Aurora Cannabis Inc (ACB) 2026 Q1 法說會逐字稿

Greetings, and welcome to Aurora Cannabis Inc. Fiscal First Quarter 2026 Results Conference Call.

您好，歡迎參加 Aurora Cannabis Inc. 2026 財年第一季業績電話會議。

(Operator Instructions) The conference is being recorded today, Wednesday, August 6, 2025. I would now like to turn the conference over to your host, Kevin Niland, Senior Director of Strategic Finance and Investor Relations. Please go ahead, sir.

（操作員指示）會議將於今天（2025 年 8 月 6 日，星期三）進行錄製。現在，我想將會議交給主持人、策略財務和投資者關係高級總監 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. Earlier this morning, we filed our financials for the first quarter 2026 period ending June 30, 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.

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。今天早些時候，我們提交了截至 2025 年 6 月 30 日的 2026 年第一季財務報表，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 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. Risk factors that may affect actual results are detailed in our annual 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-and-answer session with our covering analysts. With that, I'll turn the call over to Miguel. Please go ahead.

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。可能影響實際結果的風險因素在我們的年度表格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。說完這些，我會把電話轉給米格爾。請繼續。

Thanks, Kevin. We're executing our strategy within global medical cannabis and delivering strong results through sustained profitable growth. Our financial performance demonstrates Aurora's differentiated platform that is supported by a strong and flexible balance sheet. We hold a sizable cash balance, which increased to $186 million at quarter end, and our cannabis business is debt-free. Importantly, we have no intention or need to raise capital through an at-the-market or ATM program as some competitors are doing, which is dilutive to shareholders. These attributes position us very well relative to the industry. Turning now to key highlights from first quarter 2026 relative to the year ago period. First, net revenue rose 17% to $98 million, which included global medical cannabis revenue increasing 37%. International revenue grew 85%.

謝謝，凱文。我們在全球醫用大麻領域實施我們的策略，並透過持續的獲利成長取得強勁的業績。我們的財務表現體現了 Aurora 的差異化平台，該平台由強大且靈活的資產負債表支援。我們持有大量現金餘額，季末增至 1.86 億美元，而且我們的大麻業務沒有債務。重要的是，我們無意或不需要像一些競爭對手一樣透過市場或 ATM 計劃來籌集資金，這會稀釋股東權益。這些屬性使我們在產業中處於非常有利的地位。現在來看看 2026 年第一季與去年同期相比的主要亮點。首先，淨收入成長17%至9,800萬美元，其中全球醫用大麻收入成長37%。國際收入成長了85%。

Second, adjusted gross margin improved 1,000 basis points to 52% as we benefited from higher cannabis margins. And finally, adjusted EBITDA more than doubled to $11 million. We also generated positive free cash flow of $9 million. Aurora is a leader in global medical cannabis, the industry's highest margin segment. We are best positioned to deliver high-quality products to patients worldwide. Our products meet and exceed the highest international standards through our unparalleled scientific knowledge, genetics, breeding and regulatory expertise.

其次，由於我們受惠於大麻利潤率的提高，調整後的毛利率提高了 1,000 個基點，達到 52%。最後，調整後的 EBITDA 成長了一倍多，達到 1,100 萬美元。我們也產生了 900 萬美元的正自由現金流。Aurora 是全球醫用大麻領域的領導者，該領域是該行業利潤率最高的領域。我們有能力為全球患者提供高品質的產品。憑藉我們無與倫比的科學知識、遺傳學、育種和監管專業知識，我們的產品達到並超越了最高的國際標準。

With leading market positions in Canada, Australia, Germany, Poland and the UK, we also quickly capitalize on new medical cannabis opportunities as they emerge in other markets. We are the largest Canadian exporter of high-quality medical cannabis with multiple GMP-certified facilities, representing 90% of our annual manufacturing capacity. It is these world-class manufacturing facilities, which give us the flexibility and consistency of supply to successfully compete in the rapidly expanding high-margin international medical cannabis market.

憑藉在加拿大、澳洲、德國、波蘭和英國的領先市場地位，我們也迅速利用了其他市場出現的新的醫用大麻機會。我們是加拿大最大的高品質醫用大麻出口商，擁有多個 GMP 認證的設施，占我們年生產能力的 90%。正是這些世界一流的製造設施，為我們提供了供應的靈活性和一致性，使我們能夠在快速擴張的高利潤國際醫用大麻市場中成功競爭。

Aurora's differentiation is also reflected through our lower production costs made possible by our focus on yield improvement and operational efficiencies. Additionally, we have invested in new cultivation technology to meet product demand while establishing strong third-party partnerships that enable us to optimize our production planning to meet demand. Our ability to generate top-tier margins and pricing is a function of selling high-quality premium products.

Aurora 的差異化也體現在我們較低的生產成本上，這得益於我們專注於提高產量和提高營運效率。此外，我們還投資了新的種植技術以滿足產品需求，同時建立了強大的第三方合作夥伴關係，使我們能夠優化生產計劃以滿足需求。我們能夠獲得頂級利潤和定價，這得歸功於我們銷售高品質的優質產品。

Portfolio mix is also favorably impacting margins as we are selling more medical cannabis than ever before, which is further benefited by our continued focus on expansion into key high-margin international markets. Let's now dive into our global cannabis business. Whether in Australia, Western Europe or even parts of Eastern Europe, we are executing on what we believe are great opportunities. There are two key factors that set Aurora apart from our competitors.

