Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q3 2024 Earnings Presentation
19 slides from Trulieve Cannabis's earnings presentation, Nov 5, 2024
Slide 1: Third Quarter 2024 Investor Presentation
CSE: TRUL OTCQX: TCNNF Third Quarter 2024 Investor Presentation November 2024
Slide 2: Forward Looking Statements and Industry Data
Forward Looking Statements and Industry Data Unless the context otherwise requires, the terms “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. Certain statements in this presentation constitute forward-looking statements within the meaning
Slide 3: Management's Use of Non-GAAP Financial Measures
Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted net income (loss), adjusted gross profit, adjusted gross profit margin, adjusted SG&A, adjusted SG&A as % reve
Slide 4: Agenda
Agenda • Third Quarter 2024 Financial and Operational Highlights • Retail Highlights • Recent Developments • Tax Position • 2024 Objectives • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: Third Quarter 2024 Financial and Operational Highlights
Third Quarter 2024 Financial and Operational Highlights* • Revenue $284 million, increased 3% year over year, with 95% of revenue from retail sales • GAAP gross profit of $173 million and 61% gross margin • Net loss attributable to common shareholders of $60 million • Adjusted net loss of $12 millio
Slide 6: Retail Highlights
Retail Highlights • Retail revenue $269 million, up 2% compared to last year and down 7% sequentially • Traffic up 10% versus last year and 1% sequentially • Sold over 11.5 million branded products • Up 6% year over year and flat sequentially • Customer retention 65% companywide and 74% medical only
Slide 7: Recent Developments
Recent Developments • Partnered with Black Buddha Cannabis to launch premium products in Arizona and Pennsylvania • Opened five new retail locations in Bonita Springs, Hallandale, Lake Placid, Orlando, and St. Augustine, Florida • Currently operate 220 retail dispensaries and over 4 million square f
Slide 8: Tax Position
Tax Position • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax liability under Sec
Slide 9: Tax Position
Tax Position • Uncertain Tax Position • $384 million at September 30, 2024 • $32 million unrelated to the challenge of the applicability of 280E to Trulieve • $352 million related to the challenge of the applicability of 280E to Trulieve • Cash refunds total $115 million to date • $62 million cash r
Slide 10: 2024 Objectives
2024 Objectives Deliver Exceptional Customer Experiences and Build Brand Loyalty • Provide superb service, expedient transactions, and frictionless returns • Innovate across product and consumer categories Expand Distribution of Branded Products Through Branded Retail Locations • Invest in cornersto
Slide 11: Financials
Financials
Slide 12: Financial Targets
Financial Targets Financial Targets: • Anticipate fourth quarter revenue will be up low single digits compared to the third quarter • Anticipate gross margin will be comparable to year to date gross margin • 2024 cash flow from operations expected of at least $250 million • Q3:2024 cash flow from op
Slide 13: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q3:24 Q2:24 Q1:24 Q4:23 Q3:23 Q2:23 Q1:23 Q4:22 Q3:22 Q2:22 Q1:22 2023 2022 Revenue 284.3 303.4 297.6 287.0 275.2 281.8 285.2 298.5 295.4 313.8 310.6 1,129.2 1,218.2 Gross profit 173.3 181.6 173.8 153.9 142.9 141
Slide 14: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of September 30, 2024 on as if converted basis) Subordinate Voting Shares 165.9 Multiple Voting Shares* 0.2 Total Shares Outstanding 189.2 *converted a t 100 s ubordi na te s ha res per 1 mul ti pl e voti ng s ha re Employee Stock Options/RSUs 3
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended For the Nine Months Ended September 30, September 30, June 30, September 30, September 30, (Amounts expressed in millions of United States dollars; unaudited) 2024 2023 2024 2024 2023 Net loss attribu
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Diluted Share For the Three Months Ended For the Nine Months Ended September 30, September 30, June 30, September 30, September 30, (Amounts expressed in millions of United States dollars; una
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A For the Three Months Ended For the Nine Months Ended September 30, September 30, June 30, September 30, September 30, (Amounts expressed in millions of United States dollars; unaudited) 2024 2023 2024 2024 2023 Cash flow
Slide 18: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 18
Slide 19: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com