SNDL Inc (SNDL) 2022 Q4 法說會逐字稿

Good morning, and welcome to SNDL's Full Year and Fourth Quarter 2020 Financial Results Conference Call. SNDL issued a press release yesterday morning, announcing their financial results for the full year and fourth quarter ended on December 31, 2022. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. A webcast replay of the conference call will also be available later today on the sndl.com website.

早上好，歡迎來到 SNDL 的 2020 年全年和第四季度財務業績電話會議。 SNDL 昨天上午發布了一份新聞稿，宣布了截至 2022 年 12 月 31 日的全年和第四季度的財務業績。該新聞稿可在公司網站 sndl.com 上查閱，並在 EDGAR 和 SEDAR 上備案。今天晚些時候，sndl.com 網站也將提供電話會議的網絡直播重播。

SNDL has also posted a supplemental investor presentation and shareholder letter found on the sndl.com website. Presenting on this morning's call, we have Zach George, Chief Executive Officer; Jim Keough, Chief Financial Officer; Tank Vander, President of Liquor Retail; and Tyler Robson, President of Cannabis.

SNDL 還在 sndl.com 網站上發布了補充投資者介紹和股東信函。在今天上午的電話會議上，我們有首席執行官 Zach George； Jim Keough，首席財務官；酒類零售總裁 Tank Vander；和 Cannabis 總裁 Tyler Robson。

Before we start, I would like to remind investors that certain matters discussed in today's conference call or answers that may be given to questions could constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other public filings that are made available on SEDAR and EDGAR.

在我們開始之前，我想提醒投資者，今天電話會議中討論的某些事項或可能對問題做出的回答可能構成前瞻性陳述。實際結果可能與預期結果存在重大差異。可能影響結果的風險因素在 SEDAR 和 EDGAR 上提供的公司財務報告和其他公開文件中有詳細說明。

Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks, and then we'll move on to analyst questions. I would now like to turn the call over to Zach George.

此外，除非另有說明，否則所有提及的財務數據均以加元為單位。我們現在將發表準備好的評論，然後我們將繼續回答分析師的問題。我現在想把電話轉給 Zach George。

Good morning, and thank you for joining us on our full year and fourth quarter 2022 earnings call. We achieved significant financial and operational milestones last year, driven by our strategic initiatives and the hard work of our dedicated teams, including record net revenue and net cash provided by operating activities in the fourth quarter of 2022.

早上好，感謝您加入我們的 2022 年全年和第四季度財報電話會議。在我們的戰略舉措和敬業團隊的辛勤工作的推動下，我們去年實現了重大的財務和運營里程碑，包括 2022 年第四季度經營活動提供的創紀錄的淨收入和淨現金。

It is worth contextualizing the growth that the SNDL team has achieved this past year. We started 2022 with first quarter net revenue of $17 million and negative cash flow from operations of $26 million and exited the year achieving net revenue of $240 million with net cash from operations of $29 million in the fourth quarter. Our store footprint has grown to more than 365 liquor and cannabis retail locations, making us the largest private liquor and cannabis distributor in Canada.

值得將 SNDL 團隊在過去一年中取得的成長結合起來。 2022 年初，我們第一季度淨收入為 1700 萬美元，運營負現金流為 2600 萬美元，年底時實現淨收入 2.4 億美元，第四季度運營淨現金為 2900 萬美元。我們的商店足跡已發展到超過 365 個酒類和大麻零售點，使我們成為加拿大最大的私人酒類和大麻經銷商。

Through the acquisition of Valens, we significantly enhanced our cannabis operations value proposition to now include premium cultivation, low-cost biomass sourcing, processing and manufacturing. Our cannabis retail and cannabis operations segments are key enablers in SNDL's vertical integration strategy. With the scale of data and insights generated through our retail network, we are able to continuously tailor our innovation strategy to strategically play in high-velocity product segments as well as white spaces in the industry to delight consumers.

通過收購 Valens，我們顯著增強了我們的大麻業務價值主張，現在包括優質種植、低成本生物質採購、加工和製造。我們的大麻零售和大麻業務部門是 SNDL 垂直整合戰略的關鍵推動因素。憑藉通過我們的零售網絡產生的數據規模和洞察力，我們能夠不斷調整我們的創新戰略，以戰略性地參與高速產品領域和行業空白領域，以取悅消費者。

Through the combination of a diverse portfolio of brands, a coast-to-coast multi-banner cannabis retail store network and indoor cultivation and manufacturing facilities, SNDL has become one of the largest adult-use cannabis manufacturers and retailers in Canada. Although it's not something I typically address, I do discuss the undervaluation of our equity in my shareholder letter, which can be found on our website at sndl.com.

通過多元化的品牌組合、橫跨西海岸的多橫幅大麻零售店網絡以及室內種植和製造設施，SNDL 已成為加拿大最大的成人用大麻製造商和零售商之一。雖然這不是我通常要解決的問題，但我確實在我的股東信中討論了我們股權被低估的問題，這可以在我們的網站 sndl.com 上找到。

I also want to take this opportunity to address it here. Despite the positive milestones and the growth that we have achieved, SNDL shares are trading well below our book value, which is backstopped by cash and credit investments and trading materially less than 1x our annual revenue. We believe the market has not yet recognized the intrinsic value that we have built. We would expect that it should be appreciated in due time.

我也想藉此機會在這裡講一下。儘管我們取得了積極的里程碑和增長，但 SNDL 股票的交易價格遠低於我們的賬面價值，這得到現金和信貸投資的支持，交易價格遠低於我們年收入的 1 倍。我們認為市場尚未認識到我們建立的內在價值。我們希望它能在適當的時候得到讚賞。

We must continue to find ways to unlock value and be open to all options regarding the future of our business and operating segments. Our balance sheet, liquidity and access to capital easily position us in the top decile credit profiles in the regulated products industry. We are currently implementing cost reduction initiatives and sustainability is a key priority. That means sustainable profitable operations, sustainable product quality and sustainable environmental practices.

我們必須繼續尋找釋放價值的方法，並對有關我們業務和運營部門未來的所有選擇持開放態度。我們的資產負債表、流動性和獲得資本的渠道很容易使我們處於受監管產品行業的頂級信用狀況中。我們目前正在實施降低成本的舉措，可持續性是一個關鍵優先事項。這意味著可持續的盈利運營、可持續的產品質量和可持續的環境實踐。

I'd now like to turn to some key highlights of our different business segments. Our Liquor Retail segment brought material change and opportunity to SNDL in 2022. Our Liquor Segment strengthens SNDL's broader technology infrastructure, the ability to own the customer relationship and shape the retail experience. I believe that we have a significant opportunity to generate material revenue for our segment through key initiatives, specifically monetizing data-as-a-service.

我現在想談談我們不同業務部門的一些關鍵亮點。我們的酒類零售部門在 2022 年為 SNDL 帶來了重大變化和機遇。我們的酒類部門加強了 SNDL 更廣泛的技術基礎設施、擁有客戶關係和塑造零售體驗的能力。我相信我們有很大的機會通過關鍵舉措為我們的部門創造物質收入，特別是將數據即服務貨幣化。

We have access to vast amounts of valuable data which we are using to inform our own decision-making processes, and we believe there is untapped potential in monetizing this data-as-a-service to other businesses. As more consumers shift their shopping habits online, there is a growing demand for convenient and efficient e-commerce solutions as well.

我們可以訪問大量有價值的數據，我們正在使用這些數據來為我們自己的決策過程提供信息，並且我們相信將這些數據作為一種服務貨幣化到其他企業的潛力尚未開發。隨著越來越多的消費者將他們的購物習慣轉移到網上，對便捷高效的電子商務解決方案的需求也越來越大。

By leveraging our existing infrastructure and expertise, we are also looking at creating platforms that meet the needs of modern consumers while generating revenue and cash flow for both liquor and cannabis segments.

通過利用我們現有的基礎設施和專業知識，我們還在考慮創建滿足現代消費者需求的平台，同時為酒類和大麻領域創造收入和現金流。

SNDL, which stands as Canada's largest private sector cannabis retailer, currently operates 197 locations under 5 retail banners, Value Buds, Spiritleaf, Superette and our latest additions, Dutch Love and Firesale Cannabis. The foundations of SNDL's cannabis retail strategy revolves around several factors such as prime store locations, extensive product range and exclusive customer experiences.

SNDL 是加拿大最大的私營大麻零售商，目前在 5 個零售品牌下經營 197 個地點，Value Buds、Spiritleaf、Superette 以及我們最新加入的 Dutch Love 和 Firesale Cannabis。 SNDL 大麻零售戰略的基礎圍繞著幾個因素，如主要商店位置、廣泛的產品範圍和獨特的客戶體驗。

In the fourth quarter of 2022, Value Buds, Spiritleaf and Superette's combined market share represents approximately 9.9% of provincial markets, solidifying our position as a leading national multi-banner cannabis retail operator in an increasingly competitive market.

2022年第四季度， Value Buds 、 Spiritleaf 和 Superette 的合併市場份額約佔省級市場的9.9%，鞏固了我們在競爭日益激烈的市場中作為領先的全國多橫幅大麻零售運營商的地位。

In December of 2022, SNDL announced the proposed strategic partnership with Nova Cannabis, creating a well-capitalized cannabis retail platform through a vertical integration model, leveraging SNDL's upstream and midstream capabilities. The restructuring of Nova, if approved by Nova's minority shareholders, will enable SNDL to continue to evolve in a very mature sector by becoming a trusted partner and an essential part of the Canadian cannabis ecosystem.

