AICPA appoints Rahul Gupta as chairman of FinRec
The American Institute of CPAs (AICPA) has appointed Rahul Gupta as the chairman of its Financial Reporting Executive Committee (FinREC).
Based in Chicago, Gupta is an audit partner in Grant Thornton's National Office as well as a principal at Grant Thornton Advisors, where he assists teams and clients with complex accounting issues and develops thought leadership on accounting standards.
Gupta has been contributing to FinREC since May 2022 and is also a member of the AICPA's Digital Assets Working Group.
His prior experience includes a significant role at the Financial Accounting Standards Board (FASB) as a practice fellow and senior project manager, where he helped enhance U.S. GAAP with his technical knowledge and practical insights.
Gupta's role also involves liaising with key standard-setting bodies such as FASB, the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (SEC).
FinREC outgoing chair and a managing director at Deloitte Mark Crowley said: 'Rahul brings extensive experience and significant acumen in accounting standards to FinREC,'
'He has made substantial contributions as a volunteer on FinREC and other AICPA working groups and is an excellent choice to lead FinREC.'
AICPA's director of accounting standards Kim Kushmerick said: 'Having worked with Rahul for many years, we are fortunate to have someone with his knowledge and experience to chair FinREC.'
FinREC's mission is to articulate the AICPA's technical policies on financial reporting standards and act as its voice on these matters. The committee aims to serve the public interest by fostering improvements in financial reporting.
Earlier in May 2025, the AICPA announced the retirement of Carl Peterson, its vice-president for small firm interests, on 30 June 2025.
"AICPA appoints Rahul Gupta as chairman of FinRec" was originally created and published by The Accountant, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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"By staying disciplined and thoughtful in how we deploy capital, we're positioning Cresco Labs to drive margin expansion, gain market share, and invest in sustainable growth when the right opportunities arise." Balance Sheet, Liquidity, and Other Financial Information As of March 31, 2025, current assets were $311 million, including cash, cash equivalents, and restricted cash of $159 million. The Company had senior secured term loan debt, net of discount and issuance costs, of $353 million and a mortgage loan, net of discount and issuance costs of $18 million. Total shares on a fully converted basis to Subordinate Voting Shares were 484,592,240 as of March 31, 2025. Conference Call and Webcast The Company will host a conference call and webcast to discuss its financial results on Monday, June 2, 2025, at 8:30am Eastern Time (7:30am Central Time). 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Forward-Looking Statements This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'). Such forward-looking statements are not representative of historical facts or information or current condition but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, 'may,' 'will,' 'should,' 'could,' 'would,' 'expects,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'projects,' 'predicts,' 'potential,' or 'continue,' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under 'Risk Factors' in the Company's Annual Information Form for the year ended December 31, 2024, filed on SEDAR+ and EDGAR, other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. 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First quarter Adjusted EBITDA1 of $36 million and Adjusted EBITDA margin1 of 22%. Retained the No. 1 share position in multiple billion dollar markets.2 Management Commentary "We entered 2025 with the flexibility and financial strength needed to navigate market volatility, complete our debt refinancing, and remain both strategic and patient as we invest thoughtfully for long-term growth." In Q1, we delivered $166 million in revenue, reflecting our successful plan to reduce AR exposure by limiting sales to wholesale accounts with credit risk. We generated $82 million in adjusted gross profit, and $36 million in Adjusted EBITDA. Most importantly, these actions translate into strong cash results. We generated $30 million in operating cash flow and ended the quarter with $162 million in cash, our highest balance in the past three years. "We're focused on ensuring our balance sheet remains in the strongest possible position to support long-term value creation," said Charlie Bachtell, Cresco Labs CEO and co-founder. "By staying disciplined and thoughtful in how we deploy capital, we're positioning Cresco Labs to drive margin expansion, gain market share, and invest in sustainable growth when the right opportunities arise." Balance Sheet, Liquidity, and Other Financial Information As of March 31, 2025, current assets were $311 million, including cash, cash equivalents, and restricted cash of $159 million. The Company had senior secured term loan debt, net of discount and issuance costs, of $353 million and a mortgage loan, net of discount and issuance costs of $18 million. Total shares on a fully converted basis to Subordinate Voting Shares were 484,592,240 as of March 31, 2025. Conference Call and Webcast The Company will host a conference call and webcast to discuss its financial results on Monday, June 2, 2025, at 8:30am Eastern Time (7:30am Central Time). The conference call may be accessed via webcast or by dialing 1-833-470-1428 (US Toll Free) or 1-404-975-4839 (US Local), providing access code 671160. Archived access to the webcast will be available for one year on Cresco Labs' investor website, here. 1 See "Non-GAAP Financial Measures" at the end of this press release for more information regarding the Company's use of non-GAAP financial measures. 