SNDL Inc (SNDL) 2025 Q2 法說會逐字稿

Good morning, and welcome to the SNDL's second quarter 2025 financial results conference call.

早安，歡迎參加 SNDL 2025 年第二季財務業績電話會議。

This morning, SNDL issued a press release announcing their financial results for the 2025 second quarter ended June 30, 2025. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well.

今天上午，SNDL 發布了一份新聞稿，宣布了截至 2025 年 6 月 30 日的 2025 年第二季財務業績。新聞稿可在公司網站 sndl.com 上查閱，並已在 EDGAR 和 SEDAR 上備案。

The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplemental investor presentation in addition to the conference call presentation we will be reviewing today on its sndl.com website.

電話會議的網路直播重播也將在 sndl.com 網站上提供。除了我們今天將在其 sndl.com 網站上審查的電話會議簡報之外，SNDL 還在其 sndl.com 網站上發布了一份補充投資者簡報。

Presenting on this morning's call, we have Zach George, Chief Executive Officer; and Alberto Paredero, Chief Financial Officer.

參加今天早上電話會議的有執行長 Zach George 和財務長 Alberto Paredero。

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，今天的電話會議中討論的某些事項或對問題的回答可能構成前瞻性陳述。實際結果可能與預期結果有重大差異。可能影響結果的風險因素詳細說明在公司的財務報告和在 SEDAR 和 EDGAR 上提供的其他公開文件中。

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，所有提及的財務數據均以加幣為單位。我們現在將發表準備好的發言，然後我們將回答分析師的問題。

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

現在我想把電話轉給扎克喬治。請繼續。

Welcome to SNDL's Q2 2025 financial and operational results conference call.

歡迎參加 SNDL 2025 年第二季財務與營運績效電話會議。

The second quarter of 2025 marks a pivotal milestone for SNDL as we report positive operating income and net earnings for the first time in our history, highlighting the effectiveness of our strategic improvement agenda. We experienced growth across all operating segments during the quarter, led by our cannabis business, which expanded at nearly three times the rate of the Canadian recreational market and ahead of our direct competitors.

2025 年第二季是 SNDL 的關鍵里程碑，因為我們歷史上首次報告正營業收入和淨收益，突顯了我們策略改善議程的有效性。本季度，我們所有營運部門均實現了成長，其中大麻業務的擴張速度幾乎是加拿大休閒市場的三倍，並且領先於我們的直接競爭對手。

Our Liquor Retail segment also posted revenue growth, albeit marginal for the first time in several quarters. Each segment delivered year-over-year gross margin expansion. And on a consolidated basis, we matched the record high margin achieved in the first quarter of 2025. Our teams continue to demonstrate strong productivity improvements, including synergies resulting from the Indiva acquisition.

我們的酒類零售部門也實現了收入成長，儘管這是幾個季度以來首次出現小幅成長。每個部門的毛利率均較去年同期成長。從合併數據來看，我們的利潤率與 2025 年第一季創下的歷史最高水準持平。我們的團隊持續展現出強勁的生產力提升，包括收購 Indiva 所產生的綜效。

We've maintained a disciplined focus on cost management extending to G&A expenses, including share-based compensation, which resulted in an absolute reduction of $5 million year over year despite inflationary pressures and continued investments in growth. This robust performance gives us the confidence to continue investing in our business and people, affirming that we are on the path to delivering sustainable long-term value to our shareholders.

我們始終嚴格關注成本管理，並將重點延伸至一般及行政費用（G&A），包括股權激勵，儘管面臨通膨壓力且持續投資於成長，但成本絕對值仍比去年同期減少了 500 萬美元。這一強勁表現使我們有信心繼續投資於我們的業務和員工，並確認我們正走在為股東提供可持續的長期價值的道路上。

Our operational improvements are undeniable. Coupled with a strong balance sheet, unlike many of our peers, we believe this represents a highly compelling investment thesis as we continue building a resilient and growth-oriented company. With no debt and over $200 million in unrestricted cash, we are uniquely positioned to pursue a range of high-return organic and inorganic growth opportunities.

我們的營運改善是不可否認的。與我們的許多同行不同，加上強勁的資產負債表，我們相信，隨著我們繼續打造一家具有韌性和成長導向的公司，這代表了一個極具吸引力的投資論點。由於沒有債務，且擁有超過 2 億美元的無限現金，我們擁有獨特的優勢來尋求一系列高回報的有機和無機成長機會。

Beyond strengthening our competitive position in Canada, we are actively monitoring the United States market through our exposure to markets like Florida and Texas, while continuing to expand our international footprint. Today, we are proud to be serving patients in the UK and Continental Europe through the export of both branded finished goods as well as wholesale flower.

除了加強我們在加拿大的競爭地位之外，我們還透過接觸佛羅裡達州和德州等市場積極關注美國市場，同時繼續擴大我們的國際影響力。今天，我們很自豪能夠透過出口品牌成品和批發鮮花為英國和歐洲大陸的患者提供服務。

Now I'll turn the call over to Alberto for more insights on our second quarter financial performance.

