PotlatchDeltic Corporation Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights
-
Generated Total Adjusted EBITDDA of
$103.2 million and Total Adjusted EBITDDA margin of 32% -
Completed the sale of 34,100 acres of four-year average age Southern timberlands for
$57 million , or$1,700 per acre -
Repurchased 610,000 shares for
$25 million , or$41 per share -
Finalizing construction of the
$131 million Waldo, Arkansas sawmill expansion and modernization project -
Maintained strong liquidity of nearly
$500 million as ofJune 30, 2024
“All of our business segments delivered solid operational execution in the second quarter in spite of languishing lumber markets and the current economic backdrop,” said
Financial Highlights
($ in millions, except per share data) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
Q2 2023 |
|
|||
Revenues |
|
$ |
320.7 |
|
|
$ |
228.1 |
|
|
$ |
246.1 |
|
Net income (loss) |
|
$ |
13.7 |
|
|
$ |
(0.3 |
) |
|
$ |
22.3 |
|
Weighted-average shares outstanding, diluted (in thousands) |
|
|
79,741 |
|
|
|
79,677 |
|
|
|
80,416 |
|
Net income (loss) per diluted share |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted Net Income (Loss)1 |
|
$ |
13.7 |
|
|
$ |
(0.3 |
) |
|
$ |
5.2 |
|
Adjusted Net Income (Loss) Per Diluted Share1 |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total Adjusted EBITDDA1 |
|
$ |
103.2 |
|
|
$ |
29.7 |
|
|
$ |
45.5 |
|
Total Adjusted EBITDDA Margin1 |
|
|
32.2 |
% |
|
|
13.0 |
% |
|
|
18.5 |
% |
Dividends per share |
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
Net cash from operations |
|
$ |
100.6 |
|
|
$ |
16.0 |
|
|
$ |
37.2 |
|
Cash and cash equivalents |
|
$ |
199.7 |
|
|
$ |
180.2 |
|
|
$ |
331.2 |
|
1 |
Adjusted Net Income, Adjusted Net Income Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to "Non-GAAP Measures" and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable. |
Business Performance: Q2 2024 vs. Q1 2024
Timberlands
Second Quarter 2024 Highlights
-
Timberlands Adjusted EBITDDA decreased
$0.5 million from Q1 2024 - Northern sawlog prices increased 9% primarily due to seasonally lighter logs and higher cedar sawlog prices
- Southern sawlog prices remained relatively flat
- Forest management costs increased due to seasonally higher activities
($ in millions) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
$ Change |
|
|||
Timberlands Revenues |
|
$ |
98.8 |
|
|
$ |
93.0 |
|
|
$ |
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|||
Timberlands Adjusted EBITDDA1 |
|
$ |
34.2 |
|
|
$ |
34.7 |
|
|
$ |
(0.5 |
) |
1 |
Refer to Segment Information below for additional information. |
Wood Products
Second Quarter 2024 Highlights
-
Wood Products Adjusted EBITDDA decreased
$6.7 million from Q1 2024 -
Average lumber prices decreased 2% to
$423 per thousand board feet (MBF) in Q2 2024 -
Higher per-unit manufacturing costs primarily due to impacts from the expansion project at the
Waldo sawmill
($ in millions) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
$ Change |
|
|||
Wood Products Revenues |
|
$ |
153.6 |
|
|
$ |
148.6 |
|
|
$ |
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|||
Wood Products Adjusted EBITDDA1 |
|
$ |
(6.8 |
) |
|
$ |
(0.1 |
) |
|
$ |
(6.7 |
) |
1 |
Refer to Segment Information below for additional information. |
Real Estate
Second Quarter 2024 Highlights
-
Real Estate Adjusted EBITDDA increased
$83.4 million from Q1 2024 -
Sold 43,121 acres of rural land at an average price of
$1,968 per acre, including the sale of 34,100 acres toForest Investment Associates for$57 million -
Sold 13 residential lots at an average price of
$112,721 per lot -
Sold 12 commercial acres for
$492,746 per acre
($ in millions) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
$ Change |
|
|||
Real Estate Revenues |
|
$ |
95.7 |
|
|
$ |
11.1 |
|
|
$ |
84.6 |
|
|
|
|
|
|
|
|
|
|
|
|||
Real Estate Adjusted EBITDDA1 |
|
$ |
89.6 |
|
|
$ |
6.2 |
|
|
$ |
83.4 |
|
1 |
Refer to Segment Information below for additional information. |
Non-GAAP Measures
This press release includes certain financial measures that are not in accordance with accounting principles generally accepted in
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share are non-GAAP measures that represent GAAP net income (loss) and GAAP net income (loss) per diluted share before certain items, net of tax, that management believes impact the ability to compare the performance of our business, either period-over-period or with other businesses.
Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures that remove the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis and can be used to evaluate the operational performance of assets under management.
We define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues.
Reconciliations of Total Adjusted EBITDDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share to their most comparable GAAP measures are set forth in the accompanying “Non-GAAP Reconciliations” at the end of this release.
Conference Call Information
A live conference call and webcast will be held
A replay of the conference call will be available two hours following the call until
About
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, expenses and liquidity; disciplined and opportunistic capital allocation strategy; expected completion of the
Condensed Consolidated Statements of Operations Unaudited |
|||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Revenues |
$ |
320,671 |
|
|
$ |
228,127 |
|
|
|
$ |
246,101 |
|
|
$ |
548,798 |
|
|
$ |
504,063 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cost of goods sold |
|
282,473 |
|
|
|
212,160 |
|
|
|
|
215,063 |
|
|
|
494,633 |
|
|
|
439,413 |
|
|
Selling, general and administrative expenses |
|
20,752 |
|
|
|
20,727 |
|
|
|
|
17,585 |
|
|
|
41,479 |
|
|
|
35,815 |
|
|
CatchMark merger-related expenses |
|
— |
|
|
|
— |
|
|
|
|
|
244 |
|
|
|
— |
|
|
|
2,453 |
|
Gain on fire damage |
|
— |
|
|
|
— |
|
|
|
|
(23,110 |
) |
|
|
— |
|
|
|
(23,110 |
) |
|
|
|
303,225 |
|
|
|
232,887 |
|
|
|
|
209,782 |
|
|
|
536,112 |
|
|
|
454,571 |
|
|
Operating income (loss) |
|
17,446 |
|
|
|
(4,760 |
) |
|
|
|
36,319 |
|
|
|
12,686 |
|
|
|
49,492 |
|
|
Interest expense, net |
|
(8,696 |
) |
|
|
282 |
|
|
|
|
(7,613 |
) |
|
|
(8,414 |
) |
|
|
(7,812 |
) |
|
Non-operating pension and other postretirement employee benefits |
|
201 |
|
|
|
201 |
|
|
|
|
(229 |
) |
|
|
402 |
|
|
|
(457 |
) |
|
Other |
|
(23 |
) |
|
|
(145 |
) |
|
|
|
|
258 |
|
|
|
(168 |
) |
|
|
268 |
|
Income (loss) before income taxes |
|
8,928 |
|
|
|
(4,422 |
) |
|
|
|
28,735 |
|
|
|
4,506 |
|
|
|
41,491 |
|
|
Income taxes |
|
4,750 |
|
|
|
4,117 |
|
|
|
|
(6,429 |
) |
|
|
8,867 |
|
|
|
(2,925 |
) |
|
Net income (loss) |
$ |
13,678 |
|
|
$ |
(305 |
) |
|
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
0.17 |
|
|
$ |
— |
|
|
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
|
Diluted |
$ |
0.17 |
|
|
$ |
— |
|
|
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
|
Dividends per share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
|
$ |
0.45 |
|
|
$ |
0.90 |
|
|
$ |
0.90 |
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
79,627 |
|
|
|
79,677 |
|
|
|
|
80,145 |
|
|
|
79,656 |
|
|
|
80,087 |
|
|
Diluted |
