Aurora Cannabis Inc (ACB) 2025 Q4 法說會逐字稿

Greetings. Welcome to Aurora Cannabis Inc. fiscal fourth-quarter 2025 results conference call. (Operator Instructions) The conference is being recorded today, Wednesday, June 18, 2025.

問候。歡迎參加 Aurora Cannabis Inc. 2025 財年第四季業績電話會議。（操作員指示）會議將於今天（2025 年 6 月 18 日，星期三）進行錄製。

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

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。先生，請繼續。

Hello, and thank you for joining us. With me are Miguel Martin, Executive Chairman and CEO; and Simona King, CFO.

您好，感謝您加入我們。與我一起的還有執行董事長兼執行長 Miguel Martin 和財務長 Simona King。

Earlier this morning, we filed our financials for the full fiscal year, fiscal fourth quarter 2025 period ending March 31, 2025, and issued a news release containing these results. This news release, along with our financial statements and MD&A are available on our IR website as well as via SEDAR+ and EDGAR.

今天早些時候，我們提交了截至 2025 年 3 月 31 日的 2025 財年第四季度的整個財年的財務報表，並發布了包含這些結果的新聞稿。本新聞稿以及我們的財務報表和 MD&A 可在我們的 IR 網站以及 SEDAR+ 和 EDGAR 上取得。

Our discussion today gives us a reminder that certain matters could constitute forward-looking statements that are subject to risks and uncertainties relating to our future financial or business performance. Actual results could differ materially from those anticipated in those forward-looking statements.

我們今天的討論提醒我們，某些事項可能構成前瞻性陳述，這些陳述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。

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

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。同樣可以透過 SEDAR+ 和 EDGAR 存取這些文件。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 delighted to share Aurora's results today, showcasing a record-setting year in global medical net revenue, adjusted EBITDA, and positive free cash flow. This performance is anchored by a strong and flexible balance sheet, exemplified by a sizable cash balance of $185 million in a debt-free cannabis business. We believe that's a significant advantage relative to the industry.

謝謝，凱文。今天我們很高興分享 Aurora 的業績，展示了其全球醫療淨收入、調整後 EBITDA 和正自由現金流創紀錄的一年。這項業績以強勁而靈活的資產負債表為基礎，無債務大麻業務的 1.85 億美元巨額現金餘額就是明證。我們相信，相對於產業而言，這是一個顯著的優勢。

Here are some key highlights from fiscal 2025. First, net revenue rose 27% to a record $343 million, which included global medical cannabis revenue increasing 39%. International revenue generation eclipsed the strong contribution from Canadian medical and comprised over half of total global medical cannabis, up from 41% in fiscal 2024.

以下是 2025 財年的一些主要亮點。首先，淨收入成長27%，達到創紀錄的3.43億美元，其中全球醫用大麻收入成長39%。國際收入超過了加拿大醫用大麻的強勁貢獻，佔全球醫用大麻總收入的一半以上，高於 2024 財年的 41%。

Second, adjusted gross margin improved to 55% compared to 49% as we benefited from both higher cannabis and plant propagation margins. And finally, we generated record adjusted EBITDA of almost $50 million with record positive free cash flow of about $10 million.

其次，由於我們受益於大麻和植物繁殖利潤率的提高，調整後的毛利率從 49% 提高到 55%。最後，我們創造了創紀錄的調整後 EBITDA 近 5000 萬美元，創紀錄的正自由現金流約為 1000 萬美元。

Aurora is already the largest company in the world focused on medical cannabis, the highest margin segment of the industry. And we have scientific knowledge, genetics, breeding, and regulatory expertise that are second to none.

Aurora 已經是全球最大的專注於醫用大麻的公司，而醫用大麻是該行業中利潤率最高的領域。我們擁有無與倫比的科學知識、遺傳學、育種和監管專業知識。

Notably, we are one of the select few cannabis companies with two manufacturing facilities certified under both Australian TGA good manufacturing practice and EU GMP standards. These facilities represent 90% of our annual manufacturing capacity, allowing us to be the largest Canadian exporter of medical cannabis.

值得注意的是，我們是少數幾家擁有兩家同時獲得澳洲 TGA 良好生產規範和歐盟 GMP 標準認證的生產設施的大麻公司之一。這些設施占我們年生產能力的 90%，使我們成為加拿大最大的醫用大麻出口商。

And through our leading market positions in Canada, Australia, Germany, Poland, and the UK, we are best able to capitalize on global medical cannabis opportunities in other countries as they emerge.

憑藉我們在加拿大、澳洲、德國、波蘭和英國的領先市場地位，我們能夠充分利用其他國家新興的全球醫用大麻機會。

Let's now dive into our global cannabis business. Beginning with updates to our international operations, where we are experiencing an increase in demand for EU and TGA GMP manufactured flower and particularly high potency THC cultivars with intensely aromatic profiles.

現在讓我們深入了解我們的全球大麻業務。從更新我們的國際業務開始，我們發現對歐盟和 TGA GMP 製造的花卉以及具有強烈芳香特徵的特高效力 THC 品種的需求不斷增加。

Our second largest market after Canada is Australia, where we currently have the number two share. Although Australia is a highly regulated market for medical cannabis, it is rapidly growing and attracting new entrants. We remain optimistic with our positioning and ability to grow through expanded patient accessibility and our broad product line.

繼加拿大之後，我們的第二大市場是澳大利亞，目前我們在澳洲的市佔率排名第二。儘管澳洲的醫用大麻市場受到嚴格監管，但其正在快速成長並吸引新的進入者。我們對我們的定位以及透過擴大患者可及性和廣泛的產品線來實現成長的能力保持樂觀。

We expanded our product portfolio with three new medical pass deals and two new cultivars. Medical pass deals offer patients several key benefits, including long-lasting and extended relief and easy oral intake that is discrete, portable, and convenient.

我們透過三種新的醫療通行證交易和兩種新品種擴大了我們的產品組合。醫療通行證交易為患者提供了多項關鍵益處，包括持久和延長的緩解以及獨立、便攜和方便的口服攝入。

Our new cultivars add to our comprehensive flower offerings, offering patients a greater range of potency and treatment options. And to further support prescribers in Australia and facilitate more seamless and simplified prescribing options, we expanded access to our diverse range of high-quality in-demand products, enabling greater access for Australian patients.

