Aurora Cannabis Inc (ACB) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Aurora Cannabis Inc third quarter 2025 results conference call. (Operator Instructions) This conference call is being recorded today, Wednesday, February 5, 2025.

問候，歡迎參加 Aurora Cannabis Inc 2025 年第三季業績電話會議。（操作員指示）本次電話會議於今天，即 2025 年 2 月 5 日星期三進行錄音。

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、策略財務和投資者關係總監 Kevin Niland。請繼續。

Hello, everyone, and thank you for joining us. With me on the line with me are Miguel Martin, Executive Chairman and CEO; Simona King, CFO. This morning, we filed our financials for the third quarter 2025, period ending December 31, 2024, and issued a news release containing our quarterly results. This news release, along with our financial statements and NDA are available on our IR website and can also be accessed via SEDAR+ and EDGAR.

大家好，感謝大家的參與。和我一起打電話的是執行董事長兼執行長米格爾·馬丁 (Miguel Martin)； Simona King，財務長。今天上午，我們提交了 2025 年第三季（截至 2024 年 12 月 31 日）的財務報表，並發布了包含季度業績的新聞稿。本新聞稿以及我們的財務報表和保密協議 (NDA) 均可在我們的 IR 網站上查閱，也可透過 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，我們提醒您，某些事項構成前瞻性陳述，並受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預期的結果有重大差異。可能影響實際結果的風險因素在我們的年度資訊表和其他定期文件和註冊聲明中有詳細說明。也可以透過 SEDAR+ 和 EDGAR 存取這些文件。

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

在 Miguel 和 Simona 發表準備好的發言後，我們將與我們的報道分析師進行問答環節。

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

說完這些，我會把電話轉給米格爾。請繼續。

Thanks, Kevin. We're pleased to report a record third quarter for medical Cannabis revenue, net income adjusted EBITDA and free cash flow and sincerely thank our team for making these results possible.

謝謝，凱文。我們很高興地報告第三季醫用大麻收入、淨收入調整後 EBITDA 和自由現金流創下紀錄，並真誠感謝我們的團隊使這些成果成為可能。

Our three-pronged strategy serves as our foundation and guides us forward as we seek to further strengthen our Cannabis over the coming years. First, as the world's largest medical Cannabis company, we will continue to leverage our EU GMP and TGA GMP manufacturing facilities, unparalleled scientific knowledge, genetics and regulatory expertise on rapidly evolving global medical Cannabis opportunities.

我們的三管齊下策略是我們的基礎，並指導我們在未來幾年進一步加強大麻業務。首先，作為世界上最大的醫用大麻公司，我們將繼續利用我們的歐盟 GMP 和 TGA GMP 製造設施、無與倫比的科學知識、遺傳學和監管專業知識，抓住快速發展的全球醫用大麻機會。

Today, we proudly serve patients across multiple countries including Canada, Australia, Germany, Poland, and the UK with an eye on future opportunities as they emerge. Second, we will work to sustain our medical Cannabis margins through operational excellence and our continued focus on this space. And third, we will look to achieve a steady stream of revenue and adjusted EBITDA contributions and build a track record of positive free cash flow all while maintaining a strong balance sheet.

今天，我們自豪地為加拿大、澳洲、德國、波蘭和英國等多個國家的患者提供服務，並著眼於未來的機會。其次，我們將努力透過卓越的營運和對這一領域的持續關注來維持我們的醫用大麻利潤率。第三，我們將努力實現穩定的收入來源和調整後的 EBITDA 貢獻，並建立正自由現金流的記錄，同時保持強勁的資產負債表。

Our successful execution of the points I just made has enabled us to differentiate ourselves from our peers and achieve the results that we reported today.

我們成功執行了我剛才提出的觀點，這使得我們在同行中脫穎而出，並取得了今天報告的成果。

Here are some highlights from the quarter. Overall net revenue grew 37% driven by 51% year-over-year growth in global medical Cannabis. Within global medical Cannabis, international revenue increased 112%. For the second consecutive quarter, international revenue surpassed Canadian medical cannabis comprising 60% of global medical Cannabis net revenue, up 300 basis points sequentially from last quarter. This intentional shift in our business validates how we have capitalized on opportunities across the globe while still maintaining a stable foundation in Canada.

以下是本季的一些亮點。受全球醫用大麻年增 51% 的推動，整體淨收入成長了 37%。在全球醫用大麻領域，國際收入成長了 112%。連續第二個季度，國際營收超過加拿大醫用大麻，佔全球醫用大麻淨收入的 60%，比上一季成長 300 個基點。我們業務的這一有意轉變證實了我們如何利用全球機遇，同時仍在加拿大保持穩定的基礎。

Medical cannabis, our flagship business segment, generated 77% of total net revenue and 90% of adjusted gross profit. And while the majority of growth was sourced internationally, Canadian medical increased 6% and we held on to our significant leadership position.

醫用大麻是我們的旗艦業務部門，貢獻了總淨收入的 77% 和調整後毛利的 90%。雖然大部分成長來自國際市場，但加拿大醫療業務成長了 6%，我們保持了重要的領導地位。

Briefly on Bevo, our plant propagation business segment, we generated a revenue increase of 22% year-over-year through organic growth and enhanced facility utilization. In terms of profitability, net income and adjusted EBITDA both reached all-time highs, and we generate $27 million in positive free cash flow another record.

簡要介紹我們的植物繁殖業務部門 Bevo，透過有機成長和提高設施利用率，我們實現了營收年增 22%。在獲利能力方面，淨收入和調整後的 EBITDA 均創下歷史新高，我們創造了 2,700 萬美元的正自由現金流，再創紀錄。

Let's now discuss our canvas business in greater detail. Our Canadian medical business which is known for its scientific knowledge and approach to innovation provides our patients access to a broad selection of superior offerings. Through Aurora Coast, our world class research and genetics facility, we can harness solutions to provide patients the very best medical cannabis.

現在讓我們更詳細地討論我們的畫布業務。我們的加拿大醫療業務以其科學知識和創新方法而聞名，為我們的患者提供了廣泛的優質服務。透過奧羅拉海岸，我們世界一流的研究和遺傳學設施，我們可以利用解決方案為患者提供最好的醫用大麻。

On that note, we recently announced a series of new cultivars developed at Aurora Coast and grown across our EU GMP and TGA GMP certified facilities. We also partnered with several other Canadian licensed producers who grow our cultivars, enabling us to create more value.

關於這一點，我們最近宣布了在奧羅拉海岸開發的一系列新品種，這些品種在我們的歐盟 GMP 和 TGA GMP 認證的設施中種植。我們還與其他幾家種植我們品種的加拿大特許生產商合作，使我們能夠創造更多價值。

Internationally our largest market after Canada is Australia. We currently have the number two share in this highly regulated market, and we are optimistic about our expanded distribution and broadened product portfolio.

