Canopy Growth Corp (CGC) 2025 Q4 法說會逐字稿

Good morning. My name is [Joanna]. I will be a conference operator today. I would like to welcome you to Canopy Growth's fourth quarter and fiscal year 2025 financial results conference call. (Operator Instructions) I will now turn the call over to Tyler Burns, Director of Investor relations. Tyler, you may begin the conference call.

早安.我的名字是[喬安娜]。今天我將擔任會議主持人。歡迎您參加 Canopy Growth 第四季和 2025 財年財務業績電話會議。（操作員指示）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 Hong. Before financial markets opened today, Canopy Growth issued a news release announcing the financial results for our fourth quarter and fiscal year 2025 ended March 31, 2025.

早安，感謝您加入我們。今天的電話會議邀請了 Canopy Growth 的執行長 Luc Mongeau 和財務長 Judy Hong。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 2025 年 3 月 31 日的第四季和 2025 財年的財務表現。

The news release and financial statements have been filed on EDGAR and CEDAR and will be available on our website under the investor tab. 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.

新聞稿和財務報表已在 EDGAR 和 CEDAR 上提交，並將在我們的網站的投資者標籤下提供。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，並且本次討論完全符合今天發布的新聞稿末尾關於前瞻性陳述的警告說明。

Please review today's earnings release and canopy growths reports filed with the SEC and CEDA 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. Please note that all financial information is provided in Canadian Dollars unless otherwise stated.

請查看今天向美國證券交易委員會 (SEC) 和加拿大菸草發展管理局 (CEDA) 提交的收益報告和樹冠增長報告，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，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。

Following remarks by Luc and Judy, we will conduct a question and answer session where we will take questions from analysts. With that, I will turn the call over to Luc.

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。說完這些，我會把電話轉給 Luc。

Thank you, Tyler. Good morning, everyone and thank you for joining us today. It is a pleasure to be back with you as we review the fourth quarter in fiscal year '25 and look ahead to the path forward. Today, after almost five months at the helm, I want to share my observations about the business and share a series of action that are already under way to drive performance in fiscal '26 and beyond.

謝謝你，泰勒。大家早安，感謝大家今天加入我們。我們很高興再次與大家一起回顧 25 財年第四季並展望未來的道路。今天，在執掌公司近五個月後，我想分享我對業務的觀察，並分享一系列已經在進行的行動，以推動 26 財年及以後的業績。

Judy will then speak to our financial results and give an update on Canopy USA. Since joining canopy, I've worked closely with our teams across every business function and region, and what's clear to me is that canopy are the key ingredients to become a winning operator in both the Canadian adult use and in the Canadian and global medical cannabis markets, and to strengthen our leadership within the global premium vaporizer category.

朱迪隨後將介紹我們的財務業績並介紹 Canopy USA 的最新情況。自從加入 Canopy 以來，我一直與各個業務職能部門和地區的團隊密切合作，我很清楚，Canopy 是成為加拿大成人用品以及加拿大和全球醫用大麻市場成功運營商的關鍵因素，並能加強我們在全球高端蒸發器類別中的領導地位。

We have strong brands and products, the right capabilities, and a highly talented team. But like many companies and evolving industries, we face challenges. A lack of focus combined with too many priorities, suboptimal alignment and a light of a lack of cross-functional synchronization, shifting regulations, and a lack of consistent execution at scale.

我們擁有強大的品牌和產品、合適的能力以及一支才華橫溢的團隊。但與許多公司和不斷發展的行業一樣，我們也面臨挑戰。缺乏重點，加上優先事項過多、協調不理想、缺乏跨職能同步、法規不斷變化以及缺乏大規模的一致執行。

We have started taking key steps to focus, streamline, and synchronize the organization, and to create the space within the P&L and balance sheet for more impactful actions. We're focusing our teams on the core category fundamentals.

我們已經開始採取關鍵步驟來集中、簡化和同步組織，並在損益表和資產負債表中創建空間以採取更有影響力的行動。我們的團隊專注於核心類別的基礎工作。

Growing high quality cannabis efficiently, converting that cannabis into desirable products, and keeping these products in stock at the right price and with attractive margins. We're setting clear strategic priorities and supporting them with a lean organizational structure, strong operational planning, and discipline execution.

高效種植高品質大麻，將大麻轉化為理想的產品，並以合適的價格和誘人的利潤率保持這些產品的庫存。我們制定了明確的策略重點，並透過精實的組織結構、強大的營運規劃和紀律執行來支持這些重點。

It's about simplification, synchronization, and executional excellence. That's the core of our plan going forward. And we're acting with urgency to reduce costs, improve margins and create financial flexibility. Now let me walk you through some of the actions we've already taken.

它與簡化、同步和執行卓越有關。這是我們未來計劃的核心。我們正在緊急採取行動，降低成本、提高利潤率並創造財務靈活性。現在讓我向你們介紹一下我們已經採取的一些行動。

Starting with structure and focus, as part of our transformation, we've restructured all lines of business to improve synchronization between our supply chain and our commercial teams to drive sharper execution across the company.

從結構和重點開始，作為我們轉型的一部分，我們重組了所有業務線，以改善我們的供應鏈和商業團隊之間的同步，從而推動整個公司更敏銳的執行力。

First, we've unified our global medical cannabis businesses across Canada, Europe, and Australia into a single structure, reporting directly to me, a single structure to improve speed, scalability, and market responsiveness.

首先，我們將遍布加拿大、歐洲和澳洲的全球醫用大麻業務統一到一個單一結構中，直接向我匯報，單一結構可以提高速度、可擴展性和市場響應能力。

Building up the strength of our profitable Canadian medical business, which grew at 13% and fiscal 25%. This action reinforces our commitment to global medical cannabis by improving product availability, enhancing the healthcare provider and patient experience and positioning us for expansion in key European markets over the next 12 to 18 months.

增強我們獲利能力強的加拿大醫療業務，該業務的成長率為 13%，財政成長率為 25%。此舉加強了我們對全球醫用大麻的承諾，提高了產品可用性，增強了醫療保健提供者和患者的體驗，並使我們在未來 12 到 18 個月內在歐洲主要市場擴張。

We've also reprioritized our Spectrum Therapeutics red, yellow, and blue product lines in Germany and Poland to simplify the prescribing and purchasing journey. We strongly believe this focus will help drive consistent supply, patient retention, and reinforces our branded leadership in the European medical market.

我們也重新調整了德國和波蘭的 Spectrum Therapeutics 紅色、黃色和藍色產品線，以簡化處方和購買流程。我們堅信，這一重點將有助於推動持續供應、患者保留，並鞏固我們在歐洲醫療市場的品牌領導地位。

Our existing medical sales also now complemented by integrated bulk cannabis sales into select European markets. All these actions combined are already showing early signs of success. Second, we're significantly refocusing and streamlining our Canadian adult use business to gain share profitably.

我們現有的醫療銷售現在也透過向精選歐洲市場進行綜合大麻散裝銷售來補充。所有這些行動結合起來已經顯示出成功的早期跡象。其次，我們正在大力重新調整和精簡我們的加拿大成人用品業務，以獲得獲利份額。

Particularly in the product segments with greatest profit potential, including high potency flower, freewalls, and vapes. We completed SK rationalization in Q4, removing about a third of our lowest performing SKUs and shifting focus to higher velocity, higher margin products, and categories.

