Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q2 2023 Earnings Presentation
17 slides from Trulieve Cannabis's earnings presentation, Aug 9, 2023
Slide 1: Second Quarter 2023 Investor Presentation
Second Quarter 2023 Investor Presentation / August 2023 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 net income, adjusted earnings per share, and adjusted EBITDA. Our management uses these non-GAAP financial mea
Slide 4: Agenda
Agenda • Second Quarter 2023 Financial and Operational Highlights • Retail Highlights • Recent Developments • 2023 Objectives • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: Second Quarter 2023 Financial and Operational Highlights
Second Quarter 2023 Financial and Operational Highlights* • Revenue $282 million, with 96% revenue from retail sales • GAAP gross profit of $142 million and 50% gross margin • SG&A expenses lowered by $4 million sequentially • Net loss of $404 million • Adjusted net loss of $15 million excludes non-
Slide 6: Retail Highlights
Retail Highlights • Revenue $282 million • Retail revenue of $272 million • Customer retention 64% companywide • Customer retention 74% medical only • Excluding deferred revenue, retail revenue increased by $3 million sequentially • Sold 11.6 million units of branded product through branded retail,
Slide 7: Recent Developments
Recent Developments • Realized 200% increase in Maryland traffic in July compared to June following the launch of adult-use sales at our three dispensaries • Opened first medical marijuana dispensary in Columbus, OH • Added retail locations in Sanford, FL and Pooler, GA and relocated one dispensary
Slide 8: 2023 Objectives
2023 Objectives Cash Preservation • Reduce expenses through business optimization initiatives • Reduce wages with elimination of redundancies Cash Generation Scale • Optimize assortment to match customer preferences • Adjust production mix and capacity utilization • Reduce inventory throughout 2023
Slide 9: Financials
Financials
Slide 10: Financial Targets
Financial Targets Financial Targets: • Anticipate third quarter revenue will be down mid single digits sequentially • Target operating cash flow of $100 million in 2023 • Capital expenditures expected to be at least 50% lower in 2023 • Expect positive free cash flow in 2023 • Add 15-20 new dispensar
Slide 11: Financial Highlights: Income Statement
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q2:23 Q1:23 Q4:22 Q3:22 Q2:22 Q1:22 2022 Revenue 281.8 285.2 298.5 295.4 313.8 310.6 1218.2 Gross Profit 141.6 150.2 157.1 168.7 183.4 179.9 689.0 Gross Margin 50.3% 52.6% 52.6% 57.1% 58.4% 57.9% 56.6% Adjusted G
Slide 12: Financial Highlights: Balance Sheet
Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q2:23 Q1:23 Q4:22 Q3:22 Q2:22 Cash 160 195 219 114 181 Debt 647 646 648 553 552 Subordinate Voting Shares 159.8 Multiple Voting Shares* 0.3 Total Shares Outstanding 186.0 *converted a t 100 s ubordi na te s ha res per 1 mul ti pl e voti ng
Slide 13: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the Three Months Ended For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars) 2023 2022 2023 2023 2022 Net Loss GAAP $ (403.8) $ (22.5) $ (64.1) $ (468.0) $ (54.5) Add (Deduct)
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the Three Months Ended For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars) 2023 2022 2023 2023 2022 Net Loss GAAP $ (403.8) $ (22.5) $ (64.1) $ (468.0) $ (54.5) Add (Deduct)
Slide 15: Regional Hubs: Cultivation, Processing, Retail Capacity
Regional Hubs: Cultivation, Processing, Retail Capacity 186 Stores As of August 9, 2023 All stores owned, operated, or affiliated >4 M ft2 Cultivation & Processing As of June 30, 2023 NORTHEAST Operational 35 stores Arizona >0.45M ft2 cultivation & Colorado processing Connecticut CT PA Florida OH Ge
Slide 16: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 16
Slide 17: Thank You
Thank You CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com