Sunniva Inc.(SNNVF) 首席执行官 Anthony Holler 在 2019年 第一季度业绩 - 收益电话会议记录

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Sunniva Inc. (OTCQB:SNNVF) Q1 2019 Results Conference Call May 31, 2019 11:00 AM ET

Sunniva Inc.([OTCQB:SNNVF])2019年第一季度业绩电话会议2019年5月31日美国东部时间上午11:00

公司参与者

Rob Knowles - Vice President, Corporate Development
Anthony Holler - Co-Founder, Chairman and Chief Executive Officer
David Negus - Chief Financial Officer

  • Rob Knowles - 企业发展副总裁
  • Anthony Holler - 联合创始人,董事长兼首席执行官
  • David Negus - 首席财务官

电话会议参与者

Matt Bottomley - Canaccord Genuity

  • Matt Bottomley - Canaccord Genuity

会议主持员

Thank you for standing by. This is the conference operator. Welcome to the Sunniva, Inc. First quarter 2019 Earnings Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions [Operator Instructions].
I would now like to turn the conference over to Rob Knowles, Vice President, Corporate Development. Please go ahead, Mr. Knowles.

谢谢你的支持。 这是会议运营商。 欢迎来到Sunniva,Inc。2019年第一季度收益电话会议。 提醒一下,所有参与者都处于只听模式,正在录制会议。 演示结束后,分析师将有机会提出问题[操作员说明]。

我现在想把会议转交给企业发展副总裁Rob Knowles。 请继续,诺尔斯先生。

Rob Knowles

Thank you. And good morning to everyone joining us to discuss our results for the first quarter of 2019. Joining me today are Dr. Anthony Holler, our Co-Founder, Chairman and Chief Executive Officer and David Negus, our Chief Financial Officer.
We hope you've had an opportunity to review the news release, MD&A and financial statements we issued yesterday, May 30, 2019. We'll begin today's call with comments from Dr. Holler, who will provide an introduction, then provide an operational update, followed by David Negus, who will provide a financial overview. We will then open the lines to analysts for questions.
Before I begin, I want to note that some of the matters we'll discuss on this call, including our business outlook are forward-looking in nature. These matters are subject to both known and unknown risks and uncertainties including, but not limited to, those factors set forth in yesterday's news release, our MD&A and other public disclosure documents, which are available on the SEDAR website.
These risks and uncertainties could cause actual future results to differ materially from those expressed in this call, which are based on our current expectations. We assume no obligation to update the information presented on this conference call, except as specifically required by applicable securities laws.
I'll now turn the call over to Dr. Holler. Dr. Holler, please go ahead.

谢谢。大家早上和大家一起讨论我们2019年第一季度的业绩。今天加入我的是我们的联合创始人,董事长兼首席执行官Anthony Holler博士和我们的首席财务官David Negus。

我们希望您有机会审查我们在2019年5月30日发布的新闻稿,MD&A和财务报表。我们将在今天的电话会议上发表Holler博士的评论,他将提供介绍,然后提供运营更新,接着是David Negus,他将提供财务概览。然后,我们将向分析师开放问题。

在我开始之前,我想指出,我们将在这次电话会议上讨论的一些问题,包括我们的业务前景本质上是前瞻性的。这些事项受已知和未知风险和不确定因素的影响,包括但不限于昨天新闻稿中提出的那些因素,我们的MD&A和其他公开披露文件,这些文件可在SEDAR网站上获得。

这些风险和不确定性可能导致实际未来结果与本次电话会议中表达的结果大不相同,这些结果基于我们当前的预期。除非适用的证券法明确要求,否则我们没有义务更新本次电话会议中提供的信息。

