Trulieve Cannabis (TCNNF)

Lynn Ricci Director, Investor Relations
Kim Rivers Chief Executive Officer
Alex D’Amico Chief Financial Officer
Derek Dley Canaccord Genuity
Russell Stanley Beacon Securities
Matt McGinley Needham
Pablo Zuanic Cantor Fitzgerald
Andrew Partheniou Stifel
Jason Zandberg Pi Financial
Kenric Tyghe ATB Capital Markets
Eric DesLauriers Craig-Hallum Capital
Aaron Grey Alliance Global Partners
Andrew Semple Echelon Capital Markets
Paul Piotrowski M Partners
Call transcript
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Ladies and gentlemen, thank you for standing by and welcome to the Trulieve Cannabis Corporation's Third Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. Thank you. to Ms. conference like host to now today, for would hand over the your I Director Investor Ricci, Lynn of Relations for Trulieve. Please ahead. go

Lynn Ricci

Good gentlemen and us morning, you Jack. joining today. and for Thanks, thank ladies

me today D’Amico, Alex Officer. On the Financial call are Rivers, Officer; Chief Chief Kim and Executive with

Following remarks, open we the to questions. our prepared will call

number that shareholders, update is for could of from as the of remember to benefit of we information. any I like discussions this would parties. recorded risks, those uncertainties Before our actual and materially to note only interested investors, to include and speak being that individuals, today other this forward-looking the and on factors may differ get started, that made call cause media other today’s forward-looking that call a involve we today of forward-looking Please assume Statements statements. obligation results no statements

also non-IFRS financial not should provide remarks regarding provide required are IFRS assist financial comparable an prepared directly be IFRS press were that on referenced are reconciled references the we may performance alternative be to filed non-IFRS of are non-GAAP demonstrated to by to our other be to A may the end this of dollars. in these a measures to on trulieve.com measures non-IFRS Any well metrics. investors. further ended order statements and financial most release. to our in also XX, to Relations comparison our earnings comparable reference as IFRS, GAAP at morning in greater the using non-IFRS Please unlikely copy as news XXXX. measures the to Where quarter for provided quarter measures we third also and financial measures morning financial applicable release, MD&A considered and for MD&A Our the in that and section provided measures Trulieve. results of non-IFRS are found results table by dollar financial presented transparency Any measures the website, financial companies. this call note profitability We are our believe reported company’s the all Investor September the U.S. in This and of SEDAR. XXXX, financial

a today’s addition, be of available our will In later on webcast today. call conference website

I Now, Rivers. call the our Kim will to CEO, turn over

Kim Rivers

approximately everyone, and Trulieve morning, Good sequential representing exceeded EBITDA to closed and a revenue quarter pro in XX%. Lynn. with call. revenue third increase Pennsylvania revenues quarter-over-quarter million. Thanks, increased achieving the week acquisitions consensus Trulieve's today’s $XXX welcome again forma this that for million quarter, of $XXX.X last

Our This adjusted is in was XX% increase year-over-year increase in in XX% basis. and a quarter. million third $XX.X the revenues an XX% on or a EBITDA EBITDA

performance. industry-leading proud We profitability the are of

end we quarter, as area income. a are last that by GAAP discussed As and has GAAP difference significant year an net to transitioning between IFRS

to GAAP. net around Our basis would will transition results from been additional our I GAAP per an of QX in in IFRS provide also $X.XX. resulting earnings have impressive $XX.X million income details share the on a

is model like Cannabis on would strategy to everyone. like that to human overwhelming south. for but cannabis person would a clean spacing well political measures of ballots New as All ballot But in not the we east ballot was in leaders hub one. sent report mind Jersey election as a support night. to is to as a in the the from get of winner which Before The highlight first, touch that, a Northeast we passed sweep our metrics a the signal issue, these of Mississippi's medical east our medical and and I as Washington on to I update top election well course on. traditionally still and decisive

come. brighter We for preparing in U.S. what years ahead are might that the to encouraged the mean days industry the we cannabis for actively are regarding in as

preparing One Southwest. or of Midwest, are the Northeast, we divides Northwest the hub into regions; country is ways Southeast, our expansion and which five hubs strategy

We the supply we a in we across chain leverage Northeast. process have experience in the gained hubs, will the started these have

We via our most hub Northeast recently Massachusetts, Connecticut, acquisitions have Pennsylvania. established in and

we values. focus and target to evaluate culture an stated have we matches As the the before, opportunity, when Trulieve's it potential acquisition we whether on of

focus second acquisition accretive. will is Our both. be Pennsylvania whether the embodies

changer XX. and operators approximately probable and Each XX Solevo patient of support patient a Solevo marijuana as management the medical Pittsburgh PurePenn strong offer ties PurePenn million base a September facilities, These base people are of proven and we medical growing of an with our a and closing us within the week customer growing populated the portfolio, three Solevo premium Pennsylvania, us patients last a premier brings product of are expanding approximately market. most as is and are the and U.S. Northeast of acquisitions fifth the the Pennsylvania of XXX% with company transactions expanding base their dispensaries in and significant company in teams. immediate and an create and area. communities. a state state-of-the-art offer and they XXX,XXX in Pennsylvania. game in XXdispensaries deep hub. a is With large and plans cultivation successful PurePenn Their statewide marijuana acquisitions strong for expansion our production portfolio presence

particularly are more in expanding are the square the expected potential The by has Jersey of to that likely meet expansion square a online with will XX,XXX feet initiative. of additional now QX use New Trulieve XX,XXX the We passed recreational our end facilities XXXX. allow recreational cultivation and come demand to Pennsylvania, for feet to

to throughout dispensary On philosophy been acquisition see centric customer side, Solevo's has wonderful the the process.

reflecting Connecticut, successful transaction it I'll another Trulieve was as operations. Pennsylvania to us just a described the a in will retention Northeast experienced customer I centric values criteria future for and for quarter growth patient for milestone in Solevo loyalty. customer strategic Pennsylvania opportunities where to profitability. and hub more forward began look to met XX%, look we sharing this Connecticut growth now is strong for healthy our turn quarters. and had we rate major and of continue customer additional

