Canopy Growth Corp (CGC) 2025 Q3 法說會逐字稿

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

早安.我叫喬安娜，今天我將擔任您的會議主持人。歡迎您參加 Canopy Growth 2025 財年第三季財務業績電話會議。（操作員指令）

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

現在我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, Luc Mongeau; and Chief Financial Officer, Judy Hon.

早安，感謝您加入我們。今天我們電話會議的嘉賓有 Canopy Growth 的執行長 Luc Mongeau；和首席財務官 Judy Hon。

Before financial markets open today, Canopy Growth issued a news release announcing the financial results for our third quarter fiscal year 2025 ended December 31, 2024. The news release and filed financial statements have been filed on EDGAR and SEDAR and will be available on our website under the investors tab.

在今天金融市場開盤前，Canopy Growth 發布了一份新聞稿，宣布了截至 2024 年 12 月 31 日的 2025 財年第三季的財務表現。新聞稿和已提交的財務報表已在 EDGAR 和 SEDAR 上提交，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 issued today. Please review today's earnings release and Canopy's reports filed with the SEC and on SEDAR for various factors that could cause actual results to differ materially from projections.

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的觀點和假設的前瞻性陳述，並且本次討論完全符合今天發布的新聞稿末尾關於前瞻性陳述的警告。請查看今天的收益報告和 Canopy 向美國證券交易委員會 (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。

In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release. Please note that all financial information is provided in Canadian dollars unless otherwise stated. Following remarks from Luc and Judy, we will conduct a question-and-answer session where we will take questions from analysts.

此外，我們的收益報告還包含任何非 GAAP 指標與其最接近的報告 GAAP 指標之間的對帳。請注意，除非另有說明，所有財務資訊均以加幣提供。在 Luc 和 Judy 發言之後，我們將進行問答環節，回答分析師的問題。

With that, I will turn the call over to Luc.

說完這些，我會把電話轉給 Luc。

Thank you, Tyler. Good morning, everyone. And thank you for joining our quarter three fiscal year 2025 earnings conference call.

謝謝你，泰勒。大家早安。感謝您參加我們 2025 財年第三季財報電話會議。

My name is Luc Mongeau, and I'm proud to join you for my first earnings call as CEO of Canopy Growth. I'm truly excited to lead the company forward as we start a new year and embark on a fresh chapter for Canopy. I would like to start by expressing my gratitude for the support that Canopy Board of Directors and our entire team have given me as I begin this new role. I would also like to thank David Klein for his leadership and support through the transition.

我的名字是 Luc Mongeau，我很榮幸能夠以 Canopy Growth 執行長的身份參加我的第一次財報電話會議。在新的一年開始、Canopy 開啟新篇章之際，我很高興能帶領公司繼續前進。首先，我要對 Canopy 董事會和我們整個團隊在我開始這一新職位時給予我的支持表示感謝。我還要感謝 David Klein 在過渡期間的領導與支持。

For me joining Canopy and stepping into the role of co to lead this Canadian and global organization is an honor and a privilege. And before we get into the results from Q3, which Judy, will cover in greater depth, I'd like to share some details about my prior experience. Why I've joined as CEO and speak at a high level about my view on the company, the sector, and our path ahead.

對我來說，加入 Canopy 並擔任這個加拿大和全球組織的共同領導是一種榮幸和特權。在我們討論第三季的結果（朱迪將對此進行更深入的介紹）之前，我想分享一些有關我之前經驗的細節。為什麼我會加入並擔任首席執行官，並在高層發表我對公司、行業和未來道路的看法。

Over the last 25 years, I've had the privilege of leading and working within organizations across the consumer-packaged goods industry. Companies like Western Foods, Mars Petcare, and Procter & Gamble. In all my roles, I've dedicated myself to identifying the most promising value creation opportunities, working to understand the needs and wants of consumers and customers while building great organization that meets and exceeds demand with high quality innovative products.

在過去的 25 年裡，我有幸在整個消費包裝商品產業的組織內領導和工作。西方食品、瑪氏寵物照護、寶潔等公司。在我擔任的所有職務中，我都致力於尋找最有前景的價值創造機會，努力了解消費者和客戶的需求和願望，同時建立以高品質創新產品滿足並超越需求的優秀組織。

I've led product innovation R&D, revamped complex supply chains, executed global marketing campaigns, and developed fresh takes on commercial strategies how to power growth and profitability. This brings me to Canopy. When I first got involved with Canopy two years ago, through my engagement with the Board, I saw something unique. cannabis in my view represents one of the most exciting consumer trends today.

我領導產品創新研發，改善複雜的供應鏈，執行全球行銷活動，並制定新的商業策略來推動成長和獲利。這讓我想到了 Canopy。兩年前，當我第一次參與 Canopy 時，透過與董事會的接觸，我看到了一些獨特的東西。在我看來，大麻代表了當今最令人興奮的消費趨勢之一。

The sector is evolving rapidly, and we're still at the beginning of transforming how people view and experience cannabis products. Whether it's delivering new experiences or redefining approaches to wellness, cannabis has the capacity to shape and influence the future of the consumer goods sector, while broadening cultural and lifestyle trends around the world.

這個產業正在迅速發展，我們仍處於改變人們看待和體驗大麻產品方式的開始階段。無論是提供新的體驗還是重新定義健康方法，大麻都有能力塑造和影響消費品產業的未來，同時拓寬世界各地的文化和生活方式趨勢。

However, my optimism is balanced with our reality today. As we all know, the cannabis sector has faced real challenges. Regulations have not evolved as fast as expected. Some consumer trends like beverages have taken longer to develop. The illicit market still endures.

