- Ayr announces share buyback program of up to 5% of subordinate voting shares – the maximum amount allowed for companies listed on the CSE
- Reiterates 2022 forecast of $ 800 million in revenue and $ 300 million in adjusted EBITDA1
- Ayr’s cash balance as of June 30, 2021 was $ 123 million
NEW YORK, August 25, 2021 (GLOBE NEWSWIRE) – Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically integrated multi-state cannabis operator (MSO) , announced that its Board of Directors has authorized, with immediate effect, the repurchase of a maximum of 5% of the Company’s subordinate voting shares (the “Shares”), the maximum amount authorized for listed companies on the CSE stock exchange, over the next 12 months in accordance with a public tender offer.
Jonathan Sandelman, CEO of Ayr Wellness, said: “We have said time and again that our stock is significantly undervalued, and we are drawing a line under that statement with today’s share buyback announcement. . We expect this program to be used opportunistically and start immediately. We could not be more pleased with the current state of our operations and continue to invest in the explosive growth of our business, as evidenced by our increased revenue forecast last week. We continue to invest and grow our business, both organically and through mergers and acquisitions, and this buyback program also allows us to invest in the exceptional value that our own shares represent. ”
“The share buyback program will in no way interfere with our ambitious growth plans to enter new markets and / or complete our current investment projects. With over $ 120 million in cash on our balance sheet and extremely attractive and open debt markets to us, we are confident in our ability to meet our stated goals and meet our 2022 revenue targets of $ 800 million. and $ 300 million in adjusted revenue. EBITDA1», Concluded Mr. Sandelman.
1 The forecasts are based on the assumptions described in our management report of June 30, 2021
Definition and reconciliation of non-GAAP measures
The Company presents certain non-GAAP measures that are used to assess the performance of its businesses and the performance of their respective segments, as well as to manage their capital structures. Because non-GAAP measures generally do not have standardized meanings, they may not be comparable to similar measures presented by other issuers. Securities regulators require that these measures be clearly defined and reconciled with their most comparable GAAP measures.
Rather, they are provided as additional information to supplement these GAAP measures by providing a better understanding of the results of the Company’s operations from a management perspective. Consequently, these measures should not be considered in isolation, nor as a substitute for the analysis of the Company’s financial information presented in accordance with GAAP. Non-GAAP measures used to analyze the performance of the Company’s business include “Adjusted EBITDA” and “Adjusted Gross Profit”.
The Company believes that these non-GAAP financial measures provide significant additional information about the Company’s performance and may be useful to investors as they allow greater transparency with respect to the key measures used by management in its decision-making. financial and operational decision. These financial measures are intended to provide investors with additional measures of the operational performance of the Company and thereby highlight trends in the main activities of the Company which may not otherwise be apparent based solely on GAAP measures.
“Adjusted EBITDA” represents the operating loss, as reported, before interest and taxes, adjusted to exclude non-recurring items, other non-monetary items, including depreciation and amortization, and adjusted to remove compensation at non-monetary equity basis, the recognition of additional costs to acquire cannabis stocks as part of a business combination, acquisition costs and start-up costs.
A reconciliation of how Ayr calculates Adjusted EBITDA is provided in our MD&A for the quarter ended June 30, 2021.
Certain information contained in this press release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”, “anticipate”, “believe”, “expect”, “could”, “may”, “Estimate”, “objective”, “prospect”, “intention”, “plan”, “seek”, “will”, “can”, “continue”, “the pace” and “should” and expressions or similar words suggesting future results. This press release contains forward-looking information and statements concerning, among other things, Ayr’s future growth plans. Numerous risks and uncertainties could cause actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive advantages may not be realized; events or series of events, including those related to COVID-19, may cause business interruptions; required regulatory approvals may not be obtained; acquisitions may not be able to be completed on satisfactory terms or not at all; and Ayr may not be able to raise additional debt or equity. Among other things, Ayr has assumed that its business will operate as intended, that it will be able to complete acquisitions on reasonable terms and that all required regulatory approvals will be obtained on satisfactory terms and on schedule. In particular, there can be no assurance that we will complete any pending acquisitions or enter into agreements with respect to other acquisitions.
Forward-looking estimates and assumptions involve known and unknown risks and uncertainties which may cause actual results to differ materially. Although Ayr believes that there is a reasonable basis for these assumptions, these estimates may not be satisfied. These estimates represent forward-looking information. Actual results may vary and differ materially from estimates.
Assumptions and Risks
Forward-looking information on this subject is subject to the assumptions and risks described in our management report dated June 30, 2021.
For more information on the Company’s operations and outlook in 2Q2021, please see Ayr’s corporate presentation posted in the Investors section of the Company’s website at www.ayrwellness.com.
About Ayr Bien-être inc.
Ayr is a growing, vertically integrated US multi-state cannabis operator focused on delivering the highest quality cannabis products and customer experience across its footprint. Starting from the belief that it all starts with the quality of the plant, the company focuses on superior cultivation to grow top brand cannabis products. Ayr strives to enrich the consumer experience every day through the well-being and wonders of cannabis.
Ayr’s leadership team brings a proven track record in growing successful businesses through disciplined operational and financial management, and is committed to making a positive impact for customers, employees and the communities they touch. . For more information, please visit www.ayrwellness.com.
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