SNDL Inc (SNDL) 2023 Q4 法說會逐字稿

Good morning, and welcome to SNDL's year-end and fourth-quarter 2023 financial results conference call. This morning, SNDL issued a press release announcing their financial results for the yearend and fourth quarter ended on December 31, 2023. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplementary investor presentation along with the shareholder letter from Chief Executive Officer, Zach George, on its sndl.com website.

早上好，歡迎參加 SNDL 2023 年年底和第四季財務業績電話會議。今天上午，SNDL 發布新聞稿，宣布截至 2023 年 12 月 31 日的年末和第四季度財務業績。本新聞稿可在公司網站 sndl.com 上取得，並在 EDGAR 和 SEDAR 上存檔。電話會議的網路直播重播也將在 sndl.com 網站上提供。SNDL 也在其 sndl.com 網站上發布了補充投資者介紹以及首席執行官 Zach George 的股東信。

Presenting on this morning's call, we have Zach George, Chief Executive Officer; Alberto Paredero, Chief Financial Officer; Tank Vander, President, Liquor Retail; and Tyler Robson, President Cannabis.

在今天早上的電話會議上，我們有執行長 Zach George；阿爾貝托·帕雷德羅，財務長； Tank Vander，酒類零售總裁；和大麻公司總裁泰勒·羅布森 (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的回答可能構成前瞻性陳述。實際結果可能與預期有重大差異。可能影響結果的風險因素詳見該公司的財務報告以及 SEDAR 和 EDGAR 上提供的其他公開文件。

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.

此外，除非另有說明，所有提到的財務數據均以加幣為單位。我們現在將發表準備好的評論，然後我們將轉向分析師問題。

I would now like to turn the call over to Zach George. Please go ahead.

我現在想把電話轉給扎克喬治。請繼續。

Good morning, everyone, and thank you for joining us on our full-year and fourth-quarter 2023 earnings call. 2023 was a transformational year for SNDL marked by several financial milestones, including record revenue and gross profit. The year began with remarkable year-over-year revenue growth of almost 1,000% in Q1 of 2023, which was then followed by positive free cash flow generation of $18 million in the second half of the year.

大家早安，感謝您參加我們的 2023 年全年和第四季財報電話會議。 2023 年對 SNDL 來說是轉型的一年，實現了多個財務里程碑，包括創紀錄的收入和毛利。2023 年第一季營收年增近 1,000%，隨後下半年自由現金流量為 1,800 萬美元。

2023 net revenue reached a record $909 million, a 28% increase from the previous year, while gross profit surged to a record $190 million, up 36% from the prior year. SNDL's team has worked to build a scaled and diversified platform that we believe will be the basis for the creation of sustainable shareholder value.

2023年淨收入達到創紀錄的9.09億美元，比上年增長28%，而毛利潤飆升至創紀錄的1.9億美元，比上年增長36%。SNDL 團隊致力於建立一個規模化、多元化的平台，我們相信該平台將成為創造永續股東價值的基礎。

Our operations include award-winning liquor and cannabis retail banners, broad manufacturing capabilities, and a uniquely positioned nonconsolidated exposure to US cannabis operators with a fair value of more than $0.5 billion. We are also in the process of monetizing a number of real estate and credit assets that will continue to feed and strengthen our industry-leading balance sheet.

我們的業務包括屢獲殊榮的酒類和大麻零售旗幟、廣泛的製造能力以及對美國大麻運營商的獨特定位非合併風險敞口，公允價值超過 5 億美元。我們也正在將一些房地產和信貸資產貨幣化，這些資產將繼續充實和加強我們行業領先的資產負債表。

The acquisition of Valens in January of 2023 was a key tactical move for SNDL, enhancing our upstream capabilities in Canadian cannabis. We now have manufacturing capabilities across all major product categories and continue to drive automation and labor efficiencies. We have exited exposure to high-cost owned cultivation and leaned into procurement opportunities.

2023 年 1 月收購 Valens 是 SNDL 的一項關鍵戰術舉措，增強了我們在加拿大大麻的上游能力。我們現在擁有涵蓋所有主要產品類別的製造能力，並繼續推動自動化和勞動效率。我們已經退出了高成本的自有種植，並轉向採購機會。

Integrating Valens' operations into our infrastructure has led to significant synergies, resulting in approximately $22 million in annualized cost savings. These savings stem from better capacity utilization and various cost reduction initiatives, including the optimization of our cultivation footprint.

將 Valens 的業務整合到我們的基礎設施中產生了顯著的協同效應，每年節省了約 2,200 萬美元的成本。這些節省源自於更好的產能利用率和各種降低成本的舉措，包括優化我們的種植足跡。

Our progress is reflected in the steady sequential improvement of our gross profit over the year. We expect our cannabis operations segment to deliver additional operating efficiencies in 2024 and are excited by growth opportunities in B2B and international markets.

我們的進步體現在我們一年來毛利的穩定連續改善。我們預計我們的大麻業務部門將在 2024 年實現更高的營運效率，並對 B2B 和國際市場的成長機會感到興奮。

We've continued to build upon the stable foundation of our liquor retail segment with a focus on margin enhancement. We've achieved this through the launch of our data program, the refinement of inventory management practices, and growth in private label offerings. These initiatives have been pivotal in optimizing our operations within this segment.

我們持續鞏固酒類零售業務的穩定基礎，並專注於利潤率的提高。我們透過推出數據計劃、完善庫存管理實踐以及自有品牌產品的成長實現了這一目標。這些舉措對於優化我們在該領域的營運至關重要。

We also reached record results in revenue, gross profit, and cash flow within our cannabis retail segment. The increase showcases the company's efforts in continued margin expansion initiatives and data program enhancements. In 2023, we streamlined our investment portfolio by divesting from equity securities and certain credit exposures.

我們的大麻零售部門在收入、毛利和現金流方面也取得了創紀錄的業績。這一增長展示了該公司在持續利潤擴張計劃和數據計劃增強方面所做的努力。2023 年，我們透過剝離股本證券和某些信用風險敞口來精簡我們的投資組合。

As of yearend, the company held a portfolio of cannabis-related investments with a carrying value of $572 million, including $538 million to SunStream. SNDL's joint venture, SunStream Bancorp, launched SunStream USA Group in the third quarter. This new entity is designed to hold the post reorganized equity of Skymint and Parallel, which include licenses in Florida, Michigan, Massachusetts, and Texas. It is structured to exclude voting or operational control, enabling SNDL to preserve its Nasdaq listing until further regulatory reform allows for the consolidation of these exposures.

