Trulieve Reports Second Quarter 2025 Results Highlighting Progress on 2025 Plan
Trulieve Cannabis (OTCQX:TCNNF) reported Q2 2025 financial results with revenue of $302 million and a gross margin of 61%, showing stability compared to the previous year. The company generated $86 million in operating cash flow and $75 million in free cash flow during the quarter.
Key performance metrics include adjusted EBITDA of $111 million (37% margin) and a net loss of $14 million. The company's loyalty program reached 725,000 members, driving 71% of transactions. Trulieve currently operates 231 retail dispensaries and over 4 million square feet of cultivation capacity across the United States.
Notable developments include launching Redemption Cannabis products in West Virginia, expanding THC beverage distribution, and supporting social justice initiatives through Mission [Green].
Trulieve Cannabis (OTCQX:TCNNF) ha comunicato i risultati finanziari del secondo trimestre 2025 con ricavi pari a 302 milioni di dollari e un margine lordo del 61%, mantenendo stabilit脿 rispetto all'anno precedente. L'azienda ha generato 86 milioni di dollari di flusso di cassa operativo e 75 milioni di dollari di flusso di cassa libero nel trimestre.
Le principali metriche di performance includono un EBITDA rettificato di 111 milioni di dollari (margine del 37%) e una perdita netta di 14 milioni di dollari. Il programma fedelt脿 ha raggiunto 725.000 membri, che hanno contribuito al 71% delle transazioni. Trulieve gestisce attualmente 231 punti vendita al dettaglio e oltre 4 milioni di piedi quadrati di capacit脿 di coltivazione negli Stati Uniti.
Tra gli sviluppi pi霉 rilevanti figurano il lancio dei prodotti Redemption Cannabis in West Virginia, l'espansione della distribuzione di bevande a base di THC e il sostegno a iniziative di giustizia sociale tramite Mission [Green].
Trulieve Cannabis (OTCQX:TCNNF) report贸 los resultados financieros del segundo trimestre de 2025 con ingresos de 302 millones de d贸lares y un margen bruto del 61%, mostrando estabilidad en comparaci贸n con el a帽o anterior. La compa帽铆a gener贸 86 millones de d贸lares en flujo de caja operativo y 75 millones de d贸lares en flujo de caja libre durante el trimestre.
Entre las m茅tricas clave se incluye un EBITDA ajustado de 111 millones de d贸lares (margen del 37%) y una p茅rdida neta de 14 millones de d贸lares. El programa de fidelidad alcanz贸 725,000 miembros, impulsando el 71% de las transacciones. Trulieve opera actualmente 231 dispensarios minoristas y m谩s de 4 millones de pies cuadrados de capacidad de cultivo en Estados Unidos.
Entre los desarrollos destacados se encuentran el lanzamiento de productos Redemption Cannabis en Virginia Occidental, la expansi贸n de la distribuci贸n de bebidas con THC y el apoyo a iniciativas de justicia social a trav茅s de Mission [Green].
Trulieve Cannabis (OTCQX:TCNNF)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 3鞏� 2氚彪 雼煬鞚� 毵れ稖瓿� 61%鞚� 齑濎澊鞚惦鞚� 旮半頃� 鞝勲厔 雽�牍� 鞎堨爼鞝侅澑 靹标臣毳� 氤挫榾鞀惦媹雼�. 須岇偓電� 攵勱赴 霃欖晥 8,600毵� 雼煬鞚� 鞓侅梾 順勱笀 頋愲瓿� 7,500毵� 雼煬鞚� 鞛愳湢 順勱笀 頋愲鞚� 彀届稖頄堨姷雼堧嫟.
欤检殧 靹标臣 歆�響滊電� 1鞏� 1,100毵� 雼煬鞚� 臁办爼 EBITDA(37% 毵堨)鞕� 1,400毵� 雼煬鞚� 靾滌啇鞁れ澊 韽暔霅╇媹雼�. 須岇偓鞚� 搿滌棿韹� 頂勲攴鸽灗鞚� 72毵� 5觳� 氇呾潣 須岇洂鞚� 頇曤炒頃橂┌ 瓯半灅鞚� 71%毳� 彀頄堨姷雼堧嫟. 順勳灛 Trulieve電� 氙戈淡 雮� 231臧滌潣 靻岆Г鞝�瓿� 400毵� 韽夒癌頂柬姼 鞚挫儊鞚� 鞛鞍 鞁滌劋鞚� 鞖挫榿頃橁碃 鞛堨姷雼堧嫟.