2022年12月， SNDL 宣布擬與 Nova Cannabis 建立戰略合作夥伴關係，利用 SNDL 的上游和中游能力，通過垂直整合模式創建一個資本充足的大麻零售平台。 Nova 的重組，如果得到 Nova 少數股東的批准，將使 SNDL 成為一個值得信賴的合作夥伴和加拿大大麻生態系統的重要組成部分，從而在一個非常成熟的行業中繼續發展。

This strategic partnership will transition SNDL to the role of sponsor, franchisor and adviser in the cannabis retail market. Through a dividend of shares to SNDL's shareholders, we will reduce our ownership stake in Nova to less than 20% and manage brand standards via strategic agreements and contracts in exchange for receiving a licensing fee in return for the provision of services, including financial reporting, business technology and regulatory support.

這一戰略合作夥伴關係將使 SNDL 轉變為大麻零售市場的讚助商、特許人和顧問。通過向 SNDL 的股東派發股息，我們將把我們在 Nova 的所有權股份減少到 20% 以下，並通過戰略協議和合同管理品牌標準，以換取收取許可費，以換取提供服務，包括財務報告、業務技術和監管支持。

Our focus will be on driving category management, menu optimization and brand building, while Nova Cannabis will manage operations across what we believe will become a dominant, pure-play, multi-banner cannabis retail platform that stands alone as a sustainable public company. This retail platform provides access to incredibly valuable point-of-sale data in real time, giving SNDL and other license producers insights into innovation and successes throughout the industry.

我們的重點將是推動品類管理、菜單優化和品牌建設，而 Nova Cannabis 將管理我們認為將成為一個占主導地位的、純粹的、多橫幅的大麻零售平台的運營，該平台將作為一家可持續發展的上市公司獨立存在。這個零售平台可以實時訪問非常有價值的銷售點數據，讓 SNDL 和其他許可生產商深入了解整個行業的創新和成功。

Our cannabis operations also grew with the closing of our acquisitions of the Valens Company in January of 2023. The combined entities create a low-cost, vertically integrated Canadian company with the potential to generate over $1 billion in annualized pro forma revenue. Our cultivation expansion not only boosts innovation and cost savings for our cannabis operations segment, but also solidifies our position as a trusted B2B industry partner and manufacturer.

隨著我們於 2023 年 1 月完成對 Valens 公司的收購，我們的大麻業務也有所增長。合併後的實體創建了一家低成本、垂直整合的加拿大公司，有可能產生超過 10 億美元的年化預估收入。我們的種植擴張不僅促進了大麻業務部門的創新和成本節約，而且鞏固了我們作為值得信賴的 B2B 行業合作夥伴和製造商的地位。

Our unique advantage lies in our ability to not only manufacture high-quality products but also to distribute solutions to ensure that these products reach consumers effectively. In terms of our Investment segment, SNDL deployed capital to several cannabis-related investments with an IFRS fair value of $638 million, including $519 million to the SunStream Bancorp joint venture in 2022.

我們的獨特優勢在於我們不僅能夠製造高質量的產品，而且能夠分銷解決方案以確保這些產品有效地到達消費者手中。就我們的投資部門而言， SNDL 將資金用於多項與大麻相關的投資， IFRS 公允價值為6.38億美元，其中包括2022年向 SunStream Bancorp 合資企業提供的5.19億美元。

This joint venture has credit exposure to a handful of operators, including Jushi, Skymint, Ascend, Parallel, Columbia Care and AFC Gamma. And as publicly disclosed, we are in active negotiation of restructuring with both Skymint and Parallel. While our goal is to generate attractive returns as a strategic capital partner for these borrowers, in certain cases, we may see defaults or other restructurings create an opportunity for SNDL to gain a meaningful operating footprint in a single or multistate format.

這家合資企業對少數運營商有信用敞口，包括巨石、Skymint、Ascend、Parallel、Columbia Care 和 AFC Gamma。正如公開披露的那樣，我們正在積極與 Skymint 和 Parallel 進行重組談判。雖然我們的目標是作為這些借款人的戰略資本合作夥伴產生有吸引力的回報，但在某些情況下，我們可能會看到違約或其他重組為 SNDL 創造機會，以單一或多州的形式獲得有意義的運營足跡。

We do expect in 2023 that on a structured basis, SNDL may become a majority owner of one or more vertical operations in the U.S. While we anticipate achieving strong revenue results for our business segments, we must also acknowledge that our first quarter of 2023 will be impacted by certain onetime costs as well as seasonality in the retail segments. These costs will include severance expenses for departing employees and other onetime charges resulting from the Valens integration.

我們確實預計到 2023 年，在結構化的基礎上，SNDL 可能成為美國一個或多個垂直業務的大股東。雖然我們預計我們的業務部門將實現強勁的收入結果，但我們還必須承認，我們 2023 年第一季度將是受某些一次性成本以及零售部門的季節性影響。這些成本將包括離職員工的遣散費和瓦倫斯整合產生的其他一次性費用。

The integration of SNDL and Valens is anticipated to deliver substantial benefits in the form of cost rationalization, operational efficiencies and expanded opportunities. A detailed bottom-up analysis of available synergies is currently in progress, and the company is uncovering further cost savings. SNDL expects to realize more than $20 million in annual cost synergies as a result of this process, exceeding the $10 million that was announced in January of 2023.

預計 SNDL 和 Valens 的整合將以成本合理化、運營效率和擴大機會的形式帶來實質性好處。目前正在對可用協同效應進行詳細的自下而上分析，公司正在進一步節省成本。 SNDL 預計通過這一過程實現超過 2000 萬美元的年度成本協同效應，超過 2023 年 1 月宣布的 1000 萬美元。

Additionally, enhanced distribution of Valens products through the SNDL retail network is expected to generate incremental revenue, which is also being evaluated and realized. The company looks forward to providing updates on the progress of these synergies with reporting on the first quarter of 2023 and believes that this transaction will enhance SNDL's competitive position.

此外，通過 SNDL 零售網絡加強 Valens 產品的分銷有望產生增量收入，這也正在評估和實現中。公司期待在 2023 年第一季度的報告中提供這些協同效應進展的最新信息，並相信此次交易將提升 SNDL 的競爭地位。

In conclusion, we are humbled to be approaching the ranks of approximately 150 publicly listed Canadian companies that generate over $1 billion in annual revenue as a result of our strategic growth through 2022. We are just getting started and continue to be laser focused on owning the consumer relationship, generating free cash flow and creating value for our shareholders despite the present headwinds and negative sentiment in the cannabis sector.

總之，由於我們到 2022 年的戰略增長，我們接近約 150 家加拿大上市公司的行列，這些公司的年收入超過 10 億美元。我們才剛剛起步，並將繼續專注於擁有消費者關係，產生自由現金流並為我們的股東創造價值，儘管大麻行業目前存在逆風和負面情緒。

Our vertically integrated model, product portfolio, dedicated team, best-in-class balance sheet and scale, our competitive advantages, we have built with the express purpose of giving ourselves the flexibility to succeed under multiple economic and regulatory scenarios. And these are the advantages that will lead us in our next leg of growth. Thank you, all. I'll now turn the call over to Jim for commentary on our financial results.

我們的垂直整合模式、產品組合、敬業的團隊、一流的資產負債表和規模、我們的競爭優勢，我們建立的明確目的是讓我們自己在多種經濟和監管情況下獲得成功的靈活性。這些都是將引領我們進入下一階段增長的優勢。謝謝你們。我現在將電話轉給吉姆，請他對我們的財務業績發表評論。

Thank you, Zach and thank you all for joining today. I'd like to remind you that all amounts discussed today are denominated in Canadian dollars, unless otherwise stated. Liquor Retail includes operations for the period from March 31, 2022 to December 31, 2022, and Cannabis Retail includes the operations of Nova Cannabis retail stores for the same period.

謝謝扎克，感謝大家今天的加入。我想提醒您，除非另有說明，否則今天討論的所有金額均以加元計價。 Liquor Retail 包括 2022 年 3 月 31 日至 2022 年 12 月 31 日期間的運營， Cannabis Retail 包括同期 Nova Cannabis 零售店的運營。

Certain amounts that I will refer to on this call are non-IFRS GAAP measures. Please refer to SNDL's management discussion and analysis for the definition of these measures.

我將在本次電話會議上提到的某些金額是非 IFRS GAAP 措施。有關這些措施的定義，請參閱 SNDL 的管理層討論和分析。

Before I go into greater detail about SNDL's financial results under each of our 4 operating segments, I'd like to confirm that all of our year-end filings have been completed in time to comply with U.S. reporting requirements. While Canadian securities regulations do not require compliance with SOX 404(b), the shorter Canadian reporting deadline was unfortunately not met this year.

在我更詳細地介紹 SNDL 在我們 4 個運營部門的每個部門下的財務業績之前，我想確認我們所有的年終申報都已按時完成，以符合美國的報告要求。雖然加拿大證券法規不要求遵守 SOX 404(b)，但遺憾的是今年沒有滿足更短的加拿大報告截止日期。

The principal reasons for this were the significant amount of additional work and in-depth procedures that were required to be performed by SNDL and its first time external auditor under Section 404(b) of the Sarbanes-Oxley Act, commonly referred to as SOX. The requirement to be SOX 404 compliant at December 31, 2022, and the expansion of those requirements to a much larger scope was a function of the rapid growth and scale and level of corporate activity SNDL has achieved over the last 3 years.