Our expanding Connecticut market. to market and continues dispensary share hold

Our share maintains for store outsized one now open we outperformance. in are incredibly yet their and team market of XX% XX of an Connecticut state, dispensaries is the Bristol proud our

inspection of shortage exiting given be Massachusetts. Massachusetts state facility. as but in currently state in to slow this to significant Another first and is to update additional foot high-quality a in the a the currently QX believe been strong half for square that remained Navigation in first commence and regulatory we look a our specific environment approved production has of the for there continues dispensary to Northeast approval our shutdowns COVID bring call. and forward road, Trulieve region as products flower giving are XXX,XXX attributable both that operations delays in us on XXXX. cultivation After the to We are Wholesale confident we flower timing opportunity the and we phase get great well of pricing more the can we is our market. a

been Northeast last awarded week cannabis patients Trulieve our to brand to This with hub had announced Virginia. opportunity West we licensee medical that we bring addition through a Approval wholesale is the an provides opportunities. as to a recent processor permit. Trulieve Another

to the Southeast. switch now Let's

is in Southeast Florida base Our cornerstone the of hub. our home

and Trulieve states programs, Florida. leader will southern is launch undisputed cannabis more legalize the look As in we to expand.

sold flower sale our Our medical of first X. on of the ability as marijuana, foundation execute in success first in Trulieve of September is first sale by products the sale quickly edibles first the demonstrated and this to of having state. edible the the state the

to edibles directive we go-plan TruGels our with August were offer the was from in currently within a Peruvian brownies is a of three been Oven, long added has rates Tallahassee varieties We released month in its a of place. Edibles have TruNanoGels of to the have a a first We long, to data, We varieties it our have flavors and and of have member program. sale and been cookies Trulieve the planning five long however, our week for that bars recently patient product TruChocolates, of two treatment enough main made at TruGels, end and team in one only and time for full for store of waiting a trend; time sell-through market two so I impressive not think for. show of Binske, flavors. chocolate Love's from regulations clearly

new meet adding kitchen we Our already three to patient lines shifts XX,XXX equipment are square cranking, and feet is working and demand.

-- of that exciting addition we THC Blue naturally edibles, occurring the with to have without such can and TruKief, launched products sleep launch In CBN, River a cannabinoid added to high of a receptive aid [indiscernible] which is product other THC. as

launched profiles. line quality stores will flavors wonderful additions. We've our with terpene class Trulieve The throughout also feedback select new strains had premium unique at collection, these Cultivar We rotational from a be our collection on Florida. and community and available of

ability execution the in Trulieve for have lead of increased our Our selection XX% we reflected share. of both flower a quality. we Florida a recently a for and standard the over share for maintained has got improve In patients breaking market. in had impressive the October, and to trust, is of to maintain and This and oil loyalty, share already on allowed to of XX% our us consistent strength become powerful categories. for achieve in and has market dispensation state record week XX% the

quarter the share. of outperforming remain continues the strong in performance of fourth XX% XX% with Our the operating to approximately market yet dispensaries

just incredible shy half of year. in this This patients, patient the Third patient growth. the growth had quarter patients for approximately [ph] is the XXX of XX,XXX new entire state first count

the through and are our patient store count come in We performance. growth seeing

to million are nearing on Our expectations per $XX of annualized per basis, now million dispensary. $X million dispensary $X an

continued we be by our we Florida. of of X pace goal in our XX nationwide This dispensaries stores new and opening yet more month will stated quarter, to there the previously new year-end During stores watching unmatched come. achieved

As we location the a looking fact, matter City Florida opening to forward tomorrow. are in Lake of

provide take you customer in quarter. was XX% compared the indicators approximately retention the to to XX% the moment now second first a rate update quarter. sequential Let XX% Trulieve's third in retail increase on the quarter, performance me key we and quarter a each in

meaningful is our quite on our translates patient this as focus loyalty to growing among satisfaction Trulievers. me For

units. size average of number also We basket track and

average the trending in visited month month times quarter. basket patients size from quarter was per $XXX in third QX. the up per Average of X.X For times X.X for

were We somewhat in checks tax QX, there play refunds. quarter related COVID sizes the drivers at third as stimulus normalize in buying, and basket expected as to macroeconomic such

we quarter. contributing and higher some to in Florida third have experienced a addition, In to lower Product the testing the the availability patients visits skewing caused return during third-party bottleneck visits baskets.

Another metric same-store is sales. track we

our in support expand were they the sales XXXX the ability output expertise XX and is For and shift focus service fourth on and overall regulator and analytics with XX%. impressive and [indiscernible] These growth open continued as on openings our open XXXX patient also not indicative entire well product store need our QX supply importantly rapidly product of days us, stores of clear of Consistently barriers we results and we in our To the quarter to facilities. XX with a optimize chain the see open production bring logistics a footprint, based outlined, but skills were optimization. you of large XXXX. execute the also and a cultivation increase and deep QX stores model. these same-store how and management, for for healthy also key of just will only product development, hub the scale this efficiencies I velocity third their as achieving quarter From of growth.

its footprint, growing more Trulieve As and expand we investments people, in adding are we to cultivation production demand. not meet to plants, our continues just making processes, are ever

XX,XXX building. of another of QX we to feet brings which October, over us in square XX,XXX square feet annual almost and added X.X feet with we're had During XX,XXX square cultivation still capacity million kg and

by XX,XXX year-end. to added another expect square be We feet

products as the doing remaining agile while catalysts the of to new markets, in or third-party pivot, and approval testing. are dealing such to with lives We enough responding this

unique slowdowns were testing so just take let to add some Third-party context a to Florida, me here. moment

distribution. nothing mandated, were additional it is as the as mentioned inception some testing requirements. at implemented As have regulations in was new earlier, with start lab, new certified product adding included certified test bottleneck Trulieve's since coupled of for products all at that to this sort of third-party so competitors. laboratories the our licensees and of That testing, require not however created impacted Trulieve's testing backlogged us. labs GMP third-party immediately well with testing our protocol When testing for internal test were to products true was QX

At on our in that is unlike third to and testing. as to process we hung to entered internal the nearest XXX,XXX Alex labs the the the quarter market we to to increase path he say evidenced as COVID, building fourth financial our And our on hubs quarter, double-digit had discussed proud have is he exciting. in expansion have processes it. on leadership on the and COVID, in changes and share see by generated put the does pass quarter cough of up record, performance have but transformational the had if improvement an testing call other difference CFO, perspective, impact units point, does and now highlights. our worked The despite performance just remarkable not is to earlier. country QX revenue. it we Alex? execute our I we competitor are between close painful and Southeast we me the team in very QX. asthma. this Let we and I'll for in light our The in with week our us base We and considering only of Northeast times some for Florida record-setting but and XX% and any one our it even more he the turnaround revenue D’Amico growth happens am is revenue strategic on in as not