特別是在利潤潛力最大的產品領域，包括高效能花卉、自由牆和電子煙。我們在第四季度完成了 SK 合理化，移除了約三分之一表現最差的 SKU，並將重點轉移到更快、利潤更高的產品和類別。

This tighter, more targeted portfolio is focused on item and formats that we can supply consistently. This combined with tighter joint planning processes, is already strengthening our relationships with boards and key accounts.

這個更緊密、更有針對性的投資組合專注於我們能夠持續供應的產品和格式。這與更緊密的共同規劃流程相結合，已經加強了我們與董事會和主要客戶的關係。

This focus is allowing us to bring innovation to market in a faster and more impactful way as well. This quarter, we introduced advanced C cell all in one vapes the Canadian market under the Tweed and 7ACRES brands and launch an expanded lineup of clayboard-infused pre-rolls.

這種關注使我們能夠以更快、更有影響力的方式將創新推向市場。本季度，我們在加拿大市場推出了 Tweed 和 7ACRES 品牌下的先進 C 型一體式電子煙，並推出了擴展的黏土板注入預捲系列。

Early consumer response has been positive with encouraging signs in market share and growth rankings. Third, we've established a dedicated centralized global operation function reporting directly into me, expanding its scope beyond Canada to support all cannabis markets.

早期消費者的反應是正面的，市場佔有率和成長排名顯示出令人鼓舞的跡象。第三，我們建立了專門的集中式全球營運職能部門，直接向我匯報，並將其範圍擴展到加拿大以外，以支援所有大麻市場。

The structure is designed to improve supply and demand planning, enable smarter product allocation to high margin, high opportunity market, and strengthen execution across every line of business. The key mandate of this function is enhancing our sales and operations planning process in collaboration with each business.

該結構旨在改善供需計劃，使產品能夠更聰明地分配到高利潤、高機會的市場，並加強每個業務線的執行力。此職能的主要任務是與各個企業合作，加強我們的銷售和營運規劃流程。

These improvements are already showing up in higher fill rates, which have risen from the mid-80s range that we saw time during fiscal '26 to the mid-90s this past March and April, driven by better forecasting, planning, and coordination. We're taking a disciplined approach to improving the efficiency of our operations.

這些改進已經體現在更高的填充率上，在更好的預測、規劃和協調的推動下，填充率從 26 財年的 80 年代中期上升到了今年 3 月和 4 月的 90 年代中期。我們正在採取嚴謹的方法來提高營運效率。

A recent upgrade our German medical facility is expected to materially improve pharmacy order fulfillment. We're also investing in automation enhancements to lower our production costs across our Canadian manufacturing operations. Lastly, we've introduced a new stage gate process for product development and commercialization.

我們德國醫療設施最近的升級預計將大幅改善藥局訂單履行。我們也投資於自動化改進，以降低我們在加拿大製造業務的生產成本。最後，我們為產品開發和商業化引入了新的階段門流程。

Pair with a more focused portfolio strategy. This will help ensure new products are competitively positioned and marginally creative at launch. At stores in Bickel, we're focusing on streamlining the operation and increasing our ability to bring key innovations to market to broaden the brand reach and strengthen our global leadership position.

搭配更有針對性的投資組合策略。這將有助於確保新產品在推出時具有競爭力和一定的創意。在比克爾的商店，我們專注於簡化營運並提高將關鍵創新推向市場的能力，以擴大品牌影響力並加強我們的全球領導地位。

We've also taken steps to drive more financial efficiency. With a new structure in place, we're focused on reducing costs and ensuring financial discipline across the organization. We've already undertaken a company-wide cost review to identify these efficiencies in our business.

我們也採取了措施來提高財務效率。在新的結構下，我們專注於降低成本並確保整個組織的財務紀律。我們已經進行了全公司範圍的成本審查，以確定我們業務中的這些效率。

We initiated this action during the fourth quarter and were on track to reduce operating expenses on an annual basis by at least $20 million over the next 12 to 18 months. Roughly 80% of the targeted savings have already been identified, and over 50% have already been executed.

我們在第四季度啟動了這項行動，並計劃在未來 12 到 18 個月內每年減少至少 2,000 萬美元的營運費用。目前已確定約 80% 的節約目標，其中 50% 以上已執行。

Additionally, at the end of the fourth quarter, we made an additional USD100 million early prepayment, again, our senior secured term loan. That steps reduce our annual interest expense by approximately USD13 million.

此外，在第四季末，我們提前償還了 1 億美元，這又是我們的優先擔保定期貸款。此舉將使我們每年的利息支出減少約 1,300 萬美元。

Together, these actions are creating the space we need in our P&L and balance sheet to gradually reinvest in the business, including strategic M&A when the right opportunities arise. For fiscal '26, our focus is on accelerating profitable growth across all businesses by executing with discipline and aligning resources to the highest potential opportunities.

總之，這些行動正在為我們的損益表和資產負債表創造所需的空間，以便逐步對業務進行再投資，包括在合適的機會出現時進行策略併購。對於 26 財年，我們的重點是透過嚴格執行並將資源分配給最具潛力的機會來加速所有業務的獲利成長。

In global medical, we're prioritizing supply consistency and deepening engagements with clinics, healthcare providers and patients. In Canada, they'll choose, we're focused on winning in [eye demand] formats and straightening our presence of retail.

在全球醫療領域，我們優先考慮供應的一致性並深化與診所、醫療保健提供者和患者的合作。在加拿大，他們會選擇，我們專注於在[眼光需求]形式上取勝並鞏固我們的零售地位。

And Storz & Bickel, we're enhancing margins to production procurement efficiencies and preparing to launch a new device later this calendar year. Looking down south, we continue to believe in the long-term potential of the US market, with Canopy USA now fully operational under the leadership of Brooks Jorgensen.

對於 Storz & Bickel，我們正在提高利潤率和生產採購效率，並準備在今年稍後推出新設備。放眼南方，我們仍然相信美國市場的長期潛力，Canopy USA 目前在布魯克斯·喬根森 (Brooks Jorgensen) 的領導下已全面投入運作。

The team is focused on streamlining operation and leveraging its people, products, and footprints to drive growth and scale. As Canopy USA is navigating financial challenges, particularly related to Acreage, we're monitoring the current situation closely and we'll provide further updates, as necessary.

該團隊致力於簡化營運並利用其人員、產品和足跡來推動成長和規模。由於 Canopy USA 正在應對財務挑戰，特別是與 Acreage 相關的挑戰，我們正在密切關注當前情況，並將根據需要提供進一步的更新。

Judy will speak more to the financial details and value of investment in more details shortly. As I wrap up, I want to be clear that my immediate focus at [CU] is on the areas where canopy growth has the clearest path to near term value creation.

朱迪很快就會更詳細地談論財務細節和投資價值。最後，我想明確表示，我在 [CU] 的當前重點是那些樹冠生長最能明確實現短期價值創造的領域。

Our financial priorities remain unchanged. Achieving positive adjusted EBITDA and generating positive free cash flow. These are the critical milestone for canopy, and we're acting decisively to ensure that structural and operational improvements translate into stronger performance.