現在我將把電話轉給 Alberto，以了解更多關於我們第二季財務表現的見解。

Thank you, Zach. I want to remind everyone that the amounts discussed today are denominated in Canadian dollars, unless otherwise stated. Certain figures referred to during 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，今天討論的金額均以加幣計價，除非另有說明。本次電話會議中提到的某些數字是非 GAAP 和非 IFRS 指標。有關這些措施的定義，請參閱 SNDL 的管理討論和分析文件。

Our second quarter financial results demonstrate continued progress in overall performance with notable improvements visible in the income statement. Net revenue in the second quarter of 2025 reached $245 million, reflecting 7.3% increase compared to Q2 of last year. This growth was driven across all segments as our cannabis business continues to outperform the market significantly, and we also saw our Liquor Retail segment returning to top line growth.

我們第二季的財務結果顯示整體業績持續取得進步，損益表中顯示出顯著的改善。2025年第二季淨收入達2.45億美元，較去年第二季成長7.3%。由於我們的大麻業務繼續大幅跑贏市場，所有部門都實現了成長，而且我們的酒類零售部門也恢復了營收成長。

Gross profit of $67.6 million represents a $9.4 million increase or 16.2% growth year over year, resulting in a 210 basis point improvement in gross margin, helping us match the record gross margin of 27.6% reported in the previous quarter. All segments contributed to this margin expansion.

毛利為 6,760 萬美元，比去年同期增加 940 萬美元，增幅為 16.2%，使毛利率提高了 210 個基點，幫助我們追平了上一季 27.6% 的創紀錄毛利率。所有部門都對利潤率的擴大做出了貢獻。

The biggest highlight is the achievement of positive operating income for the first time in SNDL's history. The $5.8 million adjusted operating income represents a $10.4 million year-over-year increase, a 226% growth. It is important to note that we only adjust operating income for restructuring-related charges and intangible asset impairments.

最大的亮點是SNDL歷史上首次實現了正營業收入。調整後的營業收入為 580 萬美元，較去年同期增加 1,040 萬美元，增幅達 226%。值得注意的是，我們僅根據重組相關費用和無形資產減損調整營業收入。

In Q2, we recorded $0.8 million in restructuring charges and no intangible impairments, resulting in an unadjusted operating income of $5 million. This milestone underscores the effectiveness of our strategic focus and continuous improvement agenda.

在第二季度，我們記錄了 80 萬美元的重組費用，沒有無形資產減值，導致未調整營業收入為 500 萬美元。這一里程碑凸顯了我們的策略重點和持續改進議程的有效性。

Free cash flow was negative by $7.9 million in the second quarter as the strong P&L performance was more than offset by working capital investments to support our international growth in the second half of the year, annual payments related to incentive programs and insurance premiums as well as capital expenditures for the upcoming store openings.

第二季自由現金流為負 790 萬美元，因為強勁的損益表現被支持下半年國際成長的營運資本投資、與激勵計畫和保險費相關的年度付款以及即將開設的門市的資本支出所抵銷。

Our historical quarterly performance continues to display a clear upward trajectory, reflecting our sustained focus on growth and operational efficiency. Additionally, we observed that free cash flow tends to be impacted in the first half of the year due to seasonal factors.

我們的歷史季度業績持續呈現明顯的上升趨勢，反映了我們對成長和營運效率的持續關注。此外，我們觀察到，由於季節性因素，自由現金流往往會在上半年受到影響。

Looking at the contributions from each segment across our main financial KPIs, we can see how each segment is contributing to net revenue and gross profit growth. Most of this growth is driven by our cannabis segment, although we are also pleased to see the Liquor Retail segment returning to growth during the second quarter.

透過查看每個部門對我們主要財務 KPI 的貢獻，我們可以看到每個部門如何對淨收入和毛利成長做出貢獻。這一成長主要由我們的大麻部門推動，但我們也很高興看到酒類零售部門在第二季度恢復成長。

The revenue elimination for cannabis is related to the sales from the Cannabis Operations segment into our own retail. This elimination is increasing as a result of the cannabis business growth.

大麻的收入消除與大麻業務部門向我們自己的零售部門的銷售有關。由於大麻業務的成長，這種消除現象正在增加。

Adjusted operating income showed similar trends with all operating segments reporting clear improvements compared to the second quarter of 2024. The Corporate segment reflects the positive impact of our ongoing restructuring and cost optimization initiatives, while the Investment segment, although reporting a positive absolute operating income in the second quarter of 2025 was affected in the comparison to the same period in prior year by lapping a 2024 favorable SunStream valuation adjustment.

調整後的營業收入呈現類似的趨勢，與 2024 年第二季相比，所有營運部門均報告明顯改善。企業部門反映了我們正在進行的重組和成本優化舉措的積極影響，而投資部門雖然報告了 2025 年第二季度的正絕對營業收入，但與去年同期相比受到了 2024 年有利的 SunStream 估值調整的影響。

In the second quarter of 2025, no material valuation changes were recorded in our investment portfolio. Free cash flow for the quarter was negative $7.9 million, slightly below the prior year level despite notable earnings improvements.

2025 年第二季度，我們的投資組合未發生重大估值變動。本季自由現金流為負 790 萬美元，儘管獲利顯著改善，但仍略低於去年同期水準。

This was primarily driven by working capital investments supporting international growth planned for the second half of the year, alongside capital expenditures for future store openings. As was the case last year, the second quarter was also impacted by seasonal payments associated with annual incentive programs and insurance premiums.

這主要得益於支持下半年國際成長計畫的營運資本投資以及未來開店的資本支出。與去年一樣，第二季也受到與年度激勵計劃和保險費相關的季節性支付的影響。

In the second quarter of 2025, free cash flow was influenced by several key factors. Earnings made a significant positive contribution with net income plus noncash add-backs totaling $19.6 million. However, this strong earnings contribution was outweighed by working capital and CapEx investments as well as seasonal cash outflows.

