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USA Today
an hour ago
- Sport
- USA Today
The Memorial Tournament presented by Workday tee times: Schedule, groups, how to watch for May 30
The Memorial Tournament presented by Workday tee times: Schedule, groups, how to watch for May 30 Show Caption Hide Caption Casa de Campo is an experience you have to see to believe Golfweek gives you a detailed look at one of the best golf resorts in the Caribbean, Casa de Campo is an experience you have to see to believe. Here's the full tee time schedule for Round 2 at the Memorial Tournament presented by Workday for May 30 and how to watch all the action. Or see our sortable schedule to filter by golfer. The Memorial Tournament presented by Workday tee times today All times Eastern and accurate as of Thursday, May 29, 2025, at 10:01 p.m. Second Round 1st Tee 7:50 a.m.: Lucas Glover, Andrew Novak 8:00 a.m.: Maverick McNealy, Ryan Fox 8:10 a.m.: Michael Kim, Ryan Gerard 8:20 a.m.: Sam Stevens, Min Woo Lee 8:30 a.m.: Sungjae Im, Davis Thompson 8:40 a.m.: Max Homa, Matthieu Pavon 8:50 a.m.: Corey Conners, Taylor Pendrith 9:00 a.m.: Matt Fitzpatrick, Tom Hoge 9:15 a.m.: Sam Burns, Nick Dunlap 9:25 a.m.: Tommy Fleetwood, Aaron Rai 9:35 a.m.: Thomas Detry, Brian Harman 9:45 a.m.: Byeong Hun A, Robert MacIntyre 9:55 a.m.: Si Woo Kim, Adam Scott 10:05 a.m.: Patrick Cantlay, Justin Thomas 10:15 a.m.: Scottie Scheffler, Sepp Straka 10:30 a.m.: Russell Henley, Keegan Bradley 10:40 a.m.: Matt Kuchar, Mackenzie Hughes 10:50 a.m.: Nick Taylor, Jacob Bridgeman 11:00 a.m.: Joe Highsmith, Brandt Snedeker 11:10 a.m.: Brian Campbell, Harris English 11:20 a.m.: J.J. Spaun, Rickie Fowler 11:30 a.m.: Justin Rose, Daniel Berger 11:45 a.m.: Tony Finau, Akshay Bhatia 11:55 a.m.: Austin Eckroat, Denny McCarthy 12:05 p.m.: Alex Noren, Eric Cole 12:15 p.m.: J.T. Poston, Adam Hadwin 12:25 p.m.: Cameron Young, Cam Davis 12:35 p.m.: Christiaan Bezuidenhout, Stephan Jaeger 12:45 p.m.: Max Greyserman, Wyndham Clark 1:00 p.m.: Ben Griffin, Shane Lowry 1:10 p.m.: Chris Kirk, Sahith Theegala 1:20 p.m.: Xander Schauffele, Jordan Spieth 1:30 p.m.: Ludvig Aberg, Viktor Hovland 1:40 p.m.: Hideki Matsuyama, Collin Morikawa 1:50 p.m.: Jhonattan Vegas, Matthias Schmid 2:00 p.m.: Harry Higgs, Bud Cauley Watch golf every week with Fubo (free trial). The Memorial Tournament presented by Workday leaderboard, scores, how to watch See leaderboard and results for the players listed above
Business Wire
an hour ago
- Business
- Business Wire
Cresco Labs Continues Track Record of Delivering Strong Operating Cash Flow
CHICAGO--(BUSINESS WIRE)--Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (' Cresco Labs ' or the ' Company '), the industry leader in branded cannabis products with a portfolio of America's most popular brands and the operator of Sunnyside dispensaries, today released its financial and operating results for the first quarter ended and year ended March 31, 2025. All financial information presented in this release is reported in accordance with U.S. GAAP and in U.S. dollars, unless otherwise indicated, and is available on the Company's investor website, here. First Quarter 2025 Highlights First quarter revenue of $166 million. First quarter operating cash flow of $30 million and Free Cash Flow 1 of $25 million. Gross profit of $79 million. Adjusted gross profit 1 of $82 million; and an Adjusted gross margin 1 of 49% of revenue. SG&A of $58 million or 35% of revenue. Net loss of $15 million. First quarter Adjusted EBITDA 1 of $36 million and Adjusted EBITDA margin 1 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. 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. Accordingly, the Company has included below reconciliations of the supplemental non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. About Cresco Labs Inc. Cresco Labs' mission is to normalize and professionalize the cannabis industry through a CPG approach to building national brands and a customer-focused retail experience, while acting as a steward for the industry on legislative and regulatory-focused initiatives. As a leader in cultivation, production, and branded product distribution, the Company is leveraging its scale and agility to grow its portfolio of brands that include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy's, and Remedi, on a national level. The Company also operates highly productive dispensaries nationally under the Sunnyside brand that focus on building patient and consumer trust and delivering ongoing education and convenience in a wonderfully traditional retail experience. Through year-round policy, community outreach and SEED initiative efforts, Cresco Labs embraces the responsibility to support communities through authentic engagement, economic opportunity, investment, workforce development, and legislative initiatives designed to create the most responsible, respectable and robust cannabis industry possible. Learn more about Cresco Labs' journey by visiting or following the Company on Facebook, X or LinkedIn. 