我們的財務重點保持不變。實現正調整後 EBITDA 並產生正向自由現金流。這對 Canopy 來說是一個關鍵的里程碑，我們正在採取果斷行動，確保結構和營運方面的改進能夠轉化為更強勁的性能。

I believe that can be growth as the right brands, products, people, and assets to lead in all the markets we serve. I look forward to sharing further updates as we move through fiscal 2026. Thank you. And with that, I'll turn it over to Judy to walk through our financial results and outlook.

我相信，憑藉合適的品牌、產品、人才和資產，我們可以在所服務的所有市場中成長。我期待在 2026 財年之際分享更多最新消息。謝謝。接下來，我將把時間交給茱蒂來介紹我們的財務表現和前景。

Thank you, Luc, and good morning, everyone. I'll start by reviewing our fourth quarter and full year fiscal 2025 results, including performance by key business unit. I'll then discuss progress on our balance sheet and cash flow, followed by an update on canopy USA, and I'll end with a discussion on our priorities and outlook for fiscal 2026.

謝謝你，盧克，大家早安。我將首先回顧我們 2025 財年第四季和全年的業績，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，然後介紹 Canopy USA 的最新情況，最後討論我們的優先事項和 2026 財年的前景。

Let's begin with our fourth quarter results. Q4 fiscal '25 fell short of our expectations, driven by lower revenue in Storz & Bickel, Poland, and Australian medical businesses. These were partially offset by continued strength in our Canada and Germany medical and our continued cost discipline, which drove year by year improvement in adjusted EBITDA.

讓我們從第四季的業績開始。由於 Storz & Bickel、波蘭和澳洲醫療業務的營收下降，2025 財年第四季的業績未達到我們的預期。這些被我們在加拿大和德國醫療領域的持續強勁表現以及我們持續的成本控制所部分抵消，這推動了調整後 EBITDA 的逐年改善。

On a full year basis, excluding the impact of divested businesses and US CBD, net revenue was relatively stable compared to last year, and adjusted EBITDA laws improved significantly compared to the prior year. Free cash flow with an outflow of $36 million for Q4 compared to an outflow of $23 million a year ago, as lower interest payment was offset by higher cap backs and increase in working capital in part due to timing.

從全年來看，剔除剝離業務和美國CBD的影響，淨收入與去年相比相對穩定，調整後的EBITDA法律與上年相比有顯著改善。第四季自由現金流流出 3,600 萬美元，而去年同期的流出量為 2,300 萬美元，這是因為較低的利息支付被較高的資本返還和部分由於時間安排而增加的營運資本所抵消。

For full year fiscal '25, free cash flow improved by $55 million compared to a year ago. I'd like to now review the results of our key businesses in more detail, starting with Canada. Q4 net revenue was $40 million, up 4% compared to a year ago.

25 財年全年，自由現金流與去年同期相比增加了 5,500 萬美元。現在我想更詳細地回顧我們主要業務的業績，首先是加拿大。第四季淨收入為 4,000 萬美元，比去年同期成長 4%。

Canada Medical Business maintained its momentum and grew sales at 13% versus last year, benefiting from customer mix continuing to shift towards a greater number of insured patients and larger product assortment in the Spectrum online store.

加拿大醫療業務保持了成長勢頭，銷售額較去年同期增長了 13%，這得益於客戶結構繼續向更多投保患者和 Spectrum 在線商店中更大的產品種類轉變。

Our adult use business was down 3%, a strong contribution from Claybourne infused pre-roll joints was offset by lower sales in flour and non-infused pre-rolls. We are seeing improvement in our tweed, flour and pre-rolls in recent months, driven by increased distribution and stronger velocity.

我們的成人用品業務下降了 3%，Claybourne 注入式預捲菸的強勁貢獻被麵粉和非注入式預捲菸的銷售下降所抵消。近幾個月來，由於分銷增加和速度加快，我們的粗花呢、麵粉和預卷銷售量都有所改善。

Canada adjusted gross margin in Q4 was 11%, and adjusted cash gross margin, adding back non-cash depreciation cost and cost was 23%. Let me unpack Canada gross margin for Q4, which was negatively impacted by a few factors in the quarter.

加拿大第四季調整後毛利率為 11%，調整後現金毛利率（加上非現金折舊成本和成本）為 23%。讓我來分析一下加拿大第四季的毛利率，該季度的毛利率受到了一些因素的負面影響。

First, similar to Q3, we experienced higher cost to produce Claybourne, which was launched in November of last year. It's typical to experience higher initial cost for new products, and we have to utilize both internal and external production capabilities to fulfil initial orders that exceeded expectations.

首先，與 Q3 類似，我們在生產去年 11 月推出的 Claybourne 時遇到了更高的成本。新產品的初始成本通常較高，我們必須利用內部和外部的生產能力來完成超出預期的初始訂單。

We've already implemented measures to improve margins by refining price tag architecture and installing semi-automation capability to lower labor costs and reduce reliance on third party production. Second, we encourage higher write down of inventory of select products string Q4 following our typical year-end inventory review and also reflecting our more streamlined product portfolio strategy.

我們已經採取措施提高利潤率，透過改進價格標籤架構和安裝半自動化功能來降低勞動成本並減少對第三方生產的依賴。其次，我們鼓勵在典型的年終庫存審查之後，對第四季度精選產品的庫存進行更大幅度的減記，這也反映了我們更精簡的產品組合策略。

We have now stood up new sales and operations planning process and a more stringent procurement control to tightly manage our inventory in fiscal '26. Despite quarterly fluctuations, Canada adjusted gross margin for the full year fiscal '25 was 25% and cash growth margin was 36%. We expect Canada growth margins to show improvement over the course of fiscal '26.

我們現在已經建立了新的銷售和營運計劃流程以及更嚴格的採購控制，以便在 26 財年嚴格管理我們的庫存。儘管有季度波動，加拿大 25 財年全年調整後毛利率為 25%，現金成長率為 36%。我們預計加拿大的成長利潤率將在 26 財年有所改善。

International markets cannabis sales declined 35% in Q4 fiscal '25 compared to Q4 fiscal '24, which included approximately $1.7 million in US CBD sales. Excluding US CBD sales, which has been transitioned out, Q4 sales declined 23%.

2025 財年第四季，國際市場大麻銷售額與 2024 財年第四季相比下降了 35%，其中美國 CBD 銷售額約為 170 萬美元。不包括已經轉型的美國 CBD 銷售額，第四季銷售額下降了 23%。

Germany saw another quarter of double-digit growth. However, this growth was more than offset by declines in Poland, which was negatively impacted by a significant drop in the number of medical cannabis prescriptions following a regulatory ban on online prescriptions.

德國又一個季度實現了兩位數成長。然而，這一增長被波蘭的下降所抵消，波蘭受到線上處方監管禁令導致醫用大麻處方數量大幅下降的負面影響。

Australia also saw a decline in medical cannabis sales due to increasing competition and larger clinics increasingly prescribing their own products. For full year fiscal '25, international market sales decreased 4% with growth in Europe offset by a decline in Australia. International markets gross margin was 25% in Q4 fiscal '25, which was lower than expected due to softer sales in high margin Poland.

