Efficient integration of acquisitions drives
115% increase in Fourth Quarter Adjusted EBITDA
Successful IPO raised total gross proceeds of
$175 million, providing capital to
accelerate acquisition strategy
TORONTO, June 24, 2021 /CNW/ - Neighbourly Pharmacy Inc.
("Neighbourly" or the "Company") (TSX: NBLY),
Canada's largest and fastest
growing network of independent pharmacies, today announced its
financial results for the fiscal year and twelve-week period ended
March 27, 2021 ("Fiscal 2021"
and the "fourth quarter 2021," respectively).
"Since being founded in 2015, Neighbourly has rapidly expanded
across Canada, developing a
foundation of nearly 150 independent pharmacies," stated
Chris Gardner, the Company's Chief
Executive Officer. "Over that time, our strategy has not changed:
We acquire community pharmacies that share our values, then
seamlessly integrate their operations, protecting their legacies
and relationships while leveraging the benefits of the Neighbourly
network. Our ability to successfully execute upon this strategy is
reflected in our strong financial performance for the fourth
quarter, when acquisitions completed since the beginning of the
fiscal year contributed $24.4 million
of revenue.
"Neighbourly's purpose is to provide our patients with 'a
community pharmacy that cares,' and the past year provided our
Company with an unprecedented opportunity to demonstrate our
dedication to that purpose. Throughout the pandemic, our pharmacies
have acted as essential businesses, offering our patients the best
possible care and service. At its onset, we satisfied a surging
demand for both prescriptions and essential products. At its
height, we delivered a record number of influenza vaccines,
alleviating the burden upon our healthcare system. More recently,
we have begun to provide COVID-19 testing and vaccine
administration, with approximately 50,000 vaccines delivered to
date. I am humbled by the commitment and compassion of our
team.
"Executing against our growth strategy, in combination with our
team's tireless efforts, has established Neighbourly as
Canada's largest and fastest
growing network of community pharmacies," concluded Mr. Gardner.
"Our recent IPO provided the resources to accelerate this growth
and pursue additional acquisition opportunities within a highly
fragmented market. I look forward to sharing our
progress."
Fourth Quarter and Fiscal 2021 Highlights
- Revenue for the fourth quarter 2021 increased by 57.8% to
$83.3 million (64.2% to $306.5 million for Fiscal 2021), driven by the
addition of 40 pharmacies throughout Fiscal 2021.
- Adjusted EBITDA1 for the fourth quarter 2021
increased by 114.8% to $9.0 million
(65.7% to $35.1 million for Fiscal
2021), primarily due to the incremental profitability of acquired
pharmacies.
- Net Income for the fourth quarter 2021 increased by 467.7% to
$30.3 million. Net loss for Fiscal
2021 was $90.5 million.
- Same-store sales2 for the fourth quarter
2021 increased by 0.4% (3.1% for Fiscal 2021). This modest
increase relative to Neighbourly's historical trend was primarily
due to the onset of the COVID-19 pandemic during the fourth quarter
of 2020.
- During the fourth quarter 2021, the Company acquired one
pharmacy. In total, the Company completed five transactions during
Fiscal 2021, acquiring a total of 39 pharmacies, and opened one
greenfield location.
- Pro-Forma Revenue3 of $414.6
million.
- Pro-Forma Adjusted EBITDA4 of $51.5 million.
|
_______________________________
|
|
1 Adjusted EBITDA is a non-IFRS
measure. See "Non-IFRS Measures" and the reconciliation to the most
directly comparable IFRS measure at the conclusion of this news
release.
|
|
2 Same-store sales represents sales
from stores that were owned and operated by the Company for the
entirety of both periods and is a supplementary financial measure
that is commonly used in the industry. Neighbourly calculates
same-store sales using revenue determined in accordance with
IFRS.
|
|
3 Pro-Forma Revenue is a non-IFRS
measure. See "Non-IFRS Measures" and the reconciliation to the most
directly comparable IFRS measure at the conclusion of this news
release.
|
|
4 Pro-Forma Adjusted EBITDA is a
non-IFRS measure. See "Non-IFRS Measures" and the reconciliation to
the most directly comparable IFRS measure at the conclusion of this
news release.
|
Highlights Subsequent to the Fourth Quarter 2021
- On May 5, 2021, Neighbourly was
recognized as one of Canada's Best
Managed Companies, a designation that recognizes the Company's
achievement of sustainable growth and demonstration of leadership
in the areas of strategy, capabilities and innovation, culture and
commitment, and financial performance.