Alex D’Amico

good and Kim Thank everyone. morning you,

and Trulieve million pro covered have of had forma would top assumes acquisitions occurred Unaudited million $XXX.X we XXXX quarter the year. months the same and on record ended and for includes Kim nine revenue million which had over very quarter for of and increase and $XXX.X the January revenue XX. the increase quarter of sequential profitability. strong $XXX X, XX% the PurePenn for been a call, Solevo had last current a revenue quarterly September As representing quarter-over-quarter XX%

on and report will As will an reporting IFRS moving this reminder, subtle a be how in a shift quarter be we there certain last our to items. GAAP basis

be the through line current results. to walk key for will as GAAP equivalent the financial financial items quarter discussing our We I

say another production of and I these $XX.X Revenue second happy from way, Our under [ph] this $XX.X as other Connecticut to prior remind consolidated is of calls. additional something you goods that measuring California under incurred. unique those and from the XX% cost goods on production would or is production unsold all of of costs is the allows sold million to was quarter. $XXX.X pre-harvest attempting million GAAP in costs of from cost you, cost of that's and like to On third dose differs we line very or cost under production what cost for spent our expenses call, million goods totaled was expenses third-party as of would This GAAP, for that IFRS the costs the said for cost in line suppliers be final financing plus and Florida not metric. to costs sold quarter added communicated find quarter. growth for production our will suppliers. I expenses inventory a goods and This costs. inventory. this the quarter And for less XX% goods revenue. Therefore, to or reconcile, compares election the you the here third-party to basis, IFRS accounting what or of production in have costs related am to unsold we is it

direction for fluctuate on had gross a efficient did benefits either the Under that we quarter-to-quarter and of in our inventory margin basis possible with our are we we stated to XX%. fact a product processes few is in margin gross depending mix. of spring continuing last and planting. do cultivation conjunction points from flow-through we to not GAAP, realize As production the quarter, greenhouse It also

like of the amount total significant inventory. Now to on we of inventory includes value. of you a fair QX of million which At update had $XXX.X end a I’d

our million quantity from greatest inventory. and QX, resulting quarter. on in million a the for inventory inventory with of difference $XX.X and had assets fair assets GAAP the seven Inventory GAAP, also business. biological areas We biological are end approximately the of QX. $XX.X of million million On basis, value Under six cognitive ended we reduction biological months show in IFRS assets at at assets. compares inventory approximately $XXX is $XX.X the in removed we in a that quarter from don’t months hand, the and of This all to have of biological of two the end between of the down

and of the assets of As $XX.X that equate IFRS million $XXX such, million we under to under GAAP. would inventory biological inventory reflect

oil enabling as respond levels and expenses. COVID quickly differentiator, such edibles. catalysts I’ll to a inventory to as Our turn remain now us to challenges such

quarter $XX.X amortization, $XX.X revenue, five this revenue The million the is increase in primarily the or XXXX. XX% prior million to expenses, opening Third of were quarter. in quarter compared of in stores excluding stores to or nine of quarter quarter XX% due depreciation SG&A and of versus the slight the second

go million the in and assets the a Operating quarter in a material quarter. and expect EPS is dispensaries, was keeping $XX.X excluded, it biological revaluation EPS our value $X.X was for impact is third one EPS QX IFRS to of Under the $X.XX. million of if to last biological income revaluation our around this high to $X.XX. company in $XX.X profitability. assets keys QX compared for net million of compared the $XX.X third warrants in will degree were income our to income income expenses to compared debt Net the Overall, a remain. quarter to Under forward the our GAAP, of but fair in of as enter increase accounting expenses for financial discipline of quarter ramp $XX.X million through note the important debt warrants new do markets compliance, infrastructure that away, continue $X.X We fair of revenue. our resulting and we resulting net XXXX growth change would we million to not but impact for add percentage increases of of support goes initiatives operating million as and to value anticipate

be diluted Kim As would a under $X.XX net basis. EPS fully GAAP mentioned, on income of in million $XX.X resulting

on compared report we’ve in revenue. increased for primary provided EBITDA factored which We The assets. GAAP quarter. you net of to response is for operating expenses adjusted adjusted our of quarter for insight of non-IFRS to under made the or a the the million performance income, goods accounting in revenue approximately primarily or when offset XX% biological of cost This quarter We even valuable GAAP $XX.X measure, non-cash and our excludes business. XX% quarter In inventory, we reason suppliers. our $XX.X and EBITDA depreciation, now when EBITDA, the QX the The XXXX. provides the growing accounting the treatment of third-party due million guidance operating dispensaries. unsold difference, related million and XX% increase more assess was assets equivalent help adjusted in RTO third in quarter impressive XXXX from biological to this costs expenses investors Adjusted EBITDA performance. incurred is EBITDA believe increases employees in relates consider was interest, as was $X revenue expenses, our to of this last or to of this and the Adjusted EBITDA. to partially in is Focusing tax, compensation, throughout million $XX.X safe into non-cash other our investments keep expenses, share-based EBITDA which profitability and adjusted COVID by costs production effects dollars reported patients the and and facilities income from improvement revenue,

biological a including to profit for this XX% gross of percentage was taxes, value assets as in of change tax the Turning net rate quarter. our fair

double we cash position. this from the have in This our strong in standard were continue coupled our impact delayed to the extension flows quarter-over-quarter had resulted itself million sheet the end the unique delivered payment of The quarterly payments million We QX was lead in prior year, Through continued payment the a tax from tax quarter. to cash tax with maintain of balance $XX.X result $XX.X $X.X timing the positive from cash tax whereby million the of of negative in QX In the tax in and the the flows of of and QX we both we one-time remained third payments is for in operations operations the had where we standard. tax July in to that $XX.X profitability. payments paid COVID the quarter been quarter in would have million quarter. quarter

in more As with we ended in case positive operations. future. from of combined the operations such on $XXX.X a the quarterly look delivered basis to We cash it last the million. flows two quarter balance at foreseeable have is a quarters where cash from cash appropriate anticipate million this flows $XX.X fully We for

