Canopy Growth Corp (CGC) 2025 Q2 法說會逐字稿

Good morning. My name is Nicole, and I will be your conference operator today. I would like to welcome you to Canopy Group's second-quarter fiscal 2025 financial results conference call. (Operator Instructions)

早安.我叫妮可，今天我將擔任你們的會議操作員。歡迎您參加 Canopy 集團 2025 財年第二季財務業績電話會議。（操作員說明）

I will now turn the call over to Tyler Burns, Director of Investor Relations. Tyler, you may begin the conference call.

我現在將把電話轉給投資者關係總監泰勒·伯恩斯 (Tyler Burns)。泰勒，你可以開始電話會議了。

Good morning, and thank you for joining us. On our call today, we have Canopy Growth's Chief Executive Officer, David Klein; and Chief Financial Officer, Judy Hong. Before markets open today, Canopy Growth issued a news release announcing the financial results for our second quarter fiscal year 2025 ended September 30, 2024. This news release and financial statements have been filed on EDGAR and SEDAR and will be available on our website under the Investors tab.

早安，感謝您加入我們。在今天的電話會議上，我們邀請了 Canopy Growth 執行長 David Klein；和首席財務官朱迪·洪。在今天開盤前，Canopy Growth 發布新聞稿，宣布截至 2024 年 9 月 30 日的 2025 財年第二季財務表現。本新聞稿和財務報表已在 EDGAR 和 SEDAR 上備案，並將在我們網站的「投資者」標籤下提供。

Before we begin, I would like to remind you that our discussion during this call will include forward-looking statements that are based on management's current views and assumptions and that this discussion is qualified in its entirety by the cautionary note regarding forward-looking statements included at the end of the news release today.

在我們開始之前，我想提醒您，我們在本次電話會議中的討論將包括基於管理層當前觀點和假設的前瞻性陳述，並且本次討論的整體內容受到有關前瞻性陳述的警告說明的限制。

Please review today's earnings release and Canopy's reports filed with the SEC and SEDAR for various factors that could cause actual results to differ materially from projections. In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release.

請查看今天的收益報告以及 Canopy 向 SEC 和 SEDAR 提交的報告，以了解可能導致實際結果與預測有重大差異的各種因素。此外，任何非公認會計準則衡量標準與其最接近的公認會計準則衡量標準之間的調節都包含在我們的收益發布中。

Please note that all financial information is provided in Canadian dollars unless otherwise stated. Following remarks by David and Judy, we will conduct a question-and-answer session, where we will take questions from analysts.

請注意，除非另有說明，所有財務資訊均以加幣提供。大衛和朱迪發表演說後，我們將舉行問答環節，回答分析師的問題。

With that, I turn the call over to David.

說完，我把電話轉給大衛了。

Thanks, Tyler. Good morning, and thank you for joining us to discuss Canopy Growth's results for the second quarter of fiscal 2025. We've had a busy and productive quarter led by outstanding performance from stores as well as solid progress across our Canadian and medical -- and European medical cannabis businesses. In addition, we've taken substantial steps forward in our Canadian adult-use cannabis business, which we feel is well set up for growth in the second half of the year.

謝謝，泰勒。早安，感謝您與我們一起討論 Canopy Growth 2025 財年第二季的業績。我們度過了一個忙碌而富有成效的季度，這得益於商店的出色表現以及我們的加拿大和醫療以及歐洲醫用大麻業務的紮實進展。此外，我們在加拿大成人用大麻業務方面也取得了實質進展，我們認為該業務已為今年下半年的成長做好了充分準備。

Overall, Canopy's performance in each of these areas supports our strategy to drive sustainable profitability as well as to build a competitive foundation for long-term success across North America and key global markets, especially when we combine the growing momentum within Canopy USA, which we feel continues to set us apart from our competition as this strategy was specifically designed to succeed independent of the need for US federal legalization.

總體而言，Canopy 在每個領域的表現支持我們推動可持續盈利能力的策略，並為北美和全球主要市場的長期成功奠定競爭基礎，特別是當我們結合 Canopy USA 的成長動能時，我們這種感覺繼續使我們在競爭中脫穎而出，因為該策略是專門為成功而設計的，獨立於美國聯邦合法化的需要。

During the call today, I'll cover three main topics: first, the exceptional performance of Storz & Bickel device business as well as that of our medical cannabis businesses. Second. I'll address our continued focus on profitability in Canada and the actions we're implementing to drive growth in our Canadian adult-use cannabis business in the second half of fiscal 2025.

在今天的電話會議中，我將討論三個主要主題：首先，Storz & Bickel 設備業務以及我們的醫用大麻業務的出色表現。第二。我將討論我們對加拿大獲利能力的持續關注，以及我們為推動 2025 財年下半年加拿大成人用大麻業務成長而採取的行動。

And third, I'll update you on the developments happening within Canopy USA, which we believe is well positioned to capture significant growth in the US cannabis and hemp-derived markets. Following my remarks, Judy will provide a detailed overview of our results, market conditions, and the actions we've taken to further strengthen our financial standing.

第三，我將向您介紹 Canopy USA 內部發生的最新進展，我們相信該公司處於有利地位，可以抓住美國大麻和大麻衍生市場的顯著增長。在我的發言之後，朱迪將詳細概述我們的業績、市場狀況以及我們為進一步加強財務狀況所採取的行動。

So let's start with Storz & Bickel in our medical cannabis business, which performed very well in Q2. These segments are critical drivers for Canopy, particularly as they are high margin and align with our focus on expanding within our existing markets, which are demonstrating strong and consistent demand.

因此，讓我們從我們的醫用大麻業務中的 Storz & Bickel 開始，該業務在第二季度表現非常出色。這些細分市場是 Canopy 的關鍵驅動力，特別是因為它們的利潤率很高，並且符合我們在現有市場內擴張的重點，這些市場表現出強勁且持續的需求。

Our German-based Storz & Bickel business, known for premium devices like the Volcano and Venty, delivered overall net revenue growth of 32% year over year. This exceptional performance was in part driven by the brand's well-established reputation among German consumers, extensive in-market activities, as well as increased demand following the reform of cannabis regulations this past April.

我們位於德國的 Storz & Bickel 業務以 Volcano 和 Venty 等優質設備而聞名，整體淨收入較去年同期成長 32%。這一出色表現的部分原因是該品牌在德國消費者中建立的良好聲譽、廣泛的市場活動以及今年四月大麻法規改革後需求的增加。

Beyond Germany, Storz & Bickel also saw the resumption of strong growth in the US, led by increased orders from new distribution partners. The growth across these markets was driven by strong sales of the recently launched Venty as well as sell-through of inventory of the Mighty classic vaporizer, which is being phased out in favor of the MIGHTY+. Overall, the achievements of Storz & Bickel in the quarter underscore how the brand's premium position in the market and portfolio innovation are driving our growth in high-margin device sales.

除了德國之外，在新分銷合作夥伴訂單增加的帶動下，Storz & Bickel 在美國也恢復強勁成長。這些市場的成長是由最近推出的 Venty 的強勁銷售以及 Mighty 經典蒸發器的庫存售完推動的，後者正在逐步淘汰，取而代之的是 MIGHTY+。總體而言，Storz & Bickel 在本季的成就凸顯了該品牌在市場中的高端地位和產品組合創新如何推動我們高利潤設備銷售的成長。

Our medical cannabis businesses in Canada and Europe also produced great results in Q2. Our Canada medical business delivered an outstanding second quarter with revenues up 16% year over year. This growth is a result of the continued expansion of the product selection in our Spectrum online store as well as constant availability, which are enabling us to capture a progressively larger share of the high margin Canadian medical cannabis market, particularly as we see more insured patients accessing Spectrum for their medical cannabis needs.

