Aurora Cannabis Inc (ACB) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Aurora Cannabis Inc., second quarter 2025 results conference call. (Operator Instructions) This conference call is being recorded today, Wednesday, November 6, 2024.

您好，歡迎參加 Aurora Cannabis Inc . 2025 年第二季業績電話會議。（操作員說明）本次電話會議將於今天（2024 年 11 月 6 日星期三）錄製。

I would now like to turn the conference over to your host, Kevin Niland, Director of Strategic Finance and Investor Relations. Please go ahead.

現在我想將會議交給主持人凱文·尼蘭（Kevin Niland），他是策略財務和投資者關係總監。請繼續。

Hello, everyone, and thank you for joining us. On the line with me are Miguel Martin, Executive Chairman and CEO, Simona King, CFO. This morning, we filed our financials for the second quarter 2025, period ending September 30, 2024, issued a news release containing our quarterly results. Our financial statements, MD&A and this news release are available on our IR website and can also be accessed via SEDAR+ and EDGAR.

大家好，感謝您加入我們。和我一起在線的有執行董事長兼首席執行官米格爾·馬丁 (Miguel Martin) 和首席財務官西蒙娜·金 (Simona King)。今天早上，我們提交了 2025 年第二季（截至 2024 年 9 月 30 日）的財務數據，並發布了包含季度業績的新聞稿。我們的財務報表、MD&A 和本新聞稿可在我們的 IR 網站上取得，也可以透過 SEDAR+ 和 EDGAR 存取。

In today's conference call, this is a reminder that certain matters to constitute forward-looking statements and are subject to risks and uncertainties related to our future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect actual results are detailed in our annual information form and other periodic filings and registration statements. These documents may similarly be accessed via SEDAR+ and EDGAR.

在今天的電話會議中，謹提醒您，某些事項構成前瞻性陳述，並受到與我們未來財務或業務表現相關的風險和不確定性的影響。實際結果可能與這些前瞻性陳述中的預期有重大差異。我們的年度資訊表和其他定期備案和登記聲明中詳細介紹了可能影響實際結果的風險因素。這些文件同樣可以透過 SEDAR+ 和 EDGAR 存取。

Following prepared remarks by Miguel and Simona, we will conduct a question-and-answer session with our covering analysts.

在米格爾和西蒙娜準備好發言後，我們將與我們的報道分析師進行問答會議。

With that, I'll turn the call over to Miguel. Please go ahead.

這樣，我會將電話轉給米格爾。請繼續。

Thank you, Kevin. We had a strong Q2 and look forward to building on that momentum. Our prime positioning as a leader within nationally legal cannabis market has set the foundation for top line growth and higher profitability as we further penetrate existing markets such as Canada, Europe and Australia and enter new ones as they open.

謝謝你，凱文。我們在第二季表現強勁，並期待在此基礎上再接再厲。隨著我們進一步滲透加拿大、歐洲和澳洲等現有市場，並在新市場開放時進入新市場，我們作為全國合法大麻市場領導者的首要定位為收入成長和更高的獲利能力奠定了基礎。

In doing so, we will place more distance between ourselves and our peers by leaning into what sets Aurora apart, including: first, capitalizing on rapidly evolving global medical cannabis opportunities backed by our EU GMP manufacturing facilities, unparalleled scientific knowledge, genetics and regulatory expertise.

在此過程中，我們將透過了解Aurora 的與眾不同之處，在我們與同行之間拉近距離，包括：首先，利用我們的歐盟GMP 生產設施、無與倫比的科學知識、遺傳學和監管專業知識支持的快速發展的全球醫用大麻機會。

Second, leveraging our continued focus on operational excellence so that we can maintain our enviable margin profile in medical cannabis, the highest margin industry segment; and third, maintaining and solidifying our balance sheet to maximize flexibility while also continuously focusing on profitable growth, as evidenced by our record adjusted EBITDA.

其次，利用我們對卓越營運的持續關注，使我們能夠在利潤率最高的行業領域保持令人羨慕的醫用大麻利潤率；第三，維持和鞏固我們的資產負債表，以最大限度地提高靈活性，同時不斷關注盈利增長，正如我們創紀錄的調整後 EBITDA 所證明的那樣。

With that, let me now briefly share some highlights related to our quarterly results.

現在，讓我簡要分享與我們季度業績相關的一些亮點。

Net revenue grew 29%, including record revenue from global medical cannabis, which itself represented a 41% year-over-year growth. Within Global medical cannabis, international revenue increased 93%. The contribution from high-margin international revenue exceeded that of Canadian medical cannabis for the first time and amounted to 57% of total global medical cannabis revenue. This shift demonstrates how we have successfully positioned ourselves to benefit from opportunities across the globe, which are balanced by the stability we see in the maturing Canadian market.

淨收入成長 29%，其中全球醫用大麻收入創紀錄，其本身年增 41%。在全球醫用大麻中，國際收入成長了 93%。高利潤的國際收入貢獻首次超過加拿大醫用大麻，佔全球醫用大麻總收入的57%。這一轉變表明我們如何成功地定位自己，從全球各地的機會中受益，而這些機會與我們在成熟的加拿大市場中看到的穩定性相平衡。

In addition, let me touch on Bevo's performance. Bevo already has a formidable presence within North America's controlled environment agricultural industry and is significantly increasing its production capacity to support higher demand through the conversion of the Aurora Sky and Aurora Sun facilities.

