$TCNNF
Trulieve Cannabis Corp.

2021 Q1 Form 10-Q Financial Statement

#000156459021027231 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $193.8M $96.06M
YoY Change 101.78% 115.86%
Cost Of Revenue $58.56M $22.23M
YoY Change 163.47% 21.45%
Gross Profit $135.3M $73.83M
YoY Change 83.21% 181.8%
Gross Profit Margin 69.79% 76.86%
Selling, General & Admin $57.27M $29.13M
YoY Change 96.62% 120.64%
% of Gross Profit 42.34% 39.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.600M $3.200M
YoY Change 75.0% 90.48%
% of Gross Profit 4.14% 4.33%
Operating Expenses $62.70M $31.32M
YoY Change 100.2% 123.71%
Operating Profit $72.56M $42.51M
YoY Change 70.69% 248.46%
Interest Expense $7.899M $5.912M
YoY Change 33.61% -1282.4%
% of Operating Profit 10.89% 13.91%
Other Income/Expense, Net -$7.936M -$1.013M
YoY Change 683.42%
Pretax Income $64.63M $41.50M
YoY Change 55.73% 257.75%
Income Tax $34.55M $17.89M
% Of Pretax Income 53.46% 43.12%
Net Earnings $30.08M $23.61M
YoY Change 27.42% 505.26%
Net Earnings / Revenue 15.52% 24.57%
Basic Earnings Per Share $0.25 $0.21
Diluted Earnings Per Share $0.24 $0.20
COMMON SHARES
Basic Shares Outstanding 119.9M 110.3M
Diluted Shares Outstanding 127.6M 115.2M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.5M $100.8M
YoY Change 61.21% 389.32%
Cash & Equivalents $162.5M $100.8M
Short-Term Investments
Other Short-Term Assets $25.20M $13.60M
YoY Change 85.29% 385.71%
Inventory $103.9M $74.90M
Prepaid Expenses
Receivables $2.617M
Other Receivables $0.00
Total Short-Term Assets $290.4M $189.4M
YoY Change 53.34% 107.9%
LONG-TERM ASSETS
Property, Plant & Equipment $365.1M $218.4M
YoY Change 67.19% 83.07%
Goodwill $70.21M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.24M $2.600M
YoY Change 332.38% 160.0%
Total Long-Term Assets $611.7M $254.1M
YoY Change 140.72% 96.22%
TOTAL ASSETS
Total Short-Term Assets $290.4M $189.4M
Total Long-Term Assets $611.7M $254.1M
Total Assets $902.1M $443.5M
YoY Change 103.4% 101.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.00M $25.90M
YoY Change 62.16% 115.83%
Accrued Expenses $3.300M $2.600M
YoY Change 26.92%
Deferred Revenue $6.780M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.300M $5.000M
YoY Change 26.0% -27.54%
Total Short-Term Liabilities $101.1M $69.00M
YoY Change 46.58% 57.89%
LONG-TERM LIABILITIES
Long-Term Debt $138.7M $72.40M
YoY Change 91.57% 54.7%
Other Long-Term Liabilities $121.8M $139.4M
YoY Change -12.61%
Total Long-Term Liabilities $121.8M $211.8M
YoY Change -42.48% 352.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.1M $69.00M
Total Long-Term Liabilities $121.8M $211.8M
Total Liabilities $416.5M $285.8M
YoY Change 45.73% 178.56%
SHAREHOLDERS EQUITY
Retained Earnings $149.8M
YoY Change
Common Stock $291.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $485.6M $157.7M
YoY Change
Total Liabilities & Shareholders Equity $897.5M $443.5M
YoY Change 102.36% 101.04%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $30.08M $23.61M
YoY Change 27.42% 505.26%
Depreciation, Depletion And Amortization $5.600M $3.200M
YoY Change 75.0% 90.48%
Cash From Operating Activities $59.59M $23.92M
YoY Change 149.13% 175.26%
INVESTING ACTIVITIES
Capital Expenditures $48.39M $27.60M
YoY Change 75.3% -331.37%
Acquisitions -$91.00K
YoY Change
Other Investing Activities -$270.0K -$210.0K
YoY Change 28.57% 90.91%
Cash From Investing Activities -$53.36M -$27.81M
YoY Change 91.89% 130.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.508M 12.89M
YoY Change -26.23% -2677.6%
NET CHANGE
Cash From Operating Activities 59.59M 23.92M
Cash From Investing Activities -53.36M -27.81M
Cash From Financing Activities 9.508M 12.89M
Net Change In Cash 15.74M 8.999M
YoY Change 74.87% -333.74%
FREE CASH FLOW
Cash From Operating Activities $59.59M $23.92M
Capital Expenditures $48.39M $27.60M
Free Cash Flow $11.20M -$3.683M
YoY Change -404.21% -117.86%

