Canopy Growth Reports First Quarter Fiscal 2022 Financial Results

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the first quarter fiscal 2022 ended June 30, 2021 . All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Highlights

• Achieved 23% revenue growth in Q1 2022 versus Q1 2021 driven by strong double-digit growth in both cannabis and other consumer products businesses.
• Maintained #1 market share ¹ in tracked Canadian recreational cannabis market amid a highly competitive landscape.
• Completed acquisition of Ace Valley and Supreme Cannabis, with commercial and operational Integration progressing smoothly.
• Led by consumer insights, a robust innovation pipeline with over 100+ SKUs across key product categories set to hit store shelves from Q2 2022 to Q4 2022.
• Momentum with cannabis reform increasing as the Company continues to build its U.S. presence through broad portfolio of innovative CBD and CPG brands.
• Remains committed to accelerating top-line growth in the second half of fiscal 2022 and achieving positive Adjusted EBITDA by end of fiscal 2022.

“With the right strategy and strong foundation in place we are confident in our ability to deliver long-term success as Canopy’s products and brands continue to demonstrate their appeal to consumers in our core markets,” said David Klein , CEO, Canopy Growth. “While we’re encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters.”

“We’re continuing to drive cost savings and operational efficiencies across the company, and remain broadly on track to our target of $150 – $200 million in fiscal 2022- fiscal 2023,” added Mike Lee , CFO. “We look forward to scaling our new operating model in coming months as we push forward our profitability goals in fiscal year 2022.”

First Quarter Fiscal 2022 Financial Summary

• Revenues : Net revenue of $136 million in Q1 2022 was an increase of 23% versus Q1 2021 driven by strong double-digit growth across Canadian cannabis and other consumer products, partially offset by a decline in international cannabis. Total net cannabis revenue of $93 million in Q1 2022, represented an increase of 17% over Q1 2021. Total other consumer products revenue in Q1 2022 increased 39% year-over year to $43 million . Excluding the impact from acquired businesses, net revenue increased 19% versus Q1 2021.
• Gross margin : Reported gross margin in Q1 2022 was 20% as compared to 6% in Q1 2021. Gross margin in Q1 2021 was negatively impacted by lower production output and unfavorable pack size and geographic mix in the Canadian recreational business as well as start up costs in the U.S. including building inventory and activating new production capacity along with higher third-party shipping, distribution and warehousing costs, partially offset by payroll subsidies received from the Canadian government in Q1 2022, pursuant to a COVID-19 relief program. Adjusted gross margin, excluding charges related to the flow-through of inventory step-up on business combinations, was 21% compared to 7% in Q1 2021.
• Operating expenses : Total SG&A (“SG&A”) expenses in Q1 2022 declined by 17% versus Q1 2021, driven by year-over-year reductions in General & Administrative (“G&A”) and Research and Development (“R&D”) expenses partially offset by an increase in Sales & Marketing (“S&M”) expenses. G&A expenses declined 48% year-over-year primarily due to reductions in staffing and professional fees and benefit from payroll subsidies received from the Canadian government in Q1 2022, pursuant to a COVID-19 relief program. R&D expenses declined 39% year-over-year principally due to product timing and lower finished product development expenses. S&M expenses increased 34% year-over-year due largely to a return to more normal advertising and promotional spending in the first quarter of fiscal 2022; in the first quarter of fiscal 2021, the Company delayed or cancelled various product and brand marketing initiatives due to the measures established to contain the spread of COVID-19.
• Net Earnings : Net Earnings in Q1 2022 of $390 million , which is a $518 million improvement versus Q1 2021, was driven primarily by Other Income totalling $581 million during Q1 2022 primarily attributable to non-cash fair value changes of $601 million .
• Adjusted EBITDA : Adjusted EBITDA loss in Q1 2022 was $64 million , a $29 million narrower loss versus Q1 2021 driven by higher sales and lower operating expenses. Adjusted EBITDA loss in Q1 2022 was negatively impacted by a $10.1 million impairment charge related to the changes in our sourcing strategy for certain products.
• Free Cash Flow : Free Cash Flow in Q1 2022 was an outflow of $186 MM, a 3% greater outflow vs Q1 2021. Relative to Q4 2021, Free Cash Flow during the quarter was negatively impacted by the timing of certain one-time payments totalling $19 million , incremental interest payment associated with the US$750 million debt financing that occurred in Q4 2021 as well as the impact of inventory build for BioSteel’s Ready-To-Drink (“RTD”) products in the U.S.
• Cash Position : Cash and Short-term Investments amounted to $2.1 billion at June 30, 2021 , representing a decrease of $0.2 billion from $2.3 billion at March 31, 2021 reflecting EBITDA losses and capital investments.