然而，我的樂觀與我們今天的現實是平衡的。眾所周知，大麻產業面臨真正的挑戰。法規的演變速度並未如預期那麼快。一些消費趨勢（例如飲料）需要更長的時間來發展。非法市場仍然存在。

And finally, the path to full legalization in the US remains uncertain. But for me, this is the exciting part. The opportunities ahead are just beginning to unfold. We continue to see more people move away from alcohol and instead choose cannabis to enhance their social life and support their wellness. The shift in behaviors is not just a passing trend. It's a sign of deep lasting change that will only continue to grow.

最後，美國全面合法化的道路仍不確定。但對我來說，這是令人興奮的部分。未來的機會才剛開始展現。我們不斷看到越來越多的人遠離酒精，轉而選擇大麻來增強社交生活並促進健康。行為的轉變不僅是一種短暫的趨勢。這是深刻持久變革的標誌，而且這種變革也將持續發展。

As I move forward, my focus is clear, to drive Canopy rapidly towards sustained profitability and positive cash generation. Right now, I'm working with the team to identify key areas of improvement to enhance Canopy in every way possible for the benefit of our consumers, our people, our business partners, and our shareholders.

隨著我未來的發展，我的重點很明確，那就是推動 Canopy 快速實現持續盈利和積極的現金創造。目前，我正在與團隊合作，找出關鍵的改進領域，以盡一切可能增強 Canopy，從而造福我們的消費者、員工、業務合作夥伴和股東。

I'll have much more to say on this when we're together for Canopy’s Q4 conference call in May. For now, I would like to highlight some of the areas of our business that are showing promise and strong performance.

當我們在 5 月參加 Canopy 第四季度電話會議時，我將對此進行更多討論。現在，我想強調我們業務中一些展現出希望和強勁表現的領域。

First, our medical cannabis business. Whether in Canada or across our international markets, Canopy is a recognized leader in medical cannabis. In Canada our spectrum therapeutics team has built a powerful reputation for outstanding service and for meeting the diverse needs of medical cannabis patients to an ever-expanding product portfolio.

首先，我們的醫用大麻業務。無論是在加拿大還是在我們的國際市場，Canopy 都是公認的醫用大麻領導者。在加拿大，我們的頻譜治療團隊以出色的服務和不斷擴大的產品組合滿足醫用大麻患者的多樣化需求而建立了良好的聲譽。

Internationally, we have established a solid position across the markets with the highest potential Germany, Poland, and Australia. Across Europe regulatory changes are helping power existing momentum. In Germany, we're bringing new and high THC strain to market from our Canadian platform.

在國際上，我們在最具潛力的德國、波蘭和澳洲市場確立了穩固的地位。整個歐洲的監管變化正在助力現有勢頭。在德國，我們將透過加拿大平台將新的高 THC 菌株推向市場。

In addition, corporation with Europe based flower suppliers is helping us deliver the variety of products that patients are seeking. Overall, I believe we can really build upon Canopy's medical cannabis business and continue to drive growth in the quarters and years ahead.

此外，與歐洲花卉供應商的合作幫助我們提供患者所需的各種產品。總的來說，我相信我們能夠真正依賴 Canopy 的醫用大麻業務，並在未來幾季和幾年繼續推動成長。

Next in our adult-use business, I'd like to highlight the recent launch of the award-winning Claybourne brand in Canada. In less than six weeks, Claybourne has risen to become the number three infused pre-roll in British Columbia and Ontario. This showcases our ability to successfully introduce innovative products that resonate with consumers and can quickly make an impact in the market. Overall, I believe our Canadian Adult-use business as the key ingredients necessary to grow our share of the market.

接下來，在我們的成人用品業務中，我想重點介紹最近在加拿大推出的屢獲殊榮的 Claybourne 品牌。在不到六週的時間裡，Claybourne 已躍升成為不列顛哥倫比亞省和安大略省排名第三的注入式預菸公司。這體現了我們成功推出引起消費者共鳴並能迅速在市場產生影響的創新產品的能力。總的來說，我相信我們的加拿大成人用品業務是我們擴大市場份額的關鍵因素。

Another example of Canopy's strength is our Storz & Bickel brand with its offering of premium vaporizers including the iconic Volcano and the new I performance Venty. Storz & Bickel is an unparalleled leader in the premium vaporizer space. We are working to drive new innovation for Storz & Bickel and keep up the momentum for what is already a leading portfolio. I'm really excited about where this brand is today as well as where it's going.

Canopy 實力的另一個例子是我們的 Storz & Bickel 品牌，該品牌提供優質的汽化器，包括標誌性的 Volcano 和新款 I performance Venty。Storz & Bickel 是高階汽化器領域無與倫比的領導者。我們正在致力於推動 Storz & Bickel 的創新，並保持領先產品組合的發展勢頭。我對這個品牌的現狀以及未來發展感到非常興奮。

Next, I would like to speak to Canopy USA. Canopy USA is an exciting differentiated platform that we feel is well positioned to capitalize on its ecosystem of brands and operations. With the acquisitions of Wana, Jetty, and Acreage finalized, Canopy USA is already well advanced on the process of integration. It is also now realizing cost synergies as well as marketing and joint sales advantages across key markets and categories.