在國際上，我們繼加拿大之後最大的市場是澳洲。我們目前在這個嚴格監管的市場中佔有第二的份額，我們對擴大分銷和拓寬產品組合感到樂觀。

Turning to Europe, let's start with Germany, a country that we've been operating in since 2018 and where we continue to maintain a leadership position. Germany has experienced rapid growth since the onset of Cannabis descheduling last year as more patients register and pharmacies are in turn expanding to support higher prescription volumes. We are determined to maintain a consistent and reliable supply of our high-quality EU GMP manufactured products to our pharmacy partners and we're doing that through our EU GMP facilities in Canada and in Germany.

談到歐洲，讓我們從德國開始，我們自 2018 年以來就一直在這個國家開展業務，並且我們在這裡繼續保持領導地位。自去年大麻合法化以來，德國經歷了快速增長，註冊的患者越來越多，藥局也不斷擴張以支持更高的處方量。我們決心向我們的藥房合作夥伴持續可靠地供應符合歐盟 GMP 標準的高品質產品，並且我們透過位於加拿大和德國的歐盟 GMP 設施來實現這一目標。

We also recently announced the launch of our first German cultivated medical cannabis product under the brand IndiMed, manufactured locally, further cementing our commitment to growth in this dynamic market. We strongly believe that the changes in Germany will ultimately reverberate across Europe through expanded acceptance of medical Cannabis. Our intention is therefore to gain a strong foothold in these emerging countries through our agility and unique capabilities including regulatory and cultivation expertise.

我們最近也宣布推出首款在德國種植的醫用大麻產品，該品牌名為 IndiMed，在當地生產，進一步鞏固了我們在這個充滿活力的市場中實現成長的承諾。我們堅信，德國的變化最終將透過擴大對醫用大麻的接受而在整個歐洲產生迴響。因此，我們的目標是透過我們的敏捷性和獨特能力（包括監管和培育專業知識）在這些新興國家站穩腳跟。

Let's now discuss two of these markets, Poland and the UK, which both generated record revenue this quarter. Poland is our second largest European market benefiting from patients seeking high quality medical Cannabis.

現在讓我們討論其中兩個市場，波蘭和英國，這兩個市場本季都創造了創紀錄的收入。波蘭是我們歐洲第二大市場，受惠於病患對高品質醫用大麻的追求。

In the UK revenue increased as a result of our latest product innovations and widened distribution channels. Similar to last quarter and across all international markets, we saw an increase in demand for EU and TGA GMP manufactured flower. This aligns well with 90% of our internal manufacturing capacity being EU and TGA GMP certified.

在英國，由於我們最新的產品創新和分銷管道的拓寬，收入增加。與上一季類似，在所有國際市場，我們看到對歐盟和TGA GMP 生產的花卉的需求增加。這與我們 90% 的內部製造能力通過歐盟和 TGA GMP 認證一致。

The expansion of our latest genetics offers higher yields and a lower cost program to produce, which has given us the ability to significantly increase our output capacity, especially as these new cultivars begin to establish themselves.

我們最新基因的擴展提供了更高的產量和更低的生產成本，這使我們能夠顯著提高產量，特別是當這些新品種開始紮根時。

Now in Canadian reg, while we did see a decline in revenue, this is still an important segment for us as it is where we gain a lot of consumer insights about products, preferences, pricing, among other things, by maintaining an active presence. We also see interactions between recreational sales and medical sales in our home market.

現在在加拿大，雖然我們的收入確實有所下降，但這對我們來說仍然是一個重要的部分，因為透過保持積極的存在，我們可以獲得大量關於產品、偏好、定價等方面的消費者洞察。我們也看到本土市場娛樂銷售和醫療銷售之間的相互作用。

Internationally, at some point, environments could evolve from medical to RAC and if so, this would offer us another advantage. We recently announced our latest innovations from our Greybeard, San Rafael '71 and Tasty's brands. With a continued focus on premium, science driven offerings, this expanded lineup represents our commitment to delivering exceptional high quality cutting edge and diverse options to consumers so they can enjoy unforgettable cannabis experiences.

從國際上看，在某個時候，環境可能會從醫療發展到 RAC，如果是這樣，這將為我們提供另一個優勢。我們最近宣布了 Greybeard、San Rafael '71 和 Tasty 品牌的最新創新。我們將繼續專注於優質、科學驅動的產品，此次擴大的產品線代表我們致力於為消費者提供卓越高品質、尖端和多樣化的選擇，使他們能夠享受難忘的大麻體驗。

So to sum up, with only one quarter left to go in the fiscal year, we are pleased to be executing at a high level and intend to finish the year strong through profitable growth. I would now like to turn the call over to Simona for a detailed financial overview.

總而言之，本財年僅剩一個季度，我們很高興能夠以高水準執行，並打算透過獲利成長強勁結束這一年。現在，我想將電話轉給西蒙娜，讓她提供詳細的財務概況。

Thank you, Miguel. We had an exceptionally strong quarter where we reached all-time highs across several key financial metrics. First, net revenue of $88.2 million represents a 37% growth supported by record net revenue of $68.1 million from our global medical Cannabis segment.

謝謝你，米格爾。我們本季表現異常強勁，多項關鍵財務指標均創歷史新高。首先，淨收入為 8,820 萬美元，成長 37%，這得益於我們全球醫用大麻部門創紀錄的 6,810 萬美元淨收入。

Second, quarterly profitability consisted of record consolidated adjusted growth margin at 65%, 130 basis points higher than last year resulted in record adjusted gross profit at $56 million. Third, adjusted EBITDA grew 316% to a record $23.1 million and this was our ninth consecutive quarter of positive adjusted EBITDA. Fourth, net income was $31.2 million, another record outcome compared to a net loss of $18.1 million in the year ago period. And finally, we ended the quarter with $180.2 million in cash and cash equivalent and no cannabis business debt.

其次，季度獲利能力包括創紀錄的 65% 的綜合調整後成長利潤率，比去年高出 130 個基點，導致創紀錄的調整後毛利達到 5,600 萬美元。第三，調整後的 EBITDA 成長 316%，達到創紀錄的 2,310 萬美元，這是我們連續第九個季度實現調整後的 EBITDA 為正。第四，淨收入為3,120萬美元，與去年同期1,810萬美元的淨虧損相比，再創歷史新高。最後，本季結束時，我們擁有 1.802 億美元的現金和現金等價物，並且沒有大麻業務債務。

Now, let's go into greater detail. In medical cannabis, our key strategic focus, net revenue rose by 61% to $68.1 million, which consisted of 6% growth in Canada and 112% growth internationally. Medical cannabis comprised 77% of net revenue and 90% of adjusted gross profit during the quarter. This marked an increase from 70% of net revenue and 84% of adjusted gross profit from the year ago period, the result of higher medical revenue and higher medical margins in the current year quarter. The increase in Canadian medical revenue was due to our continued focus on the Canadian patient experience. The commercial collaboration with Vectura Fertin announced earlier in the fiscal year also contributed to this growth.

