Trulieve Reports Fourth Quarter and Full Year 2024 Results Highlighting Margins and Cash Flow

Results of Operations

For the Three Months Ended

For the Full Year Ended

(Figures in millions except
per share data)

December
31, 2024

December
31, 2023

%
Better /
(Worse)

September
30, 2024

%
Better /
(Worse)

December
31, 2024

December
31, 2023

%
Better /
(Worse)

Revenue

$

301

$

287

5 %

$

284

6 %

$

1,186

$

1,129

5 %

Gross profit

$

187

$

154

22 %

$

173

8 %

$

716

$

589

22 %

Gross margin %

62 %

54 %

61 %

60 %

52 %

Operating expenses

$

186

$

125

(49 %)

$

173

(8 %)

$

618

$

810

24 %

Operating expenses %

62 %

43 %

61 %

52 %

72 %

Net loss**

$

(60)

$

(33)

(79 %)

$

(60)

1 %

$

(155)

$

(527)

71 %

Net loss continuing operations

$

(60)

$

(37)

(65 %)

$

(60)

(0 %)

$

(155)

$

(436)

64 %

Adjusted net income (loss)

$

3

$

(23)

113 %

$

(12)

124 %

$

(19)

$

(70)

73 %

Basic and diluted shares outstanding

190

189

190

190

189

EPS continuing operations

$

(0.26)

$

(0.19)

(40 %)

$

(0.32)

18 %

$

(0.79)

$

(2.28)

66 %

Adjusted EPS

$

0.02

$

(0.12)

113 %

$

(0.06)

124 %

$

(0.10)

$

(0.37)

73 %

Adjusted EBITDA

$

111

$

88

27 %

$

96

16 %

$

420

$

322

30 %

Adjusted EBITDA Margin %

37 %

31 %

34 %

35 %

29 %

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

**Net loss attributable to common shareholders which excludes non-controlling interest.

North American toll free: 1-844-824-3830

Passcode: 0313762

International: 1-412-542-4136

Passcode: 0313762

Trulieve Cannabis Corp.

December 31,
2024

December 31,
2023

ASSETS

Current Assets:

Cash and cash equivalents

$                238.8

$                201.4

Short-term investments

60.4

—

Restricted cash

0.9

6.6

Accounts receivable, net

8.3

6.7

Inventories

231.4

213.1

Income tax receivable

10.0

—

Prepaid expenses

23.0

17.6

Other current assets

26.2

23.7

Notes receivable - current portion, net

4.8

6.2

Assets associated with discontinued operations

0.9

2.0

Total current assets

604.6

477.3

Property and equipment, net

716.1

676.4

Right of use assets - operating, net

119.5

95.9

Right of use assets - finance, net

64.4

58.5

Intangible assets, net

859.5

917.2

Goodwill

483.9

483.9

Notes receivable, net

0.5

7.4

Other assets

19.8

10.4

Long-term assets associated with discontinued operations

2.0

2.0

TOTAL ASSETS

$            2,870.3

$             2,729.1

LIABILITIES

Current Liabilities:

Accounts payable and accrued liabilities

$                  94.0

$                  83.2

Deferred revenue

8.0

1.3

Notes payable - current portion

3.4

3.8

Operating lease liabilities - current portion

12.1

10.1

Finance lease liabilities - current portion

9.5

7.6

Construction finance liabilities - current portion

1.9

1.5

Contingencies

6.3

4.4

Liabilities associated with discontinued operations

3.1

3.0

Total current liabilities

138.5

114.8

Long-Term Liabilities:

Private placement notes, net

364.8

363.2

Notes payable, net

111.9

115.9

Operating lease liabilities

117.5

92.2

Finance lease liabilities

67.7

61.7

Construction finance liabilities

135.5

136.7

Deferred tax liabilities

196.5

207.0

Uncertain tax position liabilities

445.2

180.4

Other long-term liabilities

5.0

7.1

Long-term liabilities associated with discontinued operations

38.6

41.6

TOTAL LIABILITIES

$            1,621.2

$             1,320.4

SHAREHOLDERS' EQUITY

Common stock, no par value; unlimited shares authorized. 191,005,940 and
186,235,818 shares issued and outstanding as of December 31,
2024 and December 31, 2023, respectively.

$                      —

$                      —

Additional paid-in-capital

2,057.0

2,055.1

Accumulated deficit

(795.7)

(640.6)

Non-controlling interest

(12.3)

(5.9)

TOTAL SHAREHOLDERS' EQUITY

1,249.0

1,408.6

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$            2,870.3

$             2,729.1

Trulieve Cannabis Corp.