接下來，我想和 Canopy USA 談談。Canopy USA 是一個令人興奮的差異化平台，我們認為它能夠充分利用其品牌並經營生態系統。隨著對 Wana、Jetty 和 Acreage 的收購完成，Canopy USA 在整合過程中已經取得了巨大進展。目前，該公司還在主要市場和類別中實現了成本協同效應以及行銷和聯合銷售優勢。

As a final element of bringing Canopy USA to life as a single cohesive organization, Brooks Jorgensen was appointed as the organization's first President in early January. Brooks brings a wealth of experience and a robust track record in building cannabis businesses. Having recently led Kiva, the largest cannabis distributor in the US.

作為將 Canopy USA 打造成為一個單一有凝聚力的組織的最後一個要素，布魯克斯·喬根森 (Brooks Jorgensen) 於一月初被任命為該組織的第一任主席。布魯克斯在建立大麻業務方面擁有豐富的經驗和良好的業績記錄。他最近領導了美國最大的大麻經銷商 Kiva。

Together with the [broader] CUSA team, Brooks is focused on driving strategic execution and growth of the Canopy USA platform. We see real potential in Canopy USA and expect to see even more growth as they continue to build and refine their presence.

與更廣泛的 CUSA 團隊一起，布魯克斯致力於推動 Canopy USA 平台的策略執行和成長。我們看到了 Canopy USA 的真正潛力，並期待隨著他們不斷建立和完善其影響力，看到更大的成長。

As I wrap up today, I want to reiterate that I believe we have the right ingredients for success and I'm focused on positioning Canopy to grow profitably and sustainably. I look forward to sharing more detail about the company's plans and updated strategy in greater detail when we release our full year financials at the end of May this year.

今天結束時，我想重申，我相信我們擁有成功的正確因素，並且我專注於讓 Canopy 實現盈利和可持續的成長。我期待在今年 5 月底發布全年財務報表時更詳細地分享有關公司計劃和更新策略的更多細節。

Thank you. Judy will now speak to the results from the quarter.

謝謝。朱迪現在將介紹本季的業績。

Thank you very much, Luc, and good morning, everyone. I'll start by walking through our Q3 fiscal 2025 results including performance by key business units. I'll then discuss progress on our balance sheet and cash flow followed by a discussion our priorities and outlook for the balance of fiscal 2025 and into fiscal 2026.

非常感謝，盧克，大家早安。我將首先介紹我們的 2025 財年第三季業績，包括主要業務部門的業績。然後，我將討論我們的資產負債表和現金流的進展情況，然後討論我們的優先事項以及 2025 財年餘額和 2026 財年的前景。

Let's begin with our third quarter results. Q3 was a solid quarter marked by continued momentum in medical cannabis and Storz & Bickel as well as improvement in our adult use business in Canada. And combined with cost efficiencies, we significantly narrowed our adjusted EBITDA loss in the quarter. Canopy delivered consolidated net revenue of $75 million in Q3, a decrease of 5% or up 8% excluding the impact of divested businesses compared to Q3 of last year.

讓我們從第三季的業績開始。第三季表現穩健，醫用大麻和 Storz & Bickel 業務持續保持強勁勢頭，加拿大成人用品業務也有所改善。結合成本效率，我們本季大幅縮減了調整後的 EBITDA 損失。Canopy 第三季的綜合淨營收為 7,500 萬美元，與去年同期相比下降 5%，若剔除業務剝離的影響則成長 8%。

Consolidated gross margin Q3 was 32% down compared to 36% a year ago, but broadly in line with our target range. Q3 adjusted EBITDA was a loss of $3 million, an improvement of 61% versus last year. And free cash flow was an outflow of $28 million, an improvement of 17% compared to Q3 of fiscal '24 and a significant improvement relative to the first half run rate of the current fiscal year.

第三季的綜合毛利率較去年同期的 36% 下降 32%，但大致符合我們的目標範圍。第三季調整後 EBITDA 虧損 300 萬美元，較去年同期改善 61%。自由現金流流出 2,800 萬美元，與 24 財年第三季相比增長了 17%，與本財年上半年的運行率相比有顯著改善。

I'd like to now review the results of our key businesses in more detail, starting with Canada. Q3 net revenue was $41 million, an increase of 1% compared to a year ago. Canada medical continued its momentum marking another record revenue quarter and posting year-over-year revenue growth of 16%.

現在我想更詳細地回顧一下我們主要業務的業績，從加拿大開始。第三季淨營收為4,100萬美元，較去年同期成長1%。加拿大醫療持續保持良好勢頭，再創季度收入新高，年增 16%。

We're gaining market share with a growing number of insured patients and we've expanded our product assortment to meet the needs of our medical consumers. The growth relative to Q2 was also driven by a return of Wana gummies as well as contributions from our newly launched Claybourne infused pre-rolls.

隨著投保患者數量的不斷增長，我們的市場份額也不斷擴大，我們也擴大了產品種類，以滿足醫療消費者的需求。與第二季相比，成長還得益於 Wana 軟糖的回歸以及我們新推出的 Claybourne 注入預卷的貢獻。

Our adult-use business was down 10% year-over-year but increased 15% quarter-over-quarter. The improvement was driven by, one, Claiborne infused pre-rolls launched in mid-November are off to a strong start; two, Wana gummies returned to shelves after Q2 supply disruptions; and three, increased bulk flower sales as we captured opportunities to sell to other producers.

我們的成人用品業務年減 10%，但較上季成長 15%。推動此成長的主要因素包括：第一，11 月中旬推出的 Claiborne 注入式預菸開局強勁；二、Wana 軟糖在第二季供應中斷後重新上架；第三，由於我們抓住了向其他生產商銷售的機會，因此散裝鮮花的銷售增加了。

And while some of our core brands are still facing competitive pressure in the marketplace, we've deployed targeted investments, which are beginning to gain traction. And we're focused on accelerating growth in the adult-use market with the continued Claybourne roll out, a strong pipeline of new products and an enhanced field sales strategy to further grow doors and points of distribution.

