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PotlatchDeltic Corporation Reports Third Quarter 2022 Results

PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $46.0 million, or $0.64 per diluted share, on revenues of $306.7 million for the quarter ended September 30, 2022. Excluding after tax special items consisting of a gain on insurance recoveries and CatchMark merger related expenses, adjusted net income was $53.2 million, or $0.74 per diluted share for the third quarter of 2022. Net income was $65.7 million, or $0.97 per diluted share, on revenues of $287.3 million for the quarter ended September 30, 2021. Excluding an after-tax gain on insurance recoveries, adjusted net income was $62.4 million, or $0.92 per diluted share for the third quarter of 2021.

Third Quarter 2022 Highlights

  • Generated Total Adjusted EBITDDA of $101.1 million and Total Adjusted EBITDDA margin of 33%
  • Successfully completed our merger with CatchMark creating a leading integrated timber REIT
  • Used existing interest rate swaps to reduce the combined company's annual interest expense by $8.5 million, reducing our weighted average cost of debt from 3.1% to 2.4%
  • Achieved $15 million of CatchMark CAD synergies and now expect $21 million versus our $16 million target
  • Restarted the large log line at the Ola, Arkansas sawmill on schedule
  • Maintained strong liquidity position of $773 million as of September 30, 2022

“Third quarter 2022 marked another important milestone in our company’s history as we successfully closed our merger with CatchMark, further diversifying our timberland ownership into some of the strongest markets in the U.S. South,” said Eric Cremers, president and chief executive officer. “Overall, we have acquired almost 500,000 acres of timberlands in the last year at relatively attractive prices, increasing our stable cash flows. All of our businesses continue to perform well and we generated Total Adjusted EBITDDA of $101 million in the third quarter. Our strong balance sheet and liquidity provide a high degree of flexibility as we navigate the current economic environment, along with the ability to continue growing shareholder value,” stated Mr. Cremers.

Financial Highlights

($ in millions, except per share data)

 

Q3 2022

 

 

Q2 2022

 

 

Q3 2021

 

Revenues

 

$

306.7

 

 

$

359.6

 

 

$

287.3

 

Net income

 

$

46.0

 

 

$

120.2

 

 

$

65.7

 

Weighted average shares outstanding, diluted (in thousands)

 

 

71,632

 

 

 

69,791

 

 

 

67,648

 

Net income per diluted share

 

$

0.64

 

 

$

1.72

 

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

$

53.2

 

 

$

112.9

 

 

$

62.4

 

Adjusted Net Income per diluted share

 

$

0.74

 

 

$

1.61

 

 

$

0.92

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

101.1

 

 

$

175.1

 

 

$

107.2

 

Dividends per share

 

$

0.44

 

 

$

0.44

 

 

$

0.41

 

Net cash from operations

 

$

80.3

 

 

$

147.9

 

 

$

111.9

 

Cash and cash equivalents

 

$

484.0

 

 

$

511.2

 

 

$

592.8

 

Business Performance: Q3 2022 vs. Q2 2022

Timberlands

Third Quarter 2022 Highlights

  • Timberlands Adjusted EBITDDA increased $6.6 million from Q2 2022
  • Northern and southern harvest volumes increased seasonally
  • Northern sawlog prices decreased 25% due largely to lower indexed sawlog prices
  • Southern sawlog prices were relatively flat
  • Higher log & haul costs were primarily driven by increased fuel costs and constrained capacity

($ in millions)

 

Q3 2022

 

 

Q2 2022

 

 

$ Change

 

Timberlands Revenues

 

$

134.6

 

 

$

105.5

 

 

$

29.1

 

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

64.5

 

 

$

57.9

 

 

$

6.6

 

 

 

 

 

 

 

 

 

 

 

Wood Products

Third Quarter 2022 Highlights

  • Wood Products Adjusted EBITDDA decreased $75.9 million from Q2 2022
  • Average lumber price decreased 34% to $572 per MBF in Q3 2022
  • Lumber production increased in Q3 2022 leading to higher fixed cost absorption
  • Plywood shipments and price realizations declined on lower demand

($ in millions)

 

Q3 2022

 

 

Q2 2022

 

 

$ Change

 

Wood Products Revenues

 

$

193.4

 

 

$

266.6

 

 

$

(73.2

)

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

31.3

 

 

$

107.2

 

 

$

(75.9

)

