Tilray Brands Inc (TLRY) 2024 Q4 法說會逐字稿

Hello, and thank you for joining today's conference call to discuss Tilray Brands' Financial Results for the fourth quarter and fiscal year 2024 ended May 31, 2024. (Operator Instructions)

您好，感謝您參加今天的電話會議，討論 Tilray Brands 截至 2024 年 5 月 31 日的第四季度和 2024 財年財務業績。（操作員說明）

I'll now turn the call over to Ms. Berrin Noorata, Tilray Brands' Chief Corporate Affairs and Communications Officer. Thank you. You may now begin.

現在我將把電話轉給 Tilray Brands 首席企業事務和傳播官 Berrin Noorata 女士。謝謝。你現在可以開始了。

Thank you, operator, and good afternoon, 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 have been filed with the SEC and SEDAR.

謝謝接線員，大家下午好。到目前為止，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.

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。

The earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP. 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.

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。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。

Actual results could differ materially from those described in the forward-looking statements. The text in our earnings press release includes many of the risks and uncertainties associated with such forward-looking statements. Today, we will be hearing some key members of our senior leadership team, beginning with Irwin D. Simon, Chairman and Chief Executive Officer, who will provide opening remarks and commentary, followed by Carl Merton, Chief Financial Officer, who will review our financial results for fiscal year 2024 and fourth quarter.

實際結果可能與前瞻性陳述中所述的結果有重大差異。我們的收益新聞稿中的文字包含與此類前瞻性陳述相關的許多風險和不確定性。今天，我們將聽取我們高級領導團隊的一些主要成員的講話，首先是董事長兼首席執行官歐文·D·西蒙(Irwin D. 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)，他將檢視我們的財務狀況2024 財年和第四季的業績。

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 Tilray Beverages North America. And now I'd like to turn the call over to Tilray Brands' Chairman and CEO, Irwin D. Simon.

加入我們問答環節的還有首席策略長兼國際主管 Denise Faltischek、Tilray 加拿大總裁 Blair MacNeil 和 Tilray Beverages 北美總裁 Ty Gilmore。現在我想將電話轉給 Tilray Brands 董事長兼執行長 Irwin D. Simon。

Thank you, Berrin, and good afternoon, everyone, and thank you for joining us today. Before diving into our fiscal 2024 results, I'd like to take a moment to reflect on the evolution of Tilray Brands. Back in 2019, Aphria was a cannabis-focused Canadian LP with only $50 million in revenue and minimal cash reserves.

謝謝 Berrin，大家下午好，謝謝您今天加入我們。在深入探討 2024 財年表現之前，我想花點時間回顧一下 Tilray Brands 的演變。早在 2019 年，Aphria 是一家專注於大麻的加拿大有限合夥人，收入僅 5,000 萬美元，現金儲備也很少。

Since then, we've taken a strategic approach to diversifying our operations and growing our global businesses. Through a combination of organic growth, strategic acquisitions we have disrupted the CPG industry by expanding our footprint into new markets and adjacent business categories.

從那時起，我們採取了策略方法來實現業務多元化並發展我們的全球業務。透過有機成長和策略性收購的結合，我們將業務擴展到新市場和相鄰業務類別，從而顛覆了消費品產業。

Today, Tilray Brands is a leading global lifestyle company, spearheading the conversion of cannabis, beverages and wellness products and is elevating lives through moments of connection. We are operating in more than 20 countries across North America, Europe, Australia and Latin America, with five businesses in medical adult-use cannabis, beverages, spirits, wellness products, and 44 consumer connected lifestyle brands.

如今，Tilray Brands 是一家全球領先的生活方式公司，引領大麻、飲料和健康產品的轉型，並透過時刻聯繫來提升生活。我們的業務遍及北美、歐洲、澳洲和拉丁美洲的 20 多個國家，擁有 5 家成人醫用大麻、飲料、烈酒、保健產品業務和 44 個消費者互聯生活品牌。

As a vertically integrated company, we have 20 facilities that service our collective businesses, allowing us to produce approximately 90% of our products internally, ensuring the high quality of our products. This is a testament to our success in building a diversified global business that is dedicated to providing the best possible products for our consumers. We're incredibly proud of the progress we've made in the short time, and are excited to continue driving innovation and growth in the years ahead.

作為一家垂直一體化公司，我們擁有 20 個設施為我們的集體業務提供服務，使我們能夠在內部生產約 90% 的產品，從而確保我們產品的高品質。這證明了我們成功建立多元化的全球業務，致力於為消費者提供最好的產品。我們對在短時間內取得的進步感到無比自豪，並很高興在未來幾年繼續推動創新和成長。

Fiscal 2024 marked a year of significant accomplishments for Tilray Brands, achieving our best financial results to date. We achieved 26% net revenue growth with annual record net revenue of $789 million, record adjusted gross profit of $236 million, record adjusted EBITDA of $60.5 million, adjusted net income of $6.2 million and positive adjusted free cash flow.

2024 財年是 Tilray Brands 取得重大成就的一年，實現了迄今為止最好的財務表現。我們實現了26% 的淨收入成長，年度淨收入達到創紀錄的7.89 億美元，調整後的毛利潤達到創紀錄的2.36 億美元，調整後的EBITDA 達到創紀錄的6050 萬美元，調整後的淨利潤為620 萬美元，調整後的自由現金流為正值。

We also strengthened our balance sheet by significantly reducing our net convertible debt by approximately $300 million, reducing our net debt-to-EBITDA ratio to 1.73. We also exceeded our cost saving synergy target by 31%, delivering $35 million of savings Additionally, not only we met our revised annual guidance for adjusted EBITDA but also generated adjusted free cash flow of approximately $7 million for the year.

我們也透過大幅減少約 3 億美元的淨可轉換債務，將淨債務與 EBITDA 比率降至 1.73，從而強化了我們的資產負債表。我們也超越了 31% 的成本節約協同目標，節省了 3,500 萬美元。

Our record financial results were achieved despite the challenges we faced in the fiscal year, absorbing approximately $10 million in cannabis price compression paying approximately $100 million in excise tax and regulatory fees in Canada, and paying higher operating insurance rates of nearly $7 million because of our cannabis businesses, which together equate to approximately $120 million that directly hit our bottom line.

儘管我們在本財年面臨挑戰，但我們仍取得了創紀錄的財務業績，吸收了約1000 萬美元的大麻價格壓縮，在加拿大支付了約1 億美元的消費稅和監管費用，並支付了近700萬美元的較高營運保險費率，因為我們大麻業務總計約 1.2 億美元，直接影響了我們的利潤。

Our ability to deliver record financial results while navigating these challenges is a testament to the resilience and dedication of our team who have worked tirelessly to ensure the success of our businesses. Over the past fiscal year, our strategic acquisitions have significantly benefited our financial results which we expect will continue to benefit well into the future.

我們在應對這些挑戰的同時交付創紀錄的財務表現的能力證明了我們團隊的韌性和奉獻精神，他們為確保我們業務的成功而不懈努力。在過去的財年中，我們的策略收購極大地改善了我們的財務業績，我們預計未來將繼續受益。

In June 2023, we acquired HEXO and Redecan expand our cannabis business. Our productions and capability and brand growth and opportunities in Canada and internationally. Since then, we have broadened to raise cannabis product portfolio across multiple form factors, including an 85% year-over-year increase in mainstream flower sales in adult-use cannabis.

2023年6月，我們收購了 HEXO 和 Redecan 擴大了我們的大麻業務。我們在加拿大和國際上的生產、能力、品牌成長和機會。從那時起，我們擴大了大麻產品組合，涵蓋多種形式，其中成人用大麻的主流花卉銷量年增 85%。

The addition of Redecan brand has further strengthened our categories such as pre-rolls, oils, capsules. Today, Tilray is the number one player in the straight edge pre-rolled category with a 46% market share and a top player in the oils and capsules category combined with a 21.5% market share in the adult-use business in Canada.

Redecan品牌的加入進一步增強了我們的預捲、油、膠囊等品類。如今，Tilray 是直邊預捲類別的第一大企業，擁有 46% 的市場份額，也是油和膠囊類別的頂級企業，在加拿大成人用業務中擁有 21.5% 的市場份額。

In August 2023, we acquired Truss Beverages, fortified Tilray's leadership in the Canadian cannabis beverage market. This acquisition increased our market share in the beverage category by 400%, growing our market share in the THC beverage category to 41% at the end of fiscal year 2024.

2023 年 8 月，我們收購了 Truss Beverages，鞏固了 Tilray 在加拿大大麻飲料市場的領導地位。此次收購使我們在飲料類別的市佔率增加了 400%，到 2024 財年末，我們在 THC 飲料類別的市佔率增加至 41%。

In September 2023, we acquired eight iconic beer and beverage brands from ABI, along with related breweries and group hubs. As a result, we're now the fifth largest craft brewer in the US, with a 4.5% share of the craft beer market.

2023 年 9 月，我們從 ABI 收購了八個標誌性啤酒和飲料品牌以及相關啤酒廠和集團中心。因此，我們現在是美國第五大精釀啤酒製造商，佔據精釀啤酒市場 4.5% 的份額。

Our growing beverage portfolio now includes craft beers, spirits, ready-to-drink cocktail, ciders, and nonalcoholic beverages. The combination of our legacy businesses and these acquisitions resulted in our best the fiscal year results.

我們不斷增長的飲料產品組合現在包括精釀啤酒、烈酒、即飲雞尾酒、蘋果酒和非酒精飲料。我們的傳統業務和這些收購的結合帶來了我們最好的財年表現。

Let's now dive deeper into each of our business segments. Tilray Cannabis, global cannabis net revenue increased by 24% during fiscal 2024. In Canada, our quarter four marked the culmination of transformative year in Canadian cannabis. It was the highest revenue quarter of the year at $58.8 million, and it marked the completion of our HEXO and Truss beverages integration, a significant operation overhaul, resulting in extensive improvements in our facility utilization.

現在讓我們更深入地了解我們的每個業務部門。Tilray Cannabis 2024 財年全球大麻淨收入成長了 24%。在加拿大，第四季標誌著加拿大大麻變革年的頂峰。這是今年收入最高的季度，達到 5,880 萬美元，它標誌著我們的 HEXO 和 Truss 飲料整合的完成，這是一項重大的營運改革，導致我們的設施利用率大幅提高。

We continue to lead Canadian cannabis market share by almost 200 bps over the next competitor. And have consistently, the top of the industry for the past three years. From a regional perspective, Tilray was number one across British Columbia, Alberta and Ontario and Quebec provinces combined, which include over 80% of the Canadian population, and we've also led in all secondary markets.

我們繼續領先加拿大大麻市場份額，比第二位競爭對手高出近 200 個基點。並連續三年穩居業界前列。從區域角度來看，Tilray 在不列顛哥倫比亞省、艾伯塔省以及安大略省和魁北克省合計排名第一，這些省份覆蓋了加拿大 80% 以上的人口，而且我們在所有二級市場也處於領先地位。

In Canadian cannabis volume, Tilray shipped approximately 60% more in Kgs, reaching 140 metric tons. Our unit sales grew approximately 130% to almost 35 million units. In fiscal 2024, approximately 27% of our Canadian adult-use cannabis net sales revenue came from new innovation, which is a testament to our successful ability to innovate and launch new products.