我們在加拿大和歐洲的醫用大麻業務在第二季也取得了不錯的業績。我們的加拿大醫療業務第二季表現出色，營收年增 16%。這一增長是由於我們Spectrum 線上商店的產品選擇不斷擴大以及持續供應的結果，這使我們能夠在高利潤的加拿大醫用大麻市場中佔據越來越大的份額，特別是當我們看到更多的參保患者時會造訪 Spectrum 以滿足其醫用大麻需求。

On the international front, demand continues to be robust, driving substantial year-over-year revenue growth. This reinforces the potential that we see across the high-margin European markets where Canopy's revenues are up 72% year over year. In Germany, our medical cannabis revenue surged by 47% from the first to second quarter, demonstrating the rapidly rising demand in Germany's medical market since legalization and Canopy's positioning as one of the long-term players within that market. In Poland, our revenues grew 200% year over year.

在國際方面，需求持續強勁，推動營收年比大幅成長。這增強了我們在高利潤歐洲市場看到的潛力，Canopy 的營收年增 72%。在德國，我們的醫用大麻收入從第一季到第二季飆升了47%，這表明自合法化以來德國醫療市場的需求迅速增長，以及 Canopy 作為該市場長期參與者之一的定位。在波蘭，我們的營收年增 200%。

It's also worth noting that this European growth is currently being largely supported by our Kincardine GMP cultivation. However, our asset-light model for Europe is now coming online, supported by agreements with multiple EU-based cultivators, and we expect this will provide the scalability that we need to meet rising demand over the coming quarters without the need for heavy capital investments. This approach not only preserves our flexibility, but also supports strong gross margins across our international medical business.

另外值得注意的是，歐洲的這種成長目前主要受到我們金卡丁 GMP 種植的支持。然而，我們針對歐洲的輕資產模式現已上線，並得到與多個歐盟種植者協議的支持，我們預計這將提供我們所需的可擴展性，以滿足未來幾個季度不斷增長的需求，而無需大量資本投資。這種方法不僅保留了我們的靈活性，而且還支持我們國際醫療業務的強勁毛利率。

Now let's dive a bit deeper into our Canadian adult-use business. With our improved cost structure, we're highly focused on profitably growing the top line in Canada. To power this growth, we're executing several targeted initiatives to drive Wana back to its position of leadership in the edibles category, rejuvenate and strengthen the competitive position of our core flower offerings, and to bring new and innovative products to market.

現在讓我們更深入地了解我們的加拿大成人用品業務。隨著成本結構的改善，我們高度關注加拿大營收的獲利成長。為了推動這一成長，我們正在執行幾項有針對性的舉措，以推動Wana 重新回到其在食品類別中的領導地位，振興和加強我們核心花卉產品的競爭地位，並將新的創新產品推向市場。

I'm pleased to share that the production of Wana edibles is fully resumed within the quarter, and supply is now coming back into retailers across Canada as well as into the Spectrum online store, supported by in-market activations and budtender education. In addition, we anticipate bringing new premium and Better for You Wana gummies to the Canadian market early in the new year as part of our focus on delivering innovation to consumers.

我很高興地告訴大家，Wana 食品的生產已在本季內全面恢復，在市場活化和新手教育的支持下，加拿大各地的零售商以及 Spectrum 線上商店的供應現已恢復。此外，我們預計將在新年伊始向加拿大市場推出新的優質和 Better for You Wana 軟糖，作為我們致力於為消費者提供創新的一部分。

In our core portfolio, the quality and variety of Tweed and 7ACRES product offerings within the flower as well as pre-roll joint segments is driving consumer demand. And further honing our production platform and its ability to cultivate high-quality strains with elevated and consistent THC levels, we've strengthened the competitive positioning of these brands in the market.

在我們的核心產品組合中，花呢和 7ACRES 產品的品質和品種以及預卷聯合領域正在推動消費者需求。並進一步磨練我們的生產平台及其培育具有較高且穩定的 THC 水平的優質菌株的能力，我們加強了這些品牌在市場上的競爭地位。

We're seeing this pay off through the reinvigorated performance of Tweed Cushman's and a significant uptake of Tweed Cherry Acai Mints, which is now carried in all markets nationally. In addition, as the sign of things to come, our team was thrilled to bring 7ACRES Ultrajack to markets. Ultrajack, for those that haven't yet had a chance to sample it, is a homegrown 7ACRES creation. In our core portfolio, the quality, a variety of Tweed and 7ACRES product offerings within the flower, as well as pre-roll joint segments, is driving consumer demand.

我們透過 Tweed Cushman's 的重振業績和 Tweed Cherry Acai 薄荷糖的大量使用看到了這種回報，該薄荷糖現已在全國所有市場銷售。此外，作為未來的標誌，我們的團隊很高興將 7ACRES Ultrajack 推向市場。對於那些還沒有機會嘗試它的人來說，Ultrajack 是一個佔地 7ACRES 的本土作品。在我們的核心產品組合中，花卉內的各種粗花呢和 7ACRES 產品以及預卷聯合細分市場的品質正在推動消費者需求。

And by further honing our production platform and its ability to cultivate high-quality strains with elevated and consistent THC levels, we've strengthened the competitive positioning of these brands in the market. We're seeing this pay off through the reinvigorated performance of Tweed Cushmans and a significant uptake of Tweed Cherry Acai Mints, which is now carried in all markets nationally. In addition, as a sign of things to come, our team was thrilled to bring 7ACRES Ultrajack to the market.

透過進一步磨練我們的生產平台及其培育具有較高且穩定的 THC 水平的優質菌株的能力，我們加強了這些品牌在市場上的競爭地位。我們透過 Tweed Cushmans 的重振業績和 Tweed Cherry Acai 薄荷糖的大量使用看到了這種回報，該薄荷糖現已在全國所有市場銷售。此外，作為未來發展的一個標誌，我們的團隊很高興將 7ACRES Ultrajack 推向市場。

Ultrajack, for those that haven't yet had a chance to sample it, is a homegrown 7ACRES creation. The brand will also be bringing a number of historically high-performing strains back to consumers over the coming months. In parallel, we're investing in efforts to increase distribution of our flower and PRJ offerings and have been very encouraged to see distribution of our Tweed flower products increase by over 10% this quarter.

對於還沒機會嘗試的人來說，Ultrajack 是一個佔地 7ACRES 的本土作品。該品牌還將在未來幾個月內將一些歷史上表現優異的菌株帶回給消費者。同時，我們正在投資努力增加我們的花卉和 PRJ 產品的分銷，並且很高興看到本季度我們的 Tweed 花卉產品的分銷增加了 10% 以上。

Finally, to improve the performance of our adult-use business, we're investing in a robust NPD pipeline with a particular focus on the growth categories of pre-roll joints, vapes, and concentrates. One such example coming to market is an innovative brand of infused pre-rolled joints that's a top seller in California and will be available to consumers in the next month. Early feedback from provincial cannabis boards and retail partners has been overwhelmingly positive.

最後，為了提高成人用業務的業績，我們正在投資強大的 NPD 管道，特別關注預捲菸、電子煙和濃縮液的成長類別。其中一個即將上市的例子是一種創新品牌的灌注預捲接頭，該品牌在加州最暢銷，並將於下個月向消費者提供。省級大麻委員會和零售合作夥伴的早期回饋非常積極。

We're confident that this new product lineup in the high-margin pre-roll category will resonate well with consumers and contribute meaningful revenue over the coming quarters. In addition to new flower offerings, new game-changer infused pre-rolls and health-conscious innovation from Wana, we'll also be bringing to market a number of limited time-only beverage and flower SKUs just in time for the holiday season.