2025年第二季度，自由現金流受到幾個關鍵因素的影響。收益做出了重大的正面貢獻，淨收入加上非現金加回總額為 1,960 萬美元。然而，營運資本和資本支出以及季節性現金流出抵消了這一強勁的獲利貢獻。

Inventory growth in Q1 and Q2 was largely driven by the scale-up of our Atholville cultivation facility in support of increasing international export volumes. In Q2, we made our annual management incentive payout and insurance premium payments, resulting in a seasonal cash outflow of $12 million.

第一季和第二季的庫存成長主要得益於我們阿索爾維爾種植設施的擴大，以支持不斷增長的國際出口。第二季度，我們支付了年度管理層激勵金和保險費，導致季節性現金流出 1,200 萬美元。

CapEx and lease payments rose during the quarter, reflecting our continued organic expansion of the retail network ahead of anticipated openings in the second half of the year. Despite these growth investments, year to date we're still $3 million ahead of prior year.

本季資本支出和租賃付款增加，反映出我們在下半年預計開業之前繼續有機擴張零售網絡。儘管有這些成長投資，但今年迄今我們仍比前一年多出 300 萬美元。

The Liquor Retail segment delivered net revenue of $141.9 million in the second quarter, marking a 1% year-over-year increase. This modest growth was partly supported by a calendar shift in Easter timing, which favorably impacted our consumer demand compared to the prior year, driving a 2.7% growth in same-store sales.

酒類零售部門第二季淨收入為 1.419 億美元，年增 1%。這種溫和的成長部分得益於復活節時間的轉變，與前一年相比，這對我們的消費者需求產生了積極影響，推動同店銷售額增長 2.7%。

Notably, our Wine and Beyond banner stood out with a robust 7.2% growth, contributing meaningfully to the segment performance. Additionally, private label sales remained a key growth driver, posting an 8.1% increase as consumers continue to gravitate towards high-quality offerings at competitive pricing. While this quarter's growth may not set a precedent for future performance, we are encouraged by the trend improvement compared to prior quarters.

值得注意的是，我們的葡萄酒及其他產品系列表現突出，實現了 7.2% 的強勁增長，為該部門的業績做出了重大貢獻。此外，自有品牌銷售額仍然是一個主要的成長動力，隨著消費者繼續青睞具有競爭力的價格的高品質產品，其銷售額成長了 8.1%。雖然本季的成長可能不會為未來的表現開創先例，但與前幾季相比，趨勢的改善令我們感到鼓舞。

Gross profit of $36.5 million represents an increase of 2.2% year over year. This improvement was driven by the revenue growth and 30 basis point expansion in gross margin, resulting in record high gross margin of 25.7% for the segment. Operating income reached $11.1 million, marking a $2.6 million or 31% increase year over year. This performance was driven not only by revenue and gross profit gains, but also by enhanced efficiency in SG&A expenses.

毛利為 3,650 萬美元，年增 2.2%。這項改善是由收入成長和毛利率擴大 30 個基點推動的，從而使該部門的毛利率創下 25.7% 的歷史新高。營業收入達 1,110 萬美元，比去年同期增加 260 萬美元，增幅為 31%。這項業績不僅得益於營收和毛利的成長，還得益於銷售、一般和行政費用效率的提升。

Cannabis Retail achieved a new quarterly net revenue record of $84.4 million, representing 11% year-over-year growth. This performance was driven by an 8.2% increase in same-store sales, far outpacing the market and underscoring the strength of our value-based model.

Cannabis Retail 季度淨收入創下 8,440 萬美元的新紀錄，年增 11%。這一業績得益於同店銷售額 8.2% 的成長，遠遠超過市場平均水平，凸顯了我們基於價值的模式的優勢。

The combination of robust revenue expansion and a 60 basis points improvement in gross margin led to a 14% year-over-year increase in gross profit. The segment also saw a strong profitability with $8.1 million in operating income, more than doubling versus prior year quarter. This growth was supported by gross profit momentum and continued efficiency improvements in SG&A expenses.

強勁的收入成長和毛利率提高 60 個基點的結合，使得毛利年增 14%。該部門也實現了強勁的獲利能力，營業收入達 810 萬美元，較去年同期成長一倍多。這一增長得益於毛利的成長動能以及銷售、一般及行政費用（SG&A）效率的持續提高。

Our Cannabis Operations segment continues to deliver the largest P&L improvements. Net revenue for the second quarter of 2025 was $35.8 million, reflecting a $10.9 million or 43% growth compared to the prior year. This growth was driven by edibles following the acquisition of Indiva in the fourth quarter of 2024 as well by accelerating international sales.

我們的大麻業務部門持續實現最大的損益改善。2025 年第二季淨收入為 3,580 萬美元，較上年增長 1,090 萬美元，增幅為 43%。這一增長得益於 2024 年第四季度收購 Indiva 之後食品業務的推動，以及國際銷售的加速。

Gross profit achieved a significant increase compared to the prior year, driven by a 13 percentage point expansion in gross margin, reaching 25.8%. These improvements are mainly driven by our productivity program and initial synergies from the Indiva acquisition. As a result of the revenue growth and margin expansion, adjusted operating income for the second quarter came in at a positive $2.7 million, marking a $4.6 million improvement year over year.