欤检殧 氚滌爠 靷暛鞙茧電� 鞗姢韸鸽矂歆�雼堨晞鞐愳劀 Redemption Cannabis 鞝滍拡 於滌嫓, THC 鞚岆 鞙犿喌 頇曤寑, Mission [Green]鞚� 韱淀暅 靷殞 鞝曥潣 歆�鞗� 頇滊彊鞚� 韽暔霅╇媹雼�.
Trulieve Cannabis (OTCQX:TCNNF) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un chiffre d'affaires de 302 millions de dollars et une marge brute de 61%, montrant une stabilit茅 par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a g茅n茅r茅 86 millions de dollars de flux de tr茅sorerie op茅rationnel et 75 millions de dollars de flux de tr茅sorerie disponible au cours du trimestre.
Les indicateurs cl茅s de performance comprennent un EBITDA ajust茅 de 111 millions de dollars (marge de 37%) et une perte nette de 14 millions de dollars. Le programme de fid茅lit茅 de l'entreprise a atteint 725 000 membres, repr茅sentant 71% des transactions. Trulieve exploite actuellement 231 points de vente au d茅tail et plus de 4 millions de pieds carr茅s de capacit茅 de culture aux 脡tats-Unis.
Parmi les d茅veloppements notables figurent le lancement des produits Redemption Cannabis en Virginie-Occidentale, l'expansion de la distribution de boissons au THC et le soutien aux initiatives de justice sociale via Mission [Green].
Trulieve Cannabis (OTCQX:TCNNF) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit Einnahmen von 302 Millionen US-Dollar und einer Bruttomarge von 61%, was eine Stabilit盲t im Vergleich zum Vorjahr zeigt. Das Unternehmen erzielte im Quartal 86 Millionen US-Dollar operativen Cashflow und 75 Millionen US-Dollar freien Cashflow.
Wichtige Leistungskennzahlen umfassen ein bereinigtes EBITDA von 111 Millionen US-Dollar (37 % Marge) und einen Nettoverlust von 14 Millionen US-Dollar. Das Treueprogramm des Unternehmens erreichte 725.000 Mitglieder, die 71 % der Transaktionen ausmachten. Trulieve betreibt derzeit 231 Einzelhandelsgesch盲fte und 眉ber 4 Millionen Quadratfu脽 Anbaufl盲che in den Vereinigten Staaten.
Bemerkenswerte Entwicklungen umfassen die Einf眉hrung von Redemption Cannabis-Produkten in West Virginia, die Erweiterung des Vertriebs von THC-Getr盲nken und die Unterst眉tzung von sozialen Gerechtigkeitsinitiativen durch Mission [Green].
- Strong gross margin of 61%, improved from 60% last year
- Generated $86M operating cash flow and $75M free cash flow in Q2
- Adjusted EBITDA increased 3% YoY to $111M (37% margin)
- Substantial cash position of $401M at quarter end
- Loyalty program growth to 725,000 members, driving 71% of transactions
- Net loss of $14M, worsening from $12M loss last year
- Flat revenue growth at $302M compared to prior year
- Operating expenses increased to $280M for six months, up 8% YoY
- Adjusted net loss of $8M compared to breakeven last year
- Second quarter revenue of
$302 million 61% gross margin - Cash flow from operations of
$137 million $108 million - Sold over 12.5 million branded products in the second quarter, up
9% compared to last year
Q2听2025 Financial and Operational Highlights*
- Revenue of
$302 million 94% of revenue from retail sales. - Achieved gross margin of
61% versus60% last year, with GAAP gross profit of$183 million - Reported net loss attributable to common shareholders of
$14 million $8 million - Achieved adjusted EBITDA of
$111 million 37% of revenue, up3% year over year. - Generated cash flow from operations of
$86 million $75 million - Cash at quarter end was
$401 million - Rewards program members reached over 725,000 members as of June 30, 2025. Loyalty members accounted for
71% of transactions during the second quarter. - Opened three dispensaries in
Oakland Park andSt. Petersburg, Florida ; andLorain, Ohio .