現在，讓我們更詳細地討論一下。在我們的主要策略重點醫用大麻領域，淨收入成長了 61%，達到 6,810 萬美元，其中加拿大成長了 6%，國際成長了 112%。本季度，醫用大麻佔淨收入的 77% 和調整後毛利的 90%。這標誌著淨收入和調整後毛利較去年同期分別成長 70% 和 84%，這是本季醫療收入和醫療利潤率提高的結果。加拿大醫療收入的增加得益於我們持續關注加拿大患者的體驗。本財年稍早宣布的與 Vectura Fertin 的商業合作也促進了這一成長。

The increase in international medical cannabis revenue was primarily due to the full recognition of revenue in Australia after the acquisition of MedReleaf Australia in February 2024 and the descheduling in Germany. We also experienced higher sales in other European countries.

國際醫用大麻收入的增加主要由於2024年2月收購MedReleaf Australia後澳洲收入全額確認以及德國業務取消計畫。我們在其他歐洲國家的銷售也取得了成長。

Adjusted gross margin for medical Cannabis was 74%, up from 63% in the year ago period, both of which far exceeded our 60% target. Several factors drove the year-over-year increase including larger revenue contributions from higher margin markets, sustainable cost reductions and improved efficiency in our manufacturing operations with our shift to supplying the European markets from Canada.

醫用大麻的調整後毛利率為 74%，高於去年同期的 63%，都遠超過了我們 60% 的目標。推動同比成長的因素有幾個，包括來自高利潤市場的收入貢獻增加、成本持續降低以及隨著我們轉向從加拿大供應歐洲市場，製造業務效率提高。

Consumer cannabis net revenue was $9.9 million down from $11.6 million in the year ago period with adjusted gross margins of 26% compared to 29% due to sales of higher margin products. The year-over-year decline was the expected result of our decision to focus on the higher margin medical Cannabis business.

消費大麻淨收入為 990 萬美元，低於去年同期的 1,160 萬美元，調整後的毛利率為 26%，而去年同期為 29%，原因是利潤率較高的產品的銷售。由於我們決定專注於利潤率更高的醫用大麻業務，因此同比下降是意料之中的結果。

Bevo's plant propagation net revenue increased to $8.9 million, up from $7.3 million in the year ago period with adjusted growth margins of 40%, up from 28% this year. This year over year improvement is due to a combination of increased plant propagation capacity and product offerings. Recall, that Bebo 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.

Bevo 的植物繁殖淨收入從去年同期的 730 萬美元增至 890 萬美元，調整後的成長率為 40%，高於今年的 28%。今年的年比改善是由於植物繁殖能力和產品供應量的增加。回想一下，Bebo 歷來在夏季和秋季的收入較低，植物繁殖收入的約 25% 至 35% 和 EBITDA 的 20% 是在日曆年的下半年獲得的。

Consolidated adjusted SG&A increased by 12.6% to $31.3 million compared to the year ago period and supported year-over-year net revenue growth of 37%. Adjusted EBITDA rose to $23.1 million from $5.5 million last year. The record improvement over the prior year period was due to a substantial increase in gross profit resulting from higher net revenue before fair value adjustments required under IFRS.

合併調整後銷售、一般及行政支出較去年同期增加 12.6% 至 3,130 萬美元，並支持淨收入較去年同期成長 37%。調整後的 EBITDA 從去年的 550 萬美元增加到 2,310 萬美元。與去年同期相比，創紀錄的改善是由於國際財務報告準則要求的公允價值調整前的淨收入增加導致毛利大幅增加。

Net income increased to $31.2 million compared to a net loss of $17.1 million for the year ago period. The increase relates to higher gross profit partially offset with the decrease in other income. The increase in gross profit includes an increase in unrealized gain on changes in fair value of biological assets.

淨收入增至 3,120 萬美元，而去年同期的淨虧損為 1,710 萬美元。該增長與毛利增加有關，但其他收入的減少部分抵消了這一增長。毛利的增加包括生物資產公允價值變動未實現收益的增加。

Please note that there may be quarter-over-quarter variability on this line item because of these inve`ntory adjustments per IFRS. Our balance sheet remains one of the strongest in the global Cannabis industry. We held $180.2 million in cash and cash equivalents as of December 31, and our cannabis operations are completely debt free. However, our Bevo business holds $57.9 million in nonrecourse debt that is secured by significant fixed asset based held at Bevo.

請注意，由於根據 IFRS 進行的庫存調整，該項目可能存在季度間差異。我們的資產負債表仍然是全球大麻產業最強勁的之一。截至 12 月 31 日，我們持有 1.802 億美元現金和現金等價物，我們的大麻業務完全沒有債務。然而，我們的 Bevo 業務持有 5,790 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擔保。

Cash provided by operating activities was $28.8 million compared to cash used of $5.3 million in the year ago period. Excluding changes in noncash working capital and discontinued operations, cash provided by operating activities improved by $25.2 million to deliver $13.8 million in operating cash compared to cash use of $11.4 million in the prior year period. This improvement reflects a combination of increased net revenue and improved profit margins.

經營活動提供的現金為 2,880 萬美元，而去年同期使用的現金為 530 萬美元。不包括非現金營運資本變動和停止經營，經營活動提供的現金增加了 2,520 萬美元，實現 1,380 萬美元的營運現金，而去年同期的現金使用量為 1,140 萬美元。這一改善反映了淨收入增加和利潤率提高的共同作用。

Free cash flow was positive $27.4 million compared to a negative free cash flow of $4.7 million in the year ago period. The $32.1 million increase is due to higher net revenue and contribution margin along with an increase in working capital of $8.2 million.

自由現金流為正 2,740 萬美元，而去年同期的自由現金流為負 470 萬美元。3,210萬美元的增幅是由於淨收入和貢獻利潤率的提高以及營運資本增加了820萬美元。

Let me now provide some thoughts on what we expect for next quarter. Continued revenue growth across our Cannabis business supported by year-over-year growth in Europe and Australia. Seasonally higher revenues for Bevo in our plant propagation segment in line with historical seasonal trends.

