Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q1 2023 Earnings Presentation
17 slides from Trulieve Cannabis's earnings presentation, May 10, 2023
Slide 1: First Quarter 2023 Investor Presentation
First Quarter 2023 Investor Presentation / May 2023 CSE: TRUL OTCQX: TCNNF
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, adjusted earnings per share, and adjusted EBITDA. Our management uses these non-GAAP financial mea
Slide 4: Agenda
Agenda • First Quarter 2023 Financial and Operational Highlights • Retail Highlights • Recent Developments • 2023 Objectives • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: First Quarter 2023 Financial and Operational Highlights
First Quarter 2023 Financial and Operational Highlights* • Revenue $289 million, with 95% revenue from retail sales • GAAP gross margin of 52%, with gross profit of $150 million • SG&A expenses lowered by $24 million sequentially to $102 million • Net loss** of $64 million • Adjusted net loss of $21
Slide 6: Retail Highlights First Quarter 2023
Retail Highlights First Quarter 2023 • Revenue $289 million • Retail revenue of $276 million • Customer retention 64% companywide • Customer retention 73% medical only • Shift to value products • Continued since mid-2022 www.trulieve.com 6
Slide 7: Recent Developments
Recent Developments • 4/20 holiday record traffic, customers served, and units sold, up 10%, 11% and 9%, year over year, respectively • First to launch medical sales in Georgia with two new dispensaries in Macon and Marietta • Currently operate 186 retail dispensaries and over 4 million square feet
Slide 8: 2023 Objectives
2023 Objectives Cash Preservation • Reduce expenses through business optimization initiatives • Reduce wages with elimination of redundancies Cash Generation Scale • Optimize assortment to match customer preferences • Adjust production mix and capacity utilization • Reduce inventory throughout 2023
Slide 9: Financials
Financials
Slide 10: Financial Targets
Financial Targets Financial Targets: • Anticipate second quarter revenue will be down low single digits sequentially • Target operating cash flow of $100 million in 2023 • Capital expenditures expected to be at least 50% lower in 2023 • Expect positive free cash flow in 2023 • Expect to add 15-20 ne
Slide 11: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q1:23 Q4:22 Q3:22 Q2:22 Q1:22 2022 2021 Revenue 289.1 302.2 300.8 319.1 317.7 1239.8 938.0 Gross Profit 149.9 149.7 168.0 183.8 180.5 682.0 567.8 Gross Margin 51.9% 49.5% 55.9% 57.6% 56.8% 55.0% 60.5% Adjusted Gr
Slide 12: Financial Highlights
Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q1:23 Q4:22 Q3:22 Q2:22 Q1:22 Cash 195 219 114 181 267 Debt 646 648 553 552 553 SHARE COUNT ESTIMATE (millions as of March 31, 2023 on as if converted basis) Subordinate Voting Shares 160 Multiple Voting Shares* 0.3 Total Shares Outstandin
Slide 13: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars) 2023 2022 2022 Net Loss GAAP $ (64.1) $ (32.0) $ (77.0) Add (Deduct) Impact of: Interest Expense $ 22.7 $ 17.9 $ 23.0 Provision For Incom
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars) 2023 2022 2022 Net Loss GAAP $ (64.1) $ (32.0) $ (77.0) Add (Deduct) Impact of: Fair Value of Derivative Liabilities - Warrants $ (0.3) $
Slide 15: Regional Hubs: Cultivation, Processing, Retail Capacity
Regional Hubs: Cultivation, Processing, Retail Capacity 186 Stores As of May 10, 2023 All stores owned, operated, or affiliated Operational >4 M ft2 Cultivation & Processing Arizona As of March 31, 2023 NORTHEAST California 36 stores >0.5M ft2 Colorado MA cultivation & processing Connecticut CT Flor
Slide 16: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 16
Slide 17: Thank You
Thank You CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com