*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Launched purpose-led brand Redemption Cannabis products in
West Virginia . - Supported , a national initiative powered by to support individuals disproportionately impacted by cannabis prohibition with a "Roll-Up for Justice" register campaign in several markets.
- Expanded distribution of premium THC beverages in
Florida andIllinois and launched new THC energy drinks. - Currently operate 231 retail dispensaries and over four million square feet of cultivation and processing capacity in
the United States .
Management Commentary
"The team has made tremendous progress on our 2025 plan, focusing on customers, distribution, branded products and reform," said Kim Rivers, Trulieve CEO. "With strong margins and cash flow, scaled operations, and flexibility across our platform, Trulieve is uniquely positioned as an industry leader."
Financial Highlights*
Results of Operations | For the Three Months Ended | For the Six Months Ended | |||||||||||
(Figures in millions except per share data) | June 30, 2025 | June 30, 2024 | % Better / (Worse) | March 31, 2025 | % Better / (Worse) | June 30, 2025 | June 30, 2024 | % Better / (Worse) | |||||
Revenue | $ | 302 | $ | 303 | 鈥斕�% | $ | 298 | 1听% | $ | 600 | $ | 601 | 鈥斕�% |
Gross profit | $ | 183 | $ | 182 | 1听% | $ | 183 | 鈥斕�% | $ | 366 | $ | 356 | 3听% |
Gross margin % | 61听% | 60听% | 62听% | 61听% | 59听% | ||||||||
Operating expenses | $ | 130 | $ | 132 | 1听% | $ | 150 | 13听% | $ | 280 | $ | 260 | (8)听% |
Operating expenses % | 43听% | 43听% | 50听% | 47听% | 43听% | ||||||||
Net loss** | $ | (14) | $ | (12) | (15听%) | $ | (33) | 58听% | $ | (47) | $ | (35) | (33)听% |
Net loss continuing operations | $ | (16) | $ | (11) | (48听%) | $ | (32) | 51听% | $ | (48) | $ | (34) | (40)听% |
Adjusted net (loss) income | $ | (8) | $ | 0 | NMF | $ | (3) | (128听%) | $ | (11) | $ | (10) | (11)听% |
Basic and diluted shares outstanding | 191 | 190 | 191 | 191 | 190 | ||||||||
EPS continuing operations | $ | (0.07) | $ | (0.04) | (58听%) | $ | (0.16) | 57听% | $ | (0.23) | $ | (0.21) | (14听%) |
Adjusted EPS | $ | (0.04) | $ | 0.00 | NMF | $ | (0.02) | (128)听% | $ | (0.06) | $ | (0.05) | (11听%) |
Adjusted EBITDA | $ | 111 | $ | 107 | 3听% | $ | 109 | 1听% | $ | 220 | $ | 213 | 3听% |
Adjusted EBITDA Margin % | 37听% | 35听% | 37听% | 37听% | 35听% | ||||||||
NMF - No Meaningful Figure |
*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 August听6, 2025, at 8:30 A.M. Eastern time, to discuss its second quarter 2025 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: 0294941 | |
International: 1-412-542-4136 | Passcode: 0294941 |
A live audio webcast of the conference call will be available at:
A powerpoint presentation and archived replay of the webcast will be available at:
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The Company's Form 10-Q for the quarter ended June听30, 2025, will be available on the SEC's website or at听 . The Company's Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on and on its website at . 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)听 | |||
June 30, | December 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听 392.6 | $听听听听听听听听听听听听听听听 238.8 | |