現在，讓我就我們對下個季度的預期發表一些看法。由於歐洲和澳洲的年比成長，我們的大麻業務收入持續成長。與歷史季節性趨勢一致，Bevo 植物繁殖部門的季節性收入增加。

Margins to hold strong and positive adjusted EBITDA to continue while continued spend discipline on CapEx and expected revenue growth will support improved operating cash use. Positive free cash flow based upon the following.

利潤率保持強勁，調整後 EBITDA 繼續為正，同時繼續嚴格控制資本支出和預期收入成長將支持改善營運現金使用。基於以下內容的正自由現金流。

First, continued increases in global medical cannabis driven in part by the full recognition of revenue in Australia and growth in our key European markets. Second, operating expenditure and adjusted growth margins in line with previous results; and third, disciplined working capital management.

首先，全球醫用大麻持續成長，部分原因是澳洲收入的全面確認和我們主要歐洲市場的成長。第二，營業支出和調整後的成長利潤率與先前的結果一致；第三，嚴格營運資本管理。

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

感謝您的時間。我現在將電話轉回給米格爾。

Thanks Simona. By any measure, it was a record-breaking quarter, and we think Aurora's future is incredibly bright. I say that based on a few important points. First, several years ago we made an intentional pivot to align our resources behind a medical Cannabis first growth strategy and concentrate on high margin opportunities outside of North America.

謝謝西蒙娜。無論以何種標準衡量，這都是一個破紀錄的季度，我們認為 Aurora 的未來一片光明。我這樣說是基於幾個重要的觀點。首先，幾年前，我們有意將資源集中在醫用大麻優先成長策略上，並專注於北美以外的高利潤機會。

Our viewpoint is that the regulatory environments in Europe and Australia are a better fit for us, given our core strengths in regulatory affairs and that these countries will be more accepting of medical cannabis in the near term, especially as US federal legalization is taking longer to materialize.

我們的觀點是，鑑於我們在監管事務方面的核心優勢，歐洲和澳洲的監管環境更適合我們，而這些國家在短期內會更容易接受醫用大麻，特別是在美國聯邦合法化需要更長時間才能實現的情況下。

Second, patient access to medical cannabis continues to grow around the world, creating a stronger secular trend where Aurora is a key beneficiary. In our view, the market could easily exceed $5 billion in the next few years, and we have an important role to play in that opportunity. Third, we are well positioned versus many of our peers through our first mover advantage and key capabilities, which gives us a material advantage in existing and new markets.

其次，全球患者獲得醫用大麻的管道不斷增長，形成了更強勁的長期趨勢，Aurora 是主要受益者。我們認為，未來幾年市場規模很容易超過 50 億美元，而我們在這次機會中扮演重要角色。第三，憑藉先發優勢和關鍵能力，我們比許多同業處於有利地位，這使我們在現有市場和新市場中佔據了實質優勢。

And finally, our focus on profitable business segments and opportunities maxed by our financial flexibility and balance sheet strength. This combination gives us an advantage and allows us to be opportunistic and generate returns that position us to drive long-term shareholder value.

最後，我們專注於獲利業務部門和機遇，並透過財務靈活性和資產負債表實力實現最大化。這種結合為我們帶來了優勢，使我們能夠抓住機會並產生回報，從而推動長期股東價值。

And with that, we'd be happy to take your questions. Operator, please open the lines.

我們很樂意回答您的問題。接線員，請接通線路。

(Operator Instructions) Bill Kirk, Roth capital partners.

（操作員指示）比爾柯克 (Bill Kirk)，羅斯資本合夥人。

Good morning, everybody. Miguel, I had a question, given the inflection in sales here, are you running into any supply constraints in any way or do you still have some room to continue to meet these opportunities and find more growth from here?

大家早安。米格爾，我有一個問題，考慮到這裡的銷售變化，您是否遇到了任何供應限制，或者您仍然有空間繼續滿足這些機會並從中找到更多的增長？

Yeah, Bill. Good morning and thanks for the thoughtful question. I think you raised sort of two points and first is we feel good about where we are from a supply standpoint. Now supplying these international markets is a bit complicated because of the variety of different regulatory challenges in there. It's not just the certifications, EU GMP and TGA GMP, TGA is the Australian designation that causes some complexities. The other part is the registration process and the testing process.

是的，比爾。早上好，感謝您提出這個深思熟慮的問題。我認為您提出了兩點，首先，從供應的角度來看，我們對目前的狀況感到滿意。現在，由於存在各種不同的監管挑戰，向這些國際市場供貨有點複雜。不僅僅是認證，歐盟 GMP 和 TGA GMP，TGA 是澳洲的名稱，這造成了一些複雜性。另一部分是註冊過程和測試過程。

So all of that has to work together being able to consistently supply those four key markets which are Poland, Germany, Australia and the UK. But we feel really good about where we're at in terms of being able to meet that needs and we think it's a real core competitive advantage for Aurora.

因此，所有這些必須共同努力才能持續供應波蘭、德國、澳洲和英國這四個主要市場。但我們對自己能夠滿足這些需求的能力感到非常滿意，我們認為這是 Aurora 真正的核心競爭優勢。

And then if I can follow up, was were there any like unique or opportunistic items maybe load in particular country that benefited 3Q that just aren't as repeatable for 4Q going forward? Is there any way maybe you could quantify if things like that impacted 4 -- 3Q in a positive way.

然後，如果我可以跟進的話，是否有任何類似獨特或機會性的項目可能在特定國家/地區使第三季度受益，但在未來第四季度卻無法重複？有沒有什麼方法可以量化這些事情是否對 4 至 3Q 產生了正面影響？

No, we didn't see anything that was sort of out of the norm. Now, I will say the international markets because of permitting, they do go a little hot and cold and I think over a fiscal year, you'll see that smooth out. But there was nothing specific in the quarter that we're reporting that was sort of a one time or that was sort of out of the norm in terms of what we would see over a broader time period.

不，我們沒有看到任何不正常的事情。現在，我想說的是，國際市場由於允許，確實會有一點熱和冷，但我認為在一個財政年度內，你會看到這種趨勢趨於平穩。但在我們報告的這個季度中，並沒有什麼特別的事情是一次性的，或者從更廣泛的時間段來看有什麼不正常的。

Wonderful, I'll pass it along. Thank you.

太好了，我會傳達的。謝謝。

Thank you, Bill. I appreciate the questions.

謝謝你，比爾。我很感謝你們提出這些問題。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

Congrats on the great quarter. First question, just on competition in the international medical cannabis market. We've seen a lot of other LPs trying to enter those markets and export from Canada. How do you see that competition impacting those markets this year? Could it impact prices and margins or not? These markets are growing really fast. So how do you look at competition at this point?