First Quarter Fiscal 2022 Business & Operational Highlights

• Achieved another quarter of strong double-digit revenue growth year-over-year
• Canadian recreational sales grew 35% year-over-year, even as the industry was impacted by COVID lockdowns for much of the quarter.
• Canopy Growth maintained #1 market share in tracked provinces, with total market share (including Ace Valley and Supreme) of 15.2% during Q1 2022.
• In total Flower category, Canopy Growth also maintained #1 market share with 17.9% in Q1 2022.
• U.S. CBD business continues to build momentum driven by Martha Steward CBD which is now the #3 brand among all CBD supplements in the food, drug and convenience-store channel, according to IRI data for the 12 weeks ended July 11, 2021 . In addition, distribution of Quatreau CBD beverages is ramping up in the U.S.
• Other Consumer Products brands also delivered strong growth driven by Storz & Bickel which saw sales increase by 41% year-over-year and BioSteel, which grew sales triple digits year-over-year driven by the launch of its RTD beverages.
• Led by consumer insights, already launched 50+ SKUs over past two quarters, 100+ SKUs expected to enter markets in coming quarters
• In Flower, national launch of Doja is ongoing including Ontario -exclusive Doja Legendary Larry flower, launched in Q1 2022, garnering strong consumer feedback. 7 Acres Papaya flower launched in Q1 2022. National launch of Tweed lineage strain products is also ongoing. Launch of Tweed Quickies and Ace Valley Pinners small size, single strain pre-rolled joints (0.35 g and 0.3g, respectively) in the current quarter addresses consumer preference for sharing cannabis in a group setting without having to pass a single joint around. The Company expects to bring a robust program of flower innovation to the market over the coming months including single strain genetics across key brands and new packaging.
• In Vapes, the Company strengthened its positioning in the Canadian vape market with the additional of 1.0 ml 510 cartridges and Tweed Citrus C-land all-in-one vape pens during Q1 2022. With the addition of Ace Valley and Supreme Cannabis vape products to the Company’s portfolio, Canopy Growth has captured the #3 market share for vapes in Canada . Addressing increasing consumer demand for premium vape cartridges and devices, Canopy is scheduled to bring a range of vape innovations to market over the coming quarters including premium Live Resin cartridges as well as multiple new or upgraded vape devices.
• In Beverages, in response to consumer demand for great-tasting 5mg and 10mg THC beverages, the Company has expanded its portfolio of THC beverages with Tweed Iced Tea beverages (available in lemon and raspberry flavors, both with 5 mg THC) entering market in Q1 2022 and new Tweed Fizz seltzer beverages (available in Watermelon and Mango flavors, both with 5 mg THC) shipping in the current quarter. The Company expects to double the number of THC beverages on the market over the coming months including line extensions of its popular Deep Space 10 mg THC beverages.
• In Edibles, the Company’s Twd. Strawberry gummies, launched in Q4 2021, have captured #2 market share in the total gummy category in Canada . Canopy Growth’s portfolio of gummies expanded in Q1 2022 with the launch of Ace Valley Dessert flavor gummies (Key Lime Pie and Peaches & Honey), followed by the launch of Twd. Mixed Berry as well as Ace Valley Dream CBN gummies in the current quarter. The Ace Valley Dream gummies contain the CBN minor cannabinoid which lends itself to a key consumer need state, sleep. The Company is scheduled to bring a robust portfolio of new gummy innovations to market over the coming months featuring gourmand flavours, higher THC levels and advanced “human effects”.
• Remain focused on further capitalizing on the U.S. market
• Path to cannabis reform took an important step forward with release of the draft Cannabis Administration and Opportunity Act.
• Multiple routes to market upon federal permissibility of U.S THC market already exist for the Company, including immediate path through planned acquisition of Acreage Holdings and conditional ownership of TerrAscend, which provides further optionality to increase presence.
• Leveraging balance sheet strength, the Company is actively seeking legally permitted investments in THC businesses/brands to increase exposure to U.S. THC market in advance of federal permissibility.
• Achieving profitability and improving cashflow remain the Company’s top priority
• Implementation of supply chain optimization is well underway, with the Company having realized $38 million , including $32 million in Q1 2022, of the $150 million to $200 million in cost savings expected by the end of the first half of FY 2023.
• Adjusted EBITDA performance improved, despite price/mix headwinds in our cannabis business, driven by strong operating expense discipline.
• The Company remains committed to achieving positive Adjusted EBITDA by the end of FY 2022 driven by accelerating top-line growth, cost savings initiatives and improved price/mix.