我现在将电话转给霍勒博士。霍勒博士,请继续。

安东尼霍勒

Thank you, Rob. Good morning, everyone, and thanks for joining us today. It has only been a month since our last update, and we are happy to be able to share more progress with you today.
Before I go into the details, I would like to take a moment to address the departure of one of Sunniva's founders and directors, Leith Pedersen, who are now his resignation a couple of weeks ago. Leith and I co-founded Sunniva in 2014 as a medicinal cannabis company for this emerging industry. From this beginning, Sunniva stands today as an emerging player in the California market on the verge of being a fully integrated company due to the dedication of time and efforts that these contributed over these past years. As we move on to the next phase of Sunniva's evolution and with our focus shifting to California, we determined that it was time for him to step down. We wish him the best in all his future endeavors.
In addition, we announced early this morning that our CFO, David Negus, will also be stepping down and will be replaced by another David. Dave Wyle, who will come onboard next week. Dave joins us from a long history of public and private company experience. I won't go through all his credentials here, but direct you to the management page of our website, if you want to read more about his background.
As we concentrate our business in California, a logical step was to shift the company's corporate functions from Vancouver Bridge Colombia to our office in Carlsbad, California. David Negus has done a great job creating Sunniva's financial systems and operating structures from a private company to a public company, and we thank him for his contributions. David will continue to support the company as a consultant to ensure a smooth transition with no disruption to operations.
Now, on to the current quarterly results. We previously announced our Q1 revenue forecast of $14 million, reflecting a solid beginning to our sales of cannabis products in California. I will leave the full financial discussion for David, and will focus on our operational achievement focus on our operational achievements over the past month. Construction of the Cathedral City facility continues on-schedule with initial operations expected to commence late in the third quarter. At which time, we will be on-bordering the mothering plants into the facility and will begin the inaugural planting cycle, resulting in an initial harvest by year-end.
Following the harvesting, there is a five to six week period of drying and curing of the plants, testing and packaging in advance of sales. We anticipate first sales of our premium flower will be realized in early 2020. As with the commissioning of any new facility, we intend to bring each subsequent cultivation bay into production at a measured pace as we fine-tune the operating processes. As we approach the operational date we will provide further guidance on the expected ramp-up schedule, but currently anticipate having all eight cultivation based operational by the end of the first half of 2020.

谢谢你,罗布。大家早上好,感谢今天加入我们。距我们上次更新仅一个月,我们很高兴今天能够与您分享更多进展。

在我详细介绍之前,我想花一点时间来解决一位Sunniva的创始人和董事Leith Pedersen的离职,他们几周前已经辞职了。 Leith和我在2014年共同创立了Sunniva,作为这个新兴产业的药用大麻公司。从一开始,Sunniva就成为加利福尼亚市场的新兴企业,由于过去几年所做出的时间和努力的奉献,它们正处于一个完全整合的公司的边缘。当我们进入下一阶段的Sunniva演变并且我们的焦点转移到加利福尼亚时,我们确定是时候让他下台了。我们祝愿他在未来的所有努力中一切顺利。

此外,我们今天凌晨宣布,我们的首席财务官David Negus也将辞职,并将被另一位大卫取代。 Dave Wyle,他将于下周登陆。戴夫从公共和私人公司的悠久历史经验中加入我们。我不会在这里查看他的所有凭据,但如果您想了解更多有关他的背景信息,请将您引导至我们网站的管理页面。

当我们将业务集中在加利福尼亚时,合乎逻辑的一步是将公司的公司职能从哥伦比亚温哥华桥转移到我们位于加利福尼亚州卡尔斯巴德的办公室。 David Negus在创建Sunniva的财务系统和运营结构方面做得非常出色,从私人公司到上市公司,我们感谢他的贡献。 David将继续作为顾问支持该公司,以确保平稳过渡,不会中断运营。

现在,关于当前的季度业绩。我们此前公布的第一季度收入预测为1400万美元,这反映了我们在加利福尼亚销售大麻产品的良好开端。我将为David留下全面的财务讨论,并将重点关注我们在过去一个月中的运营成就。大教堂城设施的建设按计划进行,初期运营预计将于第三季度末开始。在那个时候,我们将与母亲植物接壤进入设施,并将开始就职种植周期,从而在年底前进行初步收获。

