Aphria Inc (NYSE:APHA) Q1 2020 Earnings Conference Call Transcript
Oct 15, 2019 • 09:00 am ET
Good morning. My name is Denise, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Aphria Inc Q1 Quarterly Investors Call. [Operator Instructions] Thank you.
Katie Turner you may begin your conference.
Katie M. Turner
Thank you, Denise. Good morning, everyone. We appreciate you joining us to discuss Aphria Inc's financial results for the first quarter ended August 31st, 2019.
On today's call are Irwin Simon and Carl Merton, Jim Meiers will also be available for Q&A. By now, everyone should have access to the earnings release, financial statements, MD&A and investor presentation, which are available on the Investors section of Aphria's website, at aphriainc.com. The financial statements have been filed with SEDAR and EDGAR.
Before we begin, please remember that during the course of this call management may make forward-looking statements. These statements are based on management's current expectations and beliefs and involve various known and unknown risks and uncertainties, which may prove to be incorrect, and actual results could differ materially from those described in these forward-looking statements. Please refer to the text in Aphria's earnings press release and financial filings issued today for a discussion of the risks and uncertainties associated with such forward-looking statements.
And now I'd now like to turn the call over to Irwin Simon.
Irwin D. Simon
Thank you, Katie, and good morning, everyone. We appreciate you joining us today to discuss our first quarter financial results. Our team has accomplished a significant amount to start the year both in Canada and internationally. For the first quarter, our results were in line with our expectations and we're on track to achieve our annual guidance. We believe our financial results truly sets us apart from our peers in the cannabis industry.
Adult-Use cannabis net revenue increased 8% with a four-fold increase in consolidated adjusted EBITDA as compared to the fourth quarter. We ended the quarter with a strong balance sheet and a cash position including CAD464 million of cash and marketable securities. As they say, cash is king. Our cash position and balance sheet will continue to differentiate us in the cannabis industry.
We remain focus on the highest return priorities for growth. Our first quarter results demonstrate our emphasis on sustainable profitable growth. Since I joined Aphria, our focus has been on profitability, a strong cash position for growth and focusing on our assets that we believe will create the most value as we invest in them to grow, demonstrate by our performance and these strategies are working.
We have assembled a strong team with cannabis, consumer packaged goods, beverage and broader operational and supply chains experience, that will fuel our growth this year and years to come well into the future. Most recently, Bernard Yeung joined us as Vice President Sales. He is a dynamic executive with significant experience in the cannabis and the alcohol industry. He is already hit the ground running at Aphria with compelling insights and perspectives that help further our growth as we consistently enhance our competitive