Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q3 2022 Earnings Presentation
19 slides from Trulieve Cannabis's earnings presentation, Nov 9, 2022
Slide 1: Third Quarter 2022 Investor Presentation
Third Quarter 2022 Investor Presentation / November 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 earnings per share, and adjusted EBITDA. Our management uses these
Slide 4: Agenda
Agenda Third Quarter 2022 Financial Highlights Retail Highlights Third Quarter 2022 Operational Highlights Financial Outlook Recent Developments Financial Results
Slide 5: Third Quarter 2022 Financial Highlights
Third Quarter 2022 Financial Highlights* Revenue increased 34% year-over-year and declined 6% sequentially to $301 million Gross profit of $168 million and gross margin of 56% in the third quarter compared to gross profit of $184 million and gross margin of 58% in the second quarter Net loss of $115
Slide 6: Retail Highlights
Retail Highlights Retail revenue decreased 5% sequentially to $284 million, 94% of revenue Florida revenue was impacted by lower net patient growth, rolling dosing limits, and Hurricane Ian Arizona traffic and revenue declined sequentially increased pricing pressure third quarter is seasonally slowe
Slide 7: Third Quarter 2022 Operational Highlights
Third Quarter 2022 Operational Highlights Coordinated response and recovery efforts for Hurricane Ian. Deployed mobile tech and operational teams to deliver supplies and donations, assist recovery efforts, and restore operations Trulieve opened 11 new dispensaries in Phoenix and Tucson, Arizona, Apo
Slide 8: Financial Outlook
Financial Outlook Fourth Quarter Results Key Drivers: Holiday retail performance Promotional activity Sell through of inventory and branded products Ramp of 750K square foot indoor cultivation Wholesale performance Targeting Low End of Full Year 2022 Guidance: Revenue of $1.25 billion to $1.3 billio
Slide 9: Recent Developments
Recent Developments Launched Khalifa Kush Cannabis in Florida through exclusive partnership in October Trulieve opened 2 new dispensaries in in Sierra Vista, Arizona, and Land O’ Lakes, Florida Rebranded Glendale, Arizona dispensary and plan to rebrand additional Arizona locations Awarded cannabis c
Slide 10: Financials
Financials
Slide 11: Financial Notes
Financial Notes Transaction and non-recurring charges $26 million transaction, acquisition, integration, and other non-recurring charges includes $10 million contribution to FL ballot initiative campaign includes $5 million earnout expense for acquired cultivation capacity in Arizona Asset impairmen
Slide 12: Financial Highlights
Financial Highlights* *Adjusted Gross Profit, Adjusted Net Income, Adjusted EPS and Adjusted EBITDA are Non-GAAP financial measures. See slides 14-16 for reconciliation to GAAP for all Non-GAAP financial measures. **Includes discontinued operations. INCOME STATEMENT HIGHLIGHTS (USD millions) Q3:22 Q
Slide 13: Financial Highlights: Balance Sheet and Share Count
www trulieve.com Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q3:22 Q2:22 Q1:22 Q4:21 Q3:21 Cash 114 214 Debt 553 552 553 479 137 SHARE COUNT ESTIMATE (millions as of September 30, 2022 on as if converted basis) Subordinate Voting Shares 1 Multiple Voting Shares* 0.3 Total Shares Out
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net Income (Loss) GAAP $ (114.6) $ 18.6 $ (22.5) $ (169.0) $ 89.6 Add (Deduct) Impact of: Interest Expense, net $ 19.3 $ 6.1 $ 19.7 $ 56.8 $ 20.7 Provision For Income Taxes $ 28.2 $ 41.6 $ 45.4 $ 116.7 $ 105.3 Depreciation and Amortization $ 30.2 $ 7.7 $
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Gross Profit GAAP $ 168.0 $ 153.9 $ 183.8 $ 532.3 $ 433.7 Gross Margin % GAAP 56% 69% 58% 57% 69% Add (Deduct) Impact of: Inventory Step Up Fair Value $ 0.0 $ 0.7 $ 0.6 $ 1.0 $ 3.2 Transaction, Acquisition, and Integration Costs $ 3.8 $ 0.4 $ (0.8) $ 7.4
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net Income (Loss) GAAP $ (114.6) $ 18.6 $ (22.5) $ (169.0) $ 89.6 Add (Deduct) Impact of: Share-Based Compensation Related Premiums $ 0.0 $ 4.2 $ 0.0 $ 0.0 $ 4.2 Warrant Liability Adjustment $ (0.4) $ 0.0 $ (1.4) $ (2.6) $ 0.0 Inventory Step Up Fair Valu
Slide 17: Regional Hubs: Cultivation, Processing, Retail Capacity
Regional Hubs: Cultivation, Processing, Retail Capacity FL CA MA PA AZ MD WV AZ CO CT GA 178 Stores As of November 9, 2022 All stores owned, operated, or affiliated >4.0 M ft2 Cultivation & Processing As of September 30, 2022 Operational Arizona California Colorado Connecticut Florida Maryland Massa
Slide 18: House of Brands
House of Brands Trulieve Brands VALUE MID PREMIUM Partner Brands
Slide 19: Thank You
Thank You CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com