收获后,有五到六周的时间干燥和固化植物,在销售之前进行测试和包装。我们预计,我们的优质花卉的首次销售将在2020年初实现。与任何新设施的投产一样,我们打算在调整操作流程时以适当的速度将每个后续种植区域投入生产。当我们接近运营日期时,我们将就预期的增加时间表提供进一步指导,但目前预计到2020年上半年结束时将全部8个种植基地投入运营。

We continue to ramp-up our sales and distribution capabilities, which you saw in last month's acquisition of two licensed packaging and distribution sites located in Cotella, and with the hiring of additional sales personnel. We are currently upgrading the building for our packaging equipment and anticipate beginning operations in July, which will enable us to package and distribute the capacity of both the extraction facility and the Cathedral city facility.
We are also pleased to announce that we have recently received our provisional retail license for our Cathedral city retail location. This license allows the retail location to be fully operational, once construction is completed. As previously reported, our extraction facility and sales team performed very well in the first quarter, generating significant revenues from both the sale of newly manufactured concentrates and distillates and branded flower from our cultivation partners.
The initial extract and flower products were launched under two new brand names, Sun Fire and Kyndness, which we sold to select dispensaries. Capital limitations in the second quarter have tempered our ability to acquire biomass and reduced the production of concentrates from the extraction facility. As a result, we anticipate modest sales in Q2 and more meaningful growth as we move into Q3. This resulted in our decision to delay the launch of our third brand, Herbella, into the summer.
As we outlined for you in the last call, we are currently evaluating various strategic options for our Canadian assets and we will provide updates on that progress when there is something concrete to report. I am happy with the progress we have made on all front so for in 2019, and I am very confident that our execution today will allow us to maximize the opportunities presented when the Cathedral city facility becomes operational in the near-term. The existing management and the new additions to team will enable us to propel into the next stage of growth as the remainder of the year unfolds.
I will now turn the call over to David Negus, our CFO, to go through the details of first quarter and provide a current financial outlook. David?

我们继续提升我们的销售和分销能力,您在上个月收购了位于Cotella的两家获得许可的包装和分销网站,并雇用了额外的销售人员。我们目前正在升级我们的包装设备大楼并预计将于7月开始运营,这将使我们能够打包和分配提取设施和大教堂城市设施的容量。

我们也很高兴地宣布,我们最近收到了大教堂城市零售店的临时零售许可证。一旦施工完成,该许可证允许零售地点完全运营。如先前报道,我们的开采设施和销售团队在第一季度表现良好,从我们的种植合作伙伴销售新生产的精矿和馏分油以及品牌花产生了可观的收入。

最初的提取物和花卉产品是在两个新的品牌名称Sun Fire和Kyndness推出的,我们将其出售给选定的药房。第二季度的资本限制缓和了我们获取生物质的能力,并减少了从提取设施中生产浓缩物的能力。因此,随着我们进入第三季度,我们预计第二季度销售额会有所增长,而且增长会更有意义。这导致我们决定将我们的第三个品牌Herbella推迟到夏季推出。

正如我们在上次电话会议中向您概述的那样,我们目前正在评估加拿大资产的各种战略选择,并在有具体报告的情况时提供有关该进展的最新信息。我对我们在2019年取得的所有进展所取得的进展感到高兴,我非常有信心今天的执行将使我们能够最大限度地利用大教堂城市设施近期投入运营时所呈现的机会。现有的管理层和团队的新成员将使我们能够在今年剩余时间展开的同时推进下一阶段的增长。

我现在将电话转到我们的首席财务官David Negus,了解第一季度的细节并提供当前的财务前景。大卫?

