$
|
18.5
|
|
$
|
12.9
|
|
$
|
34.3
|
|
$
|
23.3
|
Net impact, fair
value of
|
|
|
|
|
|
|
|
|
|
|
|
|
biological
assets
|
|
$
|
0.3
|
|
$
|
0.3
|
|
$
|
0.5
|
|
$
|
0.5
|
Gross
profit
|
|
$
|
18.8
|
|
$
|
13.2
|
|
$
|
34.8
|
|
$
|
23.7
|
Operating
expenses
|
|
$
|
16.2
|
|
$
|
8.2
|
|
$
|
29.5
|
|
$
|
14.6
|
Income before
taxes
|
|
$
|
2.8
|
|
$
|
5.0
|
|
$
|
5.9
|
|
$
|
9.1
|
Net
income
|
|
$
|
2.2
|
|
$
|
3.7
|
|
$
|
4.5
|
|
$
|
6.8
|
EPS
basic
|
|
$
|
0.02
|
|
$
|
0.05
|
|
$
|
0.05
|
|
$
|
0.09
|
EPS
diluted
|
|
$
|
0.02
|
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
0.08
|
Adjusted
EBITDA
|
|
$
|
3.9
|
|
$
|
6.1
|
|
$
|
8.5
|
|
$
|
10.7
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
Jun 30,
2019
|
|
Mar 31,
2019
|
|
Dec 31,
2018
|
|
|
Cash and cash
equivalents
|
|
$
|
51.4
|
|
$
|
69.1
|
|
$
|
73.4
|
|
|
Total
assets
|
|
$
|
157.2
|
|
$
|
171.7
|
|
$
|
139.1
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Long-term
liabilities
|
|
$
|
8.3
|
|
$
|
4.6
|
|
$
|
3.5
|
|
|
Total
liabilities
|
|
$
|
22.3
|
|
$
|
20.1
|
|
$
|
17.6
|
|
|
The following information sets forth selected quarterly revenue
information for the Company's nine most recent fiscal quarters.
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
U.S. $
millions
|
2019
|
2019
|
2018
|
2018
|
2018
|
2018
|
2017
|
2017
|
2017
|
Total
revenue
|
$
|
25.0
|
$
|
21.7
|
$
|
21.5
|
$
|
17.7
|
$
|
17.2
|
$
|
13.1
|
$
|
12.5
|
$
|
11.3
|
$
|
9.1
|
Second quarter revenue increased 45% year-over-year to
$25.0 million as broader demand for
CBD based products continues to drive increased usage in all
product categories. Human nutrition products, topicals and animal
nutrition products growing by 32%, 493% and 91%, respectively
year-over-year. Retail channel growth increased as large mass
retailers began carrying Charlotte's Web products. During the second
quarter 2019, total retail channel revenue accounted for
approximately 53% of total revenue.
Gross margin was 75.3%, compared to 76.7% for the same period in
2018. Gross margin prior to biological asset adjustments was 73.9%
and 75.2% for the same period in 2018. Second quarter
operating expenses increased 98% year-over-year to $16.2 million to support its expansion, including
senior management additions to the leadership team. Employee
headcount was 320 at June 30, 2019, a
41.6% increase from 226 at June 30,
2018.
Adjusted EBITDA for the second quarter was $3.9 million or 16% of consolidated revenue
compared to $6.1 million and 35% of
consolidated revenue for the same period in the previous year. The
Adjusted EBITDA ratio during the second quarter reflects continued
investment in infrastructure and personnel as the Company builds
its internal capabilities to support expected revenue growth for
the remainder of 2019 and beyond.
"We forecast revenue growing at a faster pace than operating
expenses in the back half of the year," stated Rich Mohr, Chief Financial Officer of
Charlotte's Web. "This supports
our financial forecast for increases in adjusted EBITDA percentages
in future periods. As product volumes shipped continue to
increase on a quarterly basis, we're expecting continued top-line
revenue growth during the last half of the year. Our previously
communicated revenue guidance for 2019 of between $120 million and $170
million remains in place. Where we fall within this range
will substantially be determined by future developments with the
FDA, associated retailer response, and the timeline of these
events."
