SNDL - Earnings call transcript Q4 2023

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Operator

Good morning, and welcome to SNDL's Year-end and Fourth Quarter 2023 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the year-end and fourth quarter ended on December 31, 2023.

This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplementary investor presentation along with the shareholder letter from Chief Executive Officer, Zach George at sndl.com website. Cannabis. call, Chief Zach President; Financial and Robson, morning's Officer; Chief liquor this Tyler Vadera, Alberto Officer; President on we George, have Executive retail; Presenting Tank Vander,

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

all are Additionally, in indicated. unless otherwise mentioned figures Canadian financial dollars

call make questions. George. Please over on prepared now then and go to ahead. will I we'll like analyst now move the to We would Zach remarks, turn to

Zachary George

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

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

to value cannabis uniquely banners than broad billion. of positioned operators cannabis with Our operations nonconsolidated capabilities manufacturing retail fair include and award-winning more $X.X a and a U.S. exposure liquor

acquisition that enhancing for process are The capabilities of number our assets industry-leading Valens in real Canadian XXXX was tactical in feed also the move in SNDL cannabis. estate key continue a balance of to and and sheet. our of January credit monetizing will strengthen of We a upstream

drive We labor major manufacturing all to and automation capabilities continue and now efficiencies. have across product categories

owned procurement annualized leaned synergies, has into exited have savings. approximately Integrating in million led exposure operations to high-cost our We Valen's cultivation infrastructure $XX to cost significant resulting into and in opportunities.

savings from initiatives, reduction capacity including various These optimization footprint. and our utilization cultivation better stem cost of the

Our reflected progress the improvement in profit the sequential our year. is gross steady over of

deliver We to additional XXXX operating markets. growth in are in expect excited and our operations BXB and cannabis efficiencies opportunities by international segment

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

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

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

and in elimination platform. plant-touching positioning. in activities result capital improved simplified ] establishment that the [ material and a Sunstream-USA not Group of The represents ensuring cannabis restructuring participating Parallel compliant liabilities multistate a structures, SNDL does arm's Skymint of in length competitive The expansion, while of engage certain

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

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

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

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

remain and approach consumer-centric unwavering bedrock strategy. steadfast commitment our to quality and Our the of regulated products

both to laid mergers team Our the organic for strive and in foundation acquisitions with for growth our and momentum has and excellence execution. build success demonstrated

of our the for Looking our we creation XXXX, shareholders. ahead platform drive to to for utilizing are scale positioned well expansion value sustained extensive

at our on and focused across forefront of endeavors. with our efficiencies quality experience segments the margin realizing expansion of are consumer We

gratitude hard are to a our win. to outstanding want To is dedication my vision. their team that this our express team achieved The for to XXXX. Finally, to the and entire I to results commitment your work a testament wants investors, we SNDL in

push aggressively pursue and the improvement undeniable goals conviction our performance but in ahead, harder our ability driving we work is outcomes. significant have as results our We to in

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

Alberto Paredero-Quiros

denominated that otherwise to you stated. non-IFRS this discussed Zach. and in measures. all I on referred are unless non-GAAP today Thank want amounts call amounts Certain are dollars, remind to Canadian you,

of discussion health these and analysis refer measures, definitions the For in management document. us please to

SNDL team our I July, joining for whole. Since just of a our as some have not but in financials, terms significant progress, organization in

we strong in finances. have made We products navigated our and improvement regulated manage and challenges the we industry of the how how operate a

focus on and allocation. sharpening Our management, operational capital disciplined enhancing cost the cash sheet, driving several financial initiatives improving our generation our structure strategic and and balance on been flow Through profitable growth. strengthening has while

we financial processes. have and governance our only redesigned operating Not planning

back We It key these finance the is how drive value XXXX. are to see talent also having creation exciting structures the have realigned increasing of already positive in and our while efficiency changes attractive impact office. to

into financial XXXX. QX our consolidated Now for performance dive let's

X% introduced reached in revenue adjustment, million Our third or growth $XXX quarter million fourth of as revenue quarter same This net been would entry from year. of the of the that $XXX quarter $XX last X%. growth net our have revenue XXXX. a this the in we million elimination includes Without

