Q3 2024 Trulieve Cannabis Corp Earnings Call Transcript
Key Points
- Trulieve Cannabis Corp (TCNNF) reported a 3% year-over-year increase in revenue for the third quarter, reaching $284 million, despite challenges from seasonality and Hurricane Helene.
- The company achieved a gross margin of 61%, driven by efficiencies and low cultivation costs, marking an improvement from the previous quarter.
- Adjusted EBITDA improved by 24% compared to last year, reaching $96 million, with an adjusted EBITDA margin of 34%.
- Trulieve expanded its retail network to 215 locations, including 14 new locations in Florida and one in Pennsylvania, enhancing its market presence.
- The company ended the quarter with a strong cash position of $319 million in cash and short-term investments, providing financial flexibility for future growth.
- Trulieve reported a net loss of $60 million for the third quarter, compared to a net loss of $12 million in the second quarter, partly due to campaign support and nonrecurring charges.
- SG&A expenses increased to $149 million, or 52% of revenue, due to new store opening expenses, technology and infrastructure investments, and campaign support.
- The average basket size declined by 3% compared to last year and 6% versus the second quarter, indicating potential wallet pressure on consumers.
- The company faced temporary store closures due to Hurricane Helene, impacting retail operations and contributing to seasonality challenges.
- Trulieve's net loss per share was $0.33, compared to a loss of $0.05 in the second quarter, highlighting ongoing financial challenges.
And they stay there.
Good morning everyone and welcome to the Trulieve Cannabis Corp third quarter, 2024 financial results conference call.
My name is (Tawan) and I will be the conference operator today as a reminder this conference call is being recorded.
I would now like to introduce your host for today's conference. Christine Hersey, Vice President of Investor Relations. Trulieve you may begin.
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 third 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release and powerpoint presentation may be found on the Investor relations section of our website www.trulieve.com, an archived version of today's conference call will be available on our
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