截至年底，該公司持有的大麻相關投資組合帳面價值為 5.72 億美元，其中 SunStream 的帳面價值為 5.38 億美元。SNDL 的合資企業 SunStream Bancorp 在第三季成立了 SunStream USA Group。這個新實體旨在持有 Skymint 和 Parallel 重組後的股權，其中包括佛羅裡達州、密西根州、馬薩諸塞州和德克薩斯州的許可證。它的結構排除了投票或營運控制，使 SNDL 能夠保留其在納斯達克的上市地位，直到進一步的監管改革允許整合這些風險敞口。

The establishment of SunStream USA Group represents a compliant, arms-length expansion, ensuring that SNDL does not engage in plant-touching activities while participating in a multi-state cannabis platform. The restructurings of Skymint and Parallel result in simplified capital structures, the elimination of certain material liabilities, and improved competitive positioning.

SunStream USA Group 的成立代表著合規、公平的擴張，確保 SNDL 在參與多州大麻平台的同時不從事植物接觸活動。Skymint 和 Parallel 的重組簡化了資本結構，消除了某些重大負債，並提高了競爭地位。

The closing of these transactions will provide SunStream USA Group with the optionality to access third-party investors, engage in industry consolidation through mergers and acquisitions, and gain critical consumer insights. The structure of SunStream USA Group is being reviewed by Nasdaq to align with all US compliance and governance standards.

這些交易的完成將為 SunStream USA Group 提供接觸第三方投資者、透過併購參與產業整合以及獲得關鍵消費者洞察的選擇權。納斯達克正在審查 SunStream USA Group 的結構，以符合所有美國合規和治理標準。

While many Canadian operators make promotional statements regarding future US dominance, SNDL is the only Canadian license producer with cannabis enterprise exposure in the US at this scale. We look forward to updating shareholders on these developments in the near future.

儘管許多加拿大業者就美國未來的主導地位發表了宣傳聲明，但 SNDL 是唯一一家在美國擁有如此規模大麻企業的加拿大許可生產商。我們期待在不久的將來向股東通報這些進展的最新情況。

As mentioned in my shareholder letter, which can be found on our website, SNDL maintains a debt-free balance sheet with a market capitalization of around $530 million, well below our cash and credit investments valued at $767 million and without any consideration for our operating segments, which continue to show both revenue growth and margin improvement.

正如我在我們網站上的股東信中提到的，SNDL 維持著無債務資產負債表，市值約為 5.3 億美元，遠低於我們價值 7.67 億美元的現金和信貸投資，並且沒有考慮我們的運營細分市場繼續顯示收入成長和利潤率改善。

We believe that the company's recent market valuation does not reflect SNDL's intrinsic value and that the valuation gap is so significant that investors purchasing shares today could potentially be acquiring substantial asset value at a low or even negative cost on an implied basis. Considering the broader Canadian cannabis industry context and the CRA's garnishments to combat an estimated $300 million in unpaid excise taxes, SNDL's financial health places us in an enviable position with our debt-free, cash-rich balance sheet with no tax arrears, we expect to benefit from the financial instability of peers who will struggle to consistently deliver product to provincial boards and end markets on a profitable basis.

我們認為，該公司最近的市場估值並未反映SNDL 的內在價值，而且估值差距如此之大，以至於今天購買股票的投資者可能會隱含地以較低成本甚至負成本獲得大量資產價值。考慮到更廣泛的加拿大大麻行業背景以及CRA 為打擊估計3 億加元未繳消費稅而進行的扣押，SNDL 的財務狀況使我們處於令人羨慕的地位，我們的資產負債表無債務，現金充裕，沒有欠稅，我們預計從同行的財務不穩定中受益，他們將難以在盈利的基礎上持續向省級委員會和終端市場提供產品。

Our steadfast consumer-centric approach and unwavering commitment to quality and regulated products remain the bedrock of our strategy. Our demonstrated success with both mergers and acquisitions and organic growth has laid the foundation for our team to build momentum and strive for excellence in execution.

我們堅定不移的以消費者為中心的方針以及對品質和監管產品堅定不移的承諾仍然是我們策略的基石。我們在併購和有機成長方面所取得的成功為我們的團隊積蓄動力並追求卓越的執行力奠定了基礎。

Looking ahead to 2024, we are well positioned for expansion utilizing the extensive scale of our platform to drive sustained value creation for our shareholders. We are focused on realizing efficiencies and margin expansion across our segments with quality of consumer experience at the forefront of our endeavors.

展望 2024 年，我們已做好充分準備，利用我們平台的廣泛規模進行擴張，為股東持續創造價值。我們專注於實現各細分市場的效率和利潤擴張，並將消費者體驗品質放在我們努力的最前線。

Finally, I want to express my gratitude to the entire SNDL team for their dedication in 2023. The outstanding results we achieved are a testament to your hard work and commitment to our vision. To our investors, this is a team that wants to win. We have significant work ahead, but the undeniable improvement in our results is driving conviction in our ability to push harder as we aggressively pursue our performance goals and outcomes.

最後，我要對整個 SNDL 團隊在 2023 年的奉獻表示感謝。我們所取得的傑出成果證明了您的辛勤工作和對我們願景的承諾。對我們的投資者來說，這是一支想要獲勝的團隊。我們還有大量的工作要做，但不可否認的是，我們的表現有所改善，這使我們更加相信我們有能力在積極追求績效目標和結果的過程中更加努力。

I will now pass the call to Alberto to provide more information on our financial results.

我現在將電話轉給阿爾貝托，以提供有關我們財務業績的更多資訊。

Thank you, Zach. I want to remind you all that amounts discussed today are denominated in Canadian dollars, unless otherwise stated. Certain amounts referred to on this call are non-GAAP and non-IFRS measures. For definitions of these measures, please refer to SNDL’s management discussion and analysis document.

謝謝你，扎克。我想提醒大家，除非另有說明，今天討論的金額均以加幣計價。本次電話會議中提到的某些金額是非 GAAP 和非 IFRS 衡量標準。有關這些措施的定義，請參閱 SNDL 的管理層討論和分析文件。

Since joining SNDL team in July, I have some significant progress, not just in terms of our financials, but for our organization as a whole. We have navigated the challenges of the regulated products industry and made a strong improvement in how we operate and how we manage our finances.

自從 7 月加入 SNDL 團隊以來，我取得了一些重大進展，不僅在我們的財務方面，而且在我們整個組織方面。我們已經應對了受監管產品行業的挑戰，並在我們的營運方式和財務管理方式方面取得了巨大的進步。

Our focus has been on strengthening the balance sheet, enhancing cash flow generation, and driving profitable growth. Through several strategic initiatives on disciplined financial and operational management, while improving our cost structure and sharpening our capital allocation. Not only have we redesigned our operating governance and financial planning processes, we have also realigned the finance structures and attracted key talent to drive value creation while increasing the efficiency of our back office. It is exciting to see how these changes are already having positive impact in 2024.

