Tilray Brands Inc (TLRY) 2024 Q2 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray brand's financial results for the second quarter of fiscal year 2024 ended November 30, 2023. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session for analysts and investment firms conducted by audio. I will now turn the call over to Miss Berrin Noorata, Chief Corporate Affairs and Communications Officer.

感謝您參加今天的電話會議，討論 Tilray 品牌截至 2023 年 11 月 30 日的 2024 財年第二季度的財務業績。所有線路均已靜音，以防止任何背景噪音。演講者發言後，分析師和投資公司將透過音訊進行問答環節。我現在將把電話轉給首席企業事務和傳播官 Berrin Noorata 女士。

Thank you. You may now begin.

謝謝。你現在可以開始了。

Thank you, operator, and good morning, everyone. By now you should have access to the earnings press release, which is available on the Investors section of the Tilray Brands website at Tilray.com and has been filed with the SEC and SEDAR.

謝謝接線員，大家早安。現在，您應該可以訪問收益新聞稿，該新聞稿可在 Tilray Brands 網站 Tilray.com 的投資者部分獲取，並已向 SEC 和 SEDAR 備案。

Please note that during today's call, we will be referring to various non-GAAP financial measures that can provide useful information for investors. However, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP.

請注意，在今天的電話會議中，我們將提及各種非公認會計準則財務指標，這些指標可以為投資者提供有用的信息。然而，這些資訊的呈現並非旨在被孤立地考慮或作為根據 GAAP 呈現的財務資訊的替代品。收益新聞稿包含每項非公認會計原則財務指標與根據公認會計原則編製的最具可比性指標的調節表。

In addition, we will be making numerous forward-looking statements during our remarks and in response to your questions. These statements are based on our current expectations and beliefs and involve known and unknown risks and uncertainties, which may prove to be incorrect. Actual results could differ materially from these described in those forward-looking statements.

此外，我們將在發言和回答您的問題時做出大量前瞻性陳述。這些陳述是基於我們目前的期望和信念，涉及已知和未知的風險和不確定性，可能被證明是不正確的。實際結果可能與這些前瞻性陳述中所述的結果有重大差異。

Today, we will be hearing from key members of our senior leadership team, beginning with Irwin Simon, Chairman and Chief Executive Officer, who will provide opening remarks and commentary followed by Carl Merton, Chief Financial Officer, who will review our quarterly financial results for Q2 fiscal year 2024. Also joining us for the question-and-answer segment are Denise Faltischek, Chief Strategy Officer and Head of International, Blair MacNeil, President of Tilray Canada, and Ty Gilmore, President of our US. Beer business.

今天，我們將聽取我們高級領導團隊主要成員的講話，首先是董事長兼首席執行官歐文·西蒙(Irwin Simon)，他將發表開場白和評論，然後是首席財務官卡爾·默頓(Carl Merton) ，他將審查我們的季度財務業績2024 財年第二季。加入我們問答環節的還有首席策略長兼國際主管 Denise Faltischek、Tilray 加拿大公司總裁 Blair MacNeil 和美國公司總裁 Ty Gilmore。啤酒生意。

And now I'd like to turn the call over to Taylor Brands, Chairman and CEO, Irwin Simon.

現在我想將電話轉給泰勒布蘭德 (Taylor Brands) 董事長兼執行長歐文西蒙 (Irwin Simon)。

Thank you, Darren, and good morning, everyone, and Happy New Year. We thank you for your continued support of Tilray. Brands for joining our call today. Over the last several quarters, we have been articulating what truly sets Tilray brands apart. Our diversified business model of cannabis, CPG, lifestyle brands, all operating under a strategy and a vision which we believe will drive our continued growth and future success.

謝謝你，達倫，大家早安，新年快樂。我們感謝您對 Tilray 的持續支持。今天就加入我們電話會議的品牌。在過去的幾個季度中，我們一直在闡述 Tilray 品牌的真正與眾不同之處。我們的大麻、消費品、生活風格品牌的多元化業務模式，所有這些都在我們相信將推動我們持續成長和未來成功的策略和願景下運作。

As we've demonstrated by our record revenue in Q2, with the dedication and efforts of our more than 20,300 employees worldwide. We have created a global portfolio of beloved brands and innovative high quality products backed by best-in-class operations facilities and robust distribution that supports our goal of becoming a multibillion dollar company

正如我們第二季創紀錄的收入所證明的那樣，這得益於我們全球 20,300 多名員工的奉獻和努力。我們創建了一個由深受喜愛的品牌和創新的高品質產品組成的全球產品組合，並以一流的營運設施和強大的分銷為後盾，支持我們成為價值數十億美元的公司的目標

For the states and complementary business segments consists of cannabis consisting of adult use and medical cannabis across a broad portfolio of product formats, including whole flower pre-rolls states concentrates, oils, edibles, topicals and THC infused drugs, beverages, including craft beers, spirits and ready-to-drink flavored malt beverages, ciders and energy drinks and non-alcohol beverages, filmless, which consists of our Manitoba Harvest hemp-based food products, ingredients and snacks, as well as our hemp-based CBD and THC beverages.

對於州和補充業務部門，包括成人使用的大麻和醫用大麻，涵蓋多種產品形式，包括全花預卷州濃縮物、油、食品、外用和 THC 注入藥物、飲料（包括精釀啤酒）、烈酒和即飲風味麥芽飲料、蘋果酒和能量飲料以及無膜非酒精飲料，其中包括我們的Manitoba Harvest 大麻基食品、配料和零食，以及我們的大麻基CBD 和THC 飲料。

And of course, our European medical distribution business, which distributes pharmaceuticals, including medical cannabis in Q2 we continued to focus on organic growth as well as strategic transactions. In Canada, we maintained our number one market share position with our recent exit and trust acquisitions, which drove considerable cost savings and operational efficiencies.

當然，我們的歐洲醫療分銷業務負責分銷藥品，包括第二季的醫用大麻，我們繼續專注於有機成長和策略交易。在加拿大，我們透過最近的退出和信託收購保持了第一大市場份額的地位，這極大地節省了成本並提高了營運效率。

We continue to strengthen our market positions, operations, distribution network and innovation across both medical and adult use markets. Internationally, we continue to grow our existing medical markets and strengthen our Medical Distribution and medical cannabis operations through a relentless focus on cost and efficiency.

我們持續加強我們在醫療和成人使用市場的市場地位、營運、分銷網絡和創新。在國際上，我們透過不懈地關注成本和效率，繼續發展現有的醫療市場，並加強我們的醫療分銷和醫用大麻業務。

And finally, we've expanded our beverage alcohol business with our recent acquisition of eight iconic brands from Anheuser-Busch, which tripled our beer business from 4 million in cases a year to 12 million cases on an annualized basis.

最後，我們最近收購了 Anheuser-Busch 的 8 個標誌性品牌，擴大了我們的飲料酒精業務，這使我們的啤酒業務從每年 400 萬箱增加到每年 1200 萬箱。

We remain committed to our vision of changing people's lives for the better one person at a time Guided by this purpose, we are inspiring and empowering the worldwide community, deliver the very best life enhanced by moments of connections and well-being.

我們始終致力於改變人們的生活，讓每個人變得更好。

At the same time, we've earned the trust of our stakeholders, patients, consumers, communities and partners across the spectrum of wellness and lifestyle products in doing so for delivering on our mission to be the most responsible, trusted and market leading cannabis and consumer products companies across the globe.

同時，我們贏得了健康和生活方式產品領域的利益相關者、患者、消費者、社區和合作夥伴的信任，以實現我們成為最負責任、最值得信賴和市場領先的大麻和大麻產品的使命。

In fact, through our strategic execution and achievements, our business are comprised of a leading global cannabis business, operating best-in-class portfolio of brands with high quality products that passed the most rigorous quality control regulations in the world with the number one market share in Canada and leading market share.

事實上，透過我們的策略執行和成就，我們的業務由全球領先的大麻業務組成，經營一流的品牌組合和高品質的產品，這些產品通過了世界上最嚴格的品質控制法規，擁有第一大市場在加拿大佔有率和領先的市場份額。

You're the fifth largest craft brewer in the US with highly sought-after brand dominating key regions across Northeast Pacific, Northwest and Southeast. And one of the most awarded bourbon brands with Breckenridge distillery with recent awards, including best American blended whiskey, best whiskey under $50 and 2003 world's best blended whiskey at the world with the awards and we're also leader in hemp foods and snacks with our Manitoba Harvest brand.

您是美國第五大精釀啤酒製造商，擁有備受追捧的品牌，主導東北太平洋、西北和東南部的主要地區。布雷肯里奇釀酒廠是屢獲殊榮的波本威士忌品牌之一，最近榮獲多項獎項，包括最佳美國混合威士忌、50 美元以下最佳威士忌和2003 年世界最佳混合威士忌等獎項，我們也是大麻食品和零食的領導者，我們的產品包括大麻食品和零食。

Diversifying our business beyond cannabis has put us in a very strong position today and has positioned us well for future growth opportunities. Today, we do not engage in any cannabis operations in the US. due to it being federally illegal is that and when rescheduling of cannabis more to happen, in the US for Tilray brands, we expect this would open the opportunity for certain institutional investors to invest until rate, and that were not previously able to invest in the cannabis industry and potentially provide a path for Tilray to sell pharmaceutical grade medical cannabis in the US. subject to doctor prescriptions.

大麻以外的業務多元化使我們今天處於非常有利的地位，並為我們未來的成長機會做好了準備。今天，我們不在美國從事任何大麻業務。由於聯邦非法，當在美國對 Tilray 品牌進行更多大麻重新安排時，我們預計這將為某些機構投資者提供投資直至利率的機會，而這些機構投資者以前無法投資大麻行業，並可能為Tilray在美國銷售醫藥級醫用大麻提供途徑。以醫生處方為準。

As you know, Tilray is a leading medical cannabis provider in the world with our knowledge and expertise in medical cannabis and the regulatory compliance that applied were well positioned to participate in a federally legalized medical market in the US,

如您所知，Tilray 是世界領先的醫用大麻供應商，我們在醫用大麻方面擁有知識和專業知識，並且所適用的監管合規性非常適合參與美國聯邦合法化的醫療市場，

Our underlying goal for Tilray, bringing this to continue to deliver industry leading profitable growth and sustainable long-term shareholder value through our focus on three fundamentals, number one, maximizing profitable revenue growth through organic growth and expansion initiatives as well as key strategic acquisitions with strong synergy opportunities, realizing the benefits of optimize asset utilization and cost management to ensure a lean efficient cost structure across all our business segments and continuing to strengthen our industry-leading balance sheet and our cash position.

我們對Tilray 的基本目標是，透過專注於三個基本原則，使其繼續實現行業領先的盈利增長和可持續的長期股東價值，第一，透過有機增長和擴張計劃以及關鍵戰略收購來最大化盈利收入成長強大的協同機會，實現優化資產利用和成本管理的好處，以確保我們所有業務部門的精益高效成本結構，並繼續加強我們行業領先的資產負債表和現金狀況。

During Q2, we generated record net revenue for Tilray brands of $194 million, which marks a 34% growth from the prior year period and generated gross profit of $47 million and adjusted gross profit of $52 million. We also significantly reduced our convertible debt by $127 million in the quarter, an additional $18 million after the quarter and plan to further reduce our indebtedness, optimizing our capital structure and enhancing our financial flexibility.

