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Village Farms(VFF) - 2022 Q4 - Annual Report
2023-03-09 21:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022. ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38783 VILLAGE FARMS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Ontario 98-1007671 (I.R ...
Village Farms(VFF) - 2022 Q4 - Earnings Call Transcript
2023-03-09 19:06
Village Farms International, Inc. (NASDAQ:VFF) Q4 2022 Earnings Conference Call March 9, 2023 8:30 AM ET Company Participants Michael DeGiglio - Founder, CEO, President & Director Stephen Ruffini - CFO, EVP, Company Secretary & Director Mandesh Dosanjh - President & CEO, Pure Sunfarms Conference Call Participants Aaron Grey - Alliance Global Partners Frederico Gomes - ATB Capital Markets Eric Des Lauriers - Craig-Hallum Pablo Zuanic - Cantor Fitzgerald Michael Freeman - Raymond James Andrew Partheniou - Sti ...
Village Farms(VFF) - 2022 Q3 - Earnings Call Transcript
2022-11-09 19:19
Village Farms International, Inc. (NASDAQ:VFF) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET Company Participants Michael DeGiglio - Founder, CEO, President & Director Stephen Ruffini - CFO, EVP, Company Secretary & Director Mandesh Dosanjh - President & CEO, Pure Sunfarms Conference Call Participants Tamy Chen - BMO Capital Markets Aaron Grey - Alliance Global Partners Frederico Gomes - ATB Capital Markets Eric Des Lauriers - Craig-Hallum Michael Freeman - Raymond James Doug Cooper - Beacon ...
Village Farms(VFF) - 2022 Q3 - Quarterly Report
2022-11-09 12:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Canada 98-1007671 (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 4700-80th Street Delta, British Columbia Canada V4K 3N3 (Address of P ...
Village Farms(VFF) - 2022 Q2 - Earnings Call Transcript
2022-08-09 19:13
Financial Data and Key Metrics Changes - Consolidated sales increased 18% year-over-year to $82.9 million from $70.4 million in Q2 2021, driven by higher sales from both Canadian Cannabis and Fresh produce, along with contributions from the acquisition of Balanced Health [37][41] - Consolidated net loss for the quarter was $36.6 million or negative $0.41 per share, compared to a net loss of $4.5 million or negative $0.06 per share in the same period last year [38] - Consolidated adjusted EBITDA was negative $10.3 million, down from a positive adjusted EBITDA of $1.5 million in Q2 2021, primarily due to the Fresh produce division [39] Business Line Data and Key Metrics Changes - Canadian Cannabis operations net sales grew 25% year-over-year to $38 million, achieving a new quarterly record, with 48% from retail branded sales and 29% from non-branded sales [44] - U.S. Cannabis sales from Balanced Health Botanicals were $5.8 million, with a gross margin of 66% [50] - Fresh produce experienced a negative gross margin of $8.9 million, leading to a negative adjusted EBITDA of $10.4 million, compared to a negative adjusted EBITDA of $4 million in Q2 last year [54] Market Data and Key Metrics Changes - Canadian Cannabis market showed robust growth of 20% year-over-year in May, with the company positioned to benefit from emerging consumer preferences and innovation [59] - The company noted challenges in the Canadian Cannabis industry, including oversupply and price compression, but remains optimistic about its market position [15][59] Company Strategy and Development Direction - The company is focusing on operational efficiency in its Fresh produce business while maintaining optionality for U.S. Cannabis expansion [14][92] - The launch of the Fraser Valley Weed Company brand targets the value segment of the market, aiming to capture market share without significantly cannibalizing the Pure Sunfarms brand [21][87] - The company is investing in innovation and expanding its product offerings, including new strains and product formats, to drive growth in the cannabis sector [23][100] Management Comments on Operating Environment and Future Outlook - Management expressed frustration over the slow progress in U.S. Cannabis regulation but remains confident in the potential for significant growth once comprehensive legislation is enacted [14][92] - The company anticipates that the Canadian Cannabis business will generate positive cash flow moving forward, despite recent challenges in the Fresh produce segment [76] Other Important Information - The company filed a prospectus supplement for an aftermarket offering of up to $50 million to access additional capital as needed [57] - The company is actively reviewing its Fresh produce operations with third-party experts to optimize profitability amid ongoing industry challenges [12] Q&A Session Questions and Answers Question: Insights on Canadian Cannabis retail sales growth - Management is encouraged about the second half of 2022, expecting stronger sales based on historical seasonal trends [64] Question: Details on Fraser Valley brand positioning - The Fraser Valley brand targets price-sensitive consumers in the value segment, with a focus on large format offerings at competitive price points [67][68] Question: Clarification on Cannabis segment EBITDA trends - The downward trend in EBITDA is attributed to increased SG&A expenses related to innovation and operational investments, but management expects improvements moving forward [72][73] Question: Future cash flow generation outlook - Management is optimistic about generating positive cash flow from both Canadian and U.S. Cannabis operations in the near future [76]
Village Farms(VFF) - 2022 Q2 - Quarterly Report
2022-08-09 11:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from to Commission File Number 001-38783 VILLAGE FARMS INTERNATIONAL, INC. (Exact name of Registrant as Specified in its Charter) Canada 98-1007671 (State or other Ju ...
Village Farms(VFF) - 2022 Q1 - Earnings Call Transcript
2022-05-10 16:09
Village Farms International, Inc. (NASDAQ:VFF) Q1 2022 Earnings Conference Call May 10, 2022 8:30 AM ET Company Participants Michael DeGiglio - Chief Executive Officer Steve Ruffini - Chief Financial Officer Mandesh Dosanjh - President & Chief Executive Officer, Pure Sunfarms Conference Call Participants Aaron Grey - Alliance Global Partners Andrew Partheniou - Stifel Matthew Baker - Cantor Fitzgerald Rahul Sarugaser - Raymond James Doug Cooper - Beacon Securities Eric Des Lauriers - Craig-Hallum Capital O ...
Village Farms(VFF) - 2022 Q1 - Quarterly Report
2022-05-10 11:11
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from to Commission File Number 001-38783 VILLAGE FARMS INTERNATIONAL, INC. (Exact name of Registrant as Specified in its Charter) Canada 98-1007671 (State or other J ...
Village Farms(VFF) - 2021 Q4 - Annual Report
2022-03-01 22:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021. ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38783 VILLAGE FARMS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Canada 98-1007671 (State or other jurisdiction of incorporation or organization) (I.R. ...
Village Farms(VFF) - 2021 Q4 - Earnings Call Transcript
2022-03-01 18:26
Village Farms International, Inc. (NASDAQ:VFF) Q4 2021 Earnings Conference Call March 1, 2022 8:30 AM ET Company Participants Michael DeGiglio - Chief Executive Officer Steve Ruffini - Chief Financial Officer Mandesh Dosanjh - President and Chief Executive Officer, Pure Sunfarms Conference Call Participants Tammy Chen - BMO Capital Markets Scott Fortune - ROTH Capital Rahul Sarugaser - Raymond James Matthew Baker - Cantor Aaron Grey - Alliance Global Partners Eric Des Lauriers - Craig-Hallum Operator Good m ...