Green Thumb Indus Sub Vtg

Good day to the Green Thumb Industries first quarter 2024 earnings conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, click single conference specialist by pressing the star key followed by zero. On today's call, management will provide prepared remarks, and then we will open the call for your questions. To ask a question, analysts may press star and then one using your touchtone telephones. If you are using a speakerphone, we do ask that you please pick up the handset before pressing the keys to ensure the best sound quality. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Shannon Weaver, Communications for Green Thumb. Please go ahead, ma'am.

Thank you, Jamie. Good afternoon, and welcome to Green Thumb's first quarter 2024 earnings call. I'm here today with founder and CEO Ben Kobler, President Anthony Georgadis, and Chief Financial Officer Matt Faulkner. Today's discussions and responses to questions may include forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the earnings trust release issued today along with the reports filed with the United States Securities and Exchange Commission and Canadian securities regulators, including our most recent annual report filed on Form 10-K. This report, along with today's earnings release, can be found under the Investors section of our website. Greensum assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. Throughout the discussion, Greensound will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC and CEDAR Plus filings. Please note that all financial information is provided in U.S. dollars unless otherwise indicated. Thanks, everyone, and now here's Ben.

Thank you, Shannon. Good afternoon, everyone, and thank you for joining our first quarter 2024 conference call. We will keep our remarks short this quarter, given there has not been a lot of substantial updates since our 2023 year-end call. I am pleased to report that our team once again delivered an outstanding quarter, particularly on the cash flow from operations line. First quarter revenue increased 11% over the prior year to $276 million, with 31 million, or 13 cents, per basic and diluted share of GAAP net income. Cash flow from operations was over 80 million, and adjusted EBITDA was over 90 million. Additionally, during the first quarter, we repurchased more than 1 million shares, spending over 13 million dollars, bringing the aggregate spend under the share repurchase program to almost 55 million dollars. We continue to believe in the value-creating nature of share buybacks done at attractive prices. Remember, as the share count goes down, everyone's interest in the business goes up. From an industry perspective, there is still pricing pressure in some markets, as well as pockets of inflation. Even so, according to the most recent Commerce Department data, consumers continue to show strength. And we believe that for many Americans, well-being through cannabis is becoming more essential than ever. We see Rhythm and Dog Walkers playing a role in America's choice for well-being and stronger mental health. So, for Green Thumb, we will keep doing what we said we will do. Scale our business through retail store expansion. Invest in quality products and premium brand experiences. Build out and scale our production facilities.