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

a the in increase Case in free million consecutive quarter so improvement. season. associated XXXX, case in effective ] with in a cash our XX% This useful negative flow to cash $XX the was a million cash working fourth of free reflects positive capital despite and [ of the XXXX. cash quarter, achieved We in million equivalents $X the compared management positive of cash holiday in flow $X.X negative the second quarter

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

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

I'm record our to several pleased XXXX. performance. report to in annual achievements Turning

all-time and reached This in is were to sales of sales. high million of for $XXX XX% of significant or operational also XX% revenue year last XXXX. is reported a the management the $XXX million, testament compared an million increase Gross a up is XX% or we our a efficiency. cost at $XXX improved of $XXX XX% from profit This to what net Our year. record new million

third cash flow earlier, A Change demonstrating compared positive million, to $XX.X the cash equivalents the the and million. X% an third year ability XXXX free mentioned the $XX.X achieving $XX.X negative includes This growth. million invest fourth in in cash totaling negative quarter million and impressive XXX quarters, in EUR in while a as quarter was improvement. was $X.X highlight for cash and and million year-over fourth in continuing generate in to to our

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

comment our will million operations improvement segment. loss in of million Finally, from on significant our XXXX. and to EBITDA for provide results retail I liquor QX a cannabis $XX increased results retail I [indiscernible] let XXXX the year-end like segments for but Tyler adjusted would and $XX in to details continuing more the the operations XXXX from a on cannabis

million in same a Cannabis or In Gross segment of million our from March sales, increased retail retail Nova quarter revenue, to increase XX, $XX XXXX. the million the same-store a the QX revenue previous in increase net witnessed And for written $XX December includes period retail previous XXXX XX% cannabis profit year. operations of by XXXX, the sales of compared of $XX stores XX% year. XX% was making to X%. XX,

QX generated $X.X licensing proprietary Our data million XXXX. in program

successful making ] a increase in For from XXXX. margin $XXX efficiencies. record is substantial million $XXX from year-over-year our figures segment, the Retail profit and or highlight increase reported [ net the XX% this a of the in significant These we This achieved Ward XX% Equal segment, XXXX. XX% our in for Sea operational $XX record of in sales from XXXX. revenue year-end $XX Cataby XX% North initiatives sales expansion of million, represents which a reached gross or million million

revenue licensing $XX.X proprietary our in program XXXX. Additionally, in $X.X XXXX, data million from XXX% up generated in million

from year looking improvement XXXX, including XXXX, SunStream generated our through with $XX the in at as the million company -- million, significant in current credit the the year. ] deployed $XXX cannabis-related of capital has investments portfolio million, equity venture. Finally, million investments positive into positions $XX loss $XX end of operating joint and of previous [ of a In the the our income a investment value

a test in million profits $XXX and not book financial raised million a our to million, the $X.X by $XX and costs any supported health important through minor accounted investments, XXXX. from shown million offering to is to is It of a loss interest $XX that billion. also notable company leading Despite cash, is strong value June marketable share revenue have in decrease to fee equity in recovery. XXXX. net million highlight in $X.X contributed since unrestricted $XX securities we The in compared

company the to debt. date, And has no

outstanding be of available company's our assess the believe program to the to XX, November program to XXXX. float. share utilize the to company's it share repurchase Directors in of shareholders. best continue the The Board interest extending approved repurchase the is Management to will we lower extent to opportunities continues program share SNDL's

shares the common the company did XXXX, not months For purchase X for December ended XX, cancellation.

our of this hard improvement results another continuous represent work towards our our executing employees. and solid strategy, and dedication step of and financial culture rigor Our year business the

continue on strategic fiscal our responsibility and Looking of to ahead, path we're committed growth.