2 According to Hoodie Analytics. Consolidated Financial Statements The financial information reported in this press release is based on unaudited management prepared financial statements for the quarter ended March 31, 2025. These financial statements have been prepared in accordance with U.S. GAAP. The Company expects to file its unaudited condensed interim consolidated financial statements for the quarter ended March 31, 2025, on SEDAR+ and EDGAR on or about May 30, 2025. Accordingly, such financial information may be subject to change. All financial information contained in this press release is qualified in its entirety with reference to such financial statements. While the Company does not expect there to be any material changes between the information contained in this press release and the consolidated financial statements it files on SEDAR+ and EDGAR, to the extent that the financial information contained in this press release is inconsistent with the information contained in the Company's financial statements, the financial information contained in this press release shall be deemed to be modified or superseded by the Company's filed financial statements. The making of a modifying or superseding statement shall not be deemed an admission, for any purposes, that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company's audited financial statements for the year ended December 31, 2024, filed on SEDAR+ and EDGAR. Cresco Labs references certain non-GAAP financial measures throughout this press release, which may not be comparable to similar measures presented by other issuers. Please see the "Non-GAAP Financial Measures" section below for more detailed information. Non-GAAP Financial Measures This release reports its financial results in accordance with U.S. GAAP and includes certain non-GAAP financial measures that do not have standardized definitions under U.S. GAAP. The non-GAAP measures include: Earnings before interest, taxes, depreciation, and amortization ("EBITDA"); Adjusted EBITDA; Adjusted EBITDA margin; Adjusted gross profit; Adjusted gross profit margin; Adjusted selling, general, and administrative expenses ("Adjusted SG&A"), Adjusted SG&A margin; and Free Cash Flow are non-GAAP financial measures and do not have standardized definitions under U.S. GAAP. The Company defines these non-GAAP financial measures as follows: EBITDA as net loss (income) before interest, taxes, depreciation, and amortization; Adjusted EBITDA as EBITDA less other (expense) income, net, fair value mark-up for acquired inventory, adjustments for acquisition and non-core costs, impairment and share-based compensation; Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues, net; Adjusted gross profit as gross profit less fair value mark-up for acquired inventory and adjustments for acquisition and non-core costs; Adjusted gross profit margin as Adjusted gross profit divided by revenues, net; Adjusted SG&A as SG&A less adjustments for acquisition and non-core costs; Adjusted SG&A margin as Adjusted SG&A divided by revenues, net; and Free Cash Flow as Net cash provided by operating activities less purchases of property and equipment and proceeds from tenant improvement allowances. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with U.S. GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with U.S. GAAP and may not be comparable to similar measures presented by other issuers. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the U.S. GAAP financial measures presented herein. 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Forward-Looking Statements This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Such forward-looking statements are not representative of historical facts or information or current condition but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, 'may,' 'will,' 'should,' 'could,' 'would,' 'expects,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'projects,' 'predicts,' 'potential,' or 'continue,' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2024, filed on SEDAR+ and EDGAR, other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company's forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs' shares, nor as to the Company's financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company's forward-looking statements contained herein, whether as a result of new information, any future event, or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise. Cresco Labs Inc. Financial Information and Non-GAAP Reconciliations (All amounts expressed in thousands of U.S. Dollars) Unaudited Consolidated Statements of Operations For the Three Months Ended March 31, 2025, December 31, 2024, and March 31, 2024 