Balance Sheet and Cash Flow
The Company used $15.2 million of
cash in operations during the first six months of 2019 compared to
$6.1 million of cash provided from
operations during the same period in 2018. Cash used in operations
during the first six months of 2019 primarily reflects the
investment in inventory required to supply increasing retail and
consumer demand. Cash was also used for the 2019 hemp crop that was
increased to 862 acres from 300 acres planted in 2018. The
Company's cash at June 30, 2019 was
$51.4 million compared to
$73.4 million on December 31, 2018. Working capital at
June 30, 2019 grew to $97.0 million compared to $93.8 million at December
31, 2018.
|
|
Six months ended June
30,
|
|
|
|
(in millions US
$)
|
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
|
Cash beginning of
period
|
|
$
|
73.4
|
|
$
|
7.1
|
|
$
|
66.3
|
|
934%
|
Cash flows from (used
in):
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
(15.2)
|
|
6.1
|
|
(21.3)
|
|
-349%
|
Investing
activities
|
|
(6.2)
|
|
(1.1)
|
|
(5.1)
|
|
464%
|
Financing
activities
|
|
(0.6)
|
|
(1.3)
|
|
0.7
|
|
-54%
|
Cash end of
period
|
|
$
|
51.4
|
|
$
|
10.8
|
|
$
|
40.6
|
|
376%
|
Consolidated Financial Statements and Management's Discussion
and Analysis
The Company's unaudited interim condensed financial statements
and accompanying notes for the periods ended June 30, 2019 and 2018 and related management's
discussion and analysis of financial condition and results of
operations ("MD&A") are available under the Company's profile
on SEDAR at www.sedar.com and on the Investor Relations section of
the Company's website at https://investors.charlottesweb.com.
Conference Call
Management will host a conference call to discuss the Company's
second quarter 2019 results at 10:00 am ET on Wednesday, August 14, 2019. To participate in the
call, please dial 1-647-427-7450 or 1-888-231-8191 approximately 10
minutes before the conference call and provide conference ID
8685806. A recording of the call will be available through
August 21, 2019. To listen to the
rebroadcast please dial 1-416-849-0833 and provide the same
conference ID.
A webcast of the call can be accessed through the investor
relations section of the Charlotte's Web website.
About Charlotte's Web
Holdings, Inc.
Charlotte's Web Holdings, Inc.
is the market leader in the production and distribution of
innovative hemp-based cannabidiol ("CBD") wellness products.
Founded by the Stanley Brothers, the Company's premium quality
products start with proprietary hemp genetics that are responsibly
manufactured into whole-plant hemp extracts naturally containing a
full spectrum of phytocannabinoids, including CBD, terpenes,
flavonoids and other beneficial hemp compounds. Charlotte's
Web product categories include CBD Oil tinctures (liquid
products), CBD capsules, CBD topicals, as well as CBD pet products.
Charlotte's Web hemp-based whole plant extracts are sold
through select distributors, brick and mortar retailers, and online
through the Company's website at www.CharlottesWeb.com. The
rate the Company pays for agricultural products reflects a fair and
sustainable rate driving higher quality yield, encouraging good
farming practices, and supporting U.S. farming communities.
Charlotte's Web is a socially
conscious company and is committed to using business as a force for
good and a catalyst for innovation. The Company weighs sound
business decisions with consideration for how its efforts affect
its employees, customers, the environment, and the communities
where its employees live and where it does business, while
maximizing profits and strengthening its brands. The Company's
management believes that socially oriented actions have a positive
impact on the Company, its employees and its shareholders.
Charlotte's Web donates a portion
of its pre-tax earnings to charitable organizations.
