- Transformation Plan On Track; Actions Taken-to-Date Have
Driven Over $33 Million in Annualized
Run-Rate Cost Savings
- Total Cannabis Net Revenue, Net of Provisions, Grew ~10%
to $60.1 million Compared to
$54.8 Million in Q4 2021
- Adjusted EBITDA Excluding Restructuring Costs Improved by
$4.0 million to a loss of
$11.5 million versus
Q4 2021; Clear Pathway to Adjusted EBITDA
Profitability by H1/FY23
- Improved Adjusted Gross Margin before FVA of 54% versus
53% in Q4 2021
EDMONTON, AB, Nov. 9, 2021 /CNW/ - Aurora Cannabis Inc. (the
"Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian
company defining the future of cannabinoids worldwide, today
announced its financial and operational results for the first
quarter fiscal 2022 ended September 30,
2021.
"Our transformation plan is on track. We continue to strengthen
and transform our business while benefitting from broad
diversification across our international medical, domestic medical,
and adult recreational segments. On a run-rate basis to date, we
have executed over $33 million in
annualized cost savings and are positioned to deliver approximately
$60 to $80
million in aggregate across selling, general and
administrative ("SG&A"), production, facility and logistic
expenses upon the completion of our business transformation. Our
strong Adjusted gross margins and narrowing Adjusted EBITDA loss
are also providing us with a clear path to profitability by the
first half of fiscal 2023 as we position ourselves for long-term
success. Importantly, our robust balance sheet and working capital
support our organic growth plans, and provide us with the financial
flexibility to evaluate accretive M&A opportunities," stated
Miguel Martin, Chief Executive
Officer of Aurora Cannabis.
"During the quarter, total cannabis net revenue increased by
approximately 10% sequentially, driven by our industry leading and
high margin global medical cannabis business. Our premiumization
strategy also gained traction, as evidenced by 29% sequential
revenue growth in our premium dry flower brands of San Rafael '71
and Whistler, primarily driven by the launch of three new Coast
cultivars," he continued.
"Our regulatory and compliance expertise in medical is also
enabling us to expand into global adult recreational as evidenced
by our recent entry into the Dutch recreational market through an
investment in Growery B.V., which based on today's global
regulatory framework we expect to become the largest regulated
recreational market outside of Canada," he concluded.
First Quarter 2022 Highlights
(Unless otherwise stated, comparisons are made between fiscal
Q1 2022, Q4 2021, and Q1 2021 results and are in Canadian
dollars)
Medical Cannabis:
- Medical cannabis net revenue1 was $41.0 million, a 23% increase from the prior year
period. The increase was primarily attributable to continued growth
in the international medical business, 84% growth sequentially and
146% over the prior year comparative period, as the Company
continued to develop new, high margin medical markets such as
Israel.
- Adjusted gross margin before fair value adjustments on medical
cannabis net revenue1 was 64% compared to 67%
sequentially and 56% in the prior year period. The year over year
improvement was a result of overall reduction in production costs
due to the closure of non-core facilities as part of our business
transformation plan and higher sales coming from our international
sales, which yield higher margins.
Consumer Cannabis:
- Consumer cannabis net revenue1 was $19.1 million, relatively steady compared to the
prior quarter net revenue of $19.5
million and a 44% decrease from the prior year period. Brand
mix improved sequentially as part of the Company's premiumization
strategy with San Rafael '71 and Whistler comprising 37% of the
flower sales, compared to 29% in the prior quarter. The decrease
from the prior year was due primarily to reduced orders from the
provinces in Canada, which
reflects the impacts of COVID-19 and began impacting our revenues
in Q3 2021.
- Adjusted gross margin before fair value adjustments on consumer
cannabis net revenue1 was 32% versus 30% sequentially
and 41% in the prior year period. The sequential improvement was
due to the improved mix of premium flower categories, and the
change from the prior year was primarily driven by an increase in
per-unit cost of sales due to under-utilized capacity at our core
facilities as a result of scaling back production.
Consolidated:
- Adjusted gross margin before fair value adjustments on cannabis
net revenue1 was 54% in Q1 2022 versus 53% in the prior
quarter and 48% in Q1 2021. The increase in Adjusted gross margin
compared to the prior quarter is due primarily to a shift in sales
mix towards the premium flower categories in the adult consumer
market and increased sales in our medical markets which command
significantly higher average net selling prices and margins.