由於我們銷售的醫用大麻比以往任何時候都多，產品組合也對利潤率產生了積極影響，而我們繼續專注於向關鍵的高利潤國際市場擴張，進一步提高了利潤率。現在讓我們深入了解我們的全球大麻業務。無論是在澳洲、西歐或東歐部分地區，我們都在抓住我們認為的巨大機會。有兩個關鍵因素使 Aurora 區別於我們的競爭對手。

First, most markets require certifications such as TGA GMP in Australia and EU GMP in Europe that we already have. Second, we have spent close to a decade investing in the resources and infrastructure required to be successful in these markets. After Canada, Australia is our next largest single market for medical cannabis and where we hold the number 2 share. This market is highly regulated, growing rapidly and attracting new entrants, and we are confident in our positioning.

首先，大多數市場都需要我們已經擁有的認證，例如澳洲的TGA GMP 和歐洲的 EU GMP。其次，我們花了近十年的時間投資在這些市場取得成功所需的資源和基礎設施。繼加拿大之後，澳洲是我們醫用大麻的第二大單一市場，我們在該市場的份額位居第二。這個市場受到嚴格監管，成長迅速，並吸引新的進入者，我們對自己的定位充滿信心。

We have great relationships with distributors and pharmacies, and this provides an effective moat for our business. While our own growth is not always linear, the near and longer-term trajectory is clear based upon expanded patient accessibility and an expanded array of treatment formats and potency options. We believe that the Australian market will not have a large number of operators. And in our view, it will remain a consolidated market with only a subset of companies being successful like Aurora.

我們與分銷商和藥局保持著良好的關係，這為我們的業務提供了有效的護城河。雖然我們自身的成長並不總是線性的，但基於擴大的患者可及性和擴大的治療形式和效力選擇的近期和長期軌跡是明確的。我們認為澳洲市場不會出現大量的營運商。我們認為，該市場仍將是一個整合的市場，只有一小部分公司能夠像 Aurora 一樣取得成功。

On a related note, we are excited by the opportunities in New Zealand, an emerging and growing market. Our regulatory expertise allows us to successfully navigate the complex and timely product registration process, which creates a high barrier to entry, resulting in a more consolidated market than Australia. Turning to our European markets, beginning with Germany, where we are both growing and gaining market share. Descheduling in April of 2024 has resulted in more patients registered and pharmacies working to support higher prescription volumes. We would characterize Germany as a permissive regulatory regime where there is a clear path for patients to obtain prescriptions, including by telemedicine and shipment of medical cannabis is legal through the mail.

與此相關，我們對紐西蘭這個新興且不斷成長的市場所蘊含的機會感到興奮。我們的監管專業知識使我們能夠成功完成複雜且及時的產品註冊流程，這創造了較高的進入門檻，從而形成比澳洲更整合的市場。轉向我們的歐洲市場，從德國開始，我們在德國的市場份額正在成長。2024 年 4 月取消排程後，註冊病患人數增加，藥局也能支持更高的處方量。我們認為德國是一個寬鬆的監管制度的國家，患者可以透過明確的途徑獲得處方，包括透過遠距醫療，並且透過郵件合法地運送醫用大麻。

With the new government in place, we do expect that there could be some regulatory changes. And while it's still preliminary, we do not see any immediate indication of a significant rollback in medical cannabis regulations that would impact our current growth plans. Ultimately, we believe that established operators with a proven track record like Aurora will be able to successfully navigate any potential regulatory changes and continue to supply German patients in this growing market.

隨著新政府的成立，我們確實預計可能會有一些監管變化。雖然這仍處於初步階段，但我們沒有看到任何跡象表明醫用大麻法規會大幅放鬆，從而影響我們目前的成長計劃。最終，我們相信，像 Aurora 這樣擁有良好業績記錄的老牌運營商將能夠成功應對任何潛在的監管變化，並繼續為這個不斷增長的市場的德國患者提供服務。

Germany is being carefully observed across Europe and its potential impact on neighboring Western and Eastern European countries is significant. There is already broad support for legalization of medical cannabis throughout the region. New markets like Switzerland and Austria are online, with France, Turkey and Ukraine showing positive developments for medical cannabis as well. Let's now discuss Poland, where we are a trusted leader in advancing the medical cannabis market. When we reported our fiscal fourth quarter in June, we discussed temporary headwinds following the regulatory changes that impacted prescription volumes. These headwinds have been resolved during the first quarter as strong demand has resumed for our high-quality product offerings.

德國正受到整個歐洲的密切關注，對鄰近的西歐和東歐國家的潛在影響巨大。整個地區已經廣泛支持醫用大麻合法化。瑞士和奧地利等新市場正在上線，法國、土耳其和烏克蘭的醫用大麻市場也呈現出積極的發展勢頭。現在讓我們來討論波蘭，我們是推動醫用大麻市場發展的值得信賴的領導者。當我們在六月報告第四財季業績時，我們討論了影響處方量的監管變化帶來的暫時阻力。由於我們高品質產品的強勁需求已經恢復，這些不利因素在第一季已經解決。

At the tail end of the first quarter, we announced the launch of two new proprietary cultivars in Poland, marking the highest potency medical cannabis products available in the country. Grown and manufactured in our GMP-certified Canadian facilities, these premium medical cannabis products are quickly becoming a new preferred choice for Polish patients. In the UK, we continue to expand our distribution through new partnerships and successfully launched proprietary cultivar-specific inhalable cannabis extracts. These innovative new product category represents another step forward in expanding the variety of high-quality medical cannabis available in this growing market.

