This news release constitutes a \u201cdesignated news release\u201d for the purposes of the Company\u2019s prospectus supplement dated May 2, 2022 to its short form base shelf prospectus dated May 7, 2021 and amended and restated on May 25, 2021.<\/i><\/p>\n
GATINEAU, Qu\u00e9bec–(BUSINESS WIRE<\/a>)– \n\u201cHEXO held firm to our long-term strategy this quarter and remained focused on our most profitable brands and maintaining fair prices,\u201d said Charlie Bowman, President and Chief Executive Officer of HEXO. \u201cWhile cannabis prices have dropped sharply across the market, it is our view that slashing prices is not a sustainable strategy. We\u2019re confident our products will continue to deliver excellent value to customers and shareholders alike.\u201d\n<\/p>\n \n\u201cOur continued focus on profitability is yielding solid results, including positive net income before tax for the first time in our history,\u201d noted Julius Ivancsits, Chief Financial Officer of HEXO. \u201cSG&A spending is down 11 per cent or $1.5 million compared to the previous quarter. We also made significant progress in our trade accounts receivable with a $21 million reduction compared to the first quarter and have paid off $40.7 million in debt. Our adjusted gross margin lift to 45 per cent from 40 per cent last quarter, shows that we continue to align operations towards the path to profitability.\u201d\n<\/p>\n \n\u201cWe launched several new products late in the quarter that flew off the shelves, validating our commitment to producing a range of high-quality products that customers want,\u201d added Mr. Bowman. \u201cCustomer response to our revitalized portfolio of brands, which includes proven favourites and new proprietary strains, has been very positive. This feedback allowed us to further enhance our highest-performing lines and significantly increase production of our popular Redecan straight edge pre-roll products.”\n<\/p>\n Significant Financial Results<\/b><\/p>\n Key Financial Results<\/b><\/p>\n<\/td>\n \n(in thousands of Canadian dollars)\n<\/p>\n<\/td>\n For the three months ended<\/i><\/p>\n<\/td>\n For the six months ended<\/i><\/p>\n<\/td>\n<\/tr>\n January \nOctober \nJanuary January \nJanuary 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue from sale of goods\n<\/p>\n<\/td>\n 35,268<\/b><\/p>\n<\/td>\n \n52,884\n<\/p>\n<\/td>\n \n72,014\n<\/p>\n<\/td>\n 88,152<\/b><\/p>\n<\/td>\n \n141,511\n<\/p>\n<\/td>\n<\/tr>\n \nExcise taxes\n<\/p>\n<\/td>\n (11,809)<\/b><\/p>\n<\/td>\n \n(17,340)\n<\/p>\n<\/td>\n \n(19,251)\n<\/p>\n<\/td>\n (29,149)<\/b><\/p>\n<\/td>\n \n(38,786)\n<\/p>\n<\/td>\n<\/tr>\n \nNet revenue from sale of goods\n<\/p>\n<\/td>\n 23,459<\/b><\/p>\n<\/td>\n \n35,544\n<\/p>\n<\/td>\n \n52,763\n<\/p>\n<\/td>\n 59,003<\/b><\/p>\n<\/td>\n \n102,725\n<\/p>\n<\/td>\n<\/tr>\n \nService revenues1<\/sup><\/p>\n<\/td>\n 702<\/b><\/p>\n<\/td>\n \n227\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n 929<\/b><\/p>\n<\/td>\n \n225\n<\/p>\n<\/td>\n<\/tr>\n \nNet revenue\n<\/p>\n<\/td>\n 24,161<\/b><\/p>\n<\/td>\n \n35,771\n<\/p>\n<\/td>\n \n52,763\n<\/p>\n<\/td>\n 59,932<\/b><\/p>\n<\/td>\n \n102,950\n<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold\n<\/p>\n<\/td>\n (26,337)<\/b><\/p>\n<\/td>\n \n(35,563)\n<\/p>\n<\/td>\n \n(61,302)\n<\/p>\n<\/td>\n (61,899)<\/b><\/p>\n<\/td>\n \n(144,285)\n<\/p>\n<\/td>\n<\/tr>\n \nGross loss before fair value adjustments\n<\/p>\n<\/td>\n (2,176)<\/b><\/p>\n<\/td>\n \n208\n<\/p>\n<\/td>\n \n(8,539)\n<\/p>\n<\/td>\n (1,967)<\/b><\/p>\n<\/td>\n \n(41,335)\n<\/p>\n<\/td>\n<\/tr>\n \nRealized fair value amounts on inventory sold\n<\/p>\n<\/td>\n (5,194)<\/b><\/p>\n<\/td>\n \n(19,966)\n<\/p>\n<\/td>\n \n(9,966)\n<\/p>\n<\/td>\n (25,160)<\/b><\/p>\n<\/td>\n \n(22,726)\n<\/p>\n<\/td>\n<\/tr>\n \nUnrealized gain on changes in fair value of biological assets\n<\/p>\n<\/td>\n 