恭喜本季取得如此出色的成績。第一個問題是關於國際醫用大麻市場的競爭。我們看到很多其他 LP 試圖進入這些市場並從加拿大出口。您認為今年的競爭對這些市場有何影響？它是否會影響價格和利潤？這些市場成長非常快。那麼，您現在如何看待競爭？

Yeah, Fred, thanks for the question. I think if you compare and contrast North America where you're competing against hundreds of companies, particularly in Canada in the RAC business, we don't see that internationally. That doesn't mean they're not some very strong and decent number of competitors, but it is a more consolidated business. And let me sort of take them sort of in order.

是的，弗雷德，謝謝你的提問。我認為，如果你與北美進行比較和對比，那裡有數百家公司在競爭，特別是在加拿大的 RAC 業務，我們在國際上看不到這種情況。這並不意味著他們沒有非常強大和相當數量的競爭對手，而是因為他們的業務更加整合。讓我按順序來介紹一下。

Obviously, Germany has garnered a lot of attention. But because of the requirements of the EU GMP plus the testing, plus the registration process, you do see more consolidation. So as an example, as you well know, in Canada, the top five RAC companies don't even represent 50% of the business. And what we see is in most of the big European markets, the top five companies will represent two thirds or three quarters of the total business.

顯然，德國已經引起了廣泛關注。但由於歐盟GMP的要求加上測試，加上註冊流程，你確實會看到更多的整合。舉個例子，眾所周知，在加拿大，排名前五的 RAC 公司甚至沒有佔據 50% 的業務。我們看到，在大多數歐洲大市場，前五大公司佔據總業務的三分之二或四分之三。

So it's a more consolidated piece of business. It advantages those companies like Aurora that have made significant investments, both in product innovation and registration and on the ground infrastructure, and it is portable. In many cases, what you have to do in Germany, while be a little bit different in Poland, is the same thing. And so I would say the competition is no less competitive, but it is from a smaller group of competitors because it is a different skillset than maybe what you would find, say, in Canada.

因此，這是一項更穩固的業務。它對像 Aurora 這樣在產品創新和註冊以及地面基礎設施方面做出大量投資的公司有利，並且它具有可移植性。很多情況下，你在德國要做的事情和在波蘭要做的事情略有不同，但都是一樣的。因此我想說，競爭並不弱，但競爭者群體較小，因為所需的技能與在加拿大可能遇到的技能不同。

Perfect. Second question is on capital allocation. Now that you've reached the free cash flow positive, obviously, and generating a substantial amount of free cash flow. How are you looking at the balance sheet here, your capital allocation options in terms of growth internationally or maybe in Canada, capacity expansion, et cetera? Just how do you look at the different options that you have in terms of allocating that capital?

完美的。第二個問題是關於資本配置。現在您顯然已經實現了自由現金流為正，並且產生了大量自由現金流。您如何看待這裡的資產負債表、您在國際或加拿大成長方面的資本配置選擇、產能擴張等？在分配資本方面，您如何看待所擁有的不同選擇？

Great. I mean, listen, it's a great question. We've worked incredibly hard to have no debt on our cannabis business. And as Simona detailed, having what we think is one of the strongest balance sheets out there. As you well know, it's a very fluid environment and valuations continue, I think, to get more reasonable. We expect to be able to use that to be opportunistic as the right things come to bear.

偉大的。我的意思是，聽著，這是一個很好的問題。我們非常努力地使我們的大麻業務不負任何債務。正如西蒙娜所詳述的那樣，我們認為我們的資產負債表是目前最強勁的之一。眾所周知，這是一個非常不穩定的環境，我認為估值將繼續變得更加合理。我們希望能夠利用這一點，在正確的事情發生時抓住機會。

Now we've also been very cautious and patient, which I think has incredibly benefited us in this environment. And so anything that we would do, we would look to be accretive from a profitability standpoint and be additive to our core competency routes is really medical cannabis.

現在我們也非常謹慎和耐心，我認為這在目前的環境下為我們帶來了極大的好處。因此，我們所做的任何事情，我們都希望從盈利的角度實現增值，並增強我們的核心競爭力，這實際上是醫用大麻。

And so I think if you look at our overall path, the way we leverage the balance sheet and what we've done over the last couple of years, I think you'd see more of the same, and we're proud that that has resulted in the results that we're reporting today.

因此，我認為，如果你看看我們的整體路徑、我們利用資產負債表的方式以及我們在過去幾年所做的事情，我想你會看到更多相同的情況，我們為這導致了我們今天報告的結果而感到自豪。

Derek Lessard, TD Cowen.

德里克·萊薩德（Derek Lessard），TD Cowen。

Hey, good morning, everybody, and congrats on a great quarter. I just wanted to hit on your -- on the margin side of the business and maybe two parts, starting with the medical. Maybe just add some color around that 74% gross margin performance and then, kind of get a sense of what your thoughts are on the sustainability of that margin. And then secondly, on the plant propagation side, again strong results there. So I just want to get some additional color on the growth.

嘿，大家早上好，祝賀您度過了一個美好的季度。我只是想談談你的業務利潤方面，大概有兩個部分，先從醫療開始。也許只是對 74% 的毛利率表現進行一些說明，然後就能了解您對該利潤率可持續性的看法。其次，在植物繁殖方面，我們再次取得了強勁成果。所以我只是想獲得一些有關增長的額外顏色。

Derek, let me talk a little bit broadly about margin and then I'll turn it over to Simona, who can give you some more details on both of your questions. I think unlike say, Canadian Rack, what you see in Europe, which was obviously a huge part of the revenue increase that we had plus the impact of the margin is you don't see as much compression in the medical cannabis space. The wholesale list price or the price in which we sell to our wholesalers dictates the margin downstream both from them, from a tax standpoint and for our pharmacy, which some would describe as our retailers.

德里克，讓我廣泛地談談利潤率，然後我將把它交給西蒙娜，她可以就你的兩個問題提供更多細節。我認為，與 Canadian Rack 不同，您在歐洲看到的情況顯然是我們收入成長的很大一部分，再加上利潤率的影響，您不會看到醫用大麻領域受到太大的壓縮。批發定價或我們向批發商銷售的價格決定了批發商下游的利潤（從稅收角度）以及我們藥局（有些人稱之為零售商）的利潤。

So you don't see a lot of sort of intrinsic compression in baseline pricing and because it's in a pharmaceutical system, while these margins are high for cannabis, they're not particularly high for pharmaceutical. So I don't think you have that structural piece.

因此，你不會看到基準定價中存在太多內在壓縮，而且由於它處於製藥系統中，雖然大麻的利潤很高，但藥品的利潤並不特別高。所以我不認為你有那個結構部分。

Secondly, when you have both, an insured and self-patient part, you also have a little more consistency in that. And since we operate mostly in premium and core sections, you're going to see higher margins than you might see in the value segment. But I don't know, Simon, if you want to pick up on that and maybe talk a little bit about Bevo.