在第一季末，我們宣佈在波蘭推出兩種新的專有品種，這標誌著全國藥效最高的醫用大麻產品。這些優質醫用大麻產品在我們經 GMP 認證的加拿大工廠種植和生產，很快就成為波蘭患者的新首選。在英國，我們繼續透過新的合作夥伴關係擴大我們的分銷範圍，並成功推出了專有的特定品種可吸入大麻萃取物。這些創新的新產品類別代表著在擴大這個不斷增長的市場中可用的高品質醫用大麻種類方面又向前邁了一步。

Turning to Canadian operations. Our Canadian medical net revenue grew year-over-year as we benefited from high revenue from both insurance covered and self-paying patients. We also continue to lead the market with the number 1 market share. Our priorities are investments in our online marketplace through innovation, increased product assortment, operational excellence and ensuring a high-quality patient experience. To further support Canadian patients, we recently expanded the eligibility of our medical compassionate pricing program. And for a third consecutive year, we have continued our strength for [heroes] initiative through collaboration with veteran communities and organizations across the country.

轉向加拿大的業務。由於我們受益於保險覆蓋患者和自費患者的高收入，我們的加拿大醫療淨收入同比增長。我們也繼續以第一的市佔率引領市場。我們的首要任務是透過創新、增加產品種類、卓越營運和確保高品質的患者體驗來投資我們的線上市場。為了進一步支持加拿大患者，我們最近擴大了醫療同情定價計畫的資格。連續第三年，我們透過與全國各地的退伍軍人社區和組織合作，繼續開展「為英雄加油」計畫。

In short, we had another successful quarter executing on our strategic priorities and are excited about our future. Let me now turn the call over to Simona for a detailed financial overview of fiscal Q1, followed by a discussion of our outlook for fiscal Q2.

簡而言之，我們又一個季度成功地執行了我們的戰略重點，並對我們的未來感到興奮。現在，我將把電話轉給西蒙娜，讓她詳細介紹第一財季的財務概況，然後再討論一下我們對第二財季的展望。

Thank you, Miguel. Our strong quarterly performance underscores the effectiveness of our medical cannabis strategy and reflects consistent execution against our stated plan that is delivering sustained profitable growth. Let's now delve deeper into Q1 2026 before discussing our Q2 2026 outlook. First, net revenue of $98 million represented 17% growth, supported by net revenue from our global medical cannabis, plant propagation and consumer cannabis segment.

謝謝你，米格爾。我們強勁的季度業績凸顯了我們的醫用大麻策略的有效性，並反映了我們始終如一地執行既定計劃，從而實現持續的獲利成長。在討論 2026 年第二季的展望之前，讓我們先深入探討 2026 年第一季的情況。首先，淨收入達到 9,800 萬美元，成長 17%，這得益於我們全球醫用大麻、植物繁殖和消費大麻部門的淨收入。

Second, quarterly profitability consisted of consolidated adjusted gross margin at 52%, an incredible 1,000 basis points higher with adjusted gross profit of $49 million, a 42% increase. Both our global medical cannabis and consumer cannabis 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達到 52%，高出 1,000 個基點，調整後毛利達到 4,900 萬美元，成長 42%。我們的全球醫用大麻和消費大麻部門的利潤率均高於去年同期。

Third, adjusted EBITDA grew 209% to $10.8 million from $3.5 million in the year ago period. And fourth, we generated free cash flow of $9.2 million, representing a 42% increase from the year ago period and ended the quarter with $186 million in cash and cash equivalents and no cannabis business debt. In medical cannabis, net revenue rose 37% to $64.8 million due to 85% growth internationally, combined with continued strong contributions from Canadian medical.

第三，調整後的 EBITDA 從去年同期的 350 萬美元成長 209% 至 1,080 萬美元。第四，我們產生了 920 萬美元的自由現金流，比去年同期成長了 42%，本季末我們的現金和現金等價物為 1.86 億美元，沒有大麻業務債務。在醫用大麻方面，由於國際業務成長 85%，加上加拿大醫用業務持續強勁貢獻，淨收入成長 37%，達到 6,480 萬美元。

Medical cannabis comprised 66% of net revenue compared to 57% in the year ago period and approximately 91% of adjusted gross profit. Adjusted gross margin for medical cannabis was 69%, up from 67%. Several factors drove the year-over-year increase, including larger revenue contributions from higher-margin international markets, sustainable cost reductions and improved efficiency in our production operations, including sourcing for Europe from Canada.

醫用大麻佔淨收入的 66%，去年同期為 57%，佔調整後毛利的約 91%。醫用大麻的調整後毛利率為 69%，高於 67%。有幾個因素推動了同比成長，包括來自利潤率更高的國際市場的收入貢獻增加、成本持續降低以及生產營運效率提高（包括從加拿大為歐洲採購）。

Consumer cannabis net revenue was $7.9 million, down from $11.5 million. The year-over-year change was the expected result of our continued decision to focus on portfolio optimization and prioritize sales to our higher-margin medical cannabis business. Adjusted gross margin for consumer cannabis was 33% compared to 20% in the year ago period. The margin increase was due to sales of higher-margin products and cost improvements through spend efficiency.