[indiscernible] are opportunities now and deliver invest talk update value goals to provide position. innovation will Our our pass clear: to to on our and results. market in shareholders retail the I to an liquor to growth to our strengthen

Unknown Executive

for all you thank and joining Alberto, today. you, Thank

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

quarter. from liquor liquor XX, to a the $XXX Revenue XX% XXXX, revenue retail represents This Looking $XXX at million XXXX, from for $XXX our March retail operations QX year XXXX, cumulative of steady XX and following $XXX in to XXXX contributed from include preceding revenue. growth million [ In year-over-year million. of for and in million, the comparisons increasing Alcanna. revenue acquisition December XXXX QX stable remained from at ] full

of XXXX, XX Depot our XXX stable and revenue XX has XX, success is seen count and store by liquor highlighted & Corona beyond, which impact Delaware XXX December discounter a with Beyond our Wine stores total ACE remained market of new and year-over-year. the locations. Wine of comprised XX% As Liquor The in increase banner of location,

the opening QX XXXX in has seen a XX% increase Beyond year representing year Additionally, on to million, Airdrie, prior. of Alberta, XXXX, approximately building from its XX% forward Dilbert prior. in and XX% profit success up this of look location We location Gross $XXX margin from early sales, new Wine the for banner. amounted to the

productivity These XXXX. from procurement which is are driver profit expansion. million expanding our offerings, $XX fourth in a in the $XX and on focus QX by increased quarter, gross driven and a For enhancing X% of margin total key XX% seasonality, and or private QX sales XXXX up continued to increases from label million

Private representing sequentially. In QX increased sales XX% all by XXXX, XX% of banners XXXX, label from private gross year across for QX approximately the sales XX% profit and X% XX% in increased prior. from increase now label of total XXXX an

the continually a and our margins know boost As label maintaining private to customers program developing we tactic, selection growth are love. our while key diverse

opportunities. additional growth to Looking

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

e-commerce reducing footprint. advertising opportunities, We aim Piloting our and continue to environmental avenues. and reach while focus our on specifically reach digital expanding we broaden new our accessibility to through digital

to while our Moving methods expected engage new deliver is opportunities consumer savings creating away base. from cost traditional significant to print

market our in now the to cover top business XXXX. segment. to achievements adapt Our stage Robson call throughout our sets underscore changing XXXX over positioning Tyler will And on I our sustained fundamentals you. to cannabis and for to the growth focus sharp margin expansion, This conditions. Thank operations line pass

Tyler Robson

and the future SNDL, to to Thank calendar with achievement in our I'm foundation first Reflecting confident dismantle my the moving you, team's full proud was direction We on and year Tank. our forward. XXXX a incredibly the strategic had of year. SNDL. house fortify building support of

a increasing product operations facility for of our sharp optimize on a reorganized near-term profitability We streamline We and XXXX XX% portfolio, $XX we success. This processes by future for the The and indicators in focus of by growth [indiscernible] cannabis our with footprint, the quality a our from our set the or changed wholesale fundamentals supported stage year revenue segment. aiming represents already prior, seen Net our was our for strong business, have prevention XXXX, XXX% million. for revenue by preliminary XXX%. increase revenue

Alberta an from facility close $XX in impact improvement primarily saw and and acquisitions XX% initiatives, up in strategic sales to $X $X our the million across This in in highlights we the away increase XXXX million an resulted the to revenue the negative significant of of million, QX cultivation. quarter XX% marking In the including old This revenue of profit our QX was enhancement high-cost profit Zena decision sequentially. negative from the XXX% move improvement. of the gross for in Valens previous fourth $XX Net performance from gross same quarter year, improving million and XXXX, portfolio. XXXX

have for room past improvement, substantial the over established have advantages we still competitive We year. but

in challenges fluctuating previous inventory aligned cost our and better obstalled margin to years. manage our gross addressing have that the market, operations growth We

have to our and the cultivation We shifted better consumer our over potency quality, meet and efforts consistency. emphasizing portfolio demand, rationalized

count has bigger, XXX, resulting SNDL on consumer the adopted key in X.XX% a focus friction reduction fewer, better categories. SKU of ] [ total sharpening to our our from

provincial new SKUs by Our improvements record in acceptance board. of in innovation are rates increased the and apparent depletion

