Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q3 2021 Earnings Presentation
15 slides from Trulieve Cannabis's earnings presentation, Nov 15, 2021
Slide 1: Third Quarter 2021 Earnings Presentation
Third Quarter 2021 Earnings Presentation November 15, 2021
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 Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP f
Slide 4: Agenda
Agenda • Third Quarter Financial Highlights • Third Quarter Operational Highlights • Recent Developments • Cornerstone States • Florida • Pennsylvania • Arizona • Financial Highlights 4
Slide 5: Third Quarter Financial Highlights
Third Quarter Financial Highlights5 • Trulieve third quarter revenue increased +64% year-over-year to $224.1 million • Gross profit of $153.9 million and gross margin of 68.7% compared to gross profit of $102.2 million and gross margin of 75.0% in the third quarter 2020. • Net income was $18.6 milli
Slide 6: Third Quarter Operational Highlights
Third Quarter Operational Highlights Trulieve operates 155 dispensaries and >3.5 million square feet of cultivation and production capacity as of November 15, 2021 47 dispensaries or 30% of retail presence is located outside of Florida Trulieve and Harvest combined opened 13 new dispensaries during
Slide 7: Recent Developments
Recent Developments • Trulieve closed the acquisition Harvest Health & Recreation in less than five months from the deal announcement • Harvest sold the duplicative Florida license for $55 million in cash • All fourteen Harvest stores in Florida were rebranded and reopened in October • Trulieve open
Slide 8: Largest Multi-State Operator by Cultivation and Retail
Largest Multi-State Operator by Cultivation and Retail SOUTHWEST 21 stores 375K ft2 cultivation & production NORTHEAST 26 stores 344K ft2 cultivation & production Combined: 155 Stores >3.5 M ft2 Cultivation & Processing As of November 15, 2021 All stores owned, operated, or affiliated SOUTHEAST 108
Slide 9: Southeast Hub: Florida
Southeast Hub: FLORIDA • Trulieve operates 108 medical dispensaries and plans to open five more before year end • Sold >32,000 lbs flower and >1.1 mg oil during third quarter • All fourteen Harvest stores in Florida were rebranded and reopened in October • Harvest brands including Alchemy, Co2lors,
Slide 10: Northeast Hub: Pennsylvania
Northeast Hub: PENNSYLVANIA • 18 affiliated retail locations • 126,800 ft2 indoor cultivation and processing through affiliated facilities • Wholesale distribution to 100% of the PA market • Wholesale production strategic shift toward production of premium flower • Ongoing expansion of cultivation a
Slide 11: Southwest Hub: Arizona
Southwest Hub: ARIZONA • 16 retail dispensaries supported by 320K ft2 of cultivation with indoor, greenhouse, and outdoor facilities • Recreational sales launched in January 2021 • Expansion of cultivation and processing ongoing • Licenses for three additional retail locations and option to acquire
Slide 12: Financial Highlights: Income Statement Highlights
Financial Highlights INCOME STATEMENT HIGHLIGHTS (USD millions) Q3:21 Q2:21 Q1:21 Q4:20 Q3:20 Revenue 224.1 215.1 193.8 168.4 136.3 Gross Profit 153.9 144.5 135.3 119.9 102.2 Gross Margin 69% 67% 70% 71% 75% SG&A 79.9 61.5 57.3 52.0 39.4 SG&A as % Revenue 36% 29% 30% 31% 29% Net Income 18.6 40.9 30.
Slide 13: Financial Highlights: Balance Sheet Highlights
Financial Highlights BALANCE SHEET HIGHLIGHTS (USD millions) Q3:21 Q2:21 Q1:21 Q4:20 Cash 214 289 162 147 Debt 137 137 140 139 DILUTED SHARE COUNT ESTIMATE DILUTED SHARE COUNT ESTIMATE (millions as of September 30, 2021 on as if converted basis) (millions as of October 31, 2021 on as if converted ba
Slide 14: Reconciliation of Non-GAAP Adjusted EBITDA
Reconciliation of Non-GAAP Adjusted EBITDA Three months ended September 30, (Amounts expressed in millions of US dollars) 2021 2020 Net Income (GAAP) $ 18.6 $ 17.4 Add (Deduct) Impact of: Interest Expense, net 6.1 5.4 Provision For Income Taxes 41.6 25.9 Depreciation and Amortization 7.7 3.3 Depreci
Slide 15: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF ir@trulieve.com