消費大麻淨收入為 790 萬美元，低於 1,150 萬美元。與去年同期相比的變化是我們繼續決定專注於投資組合優化並優先考慮利潤率更高的醫用大麻業務的銷售的預期結果。消費大麻的調整後毛利率為 33%，去年同期為 20%。利潤率的成長是由於高利潤產品的銷售和透過支出效率實現的成本改進。

Bevo's plant propagation net revenue increased to $23.9 million, up 4% from $23.1 million in the year ago period, representing a new record quarter for the company. This improvement is due to a combination of organic growth and expanded product offerings. 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.

Bevo 的植物繁殖淨收入增至 2,390 萬美元，較去年同期的 2,310 萬美元增長 4%，創下公司季度新高。這項改善是由於有機成長和產品供應擴大的結合。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。

Adjusted gross margin from plant propagation revenue was 6% compared to 18% in the year ago period. The decrease was related to inventory write-off caused by a nonrecurring quality issue as well as some surplus crops that were not sold. Excluding these nonrecurring costs, adjusted gross margin before fair value adjustments would have been more in line with historical trends.

植物繁殖收入的調整後毛利率為 6%，去年同期為 18%。下降的原因是由於非經常性品質問題導致的庫存註銷以及一些未售出的剩餘農作物。不包括這些非經常性成本，公允價值調整前的調整後毛利率將更符合歷史趨勢。

Consolidated adjusted SG&A increased 19% to $37.4 million compared to the year ago period and supported year-over-year net revenue growth of 17%. The increase relates to higher selling and distribution costs as well as incremental costs following the acquisition of MedReleaf Australia. Adjusted EBITDA increased to $10.8 million from $3.5 million. The 209% 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.

合併調整後銷售、一般及行政費用較去年同期成長 19% 至 3,740 萬美元，並支援淨收入年增 17%。這一增長與銷售和分銷成本的增加以及收購 MedReleaf Australia 後成本的增加有關。調整後的 EBITDA 從 350 萬美元增至 1,080 萬美元。與去年同期相比成長了 209%，這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。

Our balance sheet remains one of the strongest in the global cannabis industry. We held $186 million in cash and cash equivalents as of June 30, and our cannabis operations are completely debt-free. Our plant propagation business holds non-recourse 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 6 月 30 日，我們持有 1.86 億美元現金和現金等價物，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 $9.2 million compared to a positive $6.5 million in the year ago period. The $2.7 million increase is due to higher net revenue and contribution margin and favorable changes in working capital and lower capital expenditures. Let me now provide some thoughts on what we expect for Q2 2026, which ends on September 30. First, consolidated net revenue is expected to increase year-over-year, driven primarily by 8% to 12% growth in our Global Medical Cannabis segment.

自由現金流為正 920 萬美元，去年同期為正 650 萬美元。270 萬美元的成長是由於淨收入和貢獻利潤率的提高、營運資本的有利變化以及資本支出的降低。現在，讓我就我們對 2026 年第二季（截至 9 月 30 日）的預期發表一些看法。首先，預計合併淨收入將年增，主要得益於全球醫用大麻部門 8% 至 12% 的成長。

Second, plant propagation revenue is expected to perform in line with traditional seasonal trends as 25% to 35% of revenues are normally earned in the second half of the calendar year.

其次，植物繁殖收入預計將與傳統的季節性趨勢保持一致，因為 25% 至 35% 的收入通常發生在日曆年的下半年。

Third, consolidated adjusted gross margins are expected to increase, driven primarily by 250 to 475 basis points growth in our cannabis business, with plant propagation adjusted gross margins expected to mostly perform in line with historical trends. Improvements in our adjusted gross margins and higher global medical cannabis revenue, should lead to continued strong positive adjusted EBITDA.

第三，預計合併調整後毛利率將會增加，這主要得益於我們的大麻業務成長 250 至 475 個基點，而植物繁殖調整後的毛利率預計將基本與歷史趨勢一致。我們的調整後毛利率的提高和全球醫用大麻收入的增加，應該會帶來持續強勁的正調整後 EBITDA。

And finally, while free cash flow is expected to be positive on an annual basis for the second consecutive year, there will be several significant cash outflows in line with historical trends that will impact free cash flow results in Q2 2026. Thank you for your time. I'll now turn the call back to Miguel.

最後，雖然預計自由現金流將連續第二年為正，但根據歷史趨勢，將出現幾次重大現金流出，這將影響 2026 年第二季的自由現金流結果。感謝您抽出時間。我現在將電話轉回給米格爾。

Thanks, Simona. Our industry leadership in global medical cannabis and our high level of operational execution have positioned Aurora for sustainable, profitable growth in fiscal year 2026 and beyond. Global medical cannabis is estimated to become a $5 billion-plus global market. So there's considerably more room to grow, particularly in Europe and Australia.

謝謝，西蒙娜。我們在全球醫用大麻領域的行業領導地位以及高水準的營運執行力，使 Aurora 在 2026 財年及以後實現可持續的獲利成長。全球醫用大麻預計將成為一個價值50多億美元的全球市場。因此，還有相當大的成長空間，特別是在歐洲和澳洲。

We have built strong competitive barriers around the world through our scientific expertise, proven ability to navigate complex international regulatory frameworks while continuing to innovate and expand our product portfolio. These attributes sets us apart and are delivering consistent revenue generation, positive adjusted EBITDA and positive free cash flow. Thank you, operator. Please open the lines for questions.