毛利較前一年大幅成長，毛利率提升13個百分點，達25.8%。這些改進主要得益於我們的生產力計劃和收購 Indiva 帶來的初步協同效應。由於營收成長和利潤率擴大，第二季調整後的營業收入達到正 270 萬美元，比去年同期成長 460 萬美元。

Over to you, Zach, for additional comments related to our strategic priorities.

交給你了，扎克，針對我們的戰略重點提出更多評論。

Delivering consistent short-term financial performance is very important to us, while we also remain focused on our three strategic pillars, which are essential to our long-term success: growth, profitability and people.

對我們來說，實現穩定的短期財務表現非常重要，同時我們也將繼續專注於對我們的長期成功至關重要的三大策略支柱：成長、獲利能力和人才。

Starting with growth, our Cannabis Retail segment, particularly our successful Value Buds banner continues to outperform the market. As previously mentioned, this segment delivered net revenue growth of 11% in the second quarter of 2025, supported by same-store sales growth of 8.2%, which translated into a 30 basis point gain in market share.

從成長開始，我們的大麻零售部門，特別是我們成功的 Value Buds 品牌繼續跑贏大盤。如前所述，該部門在 2025 年第二季度實現了淨收入增長 11%，這得益於同店銷售額增長 8.2%，市場份額增加了 30 個基點。

Liquor Retail also grew revenue in the quarter despite the rationalization of some of our store footprint, driven by a 2.7% same-store sales growth. We are pleased to see how our Wine and Beyond banner grew 7.2% in the second quarter. Our consumers also reward us with their loyalty and appreciation of our unique offering of quality private label products at attractive prices, sales of which grew 8.1% during the quarter.

儘管我們對部分門市佈局進行了合理化，但酒類零售本季的營收仍實現成長，這得益於同店銷售額 2.7% 的成長。我們很高興看到我們的 Wine and Beyond 品牌在第二季度成長了 7.2%。我們的消費者也以忠誠和讚賞回報我們，我們以極具吸引力的價格提供獨特的優質自有品牌產品，這些產品的銷售額在本季度增長了 8.1%。

In April, we announced the acquisition of 1CM, reinforcing our strategic commitment to expanding our cannabis retail footprint in Canada. We expect to close this transaction as planned by the end of Q3. Our teams are already evaluating opportunities to deploy organic investments to scale this new format and incorporate enhanced shopper insights once the 1CM assets are integrated into the SNDL portfolio.

今年 4 月，我們宣布收購 1CM，強化了我們擴大在加拿大大麻零售業務的策略承諾。我們預計將在第三季末按計劃完成此交易。一旦 1CM 資產整合到 SNDL 產品組合中，我們的團隊已經在評估部署有機投資的機會，以擴大這種新模式的規模並融入增強的購物者洞察力。

Our Cannabis Operations segment posted another strong quarter with 43% revenue growth. This performance was primarily driven by the contribution of our Indiva acquisition as well as additional momentum gained with our international partners, resulting in $3.8 million in export revenues for Q2. We see this run rate increasing substantially into Q3.

我們的大麻業務部門又取得了強勁的季度業績，營收成長了 43%。這項業績主要得益於我們收購 Indiva 的貢獻以及與國際合作夥伴共同取得的額外發展勢頭，導致第二季的出口收入達到 380 萬美元。我們看到這一運行率在第三季大幅上升。

Under our profitability strategic priority, our continued operational improvements and focus on cost management enabled us to achieve almost $6 million in adjusted and $5 million in unadjusted positive operating income in the second quarter.

在我們的獲利策略重點下，我們持續的營運改善和對成本管理的關注使我們在第二季度實現了近 600 萬美元的調整後營業收入和 500 萬美元的未調整後營業收入。

As previously mentioned, this is a significant milestone as it is the first time in our history that we have achieved quarterly positive operating income. Our upward trajectory and pipeline of additional productivity projects gives us confidence in our ability to continue raising the bar in quarters to come.

如前所述，這是一個重要的里程碑，因為這是我們歷史上第一次實現季度正營業收入。我們的上升軌跡和額外生產力項目的準備使我們有信心在未來幾季繼續提高標準。

Year-over-year productivity improvements totaled $3 million in the second quarter, driven primarily by efficiencies in procurement, manufacturing and cultivation within our Cannabis Operations segment. These improvements contributed to matching the record gross margin reported in the first quarter.

第二季度，生產力改善總額年增 300 萬美元，主要得益於大麻營運部門採購、製造和種植效率的提升。這些改進有助於匹配第一季報告的創紀錄毛利率。

Through focused resource allocation, effective execution of our restructuring program initiated mid last year and enhanced spend management, we achieved a $5 million year-over-year reduction in overhead expenses.

透過集中資源配置、有效執行去年年中啟動的重組計劃以及加強支出管理，我們實現了管理費用同比減少 500 萬美元。

This represents a net decrease in absolute spending despite inflationary pressures and ongoing growth investments. Additionally, data licensing revenue contributed $4.7 million in the quarter, providing further support to gross margin expansion.

這意味著，儘管存在通膨壓力和持續的成長投資，但絕對支出仍淨減少。此外，數據許可收入在本季度貢獻了470萬美元，為毛利率的擴大提供了進一步的支持。

We continue to nurture and invest in our greatest competitive advantage, our people. We are pleased to see our strategic talent review process maturing and proving to be a valuable asset to the organization.

