XML 30 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss from continuing operations $ (238,955) $ (265,310)
Adjustments to reconcile net loss to net cash provided by operating activities from continuing operations:    
Depreciation and amortization 195,880 155,978
Share-based compensation 20,010 28,017
Non-cash interest expense 14,402 11,609
Amortization of operating lease right-of-use assets 16,034 9,663
Loss on impairment 67,076 82,615
Gain on modification and extinguishment of debt (2,065) (205)
Loss on disposal of assets 8,541 548
Gain on investment (2,073) (21,952)
Non-cash adjustments to inventory 13,208 12,721
Allowance for credit losses 2,050 3,118
Deferred taxes (29,900) (15,121)
Other non-cash expenses (5,010) 0
Payment of contingent consideration liability in excess of acquisition-date fair value (2,095) 0
Changes in assets and liabilities:    
Accounts receivable, net (12,221) (3,329)
Inventories, net 9,851 (16,103)
Prepaid expenses and other current assets (4,048) (10,905)
Income tax receivable 12,331 (16,891)
Assets held for sale 3,959 0
Other assets 4,546 4,267
Accounts payable 2,230 50,094
Income tax payable 47,986 7,814
Operating leases (16,536) (5,309)
Accrued expenses (13,957) 56,403
Net cash provided by operating activities from continuing operations 91,244 67,722
Net cash used in operating activities from discontinued operations (15,983) (21,319)
Net cash provided by operating activities 75,261 46,403
Cash flows from investing activities:    
Purchases of property, plant and equipment, net of proceeds from disposals (65,446) (134,643)
Proceeds from sale of entities 0 10,987
Proceeds from consolidation of acquisitions 0 29,894
Purchases of intangibles (4,857) 0
Acquisition related cash payments (3,630) (119,205)
Payments received on notes receivable 0 2,315
Issuance of notes receivable to third party (7,020) 0
Dividend received 0 468
Net cash used in investing activities from continuing operations (80,953) (210,184)
Net cash provided by (used in) investing activities from discontinued operations 2,266 (9,696)
Net cash used in investing activities (78,687) (219,880)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 8,612 0
Minority interest investment in Curaleaf International 4,166 0
Proceeds from finance leases and financial obligations 243 65,241
Principal payments on finance lease liabilities (8,474) (5,586)
Principal payments on notes payable (47,213) (198)
Principal payments on financial obligations (4,551) (3,089)
Remittances of statutory withholdings on share-based payment awards 0 (4,999)
Exercise of stock options 48 524
Forfeiture of restricted stock units 0 (1,336)
Payments of deferred consideration (27,358) 0
Payments of contingent consideration (3,964) (8,744)
Issuance of common shares, net of issuance costs 11,497 0
Net cash (used in) provided by financing activities from continuing operations (66,994) 41,813
Net cash used in financing activities from discontinued operations (23) (19)
Net cash (used in) provided by financing activities (67,017) 41,794
Net decrease in cash, cash equivalents and restricted cash (70,443) (131,683)
Cash, cash equivalents and restricted cash beginning balance 163,177 299,329
Effect of exchange rate on cash, cash equivalents and restricted cash (916) (4,469)
Cash, cash equivalents and restricted cash ending balance 91,818 163,177
Non-cash investing & financing activities:    
Purchases of property, plant and equipment included in accounts payable and accrued expenses 2,262 9,212
Issuance of shares in connection with acquisitions 11,445 35,671
SVS contributed to Curaleaf, Inc. in connection with the Reorganization 1,050 0
Settlement of contingent liability through issuance of shares 5,930 0
Non-cash additions to finance and operating right-of-use assets 1,362 5,393
Issuance of notes in connection with acquisitions 0 145,433
Contingent consideration incurred in connection with acquisitions 0 13,852
Deferred consideration incurred in connection with acquisitions 12,553 118,018
Purchase price allocation adjustments 0 1,558
Held-for-sale reclassifications 4,792 15,261
Redeemable non-controlling interest 0 14,026
Supplemental disclosure of cash flow information:    
Cash paid for taxes 100,011 155,954
Cash paid for interest $ 97,936 $ 78,828