在加拿大大麻數量中，Tilray 的出貨量增加了約 60%（以公斤為單位），達到 140 噸。我們的銷量成長了約 130%，達到近 3500 萬台。2024 財年，我們加拿大成人用大麻淨銷售收入的約 27% 來自新創新，證明了我們成功創新和推出新產品的能力。

Cannabis consumers have a unique attribute of being open to trying new products. And in fiscal 2024, we capitalized on this by launching over 150 new SKUs. Looking ahead to next year, we anticipate that innovation will continue to play a significant role in driving our net sales, brands such as Broken Coast, Redecan, XMG, Mollo, and Good Supply, will be launching exciting new products based on feedback from our consumers and our bartenders.

大麻消費者俱有樂於嘗試新產品的獨特屬性。在 2024 財年，我們利用這一點推出了 150 多個新 SKU。展望明年，我們預計創新將繼續在推動我們的淨銷售額方面發揮重要作用，Broken Coast、Redecan、XMG、Mollo 和 Good Supply 等品牌將根據我們的反饋推出令人興奮的新產品消費者和我們的調酒師。

Our strategic acquisition of HEXO and Redecan aim to integrate their sales plan into our infrastructure and expand our brand portfolio and product mix. In fiscal '24, we almost doubled the Redecan flower share with the launch of three popular genetics -- Animal RNTZ; Space Age Cake; and Purple Churro.

我們對 HEXO 和 Redecan 的策略性收購旨在將他們的銷售計劃整合到我們的基礎設施中，並擴大我們的品牌組合和產品組合。在 24 財年，我們推出了三種流行的基因—動物 RNTZ；太空時代蛋糕；和紫色油條。

In Ontario, Animal RNTZ became the number one and number three selling genetic for 14g and 3.5g pack types, respectively. Space Age Cake was number eight in the 14g flower segment, despite limited availability. In fiscal '25, we expect these genetics will continue to be within the top 10 performing genetics in the mainstream flower. In 2024, we made significant steps to rightsize our operational footprint in Canada to balance supply and demand.

在安大略省，Animal RNTZ 分別成為 14 克和 3.5 克包裝類型銷售第一和第三的基因產品。儘管供應有限，但太空時代蛋糕在 14 克鮮花細分市場中排名第八。在 25 財年，我們預計這些基因將繼續躋身主流花卉表現前 10 名的基因。2024 年，我們採取了重大措施來調整我們在加拿大的營運足跡，以平衡供需。

We sold the Truss facility and transitioned all our cannabis beverage production to our London, Ontario drinks facility, pushing the London facilities utilization above 70% and improving our cannabis gross margins.

我們出售了 Truss 工廠，並將所有大麻飲料生產轉移到安大略省倫敦的飲料工廠，使倫敦工廠利用率超過 70%，並提高了我們的大麻毛利率。

These cannabis beverages are phenomenal. I wish we could sell them in the US today. We centralized all our HEXO brand packaging and logistics into Leamington, Ontario, lowering our labor cost per unit by 35% and delivering $35.4 million in synergies, and exceeding our initial target of $27 million by 31%. We successfully transitioned our Broken Coast cultivation to our Nanaimo, B.C. facility, increasing yields by 30% and lowering our cost per gram by 15%.

這些大麻飲料非常棒。我希望我們今天能在美國出售它們。我們將所有 HEXO 品牌包裝和物流集中到安大略省利明頓，將單位勞動成本降低了 35%，帶來了 3,540 萬美元的協同效應，比我們 2,700 萬美元的初始目標高出 31%。我們成功地將破碎海岸的種植轉移到了不列顛哥倫比亞省納奈莫。設施，將產量提高 30%，並將每克成本降低 15%。

We also paused the growing during the year at our Cayuga facility that will drive additional savings of $4.5 million on an annual basis. Finally, we transitioned a large portion of our Quebec cultivation facilities as vegetables, which we expect to contribute over $5 million annually to offset the cost of the facility, improving the marketability and the value of the facility, and continue to grow cannabis in smaller portions of the facility to meet the needs we want for our Quebec consumers.

今年我們也暫停了卡尤加工廠的種植，這將每年額外節省 450 萬美元。最後，我們將魁北克種植設施的很大一部分轉變為蔬菜，我們預計每年貢獻超過 500 萬美元，以抵消設施的成本，提高設施的適銷性和價值，並繼續小部分種植大麻設施以滿足我們對魁北克消費者的需求。

All of these initiatives were designed to significantly lower the cost of growth to manufacture and package and ship our leading cannabis brands to market.

所有這些舉措旨在顯著降低製造、包裝和將我們領先的大麻品牌推向市場的成長成本。

These consumer and operational initiatives are entirely leverageable in markets around the world for years to come. In fact, early in fiscal '25, we shared significant learnings in cultivation and genetics with our teams in Europe.

這些消費者和營運措施在未來幾年內完全可以在世界各地的市場中發揮作用。事實上，在 25 財年初期，我們與歐洲團隊分享了在栽培和遺傳學方面的重要知識。

Turning to our international cannabis, we grew net revenue by 22% year-over-year to approximately $53 million and remained the number one market leader in medical cannabis across Europe. Our annual growth during the fiscal 2024 was driven by increased sales in Germany, Poland, the UK, Australia and New Zealand.

談到我們的國際大麻，我們的淨收入年增 22% 至約 5,300 萬美元，仍然是歐洲醫用大麻市場的第一大市場領導者。我們在 2024 財年的年度成長是由德國、波蘭、英國、澳洲和紐西蘭的銷售額成長所推動的。

In Germany, we believe we're best positioned to capture a majority of the expected incremental growth in the cannabis medical market, which is projected to be approximately $3 billion in the medium term. On April 1, the Cannabis Act became effective in Germany, which declassified cannabis to a nonnarcotic, expanding Tilray's market opportunity in Germany.

在德國，我們相信我們最有能力抓住大麻醫療市場預期增量成長的大部分，預計中期約為 30 億美元。4 月 1 日，《大麻法》在德國生效，將大麻解密為非麻醉品，擴大了 Tilray 在德國的市場機會。

Since the Cannabis Act went into effect, we have already seen a 65% increase in sales, and we believe that our current positioning in Germany provides us with several unique competitive advantages. Our cultivation facilities in Germany and Portugal, combined with our Tilray Pharma medical distribution network, provides Tilray with a critical vertical integration, allowing us to consistently supply the market with high quality and a reliable source of medical cannabis.

自《大麻法案》生效以來，我們的銷售額已經成長了 65%，我們相信，我們目前在德國的定位為我們提供了一些獨特的競爭優勢。我們在德國和葡萄牙的種植設施與我們的 Tilray Pharma 醫療分銷網絡相結合，為 Tilray 提供了關鍵的垂直整合，使我們能夠始終如一地向市場提供高品質和可靠的醫用大麻來源。

Aphria RX was a first facility in Germany to receive both its cannabis cultivation license and commercial distribution license for medical cannabis under the new regulations, allowing Tilray to cultivate, produce, distribute premium quality medical cannabis, increasing its production by five times.

Aphria RX 是德國第一個根據新法規獲得大麻種植許可證和醫用大麻商業分銷許可證的設施，允許 Tilray 種植、生產和分銷優質醫用大麻，產量增加了五倍。

Aphria RX can now fully utilize and maximize its growing capacity while also expanding its genetics to a total of 31 approved strain from the previously approved three strains. We believe that this, coupled with the steps being taken by Germany to liberalize the reimbursement of medical cannabis, significantly increases the opportunity in the German market.

Aphria RX 現在可以充分利用並最大限度地提高其生長能力，同時也將其遺傳學擴展到先前批准的 3 個菌株中的總共 31 個批准菌株。我們認為，再加上德國正在採取的放寬醫用大麻報銷的措施，將大大增加德國市場的機會。

We believe that Germany is declassifying cannabis as a nonnarcotic will also have a far-reaching impact on the drug policy throughout Europe. The European opportunity could represent a potential $45 billion medical market alone over the long term, and our President in Europe allows Tilray to grow our global brand portfolio to a base of 700 million people, which is twice the population in the US.

我們相信，德國取消大麻非麻醉品分類也將對整個歐洲的毒品政策產生深遠影響。從長遠來看，歐洲的機會可能代表著 450 億美元的潛在醫療市場，我們的歐洲總裁允許 Tilray 將我們的全球品牌組合擴大到 7 億人口，是美國人口的兩倍。

Turning to another promising international market, this fiscal year, we launched Broken Coast medical cannabis products in Australia. Medical cannabis patients in Australia now have access to Broken Coast through now cannabis strains, cultivation from our facility in Canada. This launch came in response to the feedback we received in Australia, and leveraged our insights from our operations in Canada and Europe.

轉向另一個前景看好的國際市場，本財年，我們在澳洲推出了Broken Coast醫用大麻產品。澳洲的醫用大麻患者現在可以透過我們在加拿大的設施種植的大麻品種獲得破碎海岸。此次發布是為了回應我們在澳洲收到的回饋，並利用了我們在加拿大和歐洲業務中的見解。

Now briefly on our CC Pharma. Tilray Pharma distribution business in Germany, which represents our medical cannabis business through its network of 13,000 pharmacies. CC Pharma revenue was nearly flat at $259 million, both in fiscal 2024 and fiscal 2023, but our gross margin held at 11% during both periods. but may fluctuate with change in product mixes as we focus on higher-margin sales in future periods.

現在簡單介紹一下我們的 CC Pharma。Tilray Pharma 在德國的經銷業務，透過其 13,000 家藥局網路代表我們的醫用大麻業務。CC Pharma 在 2024 財年和 2023 財年的營收幾乎持平，為 2.59 億美元，但我們的毛利率在這兩個期間都維持在 11%。但可能會隨著產品組合的變化而波動，因為我們專注於未來時期更高利潤的銷售。

Moving on to Tilray Beverages. In the US, we operate the fifth largest craft brewery by sales, with six manufacturing facilities over 500 distributors, 11 brew hubs, and one distillery restaurant and a sales and marketing team across the country.

接下來是 Tilray 飲料。在美國，我們經營著銷售第五大的精釀啤酒廠，擁有 6 個製造工廠、超過 500 個經銷商、11 個啤酒中心、1 個釀酒廠餐廳以及遍布全國的銷售和行銷團隊。

Our Tilray beverage strategy focused on growing our portfolio of iconic craft brands ensuring the product's excellence and innovation, driving scale, expanding distribution to increase market reach and consumer access. In our beverage segment, we generated $200 million in fiscal 2024. On an annualized basis, we'll quickly approach $300 million as we ramp up.

我們的 Tilray 飲料策略專注於發展我們的標誌性工藝品牌組合，確保產品的卓越性和創新性、推動規模、擴大分銷以擴大市場覆蓋範圍和消費者准入。在飲料領域，我們在 2024 財年實現了 2 億美元的營收。按年計算，隨著我們的擴張，我們很快就會接近 3 億美元。

Across our growing brands, SweetWater remains the number one brand family in Georgia, multi-outlet. Montauk remains the number one brand family in Metro New York, having increased its distribution by 570 basis points over last year. Tilray is now the number one craft supplier year-to-date in the Pacific Northwest. 10 Barrel's volume growth increased by 640 basis points since Tilray took over the brand, and we're capitalizing on the success of 10 Barrel's Pub Beer brand extension with Pub Ice [pub per vessel] line extension.