|
79,741 |
|
|
|
79,677 |
|
|
|
|
80,416 |
|
|
|
79,756 |
|
|
|
80,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets Unaudited |
||||||||
(in thousands, except per share amounts) |
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
199,723 |
|
|
$ |
230,118 |
|
Customer receivables, net |
|
|
29,977 |
|
|
|
21,892 |
|
Inventories, net |
|
|
80,097 |
|
|
|
78,665 |
|
Other current assets |
|
|
47,132 |
|
|
|
46,258 |
|
Total current assets |
|
|
356,929 |
|
|
|
376,933 |
|
Property, plant and equipment, net |
|
|
377,060 |
|
|
|
372,832 |
|
Investment in real estate held for development and sale |
|
|
55,298 |
|
|
|
56,321 |
|
Timber and timberlands, net |
|
|
2,394,709 |
|
|
|
2,440,398 |
|
Intangible assets, net |
|
|
14,751 |
|
|
|
15,640 |
|
Other long-term assets |
|
|
180,304 |
|
|
|
169,132 |
|
Total assets |
|
$ |
3,379,051 |
|
|
$ |
3,431,256 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
$ |
95,477 |
|
|
$ |
82,383 |
|
Current portion of long-term debt |
|
|
175,692 |
|
|
|
175,615 |
|
Current portion of pension and other postretirement employee benefits |
|
|
4,535 |
|
|
|
4,535 |
|
Total current liabilities |
|
|
275,704 |
|
|
|
262,533 |
|
Long-term debt |
|
|
858,617 |
|
|
|
858,113 |
|
Pension and other postretirement employee benefits |
|
|
68,621 |
|
|
|
67,856 |
|
Deferred tax liabilities, net |
|
|
27,680 |
|
|
|
36,641 |
|
Other long-term obligations |
|
|
35,830 |
|
|
|
35,015 |
|
Total liabilities |
|
|
1,266,452 |
|
|
|
1,260,158 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, |
|
|
78,902 |
|
|
|
79,365 |
|
Additional paid-in capital |
|
|
2,309,555 |
|
|
|
2,303,992 |
|
Accumulated deficit |
|
|
(397,967 |
) |
|
|
(315,291 |
) |
Accumulated other comprehensive income |
|
|
122,109 |
|
|
|
103,032 |
|
Total stockholders’ equity |
|
|
2,112,599 |
|
|
|
2,171,098 |
|
Total liabilities and stockholders' equity |
|
$ |
3,379,051 |
|
|
$ |
3,431,256 |
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
Adjustments to reconcile net income (loss) to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization |
|
29,674 |
|
|
|
30,802 |
|
|
|
27,496 |
|
|
|
60,476 |
|
|
|
59,669 |
|
Basis of real estate sold |
|
56,525 |
|
|
|
4,092 |
|
|
|
4,884 |
|
|
|
60,617 |
|
|
|
15,515 |
|
Change in deferred taxes |
|
(4,694 |
) |
|
|
(4,145 |
) |
|
|
(2,609 |
) |
|
|
(8,839 |
) |
|
|
(2,215 |
) |
Pension and other postretirement employee benefits |
|
1,145 |
|
|
|
1,143 |
|
|
|
1,612 |
|
|
|
2,288 |
|
|
|
3,223 |
|
Equity-based compensation expense |
|
2,962 |
|
|
|
2,560 |
|
|
|
1,577 |
|
|
|
5,522 |
|
|
|
3,856 |
|
Gain on fire damage |
|
— |
|
|
|
— |
|
|
|
(23,110 |
) |
|
|
— |
|
|
|
(23,110 |
) |
Interest received under swaps with other-than-insignificant financing element |