另外，我想談談Bevo的表現。Bevo 已經在北美的受控環境農業產業中擁有強大的影響力，並且正在透過 Aurora Sky 和 ​​Aurora Sun 設施的改造大幅提高其生產能力，以滿足更高的需求。

Even in its slower seasons, which correspond to our fiscal second and third quarters in Q2, we were able to increase revenue by a robust 21% through organic growth and increased product offerings, such as Orchids arising from greater capacity.

即使在淡季（即第二季和第三季），我們也能夠透過有機成長和增加產品供應（例如產能增加帶來的 Orchids）使收入成長 21%。

On profitability, we achieved record outcomes in adjusted gross profit and adjusted EBITDA, which is the result of our continued focus on the profitable global medical cannabis business segments.

在獲利能力方面，我們在調整後毛利和調整後 EBITDA 方面取得了創紀錄的成績，這是我們繼續專注於盈利的全球醫用大麻業務領域的結果。

Let's now discuss our business in greater detail. Global Medical Cannabis is our flagship segment, serving the diverse needs of patients across multiple nationally regulated markets. It grew 41% year-over-year and generated 76% of our total revenue and 98% of our adjusted gross profit.

現在讓我們更詳細地討論我們的業務。全球醫用大麻是我們的旗艦部門，滿足多個國家監管市場患者的多樣化需求。它年增 41%，創造了我們總收入的 76% 和調整後毛利的 98%。

Most of this growth stemmed from international markets. However, Canadian Medical grew 3%, and we maintained our dominant leadership position. The Canadian market remains a stable contributor to our overall medical business as we benefit from a combination of insurance covered and self-paying patients.

這一增長大部分來自國際市場。然而，加拿大醫療成長了 3%，我們保持了主導地位。加拿大市場仍然是我們整體醫療業務的穩定貢獻者，因為我們受益於保險承保和自費患者的結合。

Our ability to remain at the forefront of the domestic medical cannabis industry is because of our ongoing investments in science and innovation anchored by our breeding and genetics facility in Comox, British Columbia.

我們之所以能夠保持在國內醫用大麻產業的領先地位，是因為我們對科學和創新的持續投資，以我們位於不列顛哥倫比亞省科莫克斯的育種和遺傳學設施為基礎。

Over time, we believe there should be upside to unlocking the addressable usage market, which currently encompasses only 1% of the Canadian adult population. Canadian patients appreciate and seek out our steady stream of next-generation cultivars, along with other innovative products. And to take advantage of increased interest in medical cannabis as part of health care options made available to them, we launched the newly developed CBD lozenges in collaboration with Vectura Fertin Pharma.

隨著時間的推移，我們相信解鎖可尋址使用市場應該會帶來好處，目前該市場僅覆蓋加拿大成年人口的 1%。加拿大患者欣賞並尋找我們源源不絕的下一代品種以及其他創新產品。為了利用人們對醫用大麻日益增長的興趣作為向他們提供的醫療保健選擇的一部分，我們與 Vectura Fertin Pharma 合作推出了新開發的 CBD 含片。

Let's now turn to our international business, beginning with Australia, our second largest market after Canada. We are number two in Australia, which is emerging as the largest medical market in the world outside of North America, sized at AUD400 million annually, according to the Pennington Institute.

現在讓我們轉向我們的國際業務，首先從澳洲開始，這是我們僅次於加拿大的第二大市場。根據彭寧頓研究所的數據，我們在澳洲排名第二，澳洲正在成為北美以外世界上最大的醫療市場，每年規模達 4 億澳元。

The Australian market's high regulatory standards represent significant barriers to entry, providing a distinct advantage to us over our competitors. Notably, we were one of the first Canadian LPs to receive Good Manufacturing Practice certification from the Australian regulatory authority, TGA, for our two largest Canadian manufacturing facilities. And in fact, 90% of our annual production comes from these EU GMP and TGA GMP certified facilities.

澳洲市場的高監管標準構成了巨大的進入壁壘，為我們提供了相對於競爭對手的明顯優勢。值得注意的是，我們的兩個最大的加拿大製造工廠是首批獲得澳洲監管機構 TGA 良好生產規範認證的加拿大有限合夥人之一。事實上，我們 90% 的年產量來自這些經過 EU GMP 和 TGA GMP 認證的工廠。

In Q2, the following two factors drove our increased revenue and EBITDA contributions. First, we benefited from a full quarter contribution from MedReleaf Australia as all previously sold inventory has flowed through since we completed the purchase of the remaining interest in the subsidiary in February. And second, we experienced increased sales due to a broadened product portfolio that includes pastilles, live resin cartridges and an expanded range of high-quality cultivars.

第二季度，以下兩個因素推動了我們收入和 EBITDA 貢獻的增加。首先，我們受益於 MedReleaf Australia 的整個季度貢獻，因為自 2 月我們完成了對子公司剩餘權益的購買以來，所有先前出售的庫存都已流通。其次，由於產品組合的擴大（包括錠劑、活樹脂盒和更多的優質品種），我們的銷售額增加了。

Most recently, we announced an enhanced product range of premium medical cannabis oils in Australia, which include a variety of cannabinoid ratios to support personalized treatment options for patients. Our mission with MedReleaf Australia is to expand access to high-quality medical cannabis options for patients across the country. And on a related note, our leadership there gives us an advantage in expanding sales into New Zealand, a smaller but important emerging market in its own right.