雖然我們的一些核心品牌在市場上仍然面臨競爭壓力，但我們已經部署了有針對性的投資，並開始取得進展。我們專注於加速成人用品市場的成長，繼續推出 Claybourne，推出強大的新產品線，並加強現場銷售策略，以進一步擴大分銷門市和分銷點。

Canada gross margin Q3 was 25% and cash growth margin adding back noncash depreciation cost was 35%. The growth in Canada medical continues to be a positive contributor to overall Canada gross margin with the decline in gross margin the quarter, primarily attributable to higher initial cost to produce Claybourne. We're focused on improving the cost structure of Claybourne and expect cash gross margins to return to at least mid-to-high 30% targeted range based on the historical channel mix.

加拿大第三季的毛利率為25%，現金成長率加上非現金折舊成本為35%。加拿大醫療業務的成長持續對加拿大整體毛利率產生正面影響，本季毛利率有所下降，主要原因是生產 Claybourne 的初始成本較高。我們專注於改善 Claybourne 的成本結構，並預計現金毛利率將根據歷史通路組合至少回到 30% 的中高目標範圍。

International markets cannabis net revenue of $12 million in Q3 FY 2025 was up 14% compared to Q3 of last year. Within international, we again generated outsized growth in Poland. Germany also saw strong growth from additional product registrations that we've secured in prior quarters. We launched Tweed brands of flower products in Germany during Q3 and have secured additional EU-based supply for the upcoming release of additional tweed flower products.

2025 財年第三季國際市場大麻淨收入為 1,200 萬美元，與去年第三季相比成長 14%。在國際領域，我們在波蘭再次實現了超額成長。由於我們在前幾季獲得了額外的產品註冊，德國也實現了強勁成長。我們於第三季在德國推出了 Tweed 品牌的花卉產品，並為即將推出的更多 Tweed 花卉產品確保了歐盟的額外供應。

The growth in Europe was partially offset by the decline in sales in Australia medical cannabis business as well as US CBD sales, which are no longer part of Canopy's business. In Australia, the medical cannabis market is expanding steadily, but there has been increased competition. We are sharpening our focus in Australia, transitioning the S&B business in Australia to S&B Germany to ensure dedicated support for our medical cannabis business in Australia.

歐洲的成長部分被澳洲醫用大麻業務以及美國 CBD 銷售額的下滑所抵消，後者不再屬於 Canopy 的業務。在澳大利亞，醫用大麻市場正在穩步擴大，但競爭也日益激烈。我們正將重點放在澳大利亞，將澳大利亞的 S&B 業務轉變為 S&B 德國，以確保為我們在澳洲的醫用大麻業務提供專門的支援。

International markets cannabis gross margin was 41% in Q3 of FY25, up 100 basis points from Q3 FY2024 driven by increased sales in Poland, which carry higher gross margin. Storz & Bickel had another strong quarter with revenue of $22 million in Q3 up 19% compared to last year.

2025 財年第三季度，國際市場大麻毛利率為 41%，較 2024 財年第三季上升 100 個基點，這得益於波蘭銷售額的成長，波蘭的毛利率更高。Storz & Bickel 又度過了一個強勁的季度，第三季營收為 2,200 萬美元，較去年同期成長 19%。

Q3 is traditionally a strong quarter for S&B, given the holiday selling season. The growth was also led by robust direct to consumer online sales continued strong contribution from Venty, which was launched during Q3 of last year as well as growth in Germany. Storz & Bickel gross margin was 41% compared to 51% last year, due to higher indirect costs including shipping cost.

由於假日銷售旺季，第三季傳統上是 S&B 強勁成長的一個季度。成長也得益於直接面向消費者的線上銷售強勁成長、去年第三季推出的 Venty 持續強勁貢獻以及德國市場的成長。Storz & Bickel 的毛利率為 41%，而去年同期為 51%，原因是運輸成本等間接成本增加。

Looking at our SG&A expenses for Q3 of fiscal 2025, sales and marketing and G&A expenses declined 24% year-over-year primarily due to the cost reduction program undertaken during fiscal 2024. Year-to-date our G&A costs excluding the impact of divestitures, have also declined by approximately $10 million versus the prior year. And we're well on our way to achieving $10 million to $15 million in G&A cost savings by the end of this fiscal year.

查看我們 2025 財年第三季的銷售、一般及行政費用，銷售和行銷以及一般及行政費用同比下降 24%，這主要是由於 2024 財年實施的成本削減計劃。今年迄今，我們的一般及行政開支（不包括資產剝離的影響）較上年同期也下降了約 1,000 萬美元。到本財年末，我們預計將實現 1,000 萬至 1,500 萬美元的 G&A 成本節約。

Q3 fiscal 2025 adjusted EBITDA was a loss of $3 million compared to a loss of $9 million a year ago. This was led by positive EBITDA contribution from all three business units offset by unallocated corporate overhead costs including public company costs.

2025 財年第三季調整後 EBITDA 虧損 300 萬美元，而去年同期虧損 900 萬美元。這是由於三個業務部門的 EBITDA 貢獻為正，但被包括上市公司成本在內的未分配企業管理費用所抵銷。

I'd like to now review our cash flow and balance sheet. Free cash flow was an outflow of $28 million in Q3, an improvement of 17% compared to the prior year. Cash used from continuing operations was $27 million. This included cash interest payments in the quarter of $17 million, which was down from $21 million in Q3 of last year. As I indicated during the previous call, working capital improved significantly compared to the first half run rate driven by timing of certain payments and tight working capital management.