在我們不斷發展的品牌中，SweetWater 仍然是喬治亞州第一大品牌家族，擁有多個銷售點。蒙托克仍然是紐約都會區第一大品牌家族，其分銷比去年增加了 570 個基點。Tilray 目前是太平洋西北地區今年迄今排名第一的工藝品供應商。自 Tilray 接管該品牌以來，10 Barrel 的銷量增長了 640 個基點，我們正在利用 10 Barrel 的 Pub Beer 品牌擴展與 Pub Ice [酒吧每瓶] 產品線擴展的成功。

Both innovations have done extremely well in the market with 4,200 new distribution points, growing 18%. Pub beer is now the 11th largest brand on the West Coast with only half the distribution of top competitors due to its focus on the Pacific Northwest states.

這兩項創新在市場上表現非常出色，新增了 4,200 個分銷點，成長了 18%。酒吧啤酒目前是西海岸第 11 大品牌，由於其重點關注太平洋西北部各州，其分佈範圍僅為頂級競爭對手的一半。

Since Tilray acquired Shock Top in 2023, we have made significant progress in turning the brand around. In just eight months, we have cut total Shock Top declines in half, and our top 10 distributors have shown a remarkable 35% basis point improvement.

自 Tilray 於 2023 年收購 Shock Top 以來，我們在扭轉品牌形象方面取得了重大進展。在短短 8 個月內，我們已將 Shock Top 的總跌幅減少了一半，而我們的十大經銷商已顯示出 35% 基點的顯著改善。

As a result, Shock Top finished quarter four with 13.5% growth year-over-year since we acquired the brand, a testament to our team's hard work and a commitment to delivering outstanding results. We're excited to continue building on this momentum and driving growth for Shock Top in the years ahead.

結果，自我們收購該品牌以來，Shock Top 在第四季度實現了 13.5% 的同比增長，證明了我們團隊的辛勤工作和對交付出色業績的承諾。我們很高興能夠在未來幾年繼續保持這一勢頭並推動 Shock Top 的成長。

As we have mentioned before, our vision is far beyond our current reach, as we continue our focus to become a dominant leading beverage business by leveraging our portfolio of beloved local craft brands to win more hearts and occasions and bring these brands back to growth with innovation into new categories, including our non-alc beers, flavored malt beverages, ready-to-drink cocktails, spirits, and beyond alcohol as we expand further into water, energy drinks and other categories.

正如我們之前提到的，我們的願景遠遠超出了我們目前的能力範圍，因為我們將繼續專注於成為一家占主導地位的領先飲料企業，利用我們深受喜愛的本地工藝品牌組合來贏得更多人心和場合，並使這些品牌恢復成長隨著我們進一步擴展到水、能量飲料和其他類別，我們在新類別中進行創新，包括非酒精啤酒、風味麥芽飲料、即飲雞尾酒、烈酒以及酒精以外的產品。

We have the manufacturing facilities, the distribution and the sales and marketing infrastructure to drive growth in Tilray's beverage businesses. In the nonalcoholic segment, we launched a new brand, Runner's High Brewing company. For those who love a great beer flavor without the buzz, this brand seeks to be the beer of choice of runners and their community of social and casual runners, not just elite athletes.

我們擁有製造設施、分銷以及銷售和行銷基礎設施來推動 Tilray 飲料業務的成長。在非酒精飲料領域，我們推出了一個新品牌：Runner's High Brewing Company。對於那些喜歡啤酒風味但又不喧鬧的人來說，該品牌致力於成為跑步者及其社交和休閒跑步者社區的首選啤酒，而不僅僅是精英運動員。

There are currently three brews -- Runner's High Golden, Wheat, Raspberry Wheat and Dark Chocolate -- with several expansion markets to follow. In April, we celebrated high honors and awards at the 2024 Craft Brewer Conference and the World Beer Cup.

目前共有三種啤酒——Runner's High Golden、Wheat、Raspberry Wheat 和 Dark Chocolate——隨後將拓展多個市場。4 月，我們在 2024 年精釀啤酒大會和世界啤酒杯上慶祝了崇高的榮譽和獎項。

10 Barrel Brewing won four craft beer awards and 10 Barrel Brewmaster was recognized for renovation in craft brewing. Green Flash Brewing also took their home honors for their world-class Hazy West Coast IPA. I'm incredibly proud of Tilray beverages team for these outstanding achievements.

10 Barrel Brewing 榮獲四項精釀啤酒獎項，10 Barrel Brewmaster 因精釀啤酒創新而獲得認可。Green Flash Brewing 也憑藉其世界級的 Hazy West Coast IPA 贏得了主場榮譽。我為 Tilray 飲料團隊所取得的這些傑出成就感到無比自豪。

With over 500 beer and beverage distributors, Tilray is now a leading supplier in key regions across the US with regional jewels in Northeast, Pacific Northwest, Colorado and Southeast.

Tilray 擁有超過 500 家啤酒和飲料經銷商，現已成為美國主要地區的領先供應商，在東北部、太平洋西北地區、科羅拉多州和東南部地區堪稱地區瑰寶。

[Per the ice shipments to retail], Tilray has increased its market share of total craft beer in seven states, including key markets such as Oregon, Washington, Florida, Colorado, and Arizona when comparing share and after the acquisition of our eight craft brands. With each beverage acquisition we have made over the past few years, we have optimized our cost structure, operational efficiencies, and we brought these back to our beloved brand of growth.

[根據零售冰塊出貨量]，在比較份額和收購我們的八個精釀啤酒品牌後，Tilray 增加了其在七個州精釀啤酒總量的市場份額，其中包括俄勒岡州、華盛頓州、佛羅裡達州、科羅拉多州和亞利桑那州等主要市場。透過過去幾年我們進行的每一次飲料收購，我們都優化了我們的成本結構和營運效率，並將這些帶回我們心愛的品牌成長中。

As we complete our integration process, we expect to get the margin of these eight craft brands through gross margin shared by SweetWater and our other legacy businesses. We also relaunched HiBall energy drinks on Amazon and plan to launch new hemp-derived Delta-9 beverages strategically in selected markets, including Texas and New Jersey, where we can leverage our existing beverage distribution network.

當我們完成整合過程時，我們預計將透過 SweetWater 和我們其他傳統業務分享的毛利率來獲得這八個工藝品牌的利潤。我們還在亞馬遜上重新推出了HiBall 能量飲料，並計劃在德克薩斯州和新澤西州等選定市場戰略性地推出新的大麻衍生Delta-9 飲料，在那裡我們可以利用我們現有的飲料分銷網絡。

Our hemp-derived Delta-9 formulations are complete, and we're actively developing a target launch strategy to ensure maximum impact. We look forward to sharing more updates on this exciting development soon.

我們的大麻衍生 Delta-9 配方已經完成，我們正在積極制定目標發布策略，以確保產生最大的影響。我們期待盡快分享有關這一令人興奮的發展的更多更新。

With our operational strength, Tilray is on path to become a lightly rod for the beverage industry, rejuvenating growth into these brands. In Tilray Spirits, Breckenridge facility continues to win accolades as the Best American Whiskey two years in a row and now is one of the most awarded craft distillers in the US, in addition to its awards of winning Bourbon, Breckenridge facility also produces highly-coveted gin and vodka.

憑藉我們的營運實力，Tilray 正在成為飲料行業的支柱，重振這些品牌的成長。在Tilray Spirits 中，布雷肯里奇工廠連續兩年榮獲最佳美國威士忌的讚譽，現在是美國獲獎最多的精釀蒸餾廠之一，除了獲獎的波本威士忌外，布雷肯里奇工廠還生產令人垂涎的波本威士忌琴酒和伏特加。

Finally, let's discuss our Tilray Wellness businesses focused on improving people's lives through the power of hemp. Tilray Wellness is represented mainly by Manitoba Harvest, our leading hemp brand, with over 53% market share in branded hemp products, Happy flower, CBD-infused beverages and HiBall energy drinks.

最後，讓我們討論一下我們的 Tilray Wellness 業務，重點是透過大麻的力量改善人們的生活。Tilray Wellness 主要以我們的領先大麻品牌 Manitoba Harvest 為代表，在品牌大麻產品、Happy Flower、CBD 飲料和 HiBall 能量飲料方面擁有超過 53% 的市場份額。

In quarter four, our Tilray Wellness business saw impressive growth with a 6% increase in revenue to $15.7 million. For fiscal 2024, the business generated 5% growth, bringing in $55.3 million, with stable improvements to gross margins at 30% from 29% last year.

第四季度，我們的 Tilray Wellness 業務實現了令人矚目的成長，營收成長了 6%，達到 1,570 萬美元。2024 財年，該業務實現了 5% 的成長，營收 5,530 萬美元，毛利率從去年的 29% 穩定提高至 30%。

Tilray Wellness strengthened its leading market share positions in both the US and Canada over the past year, with consumption increasing both in the natural and conventional channels. As Tilray Brands has transformed expanded and completed numerous acquisitions to get to where we are today, our mission has evolved to be a leading premium lifestyle company with a house of brands, innovative products that inspire joy, wellness and create memorable experience.

過去一年，Tilray Wellness 鞏固了其在美國和加拿大的領先市場份額地位，自然和傳統通路的消費量均有所增加。隨著 Tilray Brands 轉型、擴張並完成大量收購，達到今天的水平，我們的使命已發展成為一家領先的優質生活方式公司，擁有一系列品牌和創新產品，激發歡樂、健康並創造難忘的體驗。

With that, I'll now turn the call over to Carl to discuss our financial results 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表現。卡爾？

Thank you, Irwin. I'll begin with a brief overview of our annual results for fiscal 2024 before moving on to a more in-depth review of Q4. Note that we present our financials in accordance with US GAAP and in US dollars.

謝謝你，歐文。我將首先簡要概述 2024 財年的年度業績，然後再對第四季度進行更深入的回顧。請注意，我們按照美國公認會計準則並以美元呈現我們的財務數據。

Throughout our discussion, we will be referring to both GAAP and non-GAAP adjusted results. And we encourage you to review the reconciliation contained within our press release of our reported results under GAAP with the corresponding non-GAAP measures.

在我們的討論中，我們將提及 GAAP 和非 GAAP 調整後的結果。我們鼓勵您查看我們的新聞稿中包含的根據 GAAP 報告的結果與相應的非 GAAP 措施的對帳情況。

Net revenue for fiscal 2024 grew 26% to $788.9 million compared to the prior year at $627.1 million, which, as Irwin stated, was a record outcome. By segment, beverage alcohol revenue increased 113%, largely attributed to the acquired brands. Cannabis net revenue rose 24% year-over-year, inclusive of $9.8 million due to price compression in Canada, of which nearly all represented a reduction in EBITDA.

2024 財年的淨收入比前一年的 6.271 億美元成長 26%，達到 7.889 億美元，正如歐文所說，這是創紀錄的結果。按細分市場劃分，飲料酒精收入成長了 113%，主要歸功於收購的品牌。大麻淨收入年增 24%，其中包括加拿大價格壓縮而帶來的 980 萬美元，其中幾乎全部代表 EBITDA 的減少。

Distribution net revenue was flat, and wellness net revenue rose 5% for the year. From a segment perspective, 25% of our net revenue was generated by our beverage alcohol business, 35% was generated by our cannabis business, 33% by our distribution business, and 7% by our wellness business.