我們相信，這個高利潤預卷類別的新產品系列將引起消費者的良好共鳴，並在未來幾季貢獻可觀的收入。除了新的鮮花產品、新的遊戲規則改變者註入的前捲和 Wana 的健康意識創新之外，我們還將在節日期間及時向市場推出一些限時飲料和鮮花 SKU。

Overall, our focus remains on investing to continually enhance our product quality, increased distribution, and bring new and innovative products to delight our consumers. Finally, looking to the US, I'd like to provide an update on the accelerating momentum occurring within the Canopy USA ecosystem.

總體而言，我們的重點仍然是投資，以不斷提高我們的產品質量，增加分銷，並帶來新的創新產品來取悅我們的消費者。最後，針對美國，我想提供有關 Canopy USA 生態系統內加速發展勢頭的最新資訊。

In the second quarter, Canopy USA closed the Wana acquisition, and I'm pleased to report that the acquisition of Acreage remains on track for completion no later than the first half of calendar year 2025. Canopy USA's Wana brand also launched Wanderous, a new marketplace for hemp-derived THC and CBD products as the brand expands its reach to access a new national customer base.

第二季度，Canopy USA 完成了對 Wana 的收購，我很高興地報告，對 Acreage 的收購仍有望在不遲於 2025 年上半年完成。Canopy USA 的 Wana 品牌也推出了 Wanderous，這是一個大麻衍生 THC 和 CBD 產品的新市場，隨著該品牌擴大其影響力以獲取新的全國客戶群。

Canopy USA's Jetty brand is gearing up to introduce a new line of solventless all-in-one vapes in California and Colorado with a planned launch in New York early next year. Finally, at Acreage, work remains underway to leverage the improved capital structure to strengthen the fundamentals of the business, streamline costs, and drive growth in priority states where Acreage holds a strong foothold, including Ohio.

Canopy USA 的 Jetty 品牌正準備在加州和科羅拉多州推出一系列新的無溶劑一體化電子煙，並計劃於明年初在紐約推出。最後，Acreage 仍在繼續努力利用改善後的資本結構來增強業務基礎、簡化成本並推動 Acreage 擁有強大立足點的優先州（包括俄亥俄州）的成長。

The ecosystem approach, which will integrate the best of Wana, Jetty, and Acreage, will enable Canopy USA to leverage synergies across these brands, optimize existing market positioning, and capitalize on immediate growth opportunities as a differentiated and brand-driven platform. Overall, we're confident that Canopy USA is well positioned to deliver significant value for our shareholders over time, including as new US markets come online for adult use.

此生態系統方法將整合 Wana、Jetty 和 Acreage 的優勢，使 Canopy USA 能夠利用這些品牌之間的協同效應，優化現有市場定位，並利用作為差異化和品牌驅動平台的直接成長機會。總體而言，我們相信 Canopy USA 處於有利地位，能夠隨著時間的推移為我們的股東帶來巨大的價值，包括隨著新的美國市場上線供成人使用。

Finally, while we would have liked to see a positive outcome in Florida, our view remains that Canopy USA is ideally set up to thrive in the current environment, independent of federal legalization. And while we would welcome future movement on Safe Banking or 280E reform by rescheduling, the strength of our approach is that we are not dependent on these taking place in the immediate term.

最後，雖然我們希望看到佛羅裡達州取得積極成果，但我們仍然認為 Canopy USA 的理想設置是在當前環境下蓬勃發展，獨立於聯邦合法化。雖然我們歡迎未來透過重新安排的方式在安全銀行或 280E 改革方面採取行動，但我們方法的優勢在於我們不依賴短期內發生的這些事情。

Overall, we're proud of the progress made this quarter as we continue to strengthen and grow our core businesses, advance our profitability at the enterprise level, and position Canopy USA for long-term growth.

總體而言，我們對本季的進展感到自豪，因為我們繼續加強和發展我們的核心業務，提高企業層面的獲利能力，並使 Canopy USA 實現長期成長。

I'll now turn the call over to Judy.

我現在把電話轉給朱迪​​。

Thank you very much, David. And good morning, everyone. I'll start by reviewing our second-quarter fiscal 2025 results, including performance by key business units. I'll then discuss continued progress we've made on our balance sheet and cash flow, followed by a discussion on our priorities and outlook for the balance of fiscal 2025.

非常感謝你，大衛。大家早安。我先回顧我們 2025 財年第二季的業績，包括關鍵業務部門的業績。然後，我將討論我們在資產負債表和現金流量方面取得的持續進展，然後討論我們的優先事項和 2025 財年餘額的前景。

Let's begin with our second-quarter results. Q2 FY 2025 was a solid quarter overall with strong revenue growth in Storz & Bickel and our medical cannabis businesses driving year-over-year improvement in gross margins, adjusted EBITDA, and free cash flow.

讓我們從第二季的業績開始。2025 財年第二季整體表現穩健，Storz & Bickel 和我們的醫用大麻業務營收強勁成長，推動毛利率、調整後 EBITDA 和自由現金流較去年同期改善。

Canopy delivered consolidated net revenue of $63 million in Q2, a decrease of 9% or increase of 3%, excluding the impact of divested businesses compared to Q2 of last year. Consolidated gross margin in Q2 was 35%, a 100-basis-point improvement compared to last year. I'm pleased to see consistent gross margin performance in our overall business as we've now delivered gross margins in the mid-30% for four out of the past five quarters.

Canopy 第二季綜合淨收入為 6,300 萬美元，與去年第二季相比下降 9%，成長 3%，不包括剝離業務的影響。第二季綜合毛利率為 35%，比去年提高了 100 個基點。我很高興看到我們整體業務的毛利率表現始終如一，因為我們在過去五個季度中有四個季度的毛利率在 30% 左右。

Q2 adjusted EBITDA was a loss of $6 million, an improvement of 54% versus last year. And free cash flow was an outflow of $56 million, an improvement of 16% compared to Q of last year. As I noted during our Q1 earnings call, we typically incurred negative working capital in the first half of fiscal year due to the timing of certain payments, but we expect significant improvement in the second half.

第二季調整後 EBITDA 虧損 600 萬美元，比去年增加 54%。自由現金流流出 5,600 萬美元，比去年同期成長 16%。正如我在第一季財報電話會議上指出的那樣，由於某些付款的時間安排，我們通常會在上半財年出現負營運資本，但我們預計下半年會有顯著改善。

I'd like to now review the results of our key businesses in more detail, starting with Canada. Q2 net revenue was $37 million, a decline of 8% compared to a year ago. Canada medical continued its momentum with revenue growth of 16% compared to last year as our medical customer mix continues to shift towards a greater number of insured patients and we're expanding our product assortment to meet the needs of our customers.

我現在想更詳細地回顧我們主要業務的業績，首先是加拿大。第二季淨收入為 3,700 萬美元，較去年同期下降 8%。加拿大醫療持續保持成長勢頭，收入比去年增長 16%，因為我們的醫療客戶結構繼續轉向更多的受保患者，並且我們正在擴大產品種類以滿足客戶的需求。

The overall Canada medical market is also now seeing modest growth, and we're pleased with the continued outperformance in our Canada medical sales, which is also a high-margin business for us. The growth in medical was offset by our Canada adult-use business, which was down 24% year over year.

整個加拿大醫療市場現在也出現了適度成長，我們對加拿大醫療銷售的持續出色表現感到高興，這對我們來說也是一項高利潤業務。醫療業務的成長被我們的加拿大成人使用業務所抵消，該業務年減 24%。

Our Canada adult-use business did not show the expected sales improvement in Q2, in part due to a supply interruption of Wana edibles, resulting from financial challenges faced by its contract manufacturer. We estimate that not having a sufficient Wana supply during Q2 drove approximately $3 million of negative revenue impact for our total Canadian business.