Short-term investments | 鈥� | 60.4 | |
Restricted cash | 8.4 | 0.9 | |
Accounts receivable, net | 10.8 | 8.3 | |
Inventories | 241.5 | 231.4 | |
Income tax receivable | 7.3 | 10.0 | |
Prepaid expenses | 22.4 | 23.0 | |
Other current assets | 24.5 | 26.2 | |
Notes receivable - current portion, net | 3.1 | 4.8 | |
Assets associated with discontinued operations | 0.8 | 0.9 | |
Total current assets | 711.4 | 604.6 | |
Property and equipment, net | 699.0 | 716.1 | |
Right of use assets - operating, net | 112.4 | 119.5 | |
Right of use assets - finance, net | 69.7 | 64.4 | |
Intangible assets, net | 832.4 | 859.5 | |
Goodwill | 483.9 | 483.9 | |
Notes receivable, net | 0.5 | 0.5 | |
Other assets | 10.6 | 19.8 | |
Long-term assets associated with discontinued operations | 1.9 | 2.0 | |
TOTAL ASSETS | $听听听听听听听听听听听 2,921.8 | $听听听听听听听听听听听听 2,870.3 | |
LIABILITIES | |||
Current Liabilities: | |||
Accounts payable and accrued liabilities | $听听听听听听听听听听听听听听听听听 79.0 | $听听听听听听听听听听听听听听听听听 94.0 | |
Deferred revenue | 8.4 | 8.0 | |
Notes payable - current portion | 3.7 | 3.4 | |
Operating lease liabilities - current portion | 12.6 | 12.1 | |
Finance lease liabilities - current portion | 10.3 | 9.5 | |
Construction finance liabilities - current portion | 2.2 | 1.9 | |
Contingencies | 4.5 | 6.3 | |
Liabilities associated with discontinued operations | 3.3 | 3.1 | |
Total current liabilities | 123.8 | 138.5 | |
Long-Term Liabilities: | |||
Private placement notes, net | 365.7 | 364.8 | |
Notes payable, net | 108.5 | 111.9 | |
Operating lease liabilities | 112.2 | 117.5 | |
Finance lease liabilities | 73.8 | 67.7 | |
Construction finance liabilities | 134.7 | 135.5 | |
Deferred tax liabilities | 186.6 | 196.5 | |
Uncertain tax position liabilities | 559.7 | 445.2 | |
Other long-term liabilities | 11.9 | 5.0 | |
Long-term liabilities associated with discontinued operations | 35.4 | 38.6 | |
TOTAL LIABILITIES | $听听听听听听听听听听听 1,712.4 | $听听听听听听听听听听听听 1,621.2 | |
SHAREHOLDERS' EQUITY | |||
Common stock, no par value; unlimited shares authorized. | $听听听听听听听听听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听听听听听听听听听听 鈥� | |
Additional paid-in-capital | 2,067.4 | 2,057.0 | |
Accumulated deficit | (842.4) | (795.7) | |
Non-controlling interest | (15.6) | (12.3) | |
TOTAL SHAREHOLDERS' EQUITY | 1,209.5 | 1,249.0 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $听听听听听听听听听听听 2,921.8 | $听听听听听听听听听听听听 2,870.3 | |
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Trulieve Cannabis Corp. Condensed Consolidated Statements of Operations (Unaudited) (in millions, except for share data) | |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue | $听听听听听听 302.1 | $听听听听听听 303.4 | $听听听听听听 599.8 | $听听听听听听 601.1 | |||
Cost of goods sold | 119.2 | 121.8 | 233.7 | 245.6 | |||
Gross profit | 182.9 | 181.6 | 366.1 | 355.5 | |||
Expenses: | |||||||
Selling, general, and administrative | 101.1 | 102.6 | 219.9 | 203.9 | |||
Depreciation and amortization | 29.4 | 28.1 | 58.8 | 55.8 | |||
Impairment and other charges, net of (recoveries) | (0.3) | 1.2 | 1.5 | (0.1) | |||
Total expenses | 130.3 | 131.9 | 280.2 | 259.6 | |||
Income from operations | 52.6 | 49.8 | 86.0 | 95.9 | |||
