$VRNOF 3Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $227.6M/$82.1M vs $227M/$72M est, beats of 0.3%/14%, resp
2. GMs/AEBITDA margin 54%/36%, up 1,000bps/232bps QoQ, resp; but up 650bps/down 1,300bps YoY, resp (some big swings; need to look at adj. more closely)
... 3. CFO of +$21.7M in the qtr before paying taxes. Stacking taxes on the BS added $65.7M to CFO; said differently, paying taxes alone would've made for fairly negative CFO in the qtr. Income tax payable has ballooned to $222M and Co committed to running (growing?) tax balance
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$TCNNF 3Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $300.8M/$98.8M vs est of $307.3M/$100.3M, misses of 2.1%/1.5%, resp
2. GMs/AEBITDA margin of 56%/32.8%, both down QoQ and YoY (YoY comparison incl drag from Harvest)
... 3. CFO was -$21.6M in the qtr after paying taxes (Company is basically current on taxes). Capex of $37.6M in the qtr
4. Cash of $114.5M vs. debt of $553M (ex. lease obligations)
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$CURLF 3Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $339.7M/$84M vs. est of $336.6M/$84.5M, beat/miss of 0.9%/0.5%, resp
2. GM/AEBITDA margin of 48.5%/24.7%, down 360bps/80bps, resp. GM decline largely driven by lower AUV and discounts to clear aging inventory
... 3. $CURLF generated $60M CFO in the qtr, although this is before paying taxes (income tax payable grew $42M in the qtr to $167M; mgmt said they paid $30M in October)
4. Cash of $198M vs. debt of $599M (ex. lease liabilities of $425M)
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$GTBIF 3Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $261M/$84M vs. est of $255M/$78M, beats of 2.3%/8.3%, resp. Comp stores sales down 1.6% yoy (59 stores)
2. GMs of 50.2% and AEBITDA margin of 32.3%, higher qoq by 70bps/130bps, resp
... 3. GM improvement was nice to see and driven by wholesale efficiencies, retail verticality, and "good negotiating" offset by price and inflation. Mgmt said they saw an easing of price pressure and of some inputs like packaging and labor. Higher unit volumes > lower price
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$AYRWF 2Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $110.1M/$19.6M vs. est of $114.7M/$20.8M, 4%/5.5% misses
2. GAAP GMs of 36.6%, AGMs of 52%, and AEBITDA margin of 17.8%. Lot of noise in the adj, but safe to say Co is seeing margin compression along with everyone else
... 3. $AYRWF continues to miss guidance and that has become the overarching story. At 1Q22, co-reiterated $800M run-rate by 4Q, implying $200M sales in 4Q22. Most recent guidance suggests something closer to $133-145M (10-20% growth). Steep cut
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$CRLBF 2Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $218.2M/$50.6M vs. est of $218.1M/$51.1M, in-line on both
2. GM/AEBITDA Margin of 52%/23%, resp, +360bps/+150bps yoy, resp
... 3. Let's start higher level...$CRLBF seeing a lot of the same macro/inflation/pricing pressures as the other MSOs. What stood out though was Co was very open that these things would continue to be a rev drag in 2H22. Higher mix of wholesale perhaps makes them more exposed...

$VRNOF 2Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $224M/$76M vs. $221M/$86M est, 1.3% beat/11% miss, resp
2. GMs/AEBITDA margins of 44%/34%, resp
3. Lot of accounting issues here so hard to know what's comparable to prior periods or if these are the right #s... ...whenever the Co gets the numbers set I'd love for them to publish qtrly historicals back to 1Q20 so we can have a comparable set of fins to understand the trajectory of the business (I've seen companies outside cannabis do this before to help investors after a big change)
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$TCNNF 2Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $320.3M/111M vs. $319M/$106M est, 0.4%/4.7%, resp.
2. GMs/AEBITDA margin of 57%/34.6%, resp, both down yoy due to the dilutive impact of Harvest but up QoQ
... 3. Similar to $GTBIF and $CURLF, $TCNNF leaned more into their verticality to preserve margins this qtr. Given a majority of $TCNNF's biz is in FL, this is less of a lever vs. peers, but sounds like co really focused on verticality outside of FL going forward
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$CURLF 2Q22 Earnings - My Takeaways:

1. Rev/AEBITDA of $337.6M/$86.2M vs. $335.3M/$82.8M est, beats of 1%/4%, resp
2. GMs/AEBITDA margin of 52.1%/25.5%, +240bps/-150bps, resp
... 3. Similar to $GTBIF, real story of the qtr around margins. $CURLF was able to expand GMs through combo of more verticalization AND pulling back in lower margin states such as CA and CO. NJ also a positive driver. AEBITDA margins down though bc of higher SG&A and less addbacks...

$TCNNF - 1Q22 Earnings - My Takeaways:

1. Rev/AEBITDA of $318M/$105.5M vs. est of $306.4M/$100.2M, beats of 4%/5%, resp
2. GM/AEBITDA margin of 56%/33%, up/flat seq. Adj. GMs of 58% (ex. inv step-ups)
... 3. CFO of $45.1M before taxes (income tax liability of $77.7M) and capex of $55M. CFO said they would have 2 tax payments in 2Q
4. $267M cash vs. $549M debt. Co said they could throttle capex based on market envt if reqd
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$CURLF 1Q22 Earnings - My Takeaways:

1. Rev/AEBITDA of $313M/$73M vs est of $315.7M/$74.9M, misses of 1%/2.6%, resp. -2.2% growth QoQ and +20% YoY
2. GM/AEBITDA margin of 49.5%/23.3%, +12bps/-76bps yoy and -40bps/-160bps QoQ
... 3. Big piece of news - $CURLF named current President, Matt Darrin, as the new CEO, with current CEO, Joe Bayern, moving to be the head of a new CPG initiative. More details to come on CPG in early July

Back to the numbers...