第二季度，我們為 Tilray 品牌創造了創紀錄的淨收入 1.94 億美元，比去年同期成長 34%，毛利為 4,700 萬美元，調整後毛利為 5,200 萬美元。本季我們也大幅減少了 1.27 億美元的可轉換債務，季後又減少了 1,800 萬美元，並計劃進一步減少債務，優化我們的資本結構並增強我們的財務靈活性。

Now moving to our businesses. We grew our Canadian net revenue by 31% in the quarter compared to the previous year, driven by innovation across all product categories. This was achieved both organically and due to recent acquisitions, despite price compression of approximately $3.6 million from the prior year quarter, which also negatively impacts top line revenue and profitability.

現在轉向我們的業務。在所有產品類別的創新推動下，本季我們的加拿大淨收入比去年同期成長了 31%。儘管價格比去年同期壓縮了約 360 萬美元，這也對營收和獲利能力產生了負面影響，但這一目標是有機實現的，也是由於最近的收購而實現的。

Tilray continues to maintain the number one market share position in Canada, the largest federally legal cannabis market in the world with approximately 12.5% market share in adult use cannabis. This is 570 basis points ahead of the Knicks LP. Tilray leads Canadian adult-use cannabis sales and is number one in Ontario, Quebec and British Columbia, which represents approximately 60% of the Canadian population on a combined basis. We're also number one in cannabis flower, oils, concentrates and THC beverages, and number two in pre-rolls, number four in vape, and the top 10 on all other categories, all while operating under rigorous high-quality control standards.

Tilray 繼續保持加拿大第一大市場份額的地位，加拿大是世界上最大的聯邦合法大麻市場，在成人用大麻市場份額約為 12.5%。這比尼克斯隊領先 570 個基點。Tilray 引領加拿大成人用大麻銷售，在安大略省、魁北克省和不列顛哥倫比亞省排名第一，這些地區約佔加拿大人口的 60%。我們也在大麻花、油、濃縮物和THC 飲料領域排名第一，在預卷領域排名第二，在電子煙領域排名第四，在所有其他類別上排名前十，所有這些都是在嚴格的高品質控制標準下運作的。

In Q2, Tilray sold a parcel of 17 million grams of cannabis flower, 19 million pre-rolls and over 1.5 million units of cannabis beverages, almost 5,00,000 base and over 4,00,000 units of edibles in Canada, and we expect to sell 85 million pre-rolls by the end of fiscal 2024 for our August purchase of the remaining 57.5% equity ownership of Truss beverage company from Molson Canada, elevated our market share in THC beverages to approximately 40% and positions us at the forefront of adult use beverage sector where we are trusted by patients, health care professionals and government officials in over 20 countries and achieved early mover advantage in new countries as medical cannabis legalization advances.

第二季度，Tilray 在加拿大銷售了一批 1700 萬克大麻花、1900 萬份預捲和超過 150 萬份大麻飲料、近 50 萬克大麻花、1900 萬份預捲和超過 150 萬份大麻飲料、近 50 萬份大麻鹼和超過 40 萬份大麻食品，我們預計將出售8 月份，我們從Molson Canada 收購了Truss 飲料公司剩餘57.5% 的股權，到2024 財年末，預售量將達到8500 萬份，將我們在THC 飲料中的市場份額提高到約40%，使我們處於成人使用的前沿在飲料業，我們受到20 多個國家的患者、醫療保健專業人員和政府官員的信任，隨著醫用大麻合法化的進展，我們在新國家取得了先發優勢。

During Q2, we grew our international cannabis net revenue by 55% and are the market leader in medical cannabis across Europe with leading shares in Germany and Poland and other countries in which we participate similar to the US. The growth of our international cannabis business is not dependent on adult use legalization. We continue to take an active government relations role internationally.

第二季度，我們的國際大麻淨收入成長了 55%，是歐洲醫用大麻市場的領導者，在德國、波蘭以及我們參與的其他國家（與美國類似）的市場份額領先。我們國際大麻業務的成長並不依賴成人使用合法化。我們繼續在國際上發揮積極的政府關係角色。

And just recently, we met with various members of German parliament to discuss the proposed regulation and advancing adult use medical cannabis initiative, which we believe will increase the accessibility of medical cannabis to patients in Germany and further work to reduce any stigma of medical cannabis has therapeutical option for are also optimistic about the potential involvement of the tender procedure for in-country cultivation in favor of permit procedures.

就在最近，我們會見了德國議會的多位議員，討論了擬議的法規和推進成人使用醫用大麻倡議，我們相信這將增加德國患者獲得醫用大麻的機會，並進一步努力減少醫用大麻的任何恥辱治療選擇也對國內種植招標程序的潛在參與持樂觀態度，有利於許可程序。

Providing Tilray with the flexibility to meet the needs of patients. It is expected that these regulations will be passed in the first quarter of calendar 2024. We remain committed to advancing medical cannabis as evidenced by our investments made in Europe behind our high-quality medical cannabis products and best-in-class facilities in Portugal, Germany, where we are currently one of the only three companies in Germany that can cultivate in-country as well as our Medical Distribution Network led by our integrated medical distribution company with access to approximately 13,000 pharmacies.

為 Tilray 提供滿足患者需求的靈活性。預計這些法規將於 2024 年第一季獲得通過。我們仍然致力於推動醫用大麻的發展，我們在歐洲的投資證明了我們的高品質醫用大麻產品和葡萄牙、德國一流的設施，我們目前是德國僅有的三家可以種植大麻的公司之一國內以及由我們的綜合醫療分銷公司領導的醫療分銷網絡，可訪問約13,000 家藥房。

We also remain committed to medical cannabis Education and Research. In October, we announced our support of an independent clinical trial to research the efficacy of medical cannabis as a treatment for glioblastoma, Tilray pharma, also known as CC Pharma business, establish medical distribution platform for traditional branded and generic pharmaceuticals, as well as medical cannabis across 13,000 pharmacies as well as wholesalers and distributors from a revenue perspective, it is currently equal in size for our cannabis segment, comprising of 35% of total sales in Q2, it grew 12% from the prior year period, driven by improved procurement of pharmaceutical products and increased demand.

我們也仍然致力於醫用大麻教育和研究。10 月，我們宣布支持一項獨立臨床試驗，以研究醫用大麻治療膠質母細胞瘤的功效，Tilray pharma（也稱為 CC Pharma 業務）為傳統品牌和仿製藥以及醫用大麻建立醫療分銷平台。從收入角度來看，大麻業務遍及13,000 家藥局以及批發商和分銷商，目前我們的大麻細分市場規模相當，佔第二季度總銷售額的35%，在採購改善的推動下，較去年同期增長了12%藥品和需求增加。

From a bottom-line perspective were laser focused on optimizing our medical distribution platform. In the quarter, we expect the cost optimization plan to reduce costs with our Medical Distribution segment by $1.5 million annually. The actions to achieve these savings were already executed in the quarter, and we continue to evaluate for further cost optimization and production efficiencies.

從獲利角度來看，我們專注於優化我們的醫療分銷平台。在本季度，我們預計成本優化計劃將使我們的醫療分銷部門的成本每年減少 150 萬美元。實現這些節省的行動已在本季度執行，我們將繼續評估進一步的成本優化和生產效率。

Now turning to our beverage alcohol business. Beverage alcohol revenue, Q2 was $46.5 million, representing a 117% growth year over year, and we're only getting started in ramping up this segment. The craft beer industry today is still a large category in beverage alcohol with approximately $21 billion at retail in 2022.

現在轉向我們的飲料酒精業務。第二季飲料酒精收入為 4,650 萬美元，年增 117%，而我們才剛開始擴大這一領域。如今，精釀啤酒產業仍然是飲料酒精中的一個大類別，到 2022 年零售額約為 210 億美元。

With our recent acquisition of an eight iconic craft beer and beverage brands, we have anchored Tilray leadership position as the fifth largest craft brewer in the US by sales volume. Working with the Boston Consulting Group, we have developed a beverage strategy, identifying new opportunities for pockets of growth across craft beverages, focusing on brand newness, it's more connected to drinkers and by playing the leading role in driving excitement around craft beer to a broader consumer audience through product innovation, marketing, sponsorships and events that connect with consumers across demographics.

透過最近收購八個標誌性精釀啤酒和飲料品牌，我們鞏固了 Tilray 作為美國銷售第五大精釀啤酒製造商的領導地位。我們與波士頓顧問集團合作，制定了一項飲料策略，確定精釀飲料的新增長機會，注重品牌新穎性，與飲酒者建立更緊密的聯繫，並在將精釀啤酒的興奮推向更廣泛的領域方面發揮主導作用。

Tilray brand is now uniquely positioned to become a top 12 beer and alcohol beverage company by leveraging our portfolio to a more occasion to core products such as craft beer and beyond through innovation to categories like flavored malt beverages, ready-to-drink cocktails and spirits. This will be accomplished through a three pronged approach. We will deploy a regional approach to scale our brands in key markets across the US. and maximize potential of the portfolio to gain share from competitors. We will execute a very focused national brand strategy, revitalizing ShockHound. Revitalizing Shock Top to win as.

Tilray 品牌現在擁有獨特的優勢，透過對調味麥芽飲料、即飲雞尾酒和烈酒等品類的創新，利用我們的產品組合，更多地開發精釀啤酒等核心產品及其他產品，從而成為排名前12名的啤酒和酒精飲料公司。這將透過三管齊下的方法來實現。我們將採取區域性方法來擴大我們在美國主要市場的品牌規模。最大限度地發揮投資組合的潛力，從競爭對手那裡獲得份額。我們將執行非常集中的民族品牌策略，振興ShockHound。振興Shock Top以取勝。

National craft brand by targeting share and connection occasion to reach mainstream male and female beer drinkers through one national brand and many regional brands who provide robust coverage across the US. and other countries will expand our innovation strategy to increase brand appeal to new consumers and occasions beyond craft beer and secondary targets.

全國精釀品牌透過一個全國性品牌和許多在美國各地提供強大覆蓋的區域品牌，瞄準分享和聯繫機會，接觸主流男性和女性啤酒飲用者。和其他國家將擴大我們的創新策略，以增加對精釀啤酒和次要目標之外的新消費者和場合的品牌吸引力。

We can also leverage our regional foothold to further grow our brands in new markets by using test-and-learn taxes, which may include multi-brand best of variety packs or installing multi-brand tasks and pass-throughs before entering the market with full distribution we can similarly capturing new consumers and increase off premise consumption through breakneck innovations.

我們還可以利用我們的區域立足點，透過使用測試和學習稅來進一步發展我們的品牌在新市場，其中可能包括多品牌最佳品種包或在進入市場之前安裝多品牌任務和傳遞。 ，我們同樣可以透過突破性的創新來吸引新消費者並增加場外消費。

We will build on our demonstrated success growing brands such as SweetWater and Montauk to grow our newly acquired consumer-loved brands, including Shock Top, Blue Point, Breckenridge Brewery, 10 Barrel, Redhook Brewery, Widmer Brothers, Square Mile Cider and HiBall Energy.

我們將在SweetWater 和Montauk 等已取得成功的成長品牌的基礎上，發展我們新收購的消費者喜愛的品牌，包括Shock Top、Blue Point、Breckenridge Brewery、10 Barrel、Redhook Brewery、Widmer Brothers、Square Mile Cider和HiBall Energy。

Our strategic playbook is already in play to expand our beverage alcohol business across the US. and Canada, and getting our cost structure right, transforming the productivity and profitability of the breweries we acquire, we expect our beer gross margins to increase once we fully realize the cost savings achieved in connection with our fully integrated beverage alcohol platform.