Our quickly plan built leverage regard, as the states for our and go allows the us demand expansion position have capitalize we strong monitor we respond to continue buildings organic market growth indoor flower. on to to that where in operate. foundation ramping we the deeper we In to opportunities, the and cash

automation to inclusive buildouts dispensaries, respond for and what the cultivation for to we utilized systems to ramp the new for our with month. this XXXX security back refer quarter. CapEx dispensaries. Total to XXXX We flower Florida through upgrades. quarter of the revenue spend amount the into expenditures detail per we guidance business operational our to includes of throughout we construction raised This for will infrastructure planned $XX targets you the the year of the support and for over This million and and our also of demand as includes facilities market next and invest our averaged year for processing as will equipment continue which remainder production and CapEx our just CapEx revenue efficiencies,

have buildouts markets Florida. in we outside Finally, of our

the of through We similar rate a run expect the year. remainder

and XXXX as We support also to initiatives. production dispensary in we anticipate our and continuing growth ramp facilities our

and beyond, to quarter, raised approximately will $XXX in EBITDA expected for million range we in adjusted As guidance of $XXX of look million evaluate we our growth forward to our current to markets to CapEx. the demand revenues and market million Last we and determine million. $XXX $XXX XXXX

we not While have the time, benefit to-date. at QX. of I I note we are in not our am that that Pennsylvania approximately guidance will acquisitions do a month guidance not adjusting expect in and recent where consolidated of declines a we the our contemplate we’ve half Please by end year of saying proud end what revenue in results. our will accomplished does

on finance optimized departments accounting our to assess M&A and continually all pipeline. opportunities have We capitalize fully our enabling us applications we as and

by will to platform analytics U.S. provided come, evident the today. well as to compliance on We and lead SAP our capabilities to upgraded our increased is GAAP a for company metrics have we in years are reporting our and which way transition

they program have which continue the to when XXXX. of we of opportunities quickly enable advantage This Finally, begun throughout Sarbanes-Oxley take uplift formal will us buildout arrive. our will

forward of are over for an I’ll now closing end Kim? an this year remarks. exciting We better back even to to and Kim call XXXX. hand looking the

Kim Rivers

in the part marked supporting and as and encouraging with our for a values. change in core country, efforts has we a Alex. COVID, operate are conversations not having around of we manner, Thanks diversity, are XXXX giving been inclusion justice back to equity year more a but communities social only

stop in where important more team Making There's a to actively our the to that day-to-day which are is of their supporting just social just we In we environmental issues, We come. than and line. a issued the great issues where why doesn't communities. and growing bottom is our addition business will patients year and important, be for there. we are impact focused to a review sustainability positive are operations many causes understand

responsible are exciting. that is and We that future and growing future, environmentally company socially ready the for a is

we trajectory our on our of maintain last brand today, and is and set Trulieve strong As in I a throughout and shared are remarks nationally. our quarter Florida with operating expand leadership priorities a clear to

hub is Trulieve ending into strategic XXXX, to us always joining bringing are new a team great today, initiatives Thank about on and but onward. only highly brand we Our year, I ahead, and enter as not model, say, markets. focused support road also executing the the we you our for excited as

Lynn Ricci

for we it questions. Operator, can up open now


[Operator Derek Dley Instructions] Canaccord with Genuity. Certainly.

open. Your line is

Derek Dley

and to Yes, we the on number talk sort increase something you growth expect congrats and little Should we strong are plans, did wanted opportunities? position, bit really a quarter. to an be fortuitous sheet another about allocation capital just you really, in hi quarters thanks very guys I a balance of priorities sort what quarter. in CapEx quite this few and see on over next seems execute similar big of as guys of obviously a

Kim Rivers

a return has us high to can that continue. to Clearly that continuous important a dollar other so on that we're Florida we is I something think we ourselves very been in we able we us has a significant generates will that then appropriately, market we're in It basis, where growth spent for investment and sure generate that return invest to continue to in for evaluate on Florida, our our really that markets. that invest, cash make but and hold and Derek, that on to standard. strategically markets continuing not something CapEx is a and only our that every focus core is

this and related forward remainder CapEx, was but specific we have to of So year it build up on as is reflected we what prepared course a plans, ambitious with require together on that as which do would to not also in and share the provide growth call, we're we basis into for as XXXX in call next we're of CapEx, and look increased we this plan that I course as all guidance, going but it will guidance putting to the of we're platform. our on say as not only you investments that

in know, rate at of an those investments Alex, particularly you've quarter it and come are about QX certainly those as investments, a So we're takes but this all and QX expect a production talking from we require to point investments. that, can XXXX because, minimum investments on heard output revenue as QX capital for from run investment when current upfront, begin really cultivation realize you capital to to but this and that us more really the

Derek Dley

wholesale part just in which terms Okay, obviously thinking brought of about states Massachusetts, some talk how thinking market? thank that's are we about than certainly a Florida. wholesale Can think about, hear I'm to going portion additional Pennsylvania that just you're different bigger the I'd approach to you, in play attacking that markets on to your when be they're do XXXX, the helpful. and And you and of of curious have you namely

Kim Rivers

channels having so We the regulatory that continue toolbox depending again Yes, an regime everyone do that on excited our retail successful allowable. tool for the with will we'll in something vertical we quite we on, have of line and need think number we understand that be of that business, have line wholesale important and it's And excelled will wherever market. to that activate do like on and and a believe to been platform certainly Massachusetts, and that's us certain fantastic to now and for vertical wholesale the we we on. really in to feel some have have I of of the understanding are understands on in clearly time, in to get the extremely ground profitable deploy a we be business is most Massachusetts a market grasp

then where what respect the markets, diversifying there wholesale to that into if have ever that channel However, we access of to you to is and with is slice are coming the very channel that also understand some other pie onboard increasing too. you in important provide will, can limitation so dispensaries very,

that And so, in looking to very looking channel to Pennsylvania, we're forward Massachusetts, wholesale been excited specifically be that we'll the through that. developed, have in launching maintain plan has we and penetration currently XXX% and we're and

also depth We company types the of good that have of stores product product producing across course are that also are we in umbrella. under all enough

Derek Dley

much. very you Great, thank

Kim Rivers

Derek. Thanks


Securities, is open. Beacon with line Stanley your Russell

Russell Stanley

and to how in build on year Can with on wondering, any I Oh, dispensary there, as and just before you your openings Florida good pardon expansion well. end in and you, morning guess me respect have see well the we out reaching of was congratulations target pace if preliminary the many thoughts congrats I elaborate just might advance. XXXX.

