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- Record revenue of $318.3 millionup 64% year over year and 4% sequentially
- First quarter 2022 cash flow from operations of $45.1 million and cash balance of $267 million
- Industry leading US retail network of 162 dispensaries, supported by over 4.0 million square feet of cultivation and processing capacity, up 95% and 93% year over year, respectively, as of March 31, 2022
TALLAHASSEE, Fla., May 12, 2022 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the US, today announced its results for the quarter ended March 31, 2022. Results are reported in US dollars unless otherwise indicated.
Q1 2022 Financial Highlights*
- Revenue increased 64% year over year to $318.3 million from $193.8 million and 4% sequentially.
- Gross profit of $178.2 million and GAAP gross margin of 56.0% in the first quarter compared to gross profit of $132.4 million and GAAP gross margin of 43.4% in the fourth quarter of 2021.
- Net loss of $32.0 milliona sequential improvement of 55%, and adjusted net income of $1.7 million*, which excludes $17.2 million of transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, $13.8 million in asset impairments associated with the closing of redundant cultivation facilities and a loss of $2.7 million due to the divestiture of a duplicative, non-operating location.
- Adjusted EBITDA of $105.5 million*, or 33.2% of revenue in the first quarter compared to adjusted EBITDA of $100.9 million*, or 33.0% of revenue in the fourth quarter of 2021.
- Cash at quarter end of $267 millionbolstered by $45.1 million in cash flow from operations and the closing of $75 million senior secured notes at 8% due October 2026.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q1 2022 Operational Highlights
- Completed the rebranding to Trulieve of all 22 affiliated and acquired retail locations in Maryland and Pennsylvania.
- Opened 3 new dispensaries in Boca Raton and Riverview, Florida and Philadelphia, Pennsylvania.
- Exited the first quarter 2022 with operations in 11 states, with 30% of our retail locations outside of the state of Florida.
- Acquired 64K square feet of operational indoor cultivation capacity in Arizona.
- Successfully launched Cultivar CollectionTMMuseTMModern FlowerTMMomentaTMand Roll OneTM brands across markets including Florida, Maryland, Massachusetts, Pennsylvania and West Virginia.
- Implemented nationwide Supplier Diversity Initiative.
Recent Events
- Achieved record revenue, units sold, and number of customers served on 4/20.
- Opened 3 new dispensaries in Fort Myers and Zephyrhills, Florida and Framingham, Massachusetts.
- Currently operate 165 retail dispensaries and over 4.0 million square feet of cultivation and processing capacity in the United States.
Management Commentary
“Thanks to the efforts of all of our Trulieve employees, we’re off to a great start in 2022, with strong first quarter results underpinned by topline growth and cash flow,” said Kim RiversTrulieve CEO. “Once again we did what we said we would do, improving performance with our focus on the customer, hub strategy, branded products, and disciplined capital allocation.”
Rivers continued, “We delivered another record quarter while making substantive progress on our plan to optimize assets while preparing for future growth and catalysts. In 2022 we expect our strong balance sheet, access to capital and financial discipline will uniquely position us to capitalize on market opportunities created by the macroeconomic factors impacting our industry.”
Financial Guidance
Trulieve is reiterating 2022 guidance with expected revenue in the range of $1.3 billion to $1.4 billion and adjusted EBITDA* in the range of $450 million to $500 million. Based on the Company’s current forecasts, it expects to realize improved performance in the second half of 2022 relative to the first half of 2022.
Financial Highlights
|
Results of Operations |
For the Three Months Ended |
||||||
|
(Figures in millions and |
March |
March 31, |
change |
||||
|
Revenue |
$ |
318.3 |
$ |
193.8 |
64% |
||
|
Gross Profit |
$ |
178.2 |
$ |
135.3 |
32% |
||
|
Gross Margin % |
56% |
70% |
|||||
|
Adjusted Gross Profit |
$ |
185.4 |
$ |
139.0 |
33% |
||
|
Adjusted Gross Margin % |
58% |
72% |
|||||
|
Operating Expenses |
$ |
149.5 |
$ |
62.7 |
138% |
||
|
Operating Expenses % |
47% |
32% |
|||||
|
Net Income (Loss) |
$ |
(32.0) |
$ |
30.1 |
— |
||
|
Adjusted Net Income |
$ |
1.7 |
$ |
38.5 |
-96% |
||
|
Diluted Shares Outstanding |
187.1 |
127.6 |
|||||
|
EPS |
$ |
(0.17) |
$ |
0.24 |
— |
||
|
Adjusted EPS |
$ |
0.01 |
$ |
0.30 |
-97% |
||
|
Adjusted EBITDA |
$ |
105.5 |
$ |
90.8 |
16% |
||
|
Adjusted EBITDA Margin % |
33% |
47% |
|||||
Analyst Event 2022
Trulieve will host an analyst event in Tallahassee, Florida on Tuesday June 7, 2022. The event will include a guided facility tour and a public webcast presentation by management. In person attendance will be limited. Analysts interested in attending the event in person should contact investor relations for additional details.
Conference Call
The Company will host a conference call and live audio webcast on May 122022, at 8:30am Eastern timeto discuss its first quarter 2022 financial results.
Interested parties can join the conference call by dialing in as directed below. Participants are asked to request the Trulieve Cannabis Corp. call. Please dial in 15 minutes prior to the call.
US toll free: 1-844-824-3830
Canada toll free: 1-855-669-9657
International dial in: 1-412-542-4136
A live audio webcast of the conference call will be available at: https://app.webinar.net/G3El4rJ48b0
A powerpoint presentation is available at https://investors.trulieve.com/events-presentations
An archived replay of the webcast will be available at: https://investors.trulieve.com/events-presentations
The Company’s Form 10-Q for the quarter ended March 31, 2022is available on the SEC’s website or at
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