主要原因是 SNDL 及其首次外部審計員根據薩班斯-奧克斯利法案（通常稱為 SOX）第 404(b) 條需要執行大量額外工作和深入程序。在 2022 年 12 月 31 日之前必須符合 SOX 404 的要求，以及將這些要求擴展到更大範圍的要求，是 SNDL 在過去 3 年中實現的快速增長、規模和企業活動水平的結果。

SNDL's management team takes full responsibility for this outcome as our corporate activity levels have placed our finance and audit teams under significant stress. We are committed to the continued development of our finance and other functions to support the increasing scale and complexity of our business. SOX compliance requires heightened levels of corporate controls and processes that are benefiting SNDL's shareholders through best practices in internal control and risk management.

SNDL 的管理團隊對這一結果負全部責任，因為我們的企業活動水平給我們的財務和審計團隊帶來了巨大壓力。我們致力於持續發展我們的財務和其他職能，以支持我們不斷擴大的業務規模和復雜性。 SOX 合規性要求提高公司控制和流程的水平，這通過內部控制和風險管理方面的最佳實踐使 SNDL 的股東受益。

Now let's turn our focus to business results. As Zach mentioned, SNDL reported record net revenue for 2022 of $712.2 million, an increase of almost 1,200% over the previous year. This increase includes 9 months of results from the Alcanna acquisition. Net revenue for the fourth quarter of 2022 was $240.4 million, an increase of 4% over the third quarter of 2022, with sequential growth in the Liquor Retail, Cannabis Retail and Cannabis Operations segments.

現在讓我們將注意力轉向業務成果。正如 Zach 提到的，SNDL 報告稱 2022 年的淨收入達到創紀錄的 7.122 億美元，比上一年增長近 1,200%。這一增長包括收購 Alcanna 後 9 個月的業績。 2022年第四季度的淨收入為2.404億美元，比2022年第三季度增長4%，其中酒類零售、大麻零售和大麻運營部門環比增長。

Net cash used in operating activities for 2022 was $6.7 million compared to $155.8 million in 2021, reflecting decreased cash deployed to our Investment Operations segment in 2022. Net cash provided by operating activities for the fourth quarter of 2022 was a record $28.6 million, an increase of 233% when compared to $8.6 million in the third quarter of 2022.

2022 年經營活動使用的現金淨額為 670 萬美元，而 2021 年為 1.558 億美元，反映出 2022 年部署到我們投資運營部門的現金減少。2022 年第四季度經營活動提供的現金淨額達到創紀錄的 2860 萬美元，增加與 2022 年第三季度的 860 萬美元相比增長了 233%。

Gross margin grew to a record $140.4 million for 2022 compared to negative $9 million in the previous year, an increase of over 1600%. Our gross margin was $43.6 million for the fourth quarter of 2022 compared to $50.3 million in the third quarter of 2022 as a result of fourth quarter monetization of low-value inventory and inventory impairments.

2022 年的毛利率增至創紀錄的 1.404 億美元，而上一年為負 900 萬美元，增幅超過 1600%。由於第四季度低價值庫存貨幣化和庫存減值，我們的毛利率在 2022 年第四季度為 4360 萬美元，而 2022 年第三季度為 5030 萬美元。

SNDL reported a net loss of $372 million for 2022 compared to $227 million in the previous year. Noncash inventory and asset impairments were $203 million in 2022 compared to $77 million in 2021. The company's net loss for the fourth quarter of 2022 was $161.6 million compared to $98.8 million in the third quarter of 2022. The net loss for 2022 was largely driven by fourth quarter noncash charges including the impairment of goodwill related primarily to the Alcanna Inc. transaction, including Nova.

SNDL 報告稱，2022 年的淨虧損為 3.72 億美元，而上一年為 2.27 億美元。 2022 年非現金存貨和資產減值為 2.03 億美元，而 2021 年為 7700 萬美元。該公司 2022 年第四季度的淨虧損為 1.616 億美元，而 2022 年第三季度為 9880 萬美元。2022 年的淨虧損主要是由於第四季度非現金費用，包括主要與 Alcanna Inc. 交易相關的商譽減值，包括 Nova。

Despite improving fundamentals for Nova, the share price decline of 53% since the acquisition date led to an $88 million noncash impairment charge.

儘管 Nova 的基本面有所改善，但自收購之日起股價下跌了 53%，導致產生了 8800 萬美元的非現金減值費用。

Our adjusted EBITDA loss was $15.8 million in 2022 compared to adjusted EBITDA of $30.4 million in the previous year. For the fourth quarter of 2022, SNDL's adjusted EBITDA loss was $7.5 million compared to adjusted EBITDA of $16.7 million in the third quarter of 2022. Excluding SNDL's equity pickup loss of $18.3 million, driven by noncash fair value adjustments from its investment in SunStream Bancorp, adjusted EBITDA would have been $10.8 million in the fourth quarter of 2022.

2022 年，我們調整後的 EBITDA 虧損為 1580 萬美元，而上一年調整後的 EBITDA 虧損為 3040 萬美元。 2022 年第四季度，SNDL 的調整後 EBITDA 虧損為 750 萬美元，而 2022 年第三季度的調整後 EBITDA 為 1670 萬美元。不包括 SNDL 因對 SunStream Bancorp 的投資進行非現金公允價值調整而導致的 1830 萬美元股權收購虧損， 2022 年第四季度調整後的 EBITDA 為 1080 萬美元。

SNDL has $918 million of unrestricted cash, marketable securities and long-term investments and no outstanding debt at December 31, 2022, resulting in a net book value per share of $5.02 and has $207 million of unrestricted cash on hand at April 19, 2023. SNDL has not raised cash through debt or share offerings since June 2021.

截至 2022 年 12 月 31 日，SNDL 擁有 9.18 億美元的不受限制現金、有價證券和長期投資，並且沒有未償債務，因此每股賬面淨值為 5.02 美元，截至 2023 年 4 月 19 日手頭有 2.07 億美元的不受限制現金。自 2021 年 6 月以來，SNDL 沒有通過債務或股票發行籌集現金。

I'll now review the results for our Liquor segment. SNDL currently operates 169 locations, predominantly in Alberta under its 3 retail banners; Wine and Beyond, Liquor Depot and Ace Liquor. As of March 28, 2023, the Ace Liquor store count is 137, the Liquor Depot store count is 20 and Wine and Beyond is 12.

我現在將回顧我們酒類部門的結果。 SNDL 目前經營 169 個地點，主要位於艾伯塔省，旗下有 3 個零售品牌； Wine and Beyond、Liquor Depot 和 Ace Liquor。截至 2023 年 3 月 28 日，Ace Liquor 門店數量為 137 家，Liquor Depot 門店數量為 20 家，Wine and Beyond 為 12 家。

Gross revenue for Liquor Retail sales for the 3 banners combined was $462 million in 2022 and $160 million in the fourth quarter of 2022, an increase of 4.8% compared to the third quarter of 2022. Gross margin for the Liquor Retail segment in 2022 was $106.3 million or 23% of sales for the period from March 31 to December 31, 2022. Gross margin for the Liquor Retail segment was $36.9 million or 23% of sales in the fourth quarter of 2022 compared to $35.6 million in the third quarter of 2022. The Liquor Retail business maintained its margin throughout the year through an effective pricing and product mix strategy.

2022 年和 2022 年第四季度 3 個橫幅的酒類零售總收入為 4.62 億美元和 1.6 億美元，比 2022 年第三季度增長 4.8%。2022 年酒類零售部門的毛利率為 106.3 美元萬美元或 2022 年 3 月 31 日至 12 月 31 日期間銷售額的 23%。2022 年第四季度，酒類零售部門的毛利率為 3690 萬美元，佔銷售額的 23%，而 2022 年第三季度為 3560 萬美元。酒類零售業務通過有效的定價和產品組合策略全年保持利潤率。

Let's take a closer look at our Cannabis Retail results next. We currently own and/or operate 197 locations under 4 retail banners; Spiritleaf, Value Buds, Superette and Firesale Cannabis. Gross revenue from the Cannabis Retail segment was $206 million in 2022 compared to $16 million in 2021 and $68.4 million in the fourth quarter of '22 compared to $10 million in the fourth quarter of '21.

接下來讓我們仔細看看我們的 Cannabis Retail 結果。我們目前擁有和/或經營 4 個零售品牌下的 197 個地點； Spiritleaf、Value Buds、Superette 和 Firesale Cannabis。大麻零售部門的總收入在 2022 年為 2.06 億美元，而 2021 年為 1600 萬美元，22 年第四季度為 6840 萬美元，而 2021 年第四季度為 1000 萬美元。

The Nova acquisition in 2022 and increased Value Buds banner sales were the material drivers of the increase with $61.4 million of revenue during the fourth quarter of 2022. Gross margin from the Cannabis Retail segment was $47.3 million in 2022 or 23% of sales compared to $6.5 million in 2021.

2022 年對 Nova 的收購和 Value Buds 橫幅銷售額的增加是 2022 年第四季度收入增長 6140 萬美元的重要推動因素。2022 年 Cannabis 零售部門的毛利率為 4730 萬美元，佔銷售額的 23%，而 6.5 美元百萬在 2021 年。

Gross margin for the Cannabis Retail segment was $15.7 million or 23% of sales in the fourth quarter of 2022 compared to $2.8 million in the fourth quarter of 2021. The increase is primarily due to Value Buds' new locations and discount pricing strategy.

Cannabis Retail 部門的毛利率為 1570 萬美元，佔 2022 年第四季度銷售額的 23%，而 2021 年第四季度為 280 萬美元。這一增長主要是由於 Value Buds 的新地點和折扣定價策略。

As of April 19, 2023, the Value Buds' store count is 91 corporate stores. Spiritleaf is 99 comprised of 22 corporate stores and 77 franchise stores, the Superette store count is 5 corporate stores and Fire Sale is 2 corporate stores.

