Aurora Cannabis Inc. (NASDAQ:ACB) Q3 2023 Earnings Call Transcript June 14, 2023 8:15 AM ET

Company Participants

Ananth Krishnan - Vice President, Corporate Development and Strategy

Miguel Martin - Chief Executive Officer & Director

Glen Ibbott - Chief Financial Officer

Conference Call Participants

Michael Lavery - Piper Sandler

Frederico Gomes - ATB Capital Markets

Pablo Zuanic - Zuanic & Associates

Robin Holby - TD Cowen

Tamy Chen - BMO Capital Markets

John Zamparo - CIBC

Operator

Greetings. Welcome to the Aurora Cannabis Third Quarter and Full Fiscal 2023 Conference Call. As a reminder, fiscal 2023 is comprised of three quarters ending March 31, 2023. All participants will be in listen-only mode and a question-and-answer session will follow the formal presentation. This conference call is being recorded today, Wednesday, June 14, 2023.

I would now like to turn the conference over to your host, Ananth Krishnan, Vice President, Corporate Development and Strategy. Please go ahead.

Ananth Krishnan

Thank you, Rob. We appreciate you all joining us this morning. With me today are Aurora's CEO, Miguel Martin; and CFO, Glen Ibbott. Prior to market open today, Aurora issued a news release announcing our fiscal 2023 third quarter and year-end financial results. This news release accompanying financial statements and MD&A will be available on our IR website and will also be accessed on SEDAR and EDGAR shortly after this call. In addition, you will be able to find a supplemental information deck on our IR website.

Listeners are reminded that certain matters discussed on today's conference call could constitute forward-looking statements that are subject to risks and uncertainties related to our future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect actual results are detailed in our Annual Information Form and other periodic filings and registration statements. These documents may similarly be accessed via SEDAR and EDGAR.

Following prepared remarks by Miguel and Glen, we will conduct a question-and-answer session with our covering analysts. We ask that you limit yourself to one question and then get back in the queue for follow-up.

With that, I will turn the call over to Miguel. Please go ahead.

Miguel Martin

Thank you, Ananth. Q3 marks the end of our abbreviated fiscal 2023. We're very pleased with our strategic and financial progress. First and foremost, our business transformation plan is working as we have now generated positive adjusted EBITDA for two consecutive quarters. Part of that plan included a commitment to rationalizing expenses. We've done so over the last three fiscal years by approximately $400 million.