我們憑藉著科學專業知識、成熟的適應複雜國際監管框架的能力以及持續創新和擴大產品組合的能力，在世界各地建立了強大的競爭壁壘。這些特點使我們脫穎而出，並帶來持續的收入、正的調整後 EBITDA 和正的自由現金流。謝謝您，接線生。請打開熱線來回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Derek Lessard, TD. Cowen.

德里克·萊薩德，TD。考恩。

Yes, good morning, everybody. Glad to hear your voices and great quarter.

是的，大家早安。很高興聽到你們的聲音和精彩的演講。

Thank you, Derek.

謝謝你，德里克。

I just want to touch a little bit on the higher SG&A in the quarter, Miguel, maybe just add some color to, I think the [PR] you called out freight and logistics and some M&A-related charges. And then maybe how should we look at that, I guess, the $37 million level of expenses as a percentage or as a percentage of revenue going forward?

米格爾，我只是想稍微談談本季度較高的銷售、一般及行政費用，也許只是增加一些色彩，我認為你在 [PR] 中提到了運費和物流以及一些與併購相關的費用。那麼，我想，我們該如何看待 3700 萬美元的支出佔未來收入的百分比呢？

Yes. Great. Let me start, and then I'll let Simona dive into the details of it. So the first part of it is there are variable costs when we increase revenue. And so when you see things like shipping and logistics, that's all connected to selling more cannabis and the variable costs that are connected to it.

是的。偉大的。讓我先開始，然後讓西蒙娜深入了解細節。因此，第一部分是當我們增加收入時，就會出現變動成本。因此，當您看到運輸和物流之類的事情時，它們都與銷售更多的大麻以及與之相關的變動成本有關。

The second part is around MRA. There are -- as we've been integrating MRA into our system, whether it's from a financial services standpoint, inventory management, ERP and other types of investments, there are costs. Some of that is onetime. But let me turn it over to Simona so she can talk a little bit about the modeling going forward.

第二部分圍繞 MRA。當我們將 MRA 整合到我們的系統中時，無論是從金融服務的角度、庫存管理、ERP 或其他類型的投資來看，都是有成本的。其中一些是一次性的。但請容許我把時間交給西蒙娜，讓她來談談未來的建模工作。

Yes. Thanks, Miguel. So to add a little bit more to that, as our revenue has grown, the variable costs grow with that and now being a full year or full quarters of MedRelief costs, that's reflecting in the current quarter versus the prior year's quarter. So that's also a reflection of that. And as we think about SG&A moving forward, we do believe that these levels are the appropriate level of adjusted SG&A. Now keeping in mind if revenue continues to significantly increase for those variable costs, distribution costs will also go up.

是的。謝謝，米格爾。因此，進一步補充一點，隨著我們的營收成長，變動成本也隨之成長，現在是全年或整季的 MedRelief 成本，這反映在本季與去年同期相比。這也反映了這一點。當我們考慮未來的銷售、一般和行政費用時，我們確實相信這些水準是調整後的銷售、一般和行政費用的適當水準。現在請記住，如果這些變動成本的收入繼續大幅增加，分銷成本也會上升。

Okay, thanks for that, Simona and Miguel. And then one last one for me before I requeue. It seems like -- I mean, clearly, everybody is trying to get into Europe now because of the higher margin profile. I guess Number one, have you seen, I guess, a step-up in the competition there? And two, I guess, how do you view sort of the margin structure or profile evolving over the coming years?

好的，謝謝你們，西蒙娜和米格爾。在我重新排隊之前，還有最後一個。看起來——我的意思是，顯然，現在每個人都想進入歐洲，因為那裡的利潤率更高。我想首先，您是否看到那裡的競爭有所升級？第二，您如何看待未來幾年利潤結構或狀況的演變？

Yes. I mean it was a record quarter of Canadian exports this past month and as we talked about as a leader in it. I think each of the three big countries in Europe are a bit different. So let me give you a bit of an expanded answer. When you look at Poland, Poland is a very challenging environment in order to get your projects registered. It takes a long time, takes a lot of work. And obviously, you have to have all the right GMP certifications.

是的。我的意思是，上個月加拿大的出口創下了歷史新高，正如我們所說的，加拿大是出口領域的領導者。我認為歐洲三個大國都有些不同。因此，讓我給你一個更詳細的答案。當你看波蘭時，你會發現，為了讓你的計畫註冊，波蘭的環境非常具有挑戰性。這需要很長時間，需要做大量的工作。顯然，您必須擁有所有正確的 GMP 認證。

We've been able to navigate. It is still a very consolidated market. And while people are trying to get in Poland, you've got four companies that probably do about 80% to 90% of the business, and that's probably going to continue. And Poland is a great market. I'll do Germany last. When you look at the UK. The UK is not only about getting products into it, and it's nice because the UK allows other products other than flower and oil, but you also have to be able to navigate a pretty sophisticated distributor and clinic network.