我現在想回顧一下我們的現金流量和資產負債表。第三季自由現金流流出 2,800 萬美元，較上年同期成長 17%。持續經營所用現金為2700萬美元。其中包括本季的 1,700 萬美元現金利息支付，低於去年第三季的 2,100 萬美元。正如我在上次電話會議中指出的那樣，由於某些付款的時間表和嚴格的營運資金管理，營運資金與上半年的運行率相比有顯著改善。

Turning to the balance sheet. As of December 31, 2024, we had $178 million in cash and short-term investments and total principal debt balance of $460 million.

轉向資產負債表。截至 2024 年 12 月 31 日，我們擁有 1.78 億美元現金和短期投資，總本金債務餘額為 4.6 億美元。

In October, we further reduced our term loan balance by USD100 million by making an early prepayment in the amount of USD97.5 million bringing term loan principal balance to approximately USD250 million. We have an option to further extend maturity of the term loan to September 2027 from December 2026 by making additional USD100 million payment at [97.5%] to par before the end of March of this year.

10 月份，我們透過提前償還 9,750 萬美元，進一步減少了定期貸款餘額 1 億美元，使定期貸款本金餘額達到約 2.5 億美元。我們可以選擇在今年 3 月底之前按面值 [97.5%] 額外支付 1 億美元，將定期貸款的到期日從 2026 年 12 月進一步延長至 2027 年 9 月。

Under the current ATM program that was launched in June, we've generated total gross proceeds of USD228 million including additional USD41 million that was completed post the end of Q3. We believe we have ample cash in our balance sheet to meet our near-term obligations and the remaining ATM program should also provide us with the flexibility to invest in growth initiatives.

根據 6 月啟動的現行 ATM 計劃，我們已獲得總計 2.28 億美元的總收益，其中包括第三季末後完成的額外 4,100 萬美元。我們相信，我們的資產負債表中有足夠的現金來履行我們的近期義務，剩餘的 ATM 計劃也應為我們提供投資成長計畫的靈活性。

I'd like to know briefly discuss Canopy USA. Following the completion of Acreage acquisition in December of 2024, Canopy USA has now moved forward with the full integration of the three businesses to capture revenue and cost synergies as quickly as possible.

我想簡單討論一下 Canopy USA。繼 2024 年 12 月完成對 Acreage 的收購後，Canopy USA 現已著手全面整合三家業務，以盡快實現收入和成本協同效應。

Given that it's only a little over a month since Acreage acquisition has closed in less than a month since the new President has been in place. We plan to provide more details around the business performance and financials of Canopy USA when we report our year-end earnings in late May.

鑑於 Acreage 收購案完成僅一個多月，而新總裁上任也不到一個月。我們計劃在 5 月底報告年終收益時提供有關 Canopy USA 業務表現和財務狀況的更多詳細資訊。

I'd like to now provide our key priorities and outlook for the balance of fiscal '25 and into fiscal '26. In Canada cannabis, we expect continued strength in our medical business and improved performance in our adult-use business as we focus on building on the initial success of the Claybourne launch, new product introductions and continued efforts to drive expanded distribution and improve velocity of our products.

現在，我想提供我們對25財年餘額和26財年的主要優先事項和展望。在加拿大大麻領域，我們預計醫療業務將繼續保持強勁勢頭，成人用品業務的業績將有所提升，因為我們將專注於鞏固 Claybourne 上市的初步成功、推出新產品，並繼續努力擴大分銷範圍並提高產品速度。

In international markets cannabis, we expect continued momentum in our European business as we focus on ensuring consistent product availability, expanding points of distribution, and launching new products. In Australia we are in the process of transitioning Storz & Bickel sales to Storz & Bickel Germany to ensure increased focus on the medical cannabis business in that market.

在國際大麻市場，我們預計歐洲業務將繼續保持良好勢頭，因為我們專注於確保產品的持續供應、擴大分銷點和推出新產品。在澳大利亞，我們正在將 Storz & Bickel 銷售業務轉向 Storz & Bickel 德國，以確保更加關注該市場的醫用大麻業務。

For Q4, we note that international markets cannabis sales in Q4 of last year included over $1.7 million of sales in US CBD, which is no longer part of our business. For Storz & Bickel, we expect another solid quarter in Q4, but year over year growth is likely to be challenged given the tough year-ago comparison. Note that Q4 FY24 benefited from outsized growth from Venty as production caught up with sales following supply constraints in Q3 of last year.

對於第四季度，我們注意到去年第四季國際市場的大麻銷售額中包括超過 170 萬美元的美國 CBD 銷售額，而這不再是我們的業務範圍。對於 Storz & Bickel 而言，我們預計第四季度將再次表現穩健，但考慮到去年同期的艱難表現，同比成長可能會面臨挑戰。請注意，2024 財年第四季度受益於 Venty 的超額成長，因為繼去年第三季供應受限之後，產量趕上了銷售量。

And finally, the impact from divested businesses plus the US CBD sales will be approximately $2.1 million in Q4. Based on our expectation of continued momentum across our medical business's, improvement in Canada adult-use and continued cost discipline, we believe achieving positive adjusted EBITDA at the consolidated level is firmly in sight in the coming quarters. And as we look forward to FY26 we're focused on driving long-term sustainable growth in our businesses while further improving our profitability and cash flow.