最近，我們宣佈在澳洲推出增強的優質醫用大麻油產品系列，其中包括各種大麻素比例，以支持患者的個人化治療選擇。我們與 MedReleaf Australia 的使命是擴大全國患者獲得高品質醫用大麻選擇的機會。與此相關的是，我們在新西蘭的領導地位使我們在擴大新西蘭的銷售方面具有優勢，新西蘭本身是一個規模較小但重要的新興市場。

Turning to Europe and beginning with Germany, our operating history goes back more than six years, and our credentials are virtually unmatched as we hold the number three market share for flower and the number two market share for insured patients.

轉向歐洲，從德國開始，我們的經營歷史可以追溯到六年多前，我們的資歷幾乎是無與倫比的，因為我們在花卉市場上佔有第三大市場份額，在受保患者市場上佔有第二大市場占有率.

Growth in the German market is due to cannabis descheduling, which contributed to the significant increase in international medical cannabis revenue during Q2. It is clear that more patients will become registered and pharmacies will expand to support the increase in prescription volumes.

德國市場的成長得益於大麻的取消安排，這導致第二季國際醫用大麻收入大幅成長。顯然，將有更多的患者進行登記，藥房也將擴大，以支持處方量的增加。

In fact, there's already a visible uptick in patients, including those that are self-paying. Right now, we are focused on maintaining consistent and reliable supply of our high-quality EU GMP manufactured products to our pharmacy partners so that we can continue to meet the growing needs of German patients.

事實上，患者數量已經明顯增加，其中包括自費患者。目前，我們致力於向我們的藥房合作夥伴持續可靠地供應高品質的歐盟 GMP 製造產品，以便我們能夠繼續滿足德國患者不斷增長的需求。

And to that end, we have a considerable capacity to support higher product volumes through both our EU GMP facilities in Canada as well as our facility in Leuna, Germany. The Leuna facility has also been granted permission to expand cultivation under Germany's new Medical Cannabis Act, and we are one of the select few companies to receive an enhanced license exemplifying our commitment to high-quality manufacturing, long-established regulatory expertise and an unparalleled commitment to compliance. We recognized that changes in Germany are also likely to have a broader effect on the expanding acceptance of medical cannabis across Europe, and we will be ready for these opportunities.

為此，我們擁有相當大的能力，可以透過加拿大的歐盟 GMP 工廠以及德國洛伊納的工廠來支持更高的產品產量。洛納工廠還獲得了根據德國新的醫用大麻法案擴大種植的許可，我們是少數獲得增強許可證的公司之一，這體現了我們對高質量製造、長期建立的監管專業知識和無與倫比的承諾的承諾遵守。我們認識到，德國的變化也可能對整個歐洲對醫用大麻的接受程度擴大產生更廣泛的影響，我們將為這些機會做好準備。

Our agility and a unique set of capabilities, including expertise in meeting high regulatory requirements and cultivating high-quality products will enable us to win as these markets develop.

我們的敏捷性和獨特的能力，包括滿足嚴格監管要求和培育高品質產品的專業知識，將使我們能夠隨著這些市場的發展而獲勝。

With that in mind, let's discuss Poland, our second largest European market. After sales were impacted in Q1 due to the import permit process, they rebounded in Q2 because of increased permits and the continued strong demand from Polish patients for high-quality medical cannabis. In the UK, we are gaining traction with patients through our latest innovation and widened distribution channels, resulting in significant revenue growth, leading to a new record quarter for this market.

考慮到這一點，讓我們來討論一下我們第二大歐洲市場波蘭。在第一季銷售因進口許可證程序受到影響後，由於許可證增加以及波蘭患者對高品質醫用大麻的持續強勁需求，第二季銷售出現反彈。在英國，我們透過最新的創新和拓寬的分銷管道贏得了患者的青睞，從而實現了收入的顯著增長，為該市場帶來了新的季度記錄。

We saw an increase in demand for EU GMP manufactured flower, which aligns well with 90% of our internal manufacturing capacity being EU and TGA GMP certified. The expansion of our latest genetics offer higher yields and a lower cost per gram to produce, which has given us the ability to significantly increase our output capacity, especially as these new cultivars begin to establish themselves in key international markets.

我們看到對歐盟 GMP 生產的花卉的需求增加，這與我們 90% 的內部生產能力經過歐盟和 TGA GMP 認證非常吻合。我們最新基因的擴展提供了更高的產量和更低的每克生產成本，這使我們能夠顯著提高產量，特別是當這些新品種開始在主要國際市場上站穩腳跟時。

Given the success we have made with our medical first cannabis strategy through the first half of the fiscal year, we think we are well positioned for a successful fiscal 2025. Our optimism is anchored by our commitment to delivering continued profitable growth, positive cash flow in Q3, maintaining a strong balance sheet and operational excellence. These factors are the building blocks to being able to deliver ongoing and sustainable improvements to our financial performance.

鑑於我們在本財年上半年透過醫療優先大麻策略取得的成功，我們認為我們已做好充分準備，在 2025 財年取得成功。我們的樂觀情緒源自於我們致力於在第三季實現持續獲利成長、正現金流、維持強勁的資產負債表和卓越營運的承諾。這些因素是我們能夠持續、永續地改善財務表現的基石。

I would now like to turn the call over to Simona for a detailed financial overview.

我現在想將電話轉給西蒙娜，了解詳細的財務概況。

Thank you, Miguel, and good morning, everyone. Q2's performance was underpinned by the following: first, net revenue of $81.1 million represented 29% growth supported by record net revenue of $61.3 million from our high-margin medical cannabis segment.

謝謝你，米格爾，大家早安。第二季的業績受到以下因素的支撐：首先，淨收入 8,110 萬美元，成長 29%，這得益於我們高利潤醫用大麻部門創紀錄的淨收入 6,130 萬美元。

Second, quarterly profitability consisted of consolidated adjusted gross margin at 54%, 300 basis points higher than last year, resulting in a record adjusted gross profit of $42.6 million.