我們將繼續培養和投資我們最大的競爭優勢—我們的員工。我們很高興看到我們的策略性人才評估流程日趨成熟，並被證明是組織的寶貴資產。

Through assessments of individual potential, managers and their teams are able to craft personalized development plans that strengthen capabilities and maximize career growth, ultimately enhancing employee impact and overall company success.

透過評估個人潛力，管理人員及其團隊能夠制定個人化的發展計劃，以增強能力並最大限度地促進職業發展，最終提高員工影響力和整體公司成功率。

Building on insights gathered from our most recent annual employee engagement survey, along with deeper visibility into workforce trends, we have solidified our action plan and begun executing several initiatives aimed at elevating our employee value proposition.

基於我們最近的年度員工敬業度調查收集到的見解以及對勞動力趨勢的深入了解，我們鞏固了行動計劃並開始執行旨在提升員工價值主張的多項舉措。

We're also proud to continue onboarding world-class diverse talent into key roles. Their contributions are already making a meaningful difference, and we are also strengthening our leadership bench.

我們也非常自豪能夠持續吸收世界一流的多元化人才擔任關鍵職位。他們的貢獻已經產生了重大影響，我們也正在加強我們的領導階層。

As we conclude this presentation, I'd like to express how encouraged we are by the momentum we've built and how energized we feel by the progress that we're making. Our team remains highly focused and motivated to navigate the challenges of a dynamic industry in pursuit of our ambition to become a global cannabis leader. Once again, I'd like to thank our entire team for their contributions and our shareholders for their continued trust.

在我們結束本次演講時，我想表達我們對所建立的勢頭感到多麼鼓舞，以及我們對所取得的進展感到多麼充滿活力。我們的團隊始終高度專注並積極應對充滿活力的行業挑戰，追求成為全球大麻領導者的雄心壯志。我再次感謝我們整個團隊的貢獻以及股東的持續信任。

I will now hand the call back to the operator for the analyst Q&A session.

我現在將把電話交回給接線員，進行分析師問答環節。

(Operator Instructions) Frederico Gomes, ATB Capital Markets.

（操作員指示）Frederico Gomes，ATB 資本市場。

Congrats on the great quarter. So you reported some good growth in international sales this quarter. At the same time, I believe that you had lower provincial board sales. So I have two questions on this. First, are those two related such that maybe you are maybe prioritizing international exports as opposed to domestic sales?

恭喜本季取得如此出色的成績。所以你們報告了本季國際銷售額的一些良好成長。同時，我認為你們省級板銷量較低。所以我對此有兩個問題。首先，這兩者是否相關，您可能優先考慮國際出口而不是國內銷售？

And second, could you talk about the outlook for those international sales? You mentioned some working capital investments there. So what sort of growth can we expect through the year?

其次，您能談談國際銷售的前景嗎？您提到了一些營運資金投資。那麼，我們可以預期今年會出現什麼樣的成長呢？

Thank you for the question. There is quite a lot going on beneath the surface there. So I wouldn't extrapolate any kind of lack of focus on the Canadian recreational market.

謝謝你的提問。那裡的表面之下發生了很多事。因此，我不會推斷出對加拿大休閒市場缺乏任何關注。

We are expecting meaningful growth into the back half of the year in terms of international, but it will be off this very slow base. And we're monitoring those markets very carefully and developing great relationships with distributors on the ground in the UK and EU.

我們預計今年下半年國際業務將出現有意義的成長，但成長速度將非常緩慢。我們正在密切關注這些市場，並與英國和歐盟當地的經銷商建立良好的關係。

Perfect. Second question on your RISE Rewards loyalty program. Can you comment on how the program is rolling out so far? How many members have signed up? And is that going in line with your expectations?

完美的。關於您的 RISE Rewards 忠誠度計劃的第二個問題。您能否評論一下該計劃目前的進展？有多少會員報名了？這符合您的預期嗎？

Yes. So we are making daily progress in terms of new loyalty program members. We're going to be making announcements as we hit key milestones, but it's still early days with the program only being out for several months. And so we're in the six-figure range, but we're going to be putting out a lot more disclosure around that as we hit our key milestones. It's early days.

是的。因此，我們在增加新的忠誠度計劃會員方面每天都在取得進展。當我們達到關鍵里程碑時，我們將發佈公告，但現在還處於早期階段，因為該計劃僅推出幾個月。因此，我們的收入處於六位數的範圍內，但當我們達到關鍵里程碑時，我們將揭露更多相關資訊。現在還為時過早。

Got it. Just a final question about your view on cultivation Zach. Just -- considering that we are seeing, I guess, an increase in wholesale prices in Canada, better supply/demand here with exports to international markets. So how do you look at a potential expansion of your cultivation footprint?

知道了。最後一個問題是關於你對栽培的看法，扎克。只是——考慮到我們看到加拿大的批發價格上漲，隨著出口到國際市場，這裡的供需狀況有所改善。那麼您如何看待種植面積的潛在擴張？

Is that something that could make sense? Are you in any way, I guess, constrained on your cultivation side of things? And just how do you view that potential expansion?

這樣有道理嗎？我想，您在耕作方面是否受到某種限制？您如何看待這種潛在的擴張？

So I think it would be worth noting that our Atholville facility, while medium-sized in nature is now fully ramped and committed both internationally and domestically for supply. Our cultivation efforts represent about 15% of our total biomass needs.

因此，我認為值得注意的是，我們的阿索爾維爾工廠雖然規模中等，但目前已全面投入生產並致力於國際和國內供應。我們的種植量約佔生物質總需求的 15%。

So it's certainly a hedge in a rising price environment. Our relationships and the nature of our platform through our B2B partnerships and our strong retail positioning puts us in an interesting place for procurement relationships.