分銷淨收入持平，健康淨收入今年成長 5%。從分部來看，我們淨收入的25%來自飲料酒精業務，35%來自大麻業務，33%來自經銷業務，7%來自健康業務。

This compares to 15% beverage alcohol, 35% cannabis, 41% distribution, and 9% wellness last fiscal year. The year-over-year variance is due to our acquisition of HEXO, the new craft brands, and the remainder of the Truss Beverage brands.

相較之下，上一財年酒精飲料佔 15%，大麻佔 35%，分銷佔 41%，健康佔 9%。同比差異是由於我們收購了 HEXO、新工藝品牌和其餘的 Truss Beverage 品牌。

Further, as we progress through a full year with new beverage alcohol brands, we anticipate these ratios to converge around 30% beverage alcohol, 30% cannabis, 30% distribution, and 10% wellness. Gross profit for fiscal 2024 increased 52% to $223.4 million, another record, compared to the prior year at $147 million.

此外，隨著我們全年新飲料酒精品牌的進展，我們預計這些比例將集中在 30% 飲料酒精、30% 大麻、30% 分銷和 10% 健康。2024 財年的毛利成長 52%，達到 2.234 億美元，再創歷史新高，而前一年為 1.47 億美元。

Gross margin increased to 28% from 23% in the prior year. Adjusted gross profit increased 14% to $235.6 million from $206.4 million in the prior year, while adjusted gross margin declined by 300 basis points to 30%, primarily reflecting the removal of the HEXO advisory service revenue in the prior year with their initially lowered margins and the impact from the recently acquired craft brands.

毛利率從上年的 23% 增加到 28%。調整後毛利從前一年的2.064 億美元成長14% 至2.356 億美元，而調整後毛利率下降300 個基點至30%，主要反映了上一年HEXO 諮詢服務收入的剔除，其最初的利潤率較低，最近收購的工藝品品牌的影響。

By segment, beverage alcohol gross margin was 44% compared to 49% in the prior year due to lower margin contributions from the craft acquisitions, which is the result of temporary excess capacity that we are in the process of optimizing and enhancing.

按細分市場劃分，飲料酒的毛利率為 44%，而上年為 49%，這是由於工藝收購帶來的利潤貢獻較低，這是我們正在優化和增強的暫時過剩產能的結果。

Beverage alcohol adjusted gross margin was 46% compared to 53%. This was offset by a $2.5 million volume commitment reimbursement in our spirits business with no associated costs. For greater context, adjusted gross margin for our legacy beverage business was 58% compared to the prior year of 53%, primarily as a result of an agreement with the distributor related to our spirits business and more volume flowing through the facilities as we ramped up production in March and April to meet seasonally strong April and May sales.

酒精飲料調整後毛利率為 46%，去年同期為 53%。這被我們烈酒業務中 250 萬美元的批量承諾報銷所抵消，沒有任何相關成本。從更大的背景來看，我們傳統飲料業務的調整後毛利率為58%，而上一年為53%，這主要是由於與我們的烈酒業務相關的分銷商達成的協議，以及隨著我們業務的擴大，流經設施的銷售增加3 月和 4 月的生產以滿足季節性強勁的 4 月和 5 月銷售。

Adjusted gross margin for the newly acquired craft brands was 33%. The improvement of gross margins in beverage alcohol, primarily in the beer portion of our business, as Irwin said earlier, is a major focus of ours, and we should begin to demonstrate improvements in Q1 of fiscal 2025.

新收購的工藝品品牌調整後毛利率為33%。正如 Irwin 早些時候所說，飲料酒精毛利率的提高（主要是我們業務的啤酒部分）是我們的主要關注點，我們應該開始在 2025 財年第一季展示改進。

As of the end of our fiscal year, we successfully integrated production of all the acquired brands into our production facilities and exited their related co-manufacturing agreements, with the exception of Shock Top. As a result of this production integration, we will no longer separate the gross margins between legacy products and the new craft products starting next quarter.

截至本財年末，我們成功地將所有收購品牌的生產整合到我們的生產設施中，並退出了相關的聯合製造協議，但 Shock Top 除外。由於這種生產整合，從下個季度開始，我們將不再區分傳統產品和新製程產品之間的毛利率。

Cannabis gross margin was 33% compared to 26% in the prior year, and adjusted gross margin was 36% compared to 51%, primarily due to the termination of the HEXO advisory services agreement, which contributed only $1.5 million of gross profit in the current year compared to $40.4 million in the prior year.

Cannabis 毛利率為 33%，上年為 26%，調整後毛利率為 36%，上年為 51%，主要是由於 HEXO 諮詢服務協議的終止，該協議當期僅貢獻 150 萬美元毛利潤相比之下，上一年為4,040 萬美元。

We also experienced a change in sales mix, with a higher percentage of sales coming from wholesale compounded by the price compression in the Canadian adult-use market, as I will explain in further detail shortly. Distribution gross margin held steady at 11%, although it was expected to improve with changes in product mix as we focus on the higher-margin sales in future periods, and wellness adjusted gross margin was up slightly at 30% compared to 29%, driven by lower material costs and overhead optimization.

我們也經歷了銷售組合的變化，來自批發的銷售額比例更高，加上加拿大成人使用市場的價格壓縮，這一點我很快就會詳細解釋。分銷毛利率穩定在11%，但預計會隨著產品組合的變化而改善，因為我們專注於未來時期利潤率較高的銷售，並且健康調整後的毛利率小幅上升至30%，較29% 的驅動力透過降低材料成本和管理費用優化。

Net loss for fiscal 2024 improved to $222.4 million or $0.33 per share compared to $1.4 billion in the prior year or $2.35 per share with the latter tied to noncash goodwill impairment in the prior year. From an adjusted perspective, we are reporting adjusted net income of $6.1 million or $0.01, per share compared to $0.4 million or $0.00 per share in the prior year.

2024 財年的淨虧損改善至 2.224 億美元，即每股 0.33 美元，而前一年為 14 億美元，即每股 2.35 美元，後者與上一年的非現金商譽減損相關。從調整後的角度來看，我們報告調整後淨利潤為 610 萬美元或每股 0.01 美元，而上一年為 40 萬美元或每股 0.00 美元。

Under the current year's adjusted EBITDA definition, fiscal 2024 improved to a record $60.5 million, up 3% from $58.7 million in the prior year. Under the prior year's definition, we would have reported adjusted EBITDA of $65.1 million in the current year, while reporting $61.5 million in the prior year. We have now generated positive adjusted EBITDA for five consecutive years.

根據本年度調整後的 EBITDA 定義，2024 財年增至創紀錄的 6,050 萬美元，比前一年的 5,870 萬美元成長 3%。根據前一年的定義，我們本年度的調整後 EBITDA 為 6,510 萬美元，而前一年的調整後 EBITDA 為 6,150 萬美元。我們現已連續五年產生正調整 EBITDA。

Cash flow used in operations was $30.9 million compared to $7.9 million of cash generated by operations in the prior year. Adjusted free cash flow was $6.6 million for the year, which we view as a very positive outcome considering that just last quarter we had communicated that we did not believe we would achieve our goal of reaching positive free cash flow in fiscal 2024.

營運中使用的現金流量為 3,090 萬美元，而上一年營運產生的現金為 790 萬美元。今年調整後的自由現金流為 660 萬美元，考慮到就在上個季度我們表示我們不相信我們能夠實現在 2024 財年實現正自由現金流的目標，我們認為這是一個非常積極的結果。

While we had still expected a very strong Q4, it proved to be stronger than we had anticipated. Over this past year, we reduced our convertible debt by almost $300 million, decreasing our net debt to approximately $61.3 million and leaving us with a net debt-to-EBITDA ratio of 1.73.

雖然我們仍然預計第四季度會非常強勁，但事實證明它比我們預期的要強。在過去的一年裡，我們的可轉換債務減少了近 3 億美元，淨債務減少至約 6,130 萬美元，淨負債與 EBITDA 的比率為 1.73。

Our intention is to continue lowering our indebtedness, optimize our capital structure and enhance our financial flexibility. The net reduction in our convertible debt will decrease our annual interest expense by $14.4 million, which flows directly to net income and free cash flow.

我們的目的是持續降低債務、優化資本結構並增強財務靈活性。可轉換債務的淨減少將使我們的年度利息支出減少 1,440 萬美元，直接流入淨利潤和自由現金流。

Let's now review our quarterly performance. Q4 total net revenue rose by $45.7 million to $229.9 million compared to the prior year quarter of $184.2 million, representing almost 25% growth. The diversification of our business through our adjacency model really came into play during Q2. For the first time, our beverage alcohol segment exceeded the size of our cannabis segment in Q4, representing 33% of our total revenue mix, compared to only 18% in Q4 during the previous fiscal year.

現在讓我們回顧一下我們的季度業績。第四季總淨收入成長 4,570 萬美元，達到 2.299 億美元，去年同期為 1.842 億美元，成長近 25%。我們透過鄰接模型實現的業務多元化在第二季度真正發揮了作用。第四季度，我們的飲料酒精部門首次超過大麻部門的規模，占我們總收入組合的 33%，而上一財年第四季僅佔 18%。

In Q4 compared to the prior year period, net beverage alcohol revenues rose 137% to $76.7 million. Net cannabis revenue rose 12% to $71.9 million, distribution revenue decreased 10% to $65.6 million, and finally, wellness revenue rose 6% to $15.7 million.

與去年同期相比，第四季酒精飲料淨收入成長 137%，達到 7,670 萬美元。大麻淨收入成長 12% 至 7,190 萬美元，分銷收入下降 10% 至 6,560 萬美元，最後，健康收入增加 6% 至 1,570 萬美元。

We are disappointed that the Canadian government did not resolve the issue of cannabis excise taxes during their last budget, and maintain our view that reform is essential to long-term viability of the Canadian cannabis industry. The current fixed price tax structure is inherently unfair as it has allowed taxes as a percentage of revenue to spike even as the price of cannabis has declined by more than 50% since legalization.

我們對加拿大政府在上一份預算中沒有解決大麻消費稅問題感到失望，並維持我們的觀點，即改革對於加拿大大麻產業的長期生存至關重要。目前的固定價格稅收結構本質上是不公平的，因為它允許稅收佔收入的百分比飆升，儘管大麻的價格自合法化以來已經下降了 50% 以上。

Still, as Irwin mentioned, as a result of this, we paid over $100 million in excise taxes last year, and we'll continue to do so every year in the future until it has changed. We are encouraged that CRA is beginning to crack down on delinquent LPs, asserting cash flow pressures on our less financially strong competitors, potentially forcing an industry needed LP rationalization.

儘管如此，正如歐文所提到的，因此，我們去年繳納了超過 1 億美元的消費稅，我們將在未來每年繼續這樣做，直到情況改變為止。我們感到鼓舞的是，CRA 開始打擊拖欠的有限合夥人，給我們財務實力較弱的競爭對手帶來現金流壓力，有可能迫使行業所需的有限合夥人合理化。

We incurred $22.1 million in Canadian cannabis excise taxes during Q4, which are a reduction to revenue compared to $16.4 million last year. But due to a change in our revenue mix, the higher excise tax products and without the advisory fee, which is not taxed, excise tax amounted to 33% of gross Canadian cannabis revenue, excluding wholesale in Q4 compared to 25% in the same quarter last year.