First Quarter Fiscal 2022 Revenue Review

Revenue by Channel

Revenue by Form

Canadian Cannabis

• Recreational B2B net sales in Q1 2022 increased 22% over prior year period due primarily to growth in the retail store network in Canada and growth in value flower.
• Recreational B2C net sales in Q1 2022 increased 84% versus Q1 2021 due primarily to growth in flower sales, the availability of vape, beverage and edible products and a higher number of corporate owned stores. The number of corporate owned stores increased over the comparison period by 12 to 34. Same store sales increased 65% year-over-year when normalized for days closed due to COVID-19.
• Canadian medical net revenue in Q1 2022 decreased 3% from Q1 2021 driven primarily by a lower number of orders partially offset by higher average order size.

International Cannabis

• C ³ revenue in Q1 2022 declined 26% year-over-year due to COVID-19 restrictions that limited sales activities and increased competition.
• Other revenue in Q1 2022 increased 39% over the prior year period due primarily to growth in U.S. CBD sales.

Other Consumer Products

• S&B vaporizer revenue in Q1 2022 increased 41% over Q1 2021, benefitting from strengthened distribution in the U.S. and strong consumer demand across all key product lines including Mighty, Volcano Classic and Hybrid and Crafty+.
• This Works sales in Q1 2022 increased 7% over Q1 2021, driven by Amazon and third-party e-commerce sales.
• BioSteel sales in Q1 2022 increased 179% over Q1 2021 driven by the launch of RTD beverages and expanded distribution in the U.S. market.

The first quarter fiscal 2022 and first quarter fiscal 2021 financial results presented in this press release have been prepared in accordance with U.S. GAAP.

Webcast and Conference Call Information

The Company will host a conference call and audio webcast with David Klein , CEO and Mike Lee , CFO at 10:00 AM Eastern Time on August 6, 2021 .

Webcast Information

A live audio webcast will be available at:
https://produceredition.webcasts.com/starthere.jsp?ei=1479656&tp_key=7a3d0094a3

Replay Information

A replay will be accessible by webcast until 11:59 PM ET on November 4, 2021 at:
https://produceredition.webcasts.com/starthere.jsp?ei=1479656&tp_key=7a3d0094a3

Non-GAAP Measures

Adjusted EBITDA is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted EBITDA is calculated as the reported net income (loss), adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs. Asset impairments related to periodic changes to the Company’s supply chain processes are not excluded from Adjusted EBITDA given their occurrence through the normal course of core operational activities. The Adjusted EBITDA reconciliation is presented within this news release and explained in the Company’s Quarterly Report on Form 10-Q to be filed with the SEC.

Free Cash Flow is a non- GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. This measure is calculated as net cash provided by (used in) operating activities less purchases of and deposits on property, plant and equipment. The Free Cash Flow reconciliation is presented within this news release and explained in the Company’s Quarterly Report on Form 10-Q to be filed with the SEC.

Adjusted Gross Margin and Adjusted Gross Margin Percentage are non-GAAP measures used by management that are not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted Gross Margin is calculated as gross margin excluding restructuring and other charges recorded in cost of goods sold, and charges related to the flow-through of inventory step-up on business combinations. Adjusted Gross Margin Percentage is calculated as Adjusted Gross Margin divided by net revenue. The Adjusted Gross Margin and Adjusted Gross Margin Percentage reconciliation is presented within this news release.

About Canopy Growth Corporation

Canopy Growth (TSX:WEED,NASDAQ:CGC ) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional federally-permissible CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com .

Notice Regarding Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. 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:

• the uncertainties associated with the COVID-19 pandemic, including our ability, and the ability of our suppliers and distributors, to effectively manage the restrictions, limitations and health issues presented by the COVID-19 pandemic, the ability to continue our production, distribution and sale of our products and the demand for and use of our products by consumers, disruptions to the global and local economies due to related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations and a reduction in discretionary consumer spending;
• laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to U.S. hemp (including CBD) products and the scope of any regulations by the U.S. Food and Drug Administration (the “FDA”), the U.S. Drug Enforcement Administration (the “DEA”), the U.S. Federal Trade Commission (the “FTC”), the U.S. Patent and Trademark Office (the “USPTO”), the U.S. Department of Agriculture (the “USDA”) and any state equivalent regulatory agencies over U.S. hemp (including CBD) products;
• expectations regarding the laws and regulations and any amendments thereto relating to the U.S. hemp industry in the U.S., including the promulgation of regulations for the U.S. hemp industry by the USDA and relevant state regulatory authorities;
• expectations regarding the potential success of, and the costs and benefits associated with, our acquisitions, joint ventures, strategic alliances, equity investments and dispositions;
• the amended plan of arrangement with Acreage Holdings, Inc., including the consummation of such acquisition;
• the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof;
• our international activities and joint venture interests, including required regulatory approvals and licensing, anticipated costs and timing, and expected impact;
• our ability to successfully create and launch brands and further create, launch and scale cannabis-based products and U.S. hemp-derived consumer products in jurisdictions where such products are legal and that we currently operate in;
• the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids;
• the anticipated benefits and impact of the investments in us (the “CBI Group Investments”) from Constellation Brands, Inc. (“CBI”) and its affiliates (together, the “CBI Group”);
• the potential exercise of the warrants held by the CBI Group, pre-emptive rights and/or top-up rights held by the CBI Group, including proceeds to us that may result therefrom or the potential conversion of the convertible senior notes issued by Canopy Growth and held by the CBI Group;
• expectations regarding the use of proceeds of equity financings, including the proceeds from the CBI Group Investments;
• the legalization of the use of cannabis for medical or recreational in jurisdictions outside of Canada , the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized;
• our ability to execute on our strategy and the anticipated benefits of such strategy;
• the ongoing impact of the legalization of additional cannabis product types and forms for recreational use in Canada , including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets;
• the ongoing impact of developing provincial, territorial and municipal regulations pertaining to the sale and distribution of cannabis, the related timing and impact thereof, as well as the restrictions on federally regulated cannabis producers participating in certain retail markets and our intentions to participate in such markets to the extent permissible;
• the timing and nature of legislative changes in the U.S. regarding the regulation of cannabis including tetrahydrocannabinol (“THC”);
• the future performance of our business and operations;
• our competitive advantages and business strategies;
• the competitive conditions of the industry;
• the expected growth in the number of customers using our products;
• our ability or plans to identify, develop, commercialize or expand our technology and research and development initiatives in cannabinoids, or the success thereof;
• expectations regarding revenues, expenses and anticipated cash needs;
• expectations regarding cash flow, liquidity and sources of funding;
• expectations regarding capital expenditures;
• our ability to refinance debt as and when required on terms favorable to us and comply with covenants contained in our debt facilities and debt instruments;
• the expansion of our production and manufacturing, the costs and timing associated therewith and the receipt of applicable production and sale licenses;
• the expected growth in our growing, production and supply chain capacities;
• expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations;
• expectations with respect to future production costs;
• expectations with respect to future sales and distribution channels and networks;
• the expected methods to be used to distribute and sell our products;
• our future product offerings;
• the anticipated future gross margins of our operations;
• accounting standards and estimates;
• expectations regarding our distribution network;
• expectations regarding the costs and benefits associated with our contracts and agreements with third parties, including under our third-party supply and manufacturing agreements; and
• expectations on price changes in cannabis markets.

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: (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; (xiii) our ability to continue to operate in light of the COVID-19 pandemic and the impact of the pandemic on demand for, and sales of, our products and our distribution channels; and (xiv) 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.

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 Securities and Exchange Commission (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, changes in laws, regulations and guidelines and our compliance with such laws, regulations and guidelines; the risk that the COVID-19 pandemic may disrupt our operations and those of our suppliers and distribution channels and negatively impact the demand for and use of our products; consumer demand for cannabis and U.S. hemp products; our limited operating history; the risks and uncertainty regarding future product development; our reliance on licenses issued by and contractual arrangements with various federal, state and provincial governmental authorities; the risk that cost savings and any other synergies from the CBI Group Investments may not be fully realized or may take longer to realize than expected; risks associated with jointly owned investments; risks relating to our current and future operations in emerging markets; future levels of revenues and the impact of increasing levels of competition; risks related to the protection and enforcement of our intellectual property rights; our ability to manage disruptions in credit markets or changes to our credit ratings; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; risks related to the integration of acquired businesses; the timing and manner of the legalization of cannabis in the United States ; business strategies, growth opportunities and expected investment; 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); counterparty risks and liquidity risks that may impact our ability to obtain loans and other credit facilities on favorable terms; the potential effects of judicial, regulatory or other proceedings, or threatened litigation or proceedings, on our business, financial condition, results of operations and cash flows; risks related to stock exchange restrictions; risks associated with divestment and restructuring; volatility in and/or degradation of general economic, market, industry or business conditions; our exposure to risks related to an agricultural business, including wholesale price volatility and variable product quality; third-party transportation risks; 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 U.S. hemp products in vaping devices; the anticipated effects of actions of third parties such as competitors, activist investors or federal, state, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; changes in regulatory requirements in relation to our business and products; and the factors discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021 . Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.

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.

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