- Adjusted EBITDA1 loss improved to $12.1 million in Q1 2022 versus $19.7 million in Q4 2021 and $58.1 million in the prior year period. Excluding
restructuring and contract termination charges, Adjusted
EBITDA1 loss was $11.5
million (Q4 2021 - $15.5
million, Q1 2021 - $10.7
million) . The decrease in loss as compared to Q4 2021 was
primarily driven by the 10% increase in revenues while Adjusted
gross margins remained steady.
- Q1 2022 total cannabis net revenue1 was $60.1 million, up 10% sequentially. Reflecting
the shift in mix toward our medical businesses, the Q1 2022 average
net selling price per gram of dried cannabis1 increased
to $4.67 per gram from $3.86 in Q1 2021 and down from $5.11 in Q4 2021 due to country mix in
international sales. This excludes the impact of bulk wholesale of
excess mid-potency cannabis flower at clear-out pricing.
Selling, General and Administrative
("SG&A"):
- SG&A, including Research and Development ("R&D"), was
$44.0 million, excluding $5.4 million in restructuring, severance and
prior year bonus accruals, versus $42.6
million in the prior year quarter.
__________________________
|
1 These
terms are non-GAAP measures, see "Non-GAAP Measures"
below.
|
Operational Efficiency Plan, Balance Sheet Strength, &
Working Capital Improvement
Aurora has identified cash savings of $60
million to $80 million. We
have already executed over $33
million in annualized run-rate cost savings to date, and
expect to deliver the remainder before the end of Q2 fiscal
2023.
Approximately 60% of the savings are expected to be removed from
our network through asset consolidation, and operational and supply
chain efficiencies. The remaining 40% of savings are intended to be
sourced through SG&A.
These cash savings will be reflected in our P&L either as
they occur for SG&A savings, or as inventory is drawn down for
production-related savings. These efficiencies are
incremental to the approximately $300
million of total cost reductions achieved since the
announcement of the Company's business transformation plan in
February 2020.
The Company also views a strong balance sheet as critical to
operating the business, executing its strategic plans, and pursuing
growth opportunities in a prudent, disciplined manner, including
within the U.S. At September 30, 2021
Aurora has a cash balance of approximately $424.3 million, comprised of $372.8 million of cash and cash equivalents and
$51.5 million in restricted cash, no
secured term debt, and access to US$1
billion of capital under its shelf prospectus.
The Company's focus on realizing operational efficiencies and
management of cash has greatly improved operating cash flow;
reducing the need for incremental capital. In Q1 2022, Aurora
managed cash flow tightly using $18.1
million in cash to fund operations, including working
capital investments and restructuring and severance payments of
$0.6 million. Cash inflow from
capital expenditures, net of disposals, in Q1 2022 was $3.1 million versus cash outflow of $15.3 million in Q1 2021 and $6.2 million of cash inflow in Q4 2021.
Cash used in operations and for capital expenditures are crucial
metrics in Aurora's drive toward generating sustainable positive
free cash flow, and both have improved significantly over the past
year. The Company's ongoing business transformation, with the
additional cost efficiency savings described earlier, is expected
to move the operating cash flow metric in a positive direction over
the coming quarters.
Net working capital generated a cash outflow of $3.4 million in the quarter, excluding the
impacts of inventory impairment primarily driven by a decrease in
accounts receivable.
Fiscal Q1 2022 Cash Use
The main components of cash source and use in Q1 2022 were as
follows:
($
thousands)
|
Q1
2022
|
Q4
2021
|
Q1
2021(3)
|
Cash
Flow
|
|
|
|
Cash, Opening
(1)
|
$440,851
|
$520,238
|
$162,179
|
|
|
|
|
Cash used in
operations, including working capital
|
($18,052)
|
($7,840)
|
($109,540)
|
Capital expenditures,
net of disposals and government grant income
|
$3,053
|
$6,230
|
($15,278)
|
Debt and interest
payments
|
($1,551)
|
($90,141)
(2)
|
($17,966)
|
Cash use
|
($16,550)
|
($91,751)
|
($142,784)
|
|
|
|
|
Proceeds raised from
sale of marketable securities and investments in
associates
|
-
|
$11,929
|
-
|
Proceeds raised
through debt
|
-
|
-
|
-
|
Proceeds raised
through equity financing
|
-
|
$435
|
$114,283
|
Cash
raised
|
-
|
$12,364
|
$114,283
|
|
|
|
|
Cash, Ending
(1)
|
$424,301
|
$440,851
|
$133,678
|
|
|
(1)
|
Includes restricted
cash of $51.5M at Q1 2022, $19.4M at Q4 2021, and nil at Q1
2021.