我們的策略手冊已經開始發揮作用，以擴大我們在美國各地的飲料酒精業務。和加拿大，並保持我們的成本結構正確，改變我們收購的啤酒廠的生產力和盈利能力，一旦我們完全實現與我們完全集成的飲料酒精平台相關的成本節約，我們預計我們的啤酒毛利率將會增加。

We are aggressively working to launch new innovation across our beer and non-alcoholic craft brands and expect to roll out new products in Q3. Retailer and distribution enthusiasm has already provided confidence in our ability to execute on our growth strategy and to achieve our ambitions to grow our beverage segment into a Top 12 business.

我們正在積極努力在我們的啤酒和非酒精精釀品牌中推出新的創新，並預計在第三季推出新產品。零售商和分銷商的熱情已經讓我們對執行成長策略和實現我們將飲料業務打入 12 強業務的雄心壯志充滿信心。

Finally, our wellness segment is an important element of our US.. strategy, due to strong consumer interest in better-for-you snacks and end products. Since the Tilray and Aphria business combination, we turned around the Manitoba Harvest business onto a path of growth and greater potential. Again, product innovation is a core focus, meeting the needs of [Gen Z and millennial] consumers through new hemp forward snack foods and supplement offering in CBD beverages.

最後，由於消費者對更適合您的零食和最終產品有著濃厚的興趣，我們的健康細分市場是我們美國策略的重要組成部分。自從 Tilray 和 Aphria 業務合併以來，我們將 Manitoba Harvest 業務轉向了成長和更大潛力的道路。同樣，產品創新是核心焦點，透過新的大麻零食和 CBD 飲料中的補充劑產品來滿足 [Z 世代和千禧世代] 消費者的需求。

That fuel your day. While Q2 revenue was consistent of $12.9 million, Manitoba Harvest branded hemp business continues to expand its US. and Canadian leading market share with consumption up in both natural and conventional channels with the brand's top five customers all seeing growth.

這為你的一天加油。雖然第二季的收入穩定在 1,290 萬美元，但 Manitoba Harvest 品牌的大麻業務繼續擴大其在美國的業務。加拿大領先的市場份額，自然和傳統通路的消費均有所增長，該品牌的前五大客戶均出現成長。

To conclude, we've set the stage for continued growth in the near and long term, and consider opportunities across our diversified business both numerous and exciting, as we continue to disrupt the global CPG industry with products that fuel consumers' needs and change people's lives for the better, one person at a time. In everything that we do, we intentionally do to maximize profitability, sustainable revenue and ensure optimal efficiencies, all while maintaining our balance sheet strength as we invest in our industry leading brands.

總而言之，我們已經為近期和長期的持續成長奠定了基礎，並考慮了我們多元化業務中眾多且令人興奮的機會，因為我們將繼續透過滿足消費者需求並改變人們的產品來顛覆全球消費品產業。在我們所做的每一件事中，我們都有意最大限度地提高盈利能力、可持續收入並確保最佳效率，同時在投資行業領先品牌時保持我們的資產負債表實力。

With that, I will now turn the call over to Carl to discuss our financials in greater detail. Carl?

現在，我將把電話轉給卡爾，更詳細地討論我們的財務狀況。卡爾？

Thank you earlier. As a reminder, our financial results are presented in accordance with US GAAP and in USD. We are also referencing both GAAP and non-GAAP adjusted results throughout our discussion today and our earnings press release contains a reconciliation of our reported results under GAAP for the non-GAAP measures identified during our remarks.

早先謝謝你了。請注意，我們的財務表現是根據美國公認會計準則並以美元為單位呈現的。在今天的討論中，我們還引用了 GAAP 和非 GAAP 調整後的結果，而我們的收益新聞稿包含了我們根據 GAAP 報告的結果與我們在演講中確定的非 GAAP 指標的調整結果。

Let's now review our quarterly performance for the three months ended November 30, 2023, Q2 total revenue [rise] to a record $194 million compared to the prior year quarter at $144 million, representing 34% growth and our legacy businesses grew 10% organically when excluding acquisitions and the actual advisory fee by segment cannabis. Net revenue rose 35% in total, with international cannabis up 55% and Canadian cannabis up 41% despite $3.6 million of price compression in Canada price compression not only negatively impacts top line revenue, but also profitability as it would have dropped to the bottom line.

現在讓我們回顧一下截至2023 年11 月30 日的三個月的季度業績，第二季度總收入[上升]至創紀錄的1.94 億美元，與去年同期的1.44 億美元相比，增長34%，我們的傳統業務有機成長10%，當不包括大麻部門的收購和實際諮詢費用。淨收入總計成長了35%，其中國際大麻成長了55%，加拿大大麻成長了41%，儘管加拿大價格壓縮了360 萬美元，價格壓縮不僅對營收產生負面影響，而且對獲利能力產生負面影響，因為它會降至底線。

Cannabis excise taxes, which are a reduction to revenue totaled $27.4 million compared to $16.8 million last year. This reflected a sharp increase in cannabis revenue generated in Canada versus the year ago period due in part to the excellent trust acquisitions and a change in our revenue mix.

大麻消費稅減少了 2,740 萬美元的收入，而去年為 1,680 萬美元。這反映出加拿大產生的大麻收入與去年同期相比急劇增加，部分原因是出色的信託收購和我們收入結構的變化。

The higher excise tax products note that excise tax is predominantly computed as a fixed price on grams sold rather than as a percentage of the selling price and therefore continues to become a larger component of net revenue, particularly as current growth categories like infused pre-rolls and concentrates become the biggest part of our sales mix for an excise tax force has been established to present these challenges to the Minister of Finance in Canada.

消費稅較高的產品指出，消費稅主要按銷售克數的固定價格計算，而不是按銷售價格的百分比計算，因此繼續成為淨收入的較大組成部分，特別是在註入預卷等當前增長類別的情況下和濃縮物成為我們銷售組合的最大組成部分，因為已經建立了消費稅部隊，以向加拿大財政部長提出這些挑戰。

We do not believe some level of reform is likely in the near term, still about two-thirds of LPs have excise taxes owed and this could lead to additional insolvencies and even more industry consolidation, which is needed to stabilize the industry distribution revenue from our Tilray pharma, also known as CC Pharma, our European medical distribution business rose 12%, net leverage alcohol revenue rose 117% and wellness revenue rise 2%.

我們認為短期內不可能進行某種程度的改革，仍有約三分之二的有限合夥人欠繳消費稅，這可能會導致更多的破產甚至更多的行業整合，這是穩定我們的行業分銷收入所必需的。

The inherent benefits of our diversified business model are reflected in the segment contributions to our overall revenue mix. We are not overly dependent on any business line from a top line or gross profit standpoint and believe each segment, including cannabis, wellness, distribution and beverage alcohol, are on a trajectory for sustainable growth.

我們多元化業務模式的固有優勢體現在各細分市場對我們整體收入組合的貢獻。從收入或毛利的角度來看，我們並沒有過度依賴任何業務線，並且相信每個細分市場，包括大麻、健康、分銷和飲料酒精，都處於可持續增長的軌道上。

In Q2. Our cannabis segment represented about 35% of our total revenue mix comparable to last year. Distribution segment represented 35%, down from 42% last year. Beverage alcohol represented 24%, up from 15% last year, and wellness represented about 7%, down from 9% last year respectively. These percentage changes from Q2 last year are due primarily to contributions from HEXO, Truss and the new craft beverage brands acquired in early October next quarter.

在第二季。與去年相比，我們的大麻業務約佔總收入的 35%。分銷部門佔 35%，低於去年的 42%。飲料酒精佔比為 24%，高於去年的 15%；保健品佔比約 7%，低於去年的 9%。這些百分比與去年第二季相比的變化主要是由於 HEXO、Truss 以及下個季度 10 月初收購的新精釀飲料品牌的貢獻。

We believe the mix will balance to approximately 30% cannabis, 30% distribution, 30% beverage alcohol and 10%. Wellness diversification is also reflected in our geographic footprint with about 60% of our net revenue from North America and slightly less than 40% from EMEA with the remainder from other parts of the world.

我們相信混合比例將達到約 30% 大麻、30% 分銷、30% 飲料酒精和 10%。健康多元化也體現在我們的地理足跡上，我們約 60% 的淨收入來自北美，略低於 40% 來自歐洲、中東和非洲，其餘來自世界其他地區。

Turning to profitability. Gross profit increased 11% to $47.4 million compared to $42.9 million in the prior year quarter, while gross margin decreased to 24% from 30% in the prior year quarter, while gross margin for US GAAP purposes declined from the prior year adjusted gross margin, exclusive of the impact of the HEXO advisory fee, which ceased after we purchase HEXO, rose to 27% compared to 26%. I will discuss adjusted gross margin by individual segment in a moment.

轉向盈利能力。與去年同期的4,290 萬美元相比，毛利成長了11%，達到4,740 萬美元，而毛利率從去年同期的30% 下降至24%，而以美國公認會計準則計算的毛利率較去年同期調整後的毛利率下降，不包括我們購買 HEXO 後停止的 HEXO 諮詢費的影響，該費用從 26% 上升至 27%。我稍後將討論各個細分市場的調整後毛利率。

Net loss improved to $46.2 million compared to net loss of $61.6 million in the prior year quarter. On a per share basis, this amounted to net loss of $0.07 versus $0.11 in the prior year quarter. During Q2, we renegotiated a supply agreement between a free and a wholly owned subsidiary and a free environment, a non-wholly owned subsidiary that is expected to result in $33 million annually in additional income being allocated to Tilray shareholders as opposed to the non-controlling interest.

淨虧損從去年同期的淨虧損 6,160 萬美元改善至 4,620 萬美元。以每股計算，這相當於淨虧損 0.07 美元，而去年同期淨虧損為 0.11 美元。在第二季度，我們重新協商了一家自由全資子公司和一個自由環境（非全資子公司）之間的供應協議，預計每年將為Tilray 股東（而不是非全資子公司）帶來3300 萬美元的額外收入。

Further, as part of this renegotiation, we believe we will save more than $22 million annually in cash income taxes. The renegotiated supply agreement was effective September 1, 2023, if its amended agreement had been implemented at the onset of the fiscal year and would have improved our loss per share attributable to Tilray shareholders by $0.02 for Q1, which would have increased the value attributable to Tilray stockholders by $15 million.

此外，作為此次重新談判的一部分，我們相信每年將節省超過 2,200 萬美元的現金所得稅。重新談判的供應協議將於2023 年9 月1 日生效，如果其修訂後的協議在本財年開始時實施，將使我們第一季歸屬於Tilray 股東的每股虧損減少0.02 美元，這將增加歸屬於Tilray 股東的價值Tilray 股東增加 1500 萬美元。

Despite all this, we still expect to pay over $140 million in Canadian excise tax this year. Beginning this quarter, we are introducing two new reporting metrics to our discussions, adjusted net income loss and adjusted earnings per share for definitions of both are identified in the press release, along with the relevant reconciliations and calculations for the quarter, we are reporting an adjusted net loss of $2.7 million, which would be calculated on a per share basis resulted in EPS of zero for the quarter.

儘管如此，我們今年仍預計繳納超過 1.4 億加元的加拿大消費稅。從本季開始，我們將在我們的討論中引入兩個新的報告指標，即調整後的淨收入損失和調整後的每股收益（兩者的定義均在新聞稿中確定），以及本季度的相關調節和計算，我們正在報告調整後淨虧損為 270 萬美元，以每股計算，導致該季度每股收益為零。

Adjusted EBITDA was $10.1 million, down from $11 million in the prior year quarter. This is consistent with the termination of the actual advisory services contract upon our acquisition of HEXO, which represented $7.8 million of the $11 million in adjusted EBITDA in the prior year period.

