Investing.com
Published Feb 09, 2024 12:38
Focused execution drove sustained margin improvement with second quarter of consolidated gross margins exceeding 30%
Canopy USA strategy moving forward; special shareholder meeting scheduled for
"This is the dawn of a new era at Canopy Growth. We're singularly focused on cannabis and demonstrating growth across all of our business units. With our Canopy USA strategy now moving forward, we expect to be the first and only
"Our Q3 FY2024 results demonstrate the substantial improvement in profitability and reduction in cash burn compared to the previous year as well as Q2 FY2024. Our right-sized business is consistently delivering profitability improvements as well as sequential growth. These results, paired with our ongoing actions to strengthen Canopy Growth's balance sheet, reinforce our confidence in continued performance along this path for a sustainable, profitable future."
(in millions of Canadian | Net Revenue | Gross margin | Adjusted | Net loss from | Adjusted | Free cash | |
Reported | 36 % | 36 % | |||||
vs. Q3 FY2023 | (7 %) | 3,000 bps | 2,700 bps | (2 %) | 82 % | 57 % |
Demand for quality products driving profitable growth of
Strong demand for proven flower strains is driving growth in our Rest-of-World medical cannabis business
Strong demand for new Storz & Bickel ® Venty portable vaporizer helped drive strong sequential revenue growth
Advancing Canopy
Revenue by Channel
(in millions of Canadian dollars, unaudited) | Q3 FY2024 | Q3 FY2023 | Vs. Q3 FY2023 | |
Canadian adult-use cannabis | ||||
Business-to-business7 | 9 % | |||
Business-to-consumer | $- | (100 %) | ||
(28 %) | ||||
Canadian medical cannabis8 | 11 % | |||
(16 %) | ||||
Rest-of-world cannabis9 | 81 % | |||
Storz & Bickel | (8 %) | |||
This Works | (1 %) | |||
Other | (41 %) | |||
Net revenue | (7 %) |
The Q3 FY2024 and Q3 FY2023 financial results presented in this press release have been prepared in accordance with
____ |
1 Adjusted gross margin is a non-GAAP measure, and for Q3 FY2024 excludes $nil of restructuring cost recorded in cost of goods sold (Q3 FY2023 - excludes |
2 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures" and Schedule 5 for a reconciliation of net loss to Adjusted EBITDA. |
3 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures" and Schedule 6 for a reconciliation of net cash used in operating activities to free cash flow. |
4 Unless otherwise indicated, market share data disclosed in this press release is calculated using the Company's internal proprietary market share tool that utilizes point of sales data supplied by third-party data providers and government agencies |
5 i) https://vapeguy.com/reviews/venty-review/; ii) https://www.gearpatrol.com/home/a45999382/storz-and-bickel-venty-review/; iii) https://www.vaporizerwizard.com/reviews/vaporizers/portable/venty/; iv) https://www.planetofthevapes.com/blogs/blog/venty-vaporizer-review |
6 In Q3 FY2024, we are reporting our financial results for the following four reportable segments: (i) |
7 For Q3 FY2024, amount is net of excise taxes of |
8 For Q3 FY2024, amount is net of excise taxes of |
9 For Q3 FY2024, amount reflects other revenue adjustments of |
The Company also announced that
Willy J. Kruh CPA, CA, MBA, is a retired Partner and Global (and Canadian) Chairman of Consumer and Retail at KPMG LLP, with over 35 years of experience. As a recognized and trusted, advisor, consultant, and auditor, Willy has been instrumental in shaping the financial landscape of leading consumer packaged goods ("CPG"), retail, food, and beverage, multinational corporations, offering strategic guidance and invaluable insights to industry leaders in
The Company will host a conference call and audio webcast with
Webcast Information
A live audio webcast will be available at https://app.webinar.net/GZqr9ALP1XV
Replay Information
A replay will be accessible by webcast until
Adjusted EBITDA is a non-GAAP measure used by management that is not defined by
Free cash flow is a non-GAAP measure used by management that is not defined by
Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures used by management that are not defined by
Canopy Growth is a leading North American cannabis and CPG company dedicated to unleashing the power of cannabis to improve lives.
Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and
Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the
Beyond its world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use, and community reinvestment”pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater well-being and life enhancement.
For more information visit www.canopygrowth.com.
References to information included on, or accessible through, websites do not constitute incorporation by reference of the information contained at or available through such websites, and you should not consider such information to be part of this press release.
This press release contains "forward-looking statements" within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. To the extent any forward-looking statements in this news release constitutes "financial outlooks" within the meaning of applicable Canadian securities laws, the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.
Forward-looking statements include, but are not limited to, statements with respect to:
Certain of the forward-looking statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.