我們的加拿大成人用業務第二季的銷售並未出現預期的成長，部分原因是瓦納食品的供應中斷，而其合約製造商面臨財務挑戰。我們估計，第二季 Wana 供應不足為我們的加拿大整體業務帶來了約 300 萬美元的負面收入影響。

We've since addressed the supply interruptions and expect to see improved Wana performance in the second half. Canada gross margin in Q2 was 32%, and cash gross margin, adding back non-cash depreciation cost and cost, was 43%. This is the second consecutive quarter of cash gross margin in the mid-40% in Canada as the growth in our medical business, which carries higher margin than our adult-use business, is contributing to strong gross margin performance.

此後，我們已經解決了供應中斷問題，並預計下半年 Wana 的業績將有所改善。加拿大第二季毛利率為 32%，現金毛利率（加上非現金折舊成本和成本）為 43%。這是加拿大現金毛利率連續第二季達到 40% 左右，因為我們的醫療業務的成長（其利潤率高於成人用業務）推動了強勁的毛利率表現。

During Q2, our medical business accounted for more than half of revenue in Canada. As we focus on accelerating growth in our adult-use business, we expect Canada's cash gross margins to revert back to our target of mid to high 30%. International markets cannabis net revenue of $10 million in Q2 FY 2025 was up 12% compared to Q2 of last year. We saw strong growth in Poland and Germany, which was partially offset by the decline in sales in our Australian medical cannabis business, driven by increased price competition.

第二季度，我們的醫療業務佔加拿大收入的一半以上。隨著我們專注於加速成人用品業務的成長，我們預計加拿大的現金毛利率將恢復到我們 30% 的中高目標。2025 財年第二季國際市場大麻淨收入為 1,000 萬美元，比去年第二季成長 12%。我們看到波蘭和德國的強勁成長，但由於價格競爭加劇，澳洲醫用大麻業務的銷售下降部分抵消了這一增長。

International markets cannabis gross margin was 47% in Q2 FY 2025, up from 30% in Q2 of last year, driven by a favorable shift in country mix, with higher margin pull in contributing to a greater portion of sales this quarter as compared to the prior-year period and overall loss to lower cost structure.

受國家結構有利轉變的推動，2025 財年第二季國際市場大麻毛利率為47%，高於去年第二季的30%，與上一季相比，較高的利潤率拉動為本季的銷售貢獻了更大的比例。

Storz & Bickel had an exceptional quarter with revenue of $16 million in Q2 and was up 32% compared to last year. Key drivers include strong growth in Germany following regulatory reform, significant improvement in US sales compared to the year-ago period, as well as the final sell-through of the Mighty vaporizer, which is going through a planned phase up.

Storz & Bickel 的季度業績表現出色，第二季營收為 1,600 萬美元，比去年同期成長 32%。主要驅動因素包括德國監管改革後的強勁成長、美國銷量與去年同期相比的顯著改善，以及 Mighty 蒸發器的最終銷量（該蒸發器正在按計劃進行分階段升級）。

We also note that last year's Q2 did not include any sales from Venty as the product was launched during Q3 of last year. We did see a significant decline in shipments to Australia in Q2 following a recent regulatory change. However, we continue to see Storz & Bickel medical vaporizers as well positioned in the medical channel in Australia, given their unique status as the only medical approved whole flower vaporizers.

我們還注意到，去年第二季不包括 Venty 的任何銷售額，因為該產品是在去年第三季推出的。在最近的監管變化之後，我們確實看到第二季度對澳洲的發貨量大幅下降。然而，我們繼續看到 Storz & Bickel 醫用蒸發器在澳洲醫療管道中佔據有利地位，因為它們作為唯一獲得醫療批准的全花蒸發器的獨特地位。

Storz & Bickel gross margin was 32% compared to 33% last year. Q2 gross margin is typically lower for Storz & Bickel and margin was also impacted by higher rebates on Mighty. Looking at our SG&A expenses for Q2 of fiscal '25, sales and marketing and G&A expenses have combined declined 20% year over year, primarily due to the cost reduction program undertaken during fiscal 2024.

Storz & Bickel 的毛利率為 32%，去年為 33%。Storz & Bickel 第二季的毛利率通常較低，而且 Mighty 的回扣較高也影響了利潤率。從我們 25 財年第二季的 SG&A 費用來看，銷售和行銷以及 G&A 費用合計同比下降了 20%，這主要是由於 2024 財年期間實施的成本削減計劃。

Year to date, our corporate G&A costs have also declined by nearly $10 million versus the prior year, and we're well on track to achieve $10 million to $15 million additional cost reductions by end of this fiscal year. Q2 fiscal 2025 adjusted EBITDA was a loss of $6 million compared to a loss of $12 million a year ago. We estimate that our three business units again achieved positive adjusted EBITDA in Q2 with all of the Q2 adjusted EBITDA losses driven by unallocated corporate overhead costs, including public company costs.

今年迄今為止，我們的企業一般管理費用也比前一年減少了近 1000 萬美元，並且我們預計在本財年末實現 1000 萬至 1500 萬美元的額外成本削減。2025 財年第二季調整後 EBITDA 虧損 600 萬美元，而一年前虧損 1,200 萬美元。我們估計，我們的三個業務部門在第二季度再次實現了正的調整後 EBITDA，其中所有第二季度調整後 EBITDA 損失均由未分配的公司管理費用（包括上市公司成本）驅動。

I'd like to now review our cash flow and balance sheet. Free cash flow was an outflow of $56 million in Q2, an improvement of 16% compared to the prior year. Cash used from continuing operation was $54 million. This included cash interest payments in the quarter of $18 million, down from $28 million in Q2 of last year. Similar to Q1, we incurred negative working capital in Q2, driven by certain -- timing of certain payments as well as higher inventory builds in Canada, but we expect free cash flow to narrow significantly in the second half of the year versus the first-half run rate to reflect the timing of payments and continued reduction in interest expenses.

我現在想回顧一下我們的現金流量和資產負債表。第二季自由現金流流出 5,600 萬美元，比去年同期成長 16%。持續經營所使用的現金為 5,400 萬美元。其中包括本季 1,800 萬美元的現金利息支付，低於去年第二季的 2,800 萬美元。與第一季類似，我們在第二季度出現了負營運資本，原因是某些付款的時間安排以及加拿大庫存增加，但我們預計今年下半年的自由現金流將比上半年大幅收窄。率反映了付款時間和利息支出的持續減少。

Turning to the balance sheet, as of September 30, 2024, we had $231 million in cash and short-term investments and total principal debt balance of $574 million. In October, we further reduced our term loan balance by USD100 million by making an early prepayment, bringing the total term loan principal balance to approximately USD250 million. This will also reduce our annualized interest expenses by approximately USD14 million.

轉向資產負債表，截至 2024 年 9 月 30 日，我們擁有 2.31 億美元的現金和短期投資，本金債務餘額總額為 5.74 億美元。10月份，我們透過提前提前還款的方式進一步減少定期貸款餘額1億美元，使定期貸款本金餘額總額達到約2.5億美元。這也將使我們的年化利息支出減少約 1,400 萬美元。

We have an option to further extend maturity of the term loan to September 2027 from December 2026 if we choose to make an additional USD100 million payment at 97.5 to par before the end of March 31, 2025. Under the current ATM program that was launched in June, to date, we've generated total gross proceeds of USD149 million. We believe we have ample cash on our balance sheet to meet our near-term obligations, and the remaining ATM program should provide us with the flexibility to invest in growth initiatives.