Other income (expense): | |||||||
Interest expense, net | (16.4) | (15.4) | (32.7) | (30.1) | |||
Interest income | 3.6 | 4.0 | 6.7 | 7.3 | |||
Other expense, net | (1.0) | (1.8) | (0.7) | (4.6) | |||
Total other expense, net | (13.7) | (13.2) | (26.7) | (27.4) | |||
Income before provision for income taxes | 38.9 | 36.5 | 59.2 | 68.5 | |||
Provision for income taxes | 54.7 | 47.2 | 107.2 | 102.6 | |||
Net loss from continuing operations | (15.8) | (10.7) | (48.0) | (34.2) | |||
Net loss from discontinued operations, net of tax benefit (provision) of | (0.3) | (1.6) | (1.9) | (3.0) | |||
Net loss | (16.1) | (12.3) | (49.9) | (37.2) | |||
Less: net loss attributable to non-controlling interest from continuing operations | (2.3) | (0.3) | (3.2) | (2.1) | |||
Net loss attributable to common shareholders | $听听听听听听听 (13.8) | $听听听听听听听 (12.0) | $听听听听听听听 (46.7) | $听听听听听听听 (35.1) | |||
Earnings Per Share | |||||||
Net loss per share - Continuing operations: | |||||||
Basic and diluted | $听听听听听听听 (0.07) | $听听听听听听听 (0.04) | $听听听听听听听 (0.23) | $听听听听听听听 (0.21) | |||
Net loss per share - Discontinued operations: | |||||||
Basic and diluted | $听听听听听听听 (0.00) | $听听听听听听听 (0.01) | $听听听听听听听 (0.01) | $听听听听听听听 (0.02) | |||
Weighted average number of common shares used in computing net loss per share: | |||||||
Basic and diluted | 191.2 | 190.3 | 191.2 | 189.9 | |||
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Trulieve Cannabis Corp. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions) | |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cash flows from operating activities | |||||||
Net loss | $听听听听听听听听听听听 (16.1) | $听听听听听听听听听听听 (12.3) | $听听听听听听听听听听听 (49.9) | $听听听听听听听听听听听 (37.2) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 29.4 | 28.1 | 58.8 | 55.8 | |||
Depreciation included in cost of goods sold | 13.7 | 13.3 | 27.6 | 26.8 | |||
Impairment and other charges, net of (recoveries) | (2.0) | 1.2 | (0.2) | (0.1) | |||
Share-based compensation | 6.8 | 5.0 | 10.7 | 10.1 | |||
Deferred income taxes | (5.3) | (6.5) | (9.9) | 3.5 | |||
Other non-cash changes | 7.3 | 4.8 | 12.3 | 11.0 | |||
Changes in operating assets and liabilities: | |||||||
Inventories | (2.2) | 1.5 | (10.1) | 5.0 | |||
Accounts receivable | (0.8) | (0.7) | (3.4) | 0.7 | |||
Other assets | 7.0 | (9.4) | (1.4) | (10.8) | |||
Accounts payable and accrued liabilities | (11.6) | (1.3) | (11.8) | (0.2) | |||
Income tax receivable / payable | 1.3 | (7.5) | 2.7 | (4.8) | |||
Other liabilities | (6.0) | 鈥� | (8.7) | (3.6) | |||
Uncertain tax position liabilities | 58.7 | 55.1 | 114.4 | 152.8 | |||
Proceeds received from insurance for operating expenses | 5.7 | 鈥� | 5.7 | 1.5 | |||
Net cash provided by operating activities | 86.1 | 71.3 | 136.8 | 210.5 | |||
Cash flows from investing activities | |||||||
Purchases of property and equipment | (11.6) | (26.3) | (28.5) | (41.8) | |||
Purchases of internal use software | (4.4) | (6.5) | (8.4) | (11.5) | |||
Maturities of short-term investments | 鈥� | 鈥� | 60.4 | 鈥� | |||
Other proceeds | 7.4 | 0.3 | 11.4 | 1.9 | |||
Other purchases and payments | 鈥� | (0.5) | (0.2) | (0.5) | |||
Net cash provided by (used in) investing activities | (8.6) | (33.0) | 34.8 | (51.9) | |||