|
(2)
|
Includes $88.7
million full principal repayment on the BMO Credit Facility. As of
June 30, 2021, the BMO Credit Facility has been fully settled and
discharged.
|
(3)
|
Previously reported amounts have been
retroactively recast for the biological assets and inventory
non-material prior period error. Refer to the "Significant
Accounting Policies and Judgments" section in Note 2(d) of the
Financial Statements.
|
Refer to the "Consolidated Statement of Cash Flows" in the
"Consolidated Financial Statements" for our cash flow statements
prepared in accordance with IAS 7 – Statement of Cash Flows.
($ thousands,
except Operational Results)
|
Q1
2022
|
Q1
2021(1)(2)
|
$
Change
|
%
Change
|
|
Q4
2021
|
$
Change
|
%
Change
|
Financial
Results
|
|
|
|
|
|
|
|
|
|
Total net revenue
(3)
|
$60,108
|
|
$67,593
|
|
($7,485)
|
(11)
|
%
|
$54,825
|
|
$5,283
|
10
|
%
|
Medical cannabis net
revenue (3)(4a)
|
$40,984
|
|
$33,255
|
|
$7,729
|
23
|
%
|
$35,022
|
|
$5,962
|
17
|
%
|
Consumer cannabis net
revenue (3)(4a)
|
$19,124
|
|
$34,338
|
|
($15,214)
|
(44)
|
%
|
$19,514
|
|
($390)
|
(2)
|
%
|
Adjusted gross margin
before FV adjustments
on cannabis net revenue (4b)
|
54
|
%
|
48
|
%
|
N/A
|
6
|
%
|
53
|
%
|
N/A
|
1
|
%
|
Adjusted gross margin
before FV adjustments
on medical cannabis net revenue
(4b)
|
64
|
%
|
56
|
%
|
N/A
|
8
|
%
|
67
|
%
|
N/A
|
(3)
|
%
|
Adjusted gross margin
before FV adjustments
on consumer cannabis net revenue (4b)
|
32
|
%
|
41
|
%
|
N/A
|
(9)
|
%
|
30
|
%
|
N/A
|
2
|
%
|
SG&A
expense
|
$45,760
|
|
$44,088
|
|
$1,672
|
4
|
%
|
$46,902
|
|
($1,142)
|
(2)
|
%
|
R&D
expense
|
$3,671
|
|
$2,583
|
|
$1,088
|
42
|
%
|
$3,034
|
|
$637
|
21
|
%
|
Adjusted EBITDA
(4c)
|
($12,104)
|
|
($58,124)
|
|
$46,020
|
79
|
%
|
($19,719)
|
|
$7,615
|
39
|
%
|
|
|
|
|
|
|
Balance
Sheet
|
|
|
|
|
|
Working
capital
|
$532,612
|
|
$206,335
|
|
$362,277
|
158
|
%
|
$549,517
|
|
$16,905
|
(3)
|
%
|
Cannabis inventory
and biological assets(5) (2)(3)(7)
|
$139,103
|
|
$171,086
|
|
($31,983)
|
(19)
|
%
|
$120,297
|
|
$18,806
|
16
|
%
|
Total
assets
|
$2,560,316
|
|
$2,762,181
|
|
($201,865)
|
(7)
|
%
|
$2,604,731
|
|
($44,415)
|
(2)
|
%
|
|
|
|
|
|
|
Operational
Results – Cannabis
|
|
|
|
|
|
Average net selling
price of dried cannabis
excluding bulk sales
(4)
|
$4.67
|
|
$3.86
|
|
$0.81
|
21
|
%
|
$5.11
|
|
($0.44)
|
(9)
|
%
|
Kilograms sold
(6)
|
12,484
|
|
16,139
|
|
(3,655)
|
(23)
|
%
|
11,346
|
|
1,138
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts have been
retroactively recast for the biological assets and inventory
non-material prior period error. Refer to the "Significant
Accounting Policies and Judgments" Note 2(d) in the Financial
Statements for further detail.
