PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $65.7 million, or $0.97 per diluted share, on revenues of $287.3 million for the quarter ended September 30, 2021. Excluding a net gain on insurance recoveries, Adjusted Net Income was $62.4 million, or $0.92 per diluted share for the third quarter of 2021. Net income was $81.0 million, or $1.20 per diluted share, on revenues of $313.0 million for the quarter ended September 30, 2020.
Third Quarter 2021 Highlights
- Generated Total Adjusted EBITDDA of $107.2 million and Total Adjusted EBITDDA margin of 37%
- Lumber prices bottomed at a high level and have increased eight weeks in a row
- Expanded strong liquidity position to $972 million as of Q3 2021
“While lumber prices declined in the third quarter, they bottomed at a high level and EBITDDA of $107 million was still an excellent quarter for the company,” said Eric Cremers, president and chief executive officer. "Looking ahead, lumber prices have continued to increase in the fourth quarter and the outlook on housing fundamentals that drive our business remains positive. Additionally, we continue to expect to pay a special dividend in December and estimate the amount will be $3 to $5 per share," stated Mr. Cremers.
Financial Highlights
($ in millions, except per share data) |
|
Q3 2021 |
|
|
Q2 2021 |
|
|
Q3 2020 |
|
|||
Revenues |
|
$ |
287.3 |
|
|
$ |
447.5 |
|
|
$ |
313.0 |
|
Net income |
|
$ |
65.7 |
|
|
$ |
187.9 |
|
|
$ |
81.0 |
|
Weighted average shares outstanding, diluted (in thousands) |
|
|
67,648 |
|
|
|
67,732 |
|
|
|
67,528 |
|
Net income per diluted share |
|
$ |
0.97 |
|
|
$ |
2.77 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted Net Income |
|
$ |
62.4 |
|
|
$ |
187.9 |
|
|
$ |
81.0 |
|
Adjusted Net Income Per Diluted Share |
|
$ |
0.92 |
|
|
$ |
2.77 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total Adjusted EBITDDA |
|
$ |
107.2 |
|
|
$ |
275.0 |
|
|
$ |
135.4 |
|
Dividends per share |
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.40 |
|
Net cash from operations |
|
$ |
111.9 |
|
|
$ |
171.4 |
|
|
$ |
102.9 |
|
Cash and cash equivalents |
|
$ |
592.8 |
|
|
$ |
512.0 |
|
|
$ |
148.9 |
|
|
|
|
|
|
|
|
|
|
|
|||
Business Performance: Q3 2021 vs. Q2 2021
Timberlands
Third Quarter 2021 Highlights
- Timberlands Adjusted EBITDDA decreased $1.2 million from Q2 2021 record level
- Northern and Southern harvest volumes increased seasonally
- Northern sawlog prices decreased 22% from historically high prices
- Southern sawlog prices increased 10% on wet weather constraining log supply and a higher mix of hardwood volume
- Log and haul increased primarily driven by higher mix of Idaho harvest volumes
($ in millions) |
|
Q3 2021 |
|
|
Q2 2021 |
|
|
$ Change |
|
|||
Timberlands Revenues |
|
$ |
129.5 |
|
|
$ |
121.2 |
|
|
$ |
8.3 |
|
|
|
|
|
|
|
|
|
|
|
|||
Timberlands Adjusted EBITDDA |
|
$ |
76.0 |
|
|
$ |
77.2 |
|
|
$ |
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Wood Products
Third Quarter 2021 Highlights
- Wood Products Adjusted EBITDDA decreased $178 million from Q2 2021 levels
- Average lumber price was $533 per MBF in Q3 2021, 55% lower than Q2 2021 historic prices
- Log costs increased due to higher index pricing in Idaho earlier in the year
- Inventory at the end of Q3 2021 was written down $6.4 million due to high indexed Idaho log costs
($ in millions) |
|
Q3 2021 |
|
|
Q2 2021 |
|
|
$ Change |
|
|||
Wood Products Revenues |
|
$ |
187.8 |
|
|
$ |
357.7 |
|
|
$ |
(169.9 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Wood Products Adjusted EBITDDA |
|
$ |
26.6 |
|
|
$ |
204.6 |
|
|
$ |
(178.0 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Real Estate
Third Quarter 2021 Highlights
- Real Estate Adjusted EBITDDA decreased $2.7 million from Q2 levels
- Reflects lower rural land sale closings, partially offset by an increase in residential lot sales
- Sold 2,303 acres of rural land for $3,013/acre
- Sold 52 residential lots at an average $81,923/lot
($ in millions) |
|
Q3 2021 |
|
|
Q2 2021 |
|
|
$ Change |
|
|||
Real Estate Revenues |
|
$ |
13.5 |
|
|
$ |
16.0 |
|
|
$ |
(2.5 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Real Estate Adjusted EBITDDA |
|
$ |
9.1 |
|
|
$ |
11.8 |
|
|
$ |
(2.7 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Non-GAAP Measures
This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.
Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.
Adjusted Net Income and Adjusted Net Income Per Diluted Share are non-GAAP measures that represent GAAP net income and GAAP net earnings per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.
Reconciliations to GAAP are set forth in the accompanying schedules.
Conference Call Information
A live conference call and webcast will be held Tuesday, October 26, 2021, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the website.
A replay of the conference call will be available two hours following the call until November 3, 2021 by calling 1-800-770-2030 for U.S./Canada or 1-647-362-9199 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.
About PotlatchDeltic
PotlatchDeltic (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns approximately 1.8 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenues, costs and expenses; expected liquidity; the success of the company’s business strategies; the effect of the company’s debt refinancing and intent to refinance debt maturing in the future; the company’s capital allocation strategies, including share repurchases and dividend expectations; interest in accretive acquisitions; maintaining the company’s investment grade credit rating; favorable capital structure and strong balance sheet; interest rates and expenses; corporate expenses; pension expenses; taxes; Q4 and FY 2021 outlook; the housing market and repair and remodel market; housing starts; lumber supply, demand and pricing; lumber shipment volumes; the effects of changes in lumber prices on annual EBITDDA; estimated impact from the Ola, Arkansas sawmill fire and anticipated insurance coverage; expected sawlog demand and timber harvest volumes; sawlog mix and pricing; rural real estate and development real estate sales; land basis and average price per acre and per developed lot; planned capital expenditures; number of seedlings planted; amount of greenhouse gas emitted; amount of CO2e sequestered; safety performance; planned ESG and carbon reports; business conditions; and similar matters. Words such as “anticipate,” “expect,” “will,” “intend,” “plan,” “target,” “project,” “believe,” “seek,” “schedule,” “estimate,” “could,” “can,” “may,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, including the impact of COVID-19 and its variants, governmental responses to such outbreaks, and anticipated recovery from the pandemic on our business, suppliers, customers and employees; changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; the successful execution of the company’s strategic plans; the company’s ability to meet expectations; and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.
PotlatchDeltic Corporation Condensed Consolidated Statements of Operations Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
||||||||||
(in thousands, except per share amounts) |
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Revenues |
$ |
287,330 |
|
|
$ |
447,506 |
|
|
$ |
313,046 |
|
|
$ |
1,089,029 |
|
|
$ |
703,481 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of goods sold |
|
190,602 |
|
|
|
177,779 |
|
|
|
182,039 |
|
|
|
537,683 |
|
|
|
503,921 |
|
Selling, general and administrative expenses |
|
18,512 |
|
|
|
19,512 |
|
|
|
21,046 |
|
|
|
54,782 |
|
|
|
52,064 |
|
Net gain on insurance recoveries |
|
(4,394 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,394 |
) |
|
|
— |
|
|
|
204,720 |
|
|
|
197,291 |
|
|