我們的重點是加強資產負債表、增強現金流產生和推動獲利成長。透過多項關於嚴格財務和營運管理的策略性舉措，同時改善我們的成本結構並加強我們的資本配置。我們不僅重新設計了營運治理和財務規劃流程，還重新調整了財務結構並吸引了關鍵人才來推動價值創造，同時提高後台效率。令人興奮的是，這些變化已經在 2024 年產生了積極影響。

Now let's dive into our consolidated financial performance for Q4 2023. Our net revenue reached $249 million or 3% growth from $240 million in the same quarter last year. This includes a revenue elimination entry of $12 million that we introduced as of the third quarter of 2023. Without this adjustment, our net revenue growth in the fourth quarter would have been 8%.

現在讓我們深入了解 2023 年第四季的綜合財務表現。我們的淨收入達到 2.49 億美元，比去年同期的 2.4 億美元成長 3%。這包括我們截至 2023 年第三季引入的 1,200 萬美元的收入抵銷分錄。如果沒有這次調整，我們第四季的淨收入成長將為8%。

I am particularly proud to highlight our gross profit for the quarter, which sets a new record of $57 million or 23% of sales. This compares to $44 million in Q4 2022. This significant improvement is a testament to our supply chain optimization efforts, including the strategic decision to close our Olds, Alberta Cultivation facility announced in October.

我特別自豪地強調我們本季的毛利，創下了 5,700 萬美元的新紀錄，佔銷售額的 23%。相比之下，2022 年第四季為 4,400 萬美元。這項重大改進證明了我們在供應鏈優化方面所做的努力，包括 10 月宣布的關閉阿爾伯塔省奧爾茲種植設施的戰略決策。

Change in cash and cash equivalents was negative $7 million compared to a negative $12 million in the fourth quarter of 2022, a 42% improvement. We achieved a positive free cash flow of $1.4 million in the quarter, showcasing the effective cash management despite the usual increase in working capital associated with the holiday season. This reflects our second consecutive quarter of positive free cash flow in 2023.

現金和現金等價物變化為負 700 萬美元，而 2022 年第四季為負 1,200 萬美元，改善了 42%。本季我們實現了 140 萬美元的正自由現金流，展示了有效的現金管理，儘管假期期間營運資金通常會增加。這反映出我們在 2023 年連續第二季實現正向自由現金流。

Our operating income saw a loss of $85 million, which includes $29 million of restructuring costs and restructuring-related asset write-offs and also $29 million of goodwill impairments. This is a 45% improvement over the $155 million loss we reported in the fourth quarter of 2022.

我們的營業收入虧損 8,500 萬美元，其中包括 2,900 萬美元的重組成本和與重組相關的資產沖銷，以及 2,900 萬美元的商譽減損。這比我們在 2022 年第四季報告的 1.55 億美元損失減少了 45%。

Lastly, our adjusted EBITDA was a positive $3.5 million, 147% improvement from the loss reported in the last quarter of 2022. This improvement is a clear indicator of our commitment to streamlining operations and enhancing our financial health.

最後，我們調整後的 EBITDA 為正 350 萬美元，比 2022 年最後一個季度報告的虧損減少了 147%。這項改善清楚地表明了我們對簡化營運和增強財務健康的承諾。

Turning to our annual performance. I'm pleased to report several record achievements in 2023. Our net revenue reached an all-time high of $909 million, up 28% from $712 million in 2022. Gross profit for the year also hit the new record at $190 million or 21% of our sales. This is a significant increase of 36% compared to the $140 million or 20% of sales were reported last year. This is a testament to our improved cost management and operational efficiency.

轉向我們的年度業績。我很高興地報告 2023 年取得的幾項創紀錄的成就。我們的淨收入達到 9.09 億美元的歷史新高，比 2022 年的 7.12 億美元成長 28%。今年的毛利也創下了新紀錄，達到 1.9 億美元，佔銷售額的 21%。與去年報告的 1.4 億美元（佔銷售額的 20%）相比，這一數字顯著增長了 36%。這證明了我們改進的成本管理和營運效率。

Change in cash and cash equivalents was negative $84.5 million in 2023 compared to a negative $279 million, 70% year-over-year improvement. A highlight for the year was achieving positive free cash flow in the third and fourth quarters, totaling $17.7 million. This includes an impressive $16.3 million in the third quarter and $1.4 million in the fourth quarter as mentioned earlier, demonstrating our ability to generate cash while continuing to invest in growth.

2023 年現金和現金等價物變動為負 8,450 萬美元，而同期為負 2.79 億美元，年增 70%。今年的一大亮點是第三季和第四季實現了總計 1,770 萬美元的正自由現金流。其中包括前面提到的第三季的 1,630 萬美元和第四季的 140 萬美元，這表明我們有能力在繼續投資成長的同時產生現金。

Our operating income showed a loss of $163 million for the year, which includes restructuring charges of $20 million and asset impairments of $55 million as we're streamlining our operations to enable future profitable growth. Despite this, we have seen a remarkable 53% improvement from the previous year's loss of $348 million.

我們的營業收入今年虧損 1.63 億美元，其中包括 2,000 萬美元的重組費用和 5,500 萬美元的資產減值，因為我們正在精簡業務以實現未來的獲利成長。儘管如此，我們還是看到比前一年 3.48 億美元的損失顯著改善了 53%。

Finally, our adjusted EBITDA from continuing operations increased to $29 million in 2023 a significant improvement from a loss of $16 million in 2022. I will let Tank and Tyler provide more details on the Q4 and year-end 2023 results for the liquor retail and cannabis operations segments, but I would like to comment on the results for our cannabis retail segment.

最後，我們來自持續經營業務的調整後 EBITDA 將於 2023 年增至 2,900 萬美元，較 2022 年的 1,600 萬美元虧損有了顯著改善。我將讓 Tank 和 Tyler 提供有關酒類零售和大麻業務部門的第四季度和 2023 年年底業績的更多詳細信息，但我想對我們的大麻零售部門的業績發表評論。

Cannabis retail revenue includes operations of Nova retail stores for the period of March 31, 2022 to December 31, 2022. In Q4 2023, our cannabis retail segment witnessed a 10% increase in net revenue, reaching $75 million compared to $68 million in the same quarter of the previous year. And same-store sales increased by 2%.

大麻零售收入包括2022年3月31日至2022年12月31日期間Nova零售店的營運。2023 年第四季度，我們的大麻零售部門淨收入成長 10%，達到 7,500 萬美元，而去年同期為 6,800 萬美元。同店銷售額成長了2%。

Gross profit was $20 million or 27% of sales, making a 27% increase from the previous year. Our proprietary data licensing program generated $4.2 million in Q4 2023. For the year-end 2023 for our cannabis retail segment, we achieved a record net revenue of $290 million, making a significant 41% increase from the $206 million reported in 2022. Equal in [all policy] is the record gross profit from this segment, which reached $74 million or 25% of sales in 2023.