我們已經能夠導航了。它仍然是一個非常集中的市場。當人們試圖進入波蘭時，有四家公司可能佔據了大約 80% 到 90% 的業務，而且這種情況可能還會持續下去。波蘭是一個巨大的市場。我最後會講德國。當你看英國。英國不僅允許進口產品，而且英國還允許進口花卉和油以外的其他產品，但您還必須能夠駕馭相當複雜的分銷商和診所網絡。

So just having flower or just having products to export is only sort of part of the puzzle for the UK. Now Germany is obviously the largest and has some of the better pricing, but you've got sort of three things going on in Germany. First is you really have to have feet on the ground to maximize your margin. You can export bulk flower into Germany and do okay, particularly at the lower price tiers. We're operating at sort of the core and premium price tiers. But really to maximize the margins in Germany, you need to have a selling organization. You need to be able to connect with both wholesalers, distributors pharmacists and now more so than ever telemedicine. And so because of that, while it's a little bit more of a diluted market than maybe it was a couple of years ago, it's still a very challenging market if you want to maximize your margin profile there.

因此，僅僅擁有鮮花或產品可供出口只是英國面臨的難題的一部分。現在，德國顯然是最大的市場，並且擁有更優惠的價格，但德國有三種情況。首先，你必須腳踏實地，才能最大化你的利潤。您可以將大量鮮花出口到德國，並且生意不錯，特別是在較低的價格水平上。我們的營運處於核心和高端價格層級。但要想在德國真正實現利潤最大化，你需要有一個銷售組織。您需要能夠與批發商、分銷商、藥劑師以及現在比以往任何時候都更需要的遠距醫療聯繫。因此，儘管與幾年前相比，這個市場稍微稀釋了一些，但如果你想最大化你的利潤率，它仍然是一個非常具有挑戰性的市場。

Thanks for that, guys. You got it there.

謝謝你們，夥計們。你明白了。

Thank you.

謝謝。

Bill Kirk, ROTH Capital Partners.

羅仕證券資本合夥公司的比爾柯克 (Bill Kirk)。

Hi, good morning, everybody. So looking at the balance sheet, the Bevo liabilities look like they moved to current, which appears to be related to a covenant breach for not providing audited financials. So I guess what's going on there? How does it get remedied with the lender? And how does it impact your audit process?

大家好，早安。因此，從資產負債表來看，Bevo 的負債似乎已轉為流動負債，這似乎與未提供經審計的財務報表而違反契約有關。那我猜那裡發生了什麼事？貸方如何解決這個問題？它對您的審計流程有何影響？

Yes. So it doesn't impact our audit process. I'll start with answering that question. So this is related to Bevo's loan facilities, which they're working through the covenant issues. And as we have to consolidate from an accounting standpoint, the financials, we moved the loan from the long term to current as needed from an accounting purpose. So that's just an accounting treatment, but Bevo's working through the loan mechanisms now. So there are no concerns on our end from that, and we feel very strongly about our business in Bevo.

是的。所以它不會影響我們的審計流程。我先來回答這個問題。這與 Bevo 的貸款安排有關，他們正在解決契約問題。而且，由於我們必須從會計角度合併財務狀況，因此我們根據會計目的的需要將貸款從長期貸款轉為流動貸款。這只是一種會計處理，但 Bevo 現在正在處理貸款機制。所以我們對此沒有任何擔憂，我們對 Bevo 的業務非常有信心。

Yes. I mean I guess, Bill, the only thing I'd add is given the size of it and given that it's an [ABL-based] loan and the way it's set up, we think this is going to be resolved quickly. It's not a big deal. It just wasn't by the time we posted this, so we had to post that debt as current. But fully expect this will be handled in the near term, and you'll see it be treated as it has been historically.

是的。我的意思是，比爾，我唯一要補充的是，考慮到它的規模，考慮到它是一筆基於 ABL 的貸款以及它的設立方式，我們認為這個問題很快就會解決。沒什麼大不了的。當我們發布此消息時，它還沒有到賬，所以我們必須將該債務作為當前債務發布。但我完全相信這個問題將在短期內得到解決，而且你會看到它會像歷史上一樣被處理。

Okay. Good to hear. And then on the 2Q guidance, last quarter, when you gave the guidance for 1Q, you said adjusted EBITDA would be positive and directionally, it'd be, I think you said lower than 4Q. I don't think I heard the directional commentary for the 2Q guide. Is there any color on how you're looking at 2Q relative to 1Q on adjusted EBITDA?

好的。很高興聽到這個消息。然後關於第二季度的指引，上個季度，當您給出第一季的指引時，您說調整後的 EBITDA 將為正值，並且從方向上看，我認為您說的是低於第四季度。我認為我沒有聽到第二季度指南的方向性評論。您是否對第二季相對於第一季的調整後 EBITDA 做出了任何解釋？

Yes. So we expect it to continue to be positive at the adjusted EBITDA, and we expect it to grow versus the current quarter.

是的。因此，我們預計調整後的 EBITDA 將繼續為正，並且預計它將比本季有所成長。

Okay, that's exactly what I was looking for. Thank you.

好的，這正是我要找的。謝謝。

You got it. Thank you, Bill.

你明白了。謝謝你，比爾。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

Hi morning. Thanks for taking my question. Miguel, regarding your comments on Germany in terms of potential regulatory changes there, do you have any sort of color in terms of when do you think that could happen? And would you anticipate the impact there to be similar to what we saw in Poland?