截至 2023 年 4 月 19 日，Value Buds 的商店數量為 91 家公司商店。 Spiritleaf 有 99 家，由 22 家公司商店和 77 家特許經營店組成，Superette 商店數量為 5 家公司商店，Fire Sale 為 2 家公司商店。

I will now turn to SNDL's Cannabis Operations results. Gross revenue from the Cannabis Operations segment in 2022 was $61.9 million compared to $51.2 million in 2021, a 21% increase year-over-year. Gross revenue for the fourth quarter of 2022 was $18.7 million compared to $15.7 million for the fourth quarter in 2021, representing a 19% increase.

我現在將轉向 SNDL 的 Cannabis Operations 結果。 2022 年大麻業務部門的總收入為 6190 萬美元，而 2021 年為 5120 萬美元，同比增長 21%。與 2021 年第四季度的 1570 萬美元相比，2022 年第四季度的總收入為 1870 萬美元，增長了 19%。

Provincial board revenue increased by $6.8 million in the fourth quarter of 2022 compared to the fourth quarter of 2021. This increase can be attributed to the successful implementation of a streamlined and targeted product mix strategy and notable improvements in product quality, along with SNDL's owned retail strategy.

與 2021 年第四季度相比，2022 年第四季度省議會收入增加了 680 萬加元。這一增長可歸因於成功實施了精簡且有針對性的產品組合戰略，產品質量顯著提高，以及 SNDL 自有零售戰略。

Gross margin for Cannabis Operations was negative $13.3 million in 2022 compared to negative $15.5 million in 2021. Gross margin for the fourth quarter of 2022 was negative $9 million compared to negative $7.4 million in the fourth quarter of 2021.

2022年大麻業務的毛利率為負1330萬美元，而2021年為負1550萬美元。2022年第四季度的毛利率為負900萬美元，而2021年第四季度為負740萬美元。

Moving to our Investments segment. As of the end of the fourth quarter of 2022, the company had deployed capital to a portfolio of cannabis-related investments with a carrying value of $638 million, including $519 million to SunStream. For the fourth quarter of 2022, the investment portfolio generated interest and fee revenue of $6 million compared to $3.6 million in the fourth quarter of 2021.

轉到我們的投資部門。截至2022年第四季度末，該公司已將資金部署到賬面價值為6.38億美元的大麻相關投資組合，其中5.19億美元用於SunStream。 2022 年第四季度，該投資組合產生了 600 萬美元的利息和費用收入，而 2021 年第四季度為 360 萬美元。

Share of loss of equity accounted investees generated from investments by SunStream of $18.3 million compared to profit of $19.3 million in the fourth quarter of 2021 and a loss on portfolio investments of $6.9 million compared to a loss of $41.8 million in the fourth quarter of 2021 on marketable securities, which includes unrealized losses on publicly disclosed strategic investments in Village Farms International, Inc. and Valens.

SunStream 投資產生的股權投資損失份額為 1830 萬美元，而 2021 年第四季度為利潤 1930 萬美元，投資組合損失為 690 萬美元，而 2021 年第四季度為虧損 4180 萬美元有價證券，其中包括公開披露的對 Village Farms International, Inc. 和 Valens 的戰略投資的未實現損失。

SunStream's credit portfolio currently consists of 6 investments; Jushi Holdings, Skymint Brands, Ascend Wellness Holdings, Parallel Inc., Columbia Care Inc. and AFC Gamma Inc.

SunStream 的信貸組合目前包括 6 項投資； Jushi Holdings、Skymint Brands、Ascend Wellness Holdings、Parallel Inc.、Columbia Care Inc. 和 AFC Gamma Inc.

Finally, let's discuss our liquidity position. For the 12 months ended December 31, 2022, the company purchased and canceled 4.3 million common shares at a weighted average price of USD 2.33 per common share for a total cost of $13.3 million under its share repurchase program. In the 3 months ended December 31, 2022, the company purchased and canceled 2.6 million common shares at weighted average price of USD 2.06 per common share for a total cost of $7.2 million under the share repurchase program.

最後，讓我們討論一下我們的流動性狀況。在截至 2022 年 12 月 31 日的 12 個月內，公司根據其股票回購計劃以每股 2.33 美元的加權平均價格購買和註銷了 430 萬股普通股，總成本為 1330 萬美元。在截至 2022 年 12 月 31 日的三個月內，公司根據股份回購計劃以每股 2.06 美元的加權平均價格購買和註銷了 260 萬股普通股，總成本為 720 萬美元。

SNDL has 8.9 million shares remaining under its currently approved share repurchase program allowing the company to repurchase common shares from time to time at prevailing market prices, enabling SNDL to return value to shareholders as warranted by market conditions. The share repurchase program will expire on November 19, 2023 if it is not extended.

根據目前批准的股票回購計劃，SNDL 剩餘 890 萬股股票，允許公司不時以現行市場價格回購普通股，使 SNDL 能夠根據市場條件向股東返還價值。如果不延長，股票回購計劃將於 2023 年 11 月 19 日到期。

As Zach mentioned in his shareholder letter, we see noncompliant license holders continue to have unfettered access to excise stamps while refusing to pay tax obligations. This means that more than 60% of companies are now at least 90 days delinquent on excise tax payments. We estimate that industry-wide unpaid excise balances have reached north of $170 million. That said, SNDL has and continues to be compliant and pay all of its tax obligations on a timely basis. Thank you for joining us today.

正如 Zach 在他的股東信中提到的那樣，我們看到不合規的許可證持有人繼續不受限制地獲得消費稅印花，同時拒絕繳納稅款。這意味著超過 60% 的公司現在至少有 90 天拖欠消費稅。我們估計整個行業的未付消費稅餘額已超過 1.7 億美元。也就是說，SNDL 已經並將繼續遵守並及時支付所有納稅義務。感謝您今天加入我們。

Now I would like to introduce, Tank Vander, President of Liquor Retail, who will provide further details on our Liquor Retail segment.

現在我想介紹一下，酒類零售總裁 Tank Vander，他將提供有關我們酒類零售部門的更多詳細信息。

Thank you, Jim, and thank you all for joining today. We have made noteworthy progress in our liquor operations, thanks to the successful integration with the SNDL team and the further expansion of our liquor retail footprint. We are pleased with the positive outcomes of this past year and are eager to continue building on this momentum in 2023.

謝謝你，吉姆，感謝大家今天的加入。由於與 SNDL 團隊的成功整合以及我們酒類零售業務的進一步擴大，我們在酒類業務方面取得了顯著進展。我們對過去一年取得的積極成果感到高興，並渴望在 2023 年繼續保持這一勢頭。

As Zach mentioned, the addition of Liquor Retail to SNDL's operating segments bolsters our technology, infrastructure and presents valuable growth prospects by utilizing analytics to better understand the complete retail experience. The Liquor Retail segment generates stable cash flow and enhances category management, basket mix analysis and preferred label strategy through shared insight across the SNDL retail network.

正如 Zach 所提到的，將 Liquor Retail 添加到 SNDL 的運營部門可以增強我們的技術、基礎設施，並通過利用分析更好地了解完整的零售體驗來呈現有價值的增長前景。酒類零售部門產生穩定的現金流，並通過在 SNDL 零售網絡中共享洞察力來加強品類管理、籃子組合分析和首選標籤策略。

The Alcanna transaction completed in March of 2022, aided in the total revenue growth for the SNDL network and provides a meaningful opportunity for further revenue stabilization through 2023. This past year, we actively drove financial growth by expanding our destination shopping brand, Wine and Beyond, from 9 to 12 stores. This expansion effectively introduced our immersive and differentiated shopping experience to a broader range of customers and generated positive revenue growth.

Alcanna 交易於 2022 年 3 月完成，有助於 SNDL 網絡的總收入增長，並為到 2023 年進一步穩定收入提供了有意義的機會。在過去的一年裡，我們通過擴展我們的目的地購物品牌 Wine and Beyond 積極推動財務增長, 從 9 到 12 家商店。這種擴張有效地將我們身臨其境和差異化的購物體驗引入了更廣泛的客戶，並產生了積極的收入增長。

Subsequent to year-end, we announced that SNDL has obtained 2 liquor retail licenses in Regina and Saskatoon, through the Saskatchewan Liquor and Gaming Authority auction. The company will leverage these licenses to further expand its premium liquor banner, Wine and Beyond, into the final stage of the liquor retail transition to the private sector in Saskatchewan.

年底之後，我們宣布 SNDL 通過薩斯喀徹溫省酒類和博彩管理局拍賣，在里賈納和薩斯卡通獲得了 2 個酒類零售許可證。該公司將利用這些許可證進一步擴大其優質酒類品牌 Wine and Beyond，進入薩斯喀徹溫省酒類零售業向私營部門轉型的最後階段。

We expect the banners growing popularity and strong store performance will carry over into the Saskatchewan market. This expansion provides a significant opportunity for revenue growth as the province transitions to a private sector liquor retail model. Wine and Beyond's initial launch in the 2 largest Saskatchewan cities will help SNDL to evaluate further expansion opportunities in the province.