調整後 EBITDA 為 1,010 萬美元，低於去年同期的 1,100 萬美元。這與我們收購 HEXO 後實際諮詢服務合約的終止一致，該合約佔上一年調整後 EBITDA 1,100 萬美元中的 780 萬美元。

During the quarter, we continued to make great progress against perhaps a synergy plan, increasing the amount of the synergy from $27 million to between $30 million and $35 million. As of the end of the quarter, we achieved $22 million in annualized savings on an annualized run rate basis, of which $14 million represented actual cost savings during the period.

在本季度，我們繼續在協同計劃方面取得巨大進展，將協同效應金額從 2700 萬美元增加到 3000 萬至 3500 萬美元。截至本季末，以年化運行率計算，我們實現了 2,200 萬美元的年化節省，其中 1,400 萬美元是該期間的實際成本節省。

The synergies are being achieved via consolidating packaging, procurement, freight and logistics. Operating cash flow was negative $30.4 million compared to positive $29.2 million in the prior year quarter. The increase in cash used during Q2 this year was primarily related to the settlement of pre-acquisition liabilities assumed in connection with the HEXO acquisition and an increase in accounts receivable in the current period. Also, the prior period included a working capital reduction and the cash collection of $18.3 million from HDI. related to the HEXO convertible note, which did not recur in the current year.

透過整合包裝、採購、貨運和物流來實現綜效。營運現金流為負 3,040 萬美元，去年同期為正 2,920 萬美元。今年第二季現金使用增加主要與清償收購 HEXO 所承擔的收購前負債以及本期應收帳款增加有關。此外，上一期間還包括營運資金減少和 HDI 現金回收 1,830 萬美元。與 HEXO 可轉換票據相關，該事項在本年度未再次發生。

Starting now to our business segments. Gross cannabis revenue of $94.6 million was comprised of $72 million revenue, $11.9 million in international cannabis revenue, $6.3 million in Canadian medical revenue revenue and $4.3 million in wholesale cannabis revenue. Net cannabis revenue was $67.1 million, representing a 35% increase from the year ago period.

現在開始我們的業務部門。大麻總收入為 9,460 萬美元，其中包括 7,200 萬美元收入、1,190 萬美元國際大麻收入、630 萬美元加拿大醫療收入和 430 萬美元批發大麻收入。大麻淨收入為 6,710 萬美元，較去年同期成長 35%。

The positive variance related to increased organic growth of over 11% and the acquisitions of HEXO for Wintrust. Offsetting the increase in net cannabis revenue was the elimination of the advisory services revenue from the prior year quarter due to the HEXO acquisition, which terminated a previous strategic arrangement that was in place. International cannabis grew 55%, largely because of the expansion into emerging international medical markets. Additionally, in the prior period, the Company recognized a one-time return adjustment of $3.1 million related to a former customer in Israel.

正方差與超過 11% 的有機成長以及 Wintrust 收購 HEXO 有關。由於 HEXO 收購終止了先前的策略安排，上一季的諮詢服務收入被消除，抵消了大麻淨收入的成長。國際大麻成長了 55%，主要是由於向新興國際醫療市場的擴張。此外，在上一期間，該公司確認了與以色列前客戶相關的 310 萬美元一次性退貨調整。

Cannabis gross profit was $20.6 million and cannabis gross margin was 31% compared to $21.3 million and 43% from the prior year quarter. Excluding the actual advisory fee and return adjustment in the prior year quarter and the wholesale sale in the current quarter, Adjusted cannabis gross margin increased to 37% from 33%. I would just reference a portion of the decrease in gross profit was a result of the termination of the HEXO services agreement. This agreement contributed nil of gross profit in the current year compared to $7.8 million in the prior year.

大麻毛利為 2,060 萬美元，大麻毛利率為 31%，而去年同期為 2,130 萬美元，毛利率為 43%。不包括上一年季度的實際諮詢費和回報調整以及本季的批發銷售，調整後的大麻毛利率從 33% 增加到 37%。我只想提到毛利下降的一部分是由於 HEXO 服務協議終止造成的。該協議對本年度的毛利貢獻為零，而上一年為 780 萬美元。

Additionally, we made a significant wholesale transaction that resulted in negative gross profit of $0.2 million. We entered into this agreement to optimize our inventory levels and prioritize the generation of positive operating cash flow. European distribution revenue, derived predominantly through CC Pharma, increased 12% to $67.2 million from $60.2 million in the prior year quarter.

此外，我們還進行了一筆重大批發交易，導致毛利為 20 萬美元。我們簽訂這項協議是為了優化我們的庫存水準並優先考慮產生正營運現金流。主要透過 CC Pharma 獲得的歐洲分銷收入從去年同期的 6,020 萬美元成長了 12%，達到 6,720 萬美元。

The increase was driven by the strengthening of the euro relative to the US Dollar, increased capacity through outsourcing to third party production facilities as well as leveraging internal production and improved procurement processes has allowed Tilray farmer to improve its product mix.

這一增長的推動因素是歐元相對美元的走強、透過外包給第三方生產設施以及利用內部生產和改進採購流程來提高產能，這使得 Tilray 農民能夠改善其產品組合。

We also continue to be focused on optimizing portfolio and production capacity to prevent constraints on continued revenue growth. Tilray pharma gross profit decreased to $7.1 million compared to $7.7 million in the prior year.

我們也持續專注於優化產品組合和產能，以防止收入持續成長受到限制。Tilray Pharma 毛利下降至 710 萬美元，而前一年為 770 萬美元。

For a pharma, gross margin decreased to 11% from 13% in the prior year quarter, which was due to product mix. Beverage alcohol revenue was $46.5 million, up 117% from $21.4 million in the prior year quarter. Positive delta was due to contributions from increased organic growth of over 10% and our Montage brewery acquisition last November and the newly acquired brands acquired in early October this year, beverage alcohol gross profit increased to $16 million compared to $10 million, while average beverage alcohol gross margin decreased to 34% from 47% in the prior year quarter.

對於一家製藥公司來說，由於產品組合的原因，毛利率從去年同期的 13% 下降至 11%。酒精飲料收入為 4,650 萬美元，比去年同期的 2,140 萬美元成長 117%。正增量歸因於超過10% 的有機成長以及我們去年11 月收購Montage 啤酒廠以及今年10 月初收購的新收購品牌的貢獻，飲料酒精毛利從1,000 萬美元增至1,600 萬美元，而平均飲料酒精毛利率從去年同期的 47% 下降至 34%。

Adjusted gross margin from beverage alcohol from our legacy business was 54.8%, up from the prior year quarter of 47% adjusted gross margin from our newly acquired craft brands was 21% for wind. As previously addressed the efforts we are spending to improve the newly-acquired craft brands, adjusted gross margins levels consistent with our legacy beer adjusted gross margins.

我們傳統業務的飲料酒精調整後毛利率為 54.8%，高於去年同期的 47%，我們新收購的風能精釀品牌的調整後毛利率為 21%。如同先前所提到的，我們正在努力改善新收購的精釀品牌，調整後的毛利率水準與我們傳統啤酒調整後的毛利率一致。

Wellness revenue was relatively consistent at $12.9 million compared to $12.7 million in the prior year quarter. With the increase being driven by a promotional sale at a large bulk retailer. Wellness gross profit was $3.7 million, down from $3.9 million in the prior year quarter and gross margin fell to 29% from 31% as we experienced a change in sales mix towards more golf retail sales, which have a lower margin it is specific to this quarter.

健康業務收入相對穩定，為 1,290 萬美元，去年同期為 1,270 萬美元。這一增長是由大型散貨零售商的促銷活動所推動的。Wellness gross profit was $3.7 million, down from $3.9 million in the prior year quarter and gross margin fell to 29% from 31% as we experienced a change in sales mix towards more golf retail sales, which have a lower margin it is specific to this四分之一.

Our cash and marketable securities balance at November 30, was $261.4 million, down from $433.5 million in the year-ago period. The majority of the decrease related to the redemption of the Tilray '23 convertible notes upon maturity in the amount of $107.3 million, combined with litigation settlements inherited from acquired businesses and HEXO costs.

截至 11 月 30 日，我們的現金和有價證券餘額為 2.614 億美元，低於去年同期的 4.335 億美元。減少的大部分與 Tilray '23 可轉換票據到期時贖回 1.073 億美元有關，加上從收購業務繼承的訴訟和解和 HEXO 成本。

Having now completed half of our fiscal year, we are reiterating our fiscal '24 guidance of adjusted EBITDA between $68 million and $78 million. Note that when we first issued this guidance, we projected a significant step-up in EBITDA contributions during the second half of the year, most particularly in Q4, which we continue to anticipate.

目前，我們的財年已過半，我們重申 24 財年的調整後 EBITDA 指引為 6,800 萬至 7,800 萬美元。請注意，當我們首次發布本指引時，我們預計下半年 EBITDA 貢獻將大幅增加，尤其是在第四季度，我們仍然預期這一點。

The step up is a function of our beer business leading up to the summer, a historically busy season. The new innovations scheduled to be launched as part of the spring reset certain volume guarantees associated with our spirits business and our distribution business as pharmacies by involved customers ahead of them going on vacation for call that we also projected positive adjusted free cash flow from operations, excluding integration costs from HEXO, Trusst, the newly acquired brands and the cash income taxes related to a three a diamond.

這項舉措是我們啤酒業務在夏季到來之前的一項功能，夏季是歷史上最繁忙的季節。計劃在春季推出的新創新措施將在相關客戶休假之前重置與我們的烈酒業務和藥房分銷業務相關的一定數量保證，我們還預計運營中的調整後自由現金流為正值，不包括HEXO 、Trusst、新收購品牌的整合成本以及與三鑽相關的現金所得稅。

We are also managing CapEx and working to strengthen our industry leading balance sheet. Let me now conclude our prepared remarks and open the lines for questions. From our covering analysts. Operator, what's the first question?

我們也管理資本支出並努力加強我們行業領先的資產負債表。現在讓我結束我們準備好的演講並開始提問。來自我們的分析師。接線員，第一個問題是什麼？

Thank you. Our first question is from the line of Andrew Carter from Stifel. Please proceed with your question, sir.

謝謝。我們的第一個問題來自 Stifel 的 Andrew Carter。先生，請繼續你的問題。

It's Andrew on. So just in terms of a number of the items. First off, when we look at the heck, so and for us acquisitions, we've increased our synergy target to $30 million to $35 million. We already have $22 million of that and got $14 million of it in the most recent quarter. So, you're going to see you're going to see that flow through the store on tax. So, our numbers are through the end of the year.

安德魯在。就一些項目而言。首先，當我們考慮收​​購時，我們將協同目標提高到 3,000 萬至 3,500 萬美元。我們已經擁有 2200 萬美元，並在最近一個季度獲得了 1400 萬美元。所以，你會看到你會看到流經商店的稅收。所以，我們的數據截至今年底。

We're seeing our increased seasonality in the cannabis and Canadian cannabis business in Q4, and we see increased seasonality every year in the distribution business in Q4 every year, except for the two years of COVID. And that was that's really driven by pharmacies stocking up on medicines in advance of the summer months when a lot of Germans disappear from Germany for their holidays over the summer and they buy in effect.

