Aphria Q4 F2018 Rundown

Open up the fin statements and the MDA to follow along.Sales:A pretty strong sales increase of 17% or $1.8 m to $12 million QoQ. This was despite an 8% drop in KG sold QoQ.Plus:+BCC for full Q versus 1 month… BCC now accounts for 484 KGs or 37% of sales by weight.+BCC averages over $10/.gram which increased Retail per gram to $9.25/gram from $8.30 an 11% improvement+Existing patients was a record 798 kgs a 49% improvement from last Q and above the 695 kgs record in Q2.Minus - headwinds-Onboarding dropped substantially by 37% versus last Q to 172 kgs from 272 last Q [a…

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Aphria Q2 F 2018 Rundown

Well I had a chance to look foolish with a 38% sales increase and $2.5 million EBITDA, and I look half foolish. Instead of doing an MDA rundown I am going to analyze this in my more traditional fashion… like when I write credit… Income Stmt, cash flow/EBITDA and then balance sheet items of note. I’ll draw from MDA for colour. They did beat the street EPS of 0.00 at 0.04. Sales: Up 39%... [not 38%... but I missed by 2% last Q so I am trending favourably] to $8.5 million. Fist Q without inventory constraints in 4 q’s. And by “inventory constraints” I…

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Aphria MDA Q1 F2018

Q1 F2018 MDA Review… “Setting the table” [Best to have MDA to page flip with.] Recently I was chided by a CGC investor about “finally” recognizing the need for Operating Expenses (Opex) to sometimes lead sales. I referred to it as a “sales lag”. I do recognize the need, as I have built my own biz from scratch. And when you are in the early days there is a lot of hand to mouth and sleepless nights. But if luck, good fortune, understanding your market and your value proposal, and planning are all good… you just might make it. I will refer to this…

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