Cash flows from financing activities | |||||||
Payments on long-term borrowings | (3.6) | (2.3) | (5.5) | (4.1) | |||
Payments for taxes related to net share settlement of equity awards | (0.1) | (0.1) | (0.3) | (0.1) | |||
Proceeds from equity exercises | 鈥� | 鈥� | 鈥� | 0.2 | |||
Other payments and distributions | (2.2) | (6.8) | (4.6) | (9.8) | |||
Other proceeds | 鈥� | 鈥� | 鈥� | 3.0 | |||
Net cash used in financing activities | (5.8) | (9.2) | (10.3) | (10.7) | |||
Net increase in cash, cash equivalents, and restricted cash | 71.6 | 29.2 | 161.3 | 147.8 | |||
Cash, cash equivalents, and restricted cash, beginning of period | 329.4 | 326.9 | 239.7 | 208.0 | |||
Cash and cash equivalents of discontinued operations, beginning of period | 鈥� | 鈥� | 鈥� | 0.3 | |||
Less: cash and cash equivalents of discontinued operations, end of period | 鈥� | 鈥� | 鈥� | 鈥� | |||
Cash, cash equivalents, and restricted cash, end of period | $听听听听听听听听听听听 401.0 | $听听听听听听听听听听听 356.1 | $听听听听听听听听听听听 401.0 | $听听听听听听听听听听听 356.1 | |||
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 (loss) income, adjusted net (loss) income 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听attributable to common shareholders听to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:
(Amounts expressed in millions of | Three Months Ended | For the Six Months Ended | ||||||||
June 30, | June 30, | March 31, | June 30, | June 30, | ||||||
Net loss attributable to common shareholders | $ | (13.8) | $ | (12.0) | $ | (32.9) | $ | (46.7) | $ | (35.1) |
Add (deduct) impact of: | ||||||||||
Interest expense, net | $ | 16.4 | $ | 15.4 | $ | 16.3 | $ | 32.7 | $ | 30.1 |
Interest income | $ | (3.6) | $ | (4.0) | $ | (3.1) | $ | (6.7) | $ | (7.3) |
Provision for income taxes | $ | 54.7 | $ | 47.2 | $ | 52.5 | $ | 107.2 | $ | 102.6 |
Depreciation and amortization | $ | 29.4 | $ | 28.1 | $ | 29.3 | $ | 58.8 | $ | 55.8 |
Depreciation included in cost of goods sold | $ | 13.7 | $ | 13.3 | $ | 13.9 | $ | 27.6 | $ | 26.8 |
EBITDA (Non-GAAP) | $ | 96.8 | $ | 88.0 | $ | 76.0 | $ | 172.8 | $ | 173.0 |
EBITDA Margin (Non-GAAP) | 32听% | 29听% | 26听% | 29听% | 29听% | |||||
Impairment and other charges, net of (recoveries) | $ | (0.3) | $ | 1.2 | $ | 1.8 | $ | 1.5 | $ | (0.1) |
Campaign and political contributions | $ | 4.4 | $ | 5.0 | $ | 23.0 | $ | 27.4 | $ | 14.2 |
Acquisition, transaction, and other non-recurring costs | $ | 1.6 | $ | 4.3 | $ | 3.1 | $ | 4.7 | $ | 8.0 |
Share-based compensation | $ | 6.8 | $ | 5.0 | $ | 3.9 | $ | 10.7 | $ | 10.1 |
Other expense (income), net | $ | 1.0 | $ | 1.8 | $ | (0.2) | $ | 0.7 | $ | 4.6 |
Discontinued operations, net of tax, attributable to | $ | 0.3 | $ | 1.6 | $ | 1.6 | $ | 1.9 | $ | 3.0 |
Adjusted EBITDA (Non-GAAP) | $ | 110.6 | $ | 107.0 | $ | 109.2 | $ | 219.8 | $ | 212.8 |
Adjusted EBITDA Margin (Non-GAAP) | 37听% | 35听% | 37听% | 37听% | 35听% | |||||
Reconciliation of Non-GAAP Adjusted Net (Loss) Income (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP adjusted net (loss) income, for each of the periods presented:
For the Three Months Ended | For the Six Months Ended | |||||||||
(Amounts expressed in millions of | June 30, | June 30, | March 31, | June 30, | June 30, | |||||