第四季度，我們繳納了 2,210 萬美元的加拿大大麻消費稅，與去年的 1,640 萬美元相比，收入減少。但由於我們的收入結構發生變化，消費稅產品較高，且不計未徵稅的諮詢費，消費稅佔加拿大大麻總收入的 33%（不包括第四季度的批發），而同一季度為 25%去年。

Gross profit was $82.4 million compared to $67.2 million in the prior year quarter. Gross margin remained consistent at 36%, while adjusted gross margin decreased 100 basis points to 36% compared to the prior year quarter. Most of the variance was related to cannabis, which included significantly higher H1 advisory fees in the prior year, along with higher sales from wholesale and price compression in the Canadian adult-use market in the current year.

毛利為 8,240 萬美元，去年同期毛利為 6,720 萬美元。毛利率維持在 36% 不變，而調整後毛利率較去年同期下降 100 個基點至 36%。大部分差異與大麻有關，其中包括上一年 H1 諮詢費顯著增加，以及本年度加拿大成人使用市場批發銷售的增加和價格壓縮。

Net loss improved to $15.4 million compared to a net loss of $119.8 million in the prior year quarter. On a per share basis, this amounted to a net loss of $0.04 per share versus $0.15 per share in the prior year quarter. Adjusted net income in the quarter was $35.1 million, which when calculated on a per share basis, resulted in an adjusted EPS of $0.04 for the quarter, a $0.06 improvement from the prior year quarter.

淨虧損改善至 1,540 萬美元，去年同期淨虧損為 1.198 億美元。以每股計算，這相當於每股淨虧損 0.04 美元，而去年同期為每股淨虧損 0.15 美元。本季調整後淨利為 3,510 萬美元，以每股計算，調整後每股收益為 0.04 美元，比去年同期增加 0.06 美元。

Adjusted EBITDA was $29.5 million, up 37% from $21.5 million in the prior year quarter, representing a new record level of quarterly adjusted EBITDA. On synergies and cost reductions, recall that our revised HEXO synergy plan targeted between $30 million and $35 million in savings, we exceeded that by achieving $35.4 million of savings on an annualized run rate basis, of which $26.2 million represented actual cost savings during the year. Operating cash flow was $30.7 million compared to $43.6 million in the prior year quarter.

調整後 EBITDA 為 2,950 萬美元，比去年同期的 2,150 萬美元增長 37%，創下季度調整 EBITDA 的新紀錄水準。關於協同效應和成本削減，請回想一下，我們修訂後的HEXO 協同計劃的目標是節省3000 萬至3500 萬美元，按年化運行率計算，我們實現了3540 萬美元的節省，其中2620 萬美元代表了當年的實際成本節省，超出了這一目標。營運現金流為 3,070 萬美元，去年同期為 4,360 萬美元。

This decrease in operating cash flow is primarily a function of restructuring in HEXO exit costs as we complete the integration of HEXO's operations into our operations. Adjusted free cash flow was $30.6 million compared to $48.3 million in the prior year quarter, consistent with the changes in operating cash flow.

營運現金流量的減少主要是由於我們完成了 HEXO 業務與我們業務的整合，因此 HEXO 退出成本進行了重組。調整後自由現金流為 3,060 萬美元，去年同期為 4,830 萬美元，與經營現金流的變動一致。

Turning now to our four business segments. Beverage alcohol revenue was $76.7 million, up 137% from $32.4 million in the prior year quarter. The positive delta was due to contributions from the craft brands, which were purchased last fall, a strong beer business leading up to the summer, which is a historically busy season, and new innovations across the portfolio launched as part of the spring reset.

現在轉向我們的四個業務部門。酒精飲料收入為 7,670 萬美元，比去年同期的 3,240 萬美元增長 137%。正增量歸因於去年秋天購買的精釀啤酒品牌的貢獻、夏季啤酒業務的強勁表現（夏季是歷史上的繁忙季節）以及作為春季重置的一部分推出的整個產品組合的新創新。

Beverage alcohol gross profit increased to $40.8 million compared to $16.6 million and adjusted gross profit increased to $41 million compared to $17.8 million. While beverage alcohol gross margin increased to 53% compared to 51%, and adjusted gross margin decreased to 53% from 55% in the prior year quarter.

酒精飲料毛利從 1,660 萬美元增至 4,080 萬美元，調整後毛利從 1,780 萬美元增至 4,100 萬美元。酒精飲料毛利率則從去年同期的 51% 增加至 53%，調整後毛利率則從去年同期的 55% 下降至 53%。

Gross cannabis revenue of $94 million was comprised of $61.5 million in Canadian adult-use revenue, $13.1 million in international cannabis revenue, $6.4 million in Canadian medical cannabis revenue and $13 million in wholesale revenue. Net cannabis revenue, which excludes $22.1 million in excise taxes, was $71.9 million, representing a 12% increase from the year ago period.

大麻總收入為 9,400 萬加元，其中包括 6,150 萬加元的加拿大成人使用收入、1,310 萬加元的國際大麻收入、640 萬加元的加拿大醫用大麻收入和 1,300 萬加元的批發收入。大麻淨收入（不包括 2,210 萬美元的消費稅）為 7,190 萬美元，比去年同期成長 12%。

The positive variances related to increased organic growth, excluding the HEXO advisory fee, combined with contributions from the acquisition of HEXO and Truss.

正差異與有機成長的增加有關，不包括 HEXO 諮詢費，以及收購 HEXO 和 Truss 的貢獻。

Offsetting the increase in net cannabis revenue was the elimination of advisory services revenue, totaling $16.1 million from the prior year quarter due to the HEXO acquisition, which terminated the previous strategic arrangement that was in place.

由於 HEXO 收購終止了先前的策略安排，諮詢服務收入被消除，抵消了大麻淨收入的增加，與去年同期相比，諮詢服務收入總計 1,610 萬美元。

Revenue from Canadian medical cannabis grew 6%, despite the category being impacted by competition from the adult-use market and its related price compression. Wholesale revenue increased to $13 million from $0.8 million last year.

儘管受到成人使用市場競爭及其相關價格壓縮的影響，加拿大醫用大麻的收入增加了 6%。批發收入從去年的 80 萬美元增加到 1,300 萬美元。

The Canadian cannabis industry is currently experiencing an interesting previously unexperienced phenomenon that we took advantage of in the third quarter. As many in the industry move to asset-light business models, a significant portion of previous production capacity in the industry has disappeared.

加拿大大麻產業目前正在經歷一個有趣的、以前從未經歷過的現象，我們在第三季度利用了這一現象。隨著行業中許多人轉向輕資產商業模式，該行業以前的產能很大一部分已經消失。

This, in turn, has resulted in previous excess inventory levels in the industry dissipating. With lower inventory levels, securing supply appears to have become more difficult, and pricing in the wholesale market is increasing as much as 5x in some product categories. Against this new backdrop, we took advantage of advantageous pricing in the quarter, resulting in the significant increase in our wholesale revenue.

這反過來又導致該行業之前的過剩庫存水準消散。由於庫存水準較低，確保供應似乎變得更加困難，某些產品類別的批發市場定價上漲了 5 倍之多。在此新背景下，本季我們利用優勢定價，批發收入大幅成長。

While opportunities related to wholesale product demand from asset-light Canadian LPs is expected to remain in the short term, we do not anticipate this level of quarterly wholesale revenues to be the new norm. International cannabis net revenue was $13.1 million in the quarter compared to $15.7 million in the prior year, due to timing differences of shipments in the international markets to various countries.

雖然與輕資產加拿大有限合夥人批發產品需求相關的機會預計將在短期內保留，但我們預計這種季度批發收入水準不會成為新常態。由於國際市場向各國出貨的時間差異，本季國際大麻淨收入為 1,310 萬美元，而去年同期為 1,570 萬美元。

Cannabis gross profit was $28.8 million and cannabis gross margin was 40% compared to $39.5 million and 61% in the prior year quarter. Distribution revenue derived predominantly through Tilray Pharma decreased to $65.6 million from $72.6 million in the prior year quarter.

大麻毛利為 2,880 萬美元，大麻毛利率為 40%，而去年同期為 3,950 萬美元，毛利率為 61%。主要來自 Tilray Pharma 的分銷收入從去年同期的 7,260 萬美元下降至 6,560 萬美元。

Distribution gross profit increased to $7.8 million compared to $6.7 million in the prior year quarter, while distribution gross margin increased to 12% from 9% in the prior year quarter, driven by our increased focus on margin. Wellness revenue grew 6% to $15.7 million from $14.8 million in the prior year quarter. Wellness gross profit was $4.9 million, up from $4.4 million in the prior year quarter, and gross margin rose to 31% compared to 30%.

分銷毛利從去年同期的 670 萬美元增至 780 萬美元，分銷毛利率從去年同期的 9% 增至 12%，這得益於我們對利潤率的更加關注。健康收入成長 6%，從去年同期的 1,480 萬美元增至 1,570 萬美元。健康毛利為 490 萬美元，高於去年同期的 440 萬美元，毛利率從去年同期的 30% 上升至 31%。

Our cash and marketable securities balance as of May 31 was $260.5 million, down from $448.5 million in the year ago period. The majority of the variance was related to the repayment of the [Tilray 2023s], the cash purchase price of our acquisition of the craft brands, and settling assumed liabilities and exit costs from HEXO, including the unpaid excise tax we inherited as part of the transaction as well as legacy litigation settlements.

截至 5 月 31 日，我們的現金和有價證券餘額為 2.605 億美元，低於去年同期的 4.485 億美元。大部分差異與 [Tilray 2023s] 的償還、我們收購工藝品品牌的現金購買價格以及解決 HEXO 的承擔負債和退出成本有關，包括我們作為交易以及遺留訴訟和解。

Fiscal 2024 was a year marked by major acquisitions in both the beverage alcohol and cannabis segments. In addition to revenue increases we enjoyed from these acquisitions, we also made significant progress in integrating those acquisitions into our existing infrastructure.

2024 財年是飲料酒精和大麻領域進行重大收購的一年。除了我們從這些收購中獲得的收入成長之外，我們還在將這些收購整合到我們現有基礎設施方面取得了重大進展。

For the cannabis segment, this integration is largely complete with redundant assets available for sale, the largest pieces remaining in our integration plan. For the beverage alcohol segment, there is still work to be done on the integration.

對於大麻細分市場，這種整合已基本完成，多餘的資產可供出售，這是我們整合計畫中剩餘的最大部分。對於飲料酒領域來說，整合仍有工作要做。

As I said previously, all brands except for Shock Top have exited their co-manufacturing agreements and are now being produced in our facilities. Our integration work will continue to ensure we are maximizing low-cost production footprints and their related utilizations, fully integrating purchasing decisions across all brands to take advantage of pricing commensurate with our status as the fifth largest craft producer in the US and fine tweaking all our production activities, all to bring our consolidated beverage alcohol margins back up above 40%.

正如我之前所說，除了 Shock Top 之外的所有品牌都已退出聯合製造協議，現在正在我們的工廠生產。我們的整合工作將繼續確保我們最大限度地提高低成本生產足跡及其相關利用率，充分整合所有品牌的採購決策，以利用與我們作為美國第五大工藝品生產商的地位相稱的定價，並微調我們所有的產品生產活動，所有這些都使我們的飲料酒精綜合利潤率恢復到 40% 以上。

Finally, we are pleased to provide the following guidance for fiscal 2025. We anticipate net revenues to be between $950 million and $1 billion with mid-single digits of organic growth. Let me now conclude our prepared remarks, and open the lines for questions from our covering analysts. Operator, what's the first question?