Kim Rivers

think potentially Thanks to great actually primary in not have I-XX going tomorrow number medical market for two City, we location. and one Florida. in then a is recreational I both area We're fantastic which end. grand opening Russ. mentioned, a do Like Lake Interstates, give for I-XX, It's off I year specific a and is day of and a here

and and country the come potential make decision elections current rates across to recreational We existing we continue certainly and all Florida, sell-through the in here XXXX. fruition demand, recent Florida the of shot of course politically, our towards has what's wait store then for in the customer expansion, tone course the that coming again of metrics to activity lead think eye us of to monitor with And to on of including times a that course with dispensaries. sort of in an with which

Russell Stanley

that's revenue delays testing think of Great, helpful I testing can certainly maybe delays? of consensus could the estimates, I just and impact the our you but quantify there'll around impact and be still if those the

Kim Rivers

seen a we as QX, which well, at that performance but revenue our in Obviously that's impact. whole a seeing we look all what and a actually really on as as into basis, you are here multidimensional a don't market have know weekly the we pull that to Russ respect Florida. specific the we and question, with numbers the is we have say can through I Yes, certainly

and those bounce to we know and We down very that patients encouraging rates quarter, we were saw slow we availability. really to targets categories with almost drivers last I for product product in our products certain that we've bottleneck bit that immediately again demand is think yet back weren't know a was of once shelves. that back those sort depth able seen and are we meeting has due that certainly get cleared on from primarily to just what So do that been that respect

believe guess do occurred. had I have of through an the QX, but pull that and not are we in So, again we could don't for kind have certainly seeing number you, in exact that higher QX I we been

Russell Stanley

Thanks color. that's congrats. and great Understood, again

Kim Rivers



Needham, open. with McGinley Matt is line your

Matt McGinley

Thank you.

On you sequential sure I'm Pennsylvania, third of? by growth quarter kind increase quarter the the at a was from looks of third the that driven assume the baseline of a fourth third off least sequential into like really like into cultivation? growth if quarter it is similar acquired the not productivity model I if strong assets how in pretty retail to had increases first half quarter, in the should in but versus much

Kim Rivers

speak certainly Matt, color again depth as at those to yes point, at bit and any numbers, that's, end year of through not as yes sort and unaudited as on we're all, not this move more additional we the of we're move we'll we and get and so we're into specificity point for and a into around And our with any breakdown you give this stated audit can additional numbers but color. QX those give them. are prepared we've know, that not have and you to prepared confidence

Matt McGinley

sort stressed that does growing growth pace you've unit that the into Florida you of feel of in quarter X do like externally means XXXX or growth sort you're Does units internally is X like feel that to the with sustaining rate? either or been of sustainable per

Kim Rivers

at location execute certainly our our mix from like, it's think retail and not not given we're pipeline in a how would or think sense, execution or metrics. don't into makes to look our or in making and stretch standpoint, what that sure it's strain to pacing those numbers terms meet don't metrics, kind a certainly if of And from very I in an and analytical demand within you clearly of I will. a ability standpoint we way. operating that of whether question from it a the fits sort that team an of a overall terms it looks a it be just

Matt McGinley

Okay, thank you very much.


Fitzgerald. Cantor with Zuanic Pablo

open. Your is line

Pablo Zuanic

Thank you. Good morning, Kim.

And those in state, I you regarding do us in the are wholesale, second update can have to color that? please if some related ballot and you of potential Thanks. cases can cases, hearing, and give terms is that? one, you Supreme more two Just, but context timing, handicap sense one around the just you reg, think give those if what we for how of an Court

Kim Rivers

you. yet. Sure. I arguments, of the as the, on We're the that, the arguments and a Supreme on instances, October, new the Supreme update call case, the yet. nothing substantive it so Court that and oral oral round I for wholesale wish of had arguments nothing second I results on also And waiting the in ballot don't. those oral we'll and in again had Court then a initiative

really, I all certainly either be some don't from that And, have you on so, those. we know news I'm but I don't hear And we'll of sure court. talking the anything once

Pablo Zuanic

lot Okay, number look versus are and adding find same it to I [ph] followup, of in more it data, question sense X interesting say, the just but going X, quick capacity other a positions obviously unnecessarily, tend that, And shift talking have the are I in X, Florida, position your really oil flower. at of a a them, have you OMO companies competitors what's a or is When don't the about they month-to-month. week-to-week for X, on? do

can I make to that. how that of erratic. sense But any know there? So be seems to don't share color you

Kim Rivers

between or to, related can't as different we've for the capacity, supply. product make then strategically, and don't have what I have you say and growth our we're allocating And it's, the you that input know, oil, practice. expensive is you're in flower concentrates. it complex grow versus then different and how techniques, And refined robust then and our more decisions which much And, well to I our way mix, as with, that gets certainly can may allocating a material obviously, not grow, mean, speak competitors, may products. although if for to oil be concept Greenhouse have do of And less simple enough supply I in that doing of also very chain to Yes, course, you they as indoor inventory, material our delineated high product a say higher again, biomass us quality and gives diversified which for we've lines. we flower

our supply provides to our And P continue our and and more in a scale and interesting finding I while lines product themselves to certainly [ph], make so, constraints. into having others to be do decisions specific fresh keep diverse may to and more advantage decision think mix that competitive due around ability making,

Pablo Zuanic

was it's one rate And more interest but below Pennsylvania, or can I EBITDA. have you've times deal guidance $XXX the value so loans said million, one, If five right? given without the you Alex, for last maybe for

If of it XX% million. $XXX year next So operation. I, margin, that means, in about million full EBITDA a $XX your run rate year means sales in assume Pennsylvania

number that comments momentum make at about Alex? there at number Pennsylvania, quite annualized, could you'll For growth out that the this any you million third and right, XX that in would doable, quarter $XX it or seem is based beat on actually

Kim Rivers

Yes, mean, guidance. know, not providing, Pablo I we're you as

And does that guidance, a we've like. call, online guidance there exactly on said than are our the think folks on respect as then said deal specific to to. acquisition available we that And, early to, specifically. get we I that Pennsylvania this just as I the I next tab, to and do what we potentially refer that course, @trulieve.com of as more as not to and coming, sure investors what position the on in the now about better into but that have comment again another get may year's make welcome released think under the of handle we everyone, be specifically and really audit clear think round remind include we the we and a Pennsylvania acquisition as got, will look certainly with presentation through and

Pablo Zuanic



Stifel. Partheniou Andrew with

open. is line Your

Andrew Partheniou

in to as you in and I my for a see and you that may have QX how of you've affected discuss color QX. little may not give the promotional Thanks on Could the maybe environment well wanted questions. or how that had and evolving product QX, currently that taking average mix pricing? on bit