我們的新品種豐富了我們全面的花卉產品，為患者提供了更廣泛的效力和治療選擇。為了進一步支持澳洲的處方人員並提供更無縫和簡化的處方選擇，我們擴大了各種高品質熱門產品的取得管道，使澳洲患者更容易取得藥物。

Turning to our European markets, where we have a long-standing presence and leadership position. Looking to Germany first, the continent's largest market has now just been over a year since cannabis descheduling. And since then, the German market has experienced rapid growth from which we have benefited greatly, as more patients register, and pharmacies work to support higher prescription volumes.

談到我們的歐洲市場，我們在那裡有著長期的存在和領導地位。首先來看德國，這個歐洲大陸最大的市場大麻脫離管制剛剛一年多。自那時起，德國市場經歷了快速增長，我們從中受益匪淺，因為越來越多的患者註冊，藥房努力支持更高的處方量。

To fully capitalize on this long-term opportunity. Our high-quality EU GMP manufactured products must remain consistently in stock, a commitment we uphold through reliable supply from our Canadian and German facilities. This includes our recently launched IndiMed products, which are our first medical cannabis products cultivated in Germany, further cementing our commitment to growth in that country.

充分利用這一長期機會。我們生產的高品質歐盟 GMP 產品必須始終保持庫存，我們透過加拿大和德國工廠的可靠供應來堅持這一承諾。其中包括我們最近推出的 IndiMed 產品，這是我們在德國種植的首批醫用大麻產品，進一步鞏固了我們在該國發展的承諾。

Positive developments in Germany also have far-reaching effects across Europe, and we anticipate they will ultimately pave the way for legalization of medical cannabis in neighboring countries where there is already broad acceptance. Leveraging our agility and unique strengths, such as regulatory and cultivation expertise, we are confident in our ability to establish a strong foothold as favorable conditions develop in these markets.

德國的積極發展也對整個歐洲產生了深遠的影響，我們預計這些發展最終將為已經廣泛接受的鄰國醫用大麻合法化鋪平道路。利用我們的靈活性和獨特優勢（例如監管和培養專業知識），我們有信心在這些市場出現有利條件時站穩腳跟。

Let's now discuss Poland and the UK. In Poland, we have experienced some headwinds following the change in regulations that impacted the volume of prescriptions being issued. We believe this to be a temporary issue and continue to be optimistic about this market due to its longer production registration timelines, limited competition and continued strong demand for Aurora's high-quality product offerings.

現在讓我們討論一下波蘭和英國。在波蘭，由於法規變化影響了處方開立量，我們遇到了一些阻力。我們認為這只是暫時的問題，並且由於該市場生產註冊時間較長、競爭有限以及對 Aurora 高品質產品的持續強勁需求，我們繼續對該市場持樂觀態度。

In the UK, we broadened our distribution and launched medical cannabis concentrates beginning in April. Following the success of these formats in Canada and Australia, we leveraged our operational and regulatory expertise to bring these proprietary cultivar specific inhalable cannabis extracts to British patients. This new product category represents another step forward in expanding the variety of high-quality medical cannabis available in this growing market.

在英國，我們擴大了分銷範圍，並從四月開始推出醫用大麻濃縮物。繼這些形式在加拿大和澳洲取得成功後，我們利用我們的營運和監管專業知識，將這些專有的特定品種的可吸入大麻萃取物帶給英國患者。這個新的產品類別代表著在擴大這一不斷增長的市場中可用的高品質醫用大麻種類方面又邁出了一步。

Turning to Canadian operations. Canadian medical grew 4% annually, and we continue to lead this market with the number one market share. This strong performance is a result of our continued investment in innovation, operational excellence and high-quality patient experience. As we continue to invest and prioritize growing our high-margin global medical cannabis business, we remain active in the Canadian recreational market by delivering exceptional high-quality, cutting-edge and diverse options to consumers.

轉向加拿大的業務。加拿大醫療每年成長4%，我們繼續以第一的市佔率引領這個市場。這一強勁表現是我們對創新、卓越營運和高品質患者體驗持續投資的結果。隨著我們繼續投資並優先發展高利潤的全球醫用大麻業務，我們仍然活躍在加拿大休閒市場，為消費者提供卓越的高品質、尖端和多樣化的選擇。

There are clear interactions between recreational sales and medical sales in our home market, which of international environments evolve from medical to recreational would provide us with another advantage over our peers.

在我們的本土市場中，娛樂銷售和醫療銷售之間存在明顯的互動，而從醫療到娛樂的國際環境將為我們帶來另一個優於同業的優勢。

In addition to signing new strategic external supply agreements, we continue to invest in our world-class manufacturing facilities to maximize production efficiency and increase annual manufacturing capacity. It is these initiatives, along with our continued investment in science and innovation through our dedicated research and development facility, Aurora Coast, that enable us to benefit from both international and domestic growth opportunities. We had an incredible year with record global medical net revenue, adjusted EBITDA and positive free cash flow and are excited for what lies ahead.

除了簽署新的戰略外部供應協議外，我們還繼續投資於世界一流的製造設施，以最大限度地提高生產效率並提高年度製造能力。正是這些舉措，加上我們透過專門的研究和開發機構 Aurora Coast 對科學和創新的持續投資，使我們能夠從國際和國內的成長機會中受益。我們度過了令人難以置信的一年，全球醫療淨收入、調整後 EBITDA 和正自由現金流均創歷史新高，我們對未來充滿期待。

Let me now turn the call over to Simona for a detailed financial review of Q4 2025, followed by a discussion of our outlook for Q1 2026.

現在，我將把電話轉給 Simona，讓她對 2025 年第四季進行詳細的財務審查，然後討論我們對 2026 年第一季的展望。

Thank you, Miguel. We are very pleased with our performance in fiscal 2025, characterized by record annual results in global medical cannabis revenue of $244.4 million combined with adjusted EBITDA of $49.7 million and free cash flow of $9.9 million. I would like to thank our team for their many contributions to these excellent results.