1,394<\/b><\/p>\n<\/td>\n \n2,403\n<\/p>\n<\/td>\n \n15,945\n<\/p>\n<\/td>\n 3,797<\/b><\/p>\n<\/td>\n \n29,526\n<\/p>\n<\/td>\n<\/tr>\n \nGross (loss)\/profit\n<\/p>\n<\/td>\n (5,976)<\/b><\/p>\n<\/td>\n \n(17,355)\n<\/p>\n<\/td>\n \n(2,560)\n<\/p>\n<\/td>\n (23,330)<\/b><\/p>\n<\/td>\n \n(34,535)\n<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses\n<\/p>\n<\/td>\n (23,771)<\/b><\/p>\n<\/td>\n \n(23,164)\n<\/p>\n<\/td>\n \n(667,296)\n<\/p>\n<\/td>\n (46,937)<\/b><\/p>\n<\/td>\n \n(790,431)\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations\n<\/p>\n<\/td>\n (29,747)<\/b><\/p>\n<\/td>\n \n(40,519)\n<\/p>\n<\/td>\n \n(669,856)\n<\/p>\n<\/td>\n (70,267)<\/b><\/p>\n<\/td>\n \n(824,966)\n<\/p>\n<\/td>\n<\/tr>\n \nFinance income (expense), net\n<\/p>\n<\/td>\n (752)<\/b><\/p>\n<\/td>\n \n(1,917)\n<\/p>\n<\/td>\n \n(5,058)\n<\/p>\n<\/td>\n (2,669)<\/b><\/p>\n<\/td>\n \n(9,588)\n<\/p>\n<\/td>\n<\/tr>\n \nNon-operating income (expense), net\n<\/p>\n<\/td>\n 34,169<\/b><\/p>\n<\/td>\n \n(14,632)\n<\/p>\n<\/td>\n \n(61,190)\n<\/p>\n<\/td>\n 19,537<\/b><\/p>\n<\/td>\n \n(18,977)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\/(loss) before tax\n<\/p>\n<\/td>\n 3,670<\/b><\/p>\n<\/td>\n \n(57,068)\n<\/p>\n<\/td>\n \n(736,104)\n<\/p>\n<\/td>\n (53,399)<\/b><\/p>\n<\/td>\n \n(853,531)\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent and deferred tax recovery\n<\/p>\n<\/td>\n (2,948)<\/b><\/p>\n<\/td>\n \n813\n<\/p>\n<\/td>\n \n25,218\n<\/p>\n<\/td>\n (2,136)<\/b><\/p>\n<\/td>\n \n25,373\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\/(loss)\n<\/p>\n<\/td>\n 722<\/b><\/p>\n<\/td>\n \n(56,255)\n<\/p>\n<\/td>\n \n(710,886)\n<\/p>\n<\/td>\n (55,535)<\/b><\/p>\n<\/td>\n \n(828,158)\n<\/p>\n<\/td>\n<\/tr>\n \nOther comprehensive income\n<\/p>\n<\/td>\n (11,784)<\/b><\/p>\n<\/td>\n \n4,201\n<\/p>\n<\/td>\n \n20,632\n<\/p>\n<\/td>\n (7,584)<\/b><\/p>\n<\/td>\n \n20,996\n<\/p>\n<\/td>\n<\/tr>\n \nTotal net loss and comprehensive loss\n<\/p>\n<\/td>\n (11,062)<\/b><\/p>\n<\/td>\n \n(52,054)\n<\/p>\n<\/td>\n \n(690,254)\n<\/p>\n<\/td>\n (63,119)<\/b><\/p>\n<\/td>\n \n(807,162)\n<\/p>\n<\/td>\n<\/tr>\n 1<\/sup>The Company notes that $1,069 of previously classified Service revenue has been reclassified to Revenue from sale of goods in the three months ended October 31, 2022.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n Net Revenue<\/b><\/p>\n<\/td>\n For the three months ended<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q2\u201923<\/b><\/p>\n<\/td>\n \nQ1\u201923\n<\/p>\n<\/td>\n \nVariance\n<\/p>\n<\/td>\n \nVariance\n<\/p>\n<\/td>\n \nQ2\u201922\n<\/p>\n<\/td>\n \nVariance\n<\/p>\n<\/td>\n \nVariance\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAdult-use cannabis net revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 21,333<\/b><\/p>\n<\/td>\n \n29,997\n<\/p>\n<\/td>\n \n(8,664)\n<\/p>\n<\/td>\n \n(29%)\n<\/p>\n<\/td>\n \n36,114\n<\/p>\n<\/td>\n \n(14,781)\n<\/p>\n<\/td>\n \n(41%)\n<\/p>\n<\/td>\n<\/tr>\n \nBeverage based adult-use sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \u2013<\/b><\/p>\n<\/td>\n \n1,551\n<\/p>\n<\/td>\n \n(1,551)\n<\/p>\n<\/td>\n \n(100%)\n<\/p>\n<\/td>\n \n3,867\n<\/p>\n<\/td>\n \n(3,867)\n<\/p>\n<\/td>\n \n(100%)\n<\/p>\n<\/td>\n<\/tr>\n \nInternational sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (265)<\/b><\/p>\n<\/td>\n \n1,207\n<\/p>\n<\/td>\n \n(1,472)\n<\/p>\n<\/td>\n \n(122%)\n<\/p>\n<\/td>\n \n8,231\n<\/p>\n<\/td>\n \n(8,496)\n<\/p>\n<\/td>\n \n(103%)\n<\/p>\n<\/td>\n<\/tr>\n \nDomestic medical sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 550<\/b><\/p>\n<\/td>\n \n581\n<\/p>\n<\/td>\n \n(31)\n<\/p>\n<\/td>\n \n(5%)\n<\/p>\n<\/td>\n \n811\n<\/p>\n<\/td>\n \n(261)\n<\/p>\n<\/td>\n \n(32%)\n<\/p>\n<\/td>\n<\/tr>\n \nWholesales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,841<\/b><\/p>\n<\/td>\n \n2,208\n<\/p>\n<\/td>\n \n(367)\n<\/p>\n<\/td>\n \n(17%)\n<\/p>\n<\/td>\n \n3,740\n<\/p>\n<\/td>\n \n(1,899)\n<\/p>\n<\/td>\n \n(51%)\n<\/p>\n<\/td>\n<\/tr>\n Net revenue from the sale of goods<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 23,459<\/b><\/p>\n<\/td>\n \n35,544\n<\/p>\n<\/td>\n \n(12,085)\n<\/p>\n<\/td>\n \n(34%)\n<\/p>\n<\/td>\n \n52,763\n<\/p>\n<\/td>\n \n(29,304)\n<\/p>\n<\/td>\n \n(56%)\n<\/p>\n<\/td>\n<\/tr>\n \nService revenues1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 702<\/b><\/p>\n<\/td>\n \n227\n<\/p>\n<\/td>\n \n475\n<\/p>\n<\/td>\n \n(209%)\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \n702\n<\/p>\n<\/td>\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n Total net revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 24,161<\/b><\/p>\n<\/td>\n \n35,771\n<\/p>\n<\/td>\n \n(11,610)\n<\/p>\n<\/td>\n \n(32%)\n<\/p>\n<\/td>\n \n52,763\n<\/p>\n<\/td>\n \n(28,602)\n<\/p>\n<\/td>\n \n(54%)\n<\/p>\n<\/td>\n<\/tr>\n \nDried grams and gram equivalents sold\n<\/p>\n<\/td>\n (kg)<\/i><\/p>\n<\/td>\n 16,449<\/b><\/p>\n<\/td>\n \n19,360\n<\/p>\n<\/td>\n \n(2,911)\n<\/p>\n<\/td>\n \n(15%)\n<\/p>\n<\/td>\n \n29,578\n<\/p>\n<\/td>\n \n(13,129)\n<\/p>\n<\/td>\n \n(44%)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Cost of Goods Sold & Adjusted Gross Margin<\/b><\/p>\n \nThe following table summarizes and reconciles the Company\u2019s gross profit line items per IFRS to the Company\u2019s selected non-IFRS financial measures adjusted cost of sales, gross profit\/margin before adjustments and gross profit before fair value adjustments. Refer to the \u2018Non-IFRS Measures\u2019 section below for definitions.\n<\/p>\n For the three months ended<\/i><\/p>\n<\/td>\n For the six months ended<\/i><\/p>\n<\/td>\n<\/tr>\n January \nOctober \nJanuary January \nJanuary 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nNet revenue from the sale of goods\n<\/p>\n<\/td>\n 23,459<\/b><\/p>\n<\/td>\n \n35,544\n<\/p>\n<\/td>\n \n52,763\n<\/p>\n<\/td>\n 59,003<\/b><\/p>\n<\/td>\n \n102,725\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted cost of sales\n<\/p>\n<\/td>\n (12,818)<\/b><\/p>\n<\/td>\n \n(21,475)\n<\/p>\n<\/td>\n \n(27,964)\n<\/p>\n<\/td>\n (34,292)<\/b><\/p>\n<\/td>\n \n(60,265)\n<\/p>\n<\/td>\n<\/tr>\n \nGross profit before adjustments\n<\/p>\n<\/td>\n 10,641<\/b><\/p>\n<\/td>\n \n14,069\n<\/p>\n<\/td>\n \n24,799\n<\/p>\n<\/td>\n 24,711<\/b><\/p>\n<\/td>\n \n42,460\n<\/p>\n<\/td>\n<\/tr>\n \nGross margin before adjustments\n<\/p>\n<\/td>\n 45%<\/b><\/p>\n<\/td>\n \n40%\n<\/p>\n<\/td>\n \n47%\n<\/p>\n<\/td>\n 42%<\/b><\/p>\n<\/td>\n \n41%\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation included in COGS2<\/sup><\/p>\n<\/td>\n (4,675)<\/b><\/p>\n<\/td>\n \n(4,773)\n<\/p>\n<\/td>\n \n(5,973)\n<\/p>\n<\/td>\n (9,448)<\/b><\/p>\n<\/td>\n \n(10,942)\n<\/p>\n<\/td>\n<\/tr>\n \nWrite off of biological assets and destruction costs\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n(1,360)\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n(2,340)\n<\/p>\n<\/td>\n<\/tr>\n \nWrite off of inventory\n<\/p>\n<\/td>\n (817)<\/b><\/p>\n<\/td>\n \n(4,400)\n<\/p>\n<\/td>\n \n(4,941)\n<\/p>\n<\/td>\n (5,217)<\/b><\/p>\n<\/td>\n \n(5,556)\n<\/p>\n<\/td>\n<\/tr>\n \nWrite (down)\/up of inventory to net realizable value\n<\/p>\n<\/td>\n (7,600)<\/b><\/p>\n<\/td>\n \n(4,915)\n<\/p>\n<\/td>\n \n(13,937)\n<\/p>\n<\/td>\n (12,515)<\/b><\/p>\n<\/td>\n \n(50,134)\n<\/p>\n<\/td>\n<\/tr>\n \nCrystallization of fair value\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n(7,127)\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n(15,050)\n<\/p>\n<\/td>\n<\/tr>\n \nGross (loss)\/profit before fair value adjustments\n<\/p>\n<\/td>\n (2,451)<\/b><\/p>\n<\/td>\n \n(19)\n<\/p>\n<\/td>\n \n(8,539)\n<\/p>\n<\/td>\n (2,469)<\/b><\/p>\n<\/td>\n \n(41,562)\n<\/p>\n<\/td>\n<\/tr>\n \nRealized fair