Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — FY2024 Earnings Presentation
21 slides from Trulieve Cannabis's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter / Full Year 2024 Investor Presentation
Fourth Quarter / Full Year 2024 Investor Presentation February 2025 CSE: TRUL OTCQX: TCNNF
Slide 2: Forward-Looking Statements
www.trulieve.com 2 Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the mean
Slide 3: Management's Use of Non-GAAP Financial Measures
www.trulieve.com 3 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 gross profit margin, adjusted SG&A, adjusted SG&A as % revenue, adju
Slide 4: Agenda
www.trulieve.com 4 Agenda • Full Year and Fourth Quarter 2024 Financial Highlights • Full Year and Fourth Quarter 2024 Operational Highlights • Fourth Quarter Retail Highlights • Recent Developments • Tax Position • 2025 Objectives • Financial Targets • Financial Highlights
Slide 5: Full Year 2024 Financial Highlights
www.trulieve.com 5 Full Year 2024 Financial Highlights* • Revenue $1.2 billion, increased 5% year over year, with 95% of revenue from retail sales • GAAP gross profit of $716 million and 60% gross margin • Net loss attributable to common shareholders of $155 million • Adjusted net loss of $19 millio
Slide 6: Fourth Quarter 2024 Financial Highlights
www.trulieve.com 6 Fourth Quarter 2024 Financial Highlights* • Revenue $301 million, increased 5% year over year, with 95% of revenue from retail sales • GAAP gross profit of $187 million and 62% gross margin • Net loss attributable to common shareholders of $60 million • Adjusted net income of $3 m
Slide 7: Full Year and Fourth Quarter 2024 Operational Highlights
www.trulieve.com 7 Full Year and Fourth Quarter 2024 Operational Highlights • Launched adult use sales in Ohio at three locations: Beavercreek, Columbus, and Westerville • Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida,
Slide 8: Fourth Quarter Retail Highlights
www.trulieve.com 8 Fourth Quarter Retail Highlights • Retail revenue $285 million, up 4% compared to last year and up 6% sequentially • Traffic up 13% versus last year and 4% sequentially • Sold over 12.5 million branded products • Up 12% year over year and 10% sequentially • Customer retention 68%
Slide 9: Recent Developments
www.trulieve.com 9 Recent Developments • Appointed Jason Pernell as President of Trulieve. Mr. Pernell has over two decades of experience as an entrepreneur and cannabis operator, co-founding Trulieve alongside Chairman and Chief Executive Officer Kim Rivers in 2015. • Launched Onward, a premium, no
Slide 10: Tax Position
www.trulieve.com 10 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
Slide 11: Tax Position
www.trulieve.com 11 Tax Position • Uncertain Tax Position • $445 million at December 31, 2024 • $32 million unrelated to the challenge of the applicability of 280E to Trulieve • $413 million related to the challenge of the applicability of 280E to Trulieve • Cash refunds total $114 million to date •
Slide 12: 2025 Objectives
www.trulieve.com 12 2025 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 •
Slide 13: Financials
Financials
Slide 14: Financial Targets
www.trulieve.com 14 Financial Targets Financial Targets: • Anticipate first quarter revenue will be down low single digits compared to the fourth quarter • 2025 cash flow from operations of at least $250 million expected • 2025 capital expenditures up to $40 million expected Financial Position as of
Slide 15: Financial Highlights
www.trulieve.com 15 Financial Highlights* *Adjusted gross profit, adjusted gross profit margin, adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin are Non-GAAP financial measures. See slides
Slide 16: Financial Highlights: Share Count Estimate
www.trulieve.com 16 Financial Highlights SHARE COUNT ESTIMATE Subordinate Voting Shares 167.8 Multiple Voting Shares* 0.2 Total Shares Outstanding 191.0 Employee Stock Options/RSUs 3.7 Pro Forma Estimated Shares 194.7 (millions as of December 31, 2024 on as if converted basis) *converted at 100 subo
Slide 17: Reconciliation of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA
www.trulieve.com 17 Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Net loss attributable to common shareholders $ (59.8) $ (33.4) $ (60.2) $ (155.1) $ (526.8) Add (deduct) impact of: Interest expense, net $ 14.6 $ 20.6 $ 17.5 $ 62.2 $ 81.6 Interest income $ (3.2) $ (1.8) $
Slide 18: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income (Loss)
www.trulieve.com 18 Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share Net loss attributable to common shareholders $ (59.8) $ (33.4) $ (60.2) $ (155.1) $ (526.8) Net loss from discontinued operations, net of tax, attributable to
Slide 19: Reconciliation of Non-GAAP Financial Measures: Free Cash Flow and Adjusted SG&A
www.trulieve.com 19 Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A Cash flow from operating activities $ 30.7 $ 131.5 $ 30.3 $ 271.5 $ 201.8 Payments for property and equipment $ (42.5) $ (9.4) $ (36.9) $ (121.5) $ (40.4) Free cash flow (Non-GAAP) $ (11.8) $ 122.1 $ (
Slide 20: House of Brands
www.trulieve.com 20 House of Brands Trulieve Brands V A LU E M ID P R EM IU M Partner Brands
Slide 21: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com