Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q1 2024 Earnings Presentation
19 slides from Trulieve Cannabis's earnings presentation, May 9, 2024
Slide 1: First Quarter 2024 Investor Presentation
CSE: TRUL OTCQX: TCNNF First Quarter 2024 Investor Presentation May 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 • First Quarter 2024 Financial and Operational Highlights • Retail Highlights • Recent Developments • Tax Position • 2024 Objectives • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: First Quarter 2024 Financial and Operational Highlights
First Quarter 2024 Financial and Operational Highlights* • Revenue $298 million, with 96% revenue from retail sales • GAAP gross profit of $174 million and 58% gross margin • Net loss of $23 million • Adjusted net loss of $10 million excludes non-recurring charges, asset impairments, disposals and d
Slide 6: Retail Highlights
Retail Highlights • Retail revenue $285 million, up 4% sequentially • Traffic exceeded fourth quarter by 3% • Basket size was 3% higher than q4:23 average • Sold over 11 million branded products • Comparable to q4:23 and up 6% year/year • Customer retention 65% companywide and 74% medical only • Exi
Slide 7: Recent Developments
Recent Developments • Smart & Safe Florida initiative for adult use will be included on the ballot for the November 2024 election • If passed by voters, sales are anticipated to begin in May 2025 • Department of Justice confirmed progress on federal rescheduling of cannabis to Schedule III, which wo
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 • $278 million at March 31, 2024 • $31 million unrelated to the challenge of the applicability of 280E to Trulieve • $247 million related to the challenge of the applicability of 280E to Trulieve • $62 million cash refunds received in Q4:2023 • $50 million cash
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 second quarter revenue will be flat to down low single digits compared to the first quarter • Strong 4/20 results balanced by seasonality in Arizona and deferred revenue impact from refreshed loyalty program • Anticipate gross margin will be at least
Slide 13: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q1:24 Q4:23 Q3:23 Q2:23 Q1:23 Q4:22 Q3:22 Q2:22 Q1:22 2023 2022 Revenue 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 173.8 153.9 142.9 141.6 150.2 157.1 168.7 183.4 179.9 588
Slide 14: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of March 31, 2024 on as if converted basis) Subordinate Voting Shares 164.0 Multiple Voting Shares* 0.2 Total Shares Outstanding 187.3 *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 6.3 e
Slide 15: 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; unaudited) 2024 2023 2023 Net loss attributable to common shareholders $ (23.1) $ (64.1) $ (33.4) Add (deduct) impact of: Interest expens
Slide 16: 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; unaudited) 2024 2023 2023 Net loss attributable to common shareholders $ (23.1) $ (64.1) $ (33.4) Net loss (income) from discontinued ope
Slide 17: 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; unaudited) 2024 2023 2023 Cash flow from operating activities $ 139.2 $ 0.4 $ 131.5 Payments for property and equipment $ (15.6) $ (13.7)
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