David Negus

Thanks Tony. Please note that all the figures I will mention are in Canadian dollars unless referred to as otherwise, and reflect the adoption of IFRS 16 accounting for leases. Revenue for Q1 came in at $14.2 million, of which $10 million was from sales of our cannabis products in California, $2.4 million from full-scale distributors and $1.8 million from natural health services. With the commencement of cannabis product sales in Q1, total revenue for the period is up significantly from $5.1 million during the same period last year and up from $5.4 million we reported in Q4 2018.
Gross margin for the quarter was 37%, which is significantly lower than the 41% reported last year, mostly as a result of lower margins from the extraction facility as it is in the process of ramping up to full capacity. Gross margins for FSD and NHS were 15% and 66% respectively, which is consistent with how they performed throughout last year. The net loss for the quarter was $3.5 million, which decreased almost $3 million from the same period last year, and decreased $7.6 million from the previous quarter.
Loss from our operations was $3.1 million, which is a notable improvement over the $6.3 million operating loss in the same period last year, and $9.6 million operating loss last quarter. The reduced losses were largely due to the significant revenue contribution from our branded product sales. The ramp-up of operations in the U.S. has led to an increase in the number of employees, offset by the application of new accounting rules.
Total corporate G&A decreased to $8.3 million from $10.4 million in Q4 2018. As we consolidate our corporate functions in Carlsbad, California, we anticipate that the corporate G&A expense will continue to decrease throughout 2019. We are very pleased with the leverage of cash G&A against revenue on an annual basis, decreasing from 108% in Q1 2018 to 43% in Q1 2019.
Additions to PP&E for the quarter ended were $11.9 million, primarily related to our California operations. As mentioned on our previous call, all current development plans for the Sunniva Canada campus in Okanogan Falls, British Columbia remain suspended at this time. We continue to be very pleased with our progress at NHS under the leadership of Dr. Mark Kemens. The reorganization of the operating structure has NHS well-placed to execute on a number of partnership opportunities to expand the patient base. We have been prudent managing our limited capital this past quarter as we balance investments in working capital with the capital obligations on the Cathedral City facility.
Accounts receivable at the end of Q1 of approximately $10 million reflect the commencement of cannabis sales to dispensaries in California. At this time, we are maintaining our previous 2019 guidance range for cannabis product revenue at $55 million to $60 million.
With that, I'll turn the call back over to the operator to open it up for Q&A.

谢谢托尼。请注意,我将提及的所有数字均以加元计算,除非另有说明,并反映采用IFRS 16会计处理租约。第一季度的收入为1420万美元,其中1000万美元来自加利福尼亚州的大麻产品销售,240万美元来自全面经销商,180万美元来自天然健康服务。随着第一季度大麻产品销售的开始,该期间的总收入大大高于去年同期的510万美元,高于我们在2018年第四季度报告的540万美元。

本季度的毛利率为37%,远低于去年报告的41%,这主要是由于提取设施的利润率较低,因为它正处于提升产能的过程中。 FSD和NHS的毛利率分别为15%和66%,这与他们去年的表现一致。本季度的净亏损为350万美元,与去年同期相比减少了近300万美元,比上一季度减少了760万美元。

我们的业务亏损为310万美元,比去年同期的630万美元经营亏损和上季度的960万美元经营亏损显着改善。减少的损失主要是由于我们的品牌产品销售带来的巨大收入贡献。美国业务的增加导致员工人数增加,但新会计准则的应用抵消了这一点。

2018年第四季度,企业G&A总额从1,040万美元下降至830万美元。随着我们在加利福尼亚州卡尔斯巴德整合公司职能,我们预计公司的G&A费用将在2019年继续减少。我们对现金G&A的杠杆作用感到非常满意。收入按年计算,从2018年第一季度的108%下降至2019年第一季度的43%。

本季度PP&E的增加额为1190万美元,主要与我们的加州业务有关。正如我们之前的电话中提到的,目前所有位于不列颠哥伦比亚省奥卡诺根瀑布的Sunniva加拿大校园的开发计划仍然暂停。在Mark Kemens博士的领导下,我们对NHS的进展感到非常满意。经营结构的重组使NHS能够在一系列合作机会上实施,以扩大患者群。我们在上个季度一直谨慎管理我们的有限资本,因为我们将营运资本投资与大教堂城设施的资本债务进行平衡。