最後，我們很高興為 2025 財年提供以下指導。我們預計淨收入將在 9.5 億美元至 10 億美元之間，有機成長為中個位數。現在讓我結束我們準備好的發言，並開始接受我們的採訪分析師的提問。接線員，第一個問題是什麼？

(Operator Instructions)

（操作員說明）

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks for the question. I believe you normally give EBITDA guidance. I'm kind of new to the story. So can you tell me what was the decision regarding EBITDA guidance for fiscal '25?

你好，謝謝你的提問。我相信您通常會給出 EBITDA 指導。我對這個故事有點陌生。那麼您能告訴我關於 25 財年 EBITDA 指導的決定是什麼嗎？

I think from anything, but I think sales and as a growth company, it's based around revenue, but our cash flow, our free cash flow. And I think as we've outlaid where our goals are to get to margins, I think, Robert, you're a pretty smart analyst, I think EBITDA is something we can figure out. And I think as a growing company and things happen, but I think it all starts in the sales number and starts on the organic growth number and the rest runs back through the P&L, that's why. No other reason why.

我認為從任何角度來看，但我認為銷售和作為一家成長型公司，它是基於收入，但我們的現金流，我們的自由現金流。我認為，正如我們已經列出的目標是實現利潤率，我認為羅伯特，你是一位非常聰明的分析師，我認為 EBITDA 是我們可以計算出來的。我認為，作為一家成長中的公司，事情會發生，但我認為這一切都始於銷售數字，並始於有機成長數字，其餘的則透過損益表回溯，這就是原因。沒有其他原因。

Okay. You used to give it and now you've decided to not provide that range going forward?

好的。您曾經提供過，但現在決定不再提供該範圍？

No. I think it's -- we give the sales, we give our organic growth and we give expectations on where our margin is. I think the rest can usually flow through the P&L.

不。我認為——我們給了銷售額，我們給了有機成長，我們給出了對利潤率的預期。我認為其餘的通常可以透過損益表來體現。

Okay. Can you give us a little kind of step-by-step status on -- for the next 12 months towards integrating your ABI brands and how the gross margins will improve, like what needs to happen next?

好的。您能否向我們介紹一下未來 12 個月內整合您的 ABI 品牌以及毛利率將如何提高的逐步情況，例如接下來需要做什麼？

Well, I think number one, it starts with these brands starting to grow again. And some of the examples we showed is what was happening with Shock Top, what was happening with some of the -- 10 Barrel, so that's number one. We put a lot of innovation out there and getting that innovation out there, and we've seen some great results so far from that.

嗯，我認為第一，它始於這些品牌開始再次成長。我們展示的一些例子是 Shock Top 所發生的情況，以及一些 10 Barrel 所發生的情況，所以這是第一個。我們投入了大量的創新並實現了這些創新，到目前為止我們已經看到了一些很好的成果。

As we look today at our manufacturing facility and heard what I said before, 90% of our products are made in our own facilities. So ABI was doing some of our manufacturing and how do we bring more and more of that -- more of that manufacturing into our facilities.

當我們今天看看我們的製造工廠並聽到我之前說過的話時，我們 90% 的產品都是在我們自己的工廠生產的。因此，ABI 正在進行一些製造工作，以及我們如何將越來越多的製造工作引入我們的工廠。

Our prior gross margin at SweetWater was in the high 40%, low 50%, so how do we get some more efficiencies at a purchasing at some of the production standpoint? So that is number one.

我們以前在 SweetWater 的毛利率最高為 40%，最低為 50%，那麼從某些生產角度來看，我們如何在採購方面獲得更高的效率呢？所以這是第一。

Number two is we have 500 distributors out there and some excellent distributors that came along with the ABI, so maximum distributors if there's some consolidation opportunities there. And all these distributors are looking for more and more business, so how do we grow with them? So that is the big thing.

第二，我們有 500 家經銷商，並且有一些優秀的經銷商與 ABI 一起出現，因此如果那裡有一些整合機會，那麼我們的經銷商數量就會最多。所有這些經銷商都在尋求越來越多的業務，那麼我們該如何與他們一起成長呢？所以這是一件大事。

Also, we're looking at some international opportunities where we could grow our business internationally. That's the big thing. And you come back and look at it today, where these margins, where we bought them and where our legacy margins are? And that is a big focus. Last week was our strategic planning meetings, and that's our big focus.

此外，我們正在尋找一些可以在國際上發展業務的國際機會。這是一件大事。你今天回來看看，這些利潤在哪裡，我們在哪裡買了它們，我們的傳統利潤在哪裡？這是一個重點。上週是我們的策略規劃會議，這是我們的重點。

If you can grow our gross margins by a few points, that's a lot of dollars dropping to the bottom line. And you heard Carl talk about giving guidance in regards to high to mid-single organic growth plus the acquisition growth, that's pretty good growth out there where beer category is not growing at all. And if we can get a few points on the gross margin, there's a lot of money that drops to the bottom line here.

如果你能將我們的毛利率提高幾個百分點，那麼我們的利潤就會減少很多美元。你聽到卡爾談到對高中單一有機成長加上收購成長提供指導，這是相當不錯的成長，而啤酒類別根本沒有成長。如果我們能在毛利率上獲得幾個點，那麼這裡的利潤就會下降很多。

Thank you very much.

非常感謝。

And the big thing is when we went on to do our first acquisition in beer, we're selling 2.5 million cases. We're going to sell 12 million, 13 million cases of beer next year.

最重要的是，當我們繼續進行第一筆啤酒收購時，我們售出了 250 萬箱。明年我們將銷售 1,200 萬箱、1,300 萬箱啤酒。

So there's a lot there of costs that we can take out.

因此，我們可以節省很多成本。

Thank you.

謝謝。

Andrew Carter, Stifel.

安德魯卡特，斯蒂菲爾。

Thanks. Just want to get back to the EBITDA kind of thinking about you came in at 1.7%, 1.8% kind of EBITDA margin this year. Your growth for next year kind of putting you in incremental $162 million to $200 million. How should we think about incrementals? Does the EBITDA margin expand from here? Just anything directionally?

謝謝。只是想回到 EBITDA 上來，想想你今年的 EBITDA 利潤率為 1.7%、1.8%。明年的成長將使您的收入增加 1.62 億至 2 億美元。我們該如何看待增量？EBITDA 利潤率會從此擴大嗎？只是有方向性的東西嗎？

And then I'll just, I'll tie this all into one question. As far as the free cash flow outlook goes, I don't know if you gave CapEx, could you give that? How should we think about working capital this year? And anything else that should the free cash flow grow from here? Thanks.

然後我會把這一切都綁在一個問題上。至於自由現金流前景，我不知道你是否給了資本支出，你能給出嗎？今年我們該如何看待營運資金？自由現金流應該從這裡開始成長嗎？謝謝。

So just -- and I'll turn it over to Carl, too. Just on the EBITDA margin, first of all, as you heard me say before, when we acquired these businesses, it was pretty low in regards to where the gross margin looks. They were not integrated and there's a lot of costs that we have taken out.

那麼，我也會把它交給卡爾。就 EBITDA 利潤率而言，首先，正如你之前聽我說過的，當我們收購這些業務時，毛利率看起來相當低。它們沒有整合，我們已經削減了很多成本。

And you heard what I said before on the HEXO business, we've taken out over $31 million, $32 million in regards to cost savings on HEXO. So today, as a company and as we gave sales guidance between $950 million to $1 billion.

你聽到了我之前所說的關於 HEXO 業務的內容，我們已經為 HEXO 節省了超過 3,100 萬美元、3,200 萬美元的成本。因此，今天，作為一家公司，我們給出了 9.5 億至 10 億美元的銷售指引。

And as we add on to that top line organic growth plus acquisition growth, get those margins are a lot more that, Andrew, that drops to the bottom line there that goes into your EBITDA margin.

當我們加上頂線有機成長加上收購成長時，安德魯，這些利潤率會下降到 EBITDA 利潤率的底線。

And listen, I come back and you heard what I said in my script, we expect that there would be some relief in regards to excise taxes not going, it's not happening. So between excise tax at $100 million, paying much higher cost for insurance because of our cannabis business, and much higher cost in regards to some of our legacy license that we have with IT, we're digesting well over $100 million just of cost and price compression, which over the last few years has been over $200 million.

聽著，我回來後你們聽到了我在劇本中所說的話，我們預計消費稅不會得到一些緩解，但它沒有發生。因此，在 1 億美元的消費稅、由於我們的大麻業務而支付更高的保險成本以及我們擁有的一些 IT 遺留許可證的更高成本之間，我們正在消化超過 1 億美元的成本和價格壓縮，過去幾年已超過2 億美元。

So we're digesting a lot of these costs within our P&L, but we're taking a lot of cost out of our business, and we're also getting a lot of organic growth to offset that. Carl?

因此，我們在損益表中消化了許多此類成本，但我們從業務中削減了大量成本，我們也獲得了大量有機成長來抵消這些成本。卡爾？

Just on CapEx, we spent about $30 million this year on CapEx. We spent a little over $20 million a year before. CapEx for next year will be right in that range. As it relates to working capital, we don't see the need to grow the working capital from where we're at today over the next year.

僅就資本支出而言，我們今年在資本支出上花費了約 3,000 萬美元。之前一年我們花了 2000 萬美元多一點。明年的資本支出將在這個範圍內。由於它與營運資本有關，我們認為明年沒有必要在目前的基礎上增加營運資本。

So, and just on that, we spent, between CapEx, we spent it on Masson and conversion there. We spent over $6.5 million in regards to our SweetWater facility. We spent some other CapEx in some of our other facilities. So with that, we got some pretty efficient facilities and pretty -- a lot of CapEx that could expand. So we don't expect to spend a lot of CapEx going into this year.

因此，就這一點而言，我們在資本支出之間花了很多錢在 Masson 和那裡的轉換上。我們在 SweetWater 設施上花費了超過 650 萬美元。我們在其他一些設施上花費了一些其他資本支出。因此，我們獲得了一些非常有效率的設施和大量可擴展的資本支出。因此，我們預計今年不會花費大量資本支出。

I guess just one more question, you mentioned the $10 million headwind to EBITDA this year from price compression. If you had to kind of like straight-line pricing at this point, where would the headwind be to EBITDA next year from pricing. And as you mentioned the innovation, are you able to -- is the innovation accretive from a pricing perspective, therefore, less excise tax or gross margin rev whatever you want to call it? Is it accretive to your cannabis growth? Thanks.

我想還有一個問題，您提到今年價格壓縮給 EBITDA 帶來了 1000 萬美元的阻力。如果你現在必須採用直線定價，那麼明年定價對 EBITDA 的不利影響會在哪裡。正如您所提到的創新，您是否能夠——從定價角度來看，創新是否會增值，因此，減少消費稅或毛利率，無論您如何稱呼它？它會促進你的大麻生長嗎？謝謝。

So I hate to tell you, there's no relief on excise tax, just to be clear to everybody on this call, excise tax is a fixed amount where you're paying $1 a gram. If the prices keep coming down 20%, 30%, 40%, you're still paying excise tax.

