Q1 2024 Ascend Wellness Holdings Inc Earnings Call Transcript
Key Points
- Ascend Wellness Holdings Inc reported a 25% increase in total revenue net of inter-company sales, reaching $142 million.
- Adjusted EBITDA for the quarter was $32.5 million, up 39% from the previous year, showing strong profitability.
- The company successfully opened eight new dispensaries and acquired four in Maryland, contributing to retail growth.
- Ascend Wellness Holdings Inc has a strong cash position with $73 million in cash and equivalents, enhancing its financial stability.
- The company is actively pursuing a retail partnership strategy with social equity licensees, aiming to expand its footprint by over 50%.
- Retail sales experienced a 2% sequential decline due to increased competition in New Jersey and Illinois.
- Despite overall growth, there were modest sequential declines in retail offsetting gains in the wholesale segment.
- The company faces ongoing challenges with debt refinancing, although it is in constructive conversations with lenders.
- Ascend Wellness Holdings Inc is subject to market normalization and price competitiveness due to increased competition in key states like Illinois and New Jersey.
- Quarterly fluctuations in free cash flow generation are expected due to the timing of working capital uses and capital expenditures.
Good morning and thank you for standing by, and welcome to AWH First Quarter 2024 earnings call.
I'd now like to hand over the conference to your first speaker today, Rebecca Koar, Executive Vice President of Investor Relations and Strategy.
Please go ahead.
Good morning, and welcome to AWH's Earnings Call for the First Quarter of 2024. The presentation that accompanies this call can be found on the Investor Relations section of our website.
Before we proceed, I would like to remind you that the following discussion and presentation contains various forward-looking statements or information. These forward-looking statements or information are subject to risks and uncertainties that may cause actual results to differ from historical or anticipated results. For more information on these risks and uncertainties, please refer to slide 2 of this presentation, today's earnings release and our SEC and CDR filings, including our most recent report on Form-10
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