因此，在價格上漲的環境中，這無疑是一種對沖手段。我們透過 B2B 合作夥伴關係建立的關係和平台的性質以及我們強大的零售定位使我們在採購關係方面處於一個有趣的位置。

And in the short term, we're actually seeing some additional supply hit the market. So we're watching the cycle very carefully. But we've been able to access biomass in the quantums required at specs that we need to serve consumers in Canada. So no real concerns at that point. Obviously, there are a number of opportunities in different cultivation mediums to grow our exposure there.

而在短期內，我們實際上看到一些額外的供應進入市場。因此，我們正在非常仔細地觀察這個週期。但我們已經能夠獲取滿足加拿大消費者需求的生物質。所以目前還沒有什麼真正的擔憂。顯然，在不同的栽培媒介中存在許多機會來增加我們的曝光率。

We're trying to be very conservative with capital. And so to date, we've continued to take advantage of procurement opportunities in the market versus investing tens of millions of dollars in new cultivation facilities.

我們試圖對資本採取非常保守的態度。因此到目前為止，我們一直在利用市場上的採購機會，而不是投資數千萬美元建造新的種植設施。

Aaron Grey, A.G.P.

亞倫·格雷（Aaron Grey），A.G.P.

Nice quarter here. Just want to follow up a bit for the question that Fred asked regarding the supply chain, maybe bring it back to international. Are you guys satisfied with the supply chain you guys have today? Zach, you mentioned some of the relationships you're building with distributors or otherwise. Can you maybe touch on the margins you're achieving?

這裡很不錯。只是想稍微跟進一下 Fred 提出的有關供應鏈的問題，也許將其帶回國際上。你們對目前的供應鏈滿意嗎？扎克，您提到了您正在與分銷商或其他方建立的一些關係。能否談談您所取得的利潤？

I know a lot of your peers tout the higher margins in Europe versus Canada, but a lot of times, it seems to depend on the supply chain that they're working with. So any commentary you could provide on that? And then maybe just any market-specific guidance in terms of where you're feeling most constructive in terms of international growth?

我知道很多同業都吹捧歐洲比加拿大有更高的利潤率，但很多時候，這似乎取決於他們合作的供應鏈。那麼您對此能提供什麼評論嗎？那麼，就國際成長而言，您認為最具建設性的市場具體指導是什麼？

Thanks for the question. Yes, absolutely. Look, we see -- it's still very early days in Europe. You've got a tremendous growth opportunity, but there are -- the margins are extremely high today. We're seeing some volatility and some compression in spots.

謝謝你的提問。是的，絕對是。你看，我們看到──歐洲還處於早期階段。你擁有巨大的成長機會，但如今的利潤率非常高。我們看到一些地方出現了一些波動和壓縮。

And there have been a few external shocks to the supply chain, which have also served to keep pricing higher. But these are emerging markets in every sense of the word. And you have a number of middlemen earning outsized economic returns in that market, and we think there'll be pressure on those levels going further.

供應鏈也受到了一些外部衝擊，這也導致價格持續走高。但從任何意義上來說，這些都是新興市場。而該市場上有許多中間商賺取了巨額經濟回報，我們認為這些層面將進一步面臨壓力。

So we're still committed absolutely to winning in Canada, and we're unapologetic about that. But we're also excited about some of these new streams of cash flow and relationships we're building internationally. Alberto, would you like to comment further on margin profile?

因此，我們仍然致力於在加拿大取得勝利，我們對此毫不後悔。但我們也對在國際上建立的一些新的現金流和關係感到興奮。阿爾貝托，您想進一步評論保證金狀況嗎？

Yes. So our margin of international sales is certainly accretive. Obviously, there is a range depending on the customer and depending on the type of product that we're shipping. But they are nicely accretive to our national margins at the moment.

是的。因此我們的國際銷售利潤率肯定會增加。顯然，這取決於客戶以及我們運送的產品類型。但目前它們對我們的國家利潤產生了很好的增值作用。

It's one of the reasons as why we're dedicating an important portion of our cultivation efforts towards international, given the good quality flower that we were able to produce in Atholville. And we are expecting still for the time being, those margins to remain higher than Canadian average. But as Zach mentioned, obviously, things can change very quickly in an emerging market.

鑑於我們在阿索爾維爾能夠生產出優質的花卉，這也是我們將大部分種植精力投入國際市場的原因之一。我們預計，目前這些利潤率仍將高於加拿大的平均水準。但正如扎克所提到的，顯然，新興市場的情況變化非常快。

Okay. Really appreciate that color there. Second question for me, I just want to talk liquor for a bit. I know there's some challenges in that segment. Nice to see return to growth in the quarter.

好的。真的很欣賞那裡的顏色。第二個問題，我只想談酒。我知道該領域存在一些挑戰。很高興看到本季恢復成長。

Could you provide some commentary? Do you believe that was more specific to the things attributable to the company or broader category dynamics? I know alcohol as a whole has been under some pressure. So just any further color you can provide because I believe you did mention there was some positive same-store sales there.

您能提供一些評論嗎？您是否認為這更具體地與公司有關，還是與更廣泛的類別動態有關？我知道酒精產業總體上面臨一些壓力。因此，您可以提供任何進一步的細節，因為我相信您確實提到那裡有一些積極的同店銷售額。

Yes, it's a great question and arguably could be one of the most important stats of the quarter. This narrative around secular decline in alcohol consumption is certainly being challenged by our numbers. I would say that the approach to individual banner management is a big driver for the success in the quarter.