早安.感謝您回答我的問題。米格爾，關於您對德國潛在監管變化的評論，您是否認為這種情況何時會發生？您是否預計那裡的影響會與我們在波蘭看到的影響類似？

Yes. So what we saw was a note put out, as you well know, from the new government, particularly the health minister around potential questions. The way what we'll see in the process for Germany would be probably at the end of the year call it, November, December, we would know more about what they're interested in. Now it's coalition government. The outgoing government was very pro-cannabis.

是的。因此，正如你們所知，我們看到的是新政府，特別是衛生部長針對潛在問題發布的說明。我們大概會在年底（也就是十一月或十二月）看到德國的進程，那時我們會更了解他們感興趣的內容。現在是聯合政府。即將離任的政府非常支持大麻。

Some of the issues that they've really highlighted have been focused on the rec-like aspects of that deschedule. And while there were a couple of things on the medical side, the more restrictive a market like that gets, a better it is for a company like Aurora. And I know that sounds sort of odd. But if you look at Poland as an example, when they change their provisions around telemedicine, to a lesser extent, the product registration, expertise and experience in the market, GMP production, history with the registration does benefit those companies that are a little bit more prepared.

他們真正強調的一些問題集中在該計劃的娛樂方面。儘管在醫療方面存在一些問題，但醫療市場的限制越多，對像 Aurora 這樣的公司就越有利。我知道這聽起來有點奇怪。但如果以波蘭為例，當他們在較小程度上改變有關遠距醫療的規定時，產品註冊、市場專業知識和經驗、GMP 生產、註冊歷史確實會使那些準備更充分的公司受益。

So we'll see with Germany -- I mean it's a big market. It continues to grow. Cannabis is -- medical cannabis is very mainstream. There are workarounds even if they were to talk about things like shipping through the mail, there's courier services. We have direct distribution in certain circumstances. So we'll see. But I don't think you would see the same sort of impact of what you saw in Poland because it's just a bigger, broader system and it doesn't sort of lend itself there. So more to follow by the end of the year. But when things get tighter, those companies that have a lot more experience navigating this typically do better.

因此我們將看看德國——我的意思是它是一個很大的市場。它還在繼續增長。大麻－醫用大麻非常主流。即使他們談論諸如透過郵件運輸之類的事情，也有解決方法，有快遞服務。在某些情況下，我們有直接分銷。我們拭目以待。但我不認為你會看到與波蘭相同的效果，因為波蘭是一個更大、更廣泛的體系，它不適合在那裡實施。因此，到今年年底還會有更多消息。但當情況變得更加緊張時，那些擁有更多經驗的公司通常會做得更好。

And just on Poland, you mentioned that the headwinds there, they have been resolved. But are you back to the same levels in terms of volume in that market and demand and sales as you were before those regulatory changes?

剛才您提到波蘭的問題，那裡的阻力已經解決。但是，就該市場的銷售、需求和銷售而言，是否恢復到了監管變化之前的水平？

Yes. I mean I would say we are back. So there's a couple of things going on in Poland. First is maybe the market had a little bit of compression. It's hard to give you a definitive answer because there's not any syndicated data for Poland. It feels like the market may have gotten a little bit smaller before it's going to continue to grow. It feels like we have grown market share. I will say, though, it is still a market that rewards quality and premium products.

是的。我的意思是我想說我們回來了。波蘭發生了一些事情。首先，市場可能受到了一些擠壓。很難給出明確的答案，因為沒有關於波蘭的聯合數據。感覺市場在繼續成長之前可能會變得有點小。感覺我們的市佔率已經擴大。不過，我要說的是，這仍然是一個獎勵優質和高端產品的市場。

As we mentioned in our prepared remarks, we launched some of what's the highest potency flower that's ever been launched in Poland, and it's been a wild success. So while it's a little bit harder to get in, there's a couple more hurdles to get into, it still is a market like others that rewards great products and sort of great execution. So we're pleased with Poland. We think that situation, at least for us, has resolved itself, and we're excited about it.

正如我們在準備好的演講中提到的那樣，我們推出了波蘭有史以來效力最高的一些花卉，並且獲得了巨大的成功。因此，儘管進入這個市場有點困難，而且還有更多障礙，但它仍然是一個像其他市場一樣的市場，獎勵優秀的產品和出色的執行力。所以我們對波蘭感到滿意。我們認為，至少對我們來說，這種情況已經解決，我們對此感到興奮。

Thank you very much.

非常感謝。

You're very welcome, Fred. Thank you.

不用客氣，弗雷德。謝謝。

(Operator Instructions)

（操作員指示）

Pablo Zuanic, (inaudible).

帕布羅·祖阿尼奇，（聽不清楚）。

Good morning everyone. Miguel, can we talk about supply chain? Right now, I don't know if you can disclose this, but what you sell is pretty much 100% Aurora products? Or are you expanding significantly your purchases from third-party suppliers? Other companies in Canada, several are increasing capacity. What can you comment on that? Thank you.

大家早安。米格爾，我們可以談談供應鏈嗎？目前，我不知道您是否可以透露這一點，但您銷售的幾乎 100% 都是 Aurora 產品？或者您正在大幅擴大從第三方供應商的採購？加拿大的其他幾家公司正在增加產能。您對此有何評論？謝謝。

Yes. Thank you, Pablo. So 90% of what we produce is GMP or TGA, GMP or both. So we are, I think, one of the largest, if not the largest, exporter of medical cannabis out of Canada. So that continues to be a strength. Secondly, we have invested a significant amount of money into our own facilities significantly increasing yield, potency and introducing new cultivars. So even with the same footprint through our genetic system that we think is one of the best in the world, we're able to improve our overall piece.