- On May 25, 2021, the Company
successfully completed its initial public offering of 10,295,000
million common shares for total gross proceeds of approximately
$175 million, and a concurrent
private placement of 1,058,823 common shares for total gross
proceeds of approximately $18
million. The Company also entered into an amendment to its
amended and restated credit agreement, which is comprised of a
$150 million revolving credit
facility and a $100 million term
credit facility. These resources position the Company for further
growth, and will help to accelerate its continued consolidation of
a highly fragmented market.
- On April 30, 2021 and
June 22, 2021, the Company entered
into agreements to acquire thirteen pharmacies and one pharmacy,
respectively.
|
(in $
millions)
|
Fourth
Quarter
|
|
|
Fiscal
|
|
|
2021
|
2020
|
Change
|
|
2021
|
2020
|
Change
|
|
Revenue
|
$83.3
|
$52.8
|
57.8%
|
|
$306.5
|
$186.6
|
64.2%
|
|
Same-Store Sales Growth (%)1
|
0.4%
|
6.4%
|
|
|
3.1%
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
Corporate,
General, and Administrative ("CG&A")
Costs2
|
$3.5
|
$2.4
|
50.6%
|
|
$11.8
|
$8.0
|
47.9%
|
|
CGA
Costs as a Percentage of Revenue (%)
|
4.3%
|
4.5%
|
|
|
3.8%
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA3
|
$9.0
|
$4.2
|
114.8%
|
|
$35.1
|
$13.9
|
65.7%
|
|
Adjusted EBITDA Margin (%)
|
10.8%
|
7.9%
|
|
|
11.4%
|
11.3%
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
$30.3
|
($8.2)
|
467.7%
|
|
($90.5)
|
($23.3)
|
(287.8%)
|
|
|
|
|
|
|
|
|
|
Pro-Forma Revenue
for the 52 weeks ended4
|
$414.6
|
|
|
|
|
|
|
|
Pro-Forma Adjusted
EBITDA for the 52 weeks ended5
|
$51.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Same-store sales represents sales from
stores that were owned and operated by the Company for the entirety
of both periods and is a supplementary financial measure that is
commonly used in the industry. Neighbourly calculates
same-store sales using revenue determined in accordance with
IFRS.
|
|
2Corporate, general & administrative
costs represents costs incurred at the corporate level (as opposed
to costs incurred at the store level) and is a component of
Operating, general and administrative expenses.
|
|
3Adjusted
EBITDA is a non-IFRS measure. See "Non-IFRS Measures" and the
reconciliation to the most directly comparable IFRS measure at the
conclusion of this news release.
|
|
4Pro-Forma
Revenue is a non-IFRS measure. See "Non-IFRS Measures" and the
reconciliation to the most directly comparable IFRS measure at the
conclusion of this news release.
|
|
5Pro-Forma
Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS Measures" and
the reconciliation to the most directly comparable IFRS measure at
the conclusion of this news release.
|
Impact of COVID-19
In March 2020, Neighbourly
experienced a temporary and significant increase in demand for both
prescriptions and essential products due to consumer uncertainty in
the early days of the pandemic. This led to a meaningful and
temporary increase of 14.7% in same-store sales during the final
month of the fourth quarter 2020. Due to this increase, the Company
experienced more modest same-store sales growth of 0.4% for the
fourth quarter 2021, compared to 6.4% for fourth quarter 2020. This
temporary increase in same-store sales was followed by the
implementation of measures intended to prevent both the spread of
COVID-19 and prescription drug shortages, which in combination
resulted in a similarly meaningful and temporary decrease in
same-store sales during the first quarter of 2021. While the future
impact of the pandemic is unknown, this variability in same-store
sales has begun to normalize, and the Company anticipates returning
to its historical core competency of efficiently generating
same-store sales improvement.