Three Months Ended
December 31,

Full Year Ended
December 31,

2024

2023

2024

2023

Revenue

$       301.1

$       287.0

$    1,186.5

$    1,129.2

Cost of goods sold

114.1

133.1

470.7

540.6

Gross profit

187.0

153.9

715.8

588.6

Expenses:

Sales and marketing

66.7

59.0

257.7

240.2

General and administrative

91.2

37.3

252.7

146.0

Depreciation and amortization

28.6

27.2

112.8

109.8

Impairment and disposal of long-lived assets, net of (recoveries)

(0.9)

1.2

(5.3)

6.7

Impairment of goodwill

—

—

—

307.6

Total expenses

185.7

124.7

618.0

810.2

Income (loss) from operations

1.3

29.2

97.8

(221.6)

Other income (expense):

Interest expense, net

(14.6)

(20.6)

(62.2)

(81.6)

Interest income

3.2

1.8

14.7

6.2

Debt extinguishments, net

—

(2.2)

—

5.9

Other (expense) income, net

(2.8)

0.7

(7.6)

6.5

Total other expense, net

(14.2)

(20.4)

(55.1)

(62.9)

(Loss) income before provision for income taxes

(12.9)

8.8

42.7

(284.5)

Provision for income taxes

47.6

45.4

197.6

151.4

Net loss from continuing operations

(60.5)

(36.6)

(154.9)

(435.9)

Net loss from discontinued operations, net of tax benefit of zero,
      $4.7, zero, and $4.1, respectively

(1.1)

1.8

(5.7)

(97.2)

Net loss

(61.6)

(34.8)

(160.6)

(533.1)

Less: net loss attributable to non-controlling interest from
  continuing operations

(2.7)

(1.4)

(5.5)

(5.1)

Less: net loss attributable to formerly redeemable non-controlling
  interest from continuing operations

0.9

—

—

—

Less: net loss attributable to non-controlling interest from
  discontinued operations

—

—

—

(1.2)

Net loss attributable to common shareholders

$        (59.8)

$        (33.4)

$     (155.1)

$     (526.8)

Earnings Per Share (see numerator reconciliation below)

Net loss per share - Continuing operations:

Basic and diluted

$        (0.26)

$        (0.19)

$        (0.79)

$        (2.28)

Net loss per share - Discontinued operations:

Basic and diluted

$        (0.01)

$         0.01

$        (0.03)

$        (0.51)

Weighted average number of common shares used in computing net
  loss per share:

Basic and diluted

190.0

189.0

190.0

189.0

EPS Numerator Reconciliation

Net loss attributable to common shareholders (from above)

$        (59.8)

$        (33.4)

$     (155.1)

$     (526.8)

Net loss from discontinued operations, net of tax, attributable to
  common shareholders

1.1

(1.8)

5.7

96.0

Adjustment of formerly redeemable non-controlling interest to
  maximum redemption value

9.0

—

—

—

Net loss from continuing operations available to common
  shareholders

$        (49.7)

$        (35.2)

$     (149.4)

$     (430.7)

Trulieve Cannabis Corp.

Three Months Ended
December 31,

Full Year Ended
December 31,

2024

2023

2024

2023

Cash flows from operating activities

Net loss

$            (61.6)

$            (34.8)

$          (160.6)

$          (533.1)

Adjustments to reconcile net loss to net cash provided by operating
activities:

Depreciation and amortization

28.6

27.2

112.8

110.8

Depreciation included in cost of goods sold

13.5

14.4

53.6

59.8

Debt extinguishments, net

—

2.2

—

(5.9)

Impairment and disposal of long-lived assets, net of (recoveries)

(0.9)

1.2

(5.3)

6.7

Impairment of goodwill

—

—

—

307.6

Amortization of operating lease right of use assets

3.2

2.5

11.5

10.3

Share-based compensation

4.6

3.2

20.2

10.6

Allowance for credit losses

0.9

1.9

5.8

2.8

Deferred income taxes

(7.7)

1.5

(10.4)

(17.2)

Loss from disposal of discontinued operations

—

(0.4)

—

69.5

Other non-cash changes

0.0

1.4

0.9

6.5

Changes in operating assets and liabilities:

Inventories

(10.5)

16.8

(18.7)

83.3

Accounts receivable

1.5

0.1

0.7

(1.7)

Prepaid expenses and other current assets

(5.3)

(2.5)

(6.1)

6.8

Other assets

3.2

0.9

(2.9)

3.0

Accounts payable and accrued liabilities

2.6

(2.9)

7.2

1.6

Income tax receivable / payable

(4.2)

1.0

(8.5)

(48.8)

Other liabilities

1.7

0.6

1.9

(13.8)

Operating lease liabilities

(2.0)

(2.2)

(8.0)

(9.2)

Deferred revenue

1.4

(2.2)

6.7

(8.2)

Uncertain tax position liabilities

61.1

99.1

264.9

160.9

Other long-term liabilities

(1.6)

2.4

(2.2)

(0.2)

Proceeds received from insurance for operating expenses

2.1

—

8.0

—

Net cash provided by operating activities

30.7

131.5

271.5

201.8

Cash flows from investing activities

Purchases of property and equipment

(42.5)