其次，季度獲利能力包括 54% 的綜合調整毛利率，比去年高出 300 個基點，調整後毛利達到創紀錄的 4,260 萬美元。

Third, adjusted EBITDA grew 210% to $10.1 million, a new record for the company and our eighth consecutive quarter of positive adjusted EBITDA.

第三，調整後 EBITDA 成長 210%，達到 1,010 萬美元，這是公司的新紀錄，也是我們連續第八個季度調整後 EBITDA 為正值。

And finally, we ended the quarter with approximately $152 million in cash and cash equivalents and no debt in our cannabis business. It is these financial results that are a true validation of our efforts, and I am pleased to now review them in detail with you.

最後，本季結束時，我們的大麻業務擁有約 1.52 億美元的現金和現金等價物，並且沒有債務。這些財務結果真正驗證了我們的努力，我很高興現在與您一起詳細回顧它們。

Medical cannabis net revenue rose by 41% to $61.3 million, which consisted of 3% growth in Canada and 93% growth internationally. Medical cannabis comprised 76% of total net revenue and 98% of total adjusted gross profit during the quarter. This marked an increase from 69% of net revenue and 85% of adjusted gross profit from the year ago period, the result of higher medical revenue and higher medical margins in the current year quarter.

醫用大麻淨收入成長 41% 至 6,130 萬美元，其中加拿大成長 3%，國際成長 93%。醫用大麻佔本季總淨收入的 76% 和調整後毛利總額的 98%。這標誌著去年同期淨收入的 69% 和調整後毛利潤的 85% 有所增長，這是本季醫療收入和醫療利潤率上升的結果。

The increase in Canadian medical revenue was due to increased sales to insurance covered patients with larger basket sizes. The increase in international medical cannabis revenue was primarily due to higher sales in Australia, Germany, Poland and the UK, driven by strong patient demand for our latest innovation and the significant overall growth in these markets.

加拿大醫療收入的增加是由於對保險範圍較大的患者的銷售增加。國際醫用大麻收入的成長主要是由於澳洲、德國、波蘭和英國的銷售額增加，這是由患者對我們最新創新的強勁需求以及這些市場的整體顯著成長所推動的。

Adjusted gross margin for medical cannabis was 68%, up from 63% in the year ago period, which far exceeded our 60% target. Several factors drove this increase, including: first, sustainable cost reductions; second, higher selling prices in Australia; and third, improved efficiency in our production operations with our shift to supply in the European markets from Canada.

醫用大麻的調整後毛利率為 68%，高於去年同期的 63%，遠超過我們 60% 的目標。有幾個因素推動了這一成長，包括：首先，可持續的成本降低；第二，澳洲的售價較高；第三，透過從加拿大轉向歐洲市場供應，提高了我們生產營運的效率。

Consumer cannabis net revenue was $10.4 million, down from $12 million in the year ago period. The decline was the expected result of our decision to prioritize the supply of our GMP manufactured products to our high-margin international business.

消費者大麻淨收入為 1,040 萬美元，低於去年同期的 1,200 萬美元。這一下降是我們決定優先向高利潤國際業務供應 GMP 製造產品的預期結果。

Adjusted gross margin in consumer cannabis was 14% compared to 27% due to sales of our higher-margin products in the year ago period. In our plant propagation segment, net revenue increased to $8.6 million, up from $7.2 million in the year ago period due to a combination of organic growth and increased product offerings.

由於我們去年同期銷售了利潤率較高的產品，消費大麻的調整後毛利率為 14%，而去年同期為 27%。在我們的植物繁殖部門，由於有機成長和產品供應增加，淨收入從去年同期的 720 萬美元增加到 860 萬美元。

Recall that Bevo historically delivers lower revenue in the summer and fall months with about 25% to 35% of plant propagation revenue and up to 20% of EBITDA earned in the second half of the calendar year. Plant propagation adjusted gross margin was 19%, down from 22% in the year ago period, reflecting modest fluctuations due to the seasonal timing of lower-margin product revenue and ramp-up of the Orchid business. Our consolidated adjusted SG&A rose to $31.7 million, up from $27.7 million in the year ago period due to the incremental SG&A following the acquisition and full ownership of MedReleaf Australia.

回想一下，Bevo 歷來在夏季和秋季的收入較低，約佔植物繁殖收入的 25% 至 35%，而下半年的 EBITDA 則高達 20%。植物繁殖調整後毛利率為 19%，低於去年同期的 22%，反映出由於利潤率較低的產品收入的季節性和蘭花業務的增長而造成的小幅波動。由於收購並完全擁有 MedReleaf Australia 後 SG&A 的增加，我們的綜合調整後 SG&A 從去年同期的 2,770 萬美元增至 3,170 萬美元。

This additional expense is now being offset by increased revenue and EBITDA contributions. Our balance sheet remains one of the strongest in the global cannabis industry. We held approximately $152 million in cash and cash equivalents as of September 30.

目前，這筆額外費用已被收入和 EBITDA 貢獻的增加所抵消。我們的資產負債表仍然是全球大麻產業最強勁的資產負債表之一。截至 9 月 30 日，我們持有約 1.52 億美元的現金和現金等價物。

Our cannabis operations are completely debt free, while our Bevo business holds $57.5 million in nonrecourse debt that is secured by a significant fixed asset base held at Bevo. Cash used in operating activities was $24.9 million, down from $30.9 million in the year ago period. The improvement was due to increased revenue and improved contribution margin and changes in working capital.

