Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q1 2022 Earnings Presentation
27 slides from Trulieve Cannabis's earnings presentation, May 12, 2022
Slide 1: First Quarter 2022 Investor Presentation
First Quarter 2022 Investor Presentation / May 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 First Quarter 2022 Financial Highlights First Quarter 2022 Operational Highlights Financial Outlook Recent Developments Strategic Priorities Financial Results
Slide 5: First Quarter 2022 Financial Highlights
First Quarter 2022 Financial Highlights* Revenue increased 64% year-over-year and 4% sequentially to $318.3 million Gross profit of $178.2 million and gross margin of 56.0% in the first quarter of 2022 compared to gross profit of $132.4 million and gross margin of 43.4% in the fourth quarter 2021 Ne
Slide 6: First Quarter 2022 Financial Highlights
First Quarter 2022 Financial Highlights* *Adjusted EBITDA is a Non-GAAP financial measure. See slides 24-26 for reconciliation to GAAP for all Non-GAAP financial measures.
Slide 7: First Quarter 2022 Operational Highlights
First Quarter 2022 Operational Highlights Trulieve opened 3 new dispensaries in Boca Raton and Riverview, Florida and Philadelphia, Pennsylvania Production in Q1 2022 was 9.8 million units, up 91% year over year Trulieve acquired 64k square feet of operational indoor cultivation capacity in Arizona
Slide 8: Financial Outlook
Financial Outlook Reiterating Full 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 driv
Slide 9: Recent Developments
Recent Developments Achieved record revenue, units sold, and number of customers served on 4/20 holiday Launched “4.20 For All” NFT collection Launched adult use sales at Napa, California dispensary Announced new brand partnership with DeLisioso Brands in Florida Expanded brand partnership with Khal
Slide 10: Growth Initiatives
Growth Initiatives
Slide 11: 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 12: 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 13: Regional Hubs: Cultivation, Processing, Retail Capacity
Regional Hubs: Cultivation, Processing, Retail Capacity FL CA MA PA AZ MD WV NV AZ CO CT GA 165 Stores As of May 12, 2022 All stores owned, operated, or affiliated >4.0 M ft2 Cultivation & Processing As of March 31, 2022 Operational Arizona California Colorado Connecticut Florida Massachusetts Maryl
Slide 14: 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 15: Cornerstone Market: Florida
Cornerstone Market: Florida Limited License Medical Market Trulieve operates 115 medical dispensaries Florida market has 22 vertical licenses issued and 428 approved dispensaries as of May 6, 2022 Cultivation and processing capacity expansion is ongoing Increasing production of differentiated produc
Slide 16: 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 17: 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 18: 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 19: Distribution of Branded Products: Partner Brands
Distribution of Branded Products through Branded Retail and Wholesale Channels Partner Brands
Slide 20: Financials
Financials
Slide 21: Transaction Related and Non-Recurring Charges
Transaction Related and Non-Recurring Charges Transaction related charges $0.4 million fair value of inventory step up charge $17.2 million transaction, acquisition, integration, and other non-recurring charges $13.8 million in asset impairments associated with the closing of redundant cultivation f
Slide 22: Financial Highlights
Financial Highlights* *Adjusted Gross Profit, Adjusted Net Income, and Adjusted EBITDA are Non-GAAP financial measures. See slides 24-26 for reconciliation to GAAP for all Non-GAAP financial measures.
Slide 23: Financial Highlights: Balance Sheet and Share Count
www trulieve.com Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q1:22 Q4:21 Q3:21 Q2:21 Q1:21 4:20 Cash 267 234 214 289 162 147 Debt 553 479 137 137 136 135 SHARE COUNT ESTIMATE (millions as of March 31, 2022 on as if converted basis) Subordinate Voting Shares 35.0 Multiple Voting Shar
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Slide 27: Thank You
Thank You CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com