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. 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 Expand 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 % Expand Cresco Labs Inc. Unaudited Reconciliation of Net (Loss) Income to Adjusted EBITDA (Non-GAAP) For the Three Months Ended ($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net (loss) income 1 $ (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. Expand 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 Expand 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 Expand
Yahoo
2 hours ago
- Business
- Yahoo
Cresco Labs Continues Track Record of Delivering Strong Operating Cash Flow
Q1 operating cashflow of $30 million CHICAGO, May 30, 2025--(BUSINESS WIRE)--Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) ("Cresco Labs" or the "Company"), the industry leader in branded cannabis products with a portfolio of America's most popular brands and the operator of Sunnyside dispensaries, today released its financial and operating results for the first quarter ended and year ended March 31, 2025. All financial information presented in this release is reported in accordance with U.S. GAAP and in U.S. dollars, unless otherwise indicated, and is available on the Company's investor website, here. First Quarter 2025 Highlights First quarter revenue of $166 million. First quarter operating cash flow of $30 million and Free Cash Flow1 of $25 million. Gross profit of $79 million. Adjusted gross profit1 of $82 million; and an Adjusted gross margin1 of 49% of revenue. SG&A of $58 million or 35% of revenue. Net loss of $15 million. 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. Accordingly, the Company has included below reconciliations of the supplemental non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. About Cresco Labs Inc. Cresco Labs' mission is to normalize and professionalize the cannabis industry through a CPG approach to building national brands and a customer-focused retail experience, while acting as a steward for the industry on legislative and regulatory-focused initiatives. As a leader in cultivation, production, and branded product distribution, the Company is leveraging its scale and agility to grow its portfolio of brands that include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy's, and Remedi, on a national level. The Company also operates highly productive dispensaries nationally under the Sunnyside brand that focus on building patient and consumer trust and delivering ongoing education and convenience in a wonderfully traditional retail experience. Through year-round policy, community outreach and SEED initiative efforts, Cresco Labs embraces the responsibility to support communities through authentic engagement, economic opportunity, investment, workforce development, and legislative initiatives designed to create the most responsible, respectable and robust cannabis industry possible. Learn more about Cresco Labs' journey by visiting or following the Company on Facebook, X or LinkedIn. 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@
USA Today
2 hours ago
- Sport
- USA Today
UFL schedule Week 10: What games are on today? TV channel, live stream, more
UFL schedule Week 10: What games are on today? TV channel, live stream, more Show Caption Hide Caption Does Cam Ward have the pieces of a successful rookie quarterback? Former NFL quarterback Jordan Palmer has 3 things he looks for in rookie quarterbacks, and 1st overall draft pick Cam Ward has what he's looking for. Sports Seriously The final week of the 2025 UFL regular season is here, but there won't be much on the line over the final four games of the campaign. The UFL's four playoff spots have been wrapped up, while the league has determined the locations for each conference championship game. That means the Birmingham Stallions, DC Defenders, Michigan Panthers and St. Louis Battlehawks may all consider resting some of their starters to stay healthy for the championship games. Meanwhile, fans of the other four teams – the Arlington Renegades, Houston Roughnecks, Memphis Showboats and San Antonio Brahmas – will get one last chance to cheer their squads on during the 2025 campaign. After that, each team will enter offseason mode, where uncertainty will surround rosters as players make the jump to the NFL. Here's what to know about the UFL's Week 10 schedule and how to watch all four matchups. UFL schedule Week 10: What games are on today? The final week of the 2025 UFL season will feature four matchups. There will be one game