我們看到第四季大麻和加拿大大麻業務的季節性增加，而且每年第四季分銷業務的季節性都在增加，除了新冠疫情的兩年外。這實際上是由藥局在夏季之前儲備藥品所推動的，當時許多德國人在夏季離開德國度假，他們實際上購買了藥品。

And as you as you go through and if we look at the ABI trends transaction sorry, the newly acquired brands, what we're seeing is even more seasonality than Sweetwater. And we all know what happened last year was water at Montara in the fourth quarter. And so, we see profitability increases there as well. We have a couple of internal cost savings plans that are that are going to net us about $5 million over the back half of the year on. And we have investing immensely in new innovation for both ABI. and for Sweetwater for that spring reset. And then the back half of the year.

當你經歷時，如果我們看看 ABI 趨勢交易，抱歉，新收購的品牌，我們看到的季節性甚至比 Sweetwater 還要強。我們都知道去年第四季蒙塔拉發生了水災。因此，我們也看到那裡的獲利能力有所提高。我們有幾個內部成本節約計劃，這些計劃將在今年下半年為我們帶來約 500 萬美元的淨收益。我們對 ABI 的新創新進行了大量投資。以及斯威特沃特的春季重置。然後是下半年。

And Andrew, I think the big thing is this here, you got to remember, we closed on the ABI deal only two months ago. So, we really didn't get any benefits from it. But you got to step back. Our beer business was up 10% in this quarter, where traditional beer businesses have been down or flat. So, we're seeing some good organic growth from our beer business. We're seeing good organic growth from our cannabis business. You saw what happened in Europe. You saw what happened in our Canadian market, and that's even with price compression.

安德魯，我認為這裡最重要的是，你必須記住，我們僅在兩個月前完成了 ABI 交易。所以，我們確實沒有從中得到任何好處。但你必須退後一步。本季我們的啤酒業務成長了 10%，而傳統啤酒業務一直在下滑或持平。因此，我們的啤酒業務出現了良好的有機成長。我們看到大麻業務取得了良好的有機成長。你看到了歐洲發生的事。您看到了我們加拿大市場發生的情況，即使價格受到壓縮也是如此。

So, let's step back, you heard what we said. We increased our synergies that we're going to get now from the HEXO deal, $30 million to $35 million. We are only operating that for about three months. We closed on Truss. We're consolidating that business into our London facility. And we have a major market share on that. So, we're well positioned. I think the big thing is how do we take and get organic growth is key, number one.

所以，讓我們退一步，你聽到我們說的話了。我們現在將從 HEXO 交易中獲得的協同效應增加了 3000 萬美元至 3500 萬美元。我們只運作大約三個月。我們關閉了特拉斯。我們正在將該業務整合到我們的倫敦工廠。我們在這方面擁有主要的市場佔有率。所以，我們處於有利位置。我認為最重要的是我們如何實現有機成長是關鍵，也是第一位的。

Number two is cost savings. And we put in place very early on or just at a corporate tier, we've taken about $5 million, $6 million and then focusing on the integration of the HEXO business, the Truss business and the ABI deal.

第二是節省成本。我們很早就或只是在企業層面上投入了大約 500 萬美元、600 萬美元，然後專注於 HEXO 業務、Truss 業務和 ABI 交易的整合。

And then last but not least, we got a lot of innovation coming out in our product line, both in beer and cannabis. So, we feel there's a good path to achieve the back half.

最後但並非最不重要的一點是，我們的產品線出現了許多創新，包括啤酒和大麻。所以，我們認為有一條很好的途徑可以到達後半段。

Second question, just from Canada, you mentioned the price compression ongoing obviously at a much lower rate, but it's still a headwind to the profit. You also mentioned mix going kind of where the consumer is, that's degradation. I mean, at a certain point looking at Canada, do you see the profit pool increasing? And I guess, risk you mentioned two-thirds of LPs aren't paying kind of regressive tax taxes owed.

第二個問題，來自加拿大，您提到價格壓縮明顯以低得多的速度進行，但這仍然是利潤的阻力。您還提到了消費者所在的地方的混合，這就是退化。我的意思是，在加拿大的某個時刻，您是否看到利潤池正在增加？我想，您提到的風險是三分之二的有限合夥人沒有繳納所欠的累退稅。

Do you see any risks there that number one, enforcement obviously isn't happening? But number two, there could be settlements or whatever that could make basically the whole kind of Canada adult-use market just a very difficult value proposition overall to where you would kind of reconsider investment in that? Thanks.

您是否認為有任何風險，第一，執法顯然沒有發生？但第二，可能會達成和解或其他任何可能使基本上整個加拿大成人使用市場成為一個非常困難的價值主張的整體，您會在哪裡重新考慮對此的投資？謝謝。

So, we'll step back for a second. Listen, Canada is the only market in the world where recreational cannabis is legal. We have one of the largest share. We're number one in Ontario, number one in Quebec and number one in British Columbia, which is over 60% of the population. What we're seeing in Canada, yes, we don't like price compression and we got a 12.5%, 13% share with our next competitor out there, about 4.5% share points lower.

那麼，我們退後一步。聽著，加拿大是世界上唯一一個休閒大麻合法的市場。我們擁有最大份額之一。我們在安大略省排名第一，在魁北克省排名第一，在佔人口 60% 以上的不列顛哥倫比亞省排名第一。我們在加拿大看到的是，是的，我們不喜歡價格壓縮，我們與下一個競爭對手相比，獲得了 12.5%、13% 的份額，大約低了 4.5% 的份額。

What we have to focus on is a couple of things. More and more sales, number one. Number two, taking more and more cost out. You heard Carl talk about renegotiating our agreement and taking costs out of our agreement with our grower. As we bring HEXO in there, we're looking to take $35 million of total cost out of there.

我們必須關注的是幾件事。銷量越來越多，第一。第二，削減越來越多的成本。您聽到卡爾談到重新談判我們的協議並從我們與種植者的協議中扣除成本。當我們引入 HEXO 時，我們希望減少 3500 萬美元的總成本。

But as we grow sales, we will now grow we will now sell 18 million, 19 million pre-rolls a year. We'll sell more and more flower. The big thing is organic growth and taking out more and more cost ultimately. Listen, the industry is only five years old. I come back and I say this year, more LPs will go away, more consumers will get educated about cannabis and the cannabis market will grow. I see a big opportunity in the beverage category for us in the Canadian market and the edibles.

但隨著銷售量的成長，我們現在的預捲銷量將達到每年 1,800 萬、1,900 萬張。我們會賣越來越多的花。最重要的是有機成長並最終消除越來越多的成本。聽著，這個行業只有五年的歷史。我回來後說，今年，更多的有限合夥人將會消失，更多的消費者將接受有關大麻的教育，大麻市場將會成長。我在加拿大市場和食品領域的飲料類別中看到了巨大的機會。

And listen, with our infrastructure in Canada and now having a facility in Belleville and London, it doesn't stop us from going into the beverage business, the beer business, the craft beer businesses or other businesses in Canada to offset some of our costs of our infrastructure to diversify like we've done in the US.. So, we're committed to the Canadian market, and we think there's a lot of opportunities there.

聽著，憑藉我們在加拿大的基礎設施，現在在貝爾維爾和倫敦設有工廠，這並不能阻止我們進入加拿大的飲料業務、啤酒業務、精釀啤酒業務或其他業務，以抵消我們的部分成本我們的基礎設施多樣化，就像我們在美國所做的那樣。因此，我們致力於加拿大市場，我們認為那裡有很多機會。

Thank, you.

謝謝。

Thank you.

謝謝。

Thank you. (Operator Instructions) Our next question comes from the line of Aaron Grey with Alliance Global Partners. Please proceed with your question

謝謝。（操作員說明）我們的下一個問題來自 Aaron Gray 和 Alliance Global Partners 的線路。請繼續您的問題

Hi. Good morning, and thank you for the question. So, for me, I just want to touch on some of the comments you made in terms of potential we're scheduling in the US. and opportunities on the medical side. So, assuming if it might be Schedule III, as many people predict it might be, can you speak to how you think you'd be able to leverage your Canadian and European expertise?

你好。早安，謝謝你的提問。因此，對我來說，我只想談談您就我們在美國安排的潛力發表的一些評論。以及醫療方面的機會。那麼，假設它可能是附表三（正如許多人預測的那樣），您能否談談您認為如何能夠利用您在加拿大和歐洲的專業知識？

You spoke to prescriptions. Do you think there need to be additional steps in terms of the current existing framework of the US. to participate in terms of selling into pharmacies, or do you think you'd be able to utilize that in terms of the existing dispensaries where most cannabis medical sales are being done? Just if you could expand upon how, you might be able to participate in the US. in the event of rescheduling on the medical side? Thank you.

你談到了處方。您認為美國現有的框架是否還需要採取額外的措施？參與向藥房銷售，或者您認為您能夠在大多數大麻醫療銷售正在進行的現有藥房中利用這一點嗎？只要您能詳細說明如何參與，您就可以參與美國。如果醫療方面需要重新安排？謝謝。

Listen, I think as I've said, and I said in my comments, what rescheduling does and medical cannabis legalized, a couple things. I think, it brings in some additional shareholders in regard to institutional shareholders. It changes the way in regard to some of the banking reform, I think, possibly.

聽著，我想正如我所說的，我在評論中說過，重新安排和醫用大麻合法化有幾件事。我認為，它帶來了一些關於機構股東的額外股東。我認為，它可能會改變一些銀行業改革的方式。

But more important, medical cannabis now, which is legal in about 10 states, medical cannabis is, I think the opportunity to sell medical cannabis in the US. nationally, where today, we are the largest in Europe and we have a big business in Canada. So, taking our infrastructure and hopefully we could import products from the Canadian market or ultimately would we buy something in in the US. that would allow us to get into the medical business.

但更重要的是，醫用大麻現在在大約10個州是合法的，我認為醫用大麻是美國銷售醫用大麻的機會。在全國範圍內，今天我們是歐洲最大的公司，在加拿大也有很大的業務。因此，利用我們的基礎設施，希望我們可以從加拿大市場進口產品，或者最終我們可以在美國購買東西。這將使我們能夠進入醫療行業。

But again, we have the expertise, we have the research, we work with the doctors, we work with the doctors on writing prescriptions today, we work with multiple hospitals, as you heard us talk about doing research on brain cancers and some other sleep apnea and some other diseases out there, anxiety. I mean, we've been doing this now for the last five, six years.

但同樣，我們有專業知識，我們有研究，我們與醫生合作，我們今天與醫生合作開處方，我們與多家醫院合作，正如你聽到我們談論對腦癌和其他一些睡眠進行研究一樣呼吸暫停和其他一些疾病，焦慮。我的意思是，過去五、六年來我們一直在做這件事。

So, taking that knowledge, taking that research and taking the expertise and we may have to move some of our people here and set up the infrastructure to do it, but it would not be a big issue for us to do it to get into the medical business in a big way in the US..

因此，利用這些知識、研究和專業知識，我們可能需要將一些人搬到這裡並建立基礎設施來做到這一點，但對我們來說，這樣做進入這個市場並不是一個大問題。美國發展迅猛。

Okay, great. Thanks so much for the color. I'll jump back in the queue.

好的，太好了。非常感謝你的顏色。我會跳回到隊列中。

Thank you.

謝謝。

Thank you. (Operator Instructions) The next question will be from the line of Tamy Chen with BMO Capital Markets. Please proceed with your question.

謝謝。（操作員說明）下一個問題將由 BMO 資本市場部的 Tamy Chen 提出。請繼續你的問題。

Hi, good morning. Thanks for the question. I just wanted to ask if you can talk a bit about how you view your current liquidity position I think you're targeting for this fiscal year to be positive adjusted free cash flow. But that would suggest there's still be other cash outlays you exclude from this, but it would be a burden on your cash balance and you've highlighted a number of there innovation investments in, for example, your beverage alcohol segment. So just wondering how at this point you view your liquidity position, and I view we're in a pretty good shape.

