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PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2022 Results

PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $3.8 million, or $0.05 per diluted share, on revenues of $253.1 million for the quarter ended December 31, 2022. Excluding after tax special items consisting of CatchMark merger related expenses and an environmental charge, adjusted net income was $9.3 million, or $0.12 per diluted share for the fourth quarter of 2022. Net income was $39.2 million, or $0.58 per diluted share, on revenues of $248.4 million for the quarter ended December 31, 2021. Excluding a net loss on fire damage, adjusted net income was $39.9 million, or $0.59 per diluted share for the fourth quarter of 2021.

Net income for the full year 2022 was $333.9 million, or $4.58 per diluted share, on revenues of $1.3 billion. Excluding after tax special items consisting of a pension settlement charge, a gain on insurance recoveries, CatchMark merger related expenses and an environmental charge, adjusted net income was $350.0 million, or $4.80 per diluted share for 2022. Net income for the full year 2021 was $423.9 million, or $6.26 per diluted share, on revenues of $1.3 billion. Excluding a net gain on insurance recoveries, adjusted net income was $421.4 million, or $6.22 per diluted share for 2021.

2022 Highlights

  • Generated Total Adjusted EBITDDA of $574.1 million and Total Adjusted EBITDDA margin of 43%
  • Acquired CatchMark Timber Trust, Inc. adding nearly 350,000 acres of superior site index southern timberlands
  • Also acquired 46,000 acres of well stocked timberlands in three bolt-on transactions
  • Announced $131 million expansion and modernization of Waldo, Arkansas sawmill
  • Rebuilt and restarted the large log line at the Ola, Arkansas sawmill
  • Returned $208 million to shareholders through regular dividends and a Q4 special dividend
  • Repurchased 1.2 million shares for $55 million, or $45 per share
  • Maintained strong liquidity position of $643 million as of December 31, 2022

“Each of our businesses delivered exceptional results in 2022 leading to our second highest Total Adjusted EBITDDA on record and marking our third straight year of very strong financial performance,” said Eric Cremers, president and chief executive officer. “2022 was also a very active year for successfully deploying capital, including acquiring nearly 400,000 acres of high-quality timberland and committing to expand and modernize our Waldo, Arkansas sawmill. Additionally, we returned $263 million to shareholders in 2022, including $55 million of share repurchases and a $76 million special dividend. With our disciplined capital allocation strategy and our strong balance sheet and liquidity we are well positioned to continue increasing shareholder value,” stated Mr. Cremers.

Financial Highlights

(in millions, except per share data - unaudited)

 

Q4 2022

 

 

Q3 2022

 

 

Q4 2021

 

 

Revenues

 

$

253.1

 

 

$

306.7

 

 

$

248.4

 

 

Net income

 

$

3.8

 

 

$

46.0

 

 

$

39.2

 

 

Weighted average shares outstanding, diluted (in thousands)

 

 

80,578

 

 

 

71,632

 

 

 

67,974

 

 

Net income per diluted share

 

$

0.05

 

 

$

0.64

 

 

$

0.58

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

$

9.3

 

 

$

53.2

 

 

$

39.9

 

 

Adjusted Net Income Per Diluted Share

 

$

0.12

 

 

$

0.74

 

 

$

0.59

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

52.3

 

 

$

101.1

 

 

$

75.7

 

 

Dividends per share1

 

$

1.40

 

 

$

0.44

 

 

$

4.44

 

 

Net cash from operations

 

$

33.5

 

 

$

80.3

 

 

$

51.6

 

 

Cash and cash equivalents

 

$

343.8

 

 

$

484.0

 

 

$

296.2

 

 

 

1 The regular dividend was increased 2.3% to $0.45 per quarter in Q4 2022 and a special dividend of $0.95 and $4.00 per share was paid in Q4 2022 and 2021, respectively.