Real Estate

Third Quarter 2022 Highlights

  • Real Estate Adjusted EBITDDA decreased $7.7 million from Q2 2022
  • Sold 1,622 acres of rural land at an average price of $3,811 per acre
  • Sold 48 residential lots at an average price of $78,344 per lot
  • Sold 35 commercial acres for $182,520 per acre

($ in millions)

 

Q3 2022

 

 

Q2 2022

 

 

$ Change

 

Real Estate Revenues

 

$

19.0

 

 

$

26.7

 

 

$

(7.7

)

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

14.1

 

 

$

21.8

 

 

$

(7.7

)

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 income 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 25, 2022, 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 1, 2022, 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 nearly 2.2 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. 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; synergies expected to be realized following the merger with CatchMark Timber Trust, Inc.; expectations about the start-up of the Ola, Arkansas sawmill’s large log line; expectations regarding the weighted average cost of debt; business conditions and strategies; 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 ability of the company and its contractors to successfully reach performance expectations of the new large log line at the Ola, Arkansas sawmill; 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)

2022

 

2022

 

 

2021

 

2022

 

2021

Revenues

$

306,693

 

 

$

359,597

 

 

 

$

287,330

 

 

$

1,077,640

 

 

$

1,089,029

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

220,876

 

 

 

191,334

 

 

 

 

190,602

 

 

 

592,057

 

 

 

537,683

 

Selling, general and administrative expenses

 

18,878

 

 

 

20,412

 

 

 

 

18,512

 

 

 

55,584

 

 

 

54,782

 

CatchMark merger-related expenses

 

26,007

 

 

 

 

 

 

 

 

 

 

 

26,007

 

 

 

 

Gain on fire damage

 

(24,913

)

 

 

(9,868

)

 

 

 

(4,394

)

 

 

(34,505

)

 

 

(4,394

)

 

 

240,848

 

 

 

201,878

 

 

 

 

204,720

 

 

 

639,143

 

 

 

588,071

 

Operating income

 

65,845

 

 

 

157,719

 

 

 

 

82,610

 

 

 

438,497

 

 

 

500,958

 

Interest expense, net

 

(8,280

)

 

 

(7,419

)

 

 

 

(8,641

)

 

 

(18,593

)

 

 

(20,414

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

(14,165

)

 

 

 

Non-operating pension and other postretirement employee benefit costs

 

(1,808

)

 

 

(1,809

)

 

 

 

(3,271

)

 

 

(5,546

)

 

 

(9,956

)

Other

 

(1

)

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

Income before income taxes

 

55,756

 

 

 

148,491

 

 

 

 

70,698

 

 

 

400,192

 

 

 

470,588

 

Income taxes

 

(9,801

)

 

 

(28,269

)

 

 

 

(5,031

)

 

 

(70,135

)

 

 

(85,910

)

Net income

$

45,955

 

 

$

120,222

 

 

 

$

65,667

 

 

$

330,057

 

 

$

384,678

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

Basic

$

0.64

 

 

$

1.73

 

 

 

$

0.98

 

 

$

4.70

 

 

$

5.72

 

Diluted

$

0.64

 

 

$

1.72

 

 

 

$

0.97

 

 

$

4.69

 

 

$

5.69

 

Dividends per share

$

0.44

 

 

$

0.44

 

 

 

$

0.41

 

 

$

1.32

 

 

$

1.23

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

71,486

 

 

 

69,580

 

 

 

 

67,315

 

 

 

70,171

 

 

 

67,275

 

Diluted

 

71,632

 

 

 

69,791

 

 

 

 

67,648

 

 

 

70,308

 

 

 

67,588

 

 

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

(in thousands, except per share amounts)

 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

484,018

 

 

$

296,151

 

Customer receivables, net

 

 

37,224

 

 

 

31,028

 

Inventories, net

 

 

62,584

 

 

 

72,369

 

Other current assets

 

 

41,551

 

 

 

21,630

 

Total current assets

 

 

625,377

 

 

 

421,178

 

Property, plant and equipment, net

 

 

319,232

 

 

 

292,320

 

Investment in real estate held for development and sale

 

 

57,458

 

 

 

65,604

 

Timber and timberlands, net

 

 

2,520,505

 

 

 

1,682,671

 

Intangible assets, net

 

 

17,906

 

 

 

15,491

 

Other long-term assets

 

 

184,310

 

 

 

57,951

 

Total assets

 

$

3,724,788

 

 

$

2,535,215

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

111,607

 

 

$

78,209

 

Current portion of long-term debt

 

 

39,996

 

 

 

42,977

 

Current portion of pension and other postretirement employee benefits

 

 

4,993

 

 