我們的大麻業務完全沒有債務，而我們的 Bevo 業務持有 5,750 萬美元的無追索權債務，這些債務由 Bevo 持有的大量固定資產基礎作為擔保。經營活動使用的現金為 2,490 萬美元，低於去年同期的 3,090 萬美元。這項改善是由於收入增加、邊際貢獻提高以及營運資本變化所致。

In Q2, cash used in operating activities include the net working capital investment due mainly to our payment of a number of annual and onetime cash items.

第二季度，經營活動使用的現金包括淨營運資本投資，主要是因為我們支付了一些年度和一次性現金項目。

Let me now provide some thoughts on Q3. We expect to see similar sequential net revenue and adjusted gross margins across our global medical cannabis business, supported by year-over-year growth in Europe and Australia. We expect to see seasonally reduced revenues and gross profit for plant propagation in line with historical seasonal trends.

現在讓我提供一些關於第三季的想法。我們預計，在歐洲和澳洲年成長的支持下，我們的全球醫用大麻業務將出現類似的連續淨收入和調整後毛利率。我們預計植物繁殖的收入和毛利將出現季節性下降，與歷史季節性趨勢一致。

Positive adjusted EBITDA is expected to continue, while our Q3 free cash flow is anticipated to be positive again based upon the following: first, continued increases in global medical cannabis driven in part by the full recognition of revenue in Australia and further growth in our key European markets. Second, operating expenditure and adjusted gross margins in-line with previously stated targets. And third, disciplined working capital management.

正調整後的EBITDA 預計將持續下去，而我們的第三季度自由現金流預計將再次為正，基於以下因素：首先，全球醫用大麻的持續增長，部分原因是澳大利亞收入的充分認可以及我們關鍵業務的進一步成長。其次，營業支出和調整後的毛利率符合先前設定的目標。第三，嚴格的營運資金管理。

To conclude, with two fiscal quarters now behind us, the foundation for a successful fiscal 2025 is well set, and we will continue to focus on the execution of our stated plan.

總而言之，兩個財政季度已經過去，2025 財年成功的基礎已經奠定，我們將繼續專注於既定計畫的執行。

Thank you for your time. I'll now turn the call back to Miguel.

感謝您抽出時間。我現在將電話轉回給米格爾。

Thanks, Simona. Let's wrap up with a few key takeaways. Medical cannabis is a large addressable market with a bright future due to the increasing rate of patient access across the world. We have a unique ability to take advantage of this opportunity due to our leadership position and the proven portability of our business model.

謝謝，西蒙娜。讓我們總結一些要點。由於世界各地患者使用率不斷增加，醫用大麻是一個巨大的潛在市場，前景光明。由於我們的領導地位和經過驗證的業務模式的可移植性，我們擁有利用這一機會的獨特能力。

We have established a track record of profitability that we were able to continue and expand upon. And we have a strong balance sheet with a sizable cash balance and no cannabis debt that enables us to be opportunistic. Our excitement and optimism are made possible by a high-performing team who are dedicated to operational excellence as we continue to grow and open the world to cannabis.

我們已經建立了良好的盈利記錄，並且能夠繼續並擴大盈利能力。我們擁有強大的資產負債表，擁有大量現金餘額，並且沒有大麻債務，這使我們能夠投機取巧。我們的興奮和樂觀是由一支高績效的團隊實現的，他們致力於卓越的運營，因為我們不斷發展並向大麻世界開放。

And with that, thank you for your interest in Aurora, and we can now take your questions. Operator, please open the line.

感謝您對 Aurora 的興趣，我們現在可以回答您的問題。接線員，請開通線路。

(Operator Instructions) Frederico Gomes, ATB Capital Markets.

（操作員指令）Frederico Gomes，ATB 資本市場。

Congrats on the great quarter. First question on the revenue growth that you saw in the global medical cannabis sales. So we know those sales are sometimes, I guess, quite volatile because of the timing of some of those shipments, et cetera.

恭喜這個偉大的季度。第一個問題是關於您在全球醫用大麻銷售中看到的收入成長。因此，我們知道，我認為，由於其中一些發貨的時間等原因，這些銷售有時會相當不穩定。

So would you say that the sales level is sort of representative of what you will be doing going forward? And in terms -- what visibility do you have on that? And is the growth sustainable from these levels?

那麼您是否認為銷售水平可以代表您未來將要做的事情？就這一點而言——您對此有何看法？從這些水準來看，成長是否可持續？

Yeah. And Fred, thanks for the question. Let me start, and then I'll let Simona give some points here. The answer to your last part first, yes, we do think these are sustainable. And as you mentioned, the shipments sometimes are lumpy. We've seen, as we mentioned in our comments around Poland, that sometimes the permitting process, which really is outside any patient demand or traditional demand for growth, aren't always connected.

是的。弗雷德，謝謝你的提問。讓我開始吧，然後我會讓西蒙娜在這裡給出一些觀點。首先回答你最後一部分的問題，是的，我們確實認為這些是可持續的。正如您所提到的，貨物有時是不穩定的。正如我們在關於波蘭的評論中提到的那樣，我們已經看到，有時許可程序並不總是相互關聯的，這確實超出了任何患者需求或傳統的成長需求。

But if you look at the breadth of our model, which allows us to have, I think, more consistency, having significant sales in U.K., Germany, Poland, Australia and New Zealand, you see these things smooth out.