For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Revenue, net $ 165,757 $ 175,909 $ 184,295 Cost of goods sold 87,126 91,883 92,083 Gross profit 78,631 84,026 92,212 Gross profit % 47.4 % 47.8 % 50.0 % Operating expenses: Selling, general, and administrative 57,811 56,030 54,013 Share-based compensation 2,075 3,133 3,614 Depreciation and amortization 5,156 5,457 5,422 Total operating expenses 65,042 64,620 63,049 Income from operations 13,589 19,406 29,163 Other (expense) income, net: Interest expense, net (14,824 ) (13,079 ) (14,071 ) Other income (expense), net 317 (3,272 ) 856 Total other expense, net (14,507 ) (16,351 ) (13,215 ) (Loss) income before income taxes (918 ) 3,055 15,948 Income tax expense (14,316 ) (2,616 ) (18,003 ) Net (loss) income 1 $ (15,234 ) $ 439 $ (2,055 ) 1 Net (loss) income includes amounts attributable to non-controlling interests. Cresco Labs Inc. Unaudited Reconciliation of Gross Profit to Adjusted Gross Profit (Non-GAAP) For the Three Months Ended March 31, 2025, December 31, 2024, and March 31, 2024 For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Revenue, net $ 165,757 $ 175,909 $ 184,295 Cost of goods sold1 87,126 91,883 92,083 Gross profit $ 78,631 $ 84,026 $ 92,212 Cost of goods sold adjustments for acquisition and other non-core costs 3,144 3,121 2,662 Adjusted gross profit (Non-GAAP) $ 81,775 $ 87,147 $ 94,874 Adjusted gross profit % (Non-GAAP) 49.3 % 49.5 % 51.5 % 1 Production (cultivation, manufacturing, and processing) costs related to products sold during the period. Cresco Labs Inc. Summarized Consolidated Statements of Financial Position As of March 31, 2025 and December 31, 2024 ($ in thousands) March 31, 2025 December 31, 2024 (unaudited) Cash, cash equivalents, and restricted cash (current) $ 158,867 $ 141,003 Other current assets 152,226 153,254 Property and equipment, net 338,399 344,846 Intangible assets, net 293,317 293,994 Goodwill 283,484 283,484 Other non-current assets 137,808 138,774 Total assets $ 1,364,101 $ 1,355,355 Total current liabilities $ 113,197 $ 94,338 Total non-current liabilities 875,335 872,841 Total shareholders' equity 375,569 388,176 Total liabilities and shareholders' equity $ 1,364,101 $ 1,355,355 Cresco Labs Inc. Unaudited Reconciliation of SG&A to Adjusted SG&A (Non-GAAP) For the Three Months Ended March 31, 2025, December 31, 2024, and March 31, 2024 For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Selling, general, and administrative $ 57,811 $ 56,030 $ 54,013 Adjustments for acquisition and other non-core costs 4,841 2,299 2,297 Adjusted SG&A (Non-GAAP) $ 52,970 $ 53,731 $ 51,716 Adjusted SG&A % (Non-GAAP) 32.0 % 30.5 % 28.1 % Cresco Labs Inc. Unaudited Reconciliation of Net (Loss) Income to Adjusted EBITDA (Non-GAAP) For the Three Months Ended March 31, 2025, December 31, 2024, and March 31, 2024 For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net (loss) income1 $ (15,234 ) $ 439 $ (2,055 ) Depreciation and amortization 12,906 13,904 15,331 Interest expense, net 14,824 13,079 14,071 Income tax expense 14,316 2,616 18,003 EBITDA (Non-GAAP) $ 26,812 $ 30,038 $ 45,350 Other (income) expense, net (317 ) 3,272 (856 ) Adjustments for acquisition and other non-core costs 7,015 4,493 4,470 Share-based compensation 2,723 3,705 4,197 Adjusted EBITDA (Non-GAAP) $ 36,233 $ 41,508 $ 53,161 Adjusted EBITDA % (Non-GAAP) 21.9 % 23.6 % 28.8 % 1 Net (loss) income includes amounts attributable to non-controlling interests. Cresco Labs Inc. Unaudited Summarized Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025, December 31, 2024, and March 31, 2024 For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net cash provided by operating activities $ 30,463 $ 29,486 $ 36,471 Net cash used in investing activities (6,869 ) (3,013 ) (5,677 ) Net cash used in financing activities (5,733 ) (42,034 ) (11,149 ) Effect of foreign currency exchange rate changes on cash and cash equivalents 2 9 (13 ) Net increase in cash and cash equivalents $ 17,863 $ (15,552 ) $ 19,632 Cash and cash equivalents and restricted cash, beginning of period 144,255 159,806 108,520 Cash and cash equivalents and restricted cash, end of period $ 162,118 $ 144,254 $ 128,152 Cresco Labs Inc. Unaudited Reconciliation of Operating Cash Flow to Free Cash Flow (Non-GAAP) For the Three Months Ended March 31, 2025, December 31, 2024, and March 31, 2024 For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net cash provided by operating activities $ 30,463 $ 29,486 $ 36,471 Purchases of property and equipment (5,818 ) (3,204 ) (3,782 ) Proceeds from tenant improvement allowances 50 439 478 Free Cash Flow (Non-GAAP) $ 24,695 $ 26,721 $ 33,167 View source version on Contacts Media Press@ Investors TJ Cole, Cresco LabsSVP, Corporate Development & Investor Relationsinvestors@ For general Cresco Labs inquiries: 312-929-0993info@
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Source Capital Declares June, July, and August 2025 Distribution on Common Stock