 

4,993

 

Total current liabilities

 

 

156,596

 

 

 

126,179

 

Long-term debt

 

 

992,507

 

 

 

715,279

 

Pension and other postretirement employee benefits

 

 

92,990

 

 

 

83,674

 

Deferred tax liabilities, net

 

 

38,469

 

 

 

34,874

 

Other long-term obligations

 

 

38,807

 

 

 

49,076

 

Total liabilities

 

 

1,319,369

 

 

 

1,009,082

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 80,777 and 69,064 shares

 

 

80,777

 

 

 

69,064

 

Additional paid-in capital

 

 

2,292,130

 

 

 

1,781,217

 

Accumulated deficit

 

 

(52,089

)

 

 

(280,910

)

Accumulated other comprehensive income (loss)

 

 

84,601

 

 

 

(43,238

)

Total stockholders’ equity

 

 

2,405,419

 

 

 

1,526,133

 

Total liabilities and stockholders' equity

 

$

3,724,788

 

 

$

2,535,215

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

Three Months Ended

 

Nine Months Ended

(in thousands)

September 30,

2022

 

June 30,

2022

 

September 30,

2021

 

September 30,

2022

 

September 30,

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Net income

$

45,955

 

 

$

120,222

 

 

$

65,667

 

 

$

330,057

 

 

$

384,678

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

27,707

 

 

 

20,379

 

 

 

21,534

 

 

 

67,960

 

 

 

57,365

 

Basis of real estate sold

 

6,845

 

 

 

7,325

 

 

 

6,697

 

 

 

25,024

 

 

 

22,733

 

Change in deferred taxes

 

730

 

 

 

34

 

 

 

2,659

 

 

 

(1,359

)

 

 

3,221

 

Pension and other postretirement employee benefits

 

3,539

 

 

 

3,540

 

 

 

5,484

 

 

 

10,936

 

 

 

16,595

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

14,165

 

 

 

Equity-based compensation expense

 

11,717

 

 

 

2,368

 

 

 

2,275

 

 

 

16,141

 

 

 

6,345

 

Gain on fire damage

 

(24,913

)

 

 

(9,868

)

 

 

(4,394

)

 

 

(34,505

)

 

 

(4,394

)

Other, net

 

144

 

 

 

(308

)

 

 

928

 

 

 

(455

)

 

 

633

 

Change in working capital and operating-related activities, net

 

(5,901

)

 

 

(1,236

)

 

 

17,072

 

 

 

14,071

 

 

 

(20,082

)

Real estate development expenditures

 

(1,796

)

 

 

(3,029

)

 

 

(2,435

)

 

 

(6,986

)

 

 

(6,434

)

Funding of pension and other postretirement employee benefits

 

(1,026

)

 

 

(968

)

 

 

(3,585

)

 

 

(3,290

)

 

 

(7,418

)

Proceeds from insurance recoveries

 

17,250

 

 

 

9,428

 

 

 

 

 

 

26,678

 

 

 

 

Net cash from operating activities

 

80,251

 

 

 

147,887

 

 

 

111,902

 

 

 

458,437

 

 

 

453,242

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

(7,223

)

 

 

(24,211

)

 

 

(10,348

)

 

 

(44,000

)

 

 

(26,291

)

Timberlands reforestation and roads

 

(3,832

)

 

 

(3,740

)

 

 

(4,282

)

 

 

(12,220

)

 

 

(12,236

)

Acquisition of timber and timberlands

 

(53,863

)

 

 

(42,218

)

 

 

(258

)

 

 

(96,081

)

 

 

(2,450

)

Proceeds from property insurance

 

 

 

 

 

 

 

13,250

 

 

 

 

 

 

13,250

 

Cash acquired in CatchMark merger

 

23,571

 

 

 

 

 

 

 

 

 

23,571

 

 

 

 

Other, net

 

2,318

 

 

 

(1,475

)

 

 

358

 

 

 

935

 

 

 

993

 

Net cash from investing activities

 

(39,029

)

 

 

(71,644

)

 

 

(1,280

)

 

 

(127,795

)

 

 

(26,734

)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

(35,530

)

 

 

(30,524

)

 

 

(27,489

)

 

 

(96,578

)

 

 

(82,462

)

Repurchase of common stock

 

(371

)

 

 

(4,156

)

 

 

 

 

 

(4,527

)

 

 

 

Proceeds from issuance of long-term debt

 

277,500

 

 

 

 

 

 

 

 

 

277,500

 

 

 

 

Repayment of long-term debt

 