The forward-looking statements contained herein are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including, without limitation: (i) management's perceptions of historical trends, current conditions and expected future developments; (ii) our ability to generate cash flow from operations; (iii) general economic, financial market, regulatory and political conditions in which we operate; (iv) the production and manufacturing capabilities and output from our facilities and our joint ventures, strategic alliances and equity investments; (v) consumer interest in our products; (vi) competition; (vii) anticipated and unanticipated costs; (viii) government regulation of our activities and products including but not limited to the areas of taxation and environmental protection; (ix) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (xi) our ability to conduct operations in a safe, efficient and effective manner; (xii) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our recent acquisitions into our existing operations; and (xiii) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. Financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our Adjusted EBITDA and selling, general and administrative ("SG&A") cost savings may differ materially from the values provided in this news release.
By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, risks related to our ability to remediate the material weaknesses in our internal control over financial reporting, or inability to otherwise maintain an effective system of internal control; the risk that our recent restatement could negatively affect investor confidence and raise reputation risks; our ability to continue as a going concern; our limited operating history; risks that we may be required to further write down intangible assets, including goodwill, due to impairment; the diversion of management time on issues related to Canopy USA; the ability of parties to certain transactions to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court and shareholder approvals; the risks the risks relating to the conditions in the Floating Share Arrangement and the Acreage Amended Agreement not being satisfied or waived; the risks related to Acreage's financial statements expressing doubt about its ability to continue as a going concern; the risks related to the Company losing the Option Premium in the event that Acreage cannot satisfy its debt obligations as they become due; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); volatility in and/or degradation of general economic, market, industry or business conditions; risks relating to our current and future operations in emerging markets; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis and
Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
Participants in the Solicitation
Canopy Growth and its directors and executive officers may be deemed participants in the solicitation of proxies from Shareholders with respect to the solicitation of votes to consider a special resolution authorizing an amendment to its articles of incorporation to, among other things, create the Exchangeable Shares. A description of the interests of our directors and executive officers in the Amendment Proposal is contained in Canopy Growth's revised preliminary proxy statement filed with SEC on
CANOPY GROWTH CORPORATION | ||||||||
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ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 142,745 | $ | 667,693 | ||||
Short-term investments | 43,436 | 105,526 | ||||||
Restricted short-term investments | 7,275 | 11,765 | ||||||
Amounts receivable, net | 63,924 | 68,459 | ||||||
Inventory | 86,917 | 83,230 | ||||||
Assets of discontinued operations | 29,401 | 116,291 | ||||||
Prepaid expenses and other assets | 23,582 | 24,290 | ||||||
Total current assets | 397,280 | 1,077,254 | ||||||
Other financial assets | 392,324 | 568,292 | ||||||
Property, plant and equipment | 340,479 | 471,271 | ||||||
Intangible assets | 119,072 | 160,750 | ||||||
Goodwill | 85,237 | 85,563 | ||||||
Noncurrent assets of discontinued operations | - | 56,569 | ||||||
Other assets | 25,359 | 19,996 | ||||||
Total assets | $ | 1,359,751 | $ | 2,439,695 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 25,837 | $ | 31,835 | ||||
Other accrued expenses and liabilities | 49,775 | 53,743 | ||||||
Current portion of long-term debt and convertible debentures | 91,336 | 556,890 | ||||||
Liabilities of discontinued operations | - | 67,624 | ||||||
Other liabilities | 54,397 | 93,750 | ||||||
Total current liabilities | 221,345 | 803,842 | ||||||
Long-term debt | 520,738 | 749,991 | ||||||
Noncurrent liabilities of discontinued operations | - | 3,417 | ||||||
Other liabilities | 73,005 | 122,423 | ||||||
Total liabilities | 815,088 | 1,679,673 | ||||||