Shares of Charlotte's Web trade
on the Toronto Stock Exchange (TSX) under the symbol "CWEB" and are
quoted in U.S. Dollars in the United
States on the OTCQX under the symbol "CWBHF". As at
August 12, 2019 Charlotte's Web had
49,253,934 Common Shares outstanding and 120,529.07 Proportional
Voting Shares convertible at 400:1, for an effective equivalent of
97,565,562 Common Shares outstanding.
1.
|
Adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) is not a recognized performance measure under IFRS. The
term EBITDA consists of net income (loss) and excludes interest
(financing costs), taxes and depreciation. Adjusted EBITDA also
excludes share-based compensation, IPO related costs, impairment of
assets and adjustments for fair valuing of biological assets.
Adjusted EBITDA is included as a supplemental disclosure because
Management believes that such measurement provides a better
assessment of the Company's operations on a continuing basis by
eliminating certain non-cash charges and charges or gains that are
nonrecurring. The most directly comparable measure to adjusted
EBITDA calculated in accordance with IFRS is net income (loss). The
following is a reconciliation of the Company's net income (loss) to
Adjusted EBITDA.
|
Forward-Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation. In the
interest of providing the shareholders and potential investors of
Charlotte's Web Holdings, Inc.
with information about the Company and its subsidiaries, including
management's assessment of the Company and its subsidiaries' future
plans and operations, certain information provided in this press
release constitutes forward-looking statements or information
(collectively, "forward-looking statements"). Forward-looking
statements are typically identified by words such as "may", "will",
"should", "could", "anticipate", "expect", "project", "estimate",
"forecast", "plan", "intend", "target", "believe" and similar words
suggesting future outcomes or statements regarding an outlook.
Although these forward-looking statements are based on assumptions
the Company considers to be reasonable based on the information
available on the date such statements are made, such statements are
not guarantees of future performance and readers are cautioned
against placing undue reliance on forward-looking statements. By
their nature, these statements involve a variety of assumptions,
known and unknown risks and uncertainties, and other factors which
may cause actual results, levels of activity, and achievements to
differ materially from those expressed or implied by such
statements. The forward-looking information contained in this press
release is based on certain assumptions and analysis by management
of the Company in light of its experience and perception of
historical trends, current conditions and expected future
development and other factors that it believes are
appropriate.
The Company's forward-looking statements are subject to risks
and uncertainties pertaining to, among other things, revenue
fluctuations, nature of government regulations, economic
conditions, loss of key customers, retention and availability of
executive talent, competing products, common share price
volatility, loss of proprietary information, product acceptance,
internet and system infrastructure functionality, information
technology security, cash available to fund operations,
availability of capital and, international and political
considerations, including but not limited to those risks and
uncertainties discussed under the heading "Risk Factors" in the
MD&A and the Company's other filings with securities
regulators. The impact of any one risk, uncertainty, or factor on a
particular forward-looking statement is not determinable with
certainty as these are interdependent, and the Company's future
course of action depends on Management's assessment of all
information available at the relevant time. Except to the extent
required by law, the Company assumes no obligation to publicly
update or revise any forward-looking statements made in this press
release, whether as a result of new information, future events, or
otherwise. All subsequent forward-looking statements, whether
written or oral, attributable to the Company or persons acting on
the Company's behalf, are expressly qualified in their entirety by
these cautionary statements.