我們預計越來越受歡迎的橫幅和強勁的商店業績將延續到薩斯喀徹溫省市場。隨著該省向私營酒類零售模式轉型，此次擴張為收入增長提供了重要機會。 Wine and Beyond 在薩斯喀徹溫省最大的兩個城市的首次推出將幫助 SNDL 評估在該省的進一步擴張機會。

As of March 28, 2023, the Ace Liquor store count sits at 137, the Liquor Depot store count is 20, and the Wine and Beyond store count is 12. Through 2021 and 2022, our new store openings for the Wine and Beyond banner significantly contributed to our annualized revenue despite sales slowing through the return to on-premise liquor consumption in postpandemic era. We have maintained steady margins, customer count and total revenues in 2022 despite unprecedented sales highs through 2020 and 2021.

截至 2023 年 3 月 28 日，Ace Liquor 門店數量為 137 家，Liquor Depot 門店數量為 20 家，Wine and Beyond 門店數量為 12 家。到 2021 年和 2022 年，我們的 Wine and Beyond 橫幅新店開張顯著儘管在大流行後時代回歸本地酒類消費導致銷售放緩，但仍為我們的年化收入做出了貢獻。儘管 2020 年和 2021 年的銷售額達到前所未有的高點，但我們在 2022 年保持了穩定的利潤率、客戶數量和總收入。

Our new store openings are performing as expected and in many cases, exceeding our expectations. Wine and Beyond expanded into BC in 2021 and the Dilworth, Kelowna location continues to be one of our top-performing stores, further showcasing proof of concept for the Wine and Beyond retail experience. Gross revenue for Liquor Retail sales for the 3 banners combined was $575.6 million in 2022 and $159.7 million in the fourth quarter of 2022, an increase of 4.8% compared to the third quarter of 2022.

我們的新店開業表現符合預期，在許多情況下超出了我們的預期。 Wine and Beyond 於 2021 年擴展到不列顛哥倫比亞省，位於基洛納的迪爾沃思 (Dilworth) 位置仍然是我們表現最好的商店之一，進一步展示了 Wine and Beyond 零售體驗的概念證明。 2022 年和 2022 年第四季度，這三個品牌的酒類零售總收入分別為 5.756 億美元和 1.597 億美元，比 2022 年第三季度增長 4.8%。

Gross margin in the Liquor Retail segment in 2022 was $133.1 million or 23.1% of sales. Gross margin for the Liquor Retail segment was $36.9 million in the fourth quarter of 2022 or 23.1% of sales compared to $35.6 million or 23.3% of sales in the third quarter of 2022. We saw meaningful basket size growth in the fourth quarter with a 9.6% increase compared to the third quarter of 2022.

2022 年酒類零售業務的毛利率為 1.331 億美元，佔銷售額的 23.1%。 2022 年第四季度，酒類零售部門的毛利率為 3690 萬美元，佔銷售額的 23.1%，而 2022 年第三季度為 3560 萬美元，佔銷售額的 23.3%。我們看到第四季度的籃子規模顯著增長，增長 9.6與 2022 年第三季度相比增長百分比。

Preferred label sales increased by approximately 8.6% to $44.3 million compared to the previous year, leading to increased revenue and a more effective margin strategy. Gross margin on preferred label in 2022 was 30.3% which is a substantial increase from our baseline margin. Preferred label sales currently make up almost 7.9% of sales across all banners.

與上一年相比，首選標籤的銷售額增長了約 8.6%，達到 4,430 萬美元，從而帶來了收入的增加和更有效的利潤策略。 2022 年首選標籤的毛利率為 30.3%，比我們的基準利潤率大幅提高。首選標籤銷售額目前佔所有橫幅銷售額的近 7.9%。

As we return to normal customer shopping experiences in the post-pandemic era, we are excited to bring back in-store events. This year's highlights include the coveted annual spirits release and several celebrity events, including Gene Simmons MoneyBag Vodka launch. The annual spirits release receives immense positive customer response, backed by a sales increase of $256,000 and $87,000 in incremental margin growth in single day sales.

隨著我們在後大流行時代恢復正常的客戶購物體驗，我們很高興能恢復店內活動。今年的亮點包括令人垂涎的年度烈酒發布和幾項名人活動，包括 Gene Simmons MoneyBag Vodka 的發布。一年一度的烈酒發布獲得了巨大的積極客戶反響，銷售額增長了 256,000 美元，單日銷售額增量利潤增長了 87,000 美元。

We see significant opportunity through these popular events which not only delight consumers, but have a significant impact on revenue generation. These larger events are in addition to our curated holiday events, various wine and spirits events and tastings throughout the year, which continue to enhance the customer experience while providing opportunities to increase basket mix and total revenue.

通過這些受歡迎的活動，我們看到了重要的機會，這些活動不僅取悅了消費者，而且對創收產生了重大影響。這些大型活動是我們精心策劃的節日活動、各種葡萄酒和烈酒活動以及全年品酒會的補充，這些活動繼續提升客戶體驗，同時提供增加購物組合和總收入的機會。

In close and to further Zach's initial point, looking to 2023, we see a significant opportunity to generate material revenue for our segment through key initiatives specifically monetizing data-as-a-service. We have access to vast amounts of valuable data, which we are using to inform our own decision-making processes and we believe there is untapped potential in monetizing this data-as-a-service to other businesses. I'm encouraged by our continued stable and positive results and look forward to exploring further expansion opportunities in 2023.

接近 Zach 的初始點，展望 2023 年，我們看到了一個重要的機會，可以通過關鍵舉措，特別是將數據即服務貨幣化，為我們的部門創造物質收入。我們可以訪問大量有價值的數據，我們正在使用這些數據為我們自己的決策過程提供信息，我們相信將這些數據即服務貨幣化到其他企業的潛力尚未開發。我對我們持續穩定和積極的結果感到鼓舞，並期待在 2023 年探索進一步的擴張機會。

We have solidified proof of concept, and I'm excited to unlock additional revenue streams through the upcoming year. I will now pass the call to Tyler Robson for details on our Cannabis Operations segment. Thank you.

我們已經鞏固了概念驗證，我很高興在來年開啟更多的收入來源。我現在將把電話轉給泰勒羅布森，了解我們大麻業務部門的詳細信息。謝謝。

Good morning, everyone, and thank you for joining us. I'm thrilled to join the leadership team at SNDL as President of Cannabis and contribute to the continued growth of the business. While I was not formally part of the company during the full year fourth quarter 2022, I'm excited to join SNDL. For those who don't know me, I was one of the founders of Valens in 2012. We built the company with a mission to drive positive societal change and revolutionize the way people view cannabis. I looked at the industry different.

大家早上好，感謝您加入我們。我很高興加入 SNDL 的領導團隊，擔任 Cannabis 總裁，並為業務的持續增長做出貢獻。雖然在 2022 年第四季度全年我還沒有正式加入公司，但我很高興加入 SNDL。對於那些不認識我的人，我是 Valens 2012 年的創始人之一。我們建立這家公司的使命是推動積極的社會變革並徹底改變人們對大麻的看法。我看行業不同。

We managed to differentiate ourselves by building one of the most versatile 2.0 cannabis platforms and created a distribution network with key players in the Canadian cannabis space. This solidified our position not only as one of the top license producers and manufacturers but a trusted partner in the Canadian cannabis space.

我們通過構建最通用的 2.0 大麻平台之一成功脫穎而出，並與加拿大大麻領域的主要參與者建立了分銷網絡。這不僅鞏固了我們作為頂級許可生產商和製造商之一的地位，而且鞏固了我們在加拿大大麻領域值得信賴的合作夥伴的地位。

I'm excited to contribute my extensive experience in cannabis industry to SNDL spanning over 15 years in both the U.S. and Canada. Valens found the ideal partner at SNDL enabling us as a combined company to augment our platform and increase our capital, resources and capabilities. We are building a leading vertically integrated player with expertise in cultivation, procurement, manufacturing, retail and liquor distribution.

我很高興能將我在大麻行業的豐富經驗貢獻給 SNDL 在美國和加拿大跨越 15 年的時間。 Valens 在 SNDL 找到了理想的合作夥伴，使我們作為一家合併後的公司能夠擴大我們的平台並增加我們的資本、資源和能力。我們正在打造一家領先的垂直整合企業，在種植、採購、製造、零售和酒類分銷方面擁有專業知識。

Our objective is to deliver on our purpose of bringing people together through exceptional products and experiences for generations to come. While moving forward, we have ambitious goals for our cannabis business segment. In February, we announced changes to our operations through a rightsizing of our cannabis cultivation in Olds, Alberta; and Atholville, New Brunswick in an effort to focus on the facility on premium products and brands.

我們的目標是實現我們的目標，即通過為子孫後代提供卓越的產品和體驗將人們聚集在一起。在前進的同時，我們為大麻業務部門製定了雄心勃勃的目標。 2 月，我們宣布通過調整我們在艾伯塔省奧爾茲的大麻種植規模來改變我們的業務；和新不倫瑞克省的阿瑟爾維爾，致力於將工廠重點放在優質產品和品牌上。

The Valens transaction accelerated the need to optimize and rationalize SNDL's manufacturing and operational footprint to better address market saturation, oversupply and efficiency. We believe that our ongoing focus on high-quality cannabis and cultivation operations combined with Valens' low-cost biomass procurement capabilities will enhance SNDL's ability to offer a wide range of customized innovative products to meet the consumer demand and current market conditions.

Valens 交易加快了對 SNDL 的製造和運營足跡進行優化和合理化的需求，以更好地解決市場飽和、供過於求和提高效率的問題。我們相信，我們對高質量大麻和種植業務的持續關注，加上 Valens 的低成本生物質採購能力，將增強 SNDL 提供廣泛定制創新產品以滿足消費者需求和當前市場條件的能力。

Our strategy is centered around reducing our reliance on high-cost indoor cannabis growing and increasing our optionality on biomass. Do not underestimate the strategic implications of our combined ability to procure or grow the best quality product for different price points. As Zach mentioned, we are currently undergoing a comprehensive integration process and one of the most significant integration efforts in our portfolio rationalization.