是的。謝謝你，巴布羅。因此，我們生產的 90% 都是 GMP 或 TGA、GMP 或兩者兼有。因此，我認為，我們是加拿大最大的醫用大麻出口國之一，甚至可以說是最大的出口國。所以這仍然是一個優勢。其次，我們在自己的設施上投入了大量資金，大大提高了產量和效力，並引進了新的品種。因此，即使我們的遺傳系統擁有我們認為是世界上最好的遺傳系統之一的相同足跡，我們也能夠改善我們的整體。

We also, as you well know, have a GMP facility in Germany that we're continuing to expand upon. So that's the foundation of where we're at. We've also been very successful developing an effective third-party network, buying situationally where we need products, both GMP products for international shipment as well as GACP for domestic. We think that works really well for us right now, and we have a lot of flexibility. As you well know, we have $186 million on the balance sheet. So if we needed to do something around expansion of cultivation, we could. But right now, the system that we're running works really, really well for us, having the facilities in Canada and the one in Germany.

眾所周知，我們在德國還擁有一個 GMP 設施，我們正在繼續擴建。這就是我們所處位置的基礎。我們也非常成功地開發了一個有效的第三方網絡，可以根據需要購買產品，包括用於國際運輸的 GMP 產品以及用於國內運輸的 GACP 產品。我們認為這對我們來說現在非常有效，並且我們具有很大的靈活性。眾所周知，我們的資產負債表上有 1.86 億美元。因此，如果我們需要做一些事情來擴大種植，我們可以這樣做。但目前，我們運作的系統運作得非常好，在加拿大和德國都有設施。

Right. And look, the second question is a bit of a two-part question. But what we've seen in other markets like Australia, and we're beginning to see in the case of I think the UK, it's even more vertical integration downstream, right, like producers, distributors taking control of clinics, in some cases, having a lot of cloud with the pharmacies. I'm not so sure about the regulatory aspects of that. But is there an opportunity for Aurora where in Australia, Germany, the UK or other markets? Or are you going to stick to your knitting of mostly being a producer of brands and distributing them only?

正確的。瞧，第二個問題可以分為兩個部分。但我們在澳洲等其他市場看到的情況以及我認為在英國的情況也開始看到這種情況，下游的垂直整合更加明顯，例如生產商、分銷商控制診所，在某些情況下，與藥局有很多雲端業務。我不太清楚其中的監管方面。但是 Aurora 在澳洲、德國、英國或其他市場是否還有機會呢？或者您仍將堅持自己的主業，主要作為品牌生產商並僅負責分銷？

Yes. I mean it's a great point to the evolution of the development of the value chain. We have a clinic in Australia. Obviously, we have a long history with working with clinics, particularly in Canada, where we're the largest medical cannabis company by far. I think there's sort of two ways to go at that. One is having your own clinics or downstream, as you would describe it infrastructure.

是的。我的意思是，這是價值鏈發展演變的一個重要點。我們在澳洲有一家診所。顯然，我們與診所合作已有很長的歷史，特別是在加拿大，我們是迄今為止最大的醫用大麻公司。我認為有兩種方法可以實現這一點。一是擁有自己的診所或下游基礎設施。

And secondly, is doing what is very common in pharmaceutical or in CPG, which is having trade programs or alignment programs with those third parties. And that's what we've done. We've -- in the UK, in Germany, particularly with telemedicine and in Australia, we've created very, what I would describe as modern trade programs that create incentives and alignment for those partners to work with us. I think the good news is our products are really sought after because of the premium nature and our reputation.

其次，我們在製藥業或快速消費品產業中採取非常常見的做法，即與第三方進行貿易計畫或合作計畫。我們也確實這麼做了。我們在英國、德國（特別是在遠距醫療領域）和澳洲創建了非常現代化的貿易計劃，為與我們合作的合作夥伴提供激勵和協調。我認為好消息是，我們的產品因其優質特性和良好的聲譽而廣受歡迎。

So the combination of giving them access to that and the innovation around it as well as creating traditional trade program incentives is really the model we're working right now. If that -- if there's other ways to get there, we'll look at it. But with the growth that we've had in all of those markets, it appears to be a good model for us.

因此，讓他們能夠利用這一點並圍繞這一點進行創新，以及創建傳統的貿易計劃激勵措施，這實際上是我們目前正在實施的模式。如果還有其他方法可以實現這一目標，我們會考慮。但隨著我們在所有這些市場的成長，這對我們來說似乎是一個很好的模式。

Thank you.

謝謝。

Thank you, Pablo.

謝謝你，巴布羅。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Miguel Martin for closing comments.

我們的問答環節已經結束。現在我想把發言權交還給米格爾·馬丁，請他發表最後評論。

Well, I want to say thank you to all of our shareholders and everybody that's on this call. We're very excited about this quarter. We're even more excited about the future for Aurora Cannabis and look forward to sharing that with you. Thanks, everyone. All the best.

好吧，我想向我們所有的股東和參加這次電話會議的每個人表示感謝。我們對本季感到非常興奮。我們對 Aurora Cannabis 的未來更加興奮，並期待與您分享。謝謝大家。一切順利。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。