Business Performance: Q4 2022 vs. Q3 2022

Timberlands

Fourth Quarter 2022 Highlights

  • Timberlands Adjusted EBITDDA decreased $13.9 million from Q3 2022
  • Northern sawlog prices decreased 18% due primarily to lower indexed sawlog prices
  • A seasonal decline in Southern harvest volumes was moderated by the first full quarter of CatchMark operations
  • Southern sawlog prices increased 3%, reflecting the addition of strong CatchMark markets
  • Higher log & haul costs were primarily due to inflationary pressures, including increased diesel costs

(in millions - unaudited)

 

Q4 2022

 

 

Q3 2022

 

 

$ Change

 

Timberlands Revenues

 

$

121.9

 

 

$

134.6

 

 

$

(12.7

)

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

50.6

 

 

$

64.5

 

 

$

(13.9

)

Wood Products

Fourth Quarter 2022 Highlights

  • Wood Products Adjusted EBITDDA decreased $28.9 million from Q3 2022
  • Average lumber price decreased 17% to $473 per MBF in Q4 2022
  • Lumber production declined in Q4 2022 leading to lower fixed cost absorption
  • Log costs decreased primarily due to lower index pricing in Idaho
  • Plywood shipments and price realizations declined on lower demand

(in millions - unaudited)

 

Q4 2022

 

 

Q3 2022

 

 

$ Change

 

Wood Products Revenues

 

$

156.8

 

 

$

193.4

 

 

$

(36.6

)

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

2.4

 

 

$

31.3

 

 

$

(28.9

)

Real Estate

Fourth Quarter 2022 Highlights

  • Real Estate Adjusted EBITDDA decreased $6.9 million from Q3 2022
  • Sold 1,329 acres of rural land at an average price of $2,837 per acre
  • Sold 24 residential lots at an average price of $132,000 per lot
  • Sold 5 commercial acres at an average of $437,407 per acre

(in millions - unaudited)

 

Q4 2022

 

 

Q3 2022

 

 

$ Change

 

Real Estate Revenues

 

$

11.7

 

 

$

19.0

 

 

$

(7.3

)

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

7.2

 

 

$

14.1

 

 

$

(6.9

)

Outlook

“While higher interest rates and their expected impact on housing starts are expected to create headwinds for our operating results in 2023, we continue to remain very bullish on long-term housing-related fundamentals that drive demand in our business. We are encouraged by the recent increase in lumber prices and improvement in housing affordability. During 2023, we expect to harvest 7.7 million tons in our Timberlands segment, ship around 1.1 billion board feet in lumber in our Wood Products segment and sell about 18,000 rural acres and 150 residential lots in our Real Estate segment,” stated Mr. Cremers.

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, January 31, 2023, 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 February 7, 2023, 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; expected liquidity; the U.S. economic condition, including the housing market and long-term housing-related fundamentals; the success of the company’s business strategies; the strength of the timber markets associated with the merger with CatchMark Timber Trust, Inc.; the company’s capital allocation strategies; favorable capital structure and strong balance sheet; the company’s FY 2023 outlook relating to its timber harvest volumes, lumber shipment volumes and prices, and real estate sales; expected successful implementation of our Waldo, Arkansas sawmill modernization; and similar matters. Words such as “anticipate,” “assumes,” “believe,” “can,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “may,” “on track,” “plan,” “potential,” “predicting,” “project,” “schedule,” “seek,” “should,” “target,” “will,” 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 pandemic disease 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 shortages and disruptions; share price; the successful execution of the company’s strategic plans; the company’s ability and its contractors’ ability to implement the modernization plan for the Waldo sawmill; the company’s ability to meet expectations for the Ola sawmill’s new large log line; 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

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

(in thousands, except per share amounts)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

253,140

 

 

$

306,693

 

 

$

248,406

 

 

$

1,330,780

 

 

$

1,337,435

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

214,765

 

 

 

220,876

 

 

 

178,163

 

 

 

806,822

 

 

 

715,846

 

Selling, general and administrative expenses

 

 

20,922

 

 

 

18,878

 

 

 

18,650

 

 

 

76,506

 

 

 

73,432

 

CatchMark merger-related expenses

 

 

1,318

 

 

 

26,007

 

 

 

 

 

 

27,325

 

 

 

 

Environmental charge

 

 

5,550

 

 

 

 

 

 

 

 

 

5,550

 

 

 

 

(Gain) loss on fire damage

 

 

 

 

 

(24,913

)

 

 

1,033

 

 

 