由於競爭加劇以及大型診所越來越多地開自己的產品，澳洲的醫用大麻銷量也有所下降。25財年全年，國際市場銷售額下降4%，其中歐洲的成長被澳洲的下降所抵銷。2025 財年第四季，國際市場毛利率為 25%，低於預期，原因是高利潤率的波蘭銷售疲軟。

We are focused on improving gross margins in Europe, as we expect to recapture growth in Poland as the market stabilizes, and we're also refining product mix and pricing in Germany. In Australia, we've streamlined costs and expect to launch additional new products in fiscal '26.

我們專注於提高歐洲的毛利率，因為我們預計隨著市場穩定，波蘭將重新實現成長，同時我們也正在改善德國的產品結構和定價。在澳大利亞，我們精簡了成本，預計在 26 財年推出更多新產品。

And we also expect contributions from opportunistic bulk sales to international markets and fiscal '26 as part of our global supply planning initiatives. Storz & Bickel had a soft quarter with revenue of $17 million in Q4, down 23% year over year.

作為我們全球供應計劃舉措的一部分，我們還期望透過機會性批量銷售來向國際市場和 26 財年做出貢獻。Storz & Bickel 在第四季表現疲軟，營收 1,700 萬美元，較去年同期下降 23%。

Last year's Q4 benefited significantly from having a full quarter of contributions from Venti. Additionally, stores and pickle sales were pressured by softer than expected vaporizer demands in its key markets, which began in the middle of Q4.

去年第四季受益於 Venti 整整一個季​​度的貢獻。此外，自第四季中期開始，主要市場對汽化器的需求低於預期，這也給商店和泡菜銷售帶來了壓力。

We believe that increased uncertainty around tariffs and inflation is temporarily dampening consumer demand for vaporizer devices in general. The softness has continued into Q1 fiscal '26, as evidenced by Storz & Bickel, direct to consumer sales declining over 50% during the 420 promotional events compared to last year.

我們認為，關稅和通貨膨脹的不確定性增加暫時抑制了消費者對蒸發器設備的整體需求。這種疲軟態勢一直持續到 26 財年第一季度，Storz & Bickel 證明了這一點，在 420 場促銷活動期間，直接面向消費者的銷售額與去年相比下降了 50% 以上。

Stores and vehicles Q4 gross margin was 37% compared to 41% last year, driven primarily by lower sales. Looking at our SG&A expenses for '24 fiscal '25, sales and marketing, G&A, and R&D expenses have combined declined 28% year over year, primarily due to cost reduction initiatives as well as lower bonus compared to Q4 fiscal 2024.

商店和車輛第四季毛利率為 37%，去年同期為 41%，主要原因是銷售額下降。從我們 24 財年到 25 財年的銷售、一般及行政費用來看，銷售和行銷費用、一般及行政費用以及研發費用合計同比下降了 28%，這主要是由於成本削減舉措以及與 2024 財年第四季度相比獎金較低。

Q4 fiscal '25 adjusted EBITDA's loss was $9 million, an improvement of $6 million compared to a loss of $15 million a year ago. Q4 adjusted EBITDA was impacted by lower than expected sales in Storz & Bickel and Poland, as well as higher inventory write down in Canada.

25 財年第四季調整後 EBITDA 虧損為 900 萬美元，較去年同期的 1,500 萬美元虧損改善了 600 萬美元。第四季調整後的 EBITDA 受到 Storz & Bickel 和波蘭銷售額低於預期以及加拿大庫存減損增加的影響。

We are disappointed that we did not achieve positive adjusted EBITDA in fiscal '25, but we're committed to achieving positive adjusted EBITDA in the near term, driven by additional cost reductions, improved growth in global medical, and better commercial execution in Canada adult use.

我們對未能在 25 財年實現正調整後 EBITDA 感到失望，但我們致力於在短期內實現正調整後 EBITDA，這得益於進一步降低成本、全球醫療增長改善以及加拿大成人用途商業執行的更好。

I'd like to now review our cash flow and balance sheet. Free cash flow was an outflow of $36 million in Q4 compared to an outflow of $23 million in Q4 of last year. Cash used from continuing operations was $33 million which included cash interest payment of $12 million down from $18 million last year.

我現在想回顧一下我們的現金流量和資產負債表。第四季自由現金流流出 3,600 萬美元，去年第四季自由現金流流出 2,300 萬美元。持續經營所用現金為 3,300 萬美元，其中包括 1,200 萬美元的現金利息支付，低於去年的 1,800 萬美元。

Full year free cash flow with an outflow of $177 million, an improvement of $109 million compared to fiscal '24. In addition to negative adjusted EBITDA, fiscal 25% free cash flow includes $63 million in interest payments, $40 million of outflow from negative working capital movements, mostly driven by inventory bills in Canada, $30 million in restructuring and non-recurring cash payments, including these payments for facilities not in use, and $11 million in CapEx.

全年自由現金流流出 1.77 億美元，與 24 財年相比增加了 1.09 億美元。除了負調整後 EBITDA 之外，25% 的財政自由現金流還包括 6,300 萬美元的利息支付、4,000 萬美元的負營運資本流動流出（主要由加拿大的庫存帳單驅動）、3,000 萬美元的重組和非經常性現金支付（包括這些未使用的設施的支付）以及 1,100 萬美元的資本支出。

For fiscal '26, we expect to achieve significant improvement in free cash flow, driven by interest expenses of approximately $38 million for the full year, down from $63 million based on current debt balances and interest rates. Improvement in working capital driven by tighter inventory management and initiatives to improve the timeliness of revenue collection, particularly in the Canada medical business.

對於 26 財年，我們預計自由現金流將顯著改善，這得益於全年約 3800 萬美元的利息支出，低於基於當前債務餘額和利率的 6300 萬美元。更嚴格的庫存管理和提高收入收集及時性的舉措推動了營運資本的改善，尤其是在加拿大醫療業務中。

Lower restructuring and non-recurring cash expenses relative to fiscal '25 and reduction in CapEx compared to fiscal '25. Turning to the balance sheet, as of March 31, 2024, we had $131 million in cash and short-term investments and a total principal debt balance of $316 million.

與 25 財年相比，重組和非經常性現金支出較低，且資本支出與 25 財年相比有所減少。談到資產負債表，截至 2024 年 3 月 31 日，我們擁有 1.31 億美元現金和短期投資，總本金債務餘額為 3.16 億美元。

During Q4, 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 USD 150 million and extending maturity to September 2027.

在第四季度，我們透過提前償還 9,750 萬美元進一步減少了 1 億美元的定期貸款餘額，使定期貸款本金餘額達到約 1.5 億美元，並將期限延長至 2027 年 9 月。

During '24, we completed USD250 million ATM program that was launched in June of last year and launched a new USD200 million program in February of this year. We've generated total gross proceeds of USD27 million under the new program and have USD173 million left to be completed.