$GTBIF 1Q22 Earnings - My Takeaways:

1. Revs/AEBITDA of $242.6M/$67M vs. est of $237.1M/$73.5M, beat/miss of 2%/9%, resp
2. Few notable things came out of the call today... 3. First was ongoing margin compression. GMs of 50.7%, which compressed 210bps QoQ and 634bps YoY. AEBITDA margin of 27.6%, down 350bps QoQ and 900bps yoy
4. GM compression drove most of the EBITDA margin compression and was due to several factors...

1Q22 Cannabis Pre-Earnings Thoughts:

1. 1Q22 MSO earnings kickoff this week with $GTBIF this Wednesday (5/4) AMC
2. Overall market softness well telegraphed, but often hard to tell how much a co is growing given the MSOs don't break out organic vs. M&A growth
... 3. Parsing language and some of the data, core organic growth (growth ex. M&A done in last 12 months) is slowing into the LSD/MSD range. The capped nature of retail/cult in some markets likely to be a drag in 2022 and maybe beyond (e.g. IL)...

$VRNOF 4Q21 Earnings - My Takeaways:

1. Revs/AEBITDA of $211M/$84M vs. est $210M/$94M, 0.5% beat/-10.5% miss, resp. Switch from IFRS to GAAP had $3M impact on EBITDA so not totally comparable to estimates
... 2. GMs came in 54%, which optically looks like a meaningful decline QoQ, but few factors: a) per GAAP, co now amortizing license value in COGS and b) negative mix from new acquisitions incl inventory step-ups (accounting treatment)...

$TCNNF 4Q21 Earnings - My Takeaways:

1. Revs/AEBITDA of $305M/$101M vs. est. of $306M/$104M, misses of 0.2%/3%, esp
2. GAAP GM of 43%, adj GM of 59%, AEBITDA margin of 33%, all material step downs QoQ/YoY due to consolidation of Harvest
3. 4Q CFO was -$62M and FCF was -$159M
... 4. Lot of noise in the 4Q print with Harvest. I tried to separate the two best I could and am getting to 4Q Harvest revs of $77-86M, GMs of 36-39%, and FCF negative. Its been well-telegraphed that Harvest would be financially dilutive but we have our first bogey now
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This morning, $TCNNF completed its acquisition of $HRVSF. A big moment for the company, and congrats to @rivers_kim and team for closing the deal in under 5 months. Some highlights and thoughts from their call this morning:

... 1. PF company is the largest and most profitable MSO (by a small amount on revenue and by a meaningful amount on Adj. EBITDA)
2. PF Company has 149 stores (37% more than nearest comp) and 3.1mm sq. ft. of cultivation (~2mm is in FL)
3. Core markets: FL, AZ, PA
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$AYRWF 2Q21 Earnings - My Takeaways:

1. Revs/AEBITDA of $91.3m/$27.4m vs. est. of $90.7m/$27.7m. Basically in-line; small misses on AEBITDA and margin
2. Adj. GMs and AEBITDA margins down 40bps/140bps QoQ. Some changes to GM calc that lifted #s
... 3. Guidance in focus. 3Q guide of $100mm revs and flat AEBITDA might've left some folks a little disappointed, but this was always going to be a 2022 story. 3Q guide incl. a little of NJ, anticipating acq close in 3Q. So, Co guiding to muted QoQ organic growth in 3Q...

$TCNNF 2Q21 Earnings - My Takeaways:

1. Revs/AEBITDA of $215.1m/$94.9m vs est. of $205m/$92m. Solid beats. 44% AEBITDA margins
2. Real story around gross margin. GMs compressed 300bps from 70% in 1Q21 to 67% in 2Q21
... 3. Company cited 2 main factors in FL: a) price discounts in response to competitors aggressive actions and b) tighter labor markets. CFO said without these two factors, GMs would've been 71%. Glad they quantified it, but I'd take the 71% with a grain of salt...

$GTBIF 2Q21 Earnings - My Takeaways:

1. Revenue and AEBITDA of $222m/$79.3 vs. $207m/$74.3m estimate (unadj. EBITDA down slightly QoQ). Nice beat on topline.
... 2. GMs were 55.4%, down 160bps QoQ driven by investments in cultivation and brand distribution. CFO said these investments will continue. Company focused on keeping GMs above 50% level, but sounds like excess will be reinvested for foreseeable future (not much upside NT)
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$VRNOF 2Q21 Earnings - My Takeaways:

1. Revs and AEBITDA of $199m/$81m vs. est. of $188m/$81.5m. GMs declined to 50%, and unadj. EBITDA margin was 26% and AEBITDA margin was 41%
2. Lots to unpack in the report, incl some one-time impacts from M&A and accounting changes
... 3. First, on 1Q call company guided to "near" $200mm in revs for 2Q, and said unadj EBITDA margins should be in low-40s range with some potential volatility as acquisitions are integrated. By this measure, Company did what they said on revs, and EBITDA indeed showed some vol
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$CURLF 2Q21 Earnings - My Takeaways:

1. Revenue and AEBITDA of $312m and $84m vs. est. of $308m and $83.3m. Unclear if est. included the $5mm of EMMAC revs
2. EBITDA margins showed nice sequential improvement (total +300bps; US-only +400bps). GMs also up
... 3. 27% total EBITDA margin on track to hit 30% guidance in 4Q. Sounds like GM upside more muted in near term
4. Left 2021 guide unch. Some conservatism, perhaps
5. $CURLF has $100mm annualized revs in 5 states w/ 2 more joining that group soon
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