value amounts on inventory sold\n<\/p>\n<\/td>\n (5,194)<\/b><\/p>\n<\/td>\n \n(19,966)\n<\/p>\n<\/td>\n \n(9,966)\n<\/p>\n<\/td>\n (25,160)<\/b><\/p>\n<\/td>\n \n(22,726)\n<\/p>\n<\/td>\n<\/tr>\n \nUnrealized gain on changes in fair value of biological assets\n<\/p>\n<\/td>\n 1,394<\/b><\/p>\n<\/td>\n \n2,403\n<\/p>\n<\/td>\n \n15,945\n<\/p>\n<\/td>\n 3,797<\/b><\/p>\n<\/td>\n \n29,526\n<\/p>\n<\/td>\n<\/tr>\n \nGross (loss)\/profit\n<\/p>\n<\/td>\n (6,251)<\/b><\/p>\n<\/td>\n \n(17,582)\n<\/p>\n<\/td>\n \n(2,560)\n<\/p>\n<\/td>\n (23,832)<\/b><\/p>\n<\/td>\n \n(34,762)\n<\/p>\n<\/td>\n<\/tr>\n 1 <\/sup>This is a supplementary financial measure. See section “Key Operating Performance Indicators” of the MD&A for additional details.\n<\/p>\n<\/td>\n<\/tr>\n 2 <\/sup>The Company has modified the definition of the Non-IFRS metric gross profit\/margin before adjustments to be net of depreciation included COGS in order to align with managements definition of the key metric, used in the evaluation and monitoring of the business, as well as to better align with the Company\u2019s competitors defined measure.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n Operating Expenses<\/b><\/p>\n<\/td>\n For the three months ended<\/i><\/p>\n<\/td>\n For the six months ended<\/i><\/p>\n<\/td>\n<\/tr>\n January 31,<\/b><\/p>\n<\/td>\n \nOctober 31,\n<\/p>\n<\/td>\n \nJanuary 31,\n<\/p>\n<\/td>\n January 31,<\/b><\/p>\n<\/td>\n \nJanuary 31,\n<\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administration (\u201cG&A\u201d)\n<\/p>\n<\/td>\n 10,484<\/b><\/p>\n<\/td>\n \n10,466\n<\/p>\n<\/td>\n \n22,550\n<\/p>\n<\/td>\n 20,953<\/b><\/p>\n<\/td>\n \n45,036\n<\/p>\n<\/td>\n<\/tr>\n \nSelling, Marketing and promotion (\u201cS,M&P\u201d)\n<\/p>\n<\/td>\n 2,678<\/b><\/p>\n<\/td>\n \n4,106\n<\/p>\n<\/td>\n \n6,369\n<\/p>\n<\/td>\n 6,784<\/b><\/p>\n<\/td>\n \n12,592\n<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation\n<\/p>\n<\/td>\n 301<\/b><\/p>\n<\/td>\n \n959\n<\/p>\n<\/td>\n \n4,017\n<\/p>\n<\/td>\n 1,260<\/b><\/p>\n<\/td>\n \n7,841\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development (\u201cR&D\u201d)\n<\/p>\n<\/td>\n 166<\/b><\/p>\n<\/td>\n \n322\n<\/p>\n<\/td>\n \n1,478\n<\/p>\n<\/td>\n 488<\/b><\/p>\n<\/td>\n \n2,445\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation of property, plant and equipment\n<\/p>\n<\/td>\n 839<\/b><\/p>\n<\/td>\n \n784\n<\/p>\n<\/td>\n \n1,140\n<\/p>\n<\/td>\n 1,623<\/b><\/p>\n<\/td>\n \n3,196\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of intangible assets\n<\/p>\n<\/td>\n 3,262<\/b><\/p>\n<\/td>\n \n2,871\n<\/p>\n<\/td>\n \n6,895\n<\/p>\n<\/td>\n 6,132<\/b><\/p>\n<\/td>\n \n15,053\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring costs\n<\/p>\n<\/td>\n 481<\/b><\/p>\n<\/td>\n \n1,062\n<\/p>\n<\/td>\n \n4,524\n<\/p>\n<\/td>\n 1,543<\/b><\/p>\n<\/td>\n \n8,513\n<\/p>\n<\/td>\n<\/tr>\n \nImpairment of property, plant and equipment\n<\/p>\n<\/td>\n 408<\/b><\/p>\n<\/td>\n \n(611)\n<\/p>\n<\/td>\n \n100,130\n<\/p>\n<\/td>\n (203)<\/b><\/p>\n<\/td>\n \n123,933\n<\/p>\n<\/td>\n<\/tr>\n \nImpairment of intangible assets\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n140,839\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n140,839\n<\/p>\n<\/td>\n<\/tr>\n \nImpairment of goodwill\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n375,039\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n375,039\n<\/p>\n<\/td>\n<\/tr>\n \nImpairment of investment in associates\n<\/p>\n<\/td>\n 643<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n 643<\/b><\/p>\n<\/td>\n \n26,925\n<\/p>\n<\/td>\n<\/tr>\n \nDerecognition of Onerous contract\n<\/p>\n<\/td>\n (269)<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n (269)<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nLoss\/(gain) on disposal of property, plant and equipment\n<\/p>\n<\/td>\n 133<\/b><\/p>\n<\/td>\n \n(510)\n<\/p>\n<\/td>\n \n(254)\n<\/p>\n<\/td>\n (377)<\/b><\/p>\n<\/td>\n \n74\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition transaction and integration costs\n<\/p>\n<\/td>\n 4,645<\/b><\/p>\n<\/td>\n \n3,715\n<\/p>\n<\/td>\n \n4,569\n<\/p>\n<\/td>\n 8,360<\/b><\/p>\n<\/td>\n \n28,945\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n 23,771<\/b><\/p>\n<\/td>\n \n23,164\n<\/p>\n<\/td>\n \n667,296\n<\/p>\n<\/td>\n 46,937<\/b><\/p>\n<\/td>\n \n790,431\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n General and Administration Expenses by Nature<\/b><\/p>\n<\/td>\n<\/tr>\n For the three months ended<\/i><\/p>\n<\/td>\n For the six months ended<\/i><\/p>\n<\/td>\n<\/tr>\n January 31,<\/b><\/p>\n<\/td>\n \nJanuary 31,\n<\/p>\n<\/td>\n January 31,<\/b><\/p>\n<\/td>\n \nJanuary 31,\n<\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nSalaries and benefits\n<\/p>\n<\/td>\n 2,595<\/b><\/p>\n<\/td>\n \n9,487\n<\/p>\n<\/td>\n 5,491<\/b><\/p>\n<\/td>\n \n19,633\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n 5,089<\/b><\/p>\n<\/td>\n \n4,754\n<\/p>\n<\/td>\n 8,835<\/b><\/p>\n<\/td>\n \n10,389\n<\/p>\n<\/td>\n<\/tr>\n \nProfessional fees\n<\/p>\n<\/td>\n 2,565<\/b><\/p>\n<\/td>\n \n6,379\n<\/p>\n<\/td>\n 5,939<\/b><\/p>\n<\/td>\n \n12,540\n<\/p>\n<\/td>\n<\/tr>\n \nConsulting\n<\/p>\n<\/td>\n 235<\/b><\/p>\n<\/td>\n \n1,930\n<\/p>\n<\/td>\n 688<\/b><\/p>\n<\/td>\n \n2,474\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n 10,484<\/b><\/p>\n<\/td>\n \n22,550\n<\/p>\n<\/td>\n 20,953<\/b><\/p>\n<\/td>\n \n45,036\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Other Income and Losses<\/b><\/p>\n<\/td>\n For the three months ended<\/i><\/p>\n<\/td>\n For the six months ended<\/i><\/p>\n<\/td>\n<\/tr>\n January 31,<\/b><\/p>\n<\/td>\n \nOctober 31,\n<\/p>\n<\/td>\n \nJanuary 31,\n<\/p>\n<\/td>\n January 31,<\/b><\/p>\n<\/td>\n \nJanuary 31,\n<\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nInterest and financing expenses\n<\/p>\n<\/td>\n (1,263)<\/b><\/p>\n<\/td>\n \n(2,467)\n<\/p>\n<\/td>\n \n(5,251)\n<\/p>\n<\/td>\n (3,730)<\/b><\/p>\n<\/td>\n \n(10,555)\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income\n<\/p>\n<\/td>\n 511<\/b><\/p>\n<\/td>\n \n550\n<\/p>\n<\/td>\n \n193\n<\/p>\n<\/td>\n 1,061<\/b><\/p>\n<\/td>\n \n967\n<\/p>\n<\/td>\n<\/tr>\n \nFinance income (expense), net\n<\/p>\n<\/td>\n (752)<\/b><\/p>\n<\/td>\n \n(1,917)\n<\/p>\n<\/td>\n \n(5,058)\n<\/p>\n<\/td>\n (2,669)<\/b><\/p>\n<\/td>\n \n(9,588)\n<\/p>\n<\/td>\n<\/tr>\n \nRevaluation of financial instruments (loss)\/gain\n<\/p>\n<\/td>\n 273<\/b><\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n11,866\n<\/p>\n<\/td>\n 275<\/b><\/p>\n<\/td>\n \n39,334\n<\/p>\n<\/td>\n<\/tr>\n \nShare of loss from investment in associate and joint ventures\n<\/p>\n<\/td>\n 43<\/b><\/p>\n<\/td>\n \n(2,398)\n<\/p>\n<\/td>\n \n(2,669)\n<\/p>\n<\/td>\n (2,355)<\/b><\/p>\n<\/td>\n \n(4,818)\n<\/p>\n<\/td>\n<\/tr>\n \nLoss on convertible debt fair value adjustments\n<\/p>\n<\/td>\n 31,777<\/b><\/p>\n<\/td>\n \n(6,270)\n<\/p>\n<\/td>\n \n(76,666)\n<\/p>\n<\/td>\n 25,506<\/b><\/p>\n<\/td>\n \n(64,995)\n<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of interest in BCI\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n9,127\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n9,127\n<\/p>\n<\/td>\n<\/tr>\n \nGain\/(Loss) on investments\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n140\n<\/p>\n<\/td>\n \n(297)\n<\/p>\n<\/td>\n 140<\/b><\/p>\n<\/td>\n \n(576)\n<\/p>\n<\/td>\n<\/tr>\n \nForeign exchange (loss)\/gain\n<\/p>\n<\/td>\n 3,709<\/b><\/p>\n<\/td>\n \n(9,023)\n<\/p>\n<\/td>\n \n(4,582)\n<\/p>\n<\/td>\n (5,313)<\/b><\/p>\n<\/td>\n \n920\n<\/p>\n<\/td>\n<\/tr>\n \nOther income and losses\n<\/p>\n<\/td>\n (1,633)<\/b><\/p>\n<\/td>\n \n2,917\n<\/p>\n<\/td>\n \n2,031\n<\/p>\n<\/td>\n 1,284<\/b><\/p>\n<\/td>\n \n2,031\n<\/p>\n<\/td>\n<\/tr>\n \nNon-operating income (expense), net\n<\/p>\n<\/td>\n 34,169<\/b><\/p>\n<\/td>\n \n(14,632)\n<\/p>\n<\/td>\n \n(61,190)\n<\/p>\n<\/td>\n 19,537<\/b><\/p>\n<\/td>\n \n(18,977)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of Adjusted Earnings before interests, taxes, depreciation and amortization to Total Net Loss Before Tax<\/b><\/p>\n<\/td>\n<\/tr>\n \n(in thousands of Canadian dollars)\n<\/p>\n<\/td>\n<\/tr>\n Q2\u201923<\/b><\/p>\n<\/td>\n Q1\u201923<\/b><\/p>\n<\/td>\n Q2\u201922<\/b><\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n<\/tr>\n Total net loss before tax<\/b><\/p>\n<\/td>\n 3,670<\/b><\/p>\n<\/td>\n (57,068)<\/b><\/p>\n<\/td>\n (736,104)<\/b><\/p>\n<\/td>\n<\/tr>\n \nFinance expense (income), net\n<\/p>\n<\/td>\n \n752\n<\/p>\n<\/td>\n \n1,917\n<\/p>\n<\/td>\n \n5,058\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation (cost of sales)\n<\/p>\n<\/td>\n \n4,675\n<\/p>\n<\/td>\n \n4,773\n<\/p>\n<\/td>\n \n5,973\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation (operating expenses)\n<\/p>\n<\/td>\n \n839\n<\/p>\n<\/td>\n \n784\n<\/p>\n<\/td>\n \n1,140\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization (operating expenses)\n<\/p>\n<\/td>\n \n3,262\n<\/p>\n<\/td>\n \n2,871\n<\/p>\n<\/td>\n \n6,895\n<\/p>\n<\/td>\n<\/tr>\n Standard EBITDA<\/b><\/p>\n<\/td>\n 13,198<\/b><\/p>\n<\/td>\n (46,723)<\/b><\/p>\n<\/td>\n (717,038)<\/b><\/p>\n<\/td>\n<\/tr>\n \nInvestment (gains) losses\n<\/p>\n<\/td>\n \n(35,802)\n<\/p>\n<\/td>\n \n17,549\n<\/p>\n<\/td>\n \n63,221\n<\/p>\n<\/td>\n<\/tr>\n \nNon-cash fair value adjustments\n<\/p>\n<\/td>\n \n3,800\n<\/p>\n<\/td>\n \n17,563\n<\/p>\n<\/td>\n \n1,148\n<\/p>\n<\/td>\n<\/tr>\n \nNon-recurring expenses\n<\/p>\n<\/td>\n \n5,126\n<\/p>\n<\/td>\n \n4,777\n<\/p>\n<\/td>\n \n9,093\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-cash items\n<\/p>\n<\/td>\n \n11,266\n<\/p>\n<\/td>\n \n6,236\n<\/p>\n<\/td>\n \n637,978\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n (2,412)<\/b><\/p>\n<\/td>\n (598)<\/b><\/p>\n<\/td>\n (5,598)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Select Balance Sheet Metrics<\/b><\/p>\n \n(in thousands of Canadian dollars)\n<\/p>\n<\/td>\n<\/tr>\n As at<\/i><\/p>\n<\/td>\n January 31,<\/b><\/p>\n 2023<\/b><\/p>\n<\/td>\n \nJuly 31,\n<\/p>\n \n2022\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nCash & cash equivalents\n<\/p>\n<\/td>\n 34,233<\/b><\/p>\n<\/td>\n \n83,238\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted funds\n<\/p>\n<\/td>\n 2,253<\/b><\/p>\n<\/td>\n \n32,224\n<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables\n<\/p>\n<\/td>\n 23,939<\/b><\/p>\n<\/td>\n \n42,999\n<\/p>\n<\/td>\n<\/tr>\n \nBiological assets & inventory\n<\/p>\n<\/td>\n 50,590<\/b><\/p>\n<\/td>\n \n82,315\n<\/p>\n<\/td>\n<\/tr>\n \nOther current assets2<\/sup><\/p>\n<\/td>\n 21,052<\/b><\/p>\n<\/td>\n \n30,871\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable & accrued liabilities\n<\/p>\n<\/td>\n 32,129<\/b><\/p>\n<\/td>\n \n72,581\n<\/p>\n<\/td>\n<\/tr>\n \nSenior secured convertible note & convertible debenture\n<\/p>\n<\/td>\n 189,659<\/b><\/p>\n<\/td>\n \n248,680\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted working capital1<\/sup><\/p>\n<\/td>\n 54,431<\/b><\/p>\n<\/td>\n \n123,730\n<\/p>\n<\/td>\n<\/tr>\n \nProperty, plant & equipment\n<\/p>\n<\/td>\n 274,724<\/b><\/p>\n<\/td>\n \n285,866\n<\/p>\n<\/td>\n<\/tr>\n \nAssets held for sale\n<\/p>\n<\/td>\n 3,264<\/b><\/p>\n<\/td>\n \n5,121\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Assets\n<\/p>\n<\/td>\n 527,788<\/b><\/p>\n<\/td>\n \n680,949\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Liabilities\n<\/p>\n<\/td>\n 272,676<\/b><\/p>\n<\/td>\n \n367,257\n<\/p>\n<\/td>\n<\/tr>\n \nShareholders’ equity\n<\/p>\n<\/td>\n 255,112<\/b><\/p>\n<\/td>\n \n313,692\n<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Defined as the Company\u2019s current assets less current liabilities net of the senior secured convertible note. The note is classified as a current liability as the lender possess the ability to unilaterally convert the note to equity and therefore does not represent a cash-based liability to the Company within one-year of January 31, 2023. Working capital is utilized as a key metric for management in assessing the Company\u2019s ability to meet its future obligations.