|
(2)
|
As a result of the
Company's dissolution and divestment of its wholly-owned
subsidiaries, Hempco and AHE, during the year ended June 30, 2021,
the operations of Hempco and AHE have been presented as
discontinued operations and the Company's operational results have
been retroactively restated, as required. Refer to Note 12(b) of
the Financial Statements for additional information.
|
(3)
|
Includes the impact
of actual and expected product returns and price adjustments (Q1
2022 - $0.7 million; Q4 2021 - $0.7 million; Q1 2020 - $0.8
million).
|
(4)
|
These terms are
defined in the "Cautionary Statement Regarding Certain Non-GAAP
Performance Measures" section of the MD&A. Refer to the
following sections for reconciliation of non-GAAP measures to the
IFRS equivalent measure:
|
|
a.
|
Refer to the
"Revenue" section for a reconciliation of cannabis net
revenue to the IFRS equivalent.
|
|
b.
|
Refer to the "Cost
of Sales and Gross Margin" section for reconciliation to the
IFRS equivalent.
|
|
c.
|
Refer to the
"Adjusted EBITDA" section for reconciliation to the IFRS
equivalent.
|
(5)
|
Represents total
biological assets and cannabis inventory, exclusive of merchandise,
accessories, supplies and consumables.
|
(6)
|
The kilograms sold is
offset by the grams returned during the period.
|
Conference Call
Aurora will host a conference call today,Tuesday, November 9, 2021, to discuss these
results. Miguel Martin, Chief Executive Officer, and
Glen Ibbott, Chief Financial
Officer, will host the call starting at 5:00 p.m. Eastern Time
| 3:00 p.m. Mountain Time. A question and answer session will
follow management's presentation.
Conference Call Details
DATE:
|
|
Tuesday, November 9,
2021
|
TIME:
|
|
5:00 p.m. Eastern
Time | 3:00 p.m. Mountain Time
|
WEBCAST:
|
|
Click
here
|
Investors may submit questions in advance or during the
conference call itself through same weblink listed above. This
weblink has also been posted to the Company's "Investor Info" link
at https://investor.auroramj.com/ under "News & Events".
About Aurora
Aurora is a global leader in the cannabis industry, serving
both the medical and consumer markets. Headquartered in
Edmonton, Alberta, Aurora is a
pioneer in global cannabis dedicated to helping people improve
their lives. The Company's brand portfolio includes
Aurora, Aurora Drift, San Rafael '71, Daily
Special, MedReleaf, CanniMed, Pedanios, Whistler, Reliva and KG7
CBD. Driven by science and innovation, and with a focus on
high-quality cannabis products, Aurora's brands continue to break
through as industry leaders in the medical, performance,
wellness and adult recreational markets
wherever they are launched. Learn more
at www.auroramj.com and follow us
on Twitter and LinkedIn.
Aurora's common shares trade on the TSX
and NASDAQ under the symbol "ACB" and is a constituent of
the S&P/TSX Composite Index.
Forward Looking Statements
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements made in
this news release include, but are not limited to, statements with
respect to:
- pro forma measures including revenue, cash flow, Adjusted gross
margin before fair value adjustments, and expected SG&A
run-rates;
- the Company's ability to execute on its business transformation
plan, and path and timing to achieve Adjusted EBITDA
profitability;
- planned cost efficiencies, including the execution of the
Company's costs savings plan, including, but not limited to, asset
consolidation, supply chain efficiency and other reductions in
SG&A expenses;
- the anticipated relative size of the Dutch recreational market;
and
- future strategic plans and pursuit of growth opportunities,
including, but not limited to, M&A in the United States and the expansion into
additional international markets.
