CA - Village Farms International (VFF) Q1 2024 Earnings Call Transcript
2024-05-08 16:18:07 ET
Village Farms International (VFF)
Q1 2024 Earnings Conference Call
May 08, 2024, 08:30 AM ET
Company Participants
Michael DeGiglio - President, Chief Executive Officer
Stephen Ruffini - Executive Vice President, Chief Financial Officer
Conference Call Participants
Aaron Grey - Alliance Global Partners
Eric Livshits - ATB Capital Markets
Mike Regan - Excelsior Equities
Eric Des Lauriers - Craig Hallum Capital
Doug Cooper - Beacon Security
Pablo Zuanic - Zuanic & Associates
Nicholas Hatzis - Roth MKM
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to Village Farm International’s First Quarter 2024 Financial Results Conference Call. This morning, Village Farms issued a news release reporting its financial results for the first quarter ended March 31, 2024. That news release, along with the company's financial statements, are available on the company's website@villagefarms.com , under the investors heading.
Please note that today’s call is being broadcast live over the internet and will be archived for replay, both by telephone and via the internet, beginning approximately one hour following completion of the call. Details of how to access the replays are available in today’s news release.
Before we begin, let me remind you that forward-looking statements may be made today during or after the formal part of this conference call. Certain material assumptions were applied in providing these statements, many of which are beyond our control. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements.
A summary of these underlying assumptions, risks and uncertainties is contained in the company’s various securities filings with the SEC and Canadian regulators, including its Form 10-K and MD&A for the year ended December 31, 2023, and 10-Q for the quarter ended March 31, 2024, which will be available on EDGAR and SEDAR+. These forward-looking statements are made as of today’s date and, except as required by applicable securities laws, we undertake no obligation to publicly update or revise any such statements.
I would now like to turn the call over to Michael DeGiglio, Chief Executive Officer of Village Farms International. Please go ahead, Mr. DeGiglio.
Michael DeGiglio
Thanks, Eric. Good morning and thank you for joining us today. And I'm happy to be here. With me are Steve Rafini, Chief Financial Officer, Ann Gillen Lefever, chief operating officer and Patty Smith, corporate controller. For today's call, I'll begin with some perspective from my point of view on what's driving our strong start to 2024. Then I'll share my thoughts on how we are leveraging, the unmatched capabilities we have built to lead in the global cannabis industry.
My first topic will be Q1 highlights; how Canadian cannabis business once again achieved several sales records while delivering profitability and cash flow, and our fresh produce business generated net income on a solid year-over-year sales growth. Together, these drove a 21% increase in consolidated sales and a six fold increase in adjusted EBITDA....
Village Farms International (VFF) Q1 2024 Earnings Call Transcript