24年期間，我們完成了去年6月啟動的2.5億美元ATM計劃，並在今年2月啟動了一項新的2億美元計劃。我們在新計劃下已獲得總計 2,700 萬美元的總收益，還剩下 1.73 億美元尚未完成。

I'd like to now provide an update on Canopy USA. We have previously indicated that we plan to provide more details around the business performance and financials of canopy USA when we report our year-end earnings.

我現在想提供有關 Canopy USA 的最新消息。我們之前曾表示，我們計劃在報告年終收益時提供有關 Canopy USA 的業務表現和財務狀況的更多詳細資訊。

As a reminder, canopy USA was deconsolidated from our financials as of April 2024, and the acquisitions of 77% of Jetty closed in June, acquisitions of 100% of [honor] closed in October, and acquisition of 100% of Acreage closed in December of 2024. Acreage was also a public company until the acquisition closed.

提醒一下，自 2024 年 4 月起，Canopy USA 已從我們的財務報表中分離出來，對 Jetty 77% 股份的收購於 2024 年 6 月完成，對 [honor] 100% 股份的收購於 10 月完成，對 Acreage 100% 股份的收購於 20 月完成，對 Acreage 100% 股份的收購於 2024 年完成。在收購完成之前，Acreage 也是一家上市公司。

Starting with our Q1 fiscal '25 filing, canopy's non-controlling interest in Canopy USA had been reflected as long-term assets within our balance sheet with associated changes and fair value recorded through our income statement. The determination of fair value is based upon underlying assumptions, including current and expected business performance.

從我們 2025 財年第一季的報告開始，Canopy 在 Canopy USA 的非控制權益就已反映為我們資產負債表中的長期資產，相關變動和公允價值則透過我們的損益表記錄。公允價值的決定是基於基本假設，包括當前和預期的業務表現。

In addition, canopy also hold investments in the Acreage debt. At March 31, 2025, the fair value of canopy USA investments, including Acreage debt, which is presented within the other investment line of our balance sheet, was approximately $178 million on a combined basis.

此外，Canopy 還持有 Acreage 債務的投資。截至 2025 年 3 月 31 日，Canopy USA 投資（包括 Acreage 債務，列於我們資產負債表的其他投資項目）的公允價值總計約為 1.78 億美元。

This is comprised of approximately $33 million of value relative to entities which holds tariffs and investments, which was down from $151 million as of June 30, 2024, driven primarily by the declines in Tarrison's share price.

這包括相對於持有關稅和投資的實體而言的價值約 3,300 萬美元，低於 2024 年 6 月 30 日的 1.51 億美元，主要原因是 Tarrison 股價下跌。

And approximately $145 million of value represented by debt and equity investments in Canopy USA's ownership in Wana, Jetty, and Acreage down from $289 million as of June 30, 2024, where the decline in value is primarily driven by continued challenges at Acreage.

而 Canopy USA 在 Wana、Jetty 和 Acreage 的債務和股權投資價值約為 1.45 億美元，低於截至 2024 年 6 月 30 日的 2.89 億美元，價值下降主要是由於 Acreage 持續面臨的挑戰。

As we have indicated during the prior earnings calls, Acreage's results were impacted by its credit challenges in 2024 and underperformance relative to expectations in the Ohio adult use cannabis market since the third calendar quarter of 2024.

正如我們在先前的收益電話會議中所指出的，Acreage 的業績受到 2024 年信貸挑戰以及自 2024 年第三季以來俄亥俄州成人用大麻市場表現不如預期的影響。

In August of 2024, Acreage previously disclosed that their Ohio-based revenue was expected to double. However, Ohio has still not fully opened up as an adult use market, and thus Acreage's revenue is falling well short of their expectations.

2024 年 8 月，Acreage 先前披露其俄亥俄州的收入預計將翻倍。然而，俄亥俄州尚未完全開放成人用品市場，因此 Acreage 的收入遠低於其預期。

In addition to underperformance in Ohio, liquidity challenges faced by Acreage have persisted, impairing its ability to invest in its business and negatively impacting performance in its core states, including New Jersey.

除了俄亥俄州的表現不佳之外，Acreage 面臨的流動性挑戰也持續存在，削弱了其投資業務的能力，並對包括新澤西州在內的核心州的表現產生了負面影響。

And primarily as a result of challenges at Acreage for Canopy USA's fiscal year ended December 31, 2024 on an annualized basis, Canopy USA is run rating at approximately USD210 million of annualized revenue, well short of the original estimated 2023 revenue run rate of USD300 million as previously indicated during our Q1 earnings call.

主要是由於 Acreage 對 Canopy USA 截至 2024 年 12 月 31 日的財政年度的年度化收入構成挑戰，Canopy USA 的年度化收入預計約為 2.1 億美元，遠低於我們在第一季收益電話會議上最初估計的 2023 年 3 億美元的收入運行率。

Turning quickly to Wana and Jetty, Wana's revenue in Colorado and its licensing revenue were pressured by challenging market dynamics and intense price competition in the gummies category. In March of 2025, Wana announced that its hemp-infused ready to drink Wana beverages are available at total one and more locations nationwide.

很快轉向 Wana 和 Jetty，Wana 在科羅拉多州的收入及其許可收入因充滿挑戰的市場動態和軟糖類別的激烈價格競爭而受到壓力。2025 年 3 月，Wana 宣布其註入大麻的即飲 Wana 飲料在全國一個或多個地點有售。

Jetty's shipment was impacted by a distributor transition in mid-year 2024. However, its depletion revenue, which is revenue from distributors to retailers, remained strong, and it maintained its market share leadership in the sovereign vape category in the US in 2024. For the first time, we've also included summarized balance sheet and income statement information for canopy USA in note 13 of the financial statements in our10K.

2024 年中期，Jetty 的出貨量受到經銷商轉型的影響。不過，其淨收入（即經銷商向零售商的收入）依然強勁，並在2024年維持了美國主權電子煙類別的市佔率領先地位。我們也首次在 our10K 財務報表的第 13 條註釋中納入了 Canopy USA 的資產負債表和損益表總結資訊。

We note that the income statement information included here is for the eight months ended December 31, 2024 and reflects the P&L of Wana, Jetty and Acreage from the time of the close of their acquisitions which occurred at different times during 2024.

我們注意到，此處包含的損益表資訊是截至 2024 年 12 月 31 日的八個月的信息，反映了 Wana、Jetty 和 Acreage 自 2024 年不同時間完成收購以來的損益情況。

Now I'll speak briefly about Acreage's liquidity challenges. Acreage is currently in default under its credit agreement dated as of September 13, 2024. The lenders, which includes canopy, have agreed to forbear remedies with respect to such default until June 1, 2025, while potential solutions, including a potential debt extension are being discussed.

現在我將簡單談談 Acreage 的流動性挑戰。Acreage 目前已違反 2024 年 9 月 13 日簽訂的信貸協議。包括 Canopy 在內的貸款方已同意在 2025 年 6 月 1 日之前暫緩對此類違約行為採取補救措施，同時正在討論包括潛在債務延期在內的潛在解決方案。

I'd like to now provide our key priorities and outlook for fiscal '26. In global medical cannabis, we expect continued strong momentum in Canada medical, growth in Europe with efforts aimed at maximizing our growth potential in Germany and Poland, driven by increased number of in-demand products and ensuring consistent supply while we're focused on stabilizing our business in Australia medical cannabis.

