Aurora(ACB) - 2022 Q3 - Quarterly Report

Aurora Cannabis Inc. Press Release - March 30, 2023 Financial Transaction: Convertible Note Repurchase Aurora Cannabis repurchased approximately $46.6 million principal of convertible senior notes for $45.6 million cash, achieving $2.6 million in annualized interest savings and leaving $103 million outstanding Convertible Note Repurchase Details | Metric | Amount (CAD) | Amount (USD) | | :--- | :--- | :--- | | Principal Repurchased | ~$46.6 million | ~$34.3 million | | Total Cost (incl. interest) | $45.6 million | $33.6 million | | Annualized Interest Savings | $2.6 million | - | | Remaining Principal | ~$103 million | ~$76 million | - The repurchase of the notes was executed at a 2.5% discount to their par value[2] Strategic Rationale and Financial Position Aurora's note repurchase strategy aims to reduce debt and interest costs, having cumulatively repurchased $366 million in notes for $20 million in annual savings, reinforcing financial discipline and focus on profitable growth - The primary purpose of the transaction was to reduce the Company's debt and annual cash interest costs, reinforcing its commitment to financial discipline[2] Cumulative Repurchases Since December 2021 | Metric | Amount (CAD) | Amount (USD) | | :--- | :--- | :--- | | Total Principal Repurchased | ~$366 million | ~$269 million | | Total Annual Interest Savings | ~$20 million | ~$15 million | - Aurora achieved its goal of Adjusted EBITDA Profitability for the quarter ended December 31, 2022, and expects to continue focusing on profitable growth in global medical and Canadian adult use markets[2] Company Overview Aurora is an Edmonton-based global cannabis company serving medical and consumer markets, with a diverse brand portfolio and a controlling interest in Bevo Farms Ltd., trading on NASDAQ and TSX under 'ACB' - Aurora operates in both the medical and consumer cannabis markets with a portfolio of brands including Aurora Drift, San Rafael '71, Daily Special, Whistler, MedReleaf, and CanniMed[4] - The company holds a controlling interest in Bevo Farms Ltd., North America's leading supplier of propagated agricultural plants[4] - Aurora's common shares are traded on the NASDAQ and TSX exchanges under the ticker symbol "ACB"[5] Forward-Looking Statements and Risk Factors This section outlines forward-looking statements concerning financial discipline, interest savings, balance sheet strength, and profitable growth, cautioning that these are subject to various risks and uncertainties detailed in the company's Annual Information Form (AIF) - Key forward-looking statements include the Company's commitment to financial discipline, future interest savings, balance sheet strength, and continued focus on profitable growth[6] - These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially; a comprehensive list is available in the Company's annual information form dated September 20, 2022 (the "AIF")[7] - The Company disclaims any intention or obligation to update or revise any forward-looking statements, except as required by applicable securities law[7]