Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q4 2024 Earnings Presentation
21 slides from Trulieve Cannabis's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter / Full Year 2024 Investor Presentation
CSE: TRUL OTCQX: TCNNF Fourth Quarter / Full Year 2024 Investor Presentation February 2025
Slide 2: Forward-Looking Statements
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 meaning of the U.S. Pri
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 gross profit margin, adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (lo
Slide 4: Agenda
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 www.trulieve.com 4
Slide 5: Full Year 2024 Financial Highlights
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 million excludes campaign
Slide 6: Fourth Quarter 2024 Financial Highlights
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 million excludes $55
Slide 7: Full Year and Fourth Quarter 2024 Operational Highlights
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, and Georgia • Partn
Slide 8: Fourth Quarter Retail Highlights
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% companywide and 76%
Slide 9: Recent Developments
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, non-alcoholic THC bev
Slide 10: 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 11: Tax Position
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 • $62 million in 2023
Slide 12: 2025 Objectives
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 • Invest in cornersto
Slide 13: Financials
Financials
Slide 14: Financial Targets
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 December 31, 2024:
Slide 15: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q4:24 Q3:24 Q2:24 Q1:24 Q4:23 Q3:23 Q2:23 Q1:23 2024 2023 Revenue 301.1 284.3 303.4 297.6 287.0 275.2 281.8 285.2 1,186.5 1,129.2 Gross profit 187.0 173.3 181.6 173.8 153.9 142.9 141.6 150.2 715.7 588.6 Gross mar
Slide 16: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of December 31, 2024 on as if converted basis) Subordinate Voting Shares 167.8 Multiple Voting Shares* 0.2 Total Shares Outstanding 191.0 *converted a t 100 s ubordi na te s ha res per 1 mul tipl e voting s ha re Employee Stock Options/RSUs 3.7
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended For the Full Year Ended December 31, December 31, September 30, December 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2024 2023 2024 2024 2023 Net loss attribut
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share For the Three Months Ended For the Full Year Ended December 31, December 31, September 30, December 31, December 31, (Amounts expressed in millions of United States dollars; unau
Slide 19: 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 Full Year Ended December 31, December 31, September 30, December 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2024 2023 2024 2024 2023 Cash flow f
Slide 20: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 20
Slide 21: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com