Commitments and contingencies | ||||||||
Canopy Growth Corporation shareholders' equity: | ||||||||
Common shares - $nil par value; Authorized - unlimited number of shares; | 8,219,747 | 7,938,571 | ||||||
Additional paid-in capital | 2,578,519 | 2,506,485 | ||||||
Accumulated other comprehensive loss | (16,049) | (13,860) | ||||||
Deficit | (10,237,693) | (9,672,761) | ||||||
Total Canopy Growth Corporation shareholders' equity | 544,524 | 758,435 | ||||||
Noncontrolling interests | 139 | 1,587 | ||||||
Total shareholders' equity | 544,663 | 760,022 | ||||||
Total liabilities and shareholders' equity | $ | 1,359,751 | $ | 2,439,695 |
1 Prior year share amounts have been retrospectively adjusted to reflect the Share Consolidation (as defined in the Q3 FY2024 Form 10-Q), which became effective on |
CANOPY GROWTH CORPORATION | ||||||||
Three months ended | ||||||||
2023 | 2022 | |||||||
(As Restated) | ||||||||
Revenue | $ | 90,061 | $ | 96,986 | ||||
Excise taxes | 11,556 | 12,136 | ||||||
Net revenue | 78,505 | 84,850 | ||||||
Cost of goods sold | 50,279 | 79,622 | ||||||
Gross margin | 28,226 | 5,228 | ||||||
Operating expenses | ||||||||
Selling, general and administrative expenses | 54,436 | 89,604 | ||||||
Share-based compensation | 3,693 | 6,055 | ||||||
Loss on asset impairment and restructuring | 30,413 | 22,259 | ||||||
Total operating expenses | 88,542 | 117,918 | ||||||
Operating loss from continuing operations | (60,316) | (112,690) | ||||||
Other income (expense), net | (171,037) | (115,490) | ||||||
Loss from continuing operations before income taxes | (231,353) | (228,180) | ||||||
Income tax recovery (expense) | 1,077 | 1,336 | ||||||
Net loss from continuing operations | (230,276) | (226,844) | ||||||
Discontinued operations, net of income tax | 13,479 | (37,532) | ||||||
Net loss | (216,797) | (264,376) | ||||||
Net loss from continuing operations attributable to | - | (542) | ||||||
Discontinued operations attributable to noncontrolling | - | (4,369) | ||||||
Net loss attributable to Canopy Growth Corporation | $ | (216,797) | $ | (259,465) | ||||
Basic and diluted loss per share1 | ||||||||
Continuing operations | $ | (2.78) | $ | (4.66) | ||||
Discontinued operations | 0.16 | (0.68) | ||||||
Basic and diluted loss per share | $ | (2.62) | $ | (5.34) | ||||
Basic and diluted weighted average common shares | 82,919,190 | 48,611,260 |
1 Prior year share and per share amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on |
CANOPY GROWTH CORPORATION | ||||||||
Nine months ended | ||||||||
2023 | 2022 | |||||||
(As Restated) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (583,458) | $ | (2,661,937) | ||||
Loss from discontinued operations, net of income tax | (194,451) | (169,492) | ||||||
Net loss from continuing operations | (389,007) | (2,492,445) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation of property, plant and equipment | 22,485 | 42,674 | ||||||
Amortization of intangible assets | 19,396 | 18,058 | ||||||
Share-based compensation | 10,127 | 20,893 | ||||||
(Gain) loss on asset impairment and restructuring | (816) | 1,797,854 | ||||||
Income tax expense | 13,762 | 10,633 | ||||||
Non-cash fair value adjustments and charges related to | 188,452 | 325,742 | ||||||
Change in operating assets and liabilities, net of effects from | ||||||||
Amounts receivable | (14,460) | 13,143 | ||||||
Inventory | (8,047) | (92) | ||||||
Prepaid expenses and other assets | (843) | (2,665) | ||||||
Accounts payable and accrued liabilities | 891 | (19,084) | ||||||
Other, including non-cash foreign currency | (47,901) | (13,501) | ||||||
Net cash used in operating activities - continuing operations | (205,961) | (298,790) | ||||||
Net cash used in operating activities - discontinued operations | (53,930) | (119,019) | ||||||
Net cash used in operating activities | (259,891) | (417,809) | ||||||
Cash flows from investing activities: | ||||||||
Purchases of and deposits on property, plant and equipment | (3,200) | (6,176) | ||||||
Purchases of intangible assets | (716) | (1,265) | ||||||
Proceeds on sale of property, plant and equipment | 153,753 | 10,894 | ||||||
Redemption of short-term investments | 68,294 | 415,322 | ||||||
Net cash (outflow) proceeds on sale of subsidiaries | (3,719) | 12,432 | ||||||
Investment in other financial assets | (472) | (67,186) | ||||||
Other investing activities | (9,234) | 2,051 | ||||||
Net cash provided by investing activities - operating activities | 204,706 | 366,072 | ||||||
Net cash used in investing activities - discontinued operations | (2,600) | (23,947) | ||||||
Net cash provided by investing activities | 202,106 | 342,125 | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common shares and warrants | 33,795 | 856 | ||||||