These forward-looking statements are only predictions. Forward
looking information or statements contained in this news
release have been developed based on assumptions
management considers to be reasonable. Material factors
or assumptions involved in developing forward-looking statements
include, without limitation, publicly available information from
governmental sources as well as from market research and industry
analysis and on assumptions based on data and knowledge of this
industry which the Company believes to be reasonable.
Forward-looking statements are subject to a variety of risks,
uncertainties and other factors that management believes to be
relevant and reasonable in the circumstances could cause actual
events, results, level of activity, performance, prospects,
opportunities or achievements to differ materially from those
projected in the forward-looking statements. These risks
include, but are not limited to, the ability to retain key
personnel, the ability to continue investing in infrastructure to
support growth, the ability to obtain financing on acceptable
terms, the continued quality of our products, customer experience
and retention, the development of third party government and
non-government consumer sales channels, management's
estimates of consumer demand in Canada and in jurisdictions where the Company
exports, expectations of future results and expenses, the risk
of successful integration of acquired business and operations,
management's estimation that SG&A will grow only in proportion
of revenue growth, the ability to expand and maintain distribution
capabilities, the impact of competition, the general impact of
financial market conditions, the yield from cannabis growing
operations, product demand, changes in prices of required
commodities, competition, and the possibility for changes in laws,
rules, and regulations in the industry, epidemics, pandemics or
other public health crises, including the current outbreak of
COVID-19, and other risks, uncertainties and factors set out
under the heading "Risk Factors" in the Company's annual
information form dated September 27,
2021 (the "AIF") and filed with Canadian securities
regulators available on the Company's issuer profile on SEDAR
at www.sedar.com and filed with and available on the
SEC's website at www.sec.gov. The Company cautions
that the list of risks, uncertainties and other factors described
in the AIF is not exhaustive and other factors could also adversely
affect its results. Readers are urged to consider the risks,
uncertainties and assumptions carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such information. The Company is under no obligation,
and expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities law
Non-GAAP Measures
This news release contains certain financial performance
measures that are not recognized or defined under IFRS (termed
"Non-GAAP Measures"). As a result, this data may not be comparable
to data presented by other licensed producers of cannabis and
cannabis companies. For an explanation of these measures to related
comparable financial information presented in the consolidated
financial statements prepared in accordance with IFRS, refer to the
discussion below. The Company believes that these Non-GAAP Measures
are useful indicators of operating performance and are specifically
used by management to assess the financial and operational
performance of the Company. These Non-GAAP Measures include, but
are not limited, to the following:
- Cannabis net revenue represents revenue from the sale of
cannabis products, excluding excise taxes. Cannabis net revenue is
further broken down as follows:
-
- Medical cannabis net revenue represents Canadian and
international cannabis net revenue for medical cannabis sales
only.
- Consumer cannabis net revenue represents cannabis net revenue
for consumer cannabis sales only.
- Wholesale bulk cannabis net revenue represents cannabis net
revenue for wholesale bulk cannabis only.
- Ancillary net revenue represents non-cannabis net revenue for
ancillary support functions only.
- Management believes the cannabis net revenue measures provide
more specific information about the net revenue purely generated
from our core cannabis business and by market type.
- Average net selling price per gram and gram equivalent is
calculated by taking cannabis net revenue and removing the impact
of cost of sales net against revenue in agency relationships, which
is then divided by total grams and grams equivalent of cannabis
sold in the period. Average net selling price per gram and gram
equivalent is further broken down as follows:
-
- Average net selling price per gram of dried cannabis represents
the average net selling price per gram for dried cannabis sales
only, excluding wholesale bulk cannabis sold in the period.
- Average net selling price per gram of international dried
cannabis represents the average net selling price per gram for
international dried cannabis sales only, excluding wholesale bulk
cannabis sold in the period.
- Average net selling price per gram and gram equivalent of
Canadian medical cannabis represents the average net selling price
per gram and gram equivalent for dried cannabis and cannabis
derivatives sold in the Canadian medical market.
- Average net selling price per gram and gram equivalent of
medical cannabis represents the average net selling price per gram
and gram equivalent for dried cannabis and cannabis derivatives
sold in the medical market.
- Average net selling price per gram and gram equivalent of
consumer cannabis represents the average net selling price per gram
and gram equivalent for dried cannabis and cannabis derivatives
sold in the consumer market.