|
203,085 |
|
|
|
588,071 |
|
|
|
555,985 |
|
Operating income |
|
82,610 |
|
|
|
250,215 |
|
|
|
109,961 |
|
|
|
500,958 |
|
|
|
147,496 |
|
Interest expense, net |
|
(8,641 |
) |
|
|
(8,199 |
) |
|
|
(8,557 |
) |
|
|
(20,414 |
) |
|
|
(20,594 |
) |
Pension settlement charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,988 |
) |
Non-operating pension and other postretirement employee benefit costs |
|
(3,271 |
) |
|
|
(3,271 |
) |
|
|
(3,557 |
) |
|
|
(9,956 |
) |
|
|
(10,670 |
) |
Income before income taxes |
|
70,698 |
|
|
|
238,745 |
|
|
|
97,847 |
|
|
|
470,588 |
|
|
|
73,244 |
|
Income taxes |
|
(5,031 |
) |
|
|
(50,840 |
) |
|
|
(16,840 |
) |
|
|
(85,910 |
) |
|
|
(6,431 |
) |
Net income |
$ |
65,667 |
|
|
$ |
187,905 |
|
|
$ |
81,007 |
|
|
$ |
384,678 |
|
|
$ |
66,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
0.98 |
|
|
$ |
2.79 |
|
|
$ |
1.21 |
|
|
$ |
5.72 |
|
|
$ |
0.99 |
|
Diluted |
$ |
0.97 |
|
|
$ |
2.77 |
|
|
$ |
1.20 |
|
|
$ |
5.69 |
|
|
$ |
0.99 |
|
Dividends per share |
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.40 |
|
|
$ |
1.23 |
|
|
$ |
1.20 |
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
67,315 |
|
|
|
67,316 |
|
|
|
67,149 |
|
|
|
67,275 |
|
|
|
67,263 |
|
Diluted |
|
67,648 |
|
|
|
67,732 |
|
|
|
67,528 |
|
|
|
67,588 |
|
|
|
67,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PotlatchDeltic Corporation Condensed Consolidated Balance Sheets Unaudited |
||||||||
(in thousands, except per share amounts) |
|
September 30, 2021 |
|
December 31, 2020 |
||||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
592,767 |
|
|
$ |
252,340 |
|
Customer receivables, net |
|
|
27,789 |
|
|
|
26,606 |
|
Inventories, net |
|
|
69,862 |
|
|
|
62,036 |
|
Other current assets |
|
|
24,460 |
|
|
|
16,136 |
|
Total current assets |
|
|
714,878 |
|
|
|
357,118 |
|
Property, plant and equipment, net |
|
|
286,034 |
|
|
|
288,544 |
|
Investment in real estate held for development and sale |
|
|
65,048 |
|
|
|
72,355 |
|
Timber and timberlands, net |
|
|
1,572,475 |
|
|
|
1,600,061 |
|
Intangible assets, net |
|
|
15,685 |
|
|
|
16,270 |
|
Other long-term assets |
|
|
63,747 |
|
|
|
46,717 |
|
Total assets |
|
$ |
2,717,867 |
|
|
$ |
2,381,065 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
$ |
87,819 |
|
|
$ |
93,279 |
|
Current portion of long-term debt |
|
|
42,996 |
|
|
|
39,981 |
|
Current portion of pension and other postretirement employee benefits |
|
|
6,574 |
|
|
|
6,574 |
|
Total current liabilities |
|
|
137,389 |
|
|
|
139,834 |
|
Long-term debt |
|
|
715,122 |
|
|
|
717,366 |
|
Pension and other postretirement employee benefits |
|
|
126,154 |
|
|
|
128,807 |
|
Deferred tax liabilities, net |
|
|
26,247 |
|
|
|
17,740 |
|
Other long-term obligations |
|
|
52,849 |
|
|
|
72,365 |
|
Total liabilities |
|
|
1,057,761 |
|
|
|
1,076,112 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 67,100 and 66,876 shares |
|
|
67,100 |
|
|
|
66,876 |
|
Additional paid-in capital |
|
|
1,679,332 |
|
|
|
1,674,576 |
|
Accumulated deficit |
|
|
(13,561 |
) |
|
|
(315,510 |
) |
Accumulated other comprehensive loss |
|
|
(72,765 |
) |
|
|
(120,989 |
) |
Total stockholders’ equity |
|
|
1,660,106 |
|
|
|
1,304,953 |
|
Total liabilities and stockholders' equity |
|
$ |
2,717,867 |
|
|
$ |
2,381,065 |
|
|
|
|
|
|
|
|
||
PotlatchDeltic Corporation Condensed Consolidated Statements of Cash Flows Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
