Canopy Growth Corporation (NASDAQ:CGC) Q4 2024 Results Conference Call May 30, 2024 10:00 AM ET
Company Participants
Tyler Burns - Director, IR
David Klein - CEO
Judy Hong - CFO
Conference Call Participants
Aaron Grey - Alliance Global
John Zamparo - CIBC
Yewon Kang - Canaccord Genuity
Pablo Zuanic - Zuanic & Associates
Operator
Good morning. My name is Joanna, and I will be your conference operator today. I would like to welcome you to Canopy Growth's Fourth Quarter and Fiscal Year 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. I will now turn the call over to Tyler Burns, Director, Investor Relations. Tyler, you may begin the conference call.
Tyler Burns
Good morning, and thank you for joining us. On our call today, we have Canopy Growth's Chief Executive Officer, David Klein and Chief Financial Officer, Judy Hong. Before financial markets opened today, Canopy Growth issued a news release announcing the financial results for our fourth quarter and fiscal year ended March 31, 2024. The news release and financial statements have been filed on EDGAR and SEDAR and will be available on our Web site under the investors tab. Before we begin, I would like to remind you that our discussion during this call will include forward-looking statements that are based on management's current views and assumptions and that this discussion is qualified in its entirety by the cautionary note regarding forward-looking statements included at the end of the news release issued today. Please review today's earnings release and Canopy's reports filed with the SEC and SEDAR for various factors that could cause actual results to differ materially from projections. In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release. Please note that all financial information is provided in Canadian dollars unless otherwise stated. Following remarks by David and Judy, we will conduct a question-and-answer session where we will take questions from analysts. With that, I will turn the call over to David.
David Klein
Good morning, everyone. And thank you for joining us today to review Canopy Growth's fourth quarter and fiscal year '24 financial results. During the call, I'll share key highlights and achievements from the past fiscal year, demonstrating how Canopy is a stronger, fully cannabis focused business that is poised for profitable growth in the year ahead across all of the most exciting global cannabis markets. First, let's touch on the transformative year that fiscal '24 was for Canopy. During the year, we took decisive actions to streamline our business by implementing an asset light model. This has enabled us to focus on our core strengths while leveraging third parties to add scale and capacity when and where we need it without the requirement to maintain extensive infrastructure or invest ahead of growth. This has improved our margins and accelerated our time to market as we focus on growth across all of our priority categories. In parallel, we took bold action to drive greater focus and reduce our cash burn by divesting Canopy's non-cannabis businesses as we go all in on what we believe is one of the most exciting consumer trends of our lifetime. These changes weren't easy and I'm very proud of the work that the entire Canopy team undertook to execute the strategic evolution and to ensure its success, all while enhancing our commercial execution, strengthening our financial position and establishing a platform for Canopy's future growth. As a result, Canopy is entering fiscal '25 with a strong foundation. We have a focused business. We're well positioned in the geographies and categories of greatest potential. And we've built a business that can deliver profitable growth.