是的，這是一個很好的問題，可以說是本季最重要的數據之一。我們的數據確實對這種有關酒精消費量長期下降的說法提出了質疑。我想說，單獨橫幅管理的方法是本季成功的一大推動力。

Wine and Beyond really was the lead horse there and put up really impressive results. So this notion of selection as brand and the incredible theater that's created at retail with north of 10,000 SKUs is something that's a real draw for the consumer.

Wine and Beyond 確實是那裡的領頭羊，並取得了令人印象深刻的成績。因此，這種以品牌為選擇的概念以及在零售中透過超過 10,000 個 SKU 創造的令人難以置信的劇院對消費者來說具有真正的吸引力。

That's clear. And you may see us lean into that even further in the future. That being said, we're still observing a shifting consumer behavior and a shifting relationship generally with our Bev. So we're continuing to monitor that and not taking anything for granted.

這很清楚。您可能會看到我們將來會進一步傾向於此。話雖如此，我們仍然觀察到消費者行為的轉變以及與飲料之間關係的轉變。因此，我們會繼續監控此事，不會想當然地認為任何事情。

(Operator Instructions) Pablo Zuanic, Zuanic & Associates.

（操作員指示）Pablo Zuanic，Zuanic & Associates。

Look, just first to start, the housekeeping question. Do you disclose of the wholesale revenue number for cannabis, the $11 million, how much is international? And I'm sorry if I missed that, but can you clarify that?

瞧，首先開始討論家務問題。能透露一下大麻批發收入的數字嗎？ 1100 萬美元，其中有多少是國際收入？如果我錯過了這一點，我很抱歉，但你能澄清一下嗎？

Yes, Pablo, the international sales were disclosed in our press release. And for the second quarter, they amounted to $3.8 million.

是的，Pablo，國際銷售額已在我們的新聞稿中揭露。第二季度，這一數字達到 380 萬美元。

Okay. All right. And then, Zach, obviously, congratulations on the performance in domestic Canada, right? As you said, you grew around, I think, Hifyre say 16%. That's about 3% -- three times the market average growth.

好的。好的。然後，扎克，顯然，祝賀你在加拿大國內的表現，對吧？正如你所說，我認為你的成長了約 16%，Hifyre 說。這大約是 3%——是市場平均成長率的三倍。

But SNDL in Canada is still about number 12 with about 2% market share. I mean, when you say more medium, longer term, what's the aspiration there in terms of scaling up, whether organically or via M&A to the top rec in Canadian rec?

但加拿大的 SNDL 仍排在第 12 位，市佔率約 2%。我的意思是，當您說中期或長期時，在擴大規模方面的願望是什麼，無論是透過有機成長還是透過併購成為加拿大頂級娛樂公司？

Thanks, Pablo. Can you just repeat the question? You were asking about duration?

謝謝，巴勃羅。你能重複一下這個問題嗎？您問的是持續時間？

No, I'm sorry, I want to repeat again. I'm saying in the case of Canada in domestic recreational sales, right, obviously, in the quarter, you grew three times the market average growth rate. So that's great. But SNDL is still about number 12 in Canadian rec with about 2% market share. So I'm just thinking more medium, longer term, what's the aspiration?

不，對不起，我想再重複一次。我說的是，就加拿大國內休閒娛樂銷售額而言，顯然，本季的成長率是市場平均成長率的三倍。這太棒了。但 SNDL 在加拿大娛樂業仍排名第 12 位，市佔率約 2%。所以我只是在思考中期和長期目標是什麼？

Do you want to be a top three player? How do you think about that?

你想成為前三名的球員嗎？您對此有何看法？

Aspiration, yes, understood. Look, I think we've discussed this on calls previously. But if you really look at the Canadian marketplace, almost every single discernible industry has taken the shape of an oligopoly effectively with a small handful of very large dominant players and a handful of very active strong peripheral operators. And we don't think that cannabis will be any different.

是的，願望，明白。聽著，我想我們之前在電話中討論過這個問題。但如果你真正觀察一下加拿大市場，你會發現幾乎每一個可辨別的行業都已經形成了寡頭壟斷的局面，由少數幾個占主導地位的大型企業和少數幾個非常活躍的強大的外圍運營商組成。我們認為大麻也不會有什麼不同。

We think that we're still coming out of the trough in the cycle, and you still see significant consolidation ahead. So we're really focused on profitable growth. And there are many levers we could pull if market share was the sole objective. But as you can see, operating income and free cash flow are the biggest priorities for us.

我們認為我們仍處於週期的低谷期，未來仍將出現顯著的整合。所以我們真正關注的是獲利成長。如果市場佔有率是唯一目標，我們可以採取很多措施。但正如您所看到的，營業收入和自由現金流是我們最優先考慮的事情。

Okay. And then just moving on to the US assets. I don't know if you can give an update in terms of where you are in terms of taking full ownership and control of those assets and you start consolidating them. I know you own them through SunStream, right?

好的。然後我們再來談談美國資產。我不知道您是否可以介紹一下您在完全擁有和控制這些資產以及開始整合這些資產方面的進展。我知道您透過 SunStream 擁有它們，對嗎？

So if you can just clarify where we are there in terms of consolidating those assets? And then I have a follow-up.