如果我們選擇在 2025 年 3 月 31 日之前按面值 97.5 額外支付 1 億美元，我們可以選擇將定期貸款期限從 2026 年 12 月進一步延長至 2027 年 9 月。根據 6 月推出的當前 ATM 計劃，迄今為止，我們已產生總收益 1.49 億美元。我們相信，我們的資產負債表上有充足的現金來履行我們的近期義務，而剩餘的 ATM 計劃應該為我們提供投資於成長計劃的靈活性。

I'd like to now briefly discuss Canopy USA. As David mentioned, Canopy USA has completed its acquisition of Wana and Jetty, and is on track to close an Acreage acquisition no later than in the first half of calendar 2025. Let me provide some commentary on performance of each entity.

我現在想簡單討論一下 Canopy USA。正如 David 所提到的，Canopy USA 已完成對 Wana 和 Jetty 的收購，並有望不遲於 2025 年上半年完成對 Acreage 的收購。讓我對每個實體的表現提供一些評論。

Acreage management continues to focus on improving performance in its core states with its year-to-date results impacted by its credit challenges earlier in the year. The launch of non-medical sales in Ohio was delayed and full adult-use sales have not begun. Further, as indicated by other market participants, growth in Ohio has yet to benefit significantly from the opening of the non-medical markets given restrictions around marketing and product formats.

面積管理繼續專注於提高其核心州的業績，其年初至今的業績受到今年早些時候信貸挑戰的影響。俄亥俄州非醫療銷售的啟動被推遲，成人使用的全面銷售尚未開始。此外，正如其他市場參與者所指出的那樣，由於行銷和產品形式方面的限制，俄亥俄州的成長尚未從非醫療市場的開放中顯著受益。

That said, with five stores currently operating in Ohio and the ability to open additional three stores, Acreage management believes it's well positioned to show significant growth once the market fully opens for adult use. Turning to Wana, year to date, Wana's performance has been somewhat hindered by slower-than-expected launches in New York and Ohio as well as lower licensing revenue in Canada due to the supply interruption.

也就是說，Acreage 管理層目前在俄亥俄州經營 5 家商店，並且有能力再開設 3 家商店，他們相信，一旦市場完全開放供成人使用，它就能夠顯示出顯著的成長。談到 Wana，今年迄今為止，Wana 的業績在一定程度上受到了影響，原因是紐約和俄亥俄州的發布速度低於預期，以及供應中斷導致加拿大的許可收入下降。

Wana is focused on expanding into new states and has solidified the launch of its East Coast markets, which now includes New York, New Jersey, Massachusetts, Vermont, Connecticut, and Maryland. Wana also launched a hemp-derived marketplace in August, with sales seeing gradual improvement.

Wana 專注於向新州擴張，並鞏固了東海岸市場的啟動，目前包括紐約、新澤西、馬薩諸塞州、佛蒙特州、康乃狄克州和馬裡蘭州。Wana 也在 8 月推出了大麻衍生性商品市場，銷售額逐漸改善。

Jetty is seeing strong underlying momentum and has successfully transitioned its distributor in California with minimal disruption. And with the new distribution partner now in place to drive enhanced routes to market at reduced cost, Jetty is focused on expanding its lineup of solventless vape offerings into California, Colorado, and New York.

Jetty 看到了強勁的潛在勢頭，並成功地在加州完成了經銷商的轉型，幹擾最小。隨著新的分銷合作夥伴現已到位，以更低的成本推動增強的市場路線，Jetty 專注於將其無溶劑電子煙產品陣容擴展到加州、科羅拉多州和紐約。

I'd like to now provide our key priorities and outlook for the balance of fiscal '25. In Canada cannabis, we expect continued strength in our medical business and improved performance at our adult-use business in the second half of fiscal 2025, driven by Wana supply being restored, additional investments driving expanded distribution, and improved velocity for our core products as well as new product launches.

我現在想介紹一下我們對 25 財年平衡的主要優先事項和展望。在加拿大大麻方面，我們預計在2025 財年下半年，我們的醫療業務將持續強勁，成人用業務的業績將有所改善，這主要是由於Wana 供應恢復、額外投資推動擴大分銷以及我們核心產品的速度提高。

In international markets cannabis, we're focused on ensuring consistent supply of high-quality products as well as launching new products to meet demand in Poland and Germany, while actions are underway to strengthen our competitive positioning in Australia. For Storz & Bickel, we expect growth to continue in the second half, with Q3 benefiting from higher contribution from Venty compared to last year, while Q4 growth is likely to be more muted due to exceptionally strong sales of the device following its launch quarter in fiscal '24.

在國際大麻市場，我們專注於確保高品質產品的持續供應，並推出新產品以滿足波蘭和德國的需求，同時採取行動加強我們在澳洲的競爭地位。對於Storz & Bickel 來說，我們預計下半年將繼續成長，與去年相比，第三季將受益於Venty 更高的貢獻，而第四季的成長可能會更加溫和，因為該設備在2019 年推出季度後銷售異常強勁。

And finally, the impact from divested businesses will continue to negatively impact reported sales growth throughout fiscal 2025. Q3 FY24 revenue included approximately $9 million of revenue from divested businesses. So with expected improvement in top-line growth in the second half and continued cost discipline, we believe we remain on a path to achieve positive adjusted EBITDA at the consolidated level in the coming quarters and our focus on driving long-term sustainable growth in our businesses while continuing to find additional opportunities for cost efficiencies.

最後，剝離業務的影響將繼續對 2025 財年報告的銷售成長產生負面影響。24 財年第三季營收包括來自剝離業務的約 900 萬美元收入。因此，隨著下半年營收成長的預期改善以及持續的成本控制，我們相信，我們仍將在未來幾季在合併水準上實現正調整後的EBITDA，並專注於推動我們的長期永續成長。

This concludes my prepared comments. We'll now take questions.

我準備好的評論到此結束。我們現在開始提問。

(Operator Instructions) Aaron Grey, Alliance Global Partners.

（操作員說明）Aaron Grey，Alliance Global Partners。

Hi. Good afternoon. Thank you for the question here. So a question I want to ask is regarding the hemp initiative that you have here in the US. Just looking at the website by Wana, you guys have both edibles and beverages. So do you want to give some greater color in terms of planned distribution initiatives?

你好。午安.謝謝你在這裡提問。所以我想問的一個問題是關於美國的大麻倡議。看看Wana的網站，你們既有食物也有飲料。那麼您想在計劃的分銷計劃方面提供更多的色彩嗎？

Are you able to leverage any relationships with Constellation on the beverage side? I know that's been a big push for a lot of companies out there with the growth in hemp beverages. So any color you could offer on that? And then how you're seeing potential for regulatory reform through THC cannabinoids via hemp versus cannabis and how that could impact your decision there? Thank you.

您能否在飲料方面利用與 Constellation 的關係？我知道隨著大麻飲料的成長，這對許多公司來說都是一個巨大的推動力。那麼你可以提供任何顏色嗎？那麼您如何看待透過大麻與大麻進行 THC 大麻素的監管改革的潛力以及這將如何影響您的決定？謝謝。

Yes. Thanks, Aaron. Good question. I believe that the opportunity for hemp-derived offerings in the US is massive. And I'll start with the last part of your question first. I think our view is, for the most parts, it will be left up to the states to determine the path forward. And we're prepared to work in that environment.

是的。謝謝，亞倫。好問題。我相信美國大麻衍生產品的機會是巨大的。我先從你問題的最後一部分開始。我認為我們的觀點是，在大多數情況下，將由各州決定前進的道路。我們準備在這種環境中工作。

Our first step in this, and when I'm saying our, I mean Wana's, step in this activity was to get themselves set up from a direct-to-consumer standpoint. And as part of the QC infrastructure, they brought over the Martha Stewart CBD offerings as well as putting their own offerings in, and quite frankly, working with partners to go direct to consumer. So that was step one.