其次，當您同時擁有保險和自我耐心部分時，您也會在這方面擁有更多的一致性。由於我們主要在高端和核心領域運營，因此您將看到比價值領域更高的利潤率。但是西蒙，我不知道你是否願意繼續談這個問題並且談談貝沃。

So we generally do see higher margins in our medical and especially the international market. So as more -- as more and more of our revenue has shifted or has grown in those sectors, that overall contributes to the increased -- increased margins we're seeing not only through the medical Cannabis channel but then implications to total company as well. And we're also seeing operational efficiencies which has an impact on our cost of goods sold. So that combination of favorable prices as well as managed costs is contributing to our margin here.

因此，我們普遍看到醫療市場，特別是國際市場的利潤率更高。因此，隨著我們的收入越來越多地轉移到這些領域或在這些領域成長，這總體上有助於提高利潤率，我們不僅在透過醫用大麻管道看到利潤率提高，而且也對整個公司產生了影響。我們也看到營運效率對我們的銷售成本產生了影響。因此，優惠的價格和管理成本的結合有助於提高我們的利潤。

And we -- to one of your second part of your question, we do expect these margins to continue to stay favorable in the coming quarters. And then in terms of Bevo, what we've seen with Bevo and keeping in mind that Bevo is a seasonal business, we've seen growth in Bevo from the prior year quarter and we've also seen improved margins in the Bevo business due to increased capacity on the production side. So that's helped our overall total company margins go up as well.

對於您問題的第二部分，我們確實預計這些利潤率在未來幾季將繼續保持良好。然後就 Bevo 而言，我們看到 Bevo 的情況，考慮到 Bevo 是一項季節性業務，我們看到 Bevo 與去年同期相比有所增長，而且由於生產能力的提高，我們還看到 Bevo 業務的利潤率有所提高。這也有助於我們公司整體利潤率的上升。

Okay. That's super helpful, guys. And maybe just one more for me before I requeue. In Germany, now that, I guess, we're about nine months into the descheduling. What are you seeing, I guess, in terms of patient and then sales growth there? And maybe as a follow-up as well. You recently launched the first cultivar. Just wondering if you could speak to any of the potential cost savings in terms of transportation or anything else.

好的。夥計們，這非常有幫助。在我重新排隊之前可能只需要再做一次。在德國，我猜現在我們已經進入了大約九個月的取消計劃階段。我想，就患者和銷售成長而言，您看到了什麼變化？或許也可以作為後續行動。您最近推出了第一個栽培品種。我只是想知道您是否可以談談在交通或其他方面可能節省的成本。

Yeah. I think -- so you're right, we're nine months into the descheduling. The biggest impact has been patient growth. And so their ability to get into the system. And we've seen that continue to grow. One of the problems we have in Germany is there's not strong syndicated data. I don't know, IRI, Nielsen or maybe even some other stuff we see in some other markets.

是的。我想 — — 所以你是對的，我們已經取消計劃九個月了。最大的影響是患者的成長。他們進入系統的能力也是如此。我們看到這種趨勢還在持續成長。我們在德國面臨的一個問題是缺乏強大的聯合數據。我不知道，IRI、Nielsen 或甚至可能是我們在其他市場看到的一些東西。

So it's hard to give you an exact percentage of what we're seeing in overall growth. I think it's double digit. We see it still growing. I think one of the questions connected to that we get is, given where the elections may go in Germany, do we see a real change? We don't. Most of what they've talked about has been on the RAC side or the descheduling there. So we see Germany, without giving you precision on the growth, continuing to grow, and we see a small subset of companies being able to take advantage of it.

因此，我們很難給出我們看到的整體成長的確切百分比。我認為是兩位數。我們看到它仍在增長。我認為與此相關的一個問題是，考慮到德國選舉的走向，我們是否會看到真正的改變？我們沒有。他們談論的大部分內容都是關於 RAC 方面或其取消日程安排的問題。因此，我們看到德國（雖然不能給出具體的成長數據）仍在繼續成長，而且我們看到一小部分公司能夠從中獲益。

Now as it pertains to the growing in country, we're one of only three manufacturers that have facilities in the country of Germany and our facility in Leuna, and we are launching our first cultivar there, and we'll be launching many more that will be some of the best in the world from there. I think people are excited about a German-grown cultivar being available in that market and other areas. In terms of overall efficiencies, while you do pick up some because of where it's at from shipping, it is offset a bit by higher energy costs and some of the other COGS costs that we have there.

現在，就國內種植而言，我們是僅有的三家在德國擁有工廠的製造商之一，我們的工廠位於洛伊納，我們將在那裡推出我們的第一個栽培品種，並且我們將在那裡推出更多世界上最好的品種。我認為人們對德國種植的品種在該市場和其他地區上市感到興奮。就整體效率而言，雖然由於運輸原因確實可以獲得一些效率，但它會被更高的能源成本和我們在那裡產生的一些其他 COGS 成本所抵消。

So it's early days for that facility. It's a very small in what I would say sort of emerging facility as it pertains to our global production footprint. And so more to follow on Leuna, but we're really excited about having something in Europe that is GMP that can service both Germany and the rest of the GMP markets.

所以該設施還處於早期階段。就我們的全球生產足跡而言，這是一個非常小的新興工廠。我們還將關注洛伊納 (Leuna) 的更多信息，但我們非常高興歐洲有符合 GMP 要求的產品，可以同時為德國和其他 GMP 市場提供服務。

Matt Bottomley, Canaccord Genuity.

Canaccord Genuity 的 Matt Bottomley。

Wanted to stick on the sort of the international contribution. Obviously, it's done very well for you guys. And it's something that more LPs and even some of the MSOs are starting to talk about with respect to those opportunities.

想要堅持這種國際貢獻。顯然，你們做得很好。越來越多的 LP 甚至一些 MSO 開始談論這些機會。

So I guess, first, and I know you've touched on this a little bit, but maybe sort of two ways to look at it. One is, what's kind of the breakdown on average of sort of innovative products there versus maybe more bulk or flower? I know you guys are more in the higher quality segment of the market. But just trying to get an understanding of the types of products on average that make up your revenues. And then if you could also give any color as to what percentage of your customer patient base there or maybe just your revenues are attributable to patients that have coverage?