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1.&nbsp;&nbsp;THE COMPANY</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Trulieve Cannabis Corp. (together with its subsidiaries, &#8220;Trulieve&#8221; or the &#8220;Company&#8221;) was incorporated in British Columbia, Canada. Trulieve (through its wholly-owned subsidiaries) is a vertically integrated cannabis company which currently holds licenses to operate in six states Florida, Massachusetts, California, Connecticut, Pennsylvania and West Virginia, to cultivate, produce, and sell medicinal-use cannabis products and, with respect to California and Massachusetts, adult-use cannabis products. All revenues are generated in the United States, and all long-lived assets are located in the United States. </font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">In July 2018, Trulieve, Inc. entered into a non-binding letter agreement (&#8220;Letter Agreement&#8221;) with Schyan Exploration Inc. (&#8220;Schyan&#8221;) whereby Trulieve, Inc. and Schyan have agreed to merge their respective businesses resulting in a reverse takeover of Schyan by Trulieve, Inc. and change the business of Schyan from a mining issuer to a marijuana issuer (the &#8220;Transaction&#8221;). The Transaction was completed in August 2018 and Schyan changed its name to Trulieve Cannabis Corp. </font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The Company&#8217;s head office and principal address is located at 6749 Ben Bostic Road, Quincy, Florida 32351.The Company&#8217;s registered office is located at Suite 2800, Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C 2Z7.</font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The Company is listed on the Canadian Securities Exchange (the &#8220;CSE&#8221;) and began trading on September 24, 2018 under the ticker symbol &#8220;TRUL&#8221;.</font></p>
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">NOTE </font><font style="color:#000000;">2.&nbsp;&nbsp;BASIS OF PRESENTATION</font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). </p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders&#8217; equity, and cash flows of the Company for the interim periods presented.&nbsp;&nbsp;Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature.&nbsp;&nbsp;Operating results for the three months ended March&#160;31, 2021 are not necessarily indicative of the results that may be expected for the current year ending December 31, 2021. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the years ended December 31, 2020 and 2019 (&#8220;2020 audited consolidated financial statements&#8221;).</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods.&nbsp;&nbsp;Actual results could differ materially from those estimates. </p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the instructions to Form 10-Q.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Significant Accounting Policies</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s significant accounting policies are described in Note 2 to the Company&#8217;s consolidated financial statements included in the 2020 Form 10-K.&nbsp;&nbsp;There have been no material changes to the Company&#8217;s significant accounting policies, except for the adoption of ASU 2019-12 as explained below. </p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) &#8211; Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes.&nbsp;&nbsp;ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application.&nbsp;&nbsp;The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on the Company&#8217;s consolidated financial statements. </p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">COVID-19 Pandemic</font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The global outbreak of the novel strain of the coronavirus known as COVID-19 has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. </font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">In response to the outbreak, governmental authorities in the United States, Canada and internationally have introduced various recommendations and measures to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing. Management has been closely monitoring the impact of COVID-19, with a focus in the health and safety of the Company&#8217;s employees, business continuity and supporting its communities. The Company has enacted various measures to reduce the spread of the virus, including implementing social distancing at its cultivation facilities and dispensaries, enhancing cleaning protocols at such facilities and dispensaries and encouraging employees to adhere to preventative measures recommended by local, state, and federal health officials.&nbsp;&nbsp;</font></p>
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