Kim Rivers


range basis month, range. our, and we to if been very within to, to and that will, that respect hold that have within range well monthly we've acceptable and with with you every on to specific promotions a respect with we So activity, respect ourselves promotional criteria

Trulieve and least with Pablo, as to have last so competitors on, that other shifts among with haven't do that a analytics segments. last it's respect swings in significant our the speakers, their what very that we on terms we focused classes see market with to at based And respect seen what product running, identified, changes they're think promotions as or a of position, does in some feel we or they're And believe the certainly. particular comfortable of any certainly to and affecting correctly we've whole I

promotional a of be And may higher that overall of it not see just And certainly product their level may mix, you level activity, with to activity, et product have particular may focus a of do on segment. a a and maybe so higher cetera. again, level higher

quarter-to-quarter from and So, perspective Trulieve, month-to-month. have consistently a that but overall, we're been I within it relates would to say globally, as range range well our certainly and promotional within

Andrew Partheniou

licenses within that very could say footprint focus does a that M&A, Would you. for that's on you deepen adding helpful. ability have more how you obviously Great, more there. that to or focus Thank relative with be the new play your entering And you to store Pennsylvania, topic just markets? of another even

Kim Rivers

identify the with we we and XXXX which call, and outs to clearly, close XXXX. operate that's are certainly increasing the markets we profitability of on I've we dependent we enter exist Northeast that as and in priorities profitability respect hubs, historically, to focused our with in opportunities out and focus And on Yes, tried we are continue wherever said, as and on we'll opportunistic, to as possible that Southeast enter on respect build M&A. and to obviously our

Andrew Partheniou

thank you congrats quarter. and Okay, good a on

Kim Rivers



Pi with Jason Financial. Zandberg

open. is line Your

Jason Zandberg

taking for my Thanks question.

processing would in just to wondering licenses state your do Virginia wanted that see Just Virginia just, West you maybe in West the shift color could to give for on How in moving thoughts forward? being on Thanks. side, license pursuing further any important that recently be on first awarded fantastic. congrats your Just all get to a you roadmap gears of state.

Kim Rivers

not and target course, state is us. adjoining as have again, market a certainly color we're state an through in to as we'll complete completely the once again operational going have Northeast awarding award this in again look clearly additional and natural what like state look may evaluation application from are and or that and efficiencies we The for evaluating and through, we'll licenses Pennsylvania, not that about and may thinking Virginia as process XXXX. be so to licensing of Sure, more and there of hub, impacts West was contribution as a we're that


ATB Capital Kenric Markets. with Tyghe

line open. Your is

Kenric Tyghe

morning, your a call representing or to percentage Good quarter. in it, factor form how congrats you Thank could edibles see speak see you of the a Florida, follow-on just terms between would on let's gross we profiles the and you. the you what two of edibles Kim, edibles to with down and year mix rather evolving as is respect line? your edibles or what of think be read-through edibles then about potential impacts margin how margin equips, there? profile on in [indiscernible] the and should the that And the here as to

Kim Rivers

a in have with ramp and frankly, number you remember to tests phase, edibles we that's to time, whole we're is be also QX of as different, those are coupled first how in that Edibles clearly to performed Florida. our of respect to by testing mix animal were with so performed. up edibles edibles the on the which has certainly the And whole for product state fantastic as a and required that a tests have the different been our labs then far and bottlenecks, testing addition bringing and online, were

end got and any around numbers the in So hesitant those will, of testing you up we lot if shaken kind products we large frankly, that hung to of were QX, specificity that's in because why for had quarter. give loose, towards then a the part quite of

of edibles perspective. Now a rate very seeing, we top is velocity the from our at impressive, through sell are

more rates make our we through faster. that's And So telling is to we on us very need edibles. impressive that are what seeing sell and of them

that we're shifts, into lines, into a equipment, we because forth fully well expanding on, the so the it at contributor that QX looking we call surrounds sure moving call, so strong all here, as three so adding product see comments for know as early ramping as making is on our XXXX. that the production, around demand that So stocked and category

haven't, We was to of are the specific more was margin have frankly, we Again, specific, forth it guidelines to and trying all given somewhat adding and so labs of and by margin of additional many flow edibles And underneath Florida. guidelines on them because profile. will get practical, cost and profile. stronger how tempered required I tend general actually their in were and again, getting that of that, know feet think do contribution timing market Health through edibles or just were both the quite guidance in Department in and issued to that and some terms around the greatly affect we that tests appreciative a

flex So right that's respect average but now above a bit margin with are to certainly and they in performance.

Kenric Tyghe

kitchen? kitchen the just insight. discussion you've think any new your XX,XXX that so that? velocity that are many How very for would something regulatory square this, is do mean, there shifts layer constraints that? only we XX,XXX constraint about day, I three there expansion But other regulatory Kim you foot lines of mentioned That's feet. got impressive great a preclude appreciate there's you you expanding into And can I square the or potential have on a kitchen. a

Kim Rivers

one aren't that we've will landscape across regulatory an, as there been reasons able scale supply regulatory such to course, because the to is important all really operate kitchen and and it's a across ability any been Trulieve forth. and quite manufacturing in at which at the quite and the terms market when for able country, to to one and GMP have the think not again, is It's shifts there's course to the constraints one of when ability we you're shift the actually reach foot we've chain, a then square volume. so we're scale us day, we which of operate our level commercial important of you're It's different takes of doing understand a reach, XXXX be running certified frankly, literally right? and Florida, thing in to critical think you what Yes, it produce have why

XXXX. on separate is course but there's an we of no footage timing going course, and around that we into about right we certainly So it and about would move in strong XXXX. think a a as for the there's conversation, are constraint think into And and that again when and regulatory about contributor additional a of certainly, regulatory And that see square as discussions constraint. a we think we CapEx kitchen not adding expansion as

Kenric Tyghe

just Thank please. Kim, followup you. very on quick Pennsylvania, back a

within some penetration additional a square how opportunity capacity opportunity the also or less to or opportunity increased stores largely expansion there XX,XXX is of service Solevo the the or as the should wholesale this three we to is stores to product, about that entirely Your there an you feet or within wholesale or direct is think exclusively, have? buying

Kim Rivers

PurePenn wholesale increase they're addition to believe sell wholesale they're selling right their definitely variety not penetration the XXX% Solevo locations. Solevo and is a to So well. market quantity increase in the the availability of we products low the our now, is to And at rate, there but so into the because expand fairly that penetration as as that of of course, well, selling and into mix also stores, to at increased then through to

there's on avenues. think So upside we both

Kenric Tyghe

nicely leave there. and you Thank I'll it done.