We our through we from flower and quality base quarter increased win key pre-roll the and path in license have improved to revoked cultivation potency hardware, to cleared old consistent facility. After end, standards. the of ensure the categories a exacting

in activities the Aptevo of Bronto transition all XXXX. October Following cultivation to

with position us quarters. expected our in reduced revenue results After The coupled for capitalize seeing operations significantly on the are further in cannabis our and tactical the coming and costs, overhead growth cultivation we to yield margin strength transformative promising and a a forward path year, segment.

shareholders to on deliver long-term Zach and our for We quality, pass remain diligent continue all for will consumers. call to you. our process Thank to And of and now the prudence, I closing innovation back value financial

Zachary George

sustained and this profitability. proud year on We are our remain focused milestones of

trajectory are Thank aspects to upward driving determined you value of is and our this shareholder We committed and all to attention your for this excellent the team continue morning. operations.

and questions. I additional next our our initiatives the We results the look will in you. QX analyst call XXXX pass Thank to forward updates on material providing days. for back presenting XX now

Operator

you. Thank

We begin session. will question-and-answer the now analyst

[Operator Instructions]

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

Frederico Yokota Gomes

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

Zachary George

for Thanks question. the

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

at repurchase levels. the So option shares have these we do to

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

think other somewhat of I that's whole are host alternatives, that, of a terms In self-explanatory. options. There

You've got a multisegment business model.

that You a rich. cash debt-free have entity is

that be are a so of looked to a of transactions opportunities could number in And different value. for there variety at order unlock

Frederico Yokota Gomes

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

Zachary George

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

You've large few we into companies But of seen restructurings there's quite liabilities. result events disclose a iceberg move excess the as underneath water. believe or a a

of this And at arrears unclear excise so concentration time. are these the

impact brought sort being time, of we greater that back to of important absolutely certainly take some it's going this but is balance So industry, an but part to expect process a -- is underway. the and Canadian

Operator

Johan with question comes next Canaccord The from Kang Genuity.

Unknown Analyst

behalf on King of Aaron is This Motorola.

adjusted behind ask slide this to the drivers EBITDA a X.X%. wanted in quarter about came the quarter-over-quarter. decline sequential the about Thank you. third margin comment X.X%. was on you about Could There this Just

Unknown Executive

in in for investment to our Sunstream valuation the an you Thank contribution a actually our from The main related increased was question. cane company. Yes. driver

the we're of in Palmas have basis generation. investment now flow for cash valuing right SunStream remember future to particularly ] the on [ came We this

those collections in But that the remain from future to any the So valuations. these changes expectations in short-term cash or businesses we short-term steady. have underlying impact investments flow have

that. accounting it's I So the works the $X but in fourth our It's say according that driver. that's main to would we actually the loss recorded an way purely million quarter

Unknown Analyst

committee changes if upon the -- a recommendation the have think the you you Canadian this in touched Federico's coming proposed regulatory but during on follow-up the of been it's that question, ask guys in out terms And of I whether the adjusting excess could you, cannabis I environment structure. just guys recent have tax taken already

elimination being the of license some used hearing along or and reduced stamps, Sorry, being with provincial we're recommended. partnerships retailer about and news potential

my taking expectations of guess is question has you I So kind guys impacted future this news have any this going been your of how forward?