我們的戰略集中在減少我們對高成本室內大麻種植的依賴和增加我們對生物質的選擇。不要低估我們以不同價位採購或種植最優質產品的綜合能力的戰略意義。正如 Zach 提到的，我們目前正在進行全面的整合過程，這是我們投資組合合理化過程中最重要的整合工作之一。

We are currently analyzing everything; operations, brands, partners and markets. This exercise is a critical step towards streamlining our operations, enhancing our profitability and ensuring that we continue to offer high-quality innovation that meets the ever-evolving needs of the consumers.

我們目前正在分析一切；運營、品牌、合作夥伴和市場。這項工作是簡化我們的運營、提高我們的盈利能力並確保我們繼續提供滿足消費者不斷變化的需求的高質量創新的關鍵一步。

We are committed to ensuring that our portfolio is optimized for long-term success, and we have already made great progress. At SNDL, we recognize the importance of the B2B segment and remain committed to developing and enhancing the critical area of our business. Leveraging our extraction and innovation capabilities and manufacturing expertise, we are proud to currently serve 4 of the top 5 Canadian licensed producers with our products.

我們致力於確保我們的產品組合得到優化以取得長期成功，並且我們已經取得了長足的進步。在 SNDL，我們認識到 B2B 部分的重要性，並繼續致力於發展和加強我們業務的關鍵領域。憑藉我們的提取和創新能力以及製造專業知識，我們很自豪目前為加拿大前 5 大特許生產商中的 4 家提供我們的產品。

Our goal is to remain the industry's preferred partner offering exceptional quality consistently and service to our B2B partners.

我們的目標是繼續成為業界首選的合作夥伴，始終如一地為我們的 B2B 合作夥伴提供卓越的品質和服務。

In Q3 2022, SNDL made its first international shipment to Israel, marking a significant milestone for the company. We are eager to continue expanding our international presence with Israel and Australia, thereby unlocking new revenue streams for the company. We believe the international market presents an attractive opportunity for SNDL and we are committed to building a strong foothold there. Our team is actively exploring additional international opportunities and partnerships to further bolster our business and drive sustainable growth for the company.

2022 年第三季度，SNDL 向以色列發出了第一批國際貨物，標誌著該公司的一個重要里程碑。我們渴望繼續擴大我們在以色列和澳大利亞的國際影響力，從而為公司開闢新的收入來源。我們相信國際市場為 SNDL 提供了一個有吸引力的機會，我們致力於在那裡建立穩固的立足點。我們的團隊正在積極探索更多的國際機會和合作夥伴關係，以進一步加強我們的業務並推動公司的可持續發展。

My primary objective is to make our cannabis operations profitable on a sustainable basis by the end of 2023. We have the right strategic assets to be one of the most profitable cannabis companies in Canada and with the initiatives that have already been executed on and ones planned to come. We expect to reap the reward in the back half of the year.

我的主要目標是到 2023 年底使我們的大麻業務在可持續的基礎上盈利。我們擁有合適的戰略資產，可以成為加拿大最賺錢的大麻公司之一，並且已經實施和計劃實施的舉措來。我們預計將在今年下半年收穫回報。

Achieving this goal is critical to our long-term success and will require a concerted effort across the organization. We are committed to streamlining our operations, optimizing our portfolio and driving revenue growth through strategic partnerships, expansion in the new markets and continued investment in our core capabilities. I look forward to showing the market what we have in store in the quarters to come. I will pass it back to Zach for closing remarks.

實現這一目標對我們的長期成功至關重要，需要整個組織的共同努力。我們致力於通過戰略合作夥伴關係、新市場擴張和對核心能力的持續投資來精簡我們的運營、優化我們的產品組合併推動收入增長。我期待著向市場展示我們在未來幾個季度的庫存。我會把它傳回給 Zach 作結束語。

I am proud of our team's performance and progress in 2022. I am encouraged by the way our team is executing with purpose, confidence and resilience. Our work is far from complete, but SNDL has a tremendous opportunity to continue to challenge the expected in the regulated products industry. The team is committed to building a world-class business and we are excited about the possibilities ahead.

我為我們團隊在 2022 年的表現和進步感到自豪。我對我們團隊有目標、有信心和韌性的執行方式感到鼓舞。我們的工作遠未完成，但 SNDL 有巨大的機會繼續挑戰受管制產品行業的預期。該團隊致力於打造世界一流的企業，我們對未來的可能性感到興奮。

I would like to thank our SNDL colleagues for their tremendous efforts, our customers for their trust and you, our shareholders, for your continued support. We look forward to another exceptional year.

我要感謝我們 SNDL 同事的巨大努力，感謝我們客戶的信任，感謝您，我們的股東，一直以來的支持。我們期待著又一個非凡的一年。

(Operator Instructions) The first question comes from Andrew Partheniou with Stifel GMP.

（操作員說明）第一個問題來自 Stifel GMP 的 Andrew Partheniou。

I wanted to maybe take a step back first and think about things from a high level. On the cannabis operations, you've made a lot of movements here. You acquired Valens and Zenabis which come with several production and manufacturing assets. You have an equity position in Village Farms. At the same time, you announced the rightsizing of your operations and doubling cost synergy goals to over $20 million.

我想也許先退後一步，從更高的層次思考問題。在大麻業務上，你在這裡做了很多動作。您收購了 Valens 和 Zenabis，它們擁有多項生產和製造資產。您在 Village Farms 擁有股權。與此同時，你們宣布調整運營規模並將成本協同目標翻一番，達到 2000 萬美元以上。

So is it possible to talk about what an optimized footprint looks like physically and strategically? Which assets will be used for what purpose? I believe you already mentioned you wanted to sell the Zenabis facility in Nova Scotia. Could we see any other asset sales, repurposing or maybe leasing out a new space and what kind of consideration is a reasonable expectation in this environment, maybe a range or a floor value could be useful?

那麼，是否有可能討論優化後的足跡在物理上和戰略上是什麼樣子的？哪些資產將用於什麼目的？我相信你已經提到你想出售新斯科舍省的 Zenabis 設施。我們能否看到任何其他資產出售、重新利用或出租新空間，以及在這種環境下什麼樣的考慮是合理的預期，也許範圍或底價可能有用？

Thanks for the question, Andrew. We can speak at a high level to answer your questions, but there's a number of data points and decisions that have yet to be made. When you look at the rapid growth by acquisition that SNDL has experienced over the last 24 months, certainly, there is room for rationalization, and we are focused internally today on optimizing our footprint and driving efficiencies through every segment of the business.

謝謝你的問題，安德魯。我們可以在高層發言來回答您的問題，但還有許多數據點和決策尚未做出。當您審視 SNDL 在過去 24 個月中通過收購實現的快速增長時，當然還有合理化的空間，我們今天在內部專注於優化我們的足跡並提高業務各個部門的效率。

So when you look at our office footprint for personnel and our facility footprint, there's no question that we are going to reduce that exposure over time. I would say that, which I think was what you're getting at, cultivation is probably the last big strategic question that the company is endeavoring to answer. And the path that we're on, we are aiming to be the low-cost, high-quality producer in every segment in which we participate.

因此，當您查看我們辦公室的人員足跡和我們的設施足跡時，毫無疑問，我們將隨著時間的推移減少這種暴露。我想說的是，我認為這就是你的意思，培養可能是公司正在努力回答的最後一個重大戰略問題。在我們所走的道路上，我們的目標是成為我們參與的每個領域的低成本、高質量生產商。

And when you look at some of the vagaries in different markets in Canada, whether that be the cost of labor, volatility in terms of power prices, the rapid adjustment and improvement in SOPs and the impact of genetics in hybrid glasshouse, there's a lot to consider. So we are doing some very careful analysis right now and preparing to make those bigger decisions in the quarter to come.

當你看看加拿大不同市場的一些變幻莫測的情況時，無論是勞動力成本、電價波動、SOP 的快速調整和改進，還是雜交溫室中遺傳學的影響，都有很多值得研究的地方。考慮。因此，我們現在正在做一些非常仔細的分析，並準備在接下來的季度做出更大的決定。

Different assets will have different levels of liquidity. You absolutely point out that clearly, the cannabis industry is being starved with capital. We have some good fortune in the sense that a number of our facilities actually do have alternative use. In fact, some are actually highly desired industrial facilities, and industrial, as you're probably aware, is still a very strong market despite the rate environment we're in.

不同的資產將具有不同水平的流動性。你絕對清楚地指出，大麻產業正面臨資金匱乏。從某種意義上說，我們很幸運，因為我們的許多設施實際上都有其他用途。事實上，有些實際上是非常需要的工業設施，而工業，正如你可能知道的那樣，儘管我們所處的利率環境仍然是一個非常強大的市場。

So that's really the high-level answer, and we are going to be excited to report some of the results of our decisions and actions to be taken this year and beyond in the coming quarters.

所以這確實是高級別的答案，我們將很高興地報告我們今年及未來幾個季度將採取的決定和行動的一些結果。

Okay. I appreciate that. My second question, maybe thinking about SunStream Bancorp. You talked about potentially becoming a majority owner in at least one MSO this year. An assumption could be made that these assets are likely burning cash. And it seems like there's not a ton of cash in the JV right now. Could you talk a little bit about the regulatory compliant options you have to finance these businesses, assuming you do take control? Should we expect SNDL to inject another cash infusion here? And what are you thinking in terms of order of magnitude, if so? Could a cash infusion also look to increase the number of borrowers given the challenging capital raising environment currently?