Kim Rivers



with Eric DesLauriers Craig-Hallum Capital.

Your line open. is

Eric DesLauriers

well. for thanks questions Kim quarter as great congrats my and taking right, All strong on the

off Kenric’s of a First bit question. on a me is from up follow

now productions I'm XXX% me Moxie right concentrates, PurePenn believe there. correct I I if So wrong or guess, is

it it also feet be If you're and of Trulieve be you concentrates willing if difference any to of would that on helpful? square margin can course, expect between and offer the Moxie from we course will you'll You've feet whether offer to further then see Should cultivation color expansion? branded, any flower? profile color, and stated or production for And, XX,XXX to flower room expansion. expanding XX,XXX from square coming that be some

Kim Rivers

I earn on so this, a know we just into out. know Pennsylvania quick as are we move all but you and in XXXX reminder Yes,

in an and there we is, are a and so at XXXX. that are true at is bit and more look consultative a as there certainly a So we we relationship That being look partner expansion. we through very of said,

so conversations the of We mix different to that incredible provided through. our considering and with different to PurePenn that they very quality models how grow alternatives in high for flower are around deep feet. the finding partners and XX,XXX has in are to square XX,XXX equipped product past strategic has flower, and the sell premium expansion Certainly

know, flower we market the does current of like Pennsylvania of the country. a across As lot markets course, have a shortage,

that So the part is of discussion.

And in a so, I'm comment not on today to position that.

are again, ongoing. However, conversations

We of have outlook to Pennsylvania for being to forward bring market. great moving a that products for able forward relationship look and a to variety and the

Eric DesLauriers

then And helpful. Florida. that's in testing regarding backlog Kim, Okay, the lastly

commentary quickly to out can matrices is with expect get to involved edibles testing comment any various my that backlog on through and you the were especially from personal experience, First, to know how on amid I there. there improve? you is able the And that with you work so then edibles testing difficult backlog backlog? whether

any comments labs labs on you're Just kind think So, that more testing thoughts on it increasing backlog we how forward? should about whether your current seeing of comments and going capacity? any opening on or

Kim Rivers

out as for so. or I to now and calls three edibles the get about Sure, with door, you've now heard ability the edibles respect our mentioned, talk think all last literally me we've to

meant go that So I all to allocated ready were of all that on surprise it's related in it think can that had We and we was batched. we is top no of had edibles to what sitting we our been that appreciate reserves be oil mind formulations. and

was approved kitchen in Our advance.

very, and in the were it simple and thought given the approved by could edible requirements what the very drafted. outlined, were department Florida kept of statute. clearly amendments statutory Our years of we three We ago, section that easily this be

believe out laser mean, our mid-afternoon, an that execution, sale. and I preparedness, I So teams clock, team around we our came then rules the being the on focused first made literally until worked

push. it were there of XX/X wasn't hours mean, something on we an a were it I at day. it hands like work So looking all XX time where literally there deck in to were was

but form from depending and Health. only, of TruGels to too cookies complex, gummies, again, as terms now And to becomes we're more talking perspective, chocolate. of talking in there course see and clearing you're we're has ramp was products. easier handle level about per we was That that brownies And or edibles. over to how also, So also much labs the when batches talking And smaller and not and that about a than the batches, of launch that up varieties production but get And some literally of Department on interpreted confusion. been batch the have XX it clarified initially, that by granular were tests of could with factor. respect initially to required not here, we been there the becomes

with that of the in for the I would state companies not the many asking along labs. to that think clarification other but And like ourselves, of only is some

it's have just of clarification, expectations literally in have than have that now with we where when goes a what and are. are, off day had, we so of that they helps So and a report fewer with we addition, transparency. they high actually them promised that, worked level And our it, every much itself. in There's to labs single and our

processes state. have sure in just are that And also your expectations working increased equipment, clear in point I'm and place. making we've getting to labs think it's also so the got and And their good I that labs certified additional

backlog parameters terms successfully our, I'll and in on we factors of I that think but concerned, backlog far Trulieve tests. with sell-through cleared of it that have multitude and as now of within dynamic, our flow and as through a on call there's and in going is track back what's are pre-testing So terms on

Eric DesLauriers

That's great to color. hear. I appreciate the


Alliance Grey with Aaron Global Partners.

is line Your open.

Aaron Grey

quarter add congrats and my for on I'll thanks the question. Hi, the

just First to to mean of one edibles. I I come want kind back

sell-through any about, You of rates curve be that because getting have have you know of few terms initial the have been to edibles? for you Trulieve on been it been convenient other who they've coming increased And the had, on you prior? even had buying? have the of edibles taking terms also, going but some do be any an you've seen competitive available have I basket Because of you just been just on regarding been might days, a seen in factors then to been those you've adding early that though on Thanks. takes much shelves, they you in kind wondering to appreciate might could guys edibles that if of it's guys? very ahead you that for uptick kind talked to give still maybe new patients Have consumer on form

Kim Rivers

visited Florida XX% we and are an approximately have of patients -- that of Trulieve certainly, product have location. patients a Yes

And and in get database our of to. and part they're group so, continually our that they're products we message

trying and and to on ramping edibles we around I earlier I so, batches, saw of on made the comments say not we quarter, I shelves. speak in enough were would due terms again, And was approved, impact certainly that that what continue were frankly, when the production in get capture significant to can't a what level because see those quite of rate up strong when and specifically, we then patients Florida. to the

be as again, through don't to next the additional all But for I believe meaningful come you quarter. we able that add I quarter that more data way in So that have see we'll in some certainly, a for points data specifically QX.