所以我不想告訴你，消費稅沒有任何減免，只是為了讓這次電話會議上的每個人都清楚，消費稅是一個固定金額，你每克支付 1 美元。如果價格持續下降 20%、30%、40%，您仍然需要繳納消費稅。

As a matter of fact, as a percentage, our excise tax as a percentage of sale keeps going up. So just remember, our price compression over the last couple of years has been about $200-plus million. If that never happened, that would just ultimately your cost of goods, that drops to your bottom line.

事實上，從百分比來看，我們的消費稅佔銷售額的百分比一直在上升。所以請記住，過去幾年我們的價格壓縮了約 2 億多美元。如果這種情況從未發生，那麼最終您的商品成本就會下降到您的底線。

So with that, we feel good. And you heard what Carl said in regards to other LPs not being able to pay excise tax in the Canadian government going after them and forcing them away. So number one, we feel good that pricing now basically has flattened out. And if anything, we're looking to get some price increase and the question you asked some of the new innovation that we're coming out with is unique to what Tilray can do. And hopefully, we can get higher prices for them.

因此，我們感覺很好。你聽到了卡爾所說的關於其他有限合夥人無法繳納消費稅的加拿大政府追捕他們並迫使他們離開。第一，我們感覺很好，定價現在基本上已經趨於平穩。如果有的話，我們希望獲得一些價格上漲，而您提出的問題是我們即將推出的一些新創新是 Tilray 所獨有的。希望我們能為它們爭取到更高的價格。

So hopefully, we're not going to see anywhere near the price compression we have seen over the last couple of years, Andrew.

因此，安德魯，希望我們不會看到過去幾年的價格壓縮。

Just to give some cadence on that through the year. We were looking at about $3 million a quarter, up until the fourth quarter. I mean we did not see any price compression in Q3.

只是為了在這一年中給出一些節奏。直到第四季之前，我們每季的預算約為 300 萬美元。我的意思是我們在第三季沒有看到任何價格壓縮。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Aaron Grey, Alliance Global Partners.

亞倫·格雷，聯盟全球合作夥伴。

Hi, good evening and thank you for the question. So first question for me, I want to talk a bit about Germany, since the law changed there. I believe you mentioned a 65% increase since April 1.

你好，晚上好，謝謝你的提問。所以我的第一個問題是，我想談談德國，因為那裡的法律改變了。我相信你提到自 4 月 1 日以來增加了 65%。

So just wanted to clarify, was that specifically for increase in the quarter? Or will you see it today relative before the change? And then just any further commentary you can provide? I know you talked about your own production increases, buybacks domestically and you have Portugal as well.

所以只是想澄清一下，這是專門為了本季的成長嗎？或者你今天會看到相對於變化之前的情況嗎？然後您可以提供任何進一步的評論嗎？我知道您談到了自己的產量增加、國內回購，葡萄牙也是如此。

But anything you're seeing overall within the market in terms of scripts, are you seeing some bottlenecks that are maybe keeping the market from growing even faster than it could. So just your overall sense in terms of how you're seeing the market evolve there?

但是，您在市場中總體上看到的腳本方面，是否存在一些瓶頸，這些瓶頸可能會阻礙市場的成長速度超過其應有的速度。那麼您對當地市場發展的整體看法是怎樣的呢？

Thank you. I can let Denise for that question.

謝謝。我可以讓丹尼斯回答這個問題。

Thanks, Irwin. Thanks for the question. So in terms your first question in terms of the 55% growth, given that we're reporting on the end of the fiscal year as of May 31, this is a number that reflects basically our Q4 growth from the April 1 adoption of the new regulations.

謝謝，歐文。謝謝你的提問。因此，就您的第一個問題而言，即55% 的成長，考慮到我們正在報告截至5 月31 日的財年末，這個數字基本上反映了我們自4 月1 日採用新政策以來第四季度的成長。

And then second, in terms of like your question in terms of what bottlenecks and potential challenges we're seeing in the marketplace, One of them we are seeing is, in fact, the German government is becoming overwhelmed with the import and export permits, the import permits into Germany. We've been hearing basically given some of the increased demand on medical cannabis in terms of increasing patients, increasing number of prescriptions, we have, in fact, seen the permit timing going from two weeks to six weeks.

其次，就你的問題而言，我們在市場上看到了哪些瓶頸和潛在挑戰，我們看到的其中之一是，事實上，德國政府正因進出口許可證而變得不堪重負，德國的進口許可證。我們一直聽說，鑑於病人數量的增加、處方數量的增加，對醫用大麻的需求有所增加，事實上，我們已經看到許可時間從兩週延長到六週。

The other thing that we're seeing also is in terms of the ability to fill prescriptions very quickly given the cannabis. So those are the two bottlenecks that we see. And I think both are more short term. As in fact, both sort of aspects of the supply chain when we import from Germany government and then fulfillment of prescription start to level out as more and more resources against those. So I do see them as temporary measures in terms of restrictions on growth.

我們看到的另一件事是大麻能夠非常快速地配藥。這就是我們看到的兩個瓶頸。我認為兩者都是短期的。事實上，當我們從德國政府進口並履行處方時，供應鏈的兩個方面都開始趨於平衡，因為越來越多的資源反對這些方面。所以我確實認為它們是限製成長的臨時措施。

Okay, great. Thanks very much for that color there. And then second quick one for me, just on the hemp-derived delta line beverages that you mentioned again on this call. Formulations are complete. You mentioned some state by state. I believe you mentioned Texas and New Jersey as two of the states. So just any commentary on how many states you believe right now you'd be able to sell into?

好的，太好了。非常感謝那裡的顏色。然後是我的第二個快速問題，就是您在這次電話會議中再次提到的大麻衍生的 Delta 系列飲料。配方已完成。你提到了一些州。我相信您提到德克薩斯州和新澤西州是其中兩個州。那麼，您認為現在可以向多少州出售產品，有什麼評論嗎？

And then how the conversations you're having with some of your distributors, both larger and smaller in terms of the desire for these hemp-derived beverages.

然後，您與一些經銷商（無論大小）就對這些大麻衍生飲料的需求進行瞭如何對話。

Have you seen the desired increase, especially their ability to participate with someone, which is an existing player like you guys with alcohol beverages. So how are you seeing the overall demand for the Delta-9 beverages, and how many markets you think you're going to build into within the current environment?

您是否看到了期望的增長，特別是他們與某人一起參與的能力，這是像您這樣的現有玩家與酒精飲料。那麼您如何看待 Delta-9 飲料的整體需求？

So number one, you heard me say before, and I wouldn't put a dollar value on it, but if we could sell our THC beverages that we produce in Canada today in the US. It would be a large-sized business for us if we could ever do that.

所以第一，你之前聽過我說過，我不會用美元來衡量它的價值，但如果我們今天可以在美國出售我們在加拿大生產的 THC 飲料。如果我們能做到這一點，這對我們來說將是一項大型業務。

With that, we can't as we can't sell anything that are THC-infused products. We're looking, and you heard me mention the states we're looking at, and I will tell you this year. There is a lot of our beer distributors that have reached out to us and want the product right away because they have seen in markets where it is how well the sales are doing.

有了這個，我們就不能，因為我們不能銷售任何含有 THC 的產品。我們正在尋找，你聽到我提到了我們正在尋找的州，今年我會告訴你。我們的許多啤酒經銷商已經聯繫我們並立即想要產品，因為他們在市場上看到了銷售的良好表現。

So we'll look at rolling it out online in some markets. and the markets we feel that we can do it and we can do it legally, we do it right. There's about three or four markets that we would do right away. We do have the products -- we do have the product that has been developed. We have the formulations.

因此，我們將考慮在一些市場上在線推出。在市場上，我們認為我們可以做到，而且我們可以合法地做到這一點，我們做得對。我們會立即開拓大約三、四個市場。我們確實有產品——我們確實有已經開發出來的產品。我們有配方。

We don't have products out there today, but we do have the formulations. We do have the product ultimately ready to go once we can get the go ahead and we know what our plans are and which markets.

目前我們還沒有產品，但我們有配方。一旦我們能夠獲得進展並且我們知道我們的計劃是什麼以及哪些市場，我們確實已經準備好了產品。

Great. Thanks for the color. I'll go back into the queue.

偉大的。謝謝你的顏色。我會回到隊列中。

Owen Bennett, Jefferies.

歐文貝內特，傑弗里斯。

And I just had a couple of questions on beverages. The first one, on energy drinks, obviously, a very attractive category, but also very competitive. I was just wondering how you're thinking about what you think you need to do to be successful in that category, and will the focus be on HiBall, or are you planning to launch additional brands as well? That's the first one.

我只是有幾個關於飲料的問題。第一個是能量飲料，顯然這是一個非常有吸引力的類別，但也非常有競爭力。我只是想知道您如何看待您認為需要做什麼才能在該類別中取得成功，重點是 HiBall，還是您還計劃推出其他品牌？這是第一個。

So I think -- and again, to cross a little broken up, well, the focus is beyond our beverages, was that what you're asking and what beverages, what brands within our beverage business?

所以我想——再說一遍，有點分散，重點是我們的飲料之外，這就是你所問的問題，我們的飲料業務中有哪些飲料、哪些品牌？

No, no, sorry, you didn't hear me. Maybe on the energy drinks specifically. And the yes, very attractive, but very competitive. What do you think you need to be successful in that passive whether it just be HiBall, or additional brands beyond HiBall?

不，不，抱歉，你沒有聽到我說的話。也許特別是在能量飲料上。是的，非常有吸引力，但也非常有競爭力。您認為您需要什麼才能在被動方面取得成功，無論是 HiBall 還是 HiBall 以外的其他品牌？

Okay. Okay. Okay. I got that one. Sorry about that. So Owen, I got to tell you, in my career, I've got lots of requests from consumers. I've never had so many requests for consumers on HiBall when ABI discontinued the product. So there will be a big focus on our HiBall product. We come out with a water product called Liquid Love we tested in the marketplace with some very, very high results and good results on that.

好的。好的。好的。我得到了那個。對此感到抱歉。歐文，我必須告訴你，在我的職業生涯中，我收到了很多來自消費者的請求。當 ABI 停產該產品時，我從未在 HiBall 上收到如此多的消費者請求。因此，我們的 HiBall 產品將成為人們關注的焦點。我們推出了一種名為 Liquid Love 的水產品，我們在市場上進行了測試，並取得了一些非常非常高的結果，並且效果良好。

Our nonalcoholic beers, if I was to put that in a glass, and even you, who'd know beer, ultimately, I'm not sure you would know the difference between that a regular beer and the non-alc. So we -- Energy Drinks come up with some great non-alc beers. We've come out with some water drinks with Liquid Love, in open, sparkling, and still in multiple flavors.

我們的無酒精啤酒，如果我將其放入玻璃杯中，即使您了解啤酒，最終我也不確定您是否會知道普通啤酒和非酒精啤酒之間的差異。因此，我們——能量飲料公司推出了一些很棒的非酒精啤酒。我們推出了一些含有 Liquid Love 的水飲料，有開放式、起泡式和多種口味。

And so far, the demand from our distributors in that and our consumers has been strong. But we'll continue to push out the innovation that we have put forth in regards to some of the stuff that we can now with Montauk, some of the SweetWater, some of the 10 Barrels, some of the new flavors that we've gone out with Shock Top, are some of the exciting things. So we see tremendous growth in some of the brands that we acquired, returning to growth where they were declining.