最後，剝離業務加上美國 CBD 銷售額的影響在第四季度將達到約 210 萬美元。基於我們對醫療業務持續成長動能、加拿大成人用藥情況改善和成本持續控制的預期，我們相信未來幾季實現合併水準的正調整後 EBITDA 是板上釘釘的事。展望26財年，我們將專注於推動業務的長期永續成長，同時進一步提高獲利能力和現金流。

This concludes my prepared comments. We will now take questions.

我的準備好的評論到此結束。我們現在開始回答問題。

(Operator Instructions)

（操作員指令）

Aaron Grey, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Aaron Grey。

Hi, Luc, and Judy. Thank you for the question here. Just wanted to dig a bit deeper in terms of plans for international to capitalize on some of the growth there. I know you mentioned some additional supply agreements that were signed. But curious if you believe the asset light model will enable you to capture and maintain a healthy share of the growing international pie?

你好，Luc 和 Judy。感謝您在此提出這個問題。只是想深入了解國際計劃，以利用那裡的一些增長。我知道您提到了簽署的一些額外供應協議。但好奇的是，您是否相信輕資產模式將使您能夠獲取並維持不斷增長的國際市場份額的健康份額？

And then would that preclude you from generating more robust margins compared to being vertical internationally? So any color in terms of the outlook that you have for international given the growth we're seeing from some of the competitors out there? Thank you.

那麼，與國際垂直業務相比，這是否會妨礙您獲得更強勁的利潤？那麼，考慮到我們看到的一些競爭對手的成長，您對國際前景有何看法？謝謝。

Sure. Thanks, Aaron. And I'll start and Luc may have his view as well. So first of all, I do want to just call out that we did have a very strong international performance in the European markets in particular. If you look at our overall revenue of $12 million in national market segments, you have to really bifurcate the European performance versus the Australian performance.

當然。謝謝，亞倫。首先我來談談，Luc 可能也有他的看法。首先，我想說的是，我們的國際表現尤其在歐洲市場非常強勁。如果你看一下我們在全國各個細分市場 1200 萬美元的總收入，你必須真正區分歐洲業績和澳洲業績。

Just to give you a context, the European business, which includes key markets like Poland and Germany account for roughly 60% of the international market segment. We have a strong position in the Polish market and we're seeing continued outsized growth in that market. And as I alluded to on the call, we've also had very strong growth in Germany from additional supply that we have secured. Overall, our European business in Q3 was up in excess of 70%.

給大家一個背景介紹，包括波蘭和德國等主要市場在內的歐洲業務約佔國際市佔率的 60%。我們在波蘭市場佔有強勢地位，我們看到該市場持續的超額成長。正如我在電話會議上提到的，由於獲得了額外的供應，我們在德國也實現了非常強勁的成長。整體而言，我們第三季的歐洲業務成長超過 70%。

The Australian business, however, was down on a year-over-year basis. We did call out last quarter that we saw increased competition, particularly in the medical sales business for medical cannabis sales for Australia. That part of the business also includes our S&B sales in Australia and we're really trying to transition that business into Germany to ensure that the Australian team can really focus on improving the performance of the medical cannabis sales in that market.

然而，澳洲業務較去年同期有所下滑。我們上個季度確實指出，競爭日益激烈，特別是在澳洲醫用大麻銷售業務方面。這部分業務還包括我們在澳洲的 S&B 銷售，我們正努力將這項業務轉移到德國，以確保澳洲團隊能夠真正專注於提高該市場醫用大麻銷售的業績。

Now, if we start back and think about the business going forward, number one, the market's growing. Based on the positive changes to regulation and in Germany, the market's growing and we think that that provides us with a tailwind to benefit from the market growth. Secondly, as I said, we are partnering up with additional supply partners and we think that, that gives us opportunity to really supply the market in an asset light model.

現在，如果我們回過頭來思考未來的業務，首先，市場正在成長。基於監管和德國的積極變化，市場正在成長，我們認為這為我們從市場成長中獲益提供了順風。其次，正如我所說，我們正在與其他供應夥伴合作，我們認為，這使我們有機會以輕資產模式真正供應市場。

Keep in mind, we also have our Kincardine facility in Canada that is GMP certified, and we are leveraging that facility, our low-cost structure there to service the international market. So the combination of our Canadian supply as well as our third-party partners in the European markets, we believe we have the right ingredients to really take advantage of the growth opportunities in that market.

請記住，我們在加拿大金卡丁也有經過 GMP 認證的工廠，我們正在利用該工廠和那裡的低成本結構來服務國際市場。因此，我們相信，結合我們的加拿大供應以及歐洲市場的第三方合作夥伴，我們擁有真正利用該市場成長機會的正確要素。

Thank you, Judy, and good morning, Aaron. Nice to meet you and thank you for the question. Building a bit on that, I'm five weeks in right now. The medical market, both in Canada and internationally has very strong fundamentals.

謝謝你，朱迪。很高興見到您，感謝您的提問。算上這一點，我現在已經堅持了五週了。加拿大和國際的醫療市場都有著非常強勁的基本面。

We've got some solid elements in place. As I dig deep in the business and look at the strategy, the approach, the resource allocation, these are all things that I'm considering and I'll have more to share at the next call, but it is an extremely attractive category.

我們已經擁有一些堅實的要素。當我深入研究業務並研究戰略、方法、資源分配時，這些都是我正在考慮的事情，下次電話會議中我會分享更多信息，但這是一個極具吸引力的類別。

Bill Kirk, Roth Capital Partners.