\n<\/p>\n<\/td>\n<\/tr>\n 2<\/sup> Total current assets less cash and cash equivalents, restricted funds, trade receivables, biological assets and inventory.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n Liquidity Risk<\/b><\/p>\n \nDuring the three and six months ended January 31, 2023, the Company reported operating losses of $29.7 million and $70.3 million, respectively; cash outflows from operating activities of $23.4 million in the six months ended January 31, 2023 (positive operating cashflows of $5.36 million generated in three months ended January 31, 2023) and an accumulated deficit of $1.8 billion and has yet to generate positive cashflows or earnings. The Company had a working capital deficiency of $111.0 million and held cash and cash equivalents of $34.2 million as at January 31, 2023 ($83.2 million at July 31, 2022).\n<\/p>\n \nThe Company remains subject to, amongst other covenants, a minimum liquidity covenant of US$20 million under the Senior secured convertible note as well as a requirement to achieve Adjusted EBITDA of not less than US$1.00 for each quarter beginning in the three months ended April 30, 2023.\n<\/p>\n \nThese circumstances lend substantial doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern.\n<\/p>\n \nManagement will continue to evaluate potential private and public financing opportunities through the issuance of equity. Notably, the Company\u2019s at-the-market program as initiated in May 2022, remains available to the Company (following certain legal and administrative filings) and authorizes the Company to issued equity up to US$40 million from treasury to the public, although the Company\u2019s ability to access this entire amount may be affected by market conditions and the performance of the Company\u2019s share price. Management may look to utilize this program to bridge cashflows during certain periods of volatility in order to manage its working capital obligations and remain compliant with the minimum liquidity covenant.\n<\/p>\n \nThe Company has also commenced discussions with its lender regarding potential amendments to and\/or covenant relief under the Senior Secured Convertible Note. No agreement has been reached to date and there can be no assurance that such agreement will be reached.\n<\/p>\n \nThere can be no assurances however that financing alternatives will be available or available on terms that are acceptable to the Company, that the Company will be able to obtain favourable waivers and\/or covenant relief from its lender under the Senior Convertible Note or that the Company\u2019s savings initiatives alone will yield sufficient liquidity to meet the minimum liquidity or generate positive Adjusted EBITDA, in order for the Company to meet its covenant requirements and execute on its business plan. Should these efforts prove unsuccessful, there is uncertainty as to the Company\u2019s ability to remain in compliance with the covenants of the Senior Secured Convertible Note over the next 12-month period. These circumstances create material uncertainties that lend substantial doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern.\n<\/p>\n About HEXO Corp.<\/b><\/p>\n \nHEXO is an award-winning licensed producer of premium products for the global cannabis market. HEXO delivers a thoughtfully curated portfolio of both recreational and therapeutic cannabis products that inspire customer loyalty. HEXO\u2019s brands include HEXO, Redecan, Original Stash, Bake Sale and T 2.0, as well as medical cannabis products.