LOS ANGELES--(BUSINESS WIRE)--The Board of Trustees of Source Capital (NYSE: SOR) (the 'Fund'), approved maintaining the Fund's regular monthly distribution rate for June, July, and August 2025 as follows: Regular Monthly Distributions: About Source Capital Source Capital is a closed-end investment company managed by First Pacific Advisors, LP. Its shares are listed on the New York Stock Exchange under the symbol 'SOR.' The investment objective of the Fund is to seek maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital. The Fund may invest in longer duration assets like dividend paying equities and illiquid assets like private loans in pursuit of its investment objective and is thus intended only for those investors with a long-term investment horizon (greater than or equal to ~5 years). You can obtain additional information by visiting the website at by email at crm@ toll free by calling 1-800-982-4372, or by contacting the Fund in writing. Important Disclosures You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. Distributions may include ordinary income, net capital gains and/or returns of capital. Generally, a return of capital would occur when the amount distributed by the Fund includes a portion of (or is comprised entirely of) your investment in the Fund in addition to (or rather than) your pro-rata portion of the Fund's net income or capital gains. The Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with 'yield' or 'income.' A return of capital is not taxable; rather it reduces a shareholder's tax basis in his or her shares of the Fund. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such distribution through a separate written Section 19 notice. Such notices are provided for informational purposes only, and should not be used for tax reporting purposes. Final tax characteristics of all Fund distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year. It is important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements prepared in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. Please see the Fund's most recent shareholder reports for more detailed tax information. The Fund's distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund's distribution rate at a future time. As with any stock, the price of the Fund's common shares will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a price that is less than (a 'discount') or more than (a 'premium') their net asset value. If the Fund's shares trade at a premium to net asset value, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter. The Fund's portfolio statistics and performance are available by visiting the website at by email at crm@ toll free by calling 1-800-279-1241 (option 1), or by contacting the Fund in writing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state. In the event of a tender offer, there may be tax consequences for a stockholder. For example, a stockholder may owe capital gains taxes on any increase in the value of the shares over your original cost. Investments, including investments in closed-end funds, carry risks and investors may lose principal value. Capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. It is important to remember that there are risks inherent in any investment and there is no assurance that any investment or asset class will provide positive performance over time. Value style investing presents the risk that the holdings or securities may never reach our estimate of intrinsic value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values. In addition, value style investing may fall out of favor and underperform growth or other style investing during given periods. Non-U.S. investing presents additional risks, such as the potential for adverse political, currency, economic, social or regulatory developments in a country, including lack of liquidity, excessive taxation, and differing legal and accounting standards. Non-U.S. securities, including American Depository Receipts (ADRs) and other depository receipts, are also subject to interest rate and currency exchange rate risks. Fixed income instruments are subject to interest rate, inflation and credit risks. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund's fixed income investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed income instruments fall, and vice versa. Certain fixed income instruments are subject to prepayment risk and/or default risk. Private placement securities are securities that are not registered under the federal securities laws, and are generally eligible for sale only to certain eligible investors. Private placements may be illiquid, and thus more difficult to sell, because there may be relatively few potential purchasers for such investments, and the sale of such investments may also be restricted under securities laws. The Fund may use leverage. While the use of leverage may help increase the distribution and return potential of the Fund, it also increases the volatility of the Fund's net asset value (NAV), and potentially increases volatility of its distributions and market price. There are costs associated with the use of leverage, including ongoing dividend and/or interest expenses. There also may be expenses for issuing or administering leverage. Leverage changes the Fund's capital structure through the issuance of preferred shares and/or debt, both of which are senior to the common shares in priority of claims. If short-term interest rates rise, the cost of leverage will increase and likely will reduce returns earned by the Fund's common stockholders. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