好的。我很感激。我的第二個問題，可能是考慮 SunStream Bancorp。你談到今年有可能成為至少一個 MSO 的大股東。可以假設這些資產可能正在消耗現金。而且現在合資企業似乎沒有大量現金。假設您確實控制了這些業務，您能否談談您必須為這些業務提供資金的合規選項？我們應該期待 SNDL 在這裡註入另一筆現金嗎？如果是這樣，您認為數量級是多少？鑑於當前充滿挑戰的融資環境，現金注入是否也能增加借款人的數量？

Thanks for the question. So the way I come at this, we're not going to talk about specific numbers or contributions. I would not make any assumptions around cash burn rates for these vehicles. And I would not start with a flatly negative assumption on performance. We've seen a number of opportunities across the U.S. landscape where operating discipline has been lacking, cost discipline and capital discipline has been lacking.

謝謝你的問題。所以我來這裡的方式，我們不會談論具體的數字或貢獻。我不會對這些車輛的現金消耗率做出任何假設。而且我不會從對性能的完全消極的假設開始。我們在美國各地看到了許多機會，其中缺乏運營紀律、成本紀律和資本紀律。

So there's a lot of low-hanging fruit across a number of these companies that we think can really move the needle in terms of near-term performance. When you think about liquidity, if you're asking the question of would we allocate more capital to existing portfolio companies to shore up resources and make sure that they can survive, the answer is yes, but on the flip side, we also have a number of credits that are of -- where there is strong third-party interest in either acquiring the businesses or the paper itself, the credit investment, because it's strategic to other parties as well.

因此，我們認為這些公司中有很多唾手可得的成果，我們認為它們可以在近期業績方面真正發揮作用。當您考慮流動性時，如果您問我們是否會向現有投資組合公司分配更多資金以支撐資源並確保它們能夠生存，答案是肯定的，但另一方面，我們也有信用的數量——第三方對收購企業或報紙本身、信用投資有強烈的興趣，因為它對其他方也具有戰略意義。

So we are looking at unlocking value and freeing up capital through the monetization of a number of assets. We have both fixed assets and financial instruments that do hold value that whether it is interest from third parties. And so there's sources and uses equation there that should put us in a position where we have no issues when it comes to liquidity.

因此，我們正在考慮通過大量資產的貨幣化來釋放價值並釋放資本。我們擁有固定資產和金融工具，它們確實具有價值，無論是來自第三方的利息。因此，那裡的來源和使用方程式應該使我們處於流動性方面沒有問題的位置。

And between our debt-free balance sheet and our trading liquidity, we have access to both credit and equity capital, which we are -- we have no near-term plans to access but puts us in a good position where we can focus on improving the business and generating free cash flow today.

在我們的無債務資產負債表和我們的交易流動性之間，我們可以獲得信貸和股權資本，我們是 - 我們沒有近期計劃獲得但使我們處於一個有利的位置，我們可以專注於改進今天的業務並產生自由現金流。

The next question comes from Matt Bottomley with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Matt Bottomley。

Appreciate all the color in the prepared remarks so far. I just wanted to flip back to the Canadian wholesale B2B cultivation operations? And a lot of good comments in the prepared remarks. But just given if you kind of look at the adjusted EBITDA rec over the last 4, 5 quarters, it certainly is something that has been on the decline within that reconciliation, given it's sort of 5% of your business today, but a good chunk, I think $4 million or $5 million of adjusted EBITDA loss every quarter.

欣賞到目前為止準備好的備註中的所有顏色。我只是想翻回加拿大批發 B2B 種植業務？並在準備好的發言稿中提出了很多好評。但是如果你看一下過去 4、5 個季度調整後的 EBITDA 記錄，它肯定是在對賬中一直在下降的，因為它今天佔你業務的 5%，但很大一部分，我認為每個季度調整後的 EBITDA 損失為 400 萬或 500 萬美元。

I'm just curious how Valens sort of fits into that on the closing in January? And how much of this is actually in your control, whether it's through streamlining and rightsizing versus just an overall for lack of a better term, mess, that the Canadian pricing model seems to be in right now?

我只是好奇 Valens 在 1 月份的收盤時是如何融入其中的？這其中有多少實際上在您的控制之下，無論是通過精簡和合理調整，還是僅僅因為缺乏更好的術語，混亂，加拿大的定價模式現在似乎處於整體狀態？

Yes. I would say that we're extremely excited about Tyler and the Valens team joining us. I'll let him speak to the current state of play on B2B and the broader pricing environment in wholesale in Canada, but I would say that this merger ends up solving problems for both legacy businesses in a way that we think is going to be very, very powerful.

是的。我想說的是，我們對 Tyler 和 Valens 團隊的加入感到非常興奮。我會讓他談談 B2B 的當前狀態和加拿大批發的更廣泛的定價環境，但我要說的是，這次合併最終以我們認為非常有效的方式解決了兩家傳統企業的問題， 很強大。

And we're headed down right in the middle of our integration work. That work began prior to close, and we're making a lot of very tough decisions right now. And we're very excited about reporting more detail on this in the near future. But let me just open the floor to Tyler to comment on the current state of the market in Canada.

我們正處於整合工作的中間。這項工作在結束之前就開始了，我們現在正在做出很多非常艱難的決定。我們很高興能在不久的將來報告更多這方面的細節。但是，讓我先請泰勒發言，讓他對加拿大市場的現狀發表評論。

Yes. Thanks, Zach. I don't think it's a surprise to anybody that the Canadian market is a mess. And with this integration/acquisition of Valens, I think we can slowly move away from high-end indoor and be opportunistic on what the B2B market holds. So Matt, going back to your question, is it in full control? I'd say the majority of it is in our control. And then we'll just be, I would say, strategically aggressive as we continue to move through the ecosystem, what we call Canadian cannabis, but I am extremely excited. Obviously, I can't comment on what happened in the last 12 months at SNDL, but on the go forward, I'm definitely optimistic on what we can do collectively.

是的。謝謝，扎克。我認為加拿大市場一團糟對任何人來說都不足為奇。通過對 Valens 的整合/收購，我認為我們可以慢慢遠離高端室內市場，並在 B2B 市場持有的東西上投機取巧。所以馬特，回到你的問題，它是完全控制的嗎？我會說大部分都在我們的控制之下。然後，我會說，隨著我們繼續在生態系統中移動，我們將在戰略上積極進取，我們稱之為加拿大大麻，但我非常興奮。顯然，我無法評論過去 12 個月在 SNDL 發生的事情，但在未來，我對我們可以共同做的事情絕對樂觀。

Got it. Appreciate that. And then just my second question is just where you guys view the company from a sustainability perspective, as is? I know there's other growth initiatives and strategic stuff that was outlined on the call, but cash flow from operations of $29 million in Q4. Can you just break down what might have been a big swing, maybe it's working capital or something else over the last period?

知道了。感謝。然後我的第二個問題就是你們從可持續發展的角度看待公司的地方，是嗎？我知道電話會議上還概述了其他增長計劃和戰略內容，但第四季度的運營現金流為 2900 萬美元。你能不能分解一下可能是一個大的波動，也許是營運資金或上一時期的其他東西？

Maybe in relation to, I think you said your adjusted EBITDA, if you got rid of those noncash investment reductions, would have been close to $10 million, so just bridge that gap and sort of where you think you are from a sustainability standpoint from your cash flow from ops?

也許關於，我想你說你調整後的 EBITDA，如果你去掉那些非現金投資減少，將接近 1000 萬美元，所以只是彌合這個差距，從你認為從可持續發展的角度來看你所處的位置來自運營的現金流？

Jim, do you want to take that? That's fine. I can take it. So Matt, it's important to remember that with the largest contributor on the liability side of the balance sheet is really our lease exposure. And it's really important that investors and analysts look at pre and post IFRS 16 analysis for this. That's a big driver for the delta.

吉姆，你要拿那個嗎？沒關係。我可以接受。所以馬特，重要的是要記住，資產負債表負債方面的最大貢獻者實際上是我們的租賃風險。投資者和分析師為此查看 IFRS 16 前後的分析非常重要。這是三角洲的一個重要驅動力。

And you'll note that cash flow from operations does not include lease expenses that are found in cash flow from financing against this regime. So we can work through the reconciliation, which is all publicly available through the filings, but happy to walk through it with you offline.

你會注意到，運營產生的現金流量不包括租賃費用，這些費用在針對該制度融資的現金流量中發現。因此，我們可以完成和解，所有這些都可以通過文件公開獲得，但很高興在線下與您一起完成。

Yes. No problem. Just I guess just the one question on that is, do you think sort of an overall number above 0 is sustainable from where we're at today? Or do you expect there to be volatility just given how many moving pieces there's been as of late in terms of the overall growth of the company?

是的。沒問題。我想只有一個問題是，你認為從我們今天所處的位置來看，高於 0 的總體數字是否可持續？還是考慮到最近公司整體增長方面有多少變動因素，您是否預計會出現波動？

SNDL was started with leverage to the largest pure indoor modular cultivation and processing facility in the country. It also happened to be built and was inherited by this current team in Alberta. Alberta has seen wild fluctuations in power prices that have, in the trailing 12 months, hit levels that are as much as 3x what you would see in markets that are levered to available hydropower, markets like Quebec and British Columbia.