Zachary George

There number going terms excise in a would I It's questions would time. were of that reform, industry. this save there. Look, you. quite of reiterate participants we a Thank in this the is question. coming a one great of to -- view No as us take bit is in to

reform in there operators expect And impact path. to probably for There fundamentals multiyear near so we actually of the -- room optimism. the are don't term. excise is That's Canadian a

sense common and government. the a seeing are of We reform, number across move provinces federal

around loosening a of license of that are rules going product increase slow we clearer reform. allowable of are of So to but items formats. There experience holders that as understanding larger caps, and relationships improve whether path consumer a excise initiatives undeniable allowable the retail the changes and drive ultimately that's the some marketing, in improvement pace license of some between and expect positives to on pretty a and efficiencies are such change -- number

Operator

from comes Associates. Pablo question next with anik Zuanic & The

Unknown Analyst

the what I it's you is I is principle the comment can fair X Zach, that value, $XXX it million. Sandstream much maybe and the remind parallel credits, if mint. of it the think us portfolio, and missed about presentation, but I don't I -- rest. how regarding -- you in can is And lost outstanding if

I be given still on think how how that. is much outstanding, you of principle, is some it'd much the some past, can know equitized in if you've give color but and there. to the being color nice

Zachary George

from hear you. Thank and Pablo, Yes. to you, good

given haven't credits. So delineation individual we on

in of in NASDAQ. to a being those equitized credits the the X, and capital itself solidified the You're with are portfolio. be correct that in are midst have in of review restructuring X performing to fact need structures the because right we the the we of that process

the we scale move and credits individual to valuation. expect of do occur And the near when and on equitized more entities, the on we commenting to on NASDAQ we in forward of going expect the transparency the hold state is that term. significantly with review initial play those and the We're to structure completed, off valuation give

Unknown Analyst

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

Zachary George

Yes.

outstanding the outcomes Sunstream in issues legacy issue for There and involved action with final our which against restructurings, group. stakeholders us you as there different point stakeholders stakeholders, terms lingering is these include to existing close In various sometimes litigation matters, to, taking hurdle are, and this frustrated would creditors, of are the NASDAQ. pursuing key sometimes

current but we're not further. about those and are much hold is litigation, any into to ongoing, don't going going believe get our time line, up to this we So too detail that

Unknown Analyst

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

Zachary George

reality hamstrung. in would those very businesses years. improvement describe teams been not been the last improvement -- of working X The material. in Skymint those as have performance their in their rightsize structures to I much are either Parallel over existing significant -- aggressively There's being They the in business. the they're management or living and cost has

those we Again, consolidated. we're don't -- positions have

And detailed we excited so complete provide restructurings. being information about supplemental these able to we're as

Unknown Analyst

if I of you people there's If have know a I'll but mind more more. don't mean, in queue, the I couple

I have say JV and ] to there. you very all Sunstream know people, much attractive and right? and Sandstrom So U.S.A. X regarding SunStream can't places, But Michigan an in on assets credits the of these become -- set partner the other on you up Bancorp. you Florida, attractive other number a you [ Once

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

Zachary George

an are further for it's astute U.S. the There No, a number in consolidation of observation. opportunities

interested of We greater approached and that handful in a consolidating parties have by U.S. been landscape. gaining are very efficiencies and scale the

number parties well. of the book, but as be a existing are Those may of group outside credit part there's that also that

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

Unknown Analyst

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

Zachary George

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

Tyler Robson

Germany time of countries we've a lot spending one a there. the is markets. biggest opportunity. happy pockets Yes, been Look, to. of evaluating international ton Obviously, there's over of

looks for like. So news that final awaiting landscape version we're anxiously and the medical what

to but to a get individuals meet lay headed better not be few of land. ICBC a will We only

of kind see a few Germany. you'll there But like us on focus ones over

fit market definitely some some see legislation now, but fully out. opportunities once foresight into we'll or for that rolled So at that you'll

Operator

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

Zachary George

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

Operator

conference This concludes call. today's

for may lines. have you your disconnect participating, a Thank and You pleasant day.

SNDL (SNDL) 21 Mar 242023 Q4 Earnings call transcript