羅斯資本合夥人公司 (Roth Capital Partners) 的比爾柯克 (Bill Kirk)。

Hey, good morning. Luc, I wanted to keep going there on that kind of management and strategy philosophy conversation. Like, it's been, I think five weeks. But in what ways do you view the company and opportunities differently than your predecessor? And in what way so far that you've seen, do you agree with the path and strategy that was in place?

嘿，早安。盧克，我想繼續討論這種管理和戰略哲學。我想，已經有五週了。但是，您看待公司和機會的方式與您的前任有何不同？到目前為止，您是否認同現有的道路和策略？

Good morning, Bill. Thank you for the question. The -- it's a bit too early for me to tell. What I can tell you in the five weeks that I've been in the business is that I am impressed with the quality of the talent overall, the quality of the processes, the quality of the supply chain.

早安，比爾。感謝您的提問。這個——對我來說現在說還太早。在我從事這項業務的五週時間裡，我可以告訴你的是，我對整體人才素質、流程品質、供應鏈品質印象深刻。

And for me, I'm working very closely with the team right now, doing the analysis, doing the validation, proving wrong some of the hypothesis and the approaches that are there right now, and I'm extremely encouraged with what I see. More to come at the next call.

對我來說，我現在正與團隊密切合作，進行分析，進行驗證，證明目前的一些假設和方法是錯誤的，我對所看到的結果感到非常鼓舞。下次通話中將會有更多資訊。

Matt Bottomley, Canaccord Genuity.

Canaccord Genuity 的 Matt Bottomley。

Good morning, everyone. Thanks for taking the questions. This question might be more for Judy. Just wondering understanding some of the success that you guys have had on the cost cutting initiatives. You've had a number of quarters now where the free cash flow burns come down.

大家早安。感謝您回答這些問題。這個問題可能更適合朱迪。只是想了解你們在削減成本措施方面取得的一些成功。現在已經經歷了多個季度自由現金流消耗下降的情況。

But if you look at that sort of the ATM line there, $250 million some odd millions of raises this year for the first nine months, I'm just wondering, where you see the cadence of that going just as you continue to progress towards breakeven? And obviously, the question we all get just given the fact that the equity valuations right now continue to be challenged in the sector overall.

但是，如果您看看那裡的 ATM 線，今年前九個月的增幅達到 2.5 億美元，我只是想知道，在您繼續朝著收支平衡邁進的同時，您認為這個節奏會如何發展？顯然，我們所有人都會問這樣一個問題，即目前整個產業的股票估值仍然面臨挑戰。

Hey, good morning. So as you said, we certainly did make significant progress on our balance sheet and our cash flow has improved significantly on a year-over-year basis and over the last few years. We do expect further improvement in FY 2026 from a cash flow perspective.

嘿，早安。正如您所說，我們的資產負債表確實取得了重大進展，而且我們的現金流在過去幾年中逐年顯著改善。從現金流角度來看，我們確實預計 2026 財年將進一步改善。

Certainly, the expectations for improved operations and improve profitability across our businesses will be a contributor. We're also looking at, on a year-over-year basis improvement in cash interest expenses following the pay down of our term loan that we made in October. And we also have an option to pay down additional $100 million in the coming months as well.

當然，對改善營運和提高整個業務盈利能力的期望將是一個貢獻因素。我們也看到，在我們十月份償還定期貸款之後，現金利息支出較去年同期有所改善。我們還可以選擇在未來幾個月內額外償還 1 億美元。

So when you unpack our cash flow for next year, really a significant portion of the outflow is expected to be in the interest expenses line. We expect relatively modest CapEx investments in the year. And there's some additional cash costs related to the legacy facilities that were still incurring, but we've made significant progress also in reducing some of those cash costs as well.

因此，當您分析我們明年的現金流時，預計很大一部分流出將出現在利息支出項目中。我們預計今年的資本支出將相對溫和。另外，與遺留設施相關的一些額外現金成本仍在產生，但我們在降低部分現金成本方面也取得了重大進展。

So we think that the combination of the cash balance that we have continued actions that we're taking to improve our cash flow and reduce our leverage will really provide us an ample flexibility to reinvest into the business as well to continue to fuel growth opportunities in our portfolio.

因此，我們認為，現金餘額與我們為改善現金流和降低槓桿率而採取的持續行動相結合，將真正為我們提供充足的靈活性，以便對業務進行再投資，並繼續為我們的投資組合提供成長機會。

(Operator Instructions) Frederico Gomes, ATB Capital Markets.

（操作員指示） Frederico Gomes，ATB 資本市場。

Hi, good morning. Thanks for taking my question. Just a question on Poland. I think, Judy, you mentioned that you saw outsized growth in that market. So could you talk a little bit more about that market specifically and what's the size right now? How fast it is growing? How the competitive environment in Poland looks like in terms of market share that you have in that market? Any further color about the Poland market? Thanks.

嗨，早安。感謝您回答我的問題。我只想問一下關於波蘭的問題。朱迪，我想你提到你看到了那個市場的超額成長。那麼您能否具體談談該市場以及目前其規模為何？它成長得有多快？從你們在波蘭的市佔率來看，波蘭的競爭環境如何？還有關於波蘭市場的進一步資訊嗎？謝謝。

Sure. Thank you for the question. So within our European business, as you called out, Poland has really been one of the strongest contributors to that growth in Europe. If you look at the marketplace itself, it is more insulated from some of the competitive pressure just because the government actually issues import permits. And we've been able to secure those imports really providing consistent supply and quality of the products that the patients are demanding.