所以我想，首先，我知道你已經稍微談到了這一點，但也許可以從兩個方面來看待它。一是，與散裝產品或鮮花相比，創新產品的平均分類情況是怎麼樣的？我知道你們更處於市場更高品質的領域。但只是想了解平均哪些類型的產品構成了你的收入。然後，您可以說明您的客戶患者群中有多少百分比，或者只是您的收入來自有保險的患者？

Matt, thanks for the question. So let me try to break it down a little bit. In Germany, it's all flower and oil with the exception of a couple of other small products. Similar situation in Poland. The UK and Australia allowed for a broader portfolio. So you do see edibles, you do see vape products and a variety of others. But regardless of the ability to sell those products in Australia and in the UK, the vast majority of the sales in all those international markets is flower.

馬特，謝謝你的提問。讓我嘗試稍微分解一下。在德國，除了一些其他小產品外，全部都是花和油。波蘭的情況類似。英國和澳洲允許更廣泛的投資組合。因此，你確實看到了可食用的產品、電子煙產品以及各種各樣的其他產品。但無論這些產品在澳洲和英國的銷售能力如何，所有這些國際市場上的絕大部分銷售額都是鮮花。

And from that, it's again the ability to get compliant products into those markets that can meet the registration, the stability, the testing and all of it. And so I think as we look at that, you are starting to see some distinction between the value segment and more of where we operate on the top side, which is people willing to pay for that, for this.

由此，我們又能夠將合規產品推向能夠滿足註冊、穩定性、測試等所有要求的市場。因此，我認為，當我們審視這一點時，你會開始看到價值部分與我們在高端運營的部分之間的一些區別，即人們願意為此付錢。

Now in terms of segmentation, we lack syndicated data in a lot of those markets. The biggest market in Europe is the German market. We are seeing that the fastest growth is happening in the self-payer market. And probably today is the majority of sales, now whether that's 51% or 89%, we don't have that type of precision, but we are seeing expansion in all of that.

現在就細分而言，我們在許多市場中缺乏聯合數據。歐洲最大的市場是德國市場。我們發現最快的成長發生在自付費用市場。如今可能佔銷售額的大部分，無論是 51% 還是 89%，我們都沒有那麼高的精度，但我們看到所有這些都在擴大。

That being said, the insurance coverage continues to be there and is actually expanding as more and more insurers are getting comfortable with a broadened list of what we call as indications. And so I think to be successful, you have to do both.

話雖如此，保險覆蓋範圍仍然存在，而且隨著越來越多的保險公司開始適應我們所說的適應症的擴大，保險覆蓋範圍實際上還在擴大。所以我認為，要成功，就必須兩者兼顧。

Now the good news is that a patient, whether they're a self-payer or in the insured segment, want the same things. And the experience that a company like Aurora has with almost a decade of experience in Canada, that really resonates because unlike other markets, this is a patient going to a doctor getting a specific prescription for a specific item being serviced by a pharmacy.

現在的好消息是，無論是自費還是投保，患者都想要一樣的東西。而像 Aurora 這樣的公司在加拿大擁有近十年的經驗，確實引起了共鳴，因為與其他市場不同，這是患者去看醫生，獲得藥房提供的特定藥品的特定處方。

And so it really is a much more conservative medical framework that most people are accustomed to. And so a company like Aurora, our history, our approach, our medical first and everything that goes along with it, resonates. And that's why you see why we're doing so well in many of these markets. And why a smaller subset of companies, we believe, will be successful long term in those markets.

因此，這確實是一個大多數人都習慣的更保守的醫療框架。因此，像 Aurora 這樣的公司，我們的歷史、我們的方法、我們的醫療第一以及與之相關的一切都會引起共鳴。這就是為什麼我們在許多市場上表現如此出色。這就是為什麼我們相信一小部分公司能夠在這些市場取得長期成功。

And maybe to add to that, that these are finished goods products, not bulk. And we do believe we have a strong brand reputation in these international markets.

也許要補充的是，這些都是成品，而不是散裝產品。我們確實相信我們在這些國際市場擁有良好的品牌聲譽。

Okay. Got it. And then just a quick one on consumer cannabis. Obviously, not core to the strategy so not a lot of color on it. But I'm just curious on how you look at that segment going forward in the more medium term. So we're seeing more decreases in that segment as you put more supply into the GMP manufactured products, as you put in your prepared statements.

好的。知道了。然後我們簡單談談消費大麻。顯然，這不是該戰略的核心，因此沒有太多細節。但我只是好奇您如何看待中期該領域的發展。因此，正如您在準備好的聲明中所述，隨著您向 GMP 製造的產品投入更多供應，我們看到該部分出現更多下降。

The 26% gross margin, does that flow down to like breakeven on a cash flow if you look at kind of at a 4-wall? And if it does, is there any sort of indication from a strategic standpoint, if there's any more investment into that segment? Or is this just business as usual, focusing on the higher-margin international and focusing on Canada when maybe the regulations change from an adult use standpoint?

26% 的毛利率，如果您看一下四面牆，這是否會下降到現金流的損益兩平點？如果確實如此，從戰略角度來看，是否有任何跡象表明會對該領域進行更多投資？或者這只是照常營業，專注於利潤更高的國際市場，而當法規從成人使用的角度變化時，則專注於加拿大？

Yeah. Let me take the first part, and I'll let Simona talk about the modeling on the cash flow piece. I think it was -- I give a lot of credit to the Canadian government. A lot of people are banging on them about advancements and the five-year plan and all these different things.

是的。讓我來談談第一部分，我將讓西蒙娜談論現金流部分的建模。我認為是的——我非常信任加拿大政府。許多人都在向他們滔滔不絕地談論進步、五年計劃以及所有這些不同的事情。

Canada has done more on RAC than anybody else. The problem right now is it is a real challenge to extract value for high-quality products in Canada. And while that would be a significant issue for any company, since we have the opportunities to take those same finite high-quality inputs and sell them at a significant profit around the world, it makes the decision very easy for us to focus on that.

加拿大在 RAC 方面做出的貢獻比其他國家都多。當前的問題是，在加拿大提取高品質產品的價值是一個真正的挑戰。雖然這對任何公司來說都是一個重大問題，但由於我們有機會利用同樣有限的高品質投入，並在世界各地以可觀的利潤出售，因此我們很容易做出專注於此的決定。

Now Canada is getting better. We are encouraged by some of the actions some of the provincial folks have taken and it's going in the right direction. We've even seen some price increases, including some that we've taken on some of our products. But again, when you've got these incredibly high-value articulated finished goods, as Simona mentioned, products that you can sell around the world, you don't do there.

現在加拿大正在變得越來越好。一些省級人士採取的一些行動令我們感到鼓舞，而且正在朝著正確的方向發展。我們甚至看到了一些價格上漲，包括我們的一些產品的價格上漲。但是，正如西蒙娜所提到的那樣，當你擁有這些極高價值的成品，也就是可以在世界各地銷售的產品時，你就不會在那裡這樣做了。

Now it's important for us to stay in that market though, because you learn a lot, and there's a lot of innovation, and there is a lot of connectivity between the Canadian medical and Canadian RAC market that will exist at some point in other parts of the world. And so that's why we stay there.

