Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q2 2024 Earnings Presentation
19 slides from Trulieve Cannabis's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Investor Presentation
CSE: TRUL OTCQX: TCNNF Second Quarter 2024 Investor Presentation August 2024
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 (loss), adjusted gross profit, adjusted gross margin, adjusted SG&A, adjusted SG&A as % revenue, ad
Slide 4: Agenda
Agenda • Second Quarter 2024 Financial and Operational Highlights • Retail Highlights • Recent Developments • Tax Position • 2024 Objectives • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: Second Quarter 2024 Financial and Operational Highlights
Second Quarter 2024 Financial and Operational Highlights* • Revenue $303 million, with 95% revenue from retail sales • GAAP gross profit of $182 million and 60% gross margin • Net loss of $12 million • Adjusted net income of $0.2 million excludes non-recurring charges, asset impairments, disposals a
Slide 6: Retail Highlights
Retail Highlights • Retail revenue $289 million, up 2% sequentially and 6% compared to last year • Traffic exceeded first quarter by 3% • Sold over 11.5 million branded products • Up 4% compared to q1:24 • Customer retention 66% companywide and 75% medical only • Exited quarter with 32% of retail lo
Slide 7: Recent Developments
Recent Developments • Commenced adult use sales in Ohio at three locations in Beavercreek, Columbus, and Westerville • Rolled out #YesOn3 products to support Smart and Safe Florida campaign for adult use • Opened six new retail locations in Gulf Breeze, Homosassa, Madison, Ocala, and Panama City, Fl
Slide 8: Tax Position
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 liability under Sec
Slide 9: Tax Position
Tax Position • Uncertain Tax Position • $333 million at June 30, 2024 • $31 million unrelated to the challenge of the applicability of 280E to Trulieve • $302 million related to the challenge of the applicability of 280E to Trulieve • Cash refunds total $115 million to date • $62 million cash refund
Slide 10: 2024 Objectives
2024 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 • Invest in cornersto
Slide 11: Financials
Financials
Slide 12: Financial Targets
Financial Targets Financial Targets: • Anticipate third quarter revenue will be down mid single digits compared to the second quarter and up mid single digits year over year • Seasonality in Arizona and Florida partially offset by new store openings and the launch of adult use in Ohio • Anticipate g
Slide 13: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q2:24 Q1:24 Q4:23 Q3:23 Q2:23 Q1:23 Q4:22 Q3:22 Q2:22 Q1:22 2023 2022 Revenue 303.4 297.6 287.0 275.2 281.8 285.2 298.5 295.4 313.8 310.6 1,129.2 1,218.2 Gross Profit 181.6 173.8 153.9 142.9 141.6 150.2 157.1 168
Slide 14: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of June 30, 2024 on as if converted basis) Subordinate Voting Shares 164.1 Multiple Voting Shares* 0.2 Total Shares Outstanding 187.3 *converted a t 100 s ubordi na te s ha res per 1 mul ti pl e voti ng s ha re Employee Stock Options/RSUs 6.3 ex
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA 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; unaudited) 2024 2023 2024 2024 2023 Net loss attributable to common shar
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share 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; unaudited) 2024 2023 2024 2024
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A 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; unaudited) 2024 2023 2024 2024 2023 Cash flow from operating activ
Slide 18: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 18
Slide 19: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com