我們在這項活動中的第一步，當我說我們的，我是說 Wana 的，在這項活動中的第一步是從直接面向消費者的角度進行設定。作為 QC 基礎設施的一部分，他們引進了 Martha Stewart CBD 產品，並加入了自己的產品，坦率地說，他們與合作夥伴合作，直接面向消費者。這是第一步。

There is a lot of engagement going on right now from a B2B standpoint to get on the shelf at retail. And that pathway is heavily influenced or being addressed anyway by beverage alcohol distributors. And of course, the connections that Canopy has in that industry are very valuable in trying to establish that B2B marketplace for ourselves. So we're really excited about hemp. We're really early in that process, the entire industry is, but we think it could be huge.

從 B2B 的角度來看，目前正在進行大量的參與活動，以使其能夠上架零售。無論如何，這條途徑受到飲料酒精分銷商的嚴重影響或正在解決。當然，Canopy 在該行業中的聯繫對於我們自己建立 B2B 市場非常有價值。所以我們對大麻感到非常興奮。我們確實處於這個過程的早期，整個行業都是如此，但我們認為它可能是巨大的。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

Hi. Good morning. Thank you for taking my questions. Just on the comment on Australia, the competitive dynamics in that market, I'm just curious. How do you plan to, I guess, become more competitive there on the pricing side? I mean, what initiatives are you going to be implementing to achieve that?

你好。早安.感謝您回答我的問題。關於澳洲的評論以及該市場的競爭動態，我只是很好奇。我想，你們打算如何在定價方面變得更具競爭力？我的意思是，您將採取哪些措施來實現這一目標？

Yes. Thanks, Frederico, for the question. So in Australia, we've actually had pretty good growth over the last few years as we've been able to really supply that market out of Canada. I think as you've seen other players really leverage some of the Canadian supply to service the Australian market, you've seen increased competition, the number of players have gone up, and then you've started to see more price competition taking place similar to, frankly, what you've seen in the Canadian market.

是的。謝謝弗雷德里科的提問。因此，在澳大利亞，過去幾年我們實際上取得了相當不錯的成長，因為我們能夠真正為加拿大以外的市場提供服務。我認為，正如您看到其他參與者真正利用加拿大的一些供應來服務澳大利亞市場一樣，您也看到了競爭的加劇，參與者的數量增加，然後您開始看到更多的價格競爭發生坦率地說，類似於您在加拿大市場看到的情況。

We are really looking to take advantage of our supply opportunities in Canada with our lower cost structure, obviously, working with partners and making sure we've got an ample supply in place to service that market with the better cost structure. And we are also focused on just making sure we're going to the market with a broader assortment of product in the marketplace.

我們確實希望以較低的成本結構利用我們在加拿大的供應機會，顯然，與合作夥伴合作，確保我們有充足的供應，以更好的成本結構為該市場提供服務。我們也專注於確保我們向市場提供更廣泛的產品種類。

Bill Kirk, Roth Capital Partners.

比爾‧柯克，羅斯資本合夥人。

Hey, thank you for taking the questions. I've one on the adjusted EBITDA turning positive outlook. The language, I think, you used was in the coming quarters; whereas, prior language was for the second half. So I'm curious if that is a change or not? And if it is a change, what is causing the kind of the -- maybe possibly the push out a little bit?

嘿，謝謝你提出問題。我認為調整後的 EBITDA 前景將轉為樂觀。我認為，您使用的語言是在未來幾個季度中；而之前的語言是針對下半場的。所以我很好奇這是否是一個改變？如果這是一個變化，是什麼導致了這種——也許可能是一點點推出？

Yes. Thanks for the question, Bill. So look, I mean, we're very pleased with the continued progress that we're making on our consolidated adjusted EBITDA. I think we're seeing good performance out of all of our businesses. And as I said on the call, all of our business units have delivered positive adjusted EBITDA. We are also making progress on reducing our corporate G&A costs, and we've already reduced on a year-to-date basis, $10 million, and we think we'll see additional cost opportunities in the back half of the year.

是的。謝謝你的提問，比爾。所以，我的意思是，我們對合併調整後 EBITDA 的持續進展感到非常滿意。我認為我們所有業務都取得了良好的業績。正如我在電話中所說，我們所有的業務部門都實現了正調整後的 EBITDA。我們在降低企業 G&A 成本方面也取得了進展，今年迄今我們已經減少了 1000 萬美元，我們認為今年下半年我們將看到額外的成本機會。

Our, I think, expectation around second-half positive adjusted EBITDA was partly predicated on more growth coming from our Canada adult-use businesses. We're confident that we will see improved growth in the back half. It's just the timeline of getting the growth in the second half from a pace and timing perspective is really what we're thinking about as we think about when we can achieve that positive adjusted EBITDA.

我認為，我們對下半年調整後 EBITDA 為正值的預期部分取決於我們加拿大成人用品業務的更多成長。我們有信心下半年的成長會有所改善。這只是從速度和時機角度來看下半年實現成長的時間表，這確實是我們在考慮何時能夠實現正調整 EBITDA 時所考慮的問題。

The other thing I would just want to point out is that we are really building a business that is able to achieve positive adjusted EBITDA kind of quarter in and quarter out. So we also want to make sure that all of our businesses are getting to the physician where, consistently, they're delivering an adjusted EBITDA-positive basis, and we'll -- we're confident that we're nearing that point.

我想指出的另一件事是，我們確實正在建立一家能夠每季實現正調整 EBITDA 的業務。因此，我們也希望確保我們所有的業務都能向醫生提供一致的調整後的 EBITDA 正值基礎，我們相信我們已經接近這一點。

Okay. And then on Storz & Bickel, Judy, you mentioned higher rebates on Mighty in the quarter. Why the rebating program, what's kind of behind offering a larger rebates?

好的。然後，在 Storz & Bickel 上，朱迪，您提到了本季度 Mighty 的更高回扣。為什麼要推出返利計劃，提供更大的回饋背後是什麼樣的？

Yes. So Bill, it was really just we have -- it's portfolio management, right? So we have Venti in the market. We've upgraded Mighty, actually, several times over the past few years, and so there were a couple of specific SKUs within the portfolio that we were just clearing through in the portfolio that drove some of the growth.

是的。所以比爾，我們真的只有──投資組合管理，對吧？所以我們在市場上有 Venti。事實上，在過去的幾年裡，我們已經多次升級了 Mighty，因此我們剛剛在產品組合中清理了一些特定的 SKU，從而推動了部分成長。

But I don't want you to walk away thinking that that's where -- that's the reason we had such a strong quarter. I do believe it was growth in Germany of really household penetration for Storz & Bickel. We're ramping back up in the US to the trajectory we had before. There were some distributor financial problems over the last couple of years, and we're really leaning into the strength of the innovation that the Venti represents.

但我不希望你離開時認為這就是我們季度表現如此強勁的原因。我確實相信 Storz & Bickel 在德國的真正家庭滲透率有所增長。我們正在美國恢復到以前的軌跡。過去幾年經銷商出現了一些財務問題，我們確實傾向於 Venti 所代表的創新力量。

So I think Judy had made the caveat that we do have to lap kind of like the Venti launch last year, but we're confident that Storz & Bickel is going to continue to grow. It wasn't an aberration just caused by the portfolio management component related to the Mighty.

因此，我認為 Judy 已經警告我們必須像去年推出的 Venti 一樣，但我們相信 Storz & Bickel 將繼續成長。這不僅僅是與 Mighty 相關的投資組合管理元件造成的異常。

(Operator Instructions) Michael Lavery, Piper Sandler.