(34,505

)

 

 

(3,361

)

 

 

 

242,555

 

 

 

240,848

 

 

 

197,846

 

 

 

881,698

 

 

 

785,917

 

Operating income

 

 

10,585

 

 

 

65,845

 

 

 

50,560

 

 

 

449,082

 

 

 

551,518

 

Interest expense, net

 

 

(8,807

)

 

 

(8,280

)

 

 

(8,861

)

 

 

(27,400

)

 

 

(29,275

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

(14,165

)

 

 

 

Non-operating pension and other postretirement costs

 

 

(2,592

)

 

 

(1,808

)

 

 

(3,271

)

 

 

(8,138

)

 

 

(13,227

)

Other

 

 

(66

)

 

 

(1

)

 

 

 

 

 

(67

)

 

 

 

(Loss) income before income taxes

 

 

(880

)

 

 

55,756

 

 

 

38,428

 

 

 

399,312

 

 

 

509,016

 

Income taxes

 

 

4,723

 

 

 

(9,801

)

 

 

754

 

 

 

(65,412

)

 

 

(85,156

)

Net income

 

$

3,843

 

 

$

45,955

 

 

$

39,182

 

 

$

333,900

 

 

$

423,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

0.64

 

 

$

0.58

 

 

$

4.59

 

 

$

6.29

 

Diluted

 

$

0.05

 

 

$

0.64

 

 

$

0.58

 

 

$

4.58

 

 

$

6.26

 

Dividends per share1

 

$

1.40

 

 

$

0.44

 

 

$

4.44

 

 

$

2.72

 

 

$

5.67

 

Weighted-average shares outstanding (in thousands):

 

 

 

 

 

.

 

 

 

 

 

 

 

Basic

 

 

80,356

 

 

 

71,486

 

 

 

67,572

 

 

 

72,740

 

 

 

67,352

 

Diluted

 

 

80,578

 

 

 

71,632

 

 

 

67,974

 

 

 

72,922

 

 

 

67,719

 

 

1 The regular dividend was increased 2.3% to $0.45 per quarter in Q4 2022 and a special dividend of $0.95 and $4.00 per share was paid in Q4 2022 and 2021, respectively.

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

 

 

 

 

 

At December 31,

 

(in thousands, except per share amounts)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

343,809

 

 

$

296,151

 

Customer receivables, net

 

 

22,813

 

 

 

31,028

 

Inventories, net

 

 

67,958

 

 

 

72,369

 

Other current assets

 

 

36,955

 

 

 

21,630

 

Total current assets

 

 

471,535

 

 

 

421,178

 

Property, plant and equipment, net

 

 

318,184

 

 

 

292,320

 

Investment in real estate held for development and sale

 

 

55,490

 

 

 

65,604

 

Timber and timberlands, net

 

 

2,508,372

 

 

 

1,682,671

 

Intangible assets, net

 

 

17,420

 

 

 

15,491

 

Other long-term assets

 

 

179,554

 

 

 

57,951

 

Total assets

 

$

3,550,555

 

 

$

2,535,215

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

94,861

 

 

$

78,209

 

Current portion of long-term debt

 

 

39,979

 

 

 

42,977

 

Current portion of pension and other postretirement employee benefits

 

 

4,926

 

 

 

4,993

 

Total current liabilities

 

 

139,766

 

 

 

126,179

 

Long-term debt

 

 

992,701

 

 

 

715,279

 

Pension and other postretirement employee benefits

 

 

77,396

 

 

 

83,674

 

Deferred tax liabilities, net

 

 

41,790

 

 

 

34,874

 

Other long-term obligations

 

 

35,749

 

 

 

49,076

 

Total liabilities

 

 

1,287,402

 

 

 

1,009,082

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $1 par value

 

 

79,683

 

 

 

69,064

 

Additional paid-in capital

 

 

2,294,797

 

 

 

1,781,217

 

Accumulated deficit

 

 

(208,979

)

 

 

(280,910

)

Accumulated other comprehensive income (loss)

 

 

97,652

 

 

 

(43,238

)

Total stockholders’ equity

 

 

2,263,153

 

 

 

1,526,133

 

Total liabilities and stockholders' equity

 