Declaration of Dividend
Neighbourly announced today that a quarterly dividend will be
paid on September 7, 2021, to the Company's common
shareholders of record on August 17, 2021. The amount of the
dividend will be approximately $0.01 for each common
share. This dividend is an "eligible dividend" for Canadian
income tax purposes.
Conference Call and Webcast Information
A conference call will be held at 8:30AM Eastern on June 24,
2021 to discuss Neighbourly's financial results for the
fourth quarter and Fiscal 2021. Participants may join the Company's
conference call by dialing 416-764-8650 or 1-888-664-6383 (ID:
15141018). For those unable to participate, playback will be
made available an hour after the event at 416-764-8677 or
1-888-390-0541, utilizing passcode 141018#. The webcast of the call
will also be archived and available on the Company's website.
The conference call will also be available via webcast on the
Investor section of Neighbourly's website at
https://investors.neighbourlypharmacy.ca/events-and-presentations.
Neighbourly's audited consolidated financial statements and
accompanying notes, and Management's Discussion and Analysis for
the twelve-weeks and fiscal year ended March
27, 2021 are available on the Company's website at
www.neighbourlypharmacy.ca and on SEDAR at www.sedar.com.
About Neighbourly Pharmacy Inc.
Neighbourly is Canada's largest
and fastest growing network of community
pharmacies. United by their patient first focus and their
role as essential and trusted healthcare hubs within their
communities, Neighbourly's pharmacies strive to provide
accessible healthcare with a personal touch. Since 2015,
Neighbourly has expanded its diversified national
footprint to include 146 locations, reinforcing the
Company's reputation as the industry's acquirer of choice.
Non-IFRS Measures
This press release makes reference to certain non-IFRS measures,
such as Adjusted EBITDA, Pro-Forma Adjusted EBITDA, and Pro-Forma
Revenue. These measures are not recognized under International
Financial Reporting Standards ("IFRS") and do not have a
standardized meaning prescribed by IFRS and are therefore unlikely
to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of our results of operations from management's perspective.
Accordingly, these measures should not be considered in isolation
nor as a substitute for analysis of our financial information
reported under IFRS. These non-IFRS measures are used to provide
readers with supplemental measures of our operating performance and
thus highlight trends in our core business that may not otherwise
be apparent when relying solely on IFRS measures. We also believe
that market participants frequently use non-IFRS measures in the
evaluation of issuers. Our management also uses non-IFRS measures
in order to facilitate operating performance comparisons from
period to period, to prepare annual operating budgets and forecasts
and to determine components of management compensation. See the
financial table at the conclusion of this press release for a
reconciliation of Adjusted EBITDA, Pro-Forma Adjusted EBITDA, and
Pro-Forma Revenue to the most directly comparable IFRS
measures.
Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information may relate to our future financial
results and may include information regarding our financial
position, business strategy, growth strategies, financial results,
taxes, dividend policy, plans and objectives. In some cases,
forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "estimates",
"outlook", "forecasts", "projection", "prospects", "intends",
"anticipates", "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might", "will", "will be taken", "occur" or "be
achieved".
This forward-looking information includes, among other things,
statements relating to the acceleration of our growth, the pursuit
of additional acquisition opportunities, the payment of dividends,
and same-store sales improvements.
This forward-looking information and other forward-looking
information are based on the Company's opinions, estimates and
assumptions in light of its experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors that the Company currently believes are
appropriate and reasonable in the circumstances. Despite a careful
process to prepare and review the forward-looking information,
there can be no assurance that the underlying opinions, estimates
and assumptions will prove to be correct.
Forward-looking information is necessarily based on a number of
opinions, estimates and assumptions that the Company considered
appropriate and reasonable as of the date such statements are made,
are subject to known and unknown risks, uncertainties, assumptions
and other factors that may cause the actual results, level of
activity, performance or achievements to be materially different
from those expressed or implied by such forward-looking
information, including but not limited to the risk factors set
forth in the Company's Management's Discussion and Analysis for the
twelve-weeks and fiscal year ended March 27,
2021. If any of these risks or uncertainties materialize, or
if the opinions, estimates or assumptions underlying the
forward-looking information prove incorrect, actual results or
future events might vary materially from those anticipated in the
forward-looking information.
