Trulieve Reports Fourth Quarter and Full Year 2024 Results Highlighting Margins and Cash Flow
PR Newswire
TALLAHASSEE, Fla., Feb. 27, 2025
-- Fourth quarter revenue of $301 million, up 5% year over year, exceeding
guidance
-- Gross margin of 62%, compared to 54% during the fourth quarter of 2023
-- Record 2024 cash flow from operations of $271 million and free cash flow
of $150 million*
TALLAHASSEE, Fla., Feb. 27, 2025 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2024 Full Year Financial and Operational Highlights*
-- Revenue of $1.2 billion increased 5% year over year, with 95% of revenue
from retail sales.
-- Achieved gross margin of 60%, with GAAP gross profit of $716 million.
-- Reported net loss attributable to common shareholders of $155 million.
Adjusted net loss of $19 million* excludes non-recurring charges, asset
impairments, disposals and discontinued operations.
-- Achieved record adjusted EBITDA of $420 million*, or 35% of revenue, up
$98 million or 30% from 2023.
-- Generated record cash flow from operations of $271 million and free cash
flow of $150 million*.
-- Cash and short term investments at year end totaled $300 million.
-- Launched adult-use sales at three Ohio locations: Beavercreek, Columbus,
and Westerville.
-- Added 33 dispensaries in 2024, increasing retail footprint to 225 retail
locations nationwide at year end.
*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2024 Financial and Operational Highlights*
-- Revenue of $301 million increased 5% year over year, with 95% of revenue
from retail sales.
-- Achieved gross margin of 62%, with GAAP gross profit of $187 million.
-- Reported net loss attributable to common shareholders of $60 million.
Adjusted net income of $3 million* excludes $55 million in campaign
support and other non-recurring charges, asset impairments, disposals and
discontinued operations.
-- Achieved adjusted EBITDA of $111 million*, or 37% of revenue, up 27% year
over year.
-- Generated cash flow from operations of $31 million and free cash flow of
$(12) million*, both of which were impacted by $55 million in campaign
support.
-- Opened 10 new dispensaries in Florida and Georgia.
*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
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 beverage available for
purchase by consumers 21 years and older at DrinkOnward.com for shipment
to 36 states. Carefully crafted with a focus on taste, consistency, and
quality, Onward beverages come in a variety of delicious flavors
including Blueberry Mojito, Italian Spritz, Passionfruit Martini, Peach
Bellini, and Sea Salt Margarita with product doses at 3 mg, 5 mg, and 10
mg.
-- Opened five new retail locations in Maricopa, Arizona; Middleburg and
Palm Coast, Florida; and Columbus and Zanesville, Ohio. Relocated one
store to Lancaster, Pennsylvania.
-- Currently operate 229 retail dispensaries and over four million square
feet of cultivation and processing capacity in the United States.
Management Commentary
"The team set the bar for operational excellence, delivering industry leading margins and record cash flow," said Kim Rivers, Trulieve CEO. "With our scaled operations, financial strength, and loyal customer base, Trulieve stands out as an industry leader with a differentiated strategy."
Financial Highlights*
Results of Operations For the Three Months Ended For the Full Year Ended
--------------------- ------------------------------------------------- ---------------------------
% % %
(Figures in millions December December Better Better December December Better
except per share 31, 31, / September / 31, 31, /
data) 2024 2023 (Worse) 30, 2024 (Worse) 2024 2023 (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.
Conference Call
The Company will host a conference call and live audio webcast on February 27, 2025, at 8:30 A.M. Eastern time, to discuss its fourth quarter and full year 2024 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
North American toll free: 1-844-824-3830 Passcode: 0313762 International: 1-412-542-4136 Passcode: 0313762
A live audio webcast of the conference call will be available at:
Trulieve Cannabis Corp Q4 2024 Earnings
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company's Form 10-K for the year ended December 31, 2024, will be available on the SEC's website or at https://investors.trulieve.com/quarterly-results. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on https://www.sedarplus.ca/landingpage/ and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except for share data)
December 31, December 31,
2024 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.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except for share data)
Three Months Ended Full Year Ended
December 31, 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.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Three Months Ended Full Year Ended
December 31, 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
================== ================== ================= =================
The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.
The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.
Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the
non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:
For the Full Year
Three Months Ended Ended
-------------------
(Amounts expressed
in millions of December December December
United States 31, 31, September December 31,
dollars) 2024 2023 30, 2024 31, 2024 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 %
------------------- ------- ------- ------- -------- -------
Reconciliation of Non-GAAP Adjusted Net Income (Loss) (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP adjusted net income (loss), for each of the periods presented:
For the Full Year
For the Three Months Ended Ended
(Amounts expressed
in millions of December
United States December December September December 31,
dollars) 31, 2024 31, 2023 30, 2024 31, 2024 2023
------------------- --------- ---------- --------- --------
Net loss
attributable to
common
shareholders $ (59.8) $ (33.4) $ (60.2) $(155.1) $(526.8)
------------------- -------- ------ ------- -------- -------
Net loss from
discontinued
operations, net
of tax,
attributable to
common
shareholders $ 1.1 $ (1.8) $ 1.6 $ 5.7 $ 96.0
------------------- -------- ------ ------- -------- -------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ 9.0 $ -- $ (2.1) $ -- $ --
------------------- -------- ------ ------- -------- -------
Net loss from
continuing
operations
available to
common
shareholders $ (49.7) $ (35.2) $ (60.6) $(149.4) $(430.7)
------------------- -------- ------ ------- -------- -------
Add (deduct) impact
of:
-------------------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ (9.0) $ -- $ 2.1 $ -- $ --
------------------- -------- ------ ------- -------- -------
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
------------------- -------- ------ ------- -------- -------
Fair value of
derivative
liabilities -
warrants $ -- $ -- $ -- $ -- $ (0.3)
------------------- -------- ------ ------- -------- -------
Adjusted net income
(loss) (Non-GAAP) $ 2.9 $ (22.8) $ (11.9) $ (19.0) $(69.8)
------------------- -------- ------ ------- -------- -------
Reconciliation of Non-GAAP Adjusted Net Income (Loss) Per Diluted Share (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders per share to non-GAAP adjusted net income (loss) per diluted share, for each of the periods presented:
For the Full Year
For the Three Months Ended Ended
---------------------
(Amounts expressed
are per share
except for shares
which are in December December September December December
millions) 31, 2024 31, 2023 30, 2024 31, 2024 31, 2023
------------------- --------- ---------- ----------- --------- ----------
Net loss
attributable to
common
shareholders $ (0.31) $ (0.18) $ (0.32) $ (0.82) $ (2.79)
------------------- -------- ------ ------- -------- ------
Net loss from
discontinued
operations, net
of tax,
attributable to
common
shareholders $ 0.01 $ (0.01) $ 0.01 $ 0.03 $ 0.51
------------------- -------- ------ ------- -------- ------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ 0.05 $ -- $ (0.01) $ -- $ --
------------------- -------- ------ ------- -------- ------
Net loss from
continuing
operations
available to
common
shareholders $ (0.26) $ (0.19) $ (0.32) $ (0.79) $ (2.28)
------------------- -------- ------ ------- -------- ------
Add (deduct) impact
of:
-------------------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ (0.05) $ -- $ 0.01 $ -- $ --
------------------- -------- ------ ------- -------- ------
Impairment of
goodwill $ -- $ -- $ -- $ -- $ 1.63
------------------- -------- ------ ------- -------- ------
Impairment and
disposal of
long-lived
assets, net of
(recoveries) $ (0.00) $ 0.01 $ (0.02) $ (0.03) $ 0.04
------------------- -------- ------ ------- -------- ------
Legislative
campaign
contributions $ 0.29 $ 0.00 $ 0.25 $ 0.62 $ 0.11
------------------- -------- ------ ------- -------- ------
Acquisition,
transaction, and
other
non-recurring
costs $ 0.04 $ 0.06 $ 0.01 $ 0.10 $ 0.14
------------------- -------- ------ ------- -------- ------
Fair value of
derivative
liabilities - warrants $ -- $ -- $ -- $ -- $ (0.00) ------------------- -------- ------ ------- -------- ------ Adjusted net income (loss) (Non-GAAP) $ 0.02 $ (0.12) $ (0.06) $ (0.10) $ (0.37) ------------------- -------- ------ ------- -------- ------ Basic and diluted shares outstanding 190.0 189.0 190.2 190.0 189.0 ------------------- -------- ------ ------- -------- ------
Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:
For the Full Year
For the Three Months Ended Ended
------------------- -------------------------------- ---------------------
(Amounts expressed
in millions of December
United States December 31, September December December
dollars) 31, 2024 2023 30, 2024 31, 2024 31, 2023
------------------- --------- -------- ----------- --------- ----------
Cash flow from
operating
activities $ 30.7 $ 131.5 $ 30.3 $ 271.5 $ 201.8
------------------- -------- ------- ------- -------- ------
Payments for
property and
equipment $ (42.5) $ (9.4) $ (36.9) $(121.5) $ (40.4)
------------------- -------- ------- ------- -------- ------
Free cash flow
(Non-GAAP) $ (11.8) $ 122.1 $ (6.6) $ 150.0 $ 161.5
------------------- -------- ------- ------- -------- ------
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"). These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's 2025 objectives, growth opportunities, and positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company's filings on https://www.sedarplus.ca/landingpage/. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve
Investor Contact
Christine Hersey, Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck, APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
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SOURCE Trulieve Cannabis Corp.
(END) Dow Jones Newswires
February 27, 2025 06:00 ET (11:00 GMT)
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