謝謝你，米格爾。我們對 2025 財年的業績非常滿意，其特點是全球醫用大麻年度收入創下 2.444 億美元的記錄，調整後 EBITDA 為 4,970 萬美元，自由現金流為 990 萬美元。我要感謝我們的團隊為這些優異的成績所做的許多貢獻。

Our plan for fiscal 2026 is to continue executing on our global medical first cannabis strategy, deliver sustainable improvements in our financial performance, and create more value for our shareholders. Let's now delve deeper into Q4 2025 results before discussing our outlook for Q1 2026.

我們 2026 財年的計畫是繼續執行我們的全球醫用優先大麻策略，持續改善我們的財務業績，並為我們的股東創造更多價值。在討論 2026 年第一季的展望之前，讓我們先深入研究 2025 年第四季的業績。

First, net revenue of $90.5 million represented 34% growth, supported by record net revenue from both our global medical cannabis and plant propagation segment.

首先，淨收入達到 9,050 萬美元，成長 34%，這得益於我們全球醫用大麻和植物繁殖部門創紀錄的淨收入。

Second, quarterly profitability consisted of consolidated adjusted gross margin at 62%, 1,200 basis points higher than the year ago period, resulting in record adjusted gross profit of $54.2 million. All segments generated higher margins than the year ago period.

其次，季度獲利能力包括合併調整後毛利率為 62%，比去年同期高出 1,200 個基點，從而實現創紀錄的 5,420 萬美元調整後毛利。所有部門的利潤率均高於去年同期。

Third, adjusted EBITDA grew 619% to a record $16.7 million from $2.3 million in the year ago period. And fourth, we ended the quarter and fiscal year with $185.3 million in cash and cash equivalent and no cannabis business debt.

第三，調整後的 EBITDA 從去年同期的 230 萬美元成長 619%，達到創紀錄的 1,670 萬美元。第四，本季和財政年度結束時，我們擁有 1.853 億美元的現金和現金等價物，並且沒有大麻業務債務。

Medical cannabis, our key strategic focus, net revenue rose 48% to $67.8 million due to 114% growth internationally, combined with continued strong contributions from Canadian medical. Medical cannabis comprised 75% of net revenue compared to 68% in the year ago period and approximately 90% of adjusted gross profit in both periods.

醫用大麻是我們的主要策略重點，由於國際業務成長 114%，加上加拿大醫用業務持續強勁貢獻，其淨收入成長 48%，達到 6,780 萬美元。醫用大麻佔淨收入的 75%，而去年同期為 68%，且兩個時期的調整後毛利潤均佔約 90%。

Adjusted gross margin for medical cannabis was 70%, up from 66% in the year ago period. 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.

醫用大麻的調整後毛利率為 70%，高於去年同期的 66%。有幾個因素推動了同比成長，包括來自高利潤市場的收入貢獻增加、成本持續降低以及製造業務效率的提高。

Consumer cannabis net revenue was $8.2 million, down from $10.2 million in the year ago period. The year-over-year decline was the expected result of our continued decision to focus on portfolio optimization and prioritization of sales to our higher-margin medical cannabis business.

消費大麻淨收入為 820 萬美元，低於去年同期的 1,020 萬美元。年比下降是我們繼續決定專注於投資組合優化和優先銷售利潤率更高的醫用大麻業務的預期結果。

Adjusted gross margins for consumer cannabis was 27% compared to 16% in the year ago period. The margin increase was due to sales of higher-margin products and cost improvements through spend efficiencies. Bevo's plant propagation net revenue increased to $13.8 million, up 32% from $10.4 million in the year ago period. This year-over-year improvement is due to a combination of increased plant propagation capacity and product offerings.

消費大麻的調整後毛利率為 27%，去年同期為 16%。利潤率的成長是由於高利潤產品的銷售和透過提高支出效率實現的成本改善。Bevo 的植物繁殖淨收入增至 1,380 萬美元，較去年同期的 1,040 萬美元成長 32%。這一同比增長是由於植物繁殖能力和產品供應量的增加。

Bevo historically delivered higher revenue in the winter and spring months with about 65% to 75% of plant propagation revenue and up to 80% of EBITDA earned in the first half of the calendar year. Adjusted gross margin for plant propagation revenue was 37% compared to 25% in the year ago period. The increase was related to favorable product mix and higher capacity at Bevo's greenhouses.

Bevo 歷來在冬季和春季實現更高的收入，其中植物繁殖收入的 65% 至 75% 和 EBITDA 的 80% 是在日曆年的上半年實現的。植物繁殖收入的調整後毛利率為 37%，去年同期為 25%。這一增長與良好的產品組合以及 Bevo 溫室更高的產能有關。

Consolidated adjusted SG&A increased 17% to $36.7 million compared to the year ago period and supported year over year net revenue growth of 34%. The increase compared to the prior year period relates to higher freight and logistics costs notably from sales to Europe with the increase in sourcing from Canada and incremental costs following the acquisition of MedReleaf Australia.

合併調整後銷售、一般及行政費用較去年同期成長 17% 至 3,670 萬美元，並支援淨收入年增 34%。與去年同期相比的成長與運費和物流成本的增加有關，特別是來自歐洲的銷售，以及從加拿大採購的增加，以及收購 MedReleaf Australia 後成本的增加。

Adjusted EBITDA increased to $16.7 million from $2.3 million last year. The meaningful improvement from the year ago period was due to a substantial increase in gross profit, resulting from higher net revenue before fair value adjustments required under IFRS.

調整後的 EBITDA 從去年的 230 萬美元增加到 1,670 萬美元。與去年同期相比，業績出現顯著改善，這是由於毛利潤大幅增加，而毛利潤的增加是由於根據國際財務報告準則要求進行公允價值調整之前的淨收入增加。

Our balance sheet remains one of the strongest in the global cannabis industry. We held $185.3 million in cash and cash equivalents as of March 31, and our cannabis operations are completely debt free. Our plant propagation business holds nonrecourse debt that is secured by a significant fixed asset base held at Bevo.

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 3 月 31 日，我們持有 1.853 億美元的現金和現金等價物，我們的大麻業務完全沒有債務。我們的植物繁殖業務持有無追索權債務，由 Bevo 持有的大量固定資產基礎擔保。

Free cash flow was positive $2.5 million compared to a negative free cash flow of $21.9 million in the year ago period. The $24.4 million increase is due to higher net revenue and contribution margin, along with an increase in working capital of $17.3 million.

