Trulieve Cannabis Corp
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 · 2022 | ||||
| Cash flows from operating activities | ||||
| Net loss | $(160,577) | $(533,136) | $(252,727) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Depreciation and amortization | 112,805 | 110,820 | 121,776 | |
| Depreciation included in cost of goods sold | 53,564 | 59,837 | 52,541 | |
| Debt extinguishments, net | — | (5,937) | — | |
| Impairment and disposal of long-lived assets, net of (recoveries) | (5,292) | 6,664 | 75,547 | |
| Impairment of goodwill | — | 307,590 | — | |
| Amortization of operating lease right of use assets | 11,519 | 10,333 | 11,252 | |
| Share-based compensation | 20,202 | 10,575 | 18,124 | |
| Allowance for credit losses | 5,763 | 2,750 | 3,617 | |
| Deferred income taxes | (10,374) | (17,173) | (27,174) | |
| Loss from disposal of discontinued operations | — | 69,481 | 49,130 | |
| Other non-cash changes | 943 | 6,472 | 3,720 | |
| Changes in operating assets and liabilities: | ||||
| Inventories | (18,735) | 83,304 | (83,430) | |
| Accounts receivable | 741 | (1,712) | (4,206) | |
| Prepaid expenses and other current assets | (6,136) | 6,751 | 5,264 | |
| Other assets | (2,927) | 2,954 | 2,388 | |
| Accounts payable and accrued liabilities | 7,210 | 1,635 | (819) | |
| Income tax receivable / payable | (8,502) | (48,822) | 19,756 | |
| Other liabilities | 1,874 | (13,807) | 21,649 | |
| Operating lease liabilities | (7,989) | (9,172) | (10,002) | |
| Deferred revenue | 6,691 | (8,232) | 2,370 | |
| Uncertain tax position liabilities | 264,871 | 160,891 | 12,794 | |
| Other long-term liabilities | (2,215) | (225) | 1,526 | |
| Proceeds received from insurance for operating expenses | 8,048 | — | — | |
| Net cash provided by operating activities | 271,484 | 201,841 | 23,096 | |
| Cash flows from investing activities | ||||
| Purchases of property and equipment | (121,520) | (40,385) | (164,749) | |
| Purchases of property and equipment related to construction finance liabilities | — | — | (13,247) | |
| Capitalized interest | (1,081) | 148 | (4,732) | |
| Payments made for issuance of note receivable | — | (750) | — | |
| Purchases of internal use software | (25,063) | (10,615) | (9,214) | |
| Purchases of short-term investments | (80,000) | — | — | |
| Maturities of short-term investments | 20,000 | — | — | |
| Cash paid for licenses | (7,000) | (4,640) | (1,855) | |
| Payment for initial direct costs on finance leases | (647) | — | — | |
| Proceeds from notes receivable repayments | 1,663 | 903 | 1,472 | |
| Proceeds received from insurance recoveries on property and equipment | 527 | — | — | |
| Proceeds from disposal activities | 6,506 | 17,869 | — | 5,049 |
| Acquisitions, net of cash | — | — | (27,781) | |
| Net cash used in investing activities | (206,615) | (37,470) | (215,057) | |
| Cash flows from financing activities | ||||
| Payments for taxes related to net share settlement of equity awards | (14,751) | (466) | (615) | |
| Payments on finance lease obligations | (7,593) | (7,588) | (7,361) | |
| Payments on notes payable | (4,678) | (11,780) | (2,928) | |
| Payments on construction finance liabilities | (3,469) | (2,050) | (1,161) | |
| Payments and costs related to consolidated VIE settlement transaction | (5,077) | — | — | |
| Distributions to subsidiary non-controlling interest | (1,081) | (50) | (50) | |
| Payments on private placement notes | — | (177,595) | (1,874) | |
| Payments for debt issuance costs | — | (774) | (832) | |
| Proceeds from non-controlling interest holders' subscription | 3,000 | — | — | |
| Proceeds from equity exercises | 210 | — | 19,394 | |
| Proceeds from construction finance liabilities | — | — | 7,047 | |
| Proceeds from notes payable, net of discounts | — | 24,718 | 90,541 | |
| Proceeds from private placement notes, net of discounts | — | — | 75,635 | |
| Net cash (used in) provided by financing activities | (33,439) | (175,585) | 177,796 | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 31,430 | (11,214) | (14,165) | |
| Cash, cash equivalents, and restricted cash, beginning of period | 207,979 | 213,792 | 229,644 | |
| Cash and cash equivalents of discontinued operations, beginning of period | 301 | 5,702 | 4,015 | |
| Less: cash and cash equivalents of discontinued operations, end of period | — | (301) | (5,702) | |
| Cash, cash equivalents, and restricted cash, end of period | $239,710 | $207,979 | $213,792 | |
The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| For the Years Ended December 31, | |||
|---|---|---|---|
| Supplemental disclosure of cash flow information | 2024 | 2023 | 2022 |
| Cash paid during the period for | |||
| Interest | $65,411 | $81,209 | $76,142 |
| Income taxes paid, net of (refunds) | (48,406) | 52,644 | 146,672 |
| Noncash investing and financing activities | |||
| ASC 842 lease additions - operating and finance leases | $51,517 | $14,323 | $41,141 |
| Purchases of property and equipment in accounts payable and accrued liabilities | 5,337 | 2,778 | 3,924 |
| Reclassification of assets to held for sale | 10,568 | 18,408 | — |
| Redeemed non-controlling interest, former mezzanine equity | 2,600 | — | — |
| Redemptions of non-controlling interest | 2,071 | — | — |
| Noncash partial extinguishment of construction finance liability | — | 18,486 | — |
| Acquisition fair value adjustments | — | — | 1,595 |
| Acquisition of variable interest entity with note payable | — | — | 5,500 |
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows for the periods presented:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Beginning of year: | |||
| Cash and cash equivalents (1) | $201,372 | $207,185 | $226,631 |
| Restricted cash | 6,607 | 6,607 | 3,013 |
| Cash, cash equivalents and restricted cash | $207,979 | $213,792 | $229,644 |
| End of year: | |||
| Cash and cash equivalents (2) | $238,803 | $201,372 | $207,185 |
| Restricted cash | 907 | 6,607 | 6,607 |
| Cash, cash equivalents and restricted cash | $239,710 | $207,979 | $213,792 |
(1)Excludes cash associated with discontinued operations totaling $0.3 million, $5.7 million, and $4.0 million as of December 31, 2024, 2023, and 2022, respectively.
(2)Excludes cash associated with discontinued operations totaling zero, $0.3 million, and $5.7 million as of December 31, 2024, 2023, and 2022, respectively.
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