SNDL 開始時利用了該國最大的純室內模塊化種植和加工設施。它也恰好由艾伯塔省的這支現有團隊建造並繼承。在過去的 12 個月裡，艾伯塔省的電價波動幅度高達魁北克省和不列顛哥倫比亞省等可用水電市場的 3 倍。

And one of the things that the Valens transaction -- the opportunities the Valens transaction affords us, is to move away from a high-cost production, which is really only suitable and can only generate economic margin in premium markets. And the premium market in Canada is a very narrow fairway to hit, less than 10% of the market, as you're aware.

瓦倫斯交易的其中一件事——瓦倫斯交易為我們提供的機會，就是擺脫高成本生產，這真的只適合併且只能在高端市場產生經濟利潤。正如您所知，加拿大的高端市場是一個非常狹窄的市場，不到 10% 的市場份額。

And so we have the opportunity today to take better advantage of the headwinds in the space, the oversupply in the market and to be a strong partner to cultivators and other parties of all sizes that are in desperate need of working capital that we can strike commercial deals with.

因此，我們今天有機會更好地利用該領域的逆風、市場供過於求，並成為迫切需要營運資金的種植者和其他各種規模的各方的強大合作夥伴，我們可以將其商業化對付。

So there's going to be a lot of noise in Q1, potentially Q2 as we work through this integration, and we're going to do our best to tease apart the various impacts and show the clear path to operational improvements. And the first step will come in a matter of weeks with this delay. We have Q1 coming up very, very quickly here. So we'll do our best to show those results on a clean basis, but I would expect some degree of noise as we're continuing this integration work in the first half of the year.

因此，在我們通過這種整合進行工作時，第一季度可能會有很多噪音，可能是第二季度，我們將盡最大努力梳理各種影響並展示改善運營的明確途徑。由於這種延遲，第一步將在幾週內出現。我們在這裡非常非常快地迎來了第一季度。因此，我們將盡最大努力在乾淨的基礎上展示這些結果，但我希望在今年上半年繼續進行這項整合工作時會有一定程度的噪音。

The next question comes from Frederico Gomes with ATB Capital Markets.

下一個問題來自 ATB Capital Markets 的 Frederico Gomes。

My first question is on your Liquor Retail segment. So you've managed to keep your margins at about 23% flat in this environment. But you also mentioned some opportunities for margin expansion this coming year. And one of those opportunities referred to maybe monetizing data as a service, so how soon do you think that could have an impact on your margins in that segment? How far along are you in implementing that strategy?

我的第一個問題是關於您的酒類零售部門。因此，在這種環境下，您設法將利潤率保持在 23% 左右。但你也提到了明年利潤率擴張的一些機會。其中一個機會可能是將數據作為一種服務貨幣化，那麼您認為這會在多長時間內對您在該領域的利潤率產生影響？您在實施該戰略方面走了多遠？

Tank, you want to talk about the current operating environment in liquor.

坦克，你想談談目前白酒的經營環境。

Yes, for sure. I'll provide some context on the operating environment. So Fred, we have definitely managed to hold our margins steady, even with some decline from the pandemic years. We are definitely looking at some margin improvements from various different things, data monetization is one of them. We are working actively to have that done in the next quarter, but nothing is definitive on that at this point. I can't really put any numbers in front of you at this point, but there will be margin improvements with data monetization and also some more focus on more value-based private label products in the market.

是肯定的。我將提供有關操作環境的一些上下文。因此，弗雷德，我們確實成功地保持了利潤率的穩定，即使與大流行年相比有所下降。我們肯定會從各種不同的事物中尋找一些利潤率的提高，數據貨幣化就是其中之一。我們正積極努力在下個季度完成這項工作，但目前還沒有確定的事情。在這一點上，我真的不能把任何數字擺在你面前，但隨著數據貨幣化，利潤率會有所提高，而且市場上也會更加關注更多基於價值的自有品牌產品。

Okay. And then just looking at your cannabis inventory. When you acquired Zenabis, you had approximately 22 million grams of inventory there that you mentioned. How much of that have you been able to monetize so far? And what sort of impact has that had in your margins for the Cannabis Operations segment?

好的。然後看看你的大麻庫存。當你收購 Zenabis 時，你在那裡有大約 2200 萬克你提到的庫存。到目前為止，您能夠從中獲利多少？這對您的 Cannabis Operations 部門的利潤產生了什麼樣的影響？

Fred, it's a great question. We're not going to talk about specific numbers, but we can have certainly Tyler talk about the aggressive approach we're taking on inventory. Some of this, as we move forward, you will see some noise on a margin basis, but as we reported, we effectively acquired the equivalent of over 20 million grams in the successful credit bid for Zenabis. And we're working really diligently in monetizing inventory across the entire business, not just in Atholville, so to speak. But I'll turn it over to Tyler to talk a little bit about some of the team's efforts.

弗雷德，這是一個很好的問題。我們不打算談論具體數字，但我們當然可以讓泰勒談論我們正在採取的積極的庫存方法。其中一些，隨著我們的前進，你會在保證金的基礎上看到一些噪音，但正如我們報導的那樣，我們在 Zenabis 的成功信貸競標中有效地獲得了相當於超過 2000 萬克的數量。而且我們正在努力在整個業務中通過庫存貨幣化，而不僅僅是在 Atholville，可以這麼說。但我會把它交給泰勒來談談團隊的一些努力。

Yes, thanks, Zach. I would say just knowing the platform that SNDL and Valens now offer together; obviously, Valens is the largest purchaser of biomass. We have the ability to move through inventory like no one else in the Canadian space. So not worried about moving through the inventory. And like Zach said, I don't think we're going to give specifics at this time. But the one thing that this platform gives us is optionality so we can maximize overall revenue out of that inventory. So whether it's going into hydrocarbon pre-rolls, we'll monetize it effectively to put our best foot forward.

是的，謝謝，扎克。我會說只知道 SNDL 和 Valens 現在一起提供的平台；顯然，瓦倫斯是最大的生物質採購商。我們有能力像加拿大地區的其他人一樣處理庫存。所以不用擔心移動庫存。就像扎克說的，我認為我們現在不會給出具體細節。但是這個平台給我們的一件事是可選性，因此我們可以從該庫存中最大化總收入。因此，無論它是否進入碳氫化合物預卷，我們都會有效地將其貨幣化以展現我們最好的一面。

(Operator Instructions) Next question comes from Andrew Partheniou with Stifel GMP.

（操作員說明）下一個問題來自 Stifel GMP 的 Andrew Partheniou。

I apologize, I didn't hear the answers to the last questions. I got disconnected on my side. I believe you had a pretty nice decrease on your inventory position, you did acquire 22 million grams from the Zenabis transaction. Could you provide a little bit more detail on the inventory line item on your balance sheet now? What's the ideal level for you? And could you talk a little bit about how much left of that Zenabis inventory is left to monetize. What kind of demand are you looking -- are you looking at in this current environment for that?

抱歉，我沒有聽到最後一個問題的答案。我這邊掉線了。我相信你的庫存頭寸有相當大的減少，你確實從 Zenabis 交易中獲得了 2200 萬克。您現在能否提供有關資產負債表上庫存項目的更多詳細信息？你的理想水平是多少？你能談談 Zenabis 庫存中還有多少可以貨幣化嗎？您在尋找什麼樣的需求——您在當前環境中尋找的是什麼？

Thanks, Andrew, and we're thrilled that you're back online and thrilled to have you on the call. That was actually the last question that was asked. So great minds, I guess. And so we're not going to talk about specific numbers, but we do have a very aggressive plan. You're likely to see most of the cash flow attributed with the monetization of that inventory hit our P&L in Q2 and Q3 predominantly.

謝謝，安德魯，我們很高興你能重新上線，也很高興你能接聽電話。這實際上是被問到的最後一個問題。我想，頭腦真好。所以我們不會談論具體數字，但我們確實有一個非常積極的計劃。您可能會看到大部分歸因於該庫存貨幣化的現金流量主要影響了我們在第二季度和第三季度的損益。

But we're not going to talk about rate of change or pricing at this point. Happy to get into it after the fact. And Tyler had explained as well that we have a tremendous amount of optionality with the combined platform and with Valens position as effectively the largest purchaser of biomass in Canada, they've demonstrated the ability to move through inventory at a very rapid clip. And whether that's for different product and pricing segments or feedstock for extraction, there's a ton of optionality there.

但我們現在不打算談論變化率或定價。事後很高興進入其中。泰勒還解釋說，我們在合併後的平台上有大量的選擇權，而瓦倫斯實際上是加拿大最大的生物質採購商，他們已經展示了快速處理庫存的能力。無論是針對不同的產品和定價細分市場還是用於提取的原料，都有大量的可選性。

So no concerns on that. And Tyler and his team have been very, very aggressive in moving through inventory across all pockets in the company, not just Zenabis in Atholville. So we will provide updates on that later and getting more efficient with our use of capital and inventory levels is a key part of the efficiency opportunity that we're working on right now.

所以不用擔心。 Tyler 和他的團隊一直非常、非常積極地清理公司所有部門的庫存，而不僅僅是 Atholville 的 Zenabis 。因此，我們稍後會提供更新，提高我們對資本和庫存水平的使用效率是我們目前正在努力提高效率的關鍵部分。

This conclude the question-answer session. I would like to turn the conference back over to Zach George for any closing remarks.

問答環節到此結束。我想將會議轉回 Zach George 的閉幕詞。

Thank you, and thank you all for joining us this morning. We look forward to updating you on our progress and results in just a few short weeks, and we wish you all a great day. Thank you.

謝謝大家，感謝大家今天早上加入我們。我們期待在短短幾週內向您通報我們的進展和結果，祝大家度過愉快的一天。謝謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。