（操作說明）Michael Lavery、Piper Sandler。

Thank you. Good morning. Just wanted to touch on international. You called out pretty big growth rates in Europe and specifically mentioning Germany and Poland. But overall, obviously, it was still more subdued. And so maybe just how intense was the price competition in Australia? How big of a headwind was that?

謝謝。早安.只是想談國際。您提到歐洲的成長率相當高，特別提到了德國和波蘭。但總體而言，顯然，它仍然更加柔和。那麼澳洲的價格競爭到底有多激烈呢？那是多大的逆風？

And is there any way to get a sense -- in so many cases, we've seen some version of it's just pretty much a matter of time before price competition creates some of these headwinds in markets over the last few years. Is there structural differences in Poland and Germany that help mitigate or mute that? And what should we expect looking ahead a little bit?

有沒有什麼方法可以讓我們有所了解——在很多情況下，我們已經看到了一些版本，過去幾年價格競爭在市場上造成一些阻力只是時間問題。波蘭和德國是否存在結構性差異，有助於緩解或消除這種情況？展望未來，我們該期待什麼？

I think -- so a couple of points that I'll make here. First of all, we have purposefully continued to focus our supply on the markets that are high margin like Germany, Poland, like our Canadian medical business, and then driving Storz & Bickel, right? And the areas of our business that have been more challenged like Australia and Canadian adult-use, we've actually -- while we're working to improve our positioning in those markets, we're purposefully focused the business on the high-margin components of the business.

我想——所以我將在這裡提出幾點。首先，我們有目的地繼續將供應集中在德國、波蘭等高利潤市場，例如我們的加拿大醫療業務，然後推動 Storz & Bickel，對嗎？我們的業務領域面臨更大的挑戰，例如澳大利亞和加拿大的成人使用，我們實際上 - 在努力提高我們在這些市場的定位的同時，我們有目的地將業務重點放在高利潤領域業務的組成部分。

So then specifically to address Australia, I think that there are things that we have done in the quarter, meaning expand our offerings, change our pack sizes, and so forth that will allow us to be more competitive. But as you point out, every market ultimately gets to the place where there's price compression.

因此，特別是針對澳大利亞，我認為我們在本季度做了一些事情，這意味著擴大我們的產品、改變我們的包裝尺寸等等，這將使我們更具競爭力。但正如您所指出的，每個市場最終都會達到價格壓縮的地步。

I would say the thing I feel good about at Canopy is that maybe the most difficult market to compete in, in the world might be in Canada. And we've build-to-cost infrastructure from a growth standpoint and a back-office standpoint where we now feel that we have attractive gross margins. So we think we're prepared to compete in these markets as they price compress.

我想說的是，我在 Canopy 感覺良好的一點是，世界上最難競爭的市場可能是在加拿大。從成長的角度和後台的角度來看，我們已經建立了以成本計算的基礎設施，我們現在認為我們擁有有吸引力的毛利率。因此，我們認為，隨著這些市場價格的壓縮，我們已經做好了在這些市場競爭的準備。

Now specifically to address Germany and Poland, Poland is a bit of a different market than any of the other markets we're in because you have to -- you sell through effectively the government, and so that probably provides a little bit of near-term protection. Germany, I think, over time, is going to go the route of every other developed market. I think it will be a while from now, but Germany will go the route of every other developed market in that we'll see capacity increase in that market, and it will drive down cost.

現在專門針對德國和波蘭，波蘭是一個與我們所處的任何其他市場都有些不同的市場，因為你必須——你透過政府有效地進行銷售，所以這可能會提供一些近乎-期限保護。我認為，隨著時間的推移，德國將走上所有其他已開發市場的道路。我認為從現在起還需要一段時間，但德國將走所有其他已開發市場的路線，因為我們將看到該市場的產能增加，這將降低成本。

And we're actually -- we spent a lot of time planning around that, Michael, so that we're actually prepared to be an aggressive leader in that market instead of getting whipsawed by the market. So we've built our infrastructure in Germany to be super asset-light because we've seen that work elsewhere. And so I think you're right. I think every market goes through a good price environment and then a compressed price environment and then it normalizes. And we're -- we think it will be a while in Germany, but we're prepared to ride it out and to win when that happens.

事實上，我們花了很多時間圍繞這一點進行規劃，邁克爾，以便我們實際上準備好成為該市場的積極領導者，而不是被市場所摧殘。因此，我們在德國建立了超級輕資產的基礎設施，因為我們已經在其他地方看到了這種做法。所以我認為你是對的。我認為每個市場都會經歷良好的價格環境，然後是壓縮的價格環境，然後趨於正常化。我們認為這將在德國度過一段時間，但我們準備好渡過難關，並在這種情況發生時贏得勝利。

Matt Bottomley, Canaccord Genuity.

馬特‧博頓利 (Matt Bottomley)，Canaccord Genuity。

Hey. Good morning, everyone. I just wanted to get a bit more clarification potentially, Judy, on some of your comments on the cash flows and the balance sheet. So we look at kind of the first six months of the fiscal year, and we're a little over $100 million in free cash flow burn -- and I know a lot of that is working capital fluctuations or at least I assume that a chunk of it is.

嘿。大家早安。朱迪，我只是想進一步澄清您對現金流量和資產負債表的一些評論。因此，我們看看本財年的前六個月，我們的自由現金流消耗略多於 1 億美元——我知道其中很大一部分是營運資本波動，或者至少我認為其中很大一部分是。

When you say it will narrow significantly, I'm just trying to get an idea of maybe on a relative basis, the quantum. And then further, just the ATM that's being used in the interim, just given some of the price action we saw on the back of the US election, if there's any changes to the cadence we're seeing of that being utilized? Thank you.

當你說它會顯著縮小時，我只是想在相對基礎上了解量子。再進一步，考慮到我們在美國大選後看到的一些價格走勢，我們暫時使用的 ATM 機的使用頻率是否有任何變化？謝謝。

Yes. So on the cash flow side, so as you point out and as I mentioned on the call, the first run rate is typically much higher, and a lot of that is because of the timing of payments that includes insurance premiums. We also have prior-year bonus payments, the timeline, and then the Health Canada fees. So all of those are -- have hit first half of the year, and those are amounts that won't be repeated in the second half.

是的。因此，在現金流方面，正如您所指出的，正如我在電話會議中提到的，首次運行率通常要高得多，其中很大一部分是因為包括保險費在內的付款時間。我們還有去年的獎金支付、時間表，以及加拿大衛生部的費用。因此，所有這些都已在今年上半年實現，而這些金額在下半年不會重複。

So our expectation is in the second half, when you look at the cash outflow, I do estimate that to be close to be half of what we saw in the first half of the year. The interest payments also would be lower as we paid down the $100 million of additional term loan, we would see a reduction in the interest payment.

所以我們的期望是下半年，當你看現金流出時，我確實估計這將接近我們上半年看到的一半。當我們還清 1 億美元的額外定期貸款時，利息支付也會降低，我們會看到利息支付減少。

We would expect to very tightly manage the working capital and just the -- some of the timing of the payments now working more in favor in the back half versus the first half. And then finally, the CapEx is also likely to be more modest in the second half versus the first half, just given some of the timing of the investment. So that would be my expectation for the back half of the cash flow.

我們預計將非常嚴格地管理營運資金以及一些付款時間，現在與上半年相比，下半年更有利。最後，考慮到一些投資時機，下半年的資本支出也可能比上半年更溫和。這就是我對後半部現金流的預期。

Pablo Zuanic, Zuanic & Associates.

