Company Quick10K Filing
Tilray
Price25.94 EPS-1
Shares98 P/E-19
MCap2,546 P/FCF-15
Net Debt-100 EBIT-132
TEV2,445 TEV/EBIT-19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-13
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-25
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-29
S-1 2018-06-20 Public Filing
8-K 2020-06-05
8-K 2020-05-28
8-K 2020-05-26
8-K 2020-05-11
8-K 2020-03-25
8-K 2020-03-13
8-K 2020-03-02
8-K 2020-01-24
8-K 2020-01-14
8-K 2019-12-12
8-K 2019-12-06
8-K 2019-11-12
8-K 2019-09-10
8-K 2019-09-09
8-K 2019-08-28
8-K 2019-08-13
8-K 2019-06-10
8-K 2019-05-30
8-K 2019-05-14
8-K 2019-03-18
8-K 2019-02-19
8-K 2019-02-15
8-K 2019-01-21
8-K 2019-01-14
8-K 2018-12-18
8-K 2018-11-13
8-K 2018-10-22
8-K 2018-10-04
8-K 2018-10-03
8-K 2018-08-28
8-K 2018-07-23

TLRY 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits.
EX-10.5 tlry-ex105_44.htm
EX-31.1 tlry-ex311_6.htm
EX-31.2 tlry-ex312_8.htm
EX-32.1 tlry-ex321_9.htm
EX-32.2 tlry-ex322_7.htm

Tilray Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02016201720182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22016201720182020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to

Commission File Number: 001-38594

 

Tilray, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

82-4310622

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

1100 Maughan Road

Nanaimo, BC, Canada, V9X IJ2

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (844) 845-7291

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class 2 Common Stock, $0.0001 par value per share

 

TLRY

 

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of May 11, 2020, the registrant had 16,666,665 shares of Class 1 Common Stock, $0.0001 par value per share, and 108,195,284 shares of Class 2 Common Stock, $0.0001 par value per share, outstanding.

 

 


Table of Contents

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

1

Item 1.

 

Condensed Consolidated Financial Statements (Unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets

 

1

 

 

Condensed Consolidated Statements of Net Loss and Comprehensive Loss

 

2

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

3

 

 

Condensed Consolidated Statements of Cash Flows

 

4

 

 

Notes to Condensed Consolidated Financial Statements

 

5

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

Item 4.

 

Controls and Procedures

 

40

PART II.

 

OTHER INFORMATION

 

41

Item 1.

 

Legal Proceedings

 

41

Item 1A.

 

Risk Factors

 

42

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

70

Item 3.

 

Defaults Upon Senior Securities

 

70

Item 4.

 

Mine Safety Disclosures

 

70

Item 5.

 

Other Information

 

70

Item 6.

 

Exhibits

 

71

Signatures

 

73

 

 

 

 

 

i


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

TILRAY, INC.

Condensed Consolidated Balance Sheets

(in thousands of United States dollars, except for share and par value data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

173,990

 

 

$

96,791

 

Accounts receivable, net of allowance for credit losses of $595 and provision for sales returns of $1,138 (December 31, 2019 - $615 and $1,400, respectively)

 

 

38,324

 

 

 

36,202

 

Inventory

 

 

95,586

 

 

 

87,861

 

Prepayments and other current assets

 

 

31,066

 

 

 

38,173

 

Total current assets

 

 

338,966

 

 

 

259,027

 

Property and equipment, net

 

 

186,970

 

 

 

184,217

 

Operating lease, right-of-use assets

 

 

18,654

 

 

 

17,514

 

Intangible assets, net

 

 

187,892

 

 

 

228,828

 

Goodwill

 

 

150,870

 

 

 

163,251

 

Equity method investments

 

 

8,827

 

 

 

11,448

 

Other investments

 

 

21,250

 

 

 

24,184

 

Other assets

 

 

2,135

 

 

 

7,861

 

Total assets

 

$

915,564

 

 

$

896,330

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

23,907

 

 

 

39,125

 

Accrued expenses and other current liabilities

 