The forward-looking information contained in this press release
represents the Company's expectations as of the date of this press
release (or as the date they are otherwise stated to be made), and
are subject to change after such date. However, the Company
disclaims any intention or obligation or undertaking to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws in Canada.
Condensed Consolidated Statements of Income (Loss) and
Comprehensive Income (Loss)
|
Fiscal Year
Ended
|
|
Fourth Quarter
Ended
|
|
in 000's
|
March 27,
2021
|
March 28,
2020
|
|
March 27,
2021
|
March 28,
2020
|
|
|
|
|
|
|
|
Revenue
|
$306,494
|
$186,627
|
|
$83,273
|
$52,771
|
|
Cost of
sales
|
$191,778
|
$114,334
|
|
$52,060
|
$33,649
|
|
Gross
profit
|
$114,716
|
$72,293
|
|
$31,213
|
$19,122
|
|
|
|
|
|
|
|
Operating, general
and administrative expenses
|
$79,820
|
$51,273
|
|
$22,303
|
$15,099
|
|
Acquisition,
transaction and integration costs
|
$7,179
|
$4,071
|
|
$3,113
|
$1,220
|
|
Depreciation and
amortization
|
$19,118
|
$13,781
|
|
$5,783
|
$3,926
|
|
Impairment
loss
|
$116
|
$52
|
|
$116
|
$52
|
|
Operating income
(loss)
|
$8,483
|
$3,116
|
|
($102)
|
($1,174)
|
|
|
|
|
|
|
|
Finance cost,
net
|
$16,004
|
$12,460
|
|
$5,788
|
$2,238
|
|
Fair value changes of
financial liabilities
|
$80,405
|
$13,578
|
|
($37,934)
|
$4,671
|
|
Loss before income
taxes
|
($87,926)
|
($22,922)
|
|
$32,044
|
($8,083)
|
|
|
|
|
|
|
|
Income taxes expense
(recovery)
|
$2,591
|
$422
|
|
$1,775
|
$148
|
|
Net loss for the
period
|
($90,517)
|
($23,344)
|
|
$30,269
|
($8,231)
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Shareholders of the
Company
|
($91,332)
|
($23,344)
|
|
$29,926
|
($8,231)
|
|
Non-controlling
Interest
|
$815
|
$0
|
|
$343
|
$0
|
|
($90,517)
|
($23,344)
|
|
$30,269
|
($8,231)
|
|
|
|
|
|
|
|
Loss per
share
|
($19.88)
|
($5.08)
|
|
$6.51
|
($1.79)
|
Condensed Consolidated Statements of Financial
Position
|
|
Fiscal Year
Ended
|
|
in 000's
|
|
March 27,
2021
|
March 28,
2020
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
|
|
|
|
|
Cash
|
|
$45,914
|
$3,907
|
|
Restricted
cash
|
|
$0
|
$893
|
|
Trade and other
receivables
|
|
$17,202
|
$14,395
|
|
Inventory
|
|
$44,886
|
$31,001
|
|
Prepaid expenses and
deposits
|
|
$1,611
|
$1,071
|
|
Assets held for
sale
|
|
$2,715
|
$0
|
|
Total current
assets
|
|
$112,328
|
$51,267
|
|
Property and
equipment, net
|
|
$8,296
|
$7,674
|
|
Right-of-use
assets
|
|
$31,703
|
$23,443
|
|
Intangible assets,
net
|
|
$105,425
|
$92,089
|
|
Goodwill
|
|
$180,853
|
$142,059
|
|
Deferred tax
assets
|
|
$1,717
|
$303
|
|
Other
assets
|
|
$297
|
$227
|
|
Total non-current
assets
|
|
$328,291
|
$265,795
|
|
|
|
|
|
Total
assets
|
|
$440,619
|
$317,062
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
Current
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$49,191
|
$35,659
|
|
Promissory notes
payable
|
|
$802
|
$62
|
|
Current portion of
credit facilities
|
|
$5,575
|
$7,408
|
|
Current portion of
mortgage payable
|
|
$146
|
$0
|