(in thousands) |
September 30, 2021 |
|
June 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
$ |
65,667 |
|
|
$ |
187,905 |
|
|
$ |
81,007 |
|
|
$ |
384,678 |
|
|
$ |
66,813 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation, depletion and amortization |
|
21,534 |
|
|
|
17,432 |
|
|
|
20,594 |
|
|
|
57,365 |
|
|
|
57,809 |
|
Basis of real estate sold |
|
6,697 |
|
|
|
7,213 |
|
|
|
5,249 |
|
|
|
22,733 |
|
|
|
14,440 |
|
Change in deferred taxes |
|
2,659 |
|
|
|
(928 |
) |
|
|
(538 |
) |
|
|
3,221 |
|
|
|
(14,387 |
) |
Pension and other postretirement employee benefits |
|
5,484 |
|
|
|
5,484 |
|
|
|
5,917 |
|
|
|
16,595 |
|
|
|
17,750 |
|
Pension settlement charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,988 |
|
Equity-based compensation expense |
|
2,275 |
|
|
|
2,140 |
|
|
|
2,063 |
|
|
|
6,345 |
|
|
|
5,928 |
|
Net gain on insurance recoveries |
|
(4,394 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,394 |
) |
|
|
|
|
Other, net |
|
928 |
|
|
|
92 |
|
|
|
(367 |
) |
|
|
633 |
|
|
|
(544 |
) |
Change in working capital and operating-related activities, net |
|
17,072 |
|
|
|
(43,867 |
) |
|
|
(3,691 |
) |
|
|
(20,082 |
) |
|
|
12,706 |
|
Real estate development expenditures |
|
(2,435 |
) |
|
|
(1,684 |
) |
|
|
(1,713 |
) |
|
|
(6,434 |
) |
|
|
(4,200 |
) |
Funding of pension and other postretirement employee benefits |
|
(3,585 |
) |
|
|
(2,412 |
) |
|
|
(5,619 |
) |
|
|
(7,418 |
) |
|
|
(8,458 |
) |
Net cash provided by operating activities |
|
111,902 |
|
|
|
171,375 |
|
|
|
102,902 |
|
|
|
453,242 |
|
|
|
190,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property, plant and equipment additions |
|
(10,348 |
) |
|
|
(8,181 |
) |
|
|
(4,371 |
) |
|
|
(26,291 |
) |
|
|
(14,666 |
) |
Timberlands reforestation and roads |
|
(4,282 |
) |
|
|
(3,998 |
) |
|
|
(4,569 |
) |
|
|
(12,236 |
) |
|
|
(12,345 |
) |
Acquisition of timber and timberlands |
|
(258 |
) |
|
|
(2,192 |
) |
|
|
(8 |
) |
|
|
(2,450 |
) |
|
|
(4,738 |
) |
Proceeds from insurance recoveries - property, plant & equipment |
|
13,250 |
|
|
|
— |
|
|
|
— |
|
|
|
13,250 |
|
|
|
— |
|
Other, net |
|
358 |
|
|
|
446 |
|
|
|
371 |
|
|
|
993 |
|
|
|
3,484 |
|
Net cash used in investing activities |
|
(1,280 |
) |
|
|
(13,925 |
) |
|
|
(8,577 |
) |
|
|
(26,734 |
) |
|
|
(28,265 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Distributions to common stockholders |
|
(27,489 |
) |
|
|
(27,489 |
) |
|
|
(26,749 |
) |
|
|
(82,462 |
) |
|
|
(80,434 |
) |
Repurchase of common stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,364 |
) |
Other, net |
|
(2,396 |
) |
|
|
(632 |
) |
|
|
(506 |
) |
|
|
(3,619 |
) |
|
|
(1,032 |
) |
Net cash used in financing activities |
|
(29,885 |
) |
|
|
(28,121 |
) |
|
|
(27,255 |
) |
|
|
(86,081 |
) |
|
|
(96,830 |
) |
Change in cash, cash equivalents and restricted cash |
|
80,737 |
|
|
|
129,329 |
|
|
|
67,070 |
|
|
|
340,427 |
|
|
|
65,750 |
|
Cash, cash equivalents and restricted cash, beginning |
|
512,030 |
|
|
|
382,701 |
|
|
|
82,934 |
|
|
|
252,340 |
|
|
|
84,254 |
|
Cash, cash equivalents and restricted cash, ending |
$ |
592,767 |
|
|
$ |
512,030 |
|
|
$ |
150,004 |
|
|
$ |
592,767 |
|
|
$ |
150,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PotlatchDeltic Corporation Segment Information Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|
|
September 30, |
|
September 30, |
|||||||||
(in thousands) |
2021 |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Timberlands |