現在我想介紹一下我們 26 財年的重點工作和展望。在全球醫用大麻領域，我們預計加拿大醫用大麻市場將繼續保持強勁成長勢頭，歐洲市場也將保持成長，我們將努力最大限度地發揮德國和波蘭市場的成長潛力，這得益於需求旺盛的產品數量的增加和供應的穩定，同時我們致力於穩定澳洲醫用大麻業務。

We note that we now have fully transitioned Storz and Bickel business in Australia to Stores and Bickel, Germany, which generated approximately $8 million in fiscal '24. In Canada adult use, we expect to show improved performance in revenue and margins driven by a more focused product portfolio driving better sales execution and continued momentum behind their new products, including Claiborne infused pre-rolls and recently launched Tweed and 7 ACRES all in one date.

我們注意到，我們現在已經將澳洲的 Storz 和 Bickel 業務完全轉移到德國的 Stores 和 Bickel，這在 24 財年創造了約 800 萬美元的收入。在加拿大成人用途領域，我們預計收入和利潤率將有所提高，這得益於更專注的產品組合，這將推動更好的銷售執行，並持續推動其新產品的發展，包括 Claiborne 注入式預捲菸和最近推出的 Tweed 和 7 ACRES 一次性推出。

We're also focused on improving gross margins by lowering per gram cultivation costs and reducing production costs. For Storz and Bickel, we're focused on navigating a challenging macro backdrop by working closely with our key distributors while reducing costs to protect our margins.

我們也致力於透過降低每克種植成本和減少生產成本來提高毛利率。對於 Storz 和 Bickel 而言，我們專注於透過與主要經銷商密切合作來應對充滿挑戰的宏觀背景，同時降低成本以保護我們的利潤率。

We expect sales to decline in the first half of the year, with improvement expected in the second half of the year driven by a new device launch planned for this fall. And as Luc indicated, we've identified additional cost reduction opportunities in all areas of businesses, and we expect to realize annually annualized savings of at least $20 million over the next 12 to 18 months through reduction in headcount, a more efficient sales and marketing spend, lower professional fees, and IT expenses.

我們預計今年上半年銷售額將會下降，但由於計劃於今年秋季推出新設備，預計下半年銷售額將會有所改善。正如 Luc 所指出的，我們已經在所有業務領域發現了額外的成本削減機會，我們預計在未來 12 到 18 個月內，透過減少員工人數、提高銷售和行銷支出的效率、降低專業費用和 IT 費用，每年可節省至少 2000 萬美元。

We're committed to achieving positive adjusted EBITDA as soon as possible, but we're not providing the exact timing at the moment due to a heightened macro uncertainty and its relative and its potential impact to our stores and big business.

我們致力於盡快實現正調整後 EBITDA，但由於宏觀不確定性加劇及其相對影響以及對我們的商店和大業務的潛在影響，我們目前無法提供確切的時間。

In closing, a refined strategy and focus, along with rigorous cost discipline is expected to position us for accelerated growth, improvement, and improved margins in fiscal 2026 and beyond. This concludes my prepared comments. We'll now take questions.

最後，完善的策略和重點以及嚴格的成本控制預計將使我們在 2026 財年及以後實現加速成長、改善和提高利潤率。我的準備好的評論到此結束。我們現在來回答問題。

(Operator Instructions)

（操作員指示）

Aaron Grey, Alliance Global Partners

聯盟全球夥伴 Aaron Grey

Hi, good morning and thank you for the question. Appreciate the color. Hi, can you guys hear?

你好，早安，謝謝你的提問。欣賞色彩。嗨，你們聽得到嗎？

Yeah, we can hear you. Hi Aaron.

是的，我們能聽到你的聲音。你好，Aaron。

Hi, how are you doing, Judy? . Appreciate the color and look that you provided, including kind of the management style that you're looking to take, with the business with streamlining some of the operations. In line with that, it'd be great to get some additional color maybe in terms of what you're seeing as more of the near term low hanging fruit opportunities versus actions in place that will benefit you in the long term.

嗨，你好嗎，朱迪？。感謝您提供的顏色和外觀，包括您希望採取的管理風格，以及簡化一些業務運作的方式。與此一致，如果您能獲得一些額外的信息，例如您認為哪些是近期唾手可得的機會，哪些是可以長期受益的現有行動，那就太好了。

And then if we think about, what will be the key leverage that you're going to have to ultimately get to that, positive adjusted EBITDA. I know you're not giving a timeline now, but you know we've talked about in the past that it's really going to come down to getting a growth driver on the top line.

然後，如果我們考慮一下，最終實現正調整後 EBITDA 的關鍵槓桿是什麼。我知道您現在沒有給出時間表，但您知道我們過去曾討論過，這實際上將歸結為獲得營收成長動力。

So where are you seeing the best opportunity for that maybe via Storz and Bickel International or Canadian. So you know some, I know there's a lot in there, but maybe some high level, commentary on that would be appreciated now that you've been at the helm a little bit longer. Thank you.

那麼，您認為最好的機會在哪裡？是透過 Storz 和 Bickel International 還是加拿大？所以你知道一些，我知道這裡面有很多內容，但是既然你已經掌舵一段時間了，也許一些高層的評論會受到歡迎。謝謝。

Yeah, fantastic. For me, I look at the business, I look at fiscal '25, we ended up with minus $23 million of EBITDA, we're focusing, we've identified $20 million of cost reductions that gives you a bit of dimensions there. We're going up to the $20 million very aggressively as fast as we can. Most importantly, it's about the growth, and the growth, we're very bullish on our medical business.

是的，太棒了。對我來說，我看一下業務，我看一下 25 財年，我們的 EBITDA 最終為負 2300 萬美元，我們正在集中精力，我們已經確定了 2000 萬美元的成本削減，這為您提供了一些維度。我們將盡快將目標提高到 2000 萬美元。最重要的是，這關乎成長，而對於成長，我們非常看好我們的醫療業務。

We know this business in Canada is doing extremely well for us, and it was not getting the full attention that it deserves. So we're talking about the business that grew up double digits, and fiscal '25. We have the engine, we have the right products, we have the right back of the house there. So this business is now reporting directly into me and we're giving it the attention it deserves.

我們知道我們在加拿大的業務做得非常好，但卻沒有得到應有的重視。因此，我們談論的是成長兩位數的業務以及 25 財年的業務。我們有引擎，有合適的產品，有合適的後勤支援。因此，這項業務現在直接向我匯報，我們給予它應有的關注。

At the same time, we are combined our medical business in Europe and Australia with the leadership of that Canadian business. So now we're fully integrated. I'll be honest, we're disappointed with our '25 global medical results, and the key driver of that was inconsistency of supply. We have a great team, in Germany. We have a great operation, in Germany.