自由現金流為正 250 萬美元，而去年同期的自由現金流為負 2,190 萬美元。2,440 萬美元的成長是由於淨收入和貢獻利潤率的提高，以及營運資本增加了 1,730 萬美元。

Let me now provide some thoughts on what we expect for Q1 2026, which ends on June 30. First, continued strong global cannabis revenue driven by improved performance in Canadian medical, consistent performance in consumer, offset by temporary declines in some of our international markets. Taken together, global cannabis should be slightly lower compared to Q4 2025 and is expected to improve further in later quarters due to increased distribution and further innovation.

現在，讓我就我們對 2026 年第一季（截至 6 月 30 日）的預期發表一些看法。首先，受加拿大醫療市場表現改善、消費市場表現穩定推動，全球大麻收入持續強勁，但部分國際市場的暫時下滑抵銷了這一影響。總體而言，與 2025 年第四季相比，全球大麻銷售量應該會略低，並且由於分銷增加和進一步創新，預計後期季度銷量將進一步改善。

Second, seasonally higher revenues for plant propagation, as they complete their peak quarter inline with historical seasonal trends. Third, margins should hold strong and adjusted EBITDA is projected to be sequentially below Q4 fiscal 2025 due to lower revenue contributions from the higher-margin international markets. And finally, free cash flow is expected to remain positive due to continued strong performance and improved operating cash use.

其次，植物繁殖的收入隨著其旺季的結束而出現季節性增長，這與歷史季節性趨勢一致。第三，利潤率應保持強勁，由於利潤率較高的國際市場的收入貢獻較低，預計調整後的 EBITDA 將低於 2025 財年第四季。最後，由於持續強勁的業績和經營現金使用情況的改善，自由現金流預計將保持在正值。

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. Our proven commitment to medical cannabis and our strong execution and seasoned global opportunities resulted in excellent strategic and financial performance in fiscal 2025. Our medical cannabis first strategy is working, providing us with meaningful, high-margin growth opportunities in what we believe is a $5 billion-plus market. We will continue to concentrate primarily on Europe and Australia, which are both vastly underpenetrated.

謝謝，西蒙娜。我們對醫用大麻的堅定承諾、強大的執行力和豐富的全球機遇，使我們在 2025 財年取得了出色的策略和財務業績。我們的醫用大麻優先策略正在奏效，為我們在這個價值 50 多億美元的市場中提供了有意義的高利潤成長機會。我們將繼續主要關注歐洲和澳大利亞，這兩個地區的滲透率都遠遠不足。

Our focus outside of North America has given Aurora first-mover advantage and has allowed us to build a strong moat backed by scientific expertise and expanding product portfolio, and our ability to navigate global regulatory frameworks. This strategy is supported by our continued strong financial performance serves to further differentiate us from our peers. Aurora is positioned for sustainable profitable growth in fiscal 2026, and we look forward to providing business development updates as we work to create long-term value for our shareholders.

我們對北美以外的關注使 Aurora 擁有先發優勢，並使我們能夠以科學專業知識和不斷擴大的產品組合以及我們駕馭全球監管框架的能力為後盾，建立強大的護城河。這項策略得到了我們持續強勁的財務表現的支持，進一步使我們在同行中脫穎而出。Aurora 計劃在 2026 財年實現永續獲利成長，我們期待在努力為股東創造長期價值的同時提供業務發展更新。

Thank you for listening to us this morning, and we would now be happy to answer your questions. Operator, please open the lines.

感謝您今天早上的收聽，我們現在很樂意回答您的問題。接線員，請接通線路。

(Operator Instructions) Derek Lessard, TD Cowen.

（操作員指示）Derek Lessard，TD Cowen。

Great quarter and great year. Everyone, congratulations. Miguel, I just -- maybe I just want to talk about the Q1 guide on the international side, and I think you did touch on it in your opening -- your prepared remarks, and you said temporary decline in some markets, which I assume is Poland. Maybe could you add some meat to those bones?

偉大的季度和偉大的一年。各位，恭喜。米格爾，我只是——也許我只是想談談國際方面的第一季指南，我想你在開場白中確實提到了這一點——你準備好的發言中，你提到了一些市場暫時下滑，我認為是波蘭。也許你可以給這些骨頭加點肉？

Sure, Derek, nice to talk to you. Yes, I mean, I think we saw some regulatory changes in Poland that affected the ability of our patients to access prescriptions and generally the size of the market. We view that to be temporary. We are excited about the long-term aspects of Poland, coming back.

當然，德里克，很高興和你交談。是的，我的意思是，我認為我們看到波蘭的一些監管變化影響了我們的患者獲取處方的能力以及整個市場的規模。我們認為這只是暫時的。我們對波蘭的長期回歸感到興奮。

I think there's a couple of things there. One is we have two very important launches, which we believe will be some of the highest quality cultivars that Poland has seen, which will allow us to grow our market share and regain business that way. And secondly, we do see positive developments with the regulators in Poland, embracing a very thoughtful long-term approach. And so we view that as a temporary disruption.

我認為那裡有幾件事。一是我們有兩個非常重要的新品發布，我們相信它們將是波蘭有史以來品質最高的品種，這將使我們能夠擴大市場份額並重新獲得業務。其次，我們確實看到波蘭監管機構取得了積極進展，採取了非常周到的長期方針。因此我們認為這只是暫時的中斷。

Germany continues to deliver at a high level, it is a growth market for us, not only growing overall, but also from a market share standpoint. And the UK, which is the other key market of size in that part of the world is also growing.

德國繼續保持高水準發展，對我們來說這是一個成長型市場，不僅整體呈現成長態勢，而且從市場份額的角度來看也在成長。英國是該地區另一個重要的市場，其規模也不斷成長。

Awesome. That's a good color there. And maybe one last one for me before I requeue. And again, you touched on it, but it does feel like there's a bit more incoming competition into the international space these days. So maybe talk about how you feel about, I guess, you're positioning and any initial pressures on either the revenue or the margin structure at this point?

