Trulieve Cannabis Corp
For the period ended Mar 31, 2024. Filed May 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(24,847) | $(65,631) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 27,755 | 30,371 |
| Depreciation included in cost of goods sold | 13,477 | 13,551 |
| Non-cash interest expense, net | 394 | 1,372 |
| Impairment and disposal of long-lived assets, net of recoveries | (1,360) | 31,015 |
| Amortization of operating lease right of use assets | 2,596 | 2,634 |
| Accretion of construction finance liabilities | 194 | 389 |
| Share-based compensation | 5,153 | 2,401 |
| Proceeds received from insurance | 1,473 | — |
| Change in fair value of derivative liabilities - warrants | — | (252) |
| Non-cash change in contingencies | — | (3,725) |
| Allowance for credit losses | 2,960 | (159) |
| Deferred income tax expense (benefit) | 10,016 | (7,896) |
| Changes in operating assets and liabilities: | ||
| Inventories | 3,522 | 260 |
| Accounts receivable | 1,493 | 1,565 |
| Prepaid expenses and other current assets | 1,049 | (1,776) |
| Other assets | (2,448) | 1,888 |
| Accounts payable and accrued liabilities | 1,040 | 9,177 |
| Income tax payable | 2,663 | (13,383) |
| Other current liabilities | — | (5,448) |
| Operating lease liabilities | (2,239) | (2,523) |
| Deferred revenue | 762 | (4,452) |
| Uncertain tax position liabilities | 97,616 | 9,797 |
| Other long-term liabilities | (2,115) | 1,235 |
| Net cash provided by operating activities | 139,154 | 410 |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (15,555) | (13,731) |
| Capitalized interest | 61 | (582) |
| Purchases of internal use software | (5,008) | (2,046) |
| Proceeds received from insurance recoveries on property and equipment | 527 | — |
| Cash paid for licenses | — | (3,500) |
| Proceeds from sales of long-lived assets | — | 287 |
| Payments received from notes receivable | 266 | 180 |
| Proceeds from sale of held for sale assets | 748 | 580 |
| Net cash used in investing activities | (18,961) | (18,812) |
| Cash flows from financing activities | ||
| Proceeds from redemption of non-controlling interest | 3,000 | — |
| Proceeds from equity exercises | 170 | — |
| Payments on notes payable | (923) | (3,442) |
| Payments on finance lease obligations | (1,916) | (2,040) |
| Payments on construction finance liabilities | (803) | (278) |
| Distributions to subsidiary non-controlling interest | (1,081) | (50) |
| Net cash used in financing activities | (1,553) | (5,810) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 118,640 | (24,212) |
| Cash, cash equivalents, and restricted cash, beginning of period | 207,979 | 213,792 |
| Cash and cash equivalents of discontinued operations, beginning of period | 301 | 5,702 |
| Less: cash and cash equivalents of discontinued operations, end of period | — | (2,486) |
| Cash, cash equivalents, and restricted cash, end of period | $326,920 | $192,796 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the period for | ||
| Interest | $8,939 | $9,618 |
| Income taxes paid, net of (refunds) | (54,859) | 46,775 |
| Noncash investing and financing activities | ||
| ASC 842 lease additions - operating and finance leases | $5,967 | $4,544 |
| Purchases of property and equipment in accounts payable and accrued liabilities | 484 | 2,197 |
| Subordinate Voting Shares issued pursuant to redemption of non-controlling interest | 2,471 | — |
| Value of shares earned for purchase of variable interest entity | — | 1,643 |
The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Beginning of period: | ||
| Cash and cash equivalents (1) (2) | $201,372 | $207,185 |
| Restricted cash | 6,607 | 6,607 |
| Cash, cash equivalents and restricted cash | $207,979 | $213,792 |
| End of period: | ||
| Cash and cash equivalents (3) (4) | $320,313 | $185,642 |
| Restricted cash | 6,607 | 7,154 |
| Cash, cash equivalents and restricted cash | $326,920 | $192,796 |
(1)Excludes$0.3 million attributable to discontinued operations.
(2)Excludes $5.7 million attributable to discontinued operations.
(3)Excludes zero attributable to discontinued operations.
(4)Excludes $2.5 million attributable to discontinued operations.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.