嗨，早安。謝謝你的提問。我只是想問您是否可以談談您如何看待當前的流動性狀況，我認為您本財年的目標是實現正調整自由現金流。但這表明您仍然排除了其他現金支出，但這將成為您現金餘額的負擔，並且您強調了一些創新投資，例如飲料酒精領域。因此，我想知道您目前如何看待您的流動性狀況，我認為我們的狀況非常好。

Hi. Good morning. Thanks for the question. I just wanted to ask if you can talk a bit about how you view your current liquidity position. I think you're targeting for this fiscal year to be positive adjusted free cash flow. But that would suggest there's still be other cash outlays that you exclude from this, but it would be a burden on your cash balance. And you've highlighted a number of various innovation investments in, for example, your beverage alcohol segments. So, I'm just wondering how, at this point, you view your liquidity position. Thanks.

你好。早安.謝謝你的提問。我只是想問您是否可以談談您如何看待當前的流動性狀況。我認為您本財年的目標是調整後的自由現金流為正值。但這表明您仍然排除了其他現金支出，但這將成為您現金餘額的負擔。您也強調了在飲料酒精細分市場等領域的多種創新投資。所以，我只是想知道您目前如何看待自己的流動性狀況。謝謝。

I view we're in a pretty good shape. At the end of the quarter, we had close to $260 million of cash. Our debt, bank debt and our subordinate debt is basically little less than $500 million and we're working off the '24. So, I view us as generating cash, investing back in our businesses.

我認為我們的狀態非常好。截至本季末，我們擁有接近 2.6 億美元的現金。我們的債務、銀行債務和次級債務基本上略低於 5 億美元，我們正在努力解決 24 世紀的問題。因此，我認為我們正在創造現金，投資我們的業務。

And you got to remember this here, Tamy, as we go into the back half and get more and more cost savings out of this business and generating more and more cash in our alcohol spirits business, our international business, it helps us to reinvest back in our business. So, I come back and see us being in a pretty good place.

Tamy，你必須記住這一點，當我們進入後半部分時，我們會從這項業務中節省越來越多的成本，並在我們的烈酒業務和國際業務中產生越來越多的現金，這有助於我們進行再投資在我們的業務中。所以，我回來後發現我們處於一個非常好的位置。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

The next question is from the line of Owen Bennett with Jefferies. Please proceed with your question.

下一個問題來自歐文貝內特 (Owen Bennett) 和傑弗里斯 (Jefferies) 的電話。請繼續你的問題。

Good morning, gents. Hope all well. Just a quick one on the international business. So, you mentioned or spoke about certain drivers into the back half, and you didn't really talk about the international business. So, I was hoping you could just touch a bit more on the expansion into new international markets you call out in the quarter.

早安，先生們。希望一切順利。只是簡單介紹一下國際業務。所以，你在後半段提到或談到了某些司機，但你並沒有真正談論國際業務。因此，我希望您能多談談您在本季度呼籲的新國際市場的擴張。

And then, assuming the new legislation gets passed in Germany, when can we expect to see a meaningful pickup in terms of number of patients in that market and can we assume that will also support in the back half of the year? Thank you.

然後，假設新立法在德國獲得通過，我們什麼時候才能看到該市場的患者數量出現有意義的增加，我們是否可以假設這也會在今年下半年提供支持？謝謝。

Owen, thank you for that. I think it's important as we've talked about rescheduling in the US.. and what our international business has done because it's all medical cannabis and our growth cannabis is was over 50% in internationally without, of course, any acquisitions. And the team has done a great job. I'm going to let Denise talk about that in one second. But we have spent some time in Germany meeting with the German government, and we expect some things from that. So, Denise?

歐文，謝謝你。我認為這很重要，因為我們已經討論了在美國的重新安排…以及我們的國際業務所做的事情，因為這都是醫用大麻，我們的成長大麻在國際上超過50%，當然沒有任何收購。團隊做得很好。我會讓丹尼斯稍後談談這個問題。但我們已經在德國與德國政府會面了一段時間，我們期待從中得到一些東西。那麼，丹妮絲？

Thanks, Irwin, and hi, Owen. To answer your first question in terms of the back half, so we have a strategy that looks at how do we grow our existing markets and major markets for us today, as we've talked about our Germany, Poland and Luxembourg, and then also how do we continue to grow the ones that were that are emerging and we're entering in.

謝謝，歐文，嗨，歐文。為了回答你後半部分的第一個問題，我們有一個策略，著眼於我們今天如何發展現有市場和主要市場，正如我們討論過的德國、波蘭和盧森堡，然後還有我們如何繼續發展那些正在興起和我們正在進入的領域。

We consider those along the lines of the UK, Portugal, Italy, Czech Republic. We are monitoring, of course, all the new regulations that are being discussed, whether Ukraine legalizes and also looking at Switzerland in terms of the medical market.

我們考慮的是英國、葡萄牙、義大利、捷克共和國的做法。當然，我們正在監控正在討論的所有新法規，烏克蘭是否合法化，並在醫療市場方面關注瑞士。

We continue to basically roll out what we consider our go-to-market strategy, which is try to be the first mover, get that early advantage. We find that doctors utilize the worldwide knowledge that we have on medical cannabis.

我們基本上繼續推出我們認為的進入市場策略，即努力成為先行者，獲得早期優勢。我們發現醫生利用我們在醫用大麻方面擁有的全球知識。

And so, as we go into new countries, our reputation in medical cannabis where we've been looked at as an expert by both medical professionals as well as government and healthcare professionals, we go in, we provide education symposiums and really work to bring the reputation and knowledge of Tilray into each of those markets.

因此，當我們進入新的國家時，我們在醫用大麻方面的聲譽被醫療專業人員以及政府和醫療保健專業人員視為專家，我們進去，我們提供教育研討會，並真正努力帶來Tilray 在每個市場的聲譽和知識。

Answering your second question in terms of the legislation that's coming on board, we note that in sometime in January, the legislation is going to be in front of the German parliament again. Early February, it will be in front of the state parliamentary system for their review. And we are hoping to see that legislation passed in Q1 of this year, 2024.

在回答你關於即將出台的立法的第二個問題時，我們注意到，在一月份的某個時候，該立法將再次提交給德國議會。2月初，它將提交州議會系統進行審查。我們希望看到該立法在 2024 年第一季獲得通過。

And then, shortly after that, we expect to see the rollout of decriminalization and social clubs, as well as the scheduling of medical cannabis as narcotic. We'll see doctors come on board. We are obviously increasing our educational efforts to bring more and more health professionals on board with medical cannabis as a therapeutic option. And we're really, really optimistic about the future in Germany.

然後，不久之後，我們預計將看到非刑事化和社交俱樂部的推出，以及將醫用大麻列為麻醉品。我們會看到醫生加入。我們顯然正在加強教育力度，讓越來越多的衛生專業人員接受醫用大麻作為一種治療選擇。我們對德國的未來非常非常樂觀。

Great. Thanks, guys. Really helpful. Appreciate it.

偉大的。謝謝，夥計們。真的很有幫助。欣賞它。

Thank you.

謝謝。

Our next question is from the line of John Zamparo with CIBC. Please proceed with your question.

我們的下一個問題來自 CIBC 的 John Zamparo。請繼續你的問題。

Thank you. Good morning. I wanted to get to the change in the agreement with Aphria Diamond. This sounds like a material win. So, just confirming the amounts, you now expect to save $30 million to $35 million typically paid to your JV partner and also $20-plus-million in cash taxes a year. So, $55 million a year annually, the increased value to Tilray. Just confirming that that's the change. And then, the question is how did this come about? And why did the JV partner agree to it? Did Tilray have to give up something to receive such a benefit? Thank you.

謝謝。早安.我想了解與 Aphria Diamond 協議的變更。這聽起來像是物質上的勝利。因此，只需確認金額，您現在預計可以節省通常支付給合資夥伴的 3,000 萬至 3,500 萬美元，以及每年 20 多萬美元的現金稅。因此，每年為 Tilray 增加 5500 萬美元的價值。只是確認這就是改變。然後，問題是怎麼發生的？為什麼合資夥伴會同意呢？Tilray 是否必須放棄一些東西才能獲得這樣的好處？謝謝。

So, thanks, John. Good question. So, just -- I just want to be clear that because of the way the accounting works for the for Aphria Diamond, the number that you raised in terms of the $33 million to $35 million, that's going to change the allocation of net income or net loss in an individual quarter. It doesn't flow through the income statement. It won't create additional net income for the consolidated entity. It changes the allocation of that income between the JV partner and us.

所以，謝謝，約翰。好問題。所以，我只是想澄清，由於 Aphria Diamond 的會計工作方式，您籌集的 3300 萬至 3500 萬美元的數字，這將改變淨利潤的分配或單個季度的淨虧損。它不流經損益表。它不會為合併後的實體創造額外的淨利潤。它改變了合資夥伴和我們之間的收入分配。

As it relates to the cash taxes, that obviously impacts our cash balance. And it also that part only will flow through our income statement.

由於它與現金稅有關，這顯然會影響我們的現金餘額。而這部分也只會流經我們的損益表。

In terms of the negotiation, I think, when we looked at the agreement and when our partner looked at the agreement, they realized that the Canadian market had changed and we needed to modify the agreement. Obviously, there were give and takes associated with that agreement. But at the end of the day, we've been able to modify that and deliver that value to our shareholders.

在談判方面，我認為，當我們查看協議時，當我們的合作夥伴查看協議時，他們意識到加拿大市場發生了變化，我們需要修改協議。顯然，該協議存在一些讓步。但最終，我們已經能夠修改這一點並將其價值傳遞給我們的股東。

I think the most important thing is, we have a good partner in the [indiscernible] that have worked with us I think as we look at the long term of the industry. But the most important thing is when we went in there, price compression has hit this company close to $200 million over the last couple of years, and they were not sharing within the price compression.

我認為最重要的是，我們在[音訊不清晰]中有一個很好的合作夥伴，我認為當我們著眼於行業的長期發展時，他們一直與我們合作。但最重要的是，當我們進入那裡時，價格壓縮在過去幾年中給這家公司造成了近 2 億美元的損失，而他們並沒有在價格壓縮中分擔。

I think there is some important here that there was even though there was a time limit on this here but walking in there win-win for both and hopefully we can sell more cannabis. We've consolidated some additional cannabis into his -- into their facilities with the Tilray and some of the HEXO acquisitions and some of the other stuff we're doing. So, there was multiple parts of it that made sense. And I think part of that too was in doing that was benefit of some tax opportunities for us that was very, very helpful. So, it was a win-win situation.

我認為這裡有一些重要的事情，儘管這裡有時間限制，但走進那裡對雙方都是雙贏的，希望我們可以出售更多大麻。我們已經將一些額外的大麻整合到他的設施中，包括 Tilray 和一些 HEXO 收購以及我們正在做的其他一些事情。因此，其中有多個部分是有意義的。我認為部分原因是這樣做對我們來說是一些稅收機會的好處，這非常非常有幫助。所以，這是一個雙贏的局面。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Thank you.

謝謝。

Our next question is from the line of Matt Bottomley with Canaccord Genuity. Please proceed with your question.

