Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q2 2022 Earnings Presentation
21 slides from Trulieve Cannabis's earnings presentation, Aug 10, 2022
Slide 1: Second Quarter 2022 Investor Presentation
Exhibit 99.2 Second Quarter 2022 Investor Presentation / August 2022 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 gross profit, adjusted net income, adjusted net income per diluted share, and adjusted cash flow from operatio
Slide 4: Agenda
Agenda • Second Quarter 2022 Financial Highlights • Retail Highlights • Cornerstone Markets • Second Quarter 2022 Operational Highlights • Financial Outlook • Recent Developments • Financial Results 4 www.trulieve.com
Slide 5: Second Quarter 2022 Financial Highlights
Second Quarter 2022 Financial Highlights* · Revenue increased 49% year‐over‐year and 1% sequentially to $320.3 million · Gross profit of $182.2 million and gross margin of 57% in the second quarter of 2022 compared to gross profit of $178.2 million and gross margin of 56% in the first quarter 2022 ·
Slide 6: Second Quarter 2022 Financial Highlights
Second Quarter 2022 Financial Highlights* *Adjusted EBITDA is a Non‐GAAP financial measure. See slides 16‐18 for reconciliation to GAAP for all Non‐GAAP 6 www.trulieve.com financial measures.
Slide 7: Retail Highlights
Retail Highlights · Retail revenue increased 3% sequentially to $299 million · Traffic increased 6% and basket decreased 3% sequentially · Promotional activity was flat · Customer visits increased to 2.6x per month overall and 2.7x per month in medical only markets · Customer retention was inline wi
Slide 8: Cornerstone Markets: Florida, Pennsylvania, Arizona
Cornerstone Markets: Florida, Pennsylvania, Arizona • Traffic increased in Florida and Pennsylvania and decreased in Arizona • Discounting was flat in Florida, up 1% in Pennsylvania and up mid‐single digits in Arizona • Arizona performance was in line with seasonal summer trends • Florida unit sales
Slide 9: Second Quarter 2022 Operational Highlights
Second Quarter 2022 Operational Highlights • Trulieve opened 6 new dispensaries in Fort Myers and Zephyrhills, Florida; Framingham, Massachusetts; Coatesville, Pennsylvania; and Parkersburg and South Charleston, West Virginia; relocated one store in New Port Richey Florida • Production in Q2 2022 wa
Slide 10: Financial Outlook
Financial Outlook Adjusted Full Year 2022 Guidance by 5%: • Revenue of $1.25 billion to $1.3 billion • Prior revenue outlook of $1.3 to $1.4 billion • Adjusted EBITDA of $415 million to $450 million • Prior Adjusted EBITDA outlook $450 to $500 million • Open 25‐30 new dispensaries, relocate up to 6
Slide 11: Recent Developments
Recent Developments • Celebrated six‐year anniversary of first retail sale in Florida • Trulieve opened 7 new dispensaries in Phoenix, Arizona; Apopka, Coral Springs, Hollywood, and Kissimmee, Florida; and Hurricane and Morgantown, West Virginia • New Phoenix dispensary represents first branded Trul
Slide 12: Financials
~ Financials
Slide 13: Transaction Related and Non-Recurring Charges
Transaction Related and Non‐Recurring Charges • Transaction related charges • $0.6 million fair value of inventory step up charge and $5.2 million earnout payment associated with acquisition of cultivation capacity in Arizona • $11.8 million transaction, acquisition, integration, and other non‐recur
Slide 14: Financial Highlights: Income Statement
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions) Q2:22 Q1:22 Q4:21 Q3:21 Q2:21 Q1:21 Q4:20 2021 2020 Revenue 320.3 318.3 305.3 224.1 215.1 193.8 168.4 938.4 521.5 Gross Profit 182.2 178.2 132.4 153.9 144.5 135.3 119.9 566.1 386.4 Gross Margin 56.9% 56.0% 43.4% 68.7% 67.2% 69.8% 71.2%
Slide 15: Financial Highlights: Balance Sheet and Share Count
Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q2:22 Q1:22 Q4:21 Q3:21 Q2:21 Q1:21 Q4:20 Cash 181 267 234 214 289 162 147 Debt 552 553 479 137 137 136 135 SHARE COUNT ESTIMATE (millions as of June 30, 2022 on as if converted basis) Subordinate Voting Shares 149.5 Multiple Voting Shares
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non‐GAAP Financial Measures For the Three Months Ended For the Six Months Ended (Amounts expressed in millions of United June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 States dollars) Net Income (Loss) GAAP $ (22.5) $ 40.9 $ (32.0) $ (54.5) $ 71.0 Add (Deduc
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non‐GAAP Financial Measures For the Three Months Ended For the Six Months Ended (Amounts expressed in millions of United June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 States dollars) Gross Profit GAAP $ 182.2 $ 144.5 $ 178.2 $ 360.3 $ 279.7 Gross Margin % G
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non‐GAAP Financial Measures For the Three Months Ended For the Six Months Ended (Amounts expressed in millions of United June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 States dollars) Net Income (Loss) GAAP $ (22.5) $ 40.9 $ (32.0) $ (54.5) $ 71.0 Add (Deduc
Slide 19: Regional Hubs: Cultivation, Processing, Retail Capacity
Regional Hubs: Cultivation, Processing, Retail Capacity 175 Stores As of August 10, 2022 Operational All stores owned, operated, or affiliated 2 >4.0 M ft Cultivation & Processing Arizona As of June 30, 2022 NORTHEAST California 33 stores 2 Colorado >0.5M ft MA cultivation & Connecticut processing C
Slide 20: House of Brands
House of Brands Partner Brands Trulieve Brands 20 www.trulieve.com VALUE MID PREMIUM
Slide 21: Thank You
Thank You CSE: CSE: TRUL TRUL O OT TC CQX: QX: T TC CN NN NF F @T @Truliev rulieve e/@T /@Tr ruliev ulieve e_ _I IR R ir@trulie ir@truliev ve. e.c co om m