CHARLOTTE'S WEB
HOLDINGS, INC
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
(In thousands of
United States dollars)
|
|
|
|
|
|
June 30,
|
December
31,
|
|
2019
|
2018
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash
|
$
|
51,431
|
$
|
73,404
|
Trade and other
receivables
|
7,430
|
4,874
|
Note
receivable
|
1,400
|
-
|
Inventories
|
34,534
|
23,969
|
Prepaid expenses and
other current assets
|
9,528
|
3,917
|
Income taxes
receivable
|
6,642
|
1,787
|
|
110,965
|
107,951
|
Non-current
assets:
|
|
|
Property and
equipment, net
|
18,264
|
6,806
|
Intangibles
|
665
|
619
|
Deferred tax
assets
|
26,221
|
23,449
|
Loan due from related
parties
|
114
|
128
|
Other long-term
assets
|
993
|
181
|
|
$
|
157,222
|
$
|
139,134
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
|
2,077
|
$
|
3,379
|
Accrued
liabilities
|
9,108
|
10,014
|
Deferred
revenue
|
638
|
467
|
Income taxes
payable
|
-
|
-
|
Current portion of
notes payable
|
9
|
9
|
Current portion of
lease obligations
|
2,161
|
283
|
|
13,993
|
14,152
|
Non-current
liabilities:
|
|
|
Long-term note
payable
|
7
|
12
|
Long-term lease
obligations
|
6,495
|
113
|
Deferred
rent
|
-
|
73
|
Other long-term
liabilities
|
1,819
|
3,286
|
|
22,314
|
17,636
|
Shareholders'
equity:
|
|
|
Share
capital
|
111,411
|
101,175
|
Contributed
surplus
|
1,147
|
2,498
|
Retained
earnings
|
22,350
|
17,825
|
|
134,908
|
121,498
|
|
$
|
157,222
|
$
|
139,134
|
CHARLOTTE'S WEB
HOLDINGS, INC
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE
INCOME
|
(In thousands of
United States dollars, except per share amounts)
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
Six months ended June
30,
|
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
Revenue
|
$
|
25,020
|
$
|
17,217
|
$
|
46,720
|
$
|
30,309
|
Cost of
sales
|
6,526
|
4,277
|
12,431
|
7,021
|
Gross profit before
loss on fair value of biological assets
|
18,494
|
12,940
|
34,289
|
23,288
|
Realized fair value
amounts included in inventory sold
|
(354)
|
(264)
|
(496)
|
(453)
|
Unrealized fair value
loss on growth of biological assets
|
-
|
-
|
-
|
-
|
Gross
profit
|
18,848
|
13,204
|
34,785
|
23,741
|
|
|
|
|
|
Expenses:
|
|
|
|
|
General and
administrative
|
9,060
|
4,915
|
17,519
|
8,981
|
Sales and
marketing
|
6,527
|
2,411
|
11,087
|
4,474
|
Research and
development
|
654
|
129
|
845
|
255
|
Initial public
offering related costs
|
-
|
752
|
-
|
859
|
|
16,241
|
8,207
|
29,451
|
14,569
|
Operating
income
|
2,607
|
4,997
|
5,334
|
9,172
|
Financing
costs
|
(77)
|
(66)
|
(134)
|
(130)
|
Interest
income
|
310
|
33
|
666
|
54
|
Other
income
|
(4)
|
-
|
(7)
|
-
|
Income before
taxes
|
2,836
|
4,964
|
5,859
|
9,096
|
Income
taxes
|
(648)
|
(1,234)
|
(1,334)
|
(2,263)
|
Net income and
comprehensive income
|
$
|
2,188
|
$
|
3,730
|
$
|
4,525
|
$
|
6,833
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
94,986,784
|
79,307,281
|
94,105,280
|
79,430,438
|
Weighted average
number of common shares - diluted
|
106,272,945
|
84,495,194
|
106,245,283
|
84,618,351
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
0.02
|
$
|
0.05
|
$
|
0.05
|
$
|
0.09
|
Earnings per share -
diluted
|
$
|
0.02
|
$
|
0.04
|
$
|
0.04
|
$
|
0.08
|
CHARLOTTE'S WEB
HOLDINGS, INC