 

47,032

 

 

 

50,829

 

Accrued lease obligations

 

 

3,370

 

 

 

2,473

 

Senior Facility - current

 

 

4,723

 

 

 

 

Warrant liability

 

 

92,339

 

 

 

 

Total current liabilities

 

 

171,371

 

 

 

92,427

 

Accrued lease obligations

 

 

28,538

 

 

 

29,407

 

Deferred tax liability

 

 

48,019

 

 

 

53,363

 

Convertible notes, net of issuance costs

 

 

432,807

 

 

 

430,210

 

Senior Facility, net of transaction costs

 

 

39,106

 

 

 

 

Other liabilities

 

 

5,415

 

 

 

5,652

 

Total liabilities

 

$

725,256

 

 

$

611,059

 

Commitments and contingencies (refer to Note 17)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Class 1 common stock ($0.0001 par value, 250,000,000 shares authorized;

   16,666,665 shares issued and outstanding)

 

 

2

 

 

 

2

 

Class 2 common stock ($0.0001 par value; 500,000,000 shares authorized;

   107,976,818 and 86,114,560 shares issued and outstanding, respectively

 

 

11

 

 

 

9

 

Additional paid-in capital

 

 

840,436

 

 

 

705,671

 

Accumulated other comprehensive (loss) income

 

 

(6,988

)

 

 

9,719

 

Accumulated deficit

 

 

(643,153

)

 

 

(430,130

)

Total stockholders’ equity

 

 

190,308

 

 

 

285,271

 

Total liabilities and stockholders’ equity

 

$

915,564

 

 

$

896,330

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


TILRAY, INC.

Condensed Consolidated Statements of Net Loss and Comprehensive Loss

(in thousands of United States dollars, except for share and per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Revenue (inclusive of excise duties of $4,972 and $1,559, respectively)

 

$

52,102

 

 

$

23,038

 

Cost of sales

 

 

 

 

 

 

 

 

Product costs

 

 

37,188

 

 

 

17,329

 

Inventory valuation adjustments

 

 

4,044

 

 

 

324

 

Gross profit

 

 

10,870

 

 

 

5,385

 

General and administrative expenses

 

 

17,776

 

 

 

12,934

 

Sales and marketing expenses

 

 

17,876

 

 

 

7,821

 

Research and development expenses

 

 

1,258

 

 

 

1,048

 

Stock-based compensation expenses

 

 

7,677

 

 

 

5,736

 

Depreciation and amortization expenses

 

 

3,591

 

 

 

1,865

 

Impairment of assets

 

 

29,839

 

 

 

 

Acquisition-related expenses, net

 

 

2,355

 

 

 

4,424

 

Loss from equity method investments

 

 

1,748

 

 

 

 

Operating loss

 

 

(71,250

)

 

 

(28,443

)

Foreign exchange loss, net

 

 

28,069

 

 

 

179

 

Change in fair value of warrant liability

 

 

71,978

 

 

 

 

Interest expenses, net

 

 

9,146

 

 

 

8,744

 

Finance income from ABG

 

 

 

 

 

(135

)

Other expense (income), net

 

 

4,651

 

 

 

(3,845

)

Loss before income taxes

 

 

(185,094

)

 

 

(33,386

)

Deferred income tax recoveries

 

 

(1,272

)

 

 

(3,777

)

Current income tax expenses (benefit)

 

 

301

 

 

 

(240

)

Net loss

 

$

(184,123

)

 

$

(29,369

)

Net loss per share - basic and diluted

 

 

(1.73

)

 

 

(0.31

)

Weighted average shares used in computation of net loss per

   share - basic and diluted

 

 

106,463,352

 

 

 

94,875,351

 

Net loss

 

$

(184,123

)

 

$

(29,369

)

Foreign currency translation loss, net

 

 

(16,633

)

 

 

(475

)

Unrealized (loss) gain on available-for-sale debt securities

 

 

(74

)

 

 

19

 

Other comprehensive loss

 

 

(16,707

)

 

 

(456

)