(300,000

)

 

 

 

 

 

 

 

 

(303,000

)

 

 

 

Other, net

 

(4,026

)

 

 

(1,023

)

 

 

(2,396

)

 

 

(6,120

)

 

 

(3,619

)

Net cash from financing activities

 

(62,427

)

 

 

(35,703

)

 

 

(29,885

)

 

 

(132,725

)

 

 

(86,081

)

Change in cash, cash equivalents and restricted cash

 

(21,205

)

 

 

40,540

 

 

 

80,737

 

 

 

197,917

 

 

 

340,427

 

Cash, cash equivalents and restricted cash, beginning

 

515,894

 

 

 

475,354

 

 

 

512,030

 

 

 

296,772

 

 

 

252,340

 

Cash, cash equivalents and restricted cash, ending1

$

494,689

 

 

$

515,894

 

 

$

592,767

 

 

$

494,689

 

 

$

592,767

 

 

 

 

 

 

 

 

 

 

 

1 Includes $10.7 million and $4.7 million at September 30, 2022 and June 30, 2022, respectively, intended to be reinvested in timber and timberlands and classified as restricted cash in Other long-term assets in the Condensed Consolidated Balance Sheets.

 

PotlatchDeltic Corporation

Segment Information

Unaudited

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

September 30,

(in thousands)

2022

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

 

 

Timberlands

$

134,576

 

 

$

105,486

 

 

$

129,543

 

 

$

363,719

 

 

$

362,675

 

Wood Products

 

193,431

 

 

 

266,633

 

 

 

187,760

 

 

 

755,806

 

 

 

814,729

 

Real Estate

 

19,008

 

 

 

26,736

 

 

 

13,497

 

 

 

79,809

 

 

 

49,808

 

 

 

347,015

 

 

 

398,855

 

 

 

330,800

 

 

 

1,199,334

 

 

 

1,227,212

 

Intersegment Timberlands revenues

 

(40,322

)

 

 

(39,258

)

 

 

(43,470

)

 

 

(121,694

)

 

 

(138,183

)

Consolidated revenues

$

306,693

 

 

$

359,597

 

 

$

287,330

 

 

$

1,077,640

 

 

$

1,089,029

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

Timberlands

$

64,482

 

 

$

57,890

 

 

$

76,023

 

 

$

198,806

 

 

$

221,140

 

Wood Products

 

31,258

 

 

 

107,256

 

 

 

26,566

 

 

 

288,465

 

 

 

356,654

 

Real Estate

 

14,140

 

 

 

21,816

 

 

 

9,069

 

 

 

66,080

 

 

 

37,450

 

Corporate

 

(12,629

)

 

 

(13,912

)

 

 

(11,496

)

 

 

(36,125

)

 

 

(35,028

)

Eliminations and adjustments

 

3,839

 

 

 

2,120

 

 

 

7,021

 

 

 

4,596

 

 

 

(3,063

)

Total Adjusted EBITDDA

 

101,090

 

 

 

175,170

 

 

 

107,183

 

 

 

521,822

 

 

 

577,153

 

Interest expense, net

 

(8,280

)

 

 

(7,419

)

 

 

(8,641

)

 

 

(18,593

)

 

 

(20,414

)

Depreciation, depletion and amortization

 

(27,329

)

 

 

(20,007

)

 

 

(21,131

)

 

 

(66,838

)

 

 

(56,156

)

Basis of real estate sold

 

(6,845

)

 

 

(7,325

)

 

 

(6,697

)

 

 

(25,024

)

 

 

(22,733

)

CatchMark merger-related expenses

 

(26,007

)

 

 

 

 

 

 

 

 

(26,007

)

 

 

 

Gain on fire damage

 

24,913

 

 

 

9,868

 

 

 

4,394

 

 

 

34,505

 

 

 

4,394

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

(14,165

)

 

 

 

Non-operating pension and other postretirement employee benefits

 

(1,808

)

 

 

(1,809

)

 

 

(3,271

)

 

 

(5,546

)

 

 

(9,956

)

Gain (loss) on disposal of fixed assets

 

23

 

 

 

13

 

 

 

(1,139

)

 

 

39

 

 

 

(1,700

)

Other

 

(1

)

 

 

 

 

 

 

 

 

(1

)

 

 

 

Income before income taxes

$

55,756

 

 

$

148,491

 

 

$

70,698

 

 

$

400,192

 

 

$

470,588

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

Timberlands

$

16,963

 

 

$

11,563

 

 

$

11,893

 