驚人的。那裡的顏色很好看。在我重新排隊之前，這也許是我最後一個了。再說一次，您提到了這一點，但確實感覺現在國際領域的競爭越來越激烈了。那麼，我想，您能談談您對目前的定位有何感受，以及目前收入或利潤結構面臨的任何初始壓力嗎？

Yeah, it's a great question. These markets, whether it's Australia or Western or even parts of Eastern Europe, are great, high-margin markets, and we've seen other competitors taken interest in them and try to get into them. Now they're not easy to get into. Most of them require GMP certification, which is a very challenging certification to get Australia, as we mentioned, has their own certification protocol called TGA. So first, there's a barrier in terms of that. Secondly, you have to have resources and infrastructure in those markets, which we have.

是的，這是一個很好的問題。這些市場，無論是澳洲、西歐或東歐部分地區，都是龐大的高利潤市場，我們已經看到其他競爭對手對它們感興趣並試圖進入這些市場。現在他們不容易進入。其中大多數都需要 GMP 認證，這是一個非常具有挑戰性的認證，正如我們所提到的，澳洲有自己的認證協議，稱為 TGA。首先，在這方面存在障礙。其次，你必須在這些市場擁有資源和基礎設施，而我們擁有這些。

We've been almost a decade in Australia. We've got almost six, seven years-plus in Germany. We have a production facility there. So while there is a lot of interest because of the growth and size of those markets, they're not easy to execute in. And so I think while there are a lot of people looking at it, it still is a small subset, and it is a concentrated piece of business from a market share standpoint, much more so than what we see in Canada.

我們已經在澳洲生活了近十年。我們在德國已經待了六、七年多了。我們在那裡有一個生產設施。因此，儘管由於這些市場的成長和規模而引起人們的濃厚興趣，但執行起來並不容易。因此我認為，儘管有很多人關注它，但它仍然是一個小的子集，從市場份額的角度來看，它是一個集中的業務，比我們在加拿大看到的要集中得多。

Bill Kirk, Roth Capital Partners.

羅斯資本合夥公司的比爾‧柯克 (Bill Kirk)。

So I had a question on gross margin. I mean obviously, it's already industry leading. I think it was said each segment gross margin is still expanding, where do you think margins can go? And maybe what would be the major drivers to get there?

所以我對毛利率有疑問。我的意思是，顯然它已經處於行業領先地位。我認為據說每個部門的毛利率仍在擴大，您認為利潤率會達到多少？那麼，實現這目標的主要驅動力是什麼？

Yeah. Bill, let me make a top line comment, and then I'll let Simona dive down into it a little bit.

是的。比爾，讓我先發表一個最重要的評論，然後讓西蒙娜再深入探討。

So yes, and we appreciate your comment on margins. It's something we work hard at, and it's an industry that doesn't talk a lot about gross margins. But clearly, if you're going to focus on free cash flow, which we had a record quarter, and you have to focus on gross margins.

是的，我們很感謝您對利潤率的評論。這是我們努力工作的事情，而且這個行業很少談論毛利率。但顯然，如果你要關注自由現金流（我們本季創下了紀錄），你就必須關注毛利率。

So I think there's two drivers for us. One is the cost of production, and we think we have some of the most compelling production costs out there, particularly for GMP products that allow us to start that process at a low point. Secondly, because we sell so much premium products, and the quality of our products are so high. We're able to garner what we think our top-tier margins and pricing, particularly to wholesale, which is our customer. So I think those are the big drivers.

所以我認為我們有兩個驅動因素。一是生產成本，我們認為我們的生產成本是最具吸引力的，特別是對於 GMP 產品，這使我們能夠以較低成本啟動流程。其次，因為我們銷售如此多的優質產品，而且我們的產品品質非常高。我們能夠獲得我們認為的最高利潤和定價，特別是對我們的客戶——批發商而言。所以我認為這些是主要驅動因素。

But Simona, any other pieces you want to unpack?

但是西蒙娜，還有其他想了解的嗎？

Yeah. No. Thanks, Miguel. And to add a little bit more. And so we focused over the years on yield improvement and cost efficiencies in our operations. So that's definitely contributed to our improved margins over the quarters and compared to last year as well.

是的。不。謝謝，米格爾。再補充一點。因此，多年來我們一直致力於提高營運的產量和成本效率。因此，這無疑有助於我們本季利潤率的提高，並且與去年同期相比也有所提高。

And the other part that's impacting our margin in a favorable way is our portfolio mix where we're selling more and more in the medical cannabis space and especially in the international market, which have higher margins. And so putting these two factors together has contributed to the increase that you've seen over the quarters, and also on an annual basis, and we provide this breakdown in terms of margin impact coming from our medical cannabis and the other business segments that we have.

對我們的利潤產生有利影響的另一個因素是我們的投資組合，我們在醫用大麻領域的銷售越來越多，特別是在利潤率更高的國際市場上。因此，將這兩個因素結合起來，就促成了您在季度和年度基礎上看到的增長，我們根據來自醫用大麻和其他業務部門的利潤影響提供了細分。

So we believe these margins will continue to be strong.

因此我們相信這些利潤率將持續保持強勁。

Thank you. And then, Miguel, when you were talking about Germany, you mentioned the key was remaining in stock. And so I guess my question is, have you experienced out of stocks there? And if you have what could sales have been if supply better met demand in Germany? And there was a separate comment about increasing capacity. And I was just wondering if the two are related.

謝謝。然後，米格爾，當您談到德國時，您提到關鍵是剩餘庫存。所以我想我的問題是，你們那裡有經歷過缺貨嗎？如果德國的供應能夠更好地滿足需求，那麼銷售量會是多少？還有一篇關於增加容量的單獨評論。我只是想知道這兩者是否相關。

Yeah. I would -- I mean, listen, it is easy to forget that this is medicine, and medicine needs to be in stock for our patients and for our prescribing physicians. We've not had issues. It's something that we really focus on. The comment that you heard us talk about with RAC reallocating these inputs. Most of the products that we sell, we sell globally.