|
Current portion of
lease liabilities
|
|
$9,972
|
$7,582
|
|
Preference
shares
|
|
$295,844
|
$147,622
|
|
Total current
liabilities
|
|
$361,530
|
$198,333
|
|
|
|
|
|
Long-term
borrowings
|
|
$190,920
|
$160,636
|
|
Mortgage
payable
|
|
$1,159
|
$0
|
|
Lease
liability
|
|
$26,155
|
$20,220
|
|
Deferred tax
liabilities
|
|
$15,295
|
$8,831
|
|
Warrant
liability
|
|
$4,358
|
$1,407
|
|
|
|
|
|
Total non-current
liabilities
|
|
$237,887
|
$191,094
|
|
|
|
|
|
Total
liabilities
|
|
$599,417
|
$389,427
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Share
capital
|
|
$23
|
$0
|
|
Contibuted
Surplus
|
|
$348
|
$163
|
|
Deficit
|
|
($165,632)
|
($72,528)
|
|
Non-controlling
interest
|
|
$6,463
|
$0
|
|
Total
shareholders' equity
|
|
($158,798)
|
($72,365)
|
|
Total liabilities
and shareholders' equity
|
|
$440,619
|
$317,062
|
Condensed Consolidated Statements of Cash Flows
|
Fiscal Year
Ended
|
|
Fourth Quarter
Ended
|
|
in 000's
|
March 27,
2021
|
March 28,
2020
|
|
March 27,
2021
|
March 28,
2020
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
Net loss for the
year
|
($90,517)
|
($23,344)
|
|
$30,269
|
($8,231)
|
|
Adjustments to net
income for non-cash items
|
|
|
|
|
|
|
Depreciation and
amortization
|
$19,118
|
$13,781
|
|
$5,783
|
$3,926
|
|
Impairment
loss
|
$116
|
$52
|
|
$116
|
$52
|
|
Share based
compensation
|
$185
|
$148
|
|
$46
|
$145
|
|
Loss on disposal of
property and equipment
|
$2
|
$0
|
|
$2
|
$0
|
|
Finance costs,
net
|
$16,004
|
$12,460
|
|
$5,788
|
$2,238
|
|
Fair value changes of
financial liabilities
|
$80,405
|
$13,578
|
|
($37,934)
|
$4,671
|
|
Income taxes
(recovery)
|
$2,591
|
$422
|
|
$1,775
|
$148
|
|
Lease renewals and
modifications
|
$166
|
$172
|
|
($34)
|
($93)
|
|
Income taxes
recovered (paid)
|
($521)
|
$44
|
|
($232)
|
$0
|
|
Change in non-cash
operating working capital
|
$9,427
|
$10,573
|
|
$944
|
$13,934
|
|
Net cash from
operating activities
|
$36,976
|
$27,886
|
|
$6,523
|
$16,790
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
|
|
Proceeds from
issuance of preferred shares
|
$70,768
|
$44,229
|
|
$38,602
|
$14,985
|
|
Proceeds from
exercise of stock options
|
$23
|
$0
|
|
$23
|
$0
|
|
Transaction costs
related to preferred shares
|
($150)
|
($621)
|
|
$306
|
$0
|
|
Deferred share
issuance costs
|
($869)
|
$0
|
|
($869)
|
$0
|
|
Proceeds from
promissory notes payable
|
$740
|
$0
|
|
($1)
|
$0
|
|
Repayment of
promissory notes payable
|
$0
|
($4,228)
|
|
$0
|
$0
|
|
Proceeds from
long-term borrowings
|
$34,514
|
$44,390
|
|
$0
|
$20,394
|
|
Repayment of
long-term borrowings
|
($6,008)
|
($8,953)
|
|
$0
|
($1,393)
|
|
Transaction costs
related to long-term borrowings
|
($888)
|
($3,291)
|
|
($94)
|
($79)
|
|
Repayment of mortgage
payable
|
($73)
|
$0
|
|
($36)
|
$0
|
|
Interest
paid
|
($12,567)
|
($11,909)
|
|
($2,864)
|
($2,192)
|
|
Dividends
paid
|
($903)
|
$0
|
|
($827)
|
$0
|
|
Payment of lease
liabilities
|
($9,185)
|
($5,950)
|
|
($2,713)
|
($1,677)
|
|
Net cash from
financing activities
|
$75,402