Proceeds from exercise of stock options | - | 270 | ||||||
Repayment of long-term debt | (480,080) | (117,951) | ||||||
Other financing activities | (27,239) | (29,096) | ||||||
Net cash used in financing activities | (473,524) | (145,921) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (2,953) | 43,731 | ||||||
Net decrease in cash and cash equivalents | (534,262) | (177,874) | ||||||
Cash and cash equivalents, beginning of period1 | 677,007 | 776,005 | ||||||
Cash and cash equivalents, end of period2 | $ | 142,745 | $ | 598,131 |
1 Includes cash of our discontinued operations of |
2 Includes cash of our discontinued operations of $nil and |
Adjusted Gross Margin1 Reconciliation (Non-GAAP Measure) | ||||||||
Three months ended | ||||||||
(in thousands of Canadian dollars except where indicated; unaudited) | 2023 | 2022 | ||||||
Net revenue | $ | 78,505 | $ | 84,850 | ||||
Gross margin, as reported | 28,226 | 5,228 | ||||||
Adjustments to gross margin: | ||||||||
Restructuring costs recorded in cost of goods sold | - | 2,007 | ||||||
Adjusted gross margin1 | $ | 28,226 | $ | 7,235 | ||||
Adjusted gross margin percentage1 | 36 | % | 9 | % | ||||
1 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures. See "Non-GAAP Measures". |
Adjusted EBITDA1 Reconciliation (Non-GAAP Measure) | ||||||||
Three months ended | ||||||||
(in thousands of Canadian dollars, unaudited) | 2023 | 2022 | ||||||
Net loss from continuing operations | $ | (230,276) | $ | (226,844) | ||||
Income tax recovery | (1,077) | (1,336) | ||||||
Other (income) expense, net | 171,037 | 115,490 | ||||||
Share-based compensation | 3,693 | 6,055 | ||||||
Acquisition, divestiture, and other costs | 4,981 | 13,347 | ||||||
Depreciation and amortization2 | 12,240 | 19,308 | ||||||
Loss on asset impairment and restructuring | 30,413 | 22,259 | ||||||
Restructuring costs recorded in cost of goods sold | - | 2,007 | ||||||
Adjusted EBITDA1 | $ | (8,989) | $ | (49,714) | ||||
1Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". | ||||||||
2 From Consolidated Statements of Cash Flows. |
Free Cash Flow1 Reconciliation (Non-GAAP Measure) | ||||||||
Three months | ||||||||
(in thousands of Canadian dollars, unaudited) | 2023 | 2022 | ||||||
Net cash used in operating activities - continuing | $ | (33,348) | $ | (77,055) | ||||
Purchases of and deposits on property, | (564) | (1,868) | ||||||
Free cash flow1 - continuing operations | $ | (33,912) | $ | (78,923) | ||||
1Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". |
Segmented Gross Margin and Segmented Adjusted Gross Margin1 Reconciliation (Non-GAAP Measure) | ||||||||
Three months ended | ||||||||
(in thousands of Canadian dollars except where indicated; unaudited) | 2023 | 2022 | ||||||
Net revenue | $ | 39,028 | $ | 46,617 | ||||
Gross margin, as reported | 11,113 | (5,281) | ||||||
Gross margin percentage, as reported | 28 | % | (11) | % | ||||
Adjustments to gross margin: | ||||||||
Restructuring costs recorded in cost of goods sold | - | 1,689 | ||||||
Adjusted gross margin1 | $ | 11,113 | $ | (3,592) | ||||
Adjusted gross margin percentage1 | 28 | % | (8) | % | ||||
Rest-of-world cannabis segment | ||||||||
Revenue | $ | 10,527 | $ | 5,846 | ||||
Gross margin, as reported | 4,192 | (2,184) | ||||||
Gross margin percentage, as reported | 40 | % | (37) | % | ||||
Adjustments to gross margin: | ||||||||
Restructuring costs recorded in cost of goods sold | - | 256 | ||||||
Adjusted gross margin1 | $ | 4,192 | $ | (1,928) | ||||
Adjusted gross margin percentage1 | 40 | % | (33) | % | ||||
Storz & Bickel segment | ||||||||
Revenue | $ | 18,453 | $ | 20,214 | ||||
Gross margin, as reported | 9,449 | 9,186 | ||||||
Gross margin percentage, as reported | 51 | % | 45 | % | ||||
Adjusted gross margin1 | $ | 9,449 | $ | 9,186 | ||||
Adjusted gross margin percentage1 | 51 | % | 45 | % | ||||
This Works segment | ||||||||
Revenue | $ | 8,165 | $ | 8,289 | ||||
Gross margin, as reported | 4,253 | 4,032 | ||||||
Gross margin percentage, as reported | 52 | % | 49 | % | ||||
Adjustments to gross margin: | ||||||||
Restructuring costs recorded in cost of goods sold | - | 62 | ||||||
Adjusted gross margin1 | $ | 4,253 | $ | 4,094 | ||||
Adjusted gross margin percentage1 | 52 | % | 49 | % | ||||
Other | ||||||||
Revenue | $ | 2,332 | $ | 3,884 | ||||
Gross margin, as reported | (781) | (525) | ||||||
Gross margin percentage, as reported | (33) | % | (14) | % | ||||
Adjusted gross margin1 | $ | (781) | $ | (525) | ||||
Adjusted gross margin percentage1 | (33) | % | (14) | % | ||||
1 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures. See "Non-GAAP Measures". | ||||||||
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SOURCE Canopy Growth Corporation
Written By: Investing.com
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