毛利為 2,000 萬美元，佔銷售額的 27%，比上年增長 27%。我們的專有數據許可計劃在 2023 年第四季度創造了 420 萬美元的收入。2023 年底，我們的大麻零售部門實現了創紀錄的淨收入 2.9 億美元，比 2022 年報告的 2.06 億美元大幅成長 41%。[所有保單]中該細分市場的毛利也創下歷史新高，2023 年達到 7,400 萬美元，佔銷售額的 25%。

This represents a substantial 56% year-over-year increase from $47 million or 23% of sales in 2022. These figures highlight our successful margin expansion initiatives and operational efficiencies. Additionally, our proprietary data licensing program generated $12.3 million in revenue in 2023, up 193% from $4.2 million in 2022.

這比 2022 年的 4,700 萬美元（佔銷售額的 23%）比去年同期大幅成長 56%。這些數字突顯了我們成功的利潤擴張計劃和營運效率。此外，我們的專有資料授權計畫在 2023 年創造了 1,230 萬美元的收入，比 2022 年的 420 萬美元成長了 193%。

Finally, looking at our investments and equity positions in the year-end 2023. As of the end of 2023, the company has deployed capital into cannabis-related credit investments with current value of $572 million, including $538 million through the SunStream joint venture. In 2023, our investment portfolio generated a positive operating income of $12 million, a significant improvement from the $91 million loss in the previous year.

最後，看看我們在 2023 年底的投資和股權狀況。截至2023年底，該公司已將資金投入大麻相關信貸投資，目前價值為5.72億美元，其中包括透過SunStream合資企業投資的5.38億美元。2023 年，我們的投資組合產生了 1,200 萬美元的正營業收入，比前一年的 9,100 萬美元虧損有了顯著改善。

Despite a minor decrease in interest and fee revenue to $14 million from $17 million, our equity-accounted investees shown a notable recovery, contributed $6.8 million in profits compared to $43 million loss in 2022. The company financial health is strong supported by $766 million in unrestricted cash, marketable securities and investments, leading to a net book value of $1.2 billion. It is also important to highlight that we have not raised any cash through the share offering since June 2021. And to-date, the company has no debt.

儘管利息和費用收入從 1,700 萬美元小幅下降至 1,400 萬美元，但我們的股權投資企業表現出顯著的復甦，貢獻了 680 萬美元的利潤，而 2022 年虧損為 4,300 萬美元。該公司的財務狀況得到了 7.66 億美元非限制性現金、有價證券和投資的有力支撐，淨額為 12 億美元。同樣需要強調的是，自 2021 年 6 月以來，我們尚未透過股票發行籌集任何現金。迄今為止，該公司沒有任何債務。

SNDL's Board of Directors approved extending the company's share repurchase program to November 20, 2024. The company's share repurchase program continues to be available to lower the outstanding share float. Management will continue to assess opportunities to utilize the program to the extent we believe it is in the best interest of our shareholders. For the three months ended December 31, 2023, the company did not purchase common shares for cancellation.

SNDL 董事會批准將公司股票回購計畫延長至 2024 年 11 月 20 日。該公司的股票回購計畫繼續有效，以降低流通股流通量。管理層將繼續評估利用該計劃的機會，以確保我們認為這符合股東的最佳利益。截至2023年12月31日止三個月，公司並未購買註銷普通股。

Our results this year represent another solid step towards executing our business strategy, our culture of financial rigor and continuous improvement and the hard work and dedication of our employees. Looking ahead, we're committed to continuing our path of fiscal responsibility and strategic growth. Our goals are clear: to deliver value to our shareholders, to invest in innovation and growth opportunities, and to strengthen our market position.

我們今年的業績代表著我們在執行業務策略、財務嚴謹和持續改進的文化以及員工的辛勤工作和奉獻精神方面又邁出了堅實的一步。展望未來，我們致力於持續履行財政責任和策略成長之路。我們的目標很明確：為股東創造價值，投資於創新和成長機會，並加強我們的市場地位。

I will now pass the talk to Tank to provide an update on our liquor retail results.

我現在將把談話轉給 Tank，以提供我們酒類零售業績的最新資訊。

Thank you, Alberto, and thank you all for joining today. Our liquor retail segment remains a steady revenue driver, providing opportunities for increased margins in SNDL's regulated products business. Margin expansion remains a crucial focus as consumer patterns shift in liquor retail. This ensures ongoing growth for our liquor banners while consistently delivering exceptional customer experiences.

謝謝你，阿爾貝托，也謝謝大家今天加入。我們的酒類零售部門仍然是穩定的收入驅動因素，為 SNDL 受監管產品業務的利潤成長提供了機會。隨著酒類零售消費模式的轉變，利潤率擴張仍是關鍵焦點。這確保了我們的酒類橫幅的持續成長，同時始終如一地提供卓越的客戶體驗。

Looking at full-year revenue for 2023, liquor retail contributed $579 million to our cumulative revenue. This represents a growth of 25% year over year from $462 million. Revenue comparisons for liquor retail in 2022 include operations from March 31 to December 31, 2022, following the acquisition of Alcanna. In Q4 2023, revenue remained steady at $159 million, stable from Q4 2022 and increasing 5% from $152 million in the preceding quarter.

綜觀 2023 年全年收入，酒類零售為我們的累積收入貢獻了 5.79 億美元。這比去年同期的 4.62 億美元成長了 25%。2022 年酒類零售收入比較包括收購 Alcanna 後 2022 年 3 月 31 日至 12 月 31 日的營運情況。2023 年第四季，營收穩定在 1.59 億美元，與 2022 年第四季相比穩定，比上一季的 1.52 億美元成長 5%。

As of December 31, 2023, our store count remained stable with 170 total stores comprised of 12 Wine and Beyond, 20 Liquor Depot, and 138 Ace Liquor discounter locations. The impact of Wine and Beyond banner and new market is highlighted by the success of our Kelowna, Dilworth location, which has seen a 20% increase in revenue year over year. Additionally, the Dilworth location has seen its margin increase 17% from the year prior.

截至 2023 年 12 月 31 日，我們的商店數量保持穩定，共有 170 家商店，其中包括 12 家 Wine and Beyond、20 家 Liquor Depot 和 138 家 Ace Liquor 折扣店。Wine and Beyond 旗幟和新市場的影響力在我們迪爾沃斯基洛納地區的成功中得到了體現，該地區的收入同比增長了 20%。此外，Dilworth 工廠的利潤率較上年增長了 17%。

We look forward to opening a new Wine and Beyond location in Airdrie, Alberta, in early Q2 2024, building on the success of this banner. Gross profit for 2023 amounted to $137 million, representing approximately 24% of sales, up 29% from year prior. For the fourth quarter, gross profit increased to $38 million or 24% of sales from $37 million in Q4 2022 and up 3% from Q3 2023. These increases are driven by seasonality, procurement productivity, and a continued focus on expanding and enhancing our private label offerings, which is a key driver in total margin expansion.