- Management believes the average net selling price per gram or
gram equivalent measures provide more specific information about
the pricing trends over time by product and market type. Under an
agency relationship, revenue is recognized net of cost of sales in
accordance with IFRS. Management believes the removal of agency
cost of sales in determining the average net selling price per gram
and gram equivalent is more reflective of our average net selling
price generated in the marketplace.
- Gross profit before FV adjustments on cannabis net revenue is
calculated by subtracting (i) cost of sales, before the effects of
changes in FV of biological assets and inventory, and (ii) cost of
sales from non-cannabis ancillary support functions, from total
cannabis net revenue. Gross margin before FV adjustments on
cannabis net revenue is calculated by dividing gross profit before
FV adjustments on cannabis net revenue divided by cannabis net
revenue. Management believes that these measures provide useful
information to assess the profitability of our cannabis operations
as it excludes the effects of non-cash FV adjustments on inventory
and biological assets, which are required by IFRS.
- Adjusted gross profit before FV adjustments on cannabis net
revenue represents cash gross profit and gross margin on cannabis
net revenue and is calculated by subtracting from total cannabis
net revenue (i) cost of sales, before the effects of changes in FV
of biological assets and inventory; (ii) cost of sales from
non-cannabis ancillary support functions; and removing (iii)
depreciation in cost of sales; (iv) cannabis inventory impairment;
and (v) out-of-period adjustments. Adjusted gross margin before FV
adjustments on cannabis net revenue is calculated by dividing
Adjusted gross profit before FV adjustments on cannabis net revenue
divided by cannabis net revenue. Adjusted gross profit and gross
margin before FV adjustments on cannabis net revenue is further
broken down as follows:
-
- Adjusted gross profit and gross margin before FV adjustments on
medical cannabis net revenue represents gross profit and gross
margin before FV adjustments on sales generated in the medical
market only.
- Adjusted gross profit and gross margin before FV adjustments on
consumer cannabis net revenue represents gross profit and gross
margin before FV adjustments on sales generated in the consumer
market only.
- Adjusted gross profit and gross margin before FV adjustments on
wholesale bulk cannabis net revenue represents gross profit and
gross margin before FV adjustments on sales generated from
wholesale bulk cannabis only.
- Adjusted gross profit and gross margin before FV adjustments on
ancillary net revenue represents gross profit and gross margin
before FV adjustments on sales generated from ancillary support
functions only.
- Management believes that these measures provide useful
information to assess the profitability of our cannabis operations
as it represents the cash gross profit and margin generated from
cannabis operations and excludes (i) out-of-period adjustments to
provide information that reflects current period results; and (ii)
excludes the effects of non-cash FV adjustments on inventory and
biological assets, which are required by IFRS.
- Adjusted EBITDA is calculated as net income (loss) excluding
interest income (expense), accretion, income taxes, depreciation,
amortization, changes in fair value of inventory sold, changes in
fair value of biological assets, share-based compensation,
acquisition costs, foreign exchange, share of income (losses) from
investment in associates, government grant income, fair value gains
and losses on financial instruments, gains and losses on deemed
disposal, losses on disposal of assets, restructuring charges,
onerous contract provisions, out-of-period adjustments, and
non-cash impairments of deposits, property, plant and equipment,
equity investments, intangibles, goodwill, and other assets.
Adjusted EBITDA is intended to provide a proxy for the Company's
operating cash flow and is widely used by industry analysts to
compare Aurora to its competitors, and derive expectations of
future financial performance for Aurora, and excludes out-of-period
adjustments that are not reflective of current operating results.
Adjusted EBITDA increases comparability between comparative
companies by eliminating variability resulting from differences in
capital structures, management decisions related to resource
allocation, and the impact of FV adjustments on biological assets
and inventory and financial instruments, which may be volatile and
fluctuate significantly from period to period.
Non-GAAP measures should be considered together with other data
prepared accordance with IFRS to enable investors to evaluate the
Company's operating results, underlying performance and prospects
in a manner similar to Aurora's management. Accordingly, these
non-GAAP measures are intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
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SOURCE Aurora Cannabis Inc.