是的。我會——我的意思是，聽著，人們很容易忘記這是藥物，我們需要為我們的病人和開處方的醫生儲備藥物。我們沒有遇到任何問題。這是我們真正關注的事情。您聽到我們談論的關於 RAC 重新分配這些輸入的評論。我們銷售的大多數產品都銷往全球。

And so the great products that we developed in Canada, we're able to launch around the world. Said differently, we advantage those markets, in -- particularly, our medical markets over RAC and so we've not seen an out of stock, but it is a key component to growth, both prescribing physicians and patients advantage those brands that are in stock. It is a hard thing to do when you see rapid growth in a market like Germany, and it's something that we work really hard at, and we think is a point of differentiation for us.

因此，我們在加拿大開發的優秀產品能夠銷往世界各地。換句話說，我們在這些市場中具有優勢，特別是我們的醫療市場，而不是 RAC，因此我們沒有看到缺貨的情況，但它是成長的關鍵因素，開處方的醫生和患者都對有庫存的品牌有優勢。當你看到德國這樣的市場快速成長時，這是一件很難的事情，而這正是我們努力工作的事情，我們認為這是我們的差異點。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

First question, just going back to that comment about supply. I guess, are you in any way constrained by supply as those international markets growing, and if you project continued growth over the next year. So do you anticipate that you would have to meaningfully expand your own cultivation, or would there be any interest, I guess, in you doing that? Or is the strategy to maybe get that additional supply from third parties' cultivators. Thanks.

第一個問題，回到關於供應的評論。我想問，隨著國際市場不斷成長，您是否會受到供應的限制，以及您是否預計明年會繼續成長。那麼，您是否預計自己必須有意義地擴大自己的修養，或者我猜您是否有興趣這樣做？或者該策略可能是從第三方種植者那裡獲得額外的供應。謝謝。

Yeah. Fred, we've not had to date any sort of supply constraints. So Simona mentioned our yield improvements. We've been able through our genetic facility out of coast to develop proprietary cultivars that significantly have improved our deals at our own facilities.

是的。弗雷德，到目前為止，我們還沒有遇到任何形式的供應限制。西蒙娜提到了我們的產量提高。我們能夠透過位於海岸外的基因設施開發專有品種，從而顯著改善我們自己設施的交易。

If you look at some of our CapEx usage and our investment a lot of that has gone into whether it's new lighting or nutrient systems or upgrading our current facilities to meet those demands. As we've announced previously, and you mentioned in your question, we've also announced some very strong partnerships with third parties that allow us to schedule that demand.

如果你看一下我們的資本支出和投資，你會發現其中很大一部分已經用於新的照明或營養系統，或升級我們現有的設施以滿足這些需求。正如我們之前宣布的，以及您在問題中提到的，我們還宣布與第三方建立了一些非常強大的合作夥伴關係，這使我們能夠安排這種需求。

So we feel good about where we're at. We'll continue to look at opportunities, but it has not impeded our ability to service any of our patients internationally.

因此我們對目前的狀況感到滿意。我們將繼續尋找機會，但這不會妨礙我們為任何國際患者提供服務的能力。

Perfect. Thank you. And then my second question, just a big picture here in terms of international markets that could become more meaningful over the coming years. I know that you are in Australia, Germany, Poland, and UK, so the big markets. But -- in terms of new markets opening up, do you see anything happening near term? And if so, which markets are we looking at?

完美的。謝謝。我的第二個問題是，從國際市場的角度來看，未來幾年國際市場可能會變得更有意義。我知道你們在澳洲、德國、波蘭和英國，這些市場都很大。但是—就新市場開放而言，您認為近期會發生什麼嗎？如果是的話，我們關注的是哪些市場？

Yeah. I think in the short term, is defined by, say, the next year or so, it's going to be the expansion of the current markets. There were questions about the new government in Germany, their take on medical cannabis. And we've not seen any indication that there's going to be a roll back there.

是的。我認為，從短期來看，比如說，未來一年左右，它將是現有市場的擴張。人們對德國新政府及其對醫用大麻的看法提出了質疑。我們還沒有看到任何跡象表明那裡會出現回滾。

So we see Germany, which is the largest continuing to grow at a rapid rate. As we mentioned, our view on the Poland situation is that it's temporary and that, that market will advantage high-quality cultivars like the ones we're launching. And the UK is going to continue to expand, which is a nice market because it's going to also launch other formats much easier there, which we've done with our inhalable extracts.

因此，我們看到，作為最大的經濟體，德國繼續保持快速成長。正如我們所提到的，我們認為波蘭的情況只是暫時的，而且該市場將有利於我們推出的優質品種。英國將繼續擴張，這是一個很好的市場，因為在那裡推出其他形式的產品會更容易，我們已經在那裡推出了可吸入萃取物。

You mentioned Australia. Australia is going to continue to grow, right next to it is New Zealand, and there's a lot of efficiencies in there. And beyond that, we are seeing new markets come online like Switzerland and Austria. We've talked a little bit about some interest from countries like Ukraine. But short term, we'll be these big, large markets continuing to grow and opportunities to grow share. Because of the -- sort of unique interest in that GMP flower, which is a limited commodity, but we continue to see positive developments internationally all around the world with governments looking at medical cannabis.

您提到了澳洲。澳洲將繼續成長，緊隨其後的是紐西蘭，那裡有很多效率。除此之外，我們也看到瑞士和奧地利等新市場正在興起。我們談論了一些來自烏克蘭等國家的興趣。但從短期來看，這些巨大的市場將繼續成長，並有機會擴大市場份額。由於人們對 GMP 花卉的獨特興趣，這種花卉是一種有限的商品，但我們繼續看到世界各國政府在關注醫用大麻方面取得了積極的進展。

Matt Bottomley, Canaccord Genuity.

Canaccord Genuity 的 Matt Bottomley。

Congrats on a very strong fiscal year. Just first as sort of a follow-up question to Simona, some of the other comments you had on margins. Apologies if I missed this in the prepared remarks, but I'm trying to get an indication on a quarter-over-quarter basis, it looks like the shift in revenues was mainly just more plant propagation less adult use relative to last quarter, everything else kind of flat. So just trying to get a better indication of why adjusted EBITDA kind of took a step back there. And then just a secondary question on Australia, if I have time after that.