到目前為止，我們的經銷商和消費者的需求一直很強勁。但我們將繼續推出我們已經提出的創新，涉及蒙托克現在可以使用的一些東西，一些甜水，一些 10 桶，一些我們已經推出的新口味與 Shock Top 一起推出，是一些令人興奮的事情。因此，我們看到我們收購的一些品牌取得了巨大的成長，並在下滑的地方恢復了成長。

Okay. Sounds fair. And then just one quick follow-up on Aaron's question on THC findings. Are you planning to sell this by e-commerce as well so you can get international?

好的。聽起來很公平。然後是對 Aaron 關於 THC 調查結果的問題的快速跟進。您是否也打算透過電子商務銷售該產品，以便走向國際市場？

Sorry, it sounds like you're talking into like a cup. Can you just repeat the question?

抱歉，聽起來你像是在對著一個杯子說話。你能重複一下這個問題嗎？

I think the question was on Delta-9.

我認為問題是關於 Delta-9 的。

Yes. Are you planning to sell that by e-commerce as well?

是的。您也打算透過電子商務出售嗎？

Yes. Like I said before, on Delta-9, it's something that we're going to focus on, and we will sell it in e-commerce, but we will sell it into retail through beer distributors that everybody is in agreement that can take it, and in retail markets that we can sell it.

是的。就像我之前說過的，在Delta-9 上，這是我們要關注的事情，我們將在電子商務中出售它，但我們將透過啤酒經銷商將其出售給零售業，每個人都同意可以接受它，並在零售市場上我們可以出售它。

And so far, we've had a great response from our distributors and retailers that are interested in this product.

到目前為止，我們已經從對此產品感興趣的經銷商和零售商那裡得到了很好的回應。

Great, thanks you guys.

太好了，謝謝你們。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

Hi, thanks for the question. Just a follow-up on Germany. Given the increased demand that you mentioned there, can you just comment on what you're seeing on the supply side? Is there enough product there to serve that market as demand grows, and in terms of pricing, are you seeing any sort of increase there? Thanks.

你好，謝謝你的提問。只是德國的後續行動。鑑於您提到的需求增加，您能否評論一下您在供應方面看到的情況？隨著需求的增長，那裡是否有足夠的產品來服務該市場？謝謝。

Yes, no problem. Basically, what we're seeing in terms of supply, so in essence, product seems to be selling as soon as it comes into the market, not only it's hearing not only on our product, but also in terms of product from other competitors into the market.

是的，沒問題。基本上，我們在供應方面看到的是，所以從本質上講，產品似乎一進入市場就開始銷售，不僅是我們的產品，還包括其他競爭對手的產品市場。

It does not feel as if the market is saturated at all at this point. And so in essence, I think there's still definitely room for additional supply on medical cannabis into the market. And when I say that, I mean mostly on whole flower. The extract market is growing at a slower pace, whereas the patient-led whole flower side of the market is growing at more a faster pace.

目前市場並沒有飽和的感覺。因此，從本質上講，我認為市場上醫用大麻的供應絕對還有空間。當我這麼說時，我的意思主要是整朵花。萃取物市場的成長速度較慢，而以患者為主導的全花市場成長速度較快。

And so what we see is the market will probably enter into a segmented approach in terms of looking at premium mainstream products and value products. And you'll start to see more, I think, segmentation come through the market as there's more proliferation in terms of product quality. And we will look to participate in all the various different parts of that segment in market. So we're pretty excited about it.

因此，我們看到市場可能會在關注優質主流產品和價值產品方面採取細分方式。我認為，隨著產品品質的不斷提高，你會開始看到市場出現更多的細分。我們將尋求參與該市場區隔的所有不同部分。所以我們對此感到非常興奮。

Thanks for that. And then my second question is just on your organic growth guidance. Could you just maybe provide a bit more color in terms of your segments? Is there any specific segment that you expect will be responsible for most of that organic growth? Thanks.

謝謝你。我的第二個問題是關於你們的有機成長指引。您能否在您的細分方面提供更多的色彩？您預計是否有任何特定細分市場將貢獻大部分有機成長？謝謝。

And just in that organic growth number, a big part of our business, there's no organic growth that we're kind of looking from in our CC Pharma. If anything, what we're looking there is margin growth and cash flow. But it's just a smaller business in regards to our wellness growth, we're looking for same growth last year.

就有機成長而言，我們業務的一個重要組成部分，我們的 CC Pharma 並沒有看到有機成長。如果有什麼不同的話，那就是我們關注的是利潤成長和現金流。但就我們的健康成長而言，這只是一個較小的業務，我們希望去年能有同樣的成長。

But we're looking at double-digit growth coming out of both our cannabis and our beer business, our beverage businesses, and that's where the big growth is. Low to mid-single growth on wellness, no growth really coming from our CC Pharma, our medical distribution business.

但我們希望我們的大麻和啤酒業務、飲料業務都實現兩位數的成長，而這就是巨大的成長所在。健康方面的成長呈現中低水平，我們的 CC Pharma、我們的醫療分銷業務沒有真正的成長。

Thank you very much.

非常感謝。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over to Irwin for any further or closing comments.

謝謝。我們的問答環節結束了。我想將發言權交還給歐文，以徵求進一步的意見或結束意見。

Well, thank you, everybody, for joining us on this summer day. Listen, we've had a lot of good stuff we've report today. Record sales, and if I look back to 2019, we've been at $50 million business and this year, we have guidance out there between $950 million to $1 billion.

好的，謝謝大家在這個夏天加入我們。聽著，我們今天報道了許多好東西。銷售額創歷史新高，如果我回顧 2019 年，我們的業務量已經達到 5,000 萬美元，而今年我們的指導銷售額在 9.5 億至 10 億美元之間。

And that is without anything happening in the US. So in terms of this guidance, includes anything with regards to rescheduling in the US, anything that happen in the US, and over the last five years, everybody kept asking me, what's happening in the US, what's happening in the US, a lot of things have changed within Tilray if something happened in the US, we're excited about the opportunities in Germany.

那是在美國沒有發生任何事情的情況下。因此，就這個指導而言，包括與在美國重新安排有關的任何事情，在美國發生的任何事情，在過去的五年裡，每個人都一直問我，美國發生了什麼，美國發生了什麼，很多如果美國發生了什麼事，Tilray 內部的事情就會發生變化，我們對德國的機會感到興奮。

In regards to even the change in selling more and more [infused dreams] in the US could change dramatically. We've had to deal with the higher excise tax in Canada. We've had to deal with higher costs because of cannabis issues in regard to insurance and IT costs and protecting ourselves, but this is a team that's made sure we could overcome that in other ways.

就連在美國銷售越來越多的[注入夢想]的變化也可能發生巨大變化。我們不得不應對加拿大更高的消費稅。由於大麻在保險和 IT 成本以及保護我們自己方面的問題，我們不得不應對更高的成本，但這個團隊確保我們可以透過其他方式克服這個問題。

So one of the things us companies look today is leverage. And as we sit today with 1.7 times leverage, and that we're able to pay $300 million of our subordinate debt last year between our cash flow, and just using equity is something to be very, very proud of.

因此，我們公司今天關注的事情之一就是槓桿。當我們今天的槓桿率為 1.7 倍時，去年我們能夠用現金流支付 3 億美元的次級債務，光是使用股本就已經是非常非常自豪的事情了。

So over the last five years, we have built something that's pretty exciting, a lifestyle company, that's focused on cannabis, which is cannibalizing alcohol, of course. We have a real exciting craft beer business, and we think there's a lot of growth in the crack beer business. We think there's a lot of growth in the beverage business. We think there's a lot of growth in the spirits business and our wellness business.

所以在過去的五年裡，我們建立了一些非常令人興奮的東西，一家生活方式公司，專注於大麻，當然，大麻會蠶食酒精。我們擁有真正令人興奮的精釀啤酒業務，我們認為精釀啤酒業務有很大的成長。我們認為飲料業務有很大的成長。我們認為烈酒業務和健康業務有很大成長。

I think Europe is just beginning, and we're well positioned with two facilities, one in Germany and now for the first time, we can supply the whole market of the facility where before we only could supply the German government.

我認為歐洲才剛開始，我們有兩個設施，一個在德國，現在我們第一次可以向該設施的整個市場供應，而以前我們只能向德國政府供應。

We have an incredible facility that's working with our Canadian facility in regards to growth. And with that, you're going to see a lot of opportunities. There's going to be grow in a lot of other countries within Europe. You heard me talk about genetics. And in regards to us looking at our genetics and bank of genetics and the quality, the thing is the cannabis user today is becoming more and more educated about the potency, the genetics, and what they're using.

我們擁有一家令人難以置信的工廠，正在與我們的加拿大工廠合作促進成長。這樣，你就會看到很多機會。歐洲許多其他國家也會出現成長。你聽到我談論遺傳學。就我們而言，從我們的遺傳學、遺傳學庫和品質來看，今天的大麻使用者對大麻的效力、遺傳學以及他們所使用的東西越來越了解。

The cannabis consumer today is just not the Gen Z and millennials. It's an older generation that's looking at cannabis for pain, for sleep, for anxiety, cancer patients, in treating epilepsy and other things. So cannabis is just not a relaxation or a product to get high on, it's a product for a lot of medical reasons as a product or relaxation.

如今的大麻消費者不再是 Z 世代和千禧世代。老一輩正在尋找大麻來治療疼痛、睡眠、焦慮、癌症患者、癲癇和其他疾病。因此，大麻不僅僅是一種放鬆或讓人興奮的產品，它是一種出於多種醫學原因作為產品或放鬆的產品。

And as we talk about bringing people together for an exciting times, Tilray will continue to evolve into a lifestyle company. And as we look at growing this business and I'm sure what's going to happen in the US, as we look at other categories and what we should expand into, as we go through our strategic plans, we've identified what is that lifestyle, what is that lifestyle opportunity for us to bring within the Tilray brands.

當我們談論讓人們聚集在一起度過激動人心的時刻時，Tilray 將繼續發展成為一家生活方式公司。當我們考慮發展這項業務時，我確信美國會發生什麼，當我們考慮其他類別以及我們應該擴展到什麼領域時，當我們制定戰略計劃時，我們已經確定了這種生活方式是什麼，我們在Tilray 品牌中引入的生活方式機會是什麼？

As I said before, over 40 brands within this company, and that is since 2019, we produce over 90% of our products. We have over 2,500 dedicated employees, that are really dedicated and very lucky to work with this team.

正如我之前所說，該公司內部有超過40個品牌，也就是說自2019年以來，我們90%以上的產品都是我們生產的。我們擁有超過 2,500 名敬業的員工，他們非常敬業，並且非常幸運能夠與這個團隊合作。

We have a great Board of governance that is focused on our ESG, focused on good governance. And last but not least, I want to thank every shareholder out there for being loyal shareholders and being patient with us. With that, enjoy the rest of your summer. Thank you very much for joining us, and enjoy one of our great products. Thank you.

我們擁有一個優秀的治理委員會，專注於 ESG、良好治理。最後但並非最不重要的一點是，我要感謝每一位股東，他們是忠誠的股東，並對我們保持耐心。就這樣，享受剩下的夏天吧。非常感謝您加入我們，並享受我們出色的產品之一。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。