我們期待在該旗幟取得成功的基礎上，於 2024 年第二季初在艾伯塔省艾爾德里開設新的 Wine and Beyond 門市。2023 年毛利達 1.37 億美元，約佔銷售額的 24%，比上年成長 29%。第四季毛利從 2022 年第四季的 3,700 萬美元增至 3,800 萬美元，佔銷售額的 24%，比 2023 年第三季成長 3%。這些成長是由季節性、採購效率以及對擴大和增強我們的自有品牌產品的持續關注所推動的，這是總利潤成長的關鍵驅動力。

Private label sales increased by approximately 28% in 2023, now representing 11% of total sales across all banners, an increase of 2% from the year prior. In Q4 2023, gross profit for private label increased 19% from Q4 2022 and 20% sequentially. As a key growth tactic, we are continually developing our private label program to boost margins while maintaining the diverse selection our customers know and love.

2023 年，自有品牌銷售額成長約 28%，目前佔所有橫幅總銷售額的 11%，比上年增長 2%。2023 年第四季，自有品牌毛利較 2022 年第四季成長 19%，較上季成長 20%。作為一項關鍵的成長策略，我們不斷開發自有品牌計劃以提高利潤，同時保持客戶了解和喜愛的多樣化選擇。

Looking to additional growth opportunities, we have officially launched proprietary data agreements for our liquor retail segment, and revenue will be reported in the first quarter of 2024. Leveraging insight from our cannabis retail segment, we are now able to capitalize on our customer insights to improve vendor relations and the end-to-end customer experience, creating accretive revenue and margin growth initiatives with no associated cost of sales.

為了尋求更多成長機會，我們已正式推出酒類零售部門的專有數據協議，營收將於 2024 年第一季報告。利用我們對大麻零售部門的洞察，我們現在能夠利用我們的客戶洞察來改善供應商關係和端到端客戶體驗，創造增值收入和利潤成長計劃，而無需相關銷售成本。

We continue to focus on expanding our reach and accessibility specifically through digital and e-commerce avenues. Piloting new advertising opportunities, we aim to broaden our digital reach while reducing our environmental footprint. Moving away from traditional print methods is expected to deliver significant cost savings while creating new opportunities to engage our consumer base.

我們繼續專注於透過數位和電子商務途徑擴大我們的影響力和可及性。我們嘗試新的廣告機會，旨在擴大我們的數位覆蓋範圍，同時減少我們的環境足跡。擺脫傳統的印刷方法預計將顯著節省成本，同時創造新的機會來吸引我們的消費者群。

Our achievements in 2023 underscore our sharp focus on fundamentals and margin expansion, positioning our business to adapt to changing market conditions. This sets the stage for sustained topline growth throughout 2024.

我們 2023 年的成就凸顯了我們對基本面和利潤擴張的高度關注，使我們的業務能夠適應不斷變化的市場條件。這為 2024 年營收持續成長奠定了基礎。

Thank you. And I will now pass the call over to Tyler Robson to cover our cannabis operations segment.

謝謝。我現在將把電話轉給泰勒·羅布森（Tyler Robson），負責我們的大麻業務部門。

Thank you, Tank. Reflecting on my first full calendar year with SNDL, I'm incredibly proud of the team's achievement and confident in our strategic direction moving forward. 2023 was a building year. We had to dismantle the house and fortify our foundation to support the future of SNDL. We reorganized our facility footprint, streamline our product portfolio, optimized our processes with a sharp focus on quality and (technical difficulty)

謝謝你，坦克。回顧我在 SNDL 的第一個完整日曆年，我為團隊的成就感到無比自豪，並對我們前進的策略方向充滿信心。 2023 年是建設年。我們必須拆除房屋並加固地基，以支持 SNDL 的未來。我們重組了我們的設施足跡，簡化了我們的產品組合，優化了我們的流程，並專注於品質和（技術難度）

We changed the fundamentals of our business, aiming for near-term profitability for our cannabis operations segment. This set the stage for a strong 2024, and we have already seen preliminary indicators of our future success.

我們改變了業務的基本面，旨在實現大麻業務部門的短期獲利。這為 2024 年的強勁發展奠定了基礎，我們已經看到了未來成功的初步跡象。

Net revenue for 2023 was $87 million. The growth represents a 96% increase from the year prior, supported by provincial board revenue increasing by 102% and wholesale revenue by 391%. Net revenue for the fourth quarter of 2023 was $26 million, up 112% from $12 million in Q4 2022 and 24% sequentially. This revenue increase highlights the impact of our strategic initiatives, including the acquisitions of Valens and Zenabis and improving the sales performance across our portfolio.

2023 年淨收入為 8,700 萬美元。在省級委員會收入增長 102% 和批發收入增長 391% 的推動下，這一增長較上年增長 96%。2023 年第四季的淨收入為 2,600 萬美元，比 2022 年第四季的 1,200 萬美元成長 112%，比上一季成長 24%。這項營收成長凸顯了我們策略舉措的影響，包括收購 Valens 和 Zenabis 以及提高我們產品組合的銷售表現。

In Q4 2023, we saw an improvement in gross profit to negative $1 million from negative $9 million in the same quarter of the previous year, marking an 88% improvement. This significant enhancement in gross profit primarily resulted in the decision to close Olds, Alberta facility and move away from high-cost cultivation.

2023 年第四季度，我們看到毛利從去年同期的負 900 萬美元改善到負 100 萬美元，增幅達 88%。毛利的顯著提高主要導致我們決定關閉艾伯塔省奧爾茲工廠並放棄高成本種植。

We still have room for improvement, but we have established substantial competitive advantages over the past year. We have better aligned our operations to manage the fluctuating market, addressing inventory and cost challenges that have stalled our gross margin growth in previous years. We have rationalized our portfolio and shifted over our cultivation efforts to better meet consumer demand, emphasizing the quality, potency and consistency.

我們還有進步的空間，但在過去的一年我們已經建立了顯著的競爭優勢。我們更好地調整了我們的營運以管理波動的市場，解決了前幾年阻礙我們毛利率成長的庫存和成本挑戰。我們對產品組合進行了合理化調整，並轉變了種植方式，以更好地滿足消費者的需求，強調品質、效力和一致性。

SNDL has adopted a fewer, bigger, better approach resulting in the reduction of our total SKU count from 327 to 125, sharpening our focus on key consumer categories. Our improvements in innovation are apparent in record depletion rates and increased acceptance of new SKUs by the provincial board. We have cleared a path to win in the key categories of vape, flower, pre-rolls through improved hardware, increased potency, and to ensure consistent and exacting quality standards.

