Aphria Inc.
Contents
Company Overview
Aphria Inc. (TSX:APHA) (NYSE: APHA)
Management
Production Assets
Aphria’s domestic Canadian cannabis operations are comprised of the original Aphria One greenhouse facility together with its Leamington-based Extraction Centre of Excellence, its wholly-owned British Columbia based subsidiary Broken Coast, and its 51% majority owned Leamington-based subsidiary, Aphria Diamond. The Extraction Centre of Excellence is being constructed as an integral part of the Company’s Leamington production facilities to provide the necessary production capacity to process more than 200,000 kgs per year of gram equivalent cannabis-derived extracts primarily for use in product offerings for the adult-use market as they become legal to sell in Canada. 
Catalysts
- Double Diamond licencing by Health Canada, expected any day
- Completion of the Extraction Center of Excellence, by end of year
Key Financials
(C$M Unless Otherwise Stated)
| NOV '16 | FEB '17 | MAY '17 | AUG '17 | NOV '17 | FEB '18 | MAY '18 | AUG '18 | NOV '18 | FEB '19 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Q2-17 | Q3-17 | Q4-17 | Q1-18 | Q2-18 | Q3-18 | Q4-18 | Q1-19 | Q2-19 | Q3-19 | |
| Income Statement | ||||||||||
| Sales | 5.2 | 5.1 | 5.7 | 6.1 | 8.5 | 10.3 | 12 | 13.3 | 21.7 | 73.6 |
| Gross Income | 3.8 | 3.3 | 1.1 | 3.4 | 2.8 | 3.7 | 3.7 | 1 | -0.8 | 4.2 |
| EBIT | 0.4 | -1.1 | -2.5 | -2.9 | -4.3 | -8.1 | -15.3 | -19 | -24.6 | -47.8 |
| EBITDA | 0.9 | -0.6 | -2 | -2.3 | -3.5 | -6.7 | -11.4 | -14.3 | -20.4 | -42.3 |
| Net Income | 0.9 | 5 | -2.6 | 15 | 6.5 | 12.9 | -5 | 21.4 | 55 | -108.2 |
| EPS (recurring) - $/sh | 0.01 | 0.02 | -0.04 | 0 | 0.03 | 0.15 | -0.09 | -0.01 | 0.21 | -0.31 |
| EPS (diluted) - $/sh | 0.01 | 0.04 | -0.02 | 0.1 | 0.04 | 0.08 | -0.02 | 0.09 | 0.22 | -0.43 |
| Diluted Shares Outstanding (M) | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 |
| Balance Sheet | ||||||||||
| Cash & ST Investments | 98.6 | 122 | 167.3 | 118.7 | 171.9 | 173.7 | 104.8 | 314 | 184.8 | 134.7 |
| Total Assets | 138.7 | 202.9 | 317.8 | 331.1 | 446.1 | 854.6 | 1314.1 | 1625.7 | 2098.5 | 2076.9 |
| Total Debt | 7.6 | 8.8 | 33.4 | 33 | 32.6 | 38.7 | 31.1 | 55.9 | 55.2 | 77.4 |
| Total Liabilities | 10.7 | 13.4 | 44 | 40.6 | 58 | 108.7 | 140.5 | 165.3 | 302.8 | 364.5 |
| Total Shareholders' Equity | 128 | 189.5 | 273.9 | 290.5 | 388.1 | 736.1 | 1164 | 1441.6 | 1777.1 | 1682.9 |
| Book Value per Share | 1.15 | 1.53 | 1.98 | 2.09 | 2.56 | 4.14 | 5.54 | 6.2 | 7.11 | 6.72 |
| Tangible Book Value per Share | 1.08 | 1.5 | 1.95 | 2.07 | 2.54 | 2.81 | 1.97 | 2.93 | 2.78 | 2.48 |
| Cash Flow | ||||||||||
| Net Operating Cash Flow | 0.6 | 3.1 | 0.1 | -3.8 | 4.2 | 0.2 | -6.2 | -14.3 | -1.9 | -20.4 |
| Capital Expenditures | -4.9 | -23.4 | -31.8 | -23.7 | -35.3 | -94.6 | -63.1 | -57.8 | -55.6 | -48.8 |
| Net Investing Cash Flow | -9.6 | -72.5 | -111.8 | -38.5 | -13.3 | -110.6 | -58.5 | -45.6 | -121 | -27.6 |
| Net Financing Cash Flow | 54.1 | 55.1 | 107.2 | 0.7 | 86.9 | 113.7 | 5 | 273.2 | 1.9 | 3.4 |
| Free Cash Flow | -4.3 | -20.3 | -31.8 | -27.5 | -31.1 | -94.4 | -69.2 | -72.1 | -57.5 | -69.2 |
Timeline
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