巴勃羅·祖安尼克 (Pablo Zuanic)，Zuanic & Associates。

Thank you. And good morning, everyone. David, my question is one around Canopy USA. Can you talk about room there for expansion in the way of acquiring more brands beyond Wana and Jetty? And also, maybe remind us of how you're going to accelerate the expansion or the room for growth for both Wana and Jetty in the case of Wana going to go deeper in the state. Is there room to license in other states?

謝謝。大家早安。大衛，我的問題是關於 Canopy USA 的。您能談談收購 Wana 和 Jetty 以外的更多品牌的擴張空間嗎？另外，也許提醒我們，如果 Wana 將深入州，您將如何加速 Wana 和 Jetty 的擴張或成長空間。其他州有許可空間嗎？

Can you even go vertically in some cases, given and follow more of the Jetty model? And in the case of Jetty, you said New York, Colorado, California. Is there room to add more states? So that's the first part of your question regarding kind of USA growth opportunities.

在某些情況下，考慮並遵循更多 Jetty 模型，您甚至可以垂直進行嗎？就 Jetty 而言，你說的是紐約、科羅拉多州、加州。是否有空間添加更多州？這是您關於美國成長機會的問題的第一部分。

And then the second part is that back in the day, you used to mention the term federal permissibility. We are waiting for the Acreage deal to close June next year. But in practical terms, pretty much you can do almost most of the things you want to do around Canopy USA at the moment, right? And correct me if I'm wrong, even though we don't have permissibility and the deal on Acreage hasn't closed, or at least just explain what else could you do once those things happen compared to what you're going to do now around Canopy USA? Thank you.

第二部分是，在當天，您曾經提到過“聯邦許可”一詞。我們正在等待 Acreage 交易於明年六月完成。但實際上，您現在幾乎可以在 Canopy USA 上做幾乎大部分您想做的事情，對嗎？如果我錯了，請糾正我，即使我們沒有許可，而且 Acreage 的交易還沒有結束，或者至少解釋一下，一旦這些事情發生，與你要做的事情相比，你還能做什麼現在在Canopy USA附近嗎？謝謝。

Yes. Thanks, Pablo. And yes, if I'm being honest, I don't even know what federal permissibility means anymore. It just seems like we're going to get -- the path is more likely to be a series of regulatory reforms that basically looks like federal legal legalization. And so I'm going to start with that part of your question first. I would say that our structure where our investors have exposure to the US THC market, while we can still continue to trade on the US exchange, was really built for this long process of getting to that federal permissibility.

是的。謝謝，巴勃羅。是的，老實說，我甚至不知道聯邦許可證意味著什麼。看起來我們將會得到——這條道路更有可能是一系列監管改革，基本上看起來像聯邦法律合法化。所以我將首先從你問題的這一部分開始。我想說的是，我們的投資者接觸美國 THC 市場的結構，同時我們仍然可以繼續在美國交易所進行交易，實際上是為了獲得聯邦許可的漫長過程而建立的。

And so we remain optimistic and very interested in things like 280E reform and safe banking, which, by the way, the President-elect has agreed to support. And that would help our business in the US from a financial perspective, but it's not necessary for our structure to work. And I think that's one of the things that is unique about the structure that we have set up.

因此，我們對 280E 改革和安全銀行業務等事情保持樂觀且非常感興趣，順便說一句，當選總統已同意支持這些事情。從財務角度來看，這將有助於我們在美國的業務，但這對我們的結構運作並不是必要的。我認為這是我們所建立的結構的獨特之處之一。

And then that even plays into our ability to expand Canopy USA. It really is -- the team at Canopy USA is focused on execution at Acreage. And I would say that looks like a deeper, not wider strategy, just get better in the markets that we're in and use the production assets that we have at Acreage to bolster the other parts of the portfolio, meaning Wana and Jetty.

這甚至會影響我們擴大 Canopy USA 的能力。確實如此——Canopy USA 的團隊專注於 Acreage 的執行。我想說，這看起來是一個更深層的策略，而不是更廣泛的策略，只是在我們所在的市場上做得更好，並利用我們在Acreage 擁有的生產資產來支持投資組合的其他部分，即Wana 和Jetty。

I think expansion for Jetty will be to build its business around the core of its innovation, which is solventless capabilities. And we want to bring that to every market we're in because we think that's a massive differentiator for the Jetty brands. But also -- yes, there are opportunities for Jetty to be produced in markets by Acreage. And clearly, Jetty and Wana have already started distributing together so that they're getting the benefit of calling on retail accounts as a unified portfolio.

我認為 Jetty 的擴張將是圍繞其創新的核心建立業務，即無償付能力。我們希望將其帶到我們所在的每個市場，因為我們認為這是 Jetty 品牌的巨大差異化因素。而且，是的，Acreage 有機會在市場上生產 Jetty。顯然，Jetty 和 Wana 已經開始一起分銷，這樣他們就可以透過調用零售帳戶作為統一的投資組合來受益。

And then I would say with Wana, it's probably a bit -- expansion is probably a bit twofold because I think it's -- it is also kind of a deeper, not wider. Let's get stronger in the states we're in. Let's get on more shelves in the states that we're in. And then we're also putting some efforts behind the hemp direct portfolio, which we talked about earlier. So I think there's a lot of reasons to believe that the differentiated kind of brand-led approach that we have between the companies in the US ecosystem are pretty attractive.

然後我想說，對於瓦納來說，它可能有點——擴張可能有點雙重，因為我認為——它也是一種更深的，而不是更廣泛的。讓我們在我們所在的州變得更強大。讓我們在我們所在的州有更多的貨架。然後，我們也在我們之前討論過的大麻直接投資組合背後做出了一些努力。因此，我認為有很多理由相信，我們在美國生態系統中的公司之間採用的差異化品牌主導方法非常有吸引力。

And then we'll continue to look both for Canopy -- and the Canopy USA Board of Managers will continue to look for opportunities to partner with other players in the industry. And in particular, if it's a long, drawn-out federal legalization time period, we think there will be some really great opportunities for CUSA to continue to build its business.

然後我們將繼續尋找 Canopy —— Canopy USA 管理委員會將繼續尋找與業內其他參與者合作的機會。特別是，如果聯邦合法化的時間很長，我們認為 CUSA 將會有一些非常好的機會來繼續發展其業務。

Thank you. There are no questions in the queue, I will now turn the call over to Mr. Klein for final remarks.

謝謝。隊列中沒有問題，我現在將電話轉給克萊恩先生進行最後發言。

Great. Thanks for attending today's conference call. For those in Canada, as you enjoy the fall and prepare for the holidays, be on the lookout for the PRJ innovation that we talked about, which should be arriving in stores over the next few weeks. And for those of you in the US, yes, please visit shopwonderous.com to take a look at the great hemp-derived product offering that's currently available for shipment to your home. Our Investor Relations team will be available to answer additional questions throughout the day. Thanks, everyone.

偉大的。感謝您參加今天的電話會議。對於加拿大人來說，當您享受秋天並為假期做準備時，請留意我們談到的 PRJ 創新產品，它應該會在接下來的幾週內到達商店。對於美國的人們來說，是的，請訪問 shopwonderous.com 查看目前可運送到您家中的優質大麻衍生產品。我們的投資者關係團隊將全天回答其他問題。謝謝大家。

This concludes Canopy Group's second-quarter fiscal 2025 financial results conference call. A replay of this conference call will be available until February 6, 2025, and can be accessed following the instructions provided in the company's press release issued earlier today. Thank you for attending today's call. Have a good one, everyone.

Canopy 集團 2025 財年第二季財務業績電話會議至此結束。本次電話會議的重播將持續到 2025 年 2 月 6 日，並且可以按照今天早些時候發布的公司新聞稿中提供的說明進行存取。感謝您參加今天的電話會議。祝大家過得愉快。