SNDL 採用了更少、更大、更好的方法，使我們的 SKU 總數從 327 個減少到 125 個，從而加強了我們對關鍵消費類別的關注。我們在創新方面的進步體現在破紀錄的消耗率和省級委員會對新 SKU 的接受度提高。透過改善硬體、提高效能，並確保一致和嚴格的品質標準，我們已經在電子煙、鮮花、預捲等關鍵類別中開闢了一條獲勝之路。

After the quarter end, we revoked our cultivation license from the old facility following the transition of all cultivation activities to Atholville, New Brunswick in October 2022. The significantly reduced overhead costs, coupled with the improvements in cultivation and yield position us to further capitalize on revenue and margin growth in the coming quarters. After a tactical and transformative year, we are seeing our expected results and a strength in path forward for our cannabis operations segment.

季度末後，我們於 2022 年 10 月將所有種植活動轉移到新不倫瑞克省阿索爾維爾，並撤銷了舊設施的種植許可證。間接費用的顯著降低，加上種植和產量的提高，使我們能夠在未來幾季進一步利用收入和利潤成長。經過戰術和變革的一年，我們看到了我們的預期成果和大麻業務部門的前進道路上的優勢。

We remain diligent on quality, financial prudence, and process innovation to continue to deliver long-term value for both our shareholders and our consumers.

我們始終致力於品質、財務審慎和流程創新，並持續為我們的股東和消費者創造長期價值。

Thank you. And I will now pass the call back to Zach for closing remarks.

謝謝。現在我將把電話轉回給扎克，讓他發表結束語。

We are proud of our milestones this year and remain focused on sustained profitability. We are determined to continue this upward trajectory, and the team is committed to driving shareholder value and excellent all aspects of our operations. Thank you for your attention this morning. We look forward to providing additional material updates on our initiatives and presenting our Q1 2024 results in the next 45 days.

我們對今年的里程碑感到自豪，並繼續專注於持續獲利。我們決心繼續保持這種上升勢頭，團隊致力於推動股東價值並卓越營運的各個方面。感謝您今天早上的關注。我們期待在未來 45 天內提供有關我們舉措的更多資料更新，並展示 2024 年第一季的結果。

I will now pass the call back for analyst questions. Thank you.

我現在將回電詢問分析師問題。謝謝。

(Operator Instructions) Frederico Gomes, ATB Capital Markets.

（操作員指令）Frederico Gomes，ATB 資本市場。

Zach, in your shareholder letter, you mentioned how tracking your valuation is, and you said that either the management team is going to close the valuation gap or market forces will. So could you just expand a little bit on that in terms of the alternatives you have or are evaluating to try to close that gap? And also, why you'd be more aggressive with buybacks this quarter?

扎克，在你的股東信中，你提到瞭如何追蹤你的估值，你說要么管理團隊將縮小估值差距，要么市場力量將縮小估值差距。那麼，您能否就您擁有或正在評估的替代方案進行一些擴展，以嘗試縮小這一差距？另外，為什麼您本季會更積極地回購股票？

So just taking that in reverse order, due to earnings cadence and strategic activity, we've actually been in a blackout for quite a while. That blackout gets lifted into the end of March here. So we do have the option to repurchase shares at these levels.

因此，按照相反的順序，由於獲利節奏和策略活動，我們實際上已經陷入停電相當長一段時間了。停電時間將延長至三月底。因此，我們確實可以選擇在這些水準上回購股票。

In terms of the reference to closing the valuation gap, we're focused on fundamentals, first and foremost. And as we've been speaking for the last two years about our journey to sustainable free cash flow, we do believe that that's the key to bringing in incremental investors getting institutions to take a look at our business model and ultimately result in much higher implied values than what we're seeing today. In terms of other alternatives, I think that that's somewhat self-explanatory.

就縮小估值差距而言，我們首先關注的是基本面。正如我們過去兩年一直在談論我們的永續自由現金流之旅一樣，我們確實相信，這是引入增量投資者、讓機構審視我們的商業模式並最終帶來更高隱含收益的關鍵。比我們今天看到的價值觀。就其他替代方案而言，我認為這是不言自明的。

There are a whole host of options. You've got a multi-segment business model. You have a debt-free entity that is cash rich. And so there are a number of opportunities for a variety of different transactions that could be looked at in order to unlock value.

有很多選擇。您擁有多細分市場的商業模式。您擁有一個現金充裕、無債務的實體。因此，可以考慮各種不同交易的許多機會，以釋放價值。

I guess, my second question is on the competitive environment in Canada, specifically on your cannabis operations. There obviously have been reports about the CRA cracking down on delayed excise taxes. I'm just curious, are you seeing any meaningful improvement in competition here this year? And I guess, from a supply and demand standpoint, do you think that the Canadian market is looking better at this point or still oversupplied?

我想，我的第二個問題是關於加拿大的競爭環境，特別是關於您的大麻業務。顯然有報道加拿大稅務局嚴厲打擊延遲徵收消費稅。我只是好奇，今年你看到這裡的競爭有任何有意義的改進嗎？我想，從供需的角度來看，您認為加拿大市場目前看起來更好還是仍然供過於求？

It's a great question. I would say that we can safely say that Canada remains very well supplied. Certainly, recent actions and the garnishment effects that we're seeing in just at their early stages are going to have an impact on product availability and the number of licenses ultimately that are out there in Canada. But it's still early days.

這是一個很好的問題。我想說，我們可以有把握地說，加拿大的供應仍然非常充足。當然，最近的行動和我們在早期階段看到的扣押效應將對加拿大的產品可用性和最終許可證數量產生影響。但現在還為時過早。

You've seen a few companies disclose events or move into restructurings as a result of excess liabilities. But we believe there's quite a large iceberg underneath the water. And so the concentration of these excise arrears are unclear at this time. So we expect a greater impact, but this is an important part of balance being brought back to the Canadian industry, and it's certainly going to take some time, but that process is absolutely underway.

您已經看到一些公司因負債過多而披露事件或進入重組。但我們相信水下有一座相當大的冰山。因此，目前尚不清楚這些消費稅欠款的集中。因此，我們預計會產生更大的影響，但這是加拿大產業恢復平衡的重要組成部分，這肯定需要一些時間，但這個過程絕對正在進行中。

The next question comes from [Johan Kang] with Canaccord Genuity. Please go ahead.

下一個問題來自 Canaccord Genuity 的 [Johan Kang]。請繼續。

This is Johan Kang on behalf of Mark Bottomley. Thank you for the question. Just wanted to ask about the adjusted EBITDA margin this quarter came in about 1.4%. There was a sequential decline about 5.5%. Could you comment on the drivers behind this EBITDA slide quarter over quarter?

