Company: CGC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000950170-25-015839
Chunk: 296

Company: Canopy Growth Corp
Filing Date: 2025-02-07
Form: 10-Q
Item: Item 8
Chunk 296
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    )
     
    $
    (33,348
    )
     
    $
    (132,598
    )
     
    $
    (205,961
    )

    Purchases of and deposits on property, plant   and equipment - continuing operations

    (1,215
    )

    (564
    )

    (7,724
    )

    (3,200
    )

    Free cash flow1 - continuing operations
     
    $
    (28,181
    )
     
    $
    (33,912
    )
     
    $
    (140,322
    )
     
    $
    (209,161
    )

    1Free cash flow is a non-GAAP measure, and is calculated as net cash provided by (used in) operating activities, less purchases of and deposits on property, plant and equipment.

Free cash flow in the three months ended December 31, 2024 was an outflow of $28.2 million, as compared to an outflow of $33.9 million in the three months ended December 31, 2023. The year-over-year decrease in the free cash outflow primarily reflects the decrease in cash used in operating activities, as described above.

Free cash flow in the nine months ended December 31, 2024 was an outflow of $140.3 million, as compared to an outflow of $209.2 million in the nine months ended December 31, 2023. The year-over-year decrease in the free cash outflow primarily reflects the decrease in cash used in operating activities, as described above.

Debt

Since our formation, we have financed our cash requirements primarily through the issuance of common shares of Canopy Growth, including the $5.1 billion investment by CBI in the third quarter of fiscal 2019, and debt. Total debt outstanding as of December 31, 2024 was $441.6 million, a decrease from $597.2 million as of March 31, 2024. The total principal amount owing was $459.8 million at December 31, 2024, a decrease from $622.0 million at March 31, 2024. The decreases were primarily due to: (i) the April 2024 Exchange Agreement, which resulted in the settlement of all amounts owing under the CBI Note; (ii) the First Quarter 2025 Paydowns resulting in an aggregate principal