Comprehensive loss

 

$

(200,830

)

 

$

(29,825

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2


TILRAY, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands of United States dollars, except for share data, unaudited)

 

 

 

Preferred shares

 

 

Common stock

 

 

Additional

 

 

Accumulated other

 

 

 

 

 

 

Total

 

 

 

Number of

shares

 

 

Amount

 

 

Number of

shares

 

 

Amount

 

 

paid-in

capital

 

 

comprehensive (loss)

income

 

 

Accumulated

deficit

 

 

stockholders' equity

(deficit)

 

Balance as of December 31, 2018

 

 

 

 

$

 

 

 

93,170,867

 

 

$

10

 

 

$

302,057

 

 

$

3,763

 

 

$

(108,177

)

 

$

197,653

 

Cumulative effect adjustment from transition to ASU 2016-01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

803

 

 

 

(803

)

 

 

 

Cumulative effect adjustment from transition to ASC 842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

19

 

Shares issued for Natura acquisition

 

 

 

 

 

 

 

 

180,332

 

 

 

 

 

 

15,100

 

 

 

 

 

 

 

 

 

15,100

 

Shares issued for Manitoba Harvest acquisition

 

 

 

 

 

 

 

 

1,209,946

 

 

 

 

 

 

96,844

 

 

 

 

 

 

 

 

 

96,844

 

Shares issued for ABG Profit Participation Agreement

 

 

 

 

 

 

 

 

1,680,214

 

 

 

 

 

 

125,097

 

 

 

 

 

 

 

 

 

125,097

 

ABG finance receivable, net of finance income of $2,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,292

)

 

 

 

 

 

 

 

 

(30,292

)

Shares issued under stock-based compensation plans

 

 

 

 

 

 

 

 

545,000

 

 

 

 

 

 

931

 

 

 

 

 

 

 

 

 

931

 

Shares issued for employee compensation

 

 

 

 

 

 

 

 

11,868

 

 

 

 

 

 

649

 

 

 

 

 

 

 

 

 

649

 

Stock-based compensation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,736

 

 

 

 

 

 

 

 

 

5,736

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(456

)

 

 

 

 

 

(456

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,369

)

 

 

(29,369

)

Balance as of March 31, 2019

 

 

 

 

$

 

 

 

96,798,227

 

 

$

10

 

 

$

516,122

 

 

$

4,110

 

 

$

(138,330

)

 

$

381,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

 

 

$

 

 

 

102,781,225

 

 

$

11

 

 

$

705,671

 

 

$

9,719

 

 

$

(430,130

)

 

$

285,271

 

Proceeds from ABG Profit Participation Arrangement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,353

 

 

 

 

 

 

 

 

 

1,353

 

Write-off of ABG finance receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,900

 

 

 

 

 

 

(28,900

)

 

 

 

Escrow shares released from downstream merger

 

 

 

 

 

 

 

 

(7,659

)

 

 

 

 

 

(151

)

 

 

 

 

 

 

 

 

(151

)

Shares issued for common stock at-the-market, net of issuance costs

 

 

 

 

 

 

 

 

2,265,115

 

 

 

 

 

 

27,027

 

 

 

 

 

 

 

 

 

27,027

 

Shares issued for investments

 

 

 

 

 

 

 

 

6,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued under stock-based compensation plans

 

 

 

 

 

 

 

 

597,868

 

 

 

 

 

 

1,079

 

 

 

 

 

 

 

 

 

1,079

 

Stock-based compensation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,677

 

 

 

 

 

 

 

 

 

7,677

 

Shares issued under registered offering, net of issuance costs

 

 

 

 

 

 

 

 

7,250,000

 

 

 

1

 

 

 

19,827

 

 

 

 

 

 

 

 

 

19,828

 

Shares issued for exercise of pre-funded warrants

 

 

 

 

 

 

 

 

11,750,000

 

 

 

1

 

 

 

49,053

 

 

 

 

 

 

 

 

 

49,054

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,707

)

 

 

 

 

 

(16,707

)

Net loss