我們的下一個問題來自 Canaccord Genuity 的 Matt Bottomley。請繼續你的問題。

Good morning, everyone. I just wanted to follow up with some of Irwin's comments with respect to when you're asked about further value proposition out of Canada, and specifically with respect to ultimate market share, at least in the medium term. I know on the back of the sort of Tilray Aphria combination, there was a hope of maybe getting as high as 30%.

大家早安。我只是想跟進歐文的一些評論，當你被問到加拿大的進一步價值主張時，特別是關於最終市場份額（至少在中期）。我知道在 Tilray Aphria 組合的支持下，有可能達到 30% 的希望。

So, given the fact that you're 500 basis points ahead in terms of market share, who's number two? How much of sort of increased market share is things that are in your control, whether it's through innovative products versus just continuing to wait for this market shakeout, which seems to be taking longer than everyone had anticipated?

那麼，考慮到你們在市佔率方面領先 500 個基點，誰是第二呢？市場佔有率的增加有多少是你可以控制的，無論是透過創新產品還是繼續等待市場震盪（這似乎比每個人預期的時間都要長）？

Listen, great question. As I look at it and say, we have a 12.5%, 13% market share and I look at everybody else, there is about another 10% market share. And then I look at the other 800 LPs with 1%, 0.5%, there's a lot -- there's just a lot of growers out there. I think what we're seeing is either a lot of consolidation or a lot of small LPs going away.

聽著，好問題。正如我所看到的，我們擁有 12.5%、13% 的市場份額，而我看看其他公司，還有大約 10% 的市場份額。然後我看看其他 800 個 LP，有 1%、0.5%，有很多——那裡有很多種植者。我認為我們所看到的要么是大量的整合，要么是許多小型有限合夥人的消失。

Originally, I'd come out there and said I wanted high double digits or in the 20%s or 25% market share. You got to remember, we're number one in Canada number one in Ontario, number one in Quebec, and number one in British Columbia, which represents 60% over 60% of the population. So, I think there's good opportunities to grow market share.

最初，我曾表示我想要高兩位數的市場份額，或 20% 或 25% 的市場份額。你必須記住，我們在加拿大排名第一，在安大略省排名第一，在魁北克省排名第一，在不列顛哥倫比亞省排名第一，不列顛哥倫比亞省佔總人口的 60% 以上。因此，我認為存在擴大市場份額的好機會。

But on the other hand, where I look at big opportunities is in the beverage category, the edibles category. I think there are some big opportunities in vaping going forward. And you heard what I said before, more and more consumers -- the market is growing in Canada.

但另一方面，我認為巨大的機會在於飲料類別、食品類別。我認為電子煙未來有一些巨大的機會。你聽到我之前說過的話，越來越多的消費者──加拿大的市場正在成長。

The problem is there's still way too many LPs, there's still high costs with exercise tax. And from a standpoint here, I think as we can got to grow in other categories and that's the big thing and how do we become that low-cost producer.

問題是有限合夥人仍然太多，行使稅的成本仍然很高。從這裡的角度來看，我認為我們可以在其他類別中實現成長，這是一件大事，我們如何成為低成本生產商。

The other big thing in the Canadian market which we have to focus on is building brands. And it's hard to build brands when the government doesn't allow you to advertise. So, how do we advertise within the marketplace and ultimately be within the guidelines of what Health Canada does.

我們必須關注的加拿大市場的另一個大事是品牌建立。當政府不允許你做廣告時，就很難建立品牌。那麼，我們如何在市場上做廣告並最終遵守加拿大衛生部的指導方針。

You heard what I said before, I think we have a great infrastructure and great leadership team in Canada. We now have a Belleville facility, which we acquired from Molson's that can do non-alcoholic drinks, that can do energy drinks, can do water drinks and can do other drinks. So with that, do we expand into other categories and other adjacencies to our cannabis business?

你聽到我之前說過的話，我認為我們在加拿大擁有良好的基礎設施和優秀的領導團隊。我們現在擁有一家貝爾維爾工廠，是從 Molson's 收購的，可以生產非酒精飲料、能量飲料、水飲料和其他飲料。那麼，我們是否會擴展到大麻業務的其他類別和其他鄰近領域？

But I'm looking for some conditional major growth coming from the beverage category, which I think, from a size standpoint, and I think there's still a big opportunity in vapes and edibles category in Canada.

但我正在尋找來自飲料類別的一些有條件的重大增長，我認為，從規模的角度來看，我認為加拿大的電子煙和食品類別仍然有很大的機會。

Okay. Thanks for that.

好的。謝謝你。

Thank you.

謝謝。

Our next question is from the line of Michael Lavery with Piper Sandler.

我們的下一個問題來自 Michael Lavery 和 Piper Sandler。

Thank you. Good morning. Just wanted to come back to the beverage alcohol segment and focus on the recently acquired brands. I know you gave some of the gross margin drivers of just how you've got line of sight on improvement there, but it sounds like you're really expecting to turn the top-line around as well. It looks like those are running down close to 10% or so.

謝謝。早安.只是想回到飲料酒精領域並專注於最近收購的品牌。我知道您給了一些毛利率驅動因素，說明您如何改善那裡的視線，但聽起來您確實也希望扭轉營收。看起來這些下降了近 10% 左右。

Can you just get us a little more confident that you've got some plans that can make that happen? And we've seen the US.. consumer be pretty fickle sometimes in craft beer especially. So, what is it that would excite them and get these brands back to growth?

您能否讓我們更有信心您已經制定了一些可以實現這一目標的計劃？我們已經看到美國消費者有時在精釀啤酒方面非常善變。那麼，是什麼讓他們興奮並讓這些品牌恢復成長呢？

Good question. I think, again, let's come back and look at our legacy brands of SweetWater, Montauk, Alpine, Nelson and Green Flash. You heard what I said, we grew 10% in our legacy beer businesses in the last quarter. So, we're growing our current legacy businesses, which is important.

好問題。我想，讓我們再回顧一下我們的傳統品牌 SweetWater、Montauk、Alpine、Nelson 和 Green Flash。你聽到我說的了，上個季度我們的傳統啤酒業務成長了 10%。因此，我們正在發展現有的傳統業務，這很重要。

If you come back and look at the brands we acquired from ABI, there is some great brands in there. I mean, Shock Top, we talked to people about Shock Top, we talked to people some of the stuff in Blue Point here in the Northeast, Breckenridge Brewery, 10 Barrel. So, we really have some great brands that from a regional standpoint, that may be only sold in certain parts of the country and where do we expand.

如果你回來看看我們從 ABI 收購的品牌，裡面有一些很棒的品牌。我的意思是，Shock Top，我們和人們談論了 Shock Top，我們和人們談論了東北部的 Blue Point、Breckenridge Brewery、10 Barrel 的一些東西。因此，我們確實擁有一些很棒的品牌，從區域的角度來看，這些品牌可能只在該國的某些地區銷售以及我們在哪裡擴張。

Our distributor base is excited about it. Our retail base is excited about it. Our convenience stores excited. So that's what makes me feel good as we've been out there making presentations and talking to our customer base right now.

我們的經銷商基地對此感到興奮。我們的零售基地對此感到興奮。我們的便利商店興奮不已。這就是讓我感覺良好的原因，因為我們現在一直在外面做演示並與我們的客戶群交談。

There's a lot of interest the second thing is we have a pipeline of innovation that we have moved on very quickly. And these brands have not had innovation done with them in the last couple of years. So, I feel good about the innovation. I feel good about the distribution.

第二件事引起了許多人的興趣，我們有一系列創新流程，而且進展非常快。這些品牌在過去幾年中並沒有進行任何創新。所以，我對這項創新感覺很好。我對分佈感覺很好。

I feel good about getting the distributors excited. And now as we bring this together and there's a real focus on it with a dedicated sales team, a dedicated national accounts team, we're putting pressures on our distributors. I feel we can really get the growth. The next thing is, as we bring these into our facilities and we look at some of the cost synergies, we can get our margins back to where our traditional margins are with our current brands.

讓經銷商興奮起來我感覺很好。現在，當我們將這些整合在一起，並透過專門的銷售團隊、專門的國民帳戶團隊真正關注它時，我們正在向我們的經銷商施加壓力。我覺得我們真的能夠得到成長。接下來的事情是，當我們將這些引入我們的設施並考慮一些成本協同效應時，我們可以將我們的利潤率恢復到我們目前品牌的傳統利潤率。

So, I'm real optimistic, and I come back and I say this here, yes, the beer industry has gone through some challenges in growth. I think and again, spending time with BCG and doing our studies here, I feel there is some great opportunities within the beer category.

所以，我真的很樂觀，我回來在這裡說，是的，啤酒行業在成長方面經歷了一些挑戰。我再次認為，在 BCG 工作並在這裡進行研究時，我覺得啤酒類別中存在一些巨大的機會。

Now there has to be changes on alcohol. There has to be changes in regards to non-alcoholic. There's got to be some other changes in how do we get males and females in Gen Z drinking beer is a lot of the stuff that we're going to do. And we've talked about it. We're going to expand into some water business, energy drink business and some other categories.

現在必須對酒精進行改變。非酒精飲料必須有所改變。我們要做的很多事情就是如何讓 Z 世代中的男性和女性喝啤酒，還必須做出一些其他改變。我們已經討論過了。我們要拓展一些水業務、能量飲料業務和其他一些類別。

We're not going to be just the beer business. We will be the Tilray beverage business, I think which is important because we have manufacturing facilities, we have distribution out there and we have a sales and marketing infrastructure to drive this behind it.

我們不會只做啤酒生意。我們將成為 Tilray 飲料業務，我認為這很重要，因為我們擁有製造設施，我們有分銷管道，我們有銷售和行銷基礎設施來推動這項業務。

And I got to tell you, there's a tremendous amount of sporting venues. There's tremendous amount of universities that have reached out to us and want us a part of their sponsorship.

我必須告訴你，有大量的體育場。有大量的大學聯繫了我們，希望我們成為他們的贊助的一部分。

Okay. Thanks so much.

好的。非常感謝。

Thank you.

謝謝。

The next question is from the line of Frederico Gomes with ATB Capital Markets. Please proceed with your question.

下一個問題來自 ATB Capital Markets 的 Frederico Gomes。請繼續你的問題。

Hi, good morning. On my more than you. you mentioned key strategic acquisitions in your prepared remarks, something you look at. So, can you remind us how you look at acquisitions between your alcohol and your cannabis segments, and also geographically, whether you're focused on Canada, the West, or are you also looking at opportunities elsewhere? Thank you.

嗨，早安。對我的比對你的多。您在準備好的發言中提到了關鍵的策略性收購，您對此有所關注。那麼，您能否提醒我們您如何看待酒精和大麻業務之間的收購，以及在地理位置上，您是否專注於加拿大、西方，還是也在其他地方尋找機會？謝謝。

So, I come back and look at strategic acquisitions, as I've said, we got a lot of growth, we got a lot of brands. We're into most categories in the Canadian market. And with that, if there was something strategic that could help our cost structure that would help us to take to be within our portfolio of brands, we would absolutely look at it.

所以，我回來看看策略性收購，正如我所說，我們獲得了很大的成長，我們擁有了許多品牌。我們涉足加拿大市場的大多數類別。因此，如果有任何策略可以幫助我們的成本結構，幫助我們融入我們的品牌組合，我們絕對會考慮它。

But you heard what I said before, one of the big things I'm looking at in Canada today, how do we diversify and be in other categories with adjacencies to the cannabis industry, and is that [be] alcohol, is that drinks, et cetera. So that's what we're looking at in the Canadian market.