$

3,550,555

 

 

$

2,535,215

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,843

 

 

$

45,955

 

 

$

39,182

 

 

$

333,900

 

 

$

423,860

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

30,274

 

 

 

27,707

 

 

 

20,060

 

 

 

98,234

 

 

 

77,425

 

Basis of real estate sold

 

 

4,897

 

 

 

6,845

 

 

 

4,627

 

 

 

29,921

 

 

 

27,360

 

Change in deferred taxes

 

 

(3,898

)

 

 

730

 

 

 

(3,196

)

 

 

(5,257

)

 

 

25

 

Pension and other postretirement benefits

 

 

4,323

 

 

 

3,539

 

 

 

5,484

 

 

 

15,259

 

 

 

22,079

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

14,165

 

 

 

 

Equity-based compensation expense

 

 

2,356

 

 

 

11,717

 

 

 

2,262

 

 

 

18,497

 

 

 

8,607

 

(Gain) loss on fire damage

 

 

 

 

 

(24,913

)

 

 

1,033

 

 

 

(34,505

)

 

 

(3,361

)

Other, net

 

 

(780

)

 

 

144

 

 

 

(270

)

 

 

(1,235

)

 

 

363

 

Change in working capital and operating-related activities, net

 

 

(4,660

)

 

 

(5,901

)

 

 

(13,117

)

 

 

9,411

 

 

 

(33,199

)

Real estate development expenditures

 

 

(1,116

)

 

 

(1,796

)

 

 

(2,795

)

 

 

(8,102

)

 

 

(9,229

)

Funding of pension and other postretirement employee benefits

 

 

(1,775

)

 

 

(1,026

)

 

 

(1,626

)

 

 

(5,065

)

 

 

(9,044

)

Proceeds from insurance recoveries

 

 

 

 

 

17,250

 

 

 

 

 

 

26,678

 

 

 

 

Net cash from operating activities

 

 

33,464

 

 

 

80,251

 

 

 

51,644

 

 

 

491,901

 

 

 

504,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

 

(12,976

)

 

 

(7,223

)

 

 

(12,656

)

 

 

(56,976

)

 

 

(38,947

)

Timberlands reforestation and roads

 

 

(5,498

)

 

 

(3,832

)

 

 

(4,165

)

 

 

(17,718

)

 

 

(16,401

)

Acquisition of timber and timberlands

 

 

(14,029

)

 

 

(53,863

)

 

 

(17,616

)

 

 

(110,110

)

 

 

(20,066

)

Proceeds from property insurance

 

 

8,750

 

 

 

 

 

 

1,750

 

 

 

8,750

 

 

 

15,000

 

Cash acquired in CatchMark merger

 

 

 

 

 

23,571

 

 

 

 

 

 

23,571

 

 

 

 

Other, net

 

 

4,028

 

 

 

2,318

 

 

 

276

 

 

 

4,963

 

 

 

1,269

 

Net cash from investing activities

 

 

(19,725

)

 

 

(39,029

)

 

 

(32,411

)

 

 

(147,520

)

 

 

(59,145

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

 

(111,555

)

 

 

(35,530

)

 

 

(305,779

)

 

 

(208,133

)

 

 

(388,241

)

Repurchase of common stock

 

 

(50,022

)

 

 

(371

)

 

 

 

 

 

(54,549

)

 

 

 

Proceeds from long-term debt

 

 

40,000

 

 

 

277,500

 

 

 

40,000

 

 

 

317,500

 

 

 

40,000

 

Repayment of long-term debt

 

 

(40,000

)

 

 

(300,000

)

 

 

(46,366

)

 

 

(343,000

)

 

 

(46,366

)

Other, net

 

 

(1,260

)

 

 

(4,026

)

 

 

(3,083

)

 

 

(7,380

)

 

 

(6,702

)

Net cash from financing activities

 

 

(162,837

)

 

 

(62,427

)

 

 

(315,228

)

 

 

(295,562

)

 

 

(401,309

)

Change in cash, cash equivalents and restricted cash

 

 

(149,098

)

 

 

(21,205

)

 

 

(295,995

)

 

 

48,819

 

 

 

44,432

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

494,689

 