$ |
129,543 |
|
|
$ |
121,216 |
|
|
$ |
116,985 |
|
|
$ |
362,675 |
|
|
$ |
266,755 |
|
Wood Products |
|
187,760 |
|
|
|
357,673 |
|
|
|
218,291 |
|
|
|
814,729 |
|
|
|
489,507 |
|
Real Estate |
|
13,497 |
|
|
|
15,998 |
|
|
|
18,151 |
|
|
|
49,808 |
|
|
|
42,225 |
|
|
|
330,800 |
|
|
|
494,887 |
|
|
|
353,427 |
|
|
|
1,227,212 |
|
|
|
798,487 |
|
Intersegment Timberlands revenues |
|
(43,470 |
) |
|
|
(47,381 |
) |
|
|
(40,381 |
) |
|
|
(138,183 |
) |
|
|
(95,006 |
) |
Consolidated revenues |
$ |
287,330 |
|
|
$ |
447,506 |
|
|
$ |
313,046 |
|
|
$ |
1,089,029 |
|
|
$ |
703,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Timberlands |
$ |
76,023 |
|
|
$ |
77,259 |
|
|
$ |
59,649 |
|
|
$ |
221,140 |
|
|
$ |
120,290 |
|
Wood Products |
|
26,566 |
|
|
|
204,533 |
|
|
|
81,644 |
|
|
|
356,654 |
|
|
|
105,780 |
|
Real Estate |
|
9,069 |
|
|
|
11,788 |
|
|
|
13,466 |
|
|
|
37,450 |
|
|
|
30,062 |
|
Corporate |
|
(11,496 |
) |
|
|
(12,822 |
) |
|
|
(15,361 |
) |
|
|
(35,028 |
) |
|
|
(34,567 |
) |
Eliminations and adjustments |
|
7,021 |
|
|
|
(5,774 |
) |
|
|
(4,012 |
) |
|
|
(3,063 |
) |
|
|
(3,235 |
) |
Total Adjusted EBITDDA |
|
107,183 |
|
|
|
274,984 |
|
|
|
135,386 |
|
|
|
577,153 |
|
|
|
218,330 |
|
Interest expense, net |
|
(8,641 |
) |
|
|
(8,199 |
) |
|
|
(8,557 |
) |
|
|
(20,414 |
) |
|
|
(20,594 |
) |
Depreciation, depletion and amortization |
|
(21,131 |
) |
|
|
(17,029 |
) |
|
|
(20,187 |
) |
|
|
(56,156 |
) |
|
|
(56,590 |
) |
Basis of real estate sold |
|
(6,697 |
) |
|
|
(7,213 |
) |
|
|
(5,249 |
) |
|
|
(22,733 |
) |
|
|
(14,440 |
) |
Net gain on insurance recoveries |
|
4,394 |
|
|
|
— |
|
|
|
— |
|
|
|
4,394 |
|
|
|
— |
|
Pension settlement charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,988 |
) |
Non-operating pension and other postretirement employee benefits |
|
(3,271 |
) |
|
|
(3,271 |
) |
|
|
(3,557 |
) |
|
|
(9,956 |
) |
|
|
(10,670 |
) |
(Loss) gain on disposal of fixed assets |
|
(1,139 |
) |
|
|
(527 |
) |
|
|
11 |
|
|
|
(1,700 |
) |
|
|
196 |
|
Income before income taxes |
$ |
70,698 |
|
|
$ |
238,745 |
|
|
$ |
97,847 |
|
|
$ |
470,588 |
|
|
$ |
73,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation, depletion and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Timberlands |
$ |
11,893 |
|
|
$ |
10,482 |
|
|
$ |
13,821 |
|
|
$ |
33,792 |
|
|
$ |
37,978 |
|
Wood Products |
|
8,879 |
|
|
|
6,179 |
|
|
|
5,983 |
|
|
|
21,261 |
|
|
|
17,411 |
|
Real Estate |
|
162 |
|
|
|
160 |
|
|
|
149 |
|
|
|
477 |
|
|
|
465 |
|
Corporate |
|
197 |
|
|
|
208 |
|
|
|
234 |
|
|
|
626 |
|
|
|
736 |
|
|
|
21,131 |
|
|
|
17,029 |
|
|
|
20,187 |
|
|
|
56,156 |
|
|
|
56,590 |
|
Bond discounts and deferred loan fees2 |
|
403 |
|
|
|
403 |
|
|
|
407 |
|
|
|
1,209 |
|
|
|
1,219 |
|
Total depreciation, depletion and amortization |
$ |
21,534 |
|
|
$ |
17,432 |
|
|
$ |
20,594 |
|
|
$ |
57,365 |
|
|
$ |
57,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basis of real estate sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real Estate |
$ |
6,703 |
|
|
$ |
7,219 |
|
|
$ |
5,257 |
|
|
$ |
22,751 |
|
|
$ |
14,973 |
|
Eliminations and adjustments |
|
(6 |
) |
|
|
(6 |
) |
|
|
(8 |
) |
|
|
(18 |
) |
|
|
(533 |
) |
Total basis of real estate sold |
$ |
6,697 |
|
|
$ |
7,213 |
|
|
$ |
5,249 |
|
|
$ |
22,733 |
|
|
$ |
14,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
- Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA below.
- Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations.
PotlatchDeltic Corporation Reconciliations Unaudited |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
September 30, |
|
September 30, |
|||||||||
(in thousands, except per share amount) |
|
2021 |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|||||||||
Total Adjusted EBITDDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (GAAP) |
|
$ |
65,667 |
|
|
$ |
187,905 |
|
|
$ |
81,007 |
|
|
$ |
384,678 |
|
|
$ |
66,813 |
|
Interest expense, net |
|
|
8,641 |
|
|
|
8,199 |
|
|
|
8,557 |
|
|
|
20,414 |
|
|
|
20,594 |
|
Income taxes |
|
|
5,031 |
|
|
|
50,840 |
|
|
|
16,840 |
|
|
|
85,910 |
|
|
|
6,431 |
|
Depreciation, depletion and amortization |
|
|
21,131 |
|
|
|
17,029 |
|
|
|
20,187 |
|
|
|
56,156 |
|
|
|
56,590 |
|
Basis of real estate sold |
|
|
6,697 |
|
|
|
7,213 |
|
|
|
5,249 |
|
|
|
22,733 |
|
|
|
14,440 |
|
Net gain on insurance recoveries |
|
|
(4,394 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,394 |
) |
|
|
— |
|
Pension settlement charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,988 |
|
Non-operating pension and other postretirement benefit costs |
|
|
3,271 |
|
|
|
3,271 |
|
|
|
3,557 |
|
|
|
9,956 |
|
|
|
10,670 |
|
Loss (gain) on disposal of fixed assets |
|
|
1,139 |
|
|
|
527 |
|
|
|
(11 |
) |
|
|
1,700 |
|
|
|
(196 |
) |
Total Adjusted EBITDDA |
|
$ |
107,183 |
|
|
$ |
274,984 |
|
|
$ |
135,386 |
|
|
$ |
577,153 |
|
|
$ |
218,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (GAAP) |
|
$ |
65,667 |
|
|
$ |
187,905 |
|
|
$ |
81,007 |
|
|
$ |
384,678 |
|
|
$ |
66,813 |
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net gain on insurance recoveries, after tax |
|
|
(3,252 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,252 |
) |
|
|
— |
|
Pension settlement charge, after tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,811 |
|
Adjusted Net Income |
|
$ |
62,415 |
|
|
$ |
187,905 |
|
|
$ |
81,007 |
|
|
$ |
381,426 |
|
|
$ |
98,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Net Income Per Diluted Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income per diluted share (GAAP) |
|
$ |
0.97 |
|
|
$ |
2.77 |
|
|
$ |
1.20 |
|
|
$ |
5.69 |
|
|
$ |
0.99 |
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net gain on insurance recoveries, after tax |
|
|
(0.05 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
|
|
— |
|
Pension settlement charge, after tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.47 |
|
Adjusted Net Income Per Diluted Share |
|
$ |
0.92 |
|
|
$ |
2.77 |
|
|
$ |
1.20 |
|
|
$ |
5.64 |
|
|
$ |
1.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005707/en/
Contacts
(Investors)
Jerry Richards
509.835.1521
(Media)
Anna Torma
509.835.1558