played on Friday and one Saturday before a doubleheader closes the regular season on Sunday. Below is a complete look at the spring football league's Week 10 schedule. (All times Eastern.) Friday, May 30 St. Louis Battlehawks at DC Defenders, 8 p.m., Fox Saturday, May 31 Houston Roughnecks at Michigan Panthers, 3 p.m., ESPN Sunday, June 1 Arlington Renegades at San Antonio Brahmas, Noon, ABC Birmingham Stallions at Memphis Showboats, 3 p.m., Fox UFL SCHEDULE 2025: Dates, times, TV channel, more for every spring football game Friday UFL game time, TV channel, live stream St. Louis Battlehawks (7-2) at DC Defenders (6-3) Start time : 8 p.m. ET : 8 p.m. ET TV channel : Fox : Fox Live stream: Fubo The Battlehawks vs. Defenders game will be a preview of the XFL conference championship game. As such, it's fair to expect both teams will hold a little something back, especially with the game already set to be held in St. Louis. The Defenders are expected to sit first-team quarterback Jordan Ta'amu and give Mike DiLiello a chance to prove himself. The Austin Peay product completed 17 of 29 passes for 206 yards and a touchdown while playing the second half of DC's Week 9 loss to Houston. Presently, the Battlehawks are expected to start Max Duggan, who took over for the injured Manny Wilkins as St. Louis' starter midway through the 2025 UFL season. Brandon Silvers could get time at quarterback as well after splitting reps with Duggan last week. Saturday UFL game time, TV channel, live stream Houston Roughnecks (4-5) at Michigan Panthers (6-3) Start time : 3 p.m. ET : 3 p.m. ET TV channel : ESPN : ESPN Live stream: Fubo, ESPN+ The Roughnecks are coming off a last-minute win over the Defenders. Can they stay hot to end the season against the Panthers? Houston will rely on quarterback Jalan McClendon to make that happen. He completed 21 of 30 passes last week for 232 yards and two touchdowns, while Lorenzo Lingard averaged 10 yards per carry on the ground. If those two can play well, the Panthers may have trouble slowing down the Roughnecks' offense. Of course, it's also worth noting the Panthers will play in the USFL conference championship next week. The game is already set to be played in Birmingham, so it isn't clear whether coach Mike Nolan will use this week to rest his starters. That could complicate Michigan's potential path to victory. DARYL JOHNSTON: UFL coaching departures not about lack of confidence in league Sunday UFL game times, TV channels, live streams Arlington Renegades (4-5) at San Antonio Brahmas (1-9) Start time : Noon ET : Noon ET TV channel : ABC : ABC Live stream: Fubo, ESPN+ The Renegades and Brahmas are both out of playoff contention, so this game will be all about pride. Arlington showed some last week by pummeling Memphis 30-12 despite already being out of the postseason race and could succeed against a similarly struggling opponent. San Antonio ranks last in the UFL in both points scored and allowed per game this season, so barring a big game from running back Jashaun Corbin, the Brahmas may be hard-pressed to end their five-game losing streak. Birmingham Stallions (6-3) at Memphis Showboats (2-7) Start time : 3 p.m. ET : 3 p.m. ET TV channel : Fox : Fox Live stream: Fubo The Stallions are set to host the USFL championship game next weekend. Like their other playoff-bound counterparts, they may opt to rest their starters with not much on the line. Meanwhile, Memphis is looking ahead to next season and has been splitting time between E.J. Perry and Dresser Winn at quarterback. If the Brahmas win, the Showboats will need to win to avoid tying for the UFL's worst record in 2025. If not, Memphis will simply be looking to close a disappointing season on a high note.
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- Automotive
- NBC Sports
NASCAR Friday schedule at Nashville Superspeedway
The Craftsman Truck Series will have the NASCAR spotlight Friday at Nashville Superspeedway. Practice on the 1.333-mile oval will begin at 4:05 p.m. ET, followed by qualifying for a 150-lap race at 8 p.m. ET. Christian Eckes won last year's race but is absent from Friday's entry list, which has no past Truck winners at Nashville. Dustin Long, Nashville Superspeedway schedule (All Times Eastern) Friday, May 30 Garage open 11 a.m. - 12:55 a.m. — Truck Series 2 - 7 p.m. — Xfinity Track activity 4:05 - 5 p.m. — Truck Series practice (FS1) 5:10 - 6 p.m. — Truck Series qualifying (FS1) 8 p.m. — Truck race (150 laps, 199.5 miles, Stage 1 at Lap 45, Stage 2 at Lap 95; FS1, MRN, SiriusXM NASCAR Radio) Weather Friday: Occasional afternoon showers. A high of 72 degrees with winds from the west-northwest at 10 to 20 mph and a 60 percent chance of rain. It's expected to be 70 degrees with a 19 percent chance of rain at the start of the Truck race.