 

 

515,894

 

 

 

592,767

 

 

 

296,772

 

 

 

252,340

 

Cash, cash equivalents and restricted cash at end of period1

 

$

345,591

 

 

$

494,689

 

 

$

296,772

 

 

$

345,591

 

 

$

296,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Includes $1.8 million, $10.7 million and $0.6 million at December 31, 2022, September 30, 2022 and December 31, 2021, 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

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

121,871

 

 

$

134,576

 

 

$

86,772

 

 

$

485,590

 

 

$

449,447

 

Wood Products

 

 

156,805

 

 

 

193,431

 

 

 

174,158

 

 

 

912,612

 

 

 

988,888

 

Real Estate

 

 

11,682

 

 

 

19,008

 

 

 

14,005

 

 

 

91,491

 

 

 

63,813

 

 

 

 

290,358

 

 

 

347,015

 

 

 

274,935

 

 

 

1,489,693

 

 

 

1,502,148

 

Intersegment Timberlands revenues

 

 

(37,218

)

 

 

(40,322

)

 

 

(26,529

)

 

 

(158,913

)

 

 

(164,713

)

Consolidated revenues

 

$

253,140

 

 

$

306,693

 

 

$

248,406

 

 

$

1,330,780

 

 

$

1,337,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

50,567

 

 

$

64,482

 

 

$

41,804

 

 

$

249,373

 

 

$

262,944

 

Wood Products

 

 

2,442

 

 

 

31,258

 

 

 

37,204

 

 

 

290,907

 

 

 

393,858

 

Real Estate

 

 

7,178

 

 

 

14,140

 

 

 

10,007

 

 

 

73,258

 

 

 

47,457

 

Corporate

 

 

(13,189

)

 

 

(12,629

)

 

 

(12,365

)

 

 

(49,314

)

 

 

(47,393

)

Eliminations and adjustments

 

 

5,335

 

 

 

3,839

 

 

 

(932

)

 

 

9,931

 

 

 

(3,995

)

Total Adjusted EBITDDA

 

 

52,333

 

 

 

101,090

 

 

 

75,718

 

 

 

574,155

 

 

 

652,871

 

Interest expense, net2

 

 

(8,807

)

 

 

(8,280

)

 

 

(8,861

)

 

 

(27,400

)

 

 

(29,275

)

Depreciation, depletion and amortization

 

 

(29,862

)

 

 

(27,329

)

 

 

(19,477

)

 

 

(96,700

)

 

 

(75,633

)

Basis of real estate sold

 

 

(4,897

)

 

 

(6,845

)

 

 

(4,627

)

 

 

(29,921

)

 

 

(27,360

)

CatchMark merger-related expenses

 

 

(1,318

)

 

 

(26,007

)

 

 

 

 

 

(27,325

)

 

 

 

Environmental charge

 

 

(5,550

)

 

 

 

 

 

 

 

 

(5,550

)

 

 

 

Gain (loss) on fire damage

 

 

 

 

 

24,913

 

 

 

(1,033

)

 

 

34,505

 

 

 

3,361

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

(14,165

)

 

 

 

Non-operating pension and other postretirement employee benefits

 

 

(2,592

)

 

 

(1,808

)

 

 

(3,271

)

 

 

(8,138

)

 

 

(13,227

)

(Loss) gain on fixed assets

 

 

(121

)

 

 

23

 

 

 

(21

)

 

 

(82

)

 

 

(1,721

)

Other

 

 

(66

)

 

 

(1

)

 

 

 

 

 

(67

)

 

 

 

(Loss) income before income taxes

 

$

(880

)

 

$

55,756

 

 

$

38,428

 

 

$

399,312

 

 

$

509,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

18,845

 

 

$

16,963

 

 

$

11,611

 

 

$

59,532

 

 

$

45,403

 

Wood Products

 

 

10,727

 

 

 

10,069

 

 

 

7,541

 

 

 

35,953

 

 

 

28,802

 

Real Estate

 

 

177

 

 

 

175

 

 

 

163

 

 

 

695

 

 

 

640

 

Corporate

 

 

113

 

 

 

122

 

 

 

162

 

 

 

520

 

 

