Trulieve Cannabis Corp
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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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.
Sep 30, 2024 · Filed Nov 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(99,015) | $(498,346) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 84,163 | 83,618 |
| Depreciation included in cost of goods sold | 40,098 | 45,397 |
| Gain on debt extinguishment | — | (8,161) |
| Impairment and disposal of long-lived assets, net of (recoveries) | (4,423) | 5,480 |
| Impairment of goodwill | — | 307,590 |
| Amortization of operating lease right of use assets | 8,339 | 7,794 |
| Share-based compensation | 15,579 | 7,415 |
| Allowance for credit losses | 4,910 | 866 |
| Deferred income taxes | (2,676) | (18,696) |
| Loss from disposal of discontinued operations | — | 69,840 |
| Other non-cash changes | 898 | 5,031 |
| Changes in operating assets and liabilities: | ||
| Inventories | (8,281) | 66,527 |
| Accounts receivable | (712) | (1,856) |
| Prepaid expenses and other current assets | (856) | 9,286 |
| Other assets | (6,101) | 2,047 |
| Accounts payable and accrued liabilities | 4,632 | 4,519 |
| Income tax receivable / payable | (4,337) | (49,869) |
| Other liabilities | 202 | (14,392) |
| Operating lease liabilities | (5,959) | (6,933) |
| Deferred revenue | 5,327 | (6,005) |
| Uncertain tax position liabilities | 203,780 | 61,837 |
| Other long-term liabilities | (662) | (2,612) |
| Proceeds received from insurance for operating expenses | 5,903 | — |
| Net cash provided by operating activities | 240,809 | 70,377 |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (79,036) | (30,998) |
| Capitalized interest | (866) | 114 |
| Purchases of internal use software | (18,287) | (7,741) |
| Purchases of short-term investments | (80,000) | — |
| Cash paid for licenses | (7,000) | (3,971) |
| Payment for initial direct costs on finance leases | (647) | — |
| Proceeds from disposal activities | 1,003 | 11,723 |
| Proceeds from notes receivable repayments | 872 | 565 |
| Proceeds received from insurance recoveries on property and equipment | 527 | — |
| Net cash used in investing activities | (183,434) | (30,308) |
| Cash flows from financing activities | ||
| Payments for taxes related to net share settlement of equity awards | (12,258) | — |
| Payments on finance lease obligations | (5,513) | (5,720) |
| Payments on notes payable | (3,839) | (5,521) |
| Payments on construction finance liabilities | (2,524) | (1,285) |
| Payments and costs related to consolidated VIE settlement transaction | (5,077) | — |
| Distributions to subsidiary non-controlling interest | (1,081) | (50) |
| Payments on private placement notes | — | (47,595) |
| Payments for debt issuance costs | — | (428) |
| Proceeds from non-controlling interest holders' subscription | 3,000 | — |
| Proceeds from equity exercises | 210 | — |
| Net cash used in financing activities | (27,082) | (60,599) |
| Net increase (decrease) in cash and cash equivalents | 30,293 | (20,530) |
| 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 | — | (94) |
| Cash, cash equivalents, and restricted cash, end of period | $238,573 | $198,870 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the period for | ||
| Interest | $41,608 | $52,036 |
| Income taxes paid, net of (refunds) | (46,748) | 113,187 |
| Noncash investing and financing activities | ||
| ASC 842 lease additions - operating and finance leases | $42,881 | $12,019 |
| Purchases of property and equipment in accounts payable and accrued liabilities | 10,462 | 4,284 |
| Reclassification of assets to held for sale | 7,044 | 18,396 |
| Adjustment of redeemable non-controlling interest to maximum redemption value | 9,010 | — |
| Noncash partial extinguishment of construction finance liability | — | 18,486 |
The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
| September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Beginning of period: | ||
| Cash and cash equivalents (1) | $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 (2) | $237,666 | $192,159 |
| Restricted cash | 907 | 6,711 |
| Cash, cash equivalents and restricted cash | $238,573 | $198,870 |
(1)Excludes cash associated with discontinued operations totaling$0.3 million and $5.7 million as of December 31, 2023 and 2022, respectively.
(2)Excludes cash associated with discontinued operations totaling zero and $0.1 million as of September 30, 2024 and 2023, respectively.
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