第一季度末的应收账款约为1 000万美元,反映了加州对药房的大麻销售开始。目前,我们将大麻产品收入的2019年前指导范围维持在5500万美元至6000万美元之间。

有了这个,我会把电话转回给操作员打开它进行问答。

问答环节

Thank you. We will now begin the question-and-answer session for analysts [Operator Instructions]. Our first question is from Matt Bottomley with Canaccord Genuity. Please go ahead.

谢谢。 我们现在开始分析员的问答环节[操作员说明]。 我们的第一个问题来自Matt Bottomley和Canaccord Genuity。 请继续。

Matt Bottomley

Just wanted to touch base on the guided revenue for 2019 you just mentioned, keeping it the same. Maybe, Anthony, just on some of your commentary with respect to next quarter's revenue being modest, I just wanted to clarify if that was a particular line, or if that was a whole California branded product sales line you were speaking about.

只是想触及你刚刚提到的2019年的指导收入,保持不变。 也许,安东尼,就你的下一季度收入不高的一些评论而言,我只是想澄清这是否是一个特定的路线,或者如果那是你所谈论的整个加利福尼亚品牌产品销售线。

David Negus

We're primarily referring to the California cannabis sales being a little modest. We believe that the upside in Q3 and Q4, as we get all the engines rolling will be sufficient to hit our revenue targets.

我们主要指的是加州大麻的销售量有点小。 我们认为,随着我们推动所有发动机的推出,第三季度和第四季度的上行空间足以实现我们的收入目标。

安东尼霍勒

The other thing to bear in mind is we're expanding our capabilities in terms of packaging and distribution, and that facility will be open beginning of July. So that offers some very large opportunities for us to expand sales. And you understands that -- if the goal at the end of the rainbow is getting our facility running and selling products out of that facility. But to do that, we need the infrastructure in place now and that's why you are seeing some of the things we're doing, because we have to expand our sales force, we have to expand our distribution capabilities, we have to expand our packaging abilities. We just acquired a brand-new high volume packing piece of equipment. All these things have to be done in anticipation of the beginning of next year when we are going to be selling a large volume of cannabis products, both dry flower and distillates.

另外要记住的是,我们正在扩大我们在包装和分销方面的能力,该设施将于7月初开放。 这为我们扩大销售提供了一些非常大的机会。 而且您了解这一点 - 如果彩虹尽头的目标是让我们的设施运行并从该设施中销售产品。 但要做到这一点,我们现在需要基础设施,这就是为什么你看到我们正在做的一些事情,因为我们必须扩大我们的销售队伍,我们必须扩大我们的分销能力,我们必须扩大我们的包装 能力。 我们刚收购了一台全新的大批量包装设备。 所有这些事情都必须在明年初开始时进行,届时我们将出售大量的大麻产品,包括干花和馏分油。

Matt Bottomley

So is it fair or is it too conservative to assume that next quarter's revenue will be predominantly FSD and NHS derived?

因此,假设下一季度的收入主要来自FSD和NHS,这是否公平或过于保守?

安东尼霍勒

I think there'll be more than that, Matt. I just don't think you'll see the number that we have in Q1.

我认为不仅如此,马特。 我只是觉得你不会看到我们在第一季度的数字。

Matt Bottomley

And then just speaking again to your guided range of 55 to 60. So those, I understand are just the California branded product sales, given the fact that it's going to be into 2020 as you continue to ramp-up your Cathedral City location. What’s your upside or moderate case scenario for what operating margins and gross margins you can get out of that business model? I think this quarter, there are out about 37%. So how much more upside is to that? And is it possible in your view to break profitability before you actually have your own vertically integrated sales model?