Aaron Grey

had from Okay, thanks. store market specifically that. XXXX, for how you I appreciate XXXX then just Florida, locations just talk with about setups and can Thanks. when and the look maybe a might coming predominantly online locations you you was store as differently the you like and think about the historically guys particularly in about back? years think the potential adult a than use to you of, store me, maybe few terms setups, just it medical how And expansion in for

Kim Rivers

And to you'll, continuing as store a but the our what I a XXXX. from Absolutely, through about for to us Florida, stores, outs some market. certainly begin only a see that think in very is different And consideration team build potentially excited recreational medical also have look not as is as at footprints.

so, as And or sure that begin but that then is different And through market. it as standard perspective. we not location at a part have that a of from house, be store store, currently, flagship of appropriately and is think on to you recreational larger to premature have and location Daytona platform and for we some that very, that a strong again, timed a and try be example, our see, we back more too of kind we'll plants with the we kind look store. locations, delivery Beach very again, making format but will store utilize believe And of of

could we'll when recreational if and So into more it that experiential store flip an call a more, looks to certain. location be

so that we locations we've other eye some have would certainly, got positioned. that similarly And our on be

Aaron Grey

Okay, thanks. great,


Capital Andrew Semple Echelon with Markets.

open. Your line is

Andrew Semple

the Hi, results. good morning, everyone and on congrats

Kim Rivers


Andrew Semple

million comment touch to $XX reaching your wanted made sales prepared in on a marks, of the just location. I average per

achieved something you there to you get a number of that want where continue you stores also that? can on any thinking that open you've stores? clarify, Just new that is markets, productivity, underserved level want had is thoughts still think as this forward your would to of to And Do already today? if opening achieve I continue as you

Kim Rivers


And achieved is answer a the terms additional a rate. and going growth, stores. release press that just company certainly, that So we're yes, is of things have open look, in store been the we that. does We've for not company to never

line needed we and/or we're would in not and to our service, to so strong profitability, those be to able be sure for don't Trulieve contributors think our expectations that keeping stores, are our customer make going don't stores open we're that to if we And patients.

not So again, for of release. the that press going sake strong something certainly just consideration. to do a the is we're And but

Andrew Semple

you for that. thank Understood,

was and of three quarter it I assets. strong nine for on Solevo your results forma those QX on touching a Just quite look the and pro at PurePenn months, when appears

were? wondering on any you growth be to additional be if that would provide drivers there may Just able the what color and

Kim Rivers

performance is was and it those I we assets numbers, are to and were and and pursue of at comments those course, an any one why able Yes those us And of provide those And of be found these not we performing also those; happy attractive mentioned numbers. transactions. we time. the so with one for were audited as their be certainly, before, to reasons this to partners additional to

So it we're performance. excited QX, has and ahead. well. coming certainly to that of We ahead Solevo rate And square PurePenn believe lead additional that excited as And in growth we're profitability. trajectory should the we about know of online run footage has course, additional the about increased that

to can't you been actually companies be And a has and continues our they're And, meeting group to just well have but on that happier going are be could really real there's very later again, are excited. really specifics not teams. a to I and And and, there, is this incredible. have alignment two here of any the we're give note companies big go integration very, for folks So the important those to their week. between

I what think growth. team the excited Pennsylvania has in to terms about of entire is offer

Andrew Semple

Thanks for congrats my and again. questions taking

Kim Rivers



Paul Partners. with M Piotrowski

open. Your line is

Paul Piotrowski

Congrats great morning, quarter. Kim. on a good Hi,

one on Just West Virginia. followup

and acquire state? license of kind guys you at you being to a to integrated are looking So vertically guys in all there important that cultivation is

Kim Rivers

proximity, Virginia perspective, and a about state Northeast from with Yes, solid either certainly and a solid certainly certainly, the that it's -- hub a there West and the again, is a good excited to working we're we're thinks that grow attachment and strategic contributor. the that to location

comments a wholesale strategy like. would factors ability rest because West is us, the production have us that's control we what mix, we all of, the think, to, and over chain however. grow the kind Once license and terms to strategic and from additional remains again of all through a market. be we'll to requirement look mentioned, with state, a Virginia which again, with is relationships in the is finished seen so supply product have, I obviously, And a And entire the certainly contract or then I key us form on to that of key have supply have to it if having both the it As for dispensaries gives again, certainly think for not the ability in without kind of final we for in perspective. terms flexibility a finalized need have that license product would licenses process of we and may believe

Paul Piotrowski

thank you. Okay, great,


to question, followup And with our moving now, on final question we a with are Stifel. Andrew Partheniou

is line open. Your

Andrew Partheniou

taking additional for Hi, questions. thanks some

Just wanted M&A. on followup to

markets? With the in contributed what seeing obviously could little bit you private terms enthusiasm, of in election valuations the significant and a of having color to on give whatnot you're

Kim Rivers

that changed, the end we I fundamentals. partners, look our is say we, perspective, to I mean, I've mean, that but pretty the significant Yes, can't way fundamentals right? potential the with the certainly be, least again from if the center reality to those evaluations. way and think I at aren't that the way mean, think And, us, of looking an how with more valuation seen at really terms have looking that basic and making I in at think down, look as internally continues our disciplined maybe I businesses metrics, that I of around and day, important. changes products at be I conversations, think those necessarily excitement, usual, of terms for produced there's respect feet of, both you we there's to I there. have can the in there's we're that similarly, production, of we're partners, four true it's x-amount that's of staying And business increasing scale x-amount in we're business, and bit of sure only what, how fundamentals be so, of this at understanding that head and it a enthusiasm, will

particular into very And keeping a we how expand, some we're in okay, either change, think to ourselves. up of, partnering does the have perhaps, going who your the to maybe capital and point, of But so on head for potentially right, have positioned if considered some M&A, need or maybe real additional considered in viewing we're we've markets. that their so and not it or we that get path way can for when in and need we're would saying, operators terms that this I and be about say continuing it partnering set occur does, up

Andrew Partheniou

was an scale talked follow-up, understanding consideration considering are important. that Thanks the maybe And guys that the players you you you is that. executed important how of Would PA a assets, that in multiples say on? attractive for just about little your a acquisition that bit

Kim Rivers

our was there. I Again, over for partners relationship of the say will course I'm not going speak developed to a But that year.

in very days, them management Pennsylvania we to was sides with is was was think home that's that, continue be important achieve them thought that we're very partners conversations desire and began and to there that a and to to that XX of with to last, of that, what something there table. the spirit each want So not certainly to we and right on transaction win state and the that. us a and both both competitive those I party grow we And in it in be their a and teams not in excited employees on to for XX, appreciate the understand bringing as

Andrew Partheniou

congrats very for Thanks the again. much and questions

Kim Rivers

much. so Thanks


for the to remarks. back CEO, call Kim will closing now turn I over Rivers

Kim Rivers

and next today all see joining quarter. for you Thank you we'll us


concludes your participation. for We This call. today's thank you

may You now disconnect.