現在，對我們來說，留在該市場非常重要，因為你可以學到很多東西，而且這裡有很多創新，而且加拿大醫療市場和加拿大 RAC 市場之間存在很多聯繫，而這些聯繫將來也會存在於世界其他地方。這就是我們留在那裡的原因。

I mean, Simona, any comments on the modeling of profitability?

我的意思是，西蒙娜，對於盈利能力模型有什麼評論嗎？

Yeah. I mean as we mentioned, we're supporting our growing global medical cannabis business and prioritizing supply towards that, which are the higher margins. But we're still active in the consumer segment and we continue to focus on profitable growth opportunities. And I would say the change in margins is from the prior year ago period, it's primarily driven by the change in the sales mix and not related to pricing. Pricing compression has been slowing in the Canadian market as we've seen. But again, that's irrational behavior so sometimes it's hard to predict.

是的。正如我們所提到的，我們正在支持我們不斷成長的全球醫用大麻業務，並優先供應利潤更高的產品。但我們仍活躍於消費領域，並持續專注於獲利成長機會。我想說利潤率的變動與去年同期相比，主要是受銷售組合變動的影響，與定價無關。正如我們所見，加拿大市場的價格壓縮一直在放緩。但同樣，這是非理性的行為，所以有時很難預測。

Doug Miehm, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Doug Miehm。

You did talk about the potential for M&A given better pricing. But you'd stick with your knitting with respect to the medical side of the business. Is there part of your existing portfolio where you do see a need for a specific type of company? Or are you talking more about incremental supply for the growth of the market in various countries as they come on?

您確實談到了在更好的定價下進行併購的潛力。但在業務的醫療方面，您會堅持自己的主業。在您現有的投資組合中，是否確實需要某種特定類型的公司？或者您更多地談論的是隨著各國市場的發展而增加的增量供應？

Yeah. I mean, Doug, it's a great question. I think first and foremost, we look to invest internally, which we've done. As Simona mentioned, our cost of production per gram continues to go down significantly. So we make a significant investment in what we consider to be one of the best genetics facilities in cannabis, in the West Coast. We've made significant investments in our production facilities to not only align with the EU GMP, but also the expansion of production. And we also invest in markets.

是的。我的意思是，道格，這是一個很好的問題。我認為首先，我們尋求內部投資，我們已經這樣做了。正如西蒙娜所說，我們每克的生產成本持續大幅下降。因此，我們對西海岸最好的大麻基因研究設施之一進行了大量投資。我們對生產設施進行了大量投資，不僅符合歐盟 GMP，而且還擴大了生產。我們也投資市場。

Now it's not -- it's just almost a year that we made a significant acquisition to the rest of MedReleaf Australia, one of the fastest-growing markets in the world. And that, I think, is sort of indicative of what we like. We've been with that business in Australia since 2017. So we knew a lot about it. We knew a lot about the team down there and we did that. I think we've worked incredibly hard to have no debt on our cannabis business and have worked incredibly hard to be profitable.

現在不是了——僅僅一年前，我們就對 MedReleaf Australia 的其他部分進行了重大收購，而 MedReleaf Australia 是世界上成長最快的市場之一。我認為這在某種程度上表明了我們喜歡什麼。我們自 2017 年起就在澳洲經營這項業務。所以我們對此了解很多。我們對那裡的球隊非常了解，所以我們就這麼做了。我認為我們已經非常努力地使我們的大麻業務不負債，並且非常努力地實現盈利。

So as things come up, and yes, we see things from a value standpoint, getting more reasonable as time goes along, we have the ability to be opportunistic, and we will be. I think what I would say is what you've seen us do in the past is probably indicative of what we're going to do going forward, which is continue to be patient but opportunistic when it makes sense and continue to grow a profitable global medical cannabis business, which is really what we're best at. And I think that's been our playbook, and it's worked extremely well, and I think we'll continue with it.

因此，當事情發生時，是的，我們從價值的角度看待事物，隨著時間的推移變得更加合理，我們有能力抓住機會，而我們會這樣做。我想說的是，您看到我們過去所做的事情可能預示著我們未來要做的事情，那就是繼續保持耐心，但在有意義的時候抓住機會，繼續發展有利可圖的全球醫用大麻業務，這才是我們真正最擅長的。我認為這是我們的劇本，而且效果非常好，我認為我們會繼續這樣做。

Okay. Perfect. And then as a follow-up, it's more a housekeeping on that taking over of all MedReleaf. But would you be able to delineate exactly what the contribution was from full consolidation in terms of absolute growth this latest quarter versus last year?

好的。完美的。然後作為後續行動，這更像是對所有 MedReleaf 的接管。但您能否準確描述出與去年同期相比，最新第一季的絕對成長對全面合併的貢獻為何？

Simona, do you want to take that one?

西蒙娜，你想拿那個嗎？

Yeah. I guess one way to think about that is as we have in the prior quarter, so our fiscal year Q2 of 2025, and this quarter, we were able to record the full revenue recognition for the business and as we work through the existing inventory earlier last year. And so that's probably a good way to think about it when you compare it to the prior quarter's period, so in December 2023, where that contribution comes in because of the full revenue recognition coming into play these last 2 quarters.

是的。我想思考這個問題的一種方式是，就像我們在上一季所做的那樣，所以我們的 2025 財年第二季度和本季度，我們能夠記錄該業務的全部收入確認，並且在去年早些時候我們處理了現有庫存。因此，當您將其與上一季進行比較時，這可能是一個很好的思考方式，即在 2023 年 12 月，由於過去兩個季度的全部收入確認，該貢獻才得以實現。

Okay. But you can't be more specific than that in terms of a number?

好的。但是不能用數字來具體說明一下嗎？

Yeah, we don't break out the markets like that.

是的，我們不會那樣打破市場格局。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Martin for any final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給馬丁先生，請他發表最後的評論。

Well, operator, thank you very much. And listen, we want to thank everybody that was on the call today. We are incredibly proud of this quarter, but more importantly, excited about the bright future that Aurora has. We thank everyone, best to all, and we really appreciate your interest and attention to Aurora. All the best.

好的，接線員，非常感謝您。聽著，我們要感謝今天參加電話會議的每個人。我們對本季感到無比自豪，但更重要的是，我們對 Aurora 的光明未來感到興奮。我們感謝所有人，向所有人致以最良好的祝愿，我們非常感謝大家對 Aurora 的關注和關心。一切順利。

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

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。