但如果你看看我們模式的廣度，我認為這使我們能夠擁有更多的一致性，在英國、德國、波蘭、澳洲和紐西蘭擁有大量的銷售，你會發現這些事情都很順利。

So we think the baseline is there, and we think it can grow. Importantly, we think the margins are also solid in this business, which is important. And we're also seeing new markets come on with a pretty consistent pattern.

所以我們認為基線已經存在，而且我們認為它可以成長。重要的是，我們認為這項業務的利潤率也很穩定，這一點很重要。我們也看到新市場的出現具有相當一致的模式。

So we're very bullish on international cannabis. It's hard, as we've mentioned. The regulatory hurdles are significant. The products have to be EU GMP or TGA GMP which creates a barrier which we think is an advantage for us. But overall, we think these levels are not only sustainable, but they're going to grow. Anything Simona you would add?

所以我們非常看好國際大麻。正如我們所提到的，這很難。監管障礙是巨大的。產品必須符合 EU GMP 或 TGA GMP，這造成了一個障礙，我們認為這對我們來說是一個優勢。但總的來說，我們認為這些水平不僅是可持續的，而且還會增長。西蒙娜你還有什麼要補充的嗎？

Nothing really except to point out that this is the first quarter that we're able to record the full revenue for our Australian business post-acquisition. So that's contributed to the growth as well.

除了指出這是我們能夠在收購後記錄我們的澳洲業務全部收入的第一個季度之外，沒什麼真正的意義。所以這也促進了成長。

Perfect. Second question, I'm curious about your RAC business in Canada. It's obviously much smaller than the medical platform. And I guess most of your profits are coming from medical. So how do you think about that RAC platform? Do you see any chances of growing that? Does it make sense to keep it given that you're medically focused right now. So how should we think about recreational going forward?

完美的。第二個問題，我對你們在加拿大的RAC業務感到好奇。顯然比醫療平台小很多。我猜你們的大部分利潤都來自醫療。那麼您如何看待 RAC 平台？您認為有成長的機會嗎？鑑於您現在專注於醫療，保留它是否有意義。那我們該如何思考未來的休閒娛樂呢？

Sure. Yeah. It's a great question. So obviously, right now, you only have two countries internationally that allow RAC sales: one Canada and one is Uruguay. Let's talk about Canada. The Canadian system is an interesting one. The Canadian government has done more for recreational cannabis than anybody else. That being said, there are still some challenges to it that make it difficult and also lower the margins on it significantly.

當然。是的。這是一個很好的問題。顯然，目前國際上只有兩個國家允許 RAC 銷售：一個是加拿大，一個是烏拉圭。我們來談談加拿大。加拿大的製度是一個有趣的製度。加拿大政府在休閒大麻方面所做的工作比其他國家都多。話雖這麼說，但仍存在一些挑戰，使其變得困難並顯著降低利潤率。

So we, quite a bit, almost three years ago, made the decision to focus on medical cannabis, which is the highest margin, fast-growing piece. And I think if you look at our earnings this quarter, you'll see that, that decision was a good one.

因此，大約三年前，我們決定專注於醫用大麻，這是利潤率最高、成長最快的領域。我認為，如果你看看我們本季的收益，你會發現，這個決定是一個很好的決定。

Now we continue to keep a small position in Canadian RAC. We have less than a two share and we think that's important. First, we gain a lot of consumer insights about products, preferences, pricing and a variety of different things.

目前我們持續持有加拿大RAC的少量部位。我們的份額不到兩份，我們認為這很重要。首先，我們獲得了大量關於產品、偏好、定價和各種不同事物的消費者洞察。

Secondly, we do see interaction between recreational sales and medical sales. And so as internationally, at some point, obviously not today, you would see environments go from medical to RAC, we think that would give us an advantage. And then third, it also helps us with different aspects of innovation.

其次，我們確實看到娛樂銷售和醫療銷售之間的互動。因此，在國際上，在某個時候，顯然不是今天，您會看到環境從醫療轉向 RAC，我們認為這會為我們帶來優勢。第三，它也幫助我們進行不同方面的創新。

So we like it where it's at. We have a modest position in it in Canada. We learn a lot from it. It colors a lot of what we do, but no one should lose sight of the fact that our primary focus is the high-margin growing medical business where we're dominant in Canada, and we're leaders across the world.

所以我們喜歡它現在的位置。我們在加拿大的地位並不高。我們從中學到很多。它影響了我們所做的很多事情，但任何人都不應忽視這樣一個事實：我們的主要關注點是高利潤成長的醫療業務，我們在加拿大佔據主導地位，並且在全球處於領先地位。

And if I can ask just one more question here. About capital allocation, you're now close to your free cash flow goal, I guess, for next quarter, and you have lots of cash on the balance sheet, debt free. So how do you plan to allocate that capital?

我可以在這裡再問一個問題嗎？關於資本配置，我想，您現在已經接近下個季度的自由現金流目標，並且您的資產負債表上有大量現金，沒有債務。那麼您打算如何分配這筆資金呢？

And is M&A something that you would be more, I guess, actively considering now that you are free cash flow positive? Do you plan to invest organically in the business, just capital allocation options and how are you looking at them?

我想，既然您的自由現金流為正，那麼您是否會更積極地考慮併購？您是否計劃對業務進行有機投資，僅投資資本配置選項？

Yeah. Let me start it, and then Simona can take the tail end of it. I think from our standpoint, we look at capital allocation in three ways. First is you're right. We took a lot of time and a lot of hard work in order to clean up the balance sheet, and we're proud to have one of the strongest cash positions with no debt on our cannabis business. And so that was an important piece for us.