然后再谈谈你的导航范围55到60.所以我明白这些只是加利福尼亚品牌的产品销售,因为它将在2020年继续增加你的大教堂城的位置。 对于您可以从该业务模式中获得的运营利润率和毛利率,您的上行或中等情况是什么? 我觉得本季度大约有37%。 那么这有多大的好处呢? 您是否有可能在实际拥有自己的垂直整合销售模式之前打破盈利?

David Negus

We see long-term margins in that business north of the 50s into the 60 plus range. I think that cash flow breakeven is obtainable in the near-term. The challenge we have right now is obviously we're making significant investments in working capital. You can see our investments into inventory, into AR. There's a lot of cash floating in working capital right now as we build-up our operations and we go from -- we really went from a standstill to a lot of revenue in Q1. And as we tempered through this working capital and the engine starts turning over, I think you'll see near-term cash flow breakeven.

我们看到50年代以来该业务的长期利润率达到60 范围。 我认为现金流盈亏平衡可以在短期内获得。 我们现在面临的挑战显然是我们正在对营运资金进行大量投资。 您可以看到我们对库存的投资,进入AR。 我们现在正在筹集运营资金,现在有很多现金流入营运资金 - 我们真的从第四季度停滞不前到很多收入。 当我们通过这个营运资本进行调整并且引擎开始翻身时,我认为您会看到近期现金流量的盈亏平衡。

Matt Bottomley

And just last one for me on the capital side. So as I think I hear it in your release, May 30th $1.5 million of cash, but the working capital you referenced, particularly the AR at 10, that $11.5 million. What type of runway do you think that gives you considering all the activities you currently have in your hand?

在资本方面,对我来说只是最后一个。 因此,我认为我在你的发布中听到了5月30日的150万美元现金,但你引用的营运资金,特别是10美元的AR,即1150万美元。 你认为什么类型的跑道让你考虑到你手中的所有活动?

David Negus

We do have an additional $10 million. We need to contribute towards the Cathedral City Greenhouse facility. We talked about that in our last call a month ago. So I think, obviously, we will require some additional capital to complete our activities, but we feel confident that we've got a good plan in place and will be sufficiently funded to get through.

我们还有1000万美元。 我们需要为大教堂城温室设施做出贡献。 我们在一个月前的最后一次电话会议上讨论了这个问题。 所以我认为,显然,我们将需要一些额外的资金来完成我们的活动,但我们相信我们已经制定了一个好的计划并且有足够的资金来完成。

安东尼霍勒

Matt, you'll recall that in terms of our Canadian assets, we anticipate the sale of those assets. So I think in the near-term, we will report back to you on that.

马特,你会记得,就我们的加拿大资产而言,我们预计会出售这些资产。 所以我认为在短期内,我们会向您报告。

会议主持员

[Operator Instructions] There appear to be no further questions. This concludes the question-and-answer session. I'll now turn the conference back over to Dr. Anthony Holler for any closing remarks.

[操作员说明]似乎没有其他问题。 问答环节结束了。 现在,我将把会议转回到Anthony Holler博士的任何结束语中。

安东尼霍勒

Thank you. As always, I'd like to acknowledge my appreciation of the dedication and hard work of the entire Sunniva team, and look forward to the next several months when we see the completion of the Cathedral City facility and the next step in Sunniva's evolution.
Thank you again for joining us this morning and each of your questions. And I will remind you that we are holding our AGM on June 12, 2019 in Vancouver for those able to attend. Details can be found on our website. Thank you very much.

谢谢。 一如既往,我要感谢整个Sunniva团队的奉献精神和辛勤工作,并期待未来几个月我们看到大教堂城设施的完工以及Sunniva演变的下一步。

再次感谢您今天早上加入我们以及您的每一个问题。 我将提醒您,我们将于2019年6月12日在温哥华举行股东大会,以便有能力参加。 详情可在我们的网站上找到。 非常感谢你。

会议主持员

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的电话会议结束了。 你可以断开你的线路。 感谢您的参与,祝您度过愉快的一天。

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