同時，我們將歐洲和澳洲的醫療業務與加拿大業務的領導層合併。現在我們已經完全整合了。說實話，我們對 25 年全球醫療表現感到失望，而造成這種情況的主要原因是供應不一致。我們在德國有一支優秀的團隊。我們在德國的業務非常出色。

We've, when we're in stock, we know we can bring a great quality of flour at the right price. We know how to distribute it. When we're in stock, we do extremely well. Just too many interruptions and suppliers led to a bunch of false starts. So we're focusing on really near to us opportunities that we know will pay back and should pay back relatively swiftly.

當我們有庫存時，我們知道我們可以以合適的價格提供優質的麵粉。我們知道如何分發它。當我們有庫存時，我們的表現非常好。太多的干擾和供應商導致了許多錯誤的開始。因此，我們專注於真正貼近我們的機會，我們知道這些機會會帶來回報，而且回報應該相對較快。

Then we look at Canadian REC. We believe in Canadian REC. It is a big market. It's a $5 billion market. There are significant opportunities for players who are focused. So in the past we used to be, we played, we tried to play in every single categories and subcategories.

然後我們來看看加拿大REC。我們相信加拿大 REC。這是一個很大的市場。這是一個價值50億美元的市場。對於專注的球員來說，有很大的機會。所以在過去，我們曾經嘗試過，嘗試過每一個類別和子類別。

So we took decisive action in recent months, as I said, we streamlined the portfolio, but most importantly, we're focusing with clear intentionality in the large segments where we know we can compete and we can provide consistent supply.

因此，正如我所說，我們在最近幾個月採取了果斷行動，我們精簡了產品組合，但最重要的是，我們明確地專注於我們知道可以競爭並且可以提供穩定供應的大型細分市場。

You've probably heard about it. We launched Claybourne, for example. At the end of fiscal '25, the brand is already number three in some regions. So when Canopy focuses, we know Canopy can be successful. So short answer, we're focusing on the action on the opportunities that are the nearest to us with the highest potentials for return.

您可能已經聽說過。例如，我們推出了 Claybourne。截至 2025 財年末，該品牌在某些地區已位居第三。因此，當 Canopy 集中精力時，我們知道 Canopy 能夠成功。簡而言之，我們專注於採取行動，抓住距離我們最近、回報潛力最大的機會。

Bill Kirk, Roth Capital Partners, L.L.C.

比爾柯克（Bill Kirk），羅斯資本合夥有限責任公司

Hi. Thanks for taking the call or taking the questions. We've heard versions of increased focus or streamlining operations, cost savings programs. We've heard those before. So I guess, Luc, what truly makes today's conversation incremental to the programs of the past and the progress of the past?

你好。感謝您接聽電話或回答問題。我們聽說過有關加強關注或精簡營運、節約成本計劃的版本。我們以前就聽過這些。所以我想，呂克，什麼真正使得今天的談話對過去的計畫和過去的進步有增量作用？

Yeah, I cannot really comment that much on what was said in the in the past, but I can assure you that from my perspective, the actions that we're taking are dramatically streamlining the organization. So from my point of view, I inherited an organization that was set up, for lack of a better word, like a large corporation that worked at organizations that were billions of dollars.

是的，我無法對過去所說的話發表太多評論，但我可以向你保證，從我的角度來看，我們正在採取的行動正在大大精簡組織。因此，從我的角度來看，我繼承了一個組織，這個組織就像一個在價值數十億美元的組織工作的大公司。

I've inherited what I would qualify as a large corporation structure. We're transforming the organization, its culture into this fighting business units, focused streamline, fighting units with just the right amount of centralized core capabilities to really enable these units to win. I'll give you an example. In Canadian REC, we eliminated two layers of management between myself and our sales leadership.

我繼承了符合我要求的大型公司架構。我們正在將組織和文化轉變為具有戰鬥力的業務單位，集中精簡的戰鬥單位，並配備適量的集中核心能力，以真正使這些單位能夠獲勝。我給你舉個例子。在加拿大 REC，我們消除了我和銷售領導層之間的兩層管理層。

As you can imagine, decisions are made much faster. We're pushing decision making down in the organization and it's allowing us to have the right data at the right time, make the right decision in a much swifter manner than we did in the past. It's way more than just a cost reduction, exercise.

正如您所想像的，決策速度會快得多。我們正在將決策權下放到組織內部，這使我們能夠在正確的時間獲得正確的數據，並以比過去更快的方式做出正確的決策。這不僅是降低成本，也是一種鍛鍊。

It is really a change in the culture of how we go to market, and I'll tell you honestly, I'm extremely encouraged by the reaction of the organization. These are individuals, qualified, talented individuals who want to win and now we're giving them the tools, most importantly the structure, the processes that'll allow them to go out there and compete and win.

這確實是我們進入市場的文化的改變，我可以坦白告訴你，組織的反應讓我非常鼓舞。這些都是個人，有資格、有才華、想要獲勝的個人，現在我們為他們提供工具，最重要的是結構和流程，讓他們能夠出去競爭並獲勝。

Brenna Cunnington, ATB Capital Markets.

Brenna Cunnington，ATB 資本市場。

Hi, this is Brennan from Frederico. Thanks for taking our questions. Regarding Acreages and performance, so in addition to your earlier commentary on Ohio New Jersey underperforming expectations based on the company's clothing stores in New York, we can hopefully safely assume that's also been a very challenging market for them.

你好，我是來自 Frederico 的 Brennan。感謝您回答我們的問題。關於種植面積和業績，除了您之前對俄亥俄州新澤西州業績不及預期（基於該公司在紐約的服裝店）的評論之外，我們可以放心地假設這對他們來說也是一個非常具有挑戰性的市場。

So just curious what other factors have really underpinned the underperformance of Acreage and how should we be thinking about Canopy, USA more broadly going forward?

所以我只是好奇還有哪些因素真正導致了 Acreage 的表現不佳，以及我們應該如何更廣泛地看待 Canopy, USA 的未來？

Sure, so I think we've provided a lot of details already on in my prepared comments, but really I think we've said in previous calls that AI's performance in 2024 was challenged by its its liquidity and credit challenges. The company was public until the close of the acquisition in December. Their public filings through September quarter end that I think shows the performance was challenged.

當然，我認為我們已經在我準備好的評論中提供了很多細節，但實際上我認為我們在之前的電話會議中已經說過，人工智慧在 2024 年的表現受到了流動性和信貸挑戰的挑戰。該公司在 12 月收購結束前一直處於上市狀態。我認為，他們截至九月季度末的公開文件表明其業績受到了挑戰。

And I think the key driver really was the underperformance in Ohio that I think a lot of the market participants expected to open with a lot of growth potential and unfortunately even as we sit here today, it's still not a full adult use market.

我認為關鍵驅動因素確實是俄亥俄州的表現不佳，我認為許多市場參與者都希望該州擁有很大的成長潛力，但不幸的是，即使到了今天，它仍然不是一個完全的成人用品市場。

So there was a sizable underperformance relativity expectations in Ohio, and based on the underperformance of Ohio, the liquidity challenges really continue to persist, which so then impacted their ability to invest and grow in other parts of their core markets, including New Jersey as well as New York.