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
|
(In thousands of
United States dollars)
|
|
|
|
Contributed
|
Retained
|
|
Six months ended June
30, 2018
|
Share
capital
|
surplus
|
earnings
|
Total
|
|
|
|
|
|
Balance - December
31, 2017
|
$
|
5,835
|
$
|
787
|
$
|
6,017
|
$
|
12,639
|
|
|
|
|
|
Exercise of common
stock options
|
42
|
-
|
-
|
42
|
|
|
|
|
|
Share-based
compensation expense
|
-
|
421
|
-
|
421
|
|
|
|
|
|
Share issuance
costs
|
(104)
|
-
|
-
|
(104)
|
|
|
|
|
|
Net income
|
-
|
-
|
6,833
|
6,833
|
|
|
|
|
|
Balance - June 30,
2018
|
$
|
5,773
|
$
|
1,208
|
$
|
12,850
|
$
|
19,831
|
|
|
|
|
|
|
|
Contributed
|
Retained
|
|
Six months ended June
30, 2019
|
Share
capital
|
surplus
|
earnings
|
Total
|
|
|
|
|
|
Balance - December
31, 2018
|
$
|
101,175
|
$
|
2,498
|
$
|
17,825
|
$
|
121,498
|
|
|
|
|
|
Exercise of common
stock options
|
1,663
|
(1,266)
|
-
|
397
|
|
|
|
|
|
Exercise of broker
stock warrants
|
1,295
|
(834)
|
-
|
461
|
|
|
|
|
|
Income tax benefit
from stock options
|
7,278
|
-
|
-
|
7,278
|
|
|
|
|
|
Share-based
compensation expense
|
-
|
749
|
-
|
749
|
|
|
|
|
|
Net income
|
-
|
-
|
4,525
|
4,525
|
|
|
|
|
|
Balance - June 30,
2019
|
$
|
111,411
|
$
|
1,147
|
$
|
22,350
|
$
|
134,908
|
CHARLOTTE'S WEB
HOLDINGS, INC
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands of
United States dollars)
|
|
|
|
Six months ended June
30,
|
|
2019
|
2018
|
Cash flows from
operating activities:
|
|
|
Net income
|
$
|
4,525
|
$
|
6,833
|
|
|
|
Items not involving
cash:
|
|
|
Depreciation and
amortization
|
1,406
|
576
|
Change in fair value
of biological assets
|
(496)
|
(453)
|
Accretion on
convertible note
|
-
|
71
|
Change in fair value
of convertible note
|
-
|
(66)
|
Allowance for doubtful
accounts
|
136
|
152
|
Inventory
reserve
|
953
|
115
|
Deferred
rent
|
(73)
|
(11)
|
Share-based
compensation
|
749
|
421
|
(Gain)/Loss on
disposal of fixed assets
|
8
|
(28)
|
Deferred income
taxes
|
(182)
|
(184)
|
|
|
|
Changes in working
capital:
|
|
|
Trade and other
receivables
|
(2,693)
|
(827)
|
Inventories
|
(10,296)
|
(1,118)
|
Prepaid expenses and
other current assets
|
(5,611)
|
(829)
|
Accounts
payable
|
(1,302)
|
465
|
Accrued
liabilities
|
(2,373)
|
1,909
|
Income
taxes
|
(166)
|
(844)
|
Deferred
revenue
|
171
|
(87)
|
|
(15,244)
|
6,095
|
|
|
|
Cash flows from
investing activities:
|
|
|
Funding of note
receivable
|
(1,400)
|
-
|
Purchases of property
and equipment and intangibles
|
(4,059)
|
(1,324)
|
Proceeds from sale of
assets
|
53
|
38
|
Proceeds from related
party
|
14
|
-
|
Other long-term
assets
|
(812)
|
197
|
|
(6,204)
|
(1,089)
|
|
|
|
Cash flows from
financing activities:
|
|
|
Proceeds from common
stock option exercise
|
397
|
42
|
Proceeds from stock
warrant exercise
|
461
|
-
|
Payments on notes
payable
|
(5)
|
(18)
|
Payments on lease
obligations
|
(1,378)
|
(153)
|
|
(525)
|
(1,278)
|
|
|
|
Increase (decrease) in
cash
|
(21,973)
|
3,728
|
Cash, beginning of
year
|
73,404
|
7,056
|
Cash, end of
period
|
$
|
51,431
|
$
|
10,784
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
Cash paid for
interest
|
$
|
134
|
$
|
130
|
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SOURCE Charlotte's Web
Holdings, Inc.