Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — FY2021 Earnings Presentation
29 slides from Trulieve Cannabis's earnings presentation, Mar 30, 2022
Slide 1: Fourth Quarter and Full Year 2021 Investor Presentation
Fourth Quarter and Full Year 2021 Investor Presentation / March 2022 CSE: TRUL OTCQX: TCNNF Exhibit 99.2
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 Full Year and Fourth Quarter 2021 Financial Highlights Full Year and Fourth Quarter 2021 Operational Highlights Harvest Acquisition Integration Financial Outlook Recent Developments Strategic Priorities Financial Results
Slide 5: Full Year 2021 Financial Highlights
Full Year 2021 Financial Highlights* Full year record revenue increased +80% year-over-year to $938.4 million Gross profit of $566.1 million and gross margin of 60.3% in 2021 compared to gross profit of $386.4 million and gross margin of 74.1% in 2020 Adjusted gross profit of $621.4 million and adju
Slide 6: Fourth Quarter 2021 Financial Highlights
Fourth Quarter 2021 Financial Highlights* Net revenue increased 81% year-over-year and 36% sequentially to $305.3 million. Gross profit of $132.4 million and gross margin of 43.4% in the fourth quarter of 2021 compared to gross profit of $119.9 million and gross margin of 71.2% in the fourth quarter
Slide 7: Full Year and Fourth Quarter 2021 Financial Highlights
Full Year and Fourth Quarter 2021 Financial Highlights* *Adjusted Gross Profit, Adjusted Net Income, and Adjusted EBITDA are Non-GAAP financial measures. See slides 26-28 for reconciliation to GAAP for all Non-GAAP financial measures.
Slide 8: Fourth Quarter and Full Year 2021 Operational Highlights
Fourth Quarter and Full Year 2021 Operational Highlights Trulieve closed seven acquisitions valued at $1.5 billion in 2021 Trulieve added 84 new dispensaries, increasing retail footprint by 112% to 159 retail locations nationwide, with 30% of locations outside of Florida Trulieve added ~1.6 million
Slide 9: Harvest Acquisition Integration
Harvest Acquisition Integration Trulieve closed the Harvest Health & Recreation Inc. acquisition on October 1, 2021 Trulieve rebranded affiliated and acquired retail locations in Florida, Maryland, and Pennsylvania Fourteen Florida locations were closed on September 30, 2021, as required by the regu
Slide 10: Financial Outlook
Financial Outlook Introducing Fiscal Year 2022 Guidance Revenue of $1.3 billion to $1.4 billion Adjusted EBITDA of $450 million to $500 million Open 25-30 new dispensaries, relocate up to 6 dispensaries in Florida Anticipate 2H:22 results will reflect improved performance as strategic initiatives dr
Slide 11: Recent Developments
Recent Developments Trulieve opened 3 new dispensaries in Boca Raton and Riverview, Florida and Philadelphia, Pennsylvania Trulieve acquired 64k square feet of operational indoor cultivation capacity in Arizona Trulieve completed the rebranding of 22 affiliated and acquired retail locations in Maryl
Slide 12: Growth Initiatives
Growth Initiatives
Slide 13: Strategic Priorities
Strategic Priorities Deliver Exceptional Customer Experiences and Build Brand Loyalty Provide superb service, expedient transactions, and frictionless returns Innovate across product and consumer categories Expand through Hub Strategy Invest in cornerstone markets: Florida, Pennsylvania, and Arizona
Slide 14: Customer Experience and Brand Loyalty
Customer Experience and Brand Loyalty Customer Experience Service, convenience, frictionless returns Customer loyalty rewards High quality products, broad selection New and innovative products Clones (MA only) Refined Crème, TruTonic powdered drink mix, and TruWax Live Budder, Live Diamonds, Live Me
Slide 15: Regional Hubs: Cultivation, Processing, Retail Capacity
Regional Hubs: Cultivation, Processing, Retail Capacity FL CA MA PA AZ MD WV NV AZ CO CT GA 162 Stores As of March 30, 2022 All stores owned, operated, or affiliated >4.0 M ft2 Cultivation & Processing As of March 30, 2022 Operational Arizona California Colorado Connecticut Florida Massachusetts Mar
Slide 16: Cornerstone Markets: Florida, Pennsylvania, Arizona
Cornerstone Markets: Florida, Pennsylvania, Arizona Limited license markets Leading market presence in retail Cultivation, processing and manufacturing operations Potential for expansion and optimization Potential future catalysts with adult use expansion in Florida and Pennsylvania Fast and favorab
Slide 17: Cornerstone Market: Florida
Cornerstone Market: Florida Limited License Medical Market Trulieve operates 113 medical dispensaries Florida market has 22 vertical licenses issued and 413 approved dispensaries as of March 25, 2022 Cultivation and processing capacity expansion is ongoing Increasing production of differentiated pro
Slide 18: Cornerstone Market: Pennsylvania
Cornerstone Market: Pennsylvania Limited License Medical Market 19 affiliated retail locations Pennsylvania market has 50 retail permits (3 locations per permit), 25 grower/processor licenses, and up to 10 research/clinical permits Ongoing expansion of indoor cultivation and processing capacity thro
Slide 19: Cornerstone Market: Arizona
Cornerstone Market: Arizona Limited License Adult Use and Medical Market Trulieve operates 17 retail dispensaries Arizona market has 131 core vertical licenses, 13 rural/underserved county licenses, and 26 future social equity licenses Expansion of cultivation and processing ongoing Plan to open two
Slide 20: Distribution of Branded Products through Branded Retail and Wholesale Channels
Distribution of Branded Products through Branded Retail and Wholesale Channels Trulieve Brands VALUE MID PREMIUM
Slide 21: Distribution of Branded Products: Partner Brands
Distribution of Branded Products through Branded Retail and Wholesale Channels Partner Brands
Slide 22: Financials
Financials
Slide 23: Transaction Related Charges
Transaction Related Charges Fourth quarter financial results represent an initial reset following the Harvest acquisition Transaction related charges Fair value of inventory charges in 1H:22 Transaction, acquisition and integration charges throughout 2022 Initial inefficiencies immediately following
Slide 24: Financial Highlights
Financial Highlights* *Adjusted Gross Profit, Adjusted Net Income, and Adjusted EBITDA are Non-GAAP financial measures. See slides 26-28 for reconciliation to GAAP for all Non-GAAP financial measures.
Slide 25: Financial Highlights: Balance Sheet and Share Count
www trulieve.com Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q4:21 Q3:21 Q2:21 Q1:21 Q4:20 Cash 234 214 289 162 147 Debt 479 137 137 136 135 SHARE COUNT ESTIMATE (millions as of December 31, 2021 on as if converted basis) Subordinate Voting Shares 1 Multiple Voting Shares* 0.5 Total
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Slide 29: Thank You
Thank You CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com