恭喜您度過了一個非常強勁的財政年度。首先，我想問一下西蒙娜的後續問題，您對利潤率還有其他一些評論。如果我在準備好的發言中遺漏了這一點，我深感抱歉，但我試圖從季度環比的角度來了解，與上一季相比，收入的變化似乎主要是植物繁殖增加，成人使用減少，其他一切都持平。因此，只是想更了解為什麼調整後的 EBITDA 會有所倒退。然後我還有一個關於澳洲的問題，如果我之後有時間的話。

Sure. Well, Simona, why don't you take the first one, and I'll be happy to answer Australia unless it's a modeling question.

當然。好吧，西蒙娜，你為什麼不回答第一個問題呢？我很樂意回答澳洲的問題，除非這是建模問題。

Sure. So to provide a little bit more context on the adjusted EBITDA margin. What we've also seen in Q4 is an increase in adjusted SG&A and that to an increase in of course supporting their revenue side and -- but also expected year-end expenses that we don't expect them to be recurring. So the increase in SG&A has also impacted our adjusted EBITDA margin. But of course, that's been offset by the increase in overall net revenue and adjusted gross margin impacts that we saw in Q4.

當然。因此，請提供更多關於調整後的 EBITDA 利潤率的背景資訊。我們也看到，第四季度調整後的銷售、一般及行政費用有所增加，這當然是為了支持他們的收入方面，但同時也是為了預計年底的支出，我們預計這些支出不會重複發生。因此，銷售、一般及行政費用的增加也影響了我們的調整後 EBITDA 利潤率。但當然，這被我們在第四季度看到的整體淨收入和調整後毛利率的成長所抵消。

Okay. Got it. Thanks for that. And then, yeah, I guess, more broadly, just on Australia. So we heard a little bit about some of the issues in Poland from some of your peers when they had reported earlier in the prior weeks and months. So Australia, we're getting a lot of positive commentary there.

好的。知道了。謝謝。是的，我想，更廣泛地說，就澳洲而言。因此，在前幾週和幾個月，我們從您的一些同行那裡了解到了一些有關波蘭問題的情況。因此，我們在澳洲得到了很多正面的評價。

So just given that you have the number two market share, can you just give us an indication on how much there is growth just relative to the strong performance versus or in addition to just the growth prospects there? Obviously, it's a very relevant market going back to the early days of the Canadian LPs. And it seems like the traction is starting to gain there. So maybe just a little more macro commentary on usage or what doctors are doing there would be helpful for our modeling.

那麼，鑑於你們擁有第二大的市場份額，你能否告訴我們，相對於強勁的表現，或者除了成長前景之外，還有多大的成長空間？顯然，這是一個與加拿大 LP 早期非常相關的市場。看起來，這種勢頭正在開始增強。因此，也許對使用情況或醫生所做的事情進行更多的宏觀評論會對我們的建模有所幫助。

Yeah. I mean, I think overall, we see Australia growing. It's hard without syndicated data to understand exactly. So it's hard for me to give you a percentage, but we don't see anything sort of structural changing.

是的。我的意思是，我認為總體而言，我們看到澳大利亞正在發展。如果沒有聯合數據，很難準確理解。所以我很難給你一個百分比，但我們沒有看到任何結構性變化。

Now with all new regulatory environments, you're going to see scrutiny in different areas. And so it's not going to be a straight line, say, quarter over quarter. But it is a market where we think you can garner large market share. So said differently, it's not a market where you're going to be sort of susceptible for 1,000 players coming in.

現在，隨著所有新監管環境的出現，您將看到不同領域的審查。因此，它不會是一條直線，比如說，一個季度接著一個季度。但我們認為您可以在這個市場中獲得巨大的市場份額。換句話說，這不是一個容易受到 1,000 名玩家影響的市場。

You have to have feet on the ground, you have to have a relationship with the distributors. You have to have a relationship with the pharmacies. And the pharmacies, particularly have a lot of influence, particularly with the patients in that category. So we like that market a lot.

你必須腳踏實地，你必須與經銷商建立關係。你必須與藥房建立關係。藥局的影響力尤其大，尤其是對這類患者。所以我們非常喜歡那個市場。

I think your other point of sort of inflection for Australia is the introduction of other formats beyond flower and oil, and we've seen that as we've launched pass deals whereas they're known in the North America gummies. And we also see other items such as inhalables coming online. And so that all comes together, I think, for a subset of companies to be very successful in a growing market. And then it's also one where we don't see a tremendous amount of sort of price compression.

我認為，澳洲的另一個轉捩點是引入花卉和油以外的其他形式，我們已經看到，我們已經推出了通行證交易，而它們在北美以軟糖而聞名。我們也看到可吸入物品等其他物品正在上線。所以我認為，所有這些因素綜合起來，使得一部分公司能夠在不斷成長的市場中取得巨大成功。而且我們也沒看到價格大幅壓縮。

There's definitely a lot of input coming in on the low end, but there's good pricing at the middle and on the premium side. And as I mentioned earlier, don't go to sleep on New Zealand. I know it's smaller, but there is a lot of opportunity there. It is a very, very long and challenging registration process and one that we've been working on for a while. And so that is probably going to be an even more consolidated market in terms of market share, but it's got a long history with medical cannabis and is a really good market.

低端產品肯定有很多投入，但中端和高端產品的定價很好。正如我之前提到的，不要對紐西蘭失去興趣。我知道它規模較小，但那裡有很多機會。這是一個非常漫長且具挑戰性的註冊過程，我們已經為此努力了一段時間。因此，就市場份額而言，這可能將是一個更鞏固的市場，但它在醫用大麻方面有著悠久的歷史，是一個非常好的市場。

So the combination of the two, while challenging from a distance standpoint and the amount of investment you have to make, we think is -- will be a very, very strong markets going forward.

因此，儘管從距離和投資額的角度來看，兩者的結合具有挑戰性，但我們認為，未來將會形成一個非常非常強勁的市場。

(Operator Instructions) Pablo Zuanic, Zuanic & Associates.

（操作員指示）Pablo Zuanic，Zuanic & Associates。

Miguel, just one quick question in terms of Germany. When we compare with some of the US states, 4% population penetration in the case of Germany, only probably 0.4%. What do you think are the structural impairments on the demand and supply side for Germany to continue to grow in terms of penetration? 0.4% still seems very low to me with the potential that we see in other US states. But just talk about the impairments -- the structural impairments. Thank you.