那麼，您能否澄清一下我們在整合這些資產方面處於什麼階段？然後我有一個後續問題。

Sure. So Pablo, working backwards, any ability to consolidate those assets will require the closing of the restructurings. In the case of Parallel, you have a foreclosure process ongoing. In the case of Skymint, it's a receivership. And there are two, what I would call, irritant litigations that we're still just waiting on rulings from the courts for.

當然。因此，Pablo，反過來想，任何整合這些資產的能力都需要完成重組。在 Parallel 的情況下，您正在進行止贖程序。就 Skymint 而言，這是一個破產管理程序。還有兩起我稱之為令人惱火的訴訟，我們仍在等待法院的裁決。

It's been a frustrating process for sure, with an elongated time line. And that's really driven by the lack of US operators' ability to access the federal bankruptcy courts. And so you end up in courts with -- in environments where there's much less experience with complex commercial and distressed files. And so we should have received word from these courts now almost two months ago as an outside date, and we're still waiting.

這確實是一個令人沮喪的過程，因為時間被延長了。這實際上是由於美國運營商缺乏進入聯邦破產法庭的能力。因此，你最終會在法庭上面對——在處理複雜的商業和不良文件的經驗很少的環境中。因此，我們應該在大約兩個月前就收到這些法院關於延期日期的通知，但我們仍在等待。

So we're eager to see those results, and then we'll be able to move to close. And as you may have seen publicly, our Board is reviewing listing status to make some strategic decisions about how to manage that exposure going forward.

因此，我們迫切希望看到這些結果，然後我們才能完成。正如您可能已經公開看到的那樣，我們的董事會正在審查上市狀態，以便就如何管理未來的風險做出一些策略決策。

Right. Understood. And then -- and again, in terms of what you can disclose, but are you able -- I mean, who's managing Parallel right now? I mean, do you have a -- does SNDL have any say in terms of -- or SunStream any say in the way that operation is being run? Or you're more limited in terms of what you can do there?

正確的。明白了。然後 — — 再說一次，就您可以揭露的內容而言，但是您能夠 — — 我的意思是，現在誰在管理 Parallel？我的意思是，你有沒有——SNDL 有沒有發言權——或者 SunStream 有沒有發言權？或者說您在那裡能做的事情比較有限？

If you can disclose that.

如果你能透露這一點。

That's correct, Pablo. So SNDL is not engaged in any plant touching activities whatsoever in the United States, and that's really critical to maintain our strong and positive relationship with Nasdaq.

沒錯，巴布羅。因此，SNDL 在美國不從事任何涉及工廠的活動，這對於維持我們與納斯達克的牢固而積極的關係至關重要。

So at this point, we are not able to put a hand on the wheel, so to speak, in any form. But of course, we're monitoring as a creditor and certainly have a lot of ideas on operations that we are restricted from executing on given our operating experience internationally.

因此，目前，我們無法以任何形式來掌控方向盤。但當然，作為債權人，我們正在進行監控，根據我們的國際營運經驗，我們對一些受到限制的營運有很多想法。

Right. And one very last one. So in the case of Pennsylvania and Texas, I understand that there was a relationship with IIPR. I think in the case of Pennsylvania, that operation has been given up that lease pretty much. But in the case of Texas, SunStream still has a stake there, right?

正確的。最後再說一句。因此，就賓夕法尼亞州和德克薩斯州而言，我了解到它們與 IIPR 存在關係。我認為，就賓州的情況而言，這項業務基本上已經放棄了租約。但就德克薩斯州而言，SunStream 仍然擁有那裡的股份，對嗎？

You have not given up that operation. Can you clarify the difference between the Pennsylvania and Texas situation?

你還沒有放棄那項行動。您能解釋一下賓夕法尼亞州和德克薩斯州的情況之間的差異嗎？

Sure. Let me maybe give a broader picture for Parallel. So Parallel's asset base today really consists of operations in Florida, Massachusetts, and they're one of very few license holders today in Texas, although we believe that will expand in the future. The majority of that business is levered to being a top five player in Florida.

當然。讓我來為 Parallel 提供一個更廣泛的描述。因此，Parallel 目前的資產基礎實際上包括在佛羅裡達州和馬薩諸塞州的業務，並且他們是目前德克薩斯州為數不多的許可證持有者之一，儘管我們相信未來這一數字還會擴大。這項業務的大部分收益都來自於成為佛羅裡達州排名前五的球員。

You're correct in that quite some time ago, the Pennsylvania assets were disclaimed. The stakeholders and special committee of Parallel in this context can make additional decisions into the close of that transaction to shed certain contracts or liabilities, but those decisions have not been made. And so we're eager to update our investors on progress with this as soon as we hear from the courts.

您說得對，很久以前，賓州的資產就被放棄了。在此背景下，Parallel 的利害關係人和特別委員會可以在交易結束時做出額外決定，以擺脫某些合約或負債，但這些決定尚未做出。因此，一旦我們收到法院的答复，我們渴望立即向投資者通報此事的進展。

And this concludes the question-and-answer session. I would like to turn the conference back over to Zach George for closing remarks.

問答環節到此結束。我想將會議交還給扎克喬治 (Zach George) 來做結束語。

Thank you, operator, and thank you all for joining our second quarter conference call. We look forward to updating you on our progress in the near future. Have a great day.

謝謝接線員，也謝謝大家參加我們的第二季電話會議。我們期待在不久的將來向您通報我們的進展。祝你有美好的一天。

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

今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。