是的。讓我開始，然後西蒙娜可以完成它的尾部。我認為從我們的角度來看，我們從三個方面來看資本配置。首先你是對的。我們花了很多時間和大量的努力來清理資產負債表，我們很自豪能夠擁有最強勁的現金狀況之一，我們的大麻業務沒有債務。所以這對我們來說是一個重要的部分。

Second, we do continue to invest in our own business, whether that's enhancements to our EU GMP and TGA GMP facilities or the world-class genetics or the science and innovation, those are internal investments that we see return on right away.

其次，我們確實繼續投資於我們自己的業務，無論是增強我們的 EU GMP 和 TGA GMP 設施，還是世界一流的遺傳學或科學和創新，這些都是我們立即看到回報的內部投資。

And then third, we like to have that balance sheet in order to be opportunistic. And if something were to come available, particularly as valuations have become more reasonable, we think we'd be in a strong position. Simona, anything you'd like to add to that?

第三，我們希望擁有資產負債表，以便把握機會。如果有東西可用，特別是隨著估值變得更加合理，我們認為我們將處於有利地位。西蒙娜，你還有什麼要補充的嗎？

No, I think you covered it, Miguel.

不，我想你已經報道過了，米格爾。

(Operator Instructions) Pablo Zuanic, Zuanic & Associates.

（操作員說明）Pablo Zuanic，Zuanic & Associates。

Miguel, I have a few questions, but first, can I start by asking you your impressions following the results of the US election. How does that impact Aurora, if in any way? And what would you say to those cannabis investors that were so vested in Florida going RAC or the reform process in the US that are so focused on MSO stocks, what would you say from your perspective?

米格爾，我有幾個問題，但首先我可以問你對美國大選結果的印象嗎？如果有的話，這會對奧羅拉（Aurora）產生什麼影響？對於那些如此熱衷於佛羅裡達州 RAC 或美國改革進程、如此關注 MSO 股票的大麻投資者，您有何看法？

Yeah. I mean, Pablo, it's a great question. And obviously, the US is the largest potentially addressable market. Aurora for a long time has said a couple of things. First is that medical cannabis, conservative, global medical cannabis is the most consistent highest margin and predictable part of the overall segment.

是的。我的意思是，巴勃羅，這是一個很好的問題。顯然，美國是最大的潛在潛在市場。奧羅拉很長一段時間都說了幾句話。首先是醫用大麻，保守的全球醫用大麻是整個細分市場中利潤率最高且可預測的部分。

This election and what happened in those four states, I think, continue to reinforce that the position that we took is right. You had four states look at it. Florida was obviously the big one. They needed 60%. They came in at 55%. The only state in the US of the four that passed was Nebraska, and it was a medical provision that went through.

我認為，這次選舉以及這四個州發生的事情繼續強化了我們所採取的立場是正確的。有四個州對此進行了審查。佛羅裡達顯然是最大的一個。他們需要 60%。他們的支持率為 55%。美國四個州中唯一通過的是內布拉斯加州，這是一項醫療條款獲得通過。

And so I think it reinforces the position we've taken in our investments and with our focus around the world. I think secondly, both candidates and obviously now with the Trump administration have talked about medical cannabis as sort of a piece there.

因此，我認為這強化了我們在投資中所採取的立場以及我們對全球的關注。我認為其次，兩位候選人以及顯然現在的川普政府都將醫用大麻視為其中的一部分。

And so what I would say to investors is it's a big world out there. And I understand the interest in the US, and I understand the amount of focus there was on Florida, but investors in the cannabis companies that want to look for sustainability and profitability should be aware that there are large growing markets, as you well know, in Australia and Germany and Poland and UK with more coming on all the time, and those are more consistent and more predictable.

所以我要對投資人說的是，外面的世界很大。我了解人們對美國的興趣，也了解人們對佛羅裡達州的關注，但想要尋求可持續性和盈利能力的大麻公司的投資者應該意識到，正如你所知，有一個巨大的不斷增長的市場，在澳洲、德國、波蘭和英國，不斷有更多的事情發生，而這些事情更加一致、更可預測。

And the companies that are being successful in those markets are the same ones time and time again, like Aurora. And so while I'm sure there's disappointment for what happened, particularly in Florida, there's a lot of bright news and a lot of optimism that investors should have about what's happening in Europe and Australia and other parts of the world on cannabis.

在這些市場中取得成功的公司一次又一次都是同一家公司，例如奧羅拉（Aurora）。因此，雖然我確信所發生的事情令人失望，特別是在佛羅裡達州，但投資者應該對歐洲、澳洲和世界其他地區大麻方面發生的事情抱持著許多好消息和樂觀態度。

I think the US will get there at some point. Today is not that point. But I do believe and what we've said consistently is that it will be medical first, the FDA will be involved in the regulation of it. And that Aurora is the largest medical cannabis company in Canada with a strong relationship between Health Canada and the FDA and everything we do around the world, will be well, well positioned for the US when they get there.

我認為美國會在某個時候實現這一目標。今天不是那個點。但我確實相信，而且我們一直在說，這將首先是醫療領域，FDA 將參與對其的監管。Aurora 是加拿大最大的醫用大麻公司，加拿大衛生部和 FDA 之間有著密切的關係，我們在世界各地所做的一切，當他們到達美國時，將為美國做好準備。

Look, and just moving on to -- just comparing your Australian and German operation. I mean, obviously, from the acquisitions you made in Australia, you have more control of the overall business, and that's leading to growth apparently based on what you described.