(9.4)

(121.5)

(40.4)

Capitalized interest

(0.2)

—

(1.1)

0.1

Payments made for issuance of note receivable

—

(0.8)

—

(0.8)

Purchases of internal use software

(6.8)

(2.9)

(25.1)

(10.6)

Purchases of short-term investments

—

—

(80.0)

—

Maturities of short-term investments

20.0

—

20.0

—

Cash paid for licenses

—

(0.7)

(7.0)

(4.6)

Payment for initial direct costs on finance leases

—

—

(0.6)

—

Proceeds from notes receivable repayments

0.8

0.3

1.7

0.9

Proceeds from disposal activities

5.5

6.1

6.5

17.9

Proceeds received from insurance recoveries on property and equipment

—

—

0.5

—

Net cash used in investing activities

(23.2)

(7.2)

(206.6)

(37.5)

Cash flows from financing activities

Payments for taxes related to net share settlement of equity awards

(2.5)

(0.5)

(14.8)

(0.5)

Payments on finance lease obligations

(2.1)

(1.9)

(7.6)

(7.6)

Payments on notes payable

(0.8)

(6.3)

(4.7)

(11.8)

Payments on construction finance liabilities

(0.9)

(0.8)

(3.5)

(2.1)

Payments and costs related to consolidated VIE settlement transaction

—

—

(5.1)

—

Distributions to subsidiary non-controlling interest

—

—

(1.1)

(0.1)

Payments on private placement notes

—

(130.0)

—

(177.6)

Payments for debt issuance costs

—

(0.3)

—

(0.8)

Proceeds from non-controlling interest holders' subscription

—

—

3.0

—

Proceeds from equity exercises

—

—

0.2

—

Proceeds from notes payable, net of discounts

—

24.7

—

24.7

Net cash used in financing activities

(6.4)

(115.0)

(33.4)

(175.6)

Net increase (decrease) in cash, cash equivalents, and restricted cash

1.1

9.3

31.4

(11.2)

Cash, cash equivalents, and restricted cash, beginning of period

238.6

198.9

208.0

213.8

Cash and cash equivalents of discontinued operations, beginning
of period

—

0.1

0.3

5.7

Less: cash and cash equivalents of discontinued operations, end of period

—

(0.3)

—

(0.3)

Cash, cash equivalents, and restricted cash, end of period

$            239.7

$            208.0

$            239.7

$            208.0

(Amounts expressed in millions of United States dollars) 

Three Months Ended

For the Full Year Ended

December
31, 2024

December
31, 2023

September
30, 2024

December
31, 2024

December
31, 2023

Net loss attributable to common shareholders

$

(59.8)

$

(33.4)

$

(60.2)

$

(155.1)

$

(526.8)

Add (deduct) impact of:

Interest expense, net

$

14.6

$

20.6

$

17.5

$

62.2

$

81.6

Interest income

$

(3.2)

$

(1.8)

$

(4.2)

$

(14.7)

$

(6.2)

Provision for income taxes

$

47.6

$

45.4

$

47.4

$

197.6

$

151.4

Depreciation and amortization

$

28.6

$

27.2

$

28.3

$

112.8

$

109.8

Depreciation included in cost of goods sold

$

13.5

$

14.5

$

13.3

$

53.6

$

57.2

EBITDA (Non-GAAP)

$

41.3

$

72.5

$

42.1

$

256.4

$

(133.0)

EBITDA Margin (Non-GAAP)

14 %

25 %

15 %

22 %

(12 %)

Impairment of goodwill

$

—

$

—

$

—

$

—

$

307.6

Impairment and disposal of long-lived assets, net of
  (recoveries)

$

(0.9)

$

1.2

$

(4.3)

$

(5.3)

$

6.7

Legislative campaign contributions

$

54.8

$

0.5

$

48.4

$

117.5

$

20.1

Acquisition, transaction, and other non-recurring costs

$

7.6

$

10.7

$

2.6

$

18.2

$

26.9

Share-based compensation

$

4.6

$

3.2

$

5.5

$

20.2

$

10.6

Debt extinguishments, net

$

—

$

2.2

$

—

$

—

$

(5.9)

Other expense (income), net

$

2.8

$

(0.7)

$

0.2

$

7.6

$

(6.5)

Discontinued operations, net of tax, attributable to
  common shareholders

$

1.1

$

(1.8)

$

1.6

$

5.7

$

96.0

Adjusted EBITDA (Non-GAAP)

$

111.4

$

87.8

$

96.1

$

420.2

$

322.3

Adjusted EBITDA Margin (Non-GAAP)

37 %

31 %

34 %

35 %

29 %

For the Three Months Ended

For the Full Year Ended

(Amounts expressed in millions of United States dollars)

December
31, 2024

December
31, 2023

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