但你聽到我之前說過的話，我今天在加拿大關注的一件大事，我們如何多元化並進入與大麻行業相鄰的其他類別，並且是酒精，是飲料，等等。這就是我們在加拿大市場所關注的。

In regards to the US.. market, we're focused on bev alcohol here. We're focused on in regards to our Manitoba Harvest, is there food businesses with adjacencies that would make sense to be part of our Manitoba Harvest business, is something that we would look at.

關於美國市場，我們專注於啤酒。我們關注的是我們的曼尼托巴收穫業務，是否有鄰近的食品企業可以成為我們曼尼托巴收穫業務的一部分，這是我們會關注的事情。

And then internationally, we like the bev alcohol business internationally. There is some stuff that we've looked at there. And how do we expand some of our medical business in our international market, and there's markets where we could do an acquisition or two. So, we're looking at strategic. They got to be accretive. They got to be good value there for us and how do we integrate it into our current infrastructure.

然後在國際上，我們喜歡國際上的啤酒業務。我們在那裡看過一些東西。我們如何在國際市場上拓展我們的一些醫療業務，以及我們可以在哪些市場進行一兩次收購。所以，我們正在考慮戰略。他們必須具有增值性。它們對我們來說必須具有良好的價值，以及我們如何將其整合到我們目前的基礎設施中。

If you come back and look with the Tilray-Aphria acquisition, we took out over $100 million of cost. With the HEXO business, we'll take out close to $35 million of cost. With Truss and our beverage business, we will take out additional costs there. If you come back and look at the ABI, SweetWater, Montauk, we will take a good amount of cost out of there.

如果你回頭看看 Tilray-Aphria 的收購，我們花了超過 1 億美元的成本。透過 HEXO 業務，我們將節省近 3500 萬美元的成本。透過 Truss 和我們的飲料業務，我們將在那裡承擔額外的成本。如果你回來看看 ABI、SweetWater、蒙托克，我們會從那裡扣除大量成本。

So, what got to be is businesses that fit within where we can take out costs. But the more important thing here is we need organic growth and ultimately use that infrastructure. And as a company today of our size, I mean, just being a public company cost out there today, it's higher costs for our insurance because we have cannabis within here. So again, how do we absorb some of those costs with putting more sales on, I think that's something that we look at here.

因此，必須是適合我們可以降低成本的業務。但這裡更重要的是我們需要有機成長並最終使用該基礎設施。作為一家當今規模的公司，我的意思是，今天作為一家上市公司的成本，我們的保險成本更高，因為我們這裡有大麻。那麼，我們如何透過增加銷售額來吸收其中一些成本，我認為這是我們在這裡關注的問題。

Thank you very much.

非常感謝。

Our next question is from the line of Vivien Azer with TD Cowen. Please proceed with your question

我們的下一個問題來自 Vivien Azer 和 TD Cowen。請繼續您的問題

Good morning. This is Robin Holby on for Vivien Azer, and thank you for taking the question. I just wanted to follow-up on the international question, specifically on Australia, where we've been seeing some strong patient growth. Any updates for your plans in that market? And do you see any of these international markets becoming saturated as more competitors achieve the necessary certifications? Thank you.

早安.我是費雯·阿澤 (Vivien Azer) 的羅賓·霍爾比 (Robin Holby)，感謝您提出問題。我只是想跟進國際問題，特別是澳大利亞，我們在那裡看到了一些強勁的患者成長。您在該市場的計劃有什麼更新嗎？隨著越來越多的競爭對手獲得必要的認證，您是否認為這些國際市場會變得飽和？謝謝。

Yeah. No, thank you for the question. So, in terms of Australia, we see really great opportunity in Australia. We have a more of a leading business there in both Australia and New Zealand, both with our extracts as well as our flower. What we have done is we have expanded our portfolio of flower in order to take advantage of that market, including as of last quarter, we introduced Broken Coast into the market as the market really was looking for more of a proliferation around medical cannabis flower. And we will continue to evaluate that market for new form factors.

是的。不，謝謝你的提問。因此，就澳洲而言，我們在澳洲看到了巨大的機會。我們在澳洲和紐西蘭都擁有領先的業務，包括我們的萃取物和花卉。我們所做的是擴大我們的花卉產品組合，以便利用該市場，包括截至上個季度，我們將破碎海岸引入市場，因為市場確實在尋求圍繞醫用大麻花卉的更多擴散。我們將繼續評估該市場的新外形。

In terms of your question about competition achieving more certifications, we have been in the market with GMP certification. Our GMP certification is actually above the standards that's actually required in Australia.

關於你關於競爭獲得更多認證的問題，我們已經進入市場並獲得了GMP認證。我們的 GMP 認證實際上高於澳洲實際要求的標準。

And we find that healthcare professionals and government regulators enjoy the fact that we take the higher standard approach, considering that medical cannabis we think high standards as our key. And we will continue to grow that market and look for opportunities to partner with additional cannabis dispensaries, partnering with healthcare clinics, et cetera.

我們發現醫療保健專業人員和政府監管機構喜歡我們採取更高標準的方法，考慮到醫用大麻我們認為高標準是我們的關鍵。我們將繼續擴大該市場，並尋找與其他大麻藥局合作、與醫療保健診所合作等的機會。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Thank you. At this time, we've come to the end of our question-and-answer session. And I'll hand the floor to management for closing remarks.

謝謝。至此，我們的問答環節已經結束了。我將請管理階層致閉幕詞。

Thank you very much everybody and thank you for joining us today. I sit here and proud of where we are. We are a global company. We are a diversified company. And if you look at public companies out there today, there's very few companies that emulate or resemble what we do in cannabis, alcohol, food and sell on a global basis. We're dealing in categories today that are new to the marketplace in regards to cannabis. We're dealing with categories today where there's a lot of regulatory requirements.

非常感謝大家，也感謝你們今天加入我們。我坐在這裡，為我們所處的位置感到自豪。我們是一家全球性公司。我們是一家多元化的公司。如果你看看今天的上市公司，你會發現很少有公司能夠效仿或類似我們在大麻、酒精、食品領域的做法，並在全球範圍內進行銷售。我們今天經營的大麻類別是市場上的新類別。我們今天處理的類別有很多監管要求。

And that's something that we do as a company to ensure when we produce cannabis, it goes through strict regulatory and quality control before we put any product out there. And that's the same with every single product.

作為一家公司，我們這樣做是為了確保我們生產大麻時，在推出任何產品之前都經過嚴格的監管和品質控制。每一個產品都是如此。

I come back and I remember joining Aphria when we were a $50 million business, today, on the run rate, to close to $1 billion. We had record net revenue of $194 million, and that is after excise tax comes off the top. We're a number one in the Canadian market. Like I said before, a tough market with a lot of LPs, still an illicit market there and still a market that's just five years old, where a lot more consumers are being educated and we're trying to build brands out there and not being able to advertise. So with that, we've accomplished a lot and we got a lot more to do.

我回來時記得加入 Aphria 時，我們的業務規模為 5000 萬美元，如今，按運行率計算，已接近 10 億美元。我們的淨收入達到創紀錄的 1.94 億美元，而且這是扣除消費稅之後的結果。我們在加拿大市場排名第一。就像我之前說的，這是一個有很多有限合夥人的艱難市場，仍然是一個非法市場，而且仍然是一個只有五年歷史的市場，更多的消費者正在接受教育，我們正在努力在那裡建立品牌，而不是被忽視。因此，我們已經取得了很多成就，而且還有很多工作要做。

In Europe, again, we're the largest medical cannabis company in Europe with a 55% growth, which we see lots of opportunities in different countries. We see lots of change coming in Germany. And with that spending a lot of time over there and having a grow facility in Portugal and Germany gives us a leg up in a very good way. And I think the important thing is, there's a lot of sharing between the Canadian market medical business and the European market that we're doing that ultimately like I said before, if the scheduling never happened, what we could bring to the US..

在歐洲，我們再次成為歐洲最大的醫用大麻公司，成長率為 55%，我們在不同國家看到了許多機會。我們看到德國正在發生很多變化。在那裡花費了大量的時間，並在葡萄牙和德國擁有種植設施，這為我們提供了很好的優勢。我認為重要的是，加拿大市場醫療業務和歐洲市場之間有很多共享，我們最終會像我之前所說的那樣，如果日程安排從未發生，我們可以為美國帶來什麼。

I'm really excited about our bev alcohol business. Our beer business being the fifth largest cannabis business. I remember when we first bought SweetWater, we were selling about 2 million cases plus beer a year. Now, we'll sell close to 12 million cases, have over 12 brands, six processing facilities, 12 brew houses, and brands that got tremendous opportunity.

我對我們的啤酒業務感到非常興奮。我們的啤酒業務是第五大大麻業務。我記得當我們第一次購買 SweetWater 時，我們每年銷售大約 200 萬箱加上啤酒。現在，我們將銷售近 1,200 萬箱，擁有超過 12 個品牌、6 個加工設施、12 個釀酒廠以及獲得巨大機會的品牌。

I see a big resurgence happening in the beer category in multiple ways. And I think that's something that we're going to help evolve and change with innovation, with distribution, with new products, with education about beer. And as I've said and try to coin this, how do you make beer cool again and not from just a drinking standpoint.

我看到啤酒類別正在以多種方式出現大復甦。我認為我們將透過創新、分銷、新產品和啤酒教育來幫助發展和改變這一點。正如我所說並試圖創造這一點，如何使啤酒再次涼爽，而不僅僅是從飲酒的角度來看。

From a standpoint of people, I really have to say I'm very lucky to get to work with a great organization, over 2,300 people around the world. We onboarded, over the last two months, over 700 new people with the acquisition of ABI. And with that, that went seamless and I very much want to welcome them as part of the Tilray family.

從人的角度來看，我真的不得不說我非常幸運能夠與一個偉大的組織一起工作，這個組織在世界各地擁有超過 2,300 名員工。過去兩個月，我們透過收購 ABI 招募了 700 多名新員工。就這樣，一切順利進行，我非常歡迎他們成為 Tilray 家族的一員。

I was asked a question about our balance sheet. That's something that Carl and I spend a lot of time on managing our balance sheet. Something that keeps me up at night is debt, so how do we deal with our debt, how do we generate cash? And again, we're five-year-old company that have done multiple acquisitions. We spent a lot of CapEx on growth CapEx. And how do we do that, and at the end of the day, manage our balance sheet.

有人問我有關我們的資產負債表的問題。我和卡爾花了很多時間管理我們的資產負債表。讓我徹夜難眠的是債務，那我們要如何處理債務，如何產生現金？再說一次，我們是一家成立五年的公司，已經進行了許多收購。我們在成長資本支出上花費了大量資本支出。我們如何做到這一點，並最終管理我們的資產負債表。

And last but not least, our shareholders. We're here for our shareholders. We're here to work for our shareholders. And we're here to deliver upon our shareholders who invest money in us.

最後但並非最不重要的一點是我們的股東。我們為股東服務。我們來這裡是為了我們的股東。我們來這裡是為了回報給我們投資的股東。

So, we've got lots to look forward to. The back half is a big back half for us. There's a lot of heavy lifting to do we know. But I'd tell you we have a good plan and a path to hopefully let us get there.

所以，我們有很多值得期待的事。後半部對我們來說是一個很大的後半部。我們知道還有很多繁重的工作要做。但我想告訴你，我們有一個很好的計劃和一條希望能讓我們實現這一目標的道路。

So, thank you very much for listening to today's call and look forward to speaking to you in the near future. Happy New Year and have a great day.

因此，非常感謝您收聽今天的電話會議，並期待在不久的將來與您交談。新年快樂，祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。