|
$53,667
|
|
$31,527
|
$30,038
|
|
|
|
|
|
|
|
Investing
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
($982)
|
($916)
|
|
($254)
|
($306)
|
|
Acquisition of
intangible assets
|
($327)
|
($205)
|
|
($48)
|
($88)
|
|
Business
acquisitions, net of cash acquired
|
($69,985)
|
($78,217)
|
|
($1,067)
|
($45,254)
|
|
Restricted cash,
net
|
$893
|
($893)
|
|
$756
|
($893)
|
|
Interest
received
|
$30
|
$11
|
|
$13
|
$2
|
|
Net cash from
investing activities
|
($70,371)
|
($80,220)
|
|
($600)
|
($46,539)
|
|
|
|
|
|
|
|
Net change in
cash
|
$42,007
|
$1,333
|
|
$37,450
|
$289
|
|
Cash, beginning of
period
|
$3,907
|
$2,574
|
|
$8,464
|
$3,618
|
|
Cash, end of
period
|
$45,914
|
$3,907
|
|
$45,914
|
$3,907
|
Reconciliation from IFRS to Non-IFRS Measures
The following table provides a reconciliation of loss and
comprehensive loss to EBITDA and to Adjusted EBITDA for the periods
indicated:
|
|
Fourth
Quarter
|
|
Fiscal
|
|
in 000's
|
|
2021
|
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Income (Loss) and
comprehensive income (loss) for the period
|
$30,269
|
($8,231)
|
|
($90,517)
|
($23,344)
|
|
Income tax expense
(recovery)
|
|
$1,775
|
$148
|
|
$2,591
|
$422
|
|
Finance costs,
net
|
|
$5,788
|
$2,238
|
|
$16,004
|
$12,460
|
|
Fair value changes of
financial liabilities
|
|
($37,934)
|
$4,671
|
|
$80,405
|
$13,578
|
|
Depreciation and
amortization
|
|
$5,783
|
$3,926
|
|
$19,118
|
$13,781
|
|
Impairment
loss
|
|
$116
|
$52
|
|
$116
|
$52
|
|
Acquisition,
transaction and integration costs
|
|
$3,113
|
$1,220
|
|
$7,179
|
$4,071
|
|
Share-based
compensation
|
|
$47
|
$145
|
|
$186
|
$148
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$8,957
|
$4,169
|
|
$35,082
|
$21,168
|
|
|
|
|
|
|
|
|
Revenue
|
|
$83,273
|
$52,771
|
|
$306,494
|
$186,627
|
|
Adjusted EBITDA
Margin
|
|
10.8%
|
7.9%
|
|
11.4%
|
11.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Forma Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA for
the 52 weeks ended March 27, 2021
|
|
$35,082
|
|
|
Incremental Adjusted
EBITDA for new stores acquired after March 28, 2020 as if owned on
March 28, 2020
|
|
$7,313
|
|
|
Incremental Adjusted
EBITDA for stores acquired, or to be acquired on or after March 27,
2021 to date as if owned on March 28, 2020
|
|
$6,462
|
|
|
Adjustment for
professional, other fees and COVID-related expenses for the 52
weeks ended March 27, 2021
|
|
$2,639
|
|
|
|
|
|
|
|
|
|
Pro-forma Adjusted
EBITDA for the 52 weeks ended March 27, 2021
|
|
$51,496
|
|
|
|
|
|
|
|
|
|
Pro-Forma
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue for the 52
weeks ended March 27, 2021
|
|
$306,494
|
|
|
Incremental revenue
for new stores acquired after March 28, 2020 as if owned on March
28, 2020
|
|
$55,927
|
|
|
Incremental revenue
for stores acquired, or to be acquired on or after March 27, 2021
to date as if owned on March 28, 2020
|
|
$52,208
|
|
|
|
|
|
|
|
|
|
Pro-forma Revenue
for the 52 weeks ended March 27, 2021
|
|
$414,629
|
|
SOURCE Neighbourly Pharmacy Inc.