看，然後繼續比較您的澳洲和德國業務。我的意思是，顯然，從您在澳洲進行的收購中，您對整體業務有了更多的控制權，根據您所描述的情況，這顯然會帶來成長。

Is that an opportunity in Germany or you're pretty much fully integrated there, at least from a sales and distribution perspective there. I'm just trying to understand, even in Poland, if there's room to do what you did in Australia to do in Germany and Poland or you were already there?

這在德國是一個機會嗎？我只是想了解，即使在波蘭，是否還有空間可以做你在澳洲所做的事情，在德國和波蘭做的事情，或者你已經在那裡了？

Yeah. I think we're already there. I mean, if you look at what we -- and you know this, when you look at what we have in Germany, first and foremost, the point of differentiation is we have a production facility in Germany. We're one of only three. So that's different than, say, Poland or Australia.

是的。我想我們已經到了。我的意思是，如果你看看我們的產品——你知道這一點，當你看看我們在德國擁有的產品時，首先也是最重要的是，差異化點是我們在德國有一個生產工廠。我們是僅有的三個之一。所以這與波蘭或澳洲不同。

Secondly, as we've talked about, Germany is expanding quite rapidly. But we've got not only all the infrastructure and the people and the trade relationships that we need in Germany, but I think we're also expanding into some of the different aspects of the German growth.

其次，正如我們所討論的，德國正在迅速擴張。但我們不僅擁有德國所需的所有基礎設施、人員和貿易關係，而且我認為我們還在擴展到德國成長的一些不同面向。

Australia was about getting that infrastructure. I think to be honest, in catching up in a way to where we were with Germany. MedReleaf Australia is the number two player in Australia. And so we wanted to have full control over that entity. I was down there a bit ago, and it's a great market, a fast-growing market, and we think one that's really going to reward companies with high-quality innovative products.

澳洲致力於獲得基礎設施。老實說，我認為我們在某種程度上趕上了德國。MedReleaf Australia 是澳洲排名第二的參與者。因此我們希望完全控制該實體。我不久前去過那裡，這是一個很棒的市場，一個快速成長的市場，我們認為這個市場確實會用高品質的創新產品獎勵公司。

The other thing that's different about Australia than Germany is you can sell a broader breadth of products. So whether it's ingestibles or different aspects of a full medical portfolio, there's greater opportunity with that, which I think better takes advantage of the full portfolio of medical products that we have produced in Canada and shipped to Australia.

澳洲與德國的另一個不同之處是您可以銷售更廣泛的產品。因此，無論是攝取品還是完整醫療產品組合的不同方面，都有更大的機會，我認為更好地利用我們在加拿大生產並運往澳洲的完整醫療產品組合。

Okay. And one last one, if I can. We're starting to hear about some cities in Germany doing these pilot programs, I guess, for the Quasi reg program. Could we have that an impact on medical sales or the way the medical market develops in Germany.

好的。如果可以的話，還有最後一件事。我想，我們開始聽說德國的一些城市正在為準監管計劃開展這些試點計劃。我們是否會對醫療銷售或德國醫療市場的發展方式產生影響？

And I guess part B of that question, just remind us in terms of what do you see as underlying growth in the German market right now and whether you are running at a rate or slightly below or slightly above?

我想這個問題的 B 部分只是提醒我們，您認為德國市場目前的潛在成長是什麼，以及您的運行速度是略低於還是略高於？

Yeah. So let me try to take those in order. As you well know, there were provisions in the descheduling that would allow individuals to grow their own plants and to have these social clubs, We've not seen, particularly in markets that have reimbursed provisions like, say, in Canada, that impacts.

是的。那麼讓我試著按順序排列這些內容。如您所知，取消計劃中的條款允許個人種植自己的植物並擁有這些社交俱樂部，我們還沒有看到，特別是在加拿大等已償還條款的市場中，這會產生影響。

So we're not worried about that in its early days. I will say the regulators in Germany and others that regulate that industry, these sort of early days there, but there is a significant amount of growth in patient growth, particularly in the self-payer market, where we're number one in Germany. So we don't see any impact from any of those provisions.

所以我們在早期並不擔心這一點。我想說的是德國的監管機構和其他監管該行業的機構，雖然還處於早期階段，但患者人數增長顯著，特別是在自助付費市場，我們在德國排名第一。因此，我們沒有看到這些規定有任何影響。

I think in terms of the percentage growth, it's hard to give you a specific number because there isn't syndicated data that would give you an exact number. I think overall, we would be comfortable in saying we're seeing pretty significant growth in Germany and we need a little bit more time in order to quantify exactly what that looks like, say, quarter-over-quarter.

我認為就成長率而言，很難給你一個具體的數字，因為沒有聯合數據可以給你一個確切的數字。我認為總體而言，我們可以放心地說，我們在德國看到了相當顯著的成長，我們需要更多的時間來準確量化這種情況，例如季度環比。

This concludes the question-and-answer session. I'd like to turn the floor back over to Miguel Martin for closing comments.

問答環節到此結束。我想把發言權交還給米格爾·馬丁（Miguel Martin）以供結束評論。

Listen, we appreciate everybody's interest in Aurora. It was a tremendous quarter, and we think the future is incredibly bright for medical cannabis and also particularly for Aurora, as we take advantage of it. Thank everybody for your time, and we look forward to your continued interest in Aurora Cannabis.

聽著，我們感謝大家對 Aurora 的興趣。這是一個巨大的季度，我們認為醫用大麻的未來非常光明，尤其是奧羅拉（Aurora），因為我們利用了它。感謝大家的寶貴時間，我們期待您對 Aurora Cannabis 持續感興趣。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。