\n<\/p>\n \nHEXO\u2019s world-class Canadian grow sites are unmatched in size, technological advantage and yield of high-quality cannabis, driving innovation through every step of the process. HEXO operates three major grow sites in Ontario and Qu\u00e9bec, including one of the largest facilities in North America. HEXO Corp. is a publicly traded company under the tickers (TSX: HEXO) and (NASDAQ:HEXO).\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (\u201cForward-Looking Statements\u201d). Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.\n<\/p>\n \nThe preceding press release should be read in conjunction with the management\u2019s discussion and analysis (\u201cMD&A\u201d) and condensed interim consolidated financial statements and notes thereto as at and for the quarter ended January 31, 2023. Readers should also refer to the section regarding \u201cNon-IFRS Measures\u201d in the immediately following section of this press release. Additional information about HEXO is available on the Company\u2019s profile on SEDAR at www.sedar.com<\/a> and EDGAR at www.sec.gov<\/a>, including the Company\u2019s Annual Information Form for the year ended July 31, 2022 dated October 31, 2022.\n<\/p>\n Non-IFRS Measures<\/b><\/p>\n \nIn this press release, reference is made to adjusted cost of sales, gross profit before adjustment, profit\/margin before fair value adjustments, adjusted gross profit\/margin, adjusted EBITDA, crystallization and adjusted working capital which are not measures of financial performance under International Financial Reporting Standards (IFRS). These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS, and are unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complementary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of a review of our financial information reported under IFRS. Definitions and reconciliations for all terms above can be found in the Company’s Management’s Discussion and Analysis for the quarter ended January 31, 2023, filed under the Company’s profile on SEDAR at www.sedar.com<\/a> and EDGAR at www.sec.gov<\/a> respectively.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230316005738\/en\/<\/a><\/span><\/p>\n For media or investor inquiries please contact: KEYWORDS:<\/b> North America Canada<\/p>\n INDUSTRY KEYWORDS:<\/b> Alternative Medicine Health Natural Resources Cannabis<\/p>\n
\nHEXO Corp. (TSX: HEXO; NASDAQ: HEXO) (“HEXO” or the \u201cCompany”), a leading producer of high-quality cannabis products, today reported its financial results for the second quarter of the 2023 fiscal year (\u201cQ2\u201923\u201d). All currency amounts are stated in Canadian dollars unless otherwise noted.\n<\/p>\n\n
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31,<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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31,\n<\/p>\n<\/td>\n<\/tr>\n\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n
\n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n
\n
31,<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
\n
31,\n<\/p>\n<\/td>\n\u00a0<\/td>\n \n
\n
31,\n<\/p>\n<\/td>\n\u00a0<\/td>\n \u00a0<\/td>\n \n
\n
31,<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
\n
31,\n<\/p>\n<\/td>\n<\/tr>\n\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n
\n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n
\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n
\n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n
\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/b>
Hayley Suchanek, Kaiser & Partners
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hayley.suchanek@kaiserpartners.com<\/a><\/p>\n
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