我是約翰‧康 (Johan Kang)，代表馬克‧博頓利 (Mark Bottomley)。感謝你的提問。只是想問本季調整後的 EBITDA 利潤率約為 1.4%。環比下降約 5.5%。您能否評論一下 EBITDA 逐季下滑背後的驅動因素？

Yes. Thank you Johan. Thank you for the question. Yes, the main driver was actually a change in valuation in our SunStream investment related to an increased contribution from our company. We have to remember we're valuing this SunStream investment particularly right now for (inaudible) came in on the basis of the future cash flow generation. So any short-term changes to investments or collections have short-term impact in those valuations.

是的。謝謝約翰。感謝你的提問。是的，主要驅動因素實際上是我們 SunStream 投資的估值變化，這與我們公司的貢獻增加有關。我們必須記住，我們正在對 SunStream 的投資進行估值，尤其是現在（聽不清楚）是基於未來現金流產生的。因此，投資或收藏的任何短期變化都會對這些估值產生短期影響。

But the underlying cash flow expectations that we have from these businesses in the future remain steady. So I would say it's purely the way our accounting works. But that's the main driver. It's actually an $8 million loss that we recorded in the fourth quarter according to that.

但我們對這些業務未來的基本現金流預期保持穩定。所以我想說這純粹是我們會計工作的方式。但這是主要驅動力。據此計算，我們第四季實際上虧損了 800 萬美元。

I see. Thank you so much. And if I could just ask a follow-up. If you guys already touched upon this during Federico's question, but have you guys taken the recent regulatory changes that have been proposed in the Canadian cannabis environment whether it's the recommendation coming out of the committee in terms of adjusting the excess tax structure. Sorry, and the elimination of provincial stamps, along with we're hearing some news about potential retailer and license reduced partnerships being used or being recommended. So I guess my question is how have you guys been taking this news, has this kind of impacted any of your future expectations going forward?

我懂了。太感謝了。如果我可以問後續情況。如果你們在費德里科的提問中已經談到了這一點，但是你們是否考慮過最近在加拿大大麻環境中提出的監管變化，無論是委員會在調整超額稅收結構方面的建議。抱歉，省級郵票的取消，以及我們聽到一些關於正在使用或推薦的潛在零售商和許可證減少的合作夥伴關係的消息。所以我想我的問題是你們如何看待這個消息，這是否影響了你們未來的期望？

Thank you. It's a great question. There were a number of questions in there. Look, in terms of excise reform, I would -- we would reiterate the view that this is going to take quite a bit of time. No one is coming to save us as participants in this industry. And so we don't actually expect excise reform to impact the fundamentals of Canadian operators in the near term. That's probably a multi-year path.

謝謝。這是一個很好的問題。裡面有很多問題。看，就消費稅改革而言，我會——我們會重申這一觀點，即這將需要相當長的時間。沒有人會來拯救我們這個行業的參與者。因此，我們其實並不認為消費稅改革會在短期內影響加拿大業者的基本面。這可能是一條多年的路。

There is room for optimism. We are seeing common sense reform move across a number of provinces and the federal government. So whether that's some loosening of rules around marketing, clearer path and understanding of the allowable relationships between retail license holders and LPs, increase in license caps, changes to allowable product formats. There are a number of initiatives that are going to drive efficiencies and improvement and ultimately improve the consumer experience that are undeniable positives. But we expect a pretty slow pace of change on some of the larger items such as excise reform.

還有樂觀的空間。我們看到常識性改革在許多省份和聯邦政府中展開。因此，無論是放鬆行銷規則、更清晰的路徑和對零售許可證持有者和有限合夥人之間允許的關係的理解、增加許可證上限、改變允許的產品格式。有許多措施將提高效率和改進，並最終改善消費者體驗，這是不可否認的正面因素。但我們預期消費稅改革等一些較大項目的變化速度將相當緩慢。

Pablo Zuanic, Zuanic & Associates.

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

Zach, regarding SunStream portfolio, maybe I lost -- I missed it in the presentation, but I think the fair value, it is $551 million. I don't if you can comment about the outstanding principal and it's five credits, how much of that is parallel and mint. And if you can remind us what is the rest. I think in the past, you've given some color on that. But it'd be nice to know of the principle, how much is being equitized and how much is still outstanding, if you can give some color there?

Zach，關於 SunStream 投資組合，也許我輸了——我在演示中錯過了它，但我認為公允價值為 5.51 億美元。我不知道你是否可以評論未償還的本金，它是五個學分，其中有多少是平行的和嶄新的。如果你能提醒我們剩下的是什麼。我想在過去，你已經對此給予了一些支持。但如果您能在那裡提供一些說明，那麼很高興知道其中的原則，有多少正在被股權化，有多少尚未償還？

So we haven't given delineation on individual credits. You're correct that of the five, we have three performing credits in the portfolio, two are in the process of being equitized because those capital structures need to be solidified in the restructuring itself and the fact that we are right in the midst of a review with Nasdaq, we're going to hold off on commenting on the scale and individual valuation of those equitized credits that we expect to occur in the near-term. And when we do move forward and the Nasdaq review is completed, we expect to give significantly more transparency on the state of play with those entities, the structure and the initial valuation.

所以我們沒有對個人學分進行界定。你是對的，在這五個中，我們的投資組合中有三個表現良好的信貸，其中兩個正在股權化過程中，因為這些資本結構需要在重組本身中得到鞏固，而且事實上我們正處於一個在與納斯達克進行審查後，我們將推遲對我們預計在短期內發生的這些股票化信貸的規模和個人估值發表評論。當我們確實向前推進並完成納斯達克審查時，我們預計將在這些實體的運作狀況、結構和初始估值方面提供更大的透明度。

Thank you. And then in terms of SunStream USA, the new company you're setting up, is the only thing pending the Nasdaq issue? Or is there any type of litigation still going on? I mean the trade press has had comments on the matter, especially around Skymint and I think in parallel, but just some color would be helpful there. Is it all done and completed and is now a matter of the Nasdaq issue? Or is there still anything outstanding?

謝謝。那麼，就您正在設立的新公司 SunStream USA 而言，是唯一懸而未決的納斯達克問題嗎？或者是否還有任何類型的訴訟仍在進行？我的意思是，商業媒體已經對此事發表了評論，特別是圍繞 Skymint，我認為同時進行，但只是一些顏色會有所幫助。一切都完成了嗎？現在是納斯達克發行的問題了嗎？或者說還有什麼未完成的事嗎？

Yes. In terms of outstanding matters, the key issue for us to close is this final hurdle with the Nasdaq. There are, as you point to, there are lingering litigation issues involved in these restructurings, frustrated stakeholders pursuing different outcomes and taking action against various stakeholders, sometimes legacy stakeholders and sometimes existing creditors, which would include our SunStream group. So those are ongoing, and we're not going to get into too much detail about current litigation, but we don't believe that this is going to hold up our timeline any further.