當然。感謝您的提問。因此，正如您所說，在我們的歐洲業務中，波蘭確實是歐洲成長的最強大貢獻者之一。如果你看看市場本身，你會發現它受到了一些競爭壓力的較小影響，因為政府實際上頒發了進口許可證。我們已經能夠確保這些進口產品確實能夠提供患者所需的穩定供應和高品質產品。

And so right now, we're effectively fulfilling all of the import registrations that we have. It's a demand is exceeding supply. It has been -- demand has been exceeding supply over the last couple of years. We understand that there may be some market dynamics and regulations that could evolve over time, but at this point, we're very excited about the market dynamics and our leadership position in that market and our ability to really fulfill all of the import permits that we have secured in that market.

所以現在，我們正在有效地完成所有的進口登記。這是一種需求超過供應的情況。過去幾年來，需求一直超過供應。我們理解，隨著時間的推移，一些市場動態和法規可能會發生變化，但目前，我們對市場動態和我們在該市場中的領導地位以及我們真正履行在該市場獲得的所有進口許可的能力感到非常興奮。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Yes, good morning, everyone, and thank you for the questions. Look, first, I want to ask regarding constellation brands and maybe just as a bit of a reminder for the audience, compared to three, four years ago, how involved is Constellation Brands in the Board, in the direction of Canopy Growth? And can you leverage the distribution assets of a Constellation Brands in the US as one begins to roll out their derivative products? That's one question.

是的，大家早安，感謝大家的提問。首先，我想問一下關於星座品牌的問題，也許只是為了提醒一下觀眾，與三、四年前相比，星座品牌在董事會中、在 Canopy Growth 方向上的參與程度如何？當某個品牌開始推出其衍生產品時，你能否利用美國星座品牌的分銷資產呢？這是一個問題。

And the second one, if I may ask right now, I mean, of course, congratulations on the 60% growth in Europe. Very impressive number. Maybe Judy, just reminder for us in terms of the strength of your go-to-market capabilities there, distribution capabilities, we're beginning to realize that one thing is exporting from Canada and another thing is being able to distribute the product there.

第二個問題，如果我現在可以問的話，當然，我要祝賀歐洲實現了 60% 的成長。非常令人印象深刻的數字。也許朱迪，只是提醒我們，就你們在那裡的市場進入能力和分銷能力而言，我們開始意識到從加拿大出口是一回事，能夠在那裡分銷產品是另一回事。

So just remind us whether that -- those assets were impacted by cost cuts in the past or whether they are strong, or you need to rebuild them a bit? Thank you.

所以請提醒我們，這些資產是否受到過去成本削減的影響，或者它們是否強勁，或者您需要重建它們？謝謝。

Sure. Why don't I start with the second part of the questions, and then we'll adjust your first part of your question as well. So our international infrastructure is primarily, we have supply coming in from Canada as well as a third-party partners in those markets and we have distribution partners.

當然。我先從問題的第二部分開始，然後再調整你問題的第一部分。因此，我們的國際基礎設施主要是來自加拿大的供應，以及這些市場的第三方合作夥伴和分銷合作夥伴。

So we have worked closely with our partners both in Germany and in some instances even in the UK to make sure that we have a collaboration across those markets to have distribution channels available to us in those markets. I would say if you take a step back in an international market, the biggest constraint over the last couple of years has really been about supply.

因此，我們與德國甚至英國的合作夥伴密切合作，以確保我們在這些市場之間合作，以便在這些市場上擁有可用的分銷管道。我想說，如果回顧國際市場，過去幾年最大的限制實際上是供應。

I think as you know, we've gone through a big improvement in terms of our flower quality and supply continuity in the Canadian market. And that is also helping our international business with improved flower quality, more consistent supply, and higher THC going into those markets.

我想正如你所知，我們在加拿大市場的花卉品質和供應連續性方面已經有了很大的提高。這也有助於我們的國際業務提高花卉品質、提供更穩定的供應並提高進入這些市場的 THC 含量。

So I don't think there is expected to be a big step change in terms of really the investments required to change our business in that market. I think it's really leveraging what we have from a product perspective, our partnership with distributors perspective and taking advantage of the market growth.

因此，我認為就改變我們在該市場的業務所需的投資而言，預計不會有太大的變化。我認為這確實充分利用了我們所擁有的產品優勢、與經銷商的合作關係以及市場成長的優勢。

From your question on Constellation, I mean, I think as you know, they remain our largest shareholder. They are now more of a passive shareholder given the exchangeable share ownership that they have in Canopy. We still have relationship with them in the context of just sharing best practices or just changing ideas. But I think, from their perspective, it's really about investments and as an investor in Canopy, less about the operational exchanges in that sense.

從你關於 Constellation 的問題來看，我的意思是，我想如你所知，他們仍然是我們最大的股東。鑑於他們擁有 Canopy 的可交換股權，他們現在更像是被動股東。我們仍然與他們保持關係，只是分享最佳實踐或改變想法。但我認為，從他們的角度來看，這實際上與投資有關，作為 Canopy 的投資者，與營運交易所的關係並不大。

Thank you. This concludes Canopy Growth's third quarter fiscal 2025 financial results conference call. A replay of this conference call will be available until May 8, 2025, and can be accessed following the instructions provided in the company's press release issued earlier today.

謝謝。Canopy Growth 2025 財年第三季財務業績電話會議到此結束。本次電話會議的重播將保留至 2025 年 5 月 8 日，您可以按照本公司今天早些時候發布的新聞稿中提供的說明進行存取。

Canopy Growth's Investor Relations team will be available to answer additional questions. Thank you for attending today's call.

Canopy Growth 的投資者關係團隊將解答其他問題。感謝您參加今天的電話會議。