米格爾，關於德國，我只想問一個簡單的問題。與美國一些州相比，德國的人口滲透率為 4%，可能僅為 0.4%。您認為德國在滲透率方面持續成長的供需方面存在哪些結構性障礙？考慮到我們在美國其他州看到的潛力，0.4% 對我來說仍然很低。但只談損害——結構性損害。謝謝。

Yeah. Pablo, it's a great question. It's an interesting one because if you look at the way you would describe it, structural impediments. At face value, Germany doesn't have a lot of them. They've got a permissive regulatory regime. You have a relatively easy ability for patients to get prescriptions. There was a very strong telemedicine program there that allows the shipment of medical cannabis through the mail throughout Germany.

是的。帕勃羅，這是一個很好的問題。這是一個有趣的問題，因為如果你以描述它的方式來看，你會發現結構性障礙。從表面上看，德國並沒有很多這樣的人才。他們有一個寬鬆的監管制度。患者可以相對輕鬆地獲得處方。那裡有一個非常強大的遠距醫療項目，可以透過郵件向德國各地運送醫用大麻。

I think it's probably three primary areas. One is education. It is a strict market in terms of what you can communicate and how you can communicate it is the first one. Secondly, it takes a while, particularly in that market for doctors to get educated on the category. And therefore, since you need a specific prescription for a specific item get there. And then I think third is because it is very difficult in that market to have anything other than flower and oil. Some of the other formats, even though there are some inhalables registered aren't there.

我認為可能有三個主要領域。一是教育。這是一個嚴格的市場，對於你可以傳達什麼以及如何傳達有嚴格的規定。其次，這需要一段時間，特別是在那個市場，醫生需要了解這個類別。因此，您需要針對特定物品的特定處方才能到達那裡。我認為第三點是因為在那個市場上除了鮮花和油以外很難買到其他東西。其他一些格式，儘管有一些註冊的吸入劑卻不存在。

So you are correct that 0.4% is less than the 1% of Canada. But again, Canada has got almost eight years on Germany from a timing standpoint. And people should remember the size of the German economy and how quickly cannabis has grown there, and we don't see any step backs on medical cannabis. So while the overall penetration number maybe low, I think it is one of the countries globally that everybody should keep an eye on.

所以你說得對，0.4% 低於加拿大的 1%。但從時間角度來看，加拿大比德國早了近八年。人們應該記住德國經濟的規模以及大麻在那裡的成長速度，我們沒有看到醫用大麻有任何倒退。因此，儘管整體滲透率可能較低，但我認為它是全球每個人都應該關注的國家之一。

And as I mentioned in my prepared remarks, there are a lot of eyes on Germany from other European countries, both in Western Europe and in Eastern Europe. So it has a tremendous amount of influence. And by all accounts, the medical cannabis system is going very well, and we think will continue to influence its neighbors.

正如我在準備好的演講中提到的那樣，西歐和東歐的其他歐洲國家都十分關注德國。因此它的影響力巨大。從各方面來看，醫用大麻體係都運作得非常順利，我們認為它將繼續影響其鄰國。

And just one quick follow up. Obviously, you have a very strong sales force talking to the doctors there, a very pharmaceutical medical approach. But I could maybe argument that the way the market is developing, it's more from the cash payers, more call it -- maybe is through the RAC. And maybe the way to go-to-market there and promote your products is very different in that case. That sales force is less of a strength. Can you talk about that, how you balance it to the cash payers versus the ones that are more influenced by the doctors? Thank you.

還有一個快速的後續行動。顯然，你們有一支非常強大的銷售團隊與那裡的醫生交談，採用非常製藥的醫療方法。但我或許可以說，市場的發展方式更多來自現金支付者，更多的是稱之為——也許是透過 RAC。在這種情況下，進入市場和推廣產品的方式可能會非常不同。銷售隊伍實力較弱。您能否談談這一點，您如何在現金支付者和受醫生影響較大的人之間取得平衡？謝謝。

Yeah. I mean, so you're describing what you had there, we would call that segment of self-payers. So self-payers and the reimbursed. And yeah, the self-payer segment does operate a little bit differently. We have resources on both sides of that. But at the end of the day, whether you are paying for the medication yourself or whether you are coming into a reimbursed model, a doctor has to prescribe it, and there has to be a certain amount of education. And we think there's a lot of overlap there.

是的。我的意思是，你所描述的情況，我們稱之為自付費用者群體。因此，有自付費用，也有報銷。是的，自付費用部分的運作確實有點不同。我們在這兩方面都有資源。但最終，無論你是自己支付藥費還是採用報銷模式，醫生都必須開處方，並且必須進行一定程度的教育。我們認為這其中存在著許多重疊之處。

I think secondarily, because we operate in Canada, in both medical and RAC environments, and we are utilizing the same products, both in Canada and Germany, it gives us a significant advantage because we know those products well. We've interacted with doctors and patients in Canada, and we can translate that into Germany and the best-selling Canadian products that we have are the ones that we're launching in Germany, and that's going very well. So it's a great point in terms of the different ways you have to execute, but we've been successful on both sides of it.

我認為其次，因為我們在加拿大的醫療和 RAC 環境中開展業務，並且我們在加拿大和德國使用相同的產品，這給我們帶來了顯著的優勢，因為我們非常了解這些產品。我們與加拿大的醫生和患者進行了互動，我們可以將這種互動帶到德國，我們最暢銷的加拿大產品就是我們在德國推出的產品，而且進展非常順利。因此，就執行的不同方式而言，這是一個很好的觀點，但我們在這兩方面都取得了成功。

With no further questions, I would like to turn the conference back over for closing remarks.

如果沒有其他問題，我想將會議交回並作結束語。

Thank you very much. We appreciate that. It was a great year for Aurora, and we are terribly excited about the year in front of us. We appreciate your interest, and we look forward to updating everyone as we move forward. Thank you. All the best.

非常感謝。我們對此表示感謝。對 Aurora 來說，這是偉大的一年，我們對即將到來的一年充滿期待。我們感謝您的關注，並期待在未來的工作中向大家通報最新進展。謝謝。一切順利。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。