Net loss attributable to common shareholders | $ | (13.8) | $ | (12.0) | $ | (32.9) | $ | (46.7) | $ | (35.1) |
Net loss from discontinued operations, net of tax, | $ | 0.3 | $ | 1.6 | $ | 1.6 | $ | 1.9 | $ | 3.0 |
Adjustment of formerly redeemable non-controlling | $ | 鈥� | $ | 1.9 | $ | 鈥� | $ | 鈥� | $ | (6.9) |
Net loss from continuing operations available to common | $ | (13.5) | $ | (8.5) | $ | (31.2) | $ | (44.7) | $ | (39.1) |
Add (deduct) impact of: | ||||||||||
Adjustment of formerly redeemable non-controlling | $ | 鈥� | $ | (1.9) | $ | 鈥� | $ | 鈥� | $ | 6.9 |
Impairment and other charges, net of (recoveries) | $ | (0.3) | $ | 1.2 | $ | 1.8 | $ | 1.5 | $ | (0.1) |
Campaign and political contributions | $ | 4.4 | $ | 5.0 | $ | 23.0 | $ | 27.4 | $ | 14.2 |
Acquisition, transaction, and other non-recurring costs | $ | 1.6 | $ | 4.3 | $ | 3.1 | $ | 4.7 | $ | 8.0 |
Adjusted net (loss) income (Non-GAAP) | $ | (7.7) | $ | 0.2 | $ | (3.4) | $ | (11.1) | $ | (10.0) |
Reconciliation of Non-GAAP Adjusted Net (Loss) Income 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 (loss) income per diluted share, for each of the periods presented:
For the Three Months Ended | For the Six Months Ended | |||||||||
(Amounts expressed are per share except for shares which are in millions) | June 30, | June 30, | March 31, | June 30, | June 30, | |||||
Net loss attributable to common shareholders | $ | (0.07) | $ | (0.06) | $ | (0.17) | $ | (0.24) | $ | (0.18) |
Net loss from discontinued operations, net of tax, | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.02 |
Adjustment of formerly redeemable non-controlling | $ | 鈥� | $ | 0.01 | $ | 鈥� | $ | 鈥� | $ | (0.04) |
Net loss from continuing operations available to common | $ | (0.07) | $ | (0.04) | $ | (0.16) | $ | (0.23) | $ | (0.21) |
Add (deduct) impact of: | ||||||||||
Adjustment of formerly redeemable non-controlling | $ | 鈥� | $ | (0.01) | $ | 鈥� | $ | 鈥� | $ | 0.04 |
Impairment and other charges, net of (recoveries) | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.00 |
Campaign and political contributions | $ | 0.02 | $ | 0.03 | $ | 0.12 | $ | 0.14 | $ | 0.07 |
Acquisition, transaction, and other non-recurring costs | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.04 |
Adjusted net (loss) income (Non-GAAP) | $ | (0.04) | $ | 0.00 | $ | (0.02) | $ | (0.06) | $ | (0.05) |
Basic and diluted shares outstanding | 191.2 | 190.3 | 191.1 | 191.2 | 189.9 | |||||
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 Three Months Ended | For the Six Months Ended | |||||||||
(Amounts expressed in millions of | June 30, | June 30, | March 31, | June 30, | June 30, | |||||
Cash flow from operating activities | $ | 86.1 | $ | 71.3 | $ | 50.7 | $ | 136.8 | $ | 210.5 |
Payments for property and equipment | $ | (11.6) | $ | (26.3) | $ | (16.9) | $ | (28.5) | $ | (41.8) |
Free cash flow (Non-GAAP) | $ | 74.5 | $ | 45.0 | $ | 33.9 | $ | 108.4 | $ | 168.7 |
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the
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Christine Hersey, Vice President of Investor Relations
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