是的。就未決事項而言，我們要解決的關鍵問題是與納斯達克的最後一道障礙。正如您所指出的，這些重組中存在揮之不去的訴訟問題，沮喪的利益相關者追求不同的結果並對不同利益相關者採取行動，有時是遺留利益相關者，有時是現有債權人，其中包括我們的SunStream 集團。因此，這些正在進行中，我們不會詳細介紹目前的訴訟，但我們認為這不會進一步拖延我們的時間表。

Understood. And then if I can just add one more. I mean, obviously, Florida, we are all waiting for April 1, right? If you happen to the Supreme Court there, there could be a scramble for expansion capital investments, is Surterra to some extent or Parallel how strong for the time being until this whole deal closes? Or can you help them in any way to expand if they were to make sense.

明白了。然後我可以再增加一個嗎？我的意思是，顯然，佛羅裡達州，我們都在等待 4 月 1 日，對吧？如果你碰巧在那裡的最高法院，可能會出現一場擴張資本投資的爭奪，在整個交易完成之前，Surterra 在某種程度上或 Parallel 暫時有多強大？或者，如果他們有意義的話，你能以任何方式幫助他們擴張嗎？

I would not describe either Skymint or Parallel as being hamstrung. The existing management teams are aggressively working to rightsize their business. There's been significant improvement in their cost structures over the last two years. They're very much living in reality, and the improvement in the performance of those businesses has been material. Again, we don't have those positions consolidated. And so we're excited about being able to provide detailed supplemental information as we complete these restructurings.

我不會將 Skymint 或 Parallel 描述為受到限制。現有的管理團隊正積極努力調整業務規模。過去兩年，他們的成本結構有了顯著改善。他們非常生活在現實中，這些企業的表現得到了實質的改善。同樣，我們沒有整合這些立場。因此，我們很高興能夠在完成這些重組時提供詳細的補充資訊。

Okay. Thank you. If you mind I mean, I don't know if there's more people in the queue, but I'll have a couple of more. So regarding the other three credits on SunStream, and I know you can't say much there. But on the JV SunStream Bancorp. Once you set up SunStream USA and you have all these very attractive assets in Florida, Michigan and other places, you become an attractive partner to a number of people, right?

好的。謝謝。如果你介意的話，我的意思是，我不知道隊列中是否還有更多人，但我會再多一些。關於 SunStream 上的其他三個作品，我知道你不能說太多。但在 JV SunStream Bancorp 上。一旦您成立了 SunStream USA，並且您在佛羅裡達州、密西根州和其他地方擁有所有這些非常有吸引力的資產，您就會成為對許多人有吸引力的合作夥伴，對嗎？

So I know it's a bit hypothetical, but the three other credits even though they maybe performing, they could still become part of the ecosystem, right? I'm saying you go even equitize it means that were to make sense that you can negotiate that. Can you make any general comments on that? Or that's just out of a question.

所以我知道這有點假設，但其他三個積分即使它們可能表現出色，它們仍然可以成為生態系統的一部分，對嗎？我是說，你甚至可以進行股票化，這意味著你可以進行談判，這是有道理的。您能否對此發表一般性評論？或者說這是不可能的。

No, it's an astute observation. There are a number of opportunities for further consolidation in the US. We have been approached by a handful of parties that are very interested in gaining greater efficiencies and scale and consolidating the US landscape. Those parties maybe part of the existing credit book, but there's also a number that are outside of that group as well.

不，這是敏銳的觀察。美國有許多進一步整合的機會。一些對提高效率和規模以及鞏固美國格局非常感興趣的各方與我們接洽。這些當事人可能是現有信用簿的一部分，但也有一些不屬於該群體。

So there are a number of broader discussions that get had from time to time. If something material were to arise, it would certainly be disclosed. And until then, we're really focused internally on improving performance within our platform, but do expect at the margin that consolidation and M&A opportunities will arise over the next 12 to 24 months.

因此，不時會出現一些更廣泛的討論。如果出現重大事件，肯定會被揭露。在那之前，我們內部確實專注於提高平台內的效能，但預計未來 12 至 24 個月內將會出現整合和併購機會。

And very last one, I mean, obviously, there's a lot of focus on the US, but this Friday, we may have some good positive news out of Germany with the Bundesrat decision. When people are asking about Canadian companies and exposure, they talk about Tilray, they talk about Aurora, and others, of course. And Curaleaf continues to make inroads there. What can we say about SNDL in terms of their current position in front of European opportunities or the plans that you may have?

最後一個，我的意思是，顯然，人們非常關注美國，但本週五，我們可能會從德國傳來一些關於德國聯邦參議院決定的好消息。當人們詢問加拿大公司和曝光度時，他們會談論 Tilray、Aurora 以及其他公司。Curaleaf 繼續在這方面取得進展。就 SNDL 目前在歐洲機會面前的地位或您可能有的計劃而言，我們能說些什麼？

I'm going to have Tyler just comment on the current state of play in international and related opportunities.

我將請泰勒評論國際比賽和相關機會的現狀。

Yeah, happy to. Look, we've been spending a lot of time evaluating international markets. Obviously, Germany is one of the biggest populous countries over there. There's a ton of opportunity. So we're anxiously awaiting the final news for medical (technical difficulty) and what that landscape looks like.

是的，很高興。看，我們花了很多時間評估國際市場。顯然，德國是那裡人口最多的國家之一。有很多機會。因此，我們正在焦急地等待醫療（技術難度）以及情況的最終消息。

We will be headed to ICBC to not only meet a few individuals, but get a better lay of land. But you'll kind of see us focus on a few ones over there like Germany. So we'll leave it at that for now, but you'll definitely see some opportunities or some foresight into that market once legislation fully rolls out.

我們將前往ICBC，不僅是為了會見一些人，而且是為了更好地了解情況。但你會看到我們專注於德國等一些國家。因此，我們暫時將其保留，但一旦立法全面推出，您肯定會看到該市場的一些機會或一些遠見。

Understood. Very helpful.

明白了。很有幫助。

This concludes the question-and-answer session. I would like to turn the conference back over to Zach George for any closing remarks. Please go ahead.

問答環節到此結束。我想將會議轉回扎克·喬治發表閉幕詞。請繼續。

Thank you, everyone, for joining us this morning. We look forward on updating you on our progress in the near future. Have a great day.

謝謝大家今天早上加入我們。我們期待在不久的將來向您通報我們的最新進展。祝你有美好的一天。

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，祝您有個愉快的一天。