因此，俄亥俄州的表現相對預期相當差，而且基於俄亥俄州的表現不佳，流動性挑戰確實持續存在，這進而影響了他們在其他核心市場（包括新澤西州和紐約州）投資和發展的能力。

So that is the situation today. We are still bullish on the long-term potential of the US market, but I think the situation today is that there's been, underperformance relative to really which is expectation, primarily because of Ohio.

這就是今天的情況。我們仍然看好美國市場的長期潛力，但我認為目前的情況是，其表現低於預期，這主要是因為俄亥俄州。

(Operator Instructions)

（操作員指示）

Pablo Zuanic, Zuanic & Associates

巴勃羅·祖安尼克（Pablo Zuanic），祖安尼克與合夥人

Thank you. Good morning, everyone. No, congratulations on the progress you've made since you started. My question is about you've talked in the call about inconsistencies in the supply chain, especially for international.

謝謝。大家早安。不，恭喜你自開始以來所取得的進步。我的問題是您在電話中談到了供應鏈中的不一致問題，尤其是國際供應鏈中的不一致問題。

Can you talk about how you're thinking about in terms of investing in supply chain, whether you need to have more control over the supply, or more supply, whether in Canada or overseas. And by the same token, understood in terms of the reorganization and alignment, but will you need to make more investments downstream in international in terms of route to market if you can touch on that and just a separate one, if I may add a second one.

您能否談談您在投資供應鏈方面的想法，是否需要對供應有更多的控制權，或者增加供應量，無論是在加拿大還是在海外。並且出於同樣的原因，從重組和調整的角度來理解，但是如果您可以談及這一點，您是否需要在國際市場渠道方面在下游進行更多投資，如果我可以添加第二個，那麼只是一個單獨的投資。

We don't hear many companies talk about Canadian medical and of course, very good performance there. If you can just give us a reminder of how that market is doing, it seems to be declining, but there's more reimbursement. What's the outlook for that market? Market share gain potential. If you can give more color there, it will help. Thank you.

我們沒有聽到很多公司談論加拿大醫療，當然，那裡的表現非常好。如果您能告訴我們該市場目前的表現，它似乎正在衰退，但報銷額有所增加。該市場的前景如何？市場佔有率成長潛力。如果您可以提供更多顏色，那將會有所幫助。謝謝。

Yeah, good morning. There's probably three questions in there, so let me start with the supply. So we don't, as I said earlier, we're focusing on the opportunities that are very near and right in front of us right now. So, for global medical, it's all about consistency of supply, and I'll simplify what the situation was.

是的，早安。其中可能有三個問題，所以讓我從供應開始。因此，正如我之前所說，我們不會注意那些就在我們眼前的機會。因此，對於全球醫療而言，一切都與供應的一致性有關，我將簡化情況。

We had a global organization that was functioning in great parts, independently of the rest of the organization, and combined that we had a supply chain that was pretty much led by our Canadian REC business. And so you can imagine, the lack of connections, the conflicting priorities and agendas.

我們有一個全球性組織，其各部分運作良好，獨立於組織的其他部分，我們有一個幾乎由加拿大 REC 業務主導的供應鏈。因此你可以想像，缺乏聯繫，優先事項和議程相互衝突。

So with the restructuring, we've pretty much eliminated, what I call dysfunctionalities to characterize a little bit, and we've, we're in a place now where we're way better equipped to decide what we plant, what we cultivate, what we harvest, and where we distribute.

因此，透過重組，我們基本上消除了所謂的功能障礙，現在我們能夠更好地決定我們種植什麼、培育什麼、收穫什麼以及分配到哪裡。

This flower, allowing the decisions to be made ultimately by myself to allocate the flower to the best opportunity in the market. So as you can imagine, we're a central centralized supply chain teams, centralized sales and operations process.

這朵花，最終由我自己決定，將這朵花分配到市場上最好的機會。因此，你可以想像，我們是一個集中的供應鏈團隊、集中的銷售和營運流程。

We get the demand signals now from across every single business units, which wasn't the case before, which allows us to make the right decisions at every single step of the growing process as well with centralized resources, we now can get flower materials in the open markets, which truly will allow us to take our service levels much higher than they've been in the past.

我們現在可以從每個業務部門獲得需求訊號，這在以前是無法實現的，這使我們能夠在種植過程的每個步驟中做出正確的決策，並且透過集中資源，我們現在可以在開放市場上獲得花卉材料，這確實可以讓我們的服務水平比過去高得多。

So, we don't foresee in the near future having to make any investments to allow us to capture these opportunities.

因此，我們預計在不久的將來我們不需要進行任何投資來抓住這些機會。

And I'll, I guess I'll touch on the Canada Medical, performance and, Pablo, you're right, we have not, in the past spoke a lot about our medical business, which really has been performing, in a successful way. From a market perspective, I think you know there's not a lot of data out there, but we think the market was down in the mid-single digit rate.

我想我會談談加拿大醫療的表現，巴勃羅，你是對的，我們過去並沒有談論太多我們的醫療業務，但事實上，我們的醫療業務一直表現得很成功。從市場角度來看，我想你知道那裡沒有太多的數據，但我們認為市場下跌了個位數的中段。

We think we are number two in the market, share, and I think you have also access to some of the information from some of the leading players in the marketplace. We've outperformed in the market, so we were up 16% in Canada Medical, as I said, market was down, kind of in the mid-single digit rate, and I think our largest competitor was up sort of in the 4% rate.

我們認為我們在市場上佔有第二的位置，而且我認為您還可以獲得來自市場上一些領先企業的一些資訊。我們在市場上表現出色，因此我們在加拿大醫療方面的業績上漲了 16%，正如我所說，市場下滑，增長率大概在個位數的中間水平，而我認為我們最大的競爭對手的增長率大概在 4% 左右。

So, we have outperformed and we are gaining market share, the team has really been focused on really growing the patients that provide us with the highest value and really providing that patient, as well as the broader patient group, the best customer experience.

因此，我們表現出色，並且正在獲得市場份額，團隊真正專注於真正增加為我們提供最高價值的患者，並真正為該患者以及更廣泛的患者群體提供最佳的客戶體驗。

Our Spectrum online store is the highest I think quality and the feedback we get from the customer experience on the products and just the broader experience has been really tremendous and the team is continuing to really focus on going after those and making sure that they're continuing to get that experience from a patient journey perspective and as Luc said, we're trying to leverage also that experience and that knowledge into our international medical market.

我認為我們的 Spectrum 線上商店品質最高，我們從客戶的產品體驗和更廣泛的體驗中獲得的反饋非常棒，團隊正在繼續真正專注於追求這些反饋，並確保他們繼續從患者旅程的角度獲得這種體驗，正如 Luc 所說，我們也試圖將這些經驗和知識應用到我們的國際醫療市場。

Thank you. This concludes Canopy Growth fourth quarter and fiscal year 2025 financial results conference call. A replay of this conference call will be available until August 28, 2025 and can be accessed following the instructions provided in the company's press release issued earlier today.

謝謝。Canopy Growth 第四季及 2025 財年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 8 月 28 日，您可以按照本公司今天稍早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 any additional questions. Thank you for attending today's call.

Canopy Growth 的投資者關係團隊將隨時解答您的任何其他問題。感謝您參加今天的電話會議。