 

788

 

 

 

 

29,862

 

 

 

27,329

 

 

 

19,477

 

 

 

96,700

 

 

 

75,633

 

Bond discounts and deferred loan fees2

 

 

412

 

 

 

378

 

 

 

583

 

 

 

1,534

 

 

 

1,792

 

Total depreciation, depletion and amortization

 

$

30,274

 

 

$

27,707

 

 

$

20,060

 

 

$

98,234

 

 

$

77,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

4,899

 

 

$

6,845

 

 

$

4,630

 

 

$

29,932

 

 

$

27,381

 

Eliminations and adjustments

 

 

(2

)

 

 

 

 

 

(3

)

 

 

(11

)

 

 

(21

)

Total basis of real estate sold

 

$

4,897

 

 

$

6,845

 

 

$

4,627

 

 

$

29,921

 

 

$

27,360

 

 

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

 

 

Year ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

(in thousands, except per share amounts)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

3,843

 

 

$

45,955

 

 

$

39,182

 

 

$

333,900

 

 

$

423,860

 

Interest, net

 

 

8,807

 

 

 

8,280

 

 

 

8,861

 

 

 

27,400

 

 

 

29,275

 

Income taxes

 

 

(4,723

)

 

 

9,801

 

 

 

(754

)

 

 

65,412

 

 

 

85,156

 

Depreciation, depletion and amortization

 

 

29,862

 

 

 

27,329

 

 

 

19,477

 

 

 

96,700

 

 

 

75,633

 

Basis of real estate sold

 

 

4,897

 

 

 

6,845

 

 

 

4,627

 

 

 

29,921

 

 

 

27,360

 

CatchMark merger-related expenses

 

 

1,318

 

 

 

26,007

 

 

 

 

 

 

27,325

 

 

 

 

(Gain) loss on fire damage

 

 

 

 

 

(24,913

)

 

 

1,033

 

 

 

(34,505

)

 

 

(3,361

)

Environmental charge

 

 

5,550

 

 

 

 

 

 

 

 

 

5,550

 

 

 

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

14,165

 

 

 

 

Non-operating pension and other postretirement benefit costs

 

 

2,592

 

 

 

1,808

 

 

 

3,271

 

 

 

8,138

 

 

 

13,227

 

Loss (gain) on fixed assets

 

 

121

 

 

 

(23

)

 

 

21

 

 

 

82

 

 

 

1,721

 

Other

 

 

66

 

 

 

1

 

 

 

 

 

 

67

 

 

 

 

Total Adjusted EBITDDA

 

$

52,333

 

 

$

101,090

 

 

$

75,718

 

 

$

574,155

 

 

$

652,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

3,843

 

 

$

45,955

 

 

$

39,182

 

 

$

333,900

 

 

$

423,860

 

Special items after tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

1,318

 

 

 

25,823

 

 

 

 

 

 

27,140

 

 

 

 

(Gain) loss on fire damage

 

 

 

 

 

(18,559

)

 

 

748

 

 

 

(25,706

)

 

 

(2,504

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

10,553

 

 

 

 

Environmental charge

 

 

4,135

 

 

 

 

 

 

 

 

 

4,135

 

 

 

 

Adjusted Net Income

 

$

9,296

 

 

$

53,219

 

 

$

39,930

 

 

$

350,022

 

 

$

421,356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Per Diluted Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

0.05

 

 

$

0.64

 

 

$

0.58

 

 

$

4.58

 

 

$

6.26

 

Special items after tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

0.02

 

 

 

0.36

 

 

 

 

 

 

0.37

 

 

 

 

(Gain) loss on fire damage

 

 

 

 

 

(0.26

)

 

 

0.01

 

 

 

(0.35

)

 

 

(0.04

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

0.14

 

 

 

 

Environmental charge

 

 

0.05

 

 

 

 

 

 

 

 

 

0.06

 

 

 

 

Adjusted Net Income Per Diluted Share

 

$

0.12

 

 

$

0.74

 

 

$

0.59

 

 

$

4.80

 

 

$

6.22

 

 

Contacts

(Investors)

Jerry Richards

509.835.1521

(Media)

Anna Torma

509.835.1558

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