 

$

40,687

 

 

$

33,792

 

Wood Products

 

10,069

 

 

 

8,136

 

 

 

8,879

 

 

 

25,226

 

 

 

21,261

 

Real Estate

 

175

 

 

 

173

 

 

 

162

 

 

 

518

 

 

 

477

 

Corporate

 

122

 

 

 

135

 

 

 

197

 

 

 

407

 

 

 

626

 

 

 

27,329

 

 

 

20,007

 

 

 

21,131

 

 

 

66,838

 

 

 

56,156

 

Bond discounts and deferred loan fees2

 

378

 

 

 

372

 

 

 

403

 

 

 

1,122

 

 

 

1,209

 

Total depreciation, depletion and amortization

$

27,707

 

 

$

20,379

 

 

$

21,534

 

 

$

67,960

 

 

$

57,365

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

Real Estate

$

6,845

 

 

$

7,328

 

 

$

6,703

 

 

$

25,033

 

 

$

22,751

 

Eliminations and adjustments

 

 

 

 

(3

)

 

 

(6

)

 

 

(9

)

 

 

(18

)

Total basis of real estate sold

$

6,845

 

 

$

7,325

 

 

$

6,697

 

 

$

25,024

 

 

$

22,733

 

 

 

 

 

 

 

 

 

 

 

1 Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA below.

2 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)

 

2022

 

2022

 

2021

 

2022

 

2021

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

45,955

 

 

$

120,222

 

 

$

65,667

 

 

$

330,057

 

 

$

384,678

 

Interest expense, net

 

 

8,280

 

 

 

7,419

 

 

 

8,641

 

 

 

18,593

 

 

 

20,414

 

Income taxes

 

 

9,801

 

 

 

28,269

 

 

 

5,031

 

 

 

70,135

 

 

 

85,910

 

Depreciation, depletion and amortization

 

 

27,329

 

 

 

20,007

 

 

 

21,131

 

 

 

66,838

 

 

 

56,156

 

Basis of real estate sold

 

 

6,845

 

 

 

7,325

 

 

 

6,697

 

 

 

25,024

 

 

 

22,733

 

CatchMark merger-related expenses

 

 

26,007

 

 

 

 

 

 

 

 

 

26,007

 

 

 

 

Gain on fire damage

 

 

(24,913

)

 

 

(9,868

)

 

 

(4,394

)

 

 

(34,505

)

 

 

(4,394

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

14,165

 

 

 

 

Non-operating pension and other postretirement benefit costs

 

 

1,808

 

 

 

1,809

 

 

 

3,271

 

 

 

5,546

 

 

 

9,956

 

(Gain) loss on disposal of fixed assets

 

 

(23

)

 

 

(13

)

 

 

1,139

 

 

 

(39

)

 

 

1,700

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

1

 

 

 

 

Total Adjusted EBITDDA

 

$

101,090

 

 

$

175,170

 

 

$

107,183

 

 

$

521,822

 

 

$

577,153

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

45,955

 

 

$

120,222

 

 

$

65,667

 

 

$

330,057

 

 

$

384,678

 

Special items:

 

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses, after tax

 

 

25,823

 

 

 

 

 

 

 

 

 

25,823

 

 

 

 

Gain on fire damage, after tax

 

 

(18,559

)

 

 

(7,351

)

 

 

(3,252

)

 

 

(25,706

)

 

 

(3,252

)

Pension settlement charge, after tax

 

 

 

 

 

 

 

 

 

 

 

10,553

 

 

 

 

Adjusted Net Income

 

$

53,219

 

 

$

112,871

 

 

$

62,415

 

 

$

340,727

 

 

$

381,426

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Per Diluted Share

 

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

0.64

 

 

$

1.72

 

 

$

0.97

 

 

$

4.69

 

 

$

5.69

 

Special items:

 

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses, after tax

 

 

0.36

 

 

 

 

 

 

 

 

 

0.37

 

 

 

 

Gain on fire damage, after tax

 

 

(0.26

)

 

 

(0.11

)

 

 

(0.05

)

 

 

(0.37

)

 

 

(0.05

)

Pension settlement charge, after tax

 

 

 

 

 

 

 

 

 

 

 

0.15

 

 

 

 

Adjusted Net Income per diluted share

 

$

0.74

 

 

$

1.61

 

 

$

0.92

 

 

$

4.84

 

 

$

5.64

 

 

Contacts

(Investors)

Jerry Richards

509.835.1521



(Media)

Anna Torma

509.835.1558

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