Q2 2024 Trulieve Cannabis Corp Earnings Call Transcript
Key Points
- Trulieve Cannabis Corp (TCNNF) reported a third consecutive quarter of top-line growth and margin expansion.
- Revenue increased to $303 million, up 2% from Q1 and 8% compared to last year, with growth in both retail and wholesale.
- Gross margin increased by 1% to 60%, primarily driven by lower cultivation costs.
- Adjusted EBITDA of $107 million or 35% exceeded expectations, primarily driven by higher gross margin and cost controls.
- The company ended the quarter with $356 million in cash, indicating strong liquidity.
- Second quarter net loss was $12 million, although this was an improvement from the previous quarter.
- Seasonal headwinds in Arizona and Florida are expected to impact third-quarter revenue.
- The company anticipates third-quarter revenue will be down by mid-single digits from the second quarter.
- There is ongoing uncertainty regarding the applicability of 280E tax regulations, which could impact future financials.
- Consumer behavior showed a shift towards value products, indicating potential pressure on premium product sales.
Good morning, everyone, and welcome to the Trulieve Cannabis Corporation second-quarter 2024 financial results conference call. My name is Jamie, and I'll be your operator today. As a reminder, today's conference call is being recorded. And at this time, I'd like to introduce your host for today's conference, Christine Hersey, Vice President of Investor Relations for Trulieve. Ma'am, you may begin.
Thank you. Good morning, and thank you for joining us. During today's call, Kim Rivers, Chief Executive Officer; and Wes Getman, Chief Financial Officer, will deliver prepared remarks on the financial performance and outlook for Trulieve. Following the prepared remarks, we will open the call to questions.
This morning, we reported second quarter 2024 results. A copy of our earnings press release and PowerPoint presentation may be found on the Investor Relations section of our website, www.trulieve.com. An archived
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