|
(7,509 |
) |
|
|
(7,458 |
) |
|
|
(6,313 |
) |
|
|
(14,967 |
) |
|
|
(11,767 |
) |
Other, net |
|
2,351 |
|
|
|
2,961 |
|
|
|
1,911 |
|
|
|
5,312 |
|
|
|
3,856 |
|
Change in working capital and operating-related activities, net |
|
9,256 |
|
|
|
(13,252 |
) |
|
|
2,871 |
|
|
|
(3,996 |
) |
|
|
(14,334 |
) |
Real estate development expenditures |
|
(1,587 |
) |
|
|
(1,135 |
) |
|
|
(1,896 |
) |
|
|
(2,722 |
) |
|
|
(4,304 |
) |
Funding of pension and other postretirement employee benefits |
|
(1,221 |
) |
|
|
(914 |
) |
|
|
(1,217 |
) |
|
|
(2,135 |
) |
|
|
(2,304 |
) |
Proceeds from insurance recoveries |
|
— |
|
|
|
1,680 |
|
|
|
9,706 |
|
|
|
1,680 |
|
|
|
9,706 |
|
Net cash from operating activities |
|
100,580 |
|
|
|
16,029 |
|
|
|
37,218 |
|
|
|
116,609 |
|
|
|
76,357 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment additions |
|
(21,608 |
) |
|
|
(4,995 |
) |
|
|
(5,880 |
) |
|
|
(26,603 |
) |
|
|
(10,135 |
) |
Timberlands reforestation and roads |
|
(4,940 |
) |
|
|
(7,874 |
) |
|
|
(4,596 |
) |
|
|
(12,814 |
) |
|
|
(10,714 |
) |
Acquisition of timber and timberlands |
|
(43 |
) |
|
|
(31,438 |
) |
|
|
(1,621 |
) |
|
|
(31,481 |
) |
|
|
(1,621 |
) |
Interest received under swaps with other-than-insignificant financing element |
|
6,986 |
|
|
|
6,938 |
|
|
|
5,849 |
|
|
|
13,924 |
|
|
|
10,904 |
|
Other, net |
|
245 |
|
|
|
373 |
|
|
|
242 |
|
|
|
618 |
|
|
|
664 |
|
Net cash from investing activities |
|
(19,360 |
) |
|
|
(36,996 |
) |
|
|
(6,006 |
) |
|
|
(56,356 |
) |
|
|
(10,902 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Distributions to common stockholders |
|
(35,677 |
) |
|
|
(35,779 |
) |
|
|
(35,958 |
) |
|
|
(71,456 |
) |
|
|
(71,920 |
) |
Repurchase of common stock |
|
(23,905 |
) |
|
|
— |
|
|
|
(394 |
) |
|
|
(23,905 |
) |
|
|
(394 |
) |
Other, net |
|
(1,444 |
) |
|
|
(792 |
) |
|
|
(1,117 |
) |
|
|
(2,236 |
) |
|
|
(1,955 |
) |
Net cash from financing activities |
|
(61,026 |
) |
|
|
(36,571 |
) |
|
|
(37,469 |
) |
|
|
(97,597 |
) |
|
|
(74,269 |
) |
Change in cash, cash equivalents and restricted cash |
|
20,194 |
|
|
|
(57,538 |
) |
|
|
(6,257 |
) |
|
|
(37,344 |
) |
|
|
(8,814 |
) |
Cash, cash equivalents and restricted cash, beginning |
|
180,150 |
|
|
|
237,688 |
|
|
|
343,034 |
|
|
|
237,688 |
|
|
|
345,591 |
|
Cash, cash equivalents and restricted cash, ending1 |
$ |
200,344 |
|
|
$ |
180,150 |
|
|
$ |
336,777 |
|
|
$ |
200,344 |
|
|
$ |
336,777 |
|
1 |
Includes |
Segment Information Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
98,802 |
|
|
$ |
92,950 |
|
|
$ |
88,617 |
|
|
$ |
191,752 |
|
|
$ |
203,855 |
|
Wood Products |
|
153,579 |
|
|
|
148,598 |
|
|
|
167,669 |
|
|
|
302,177 |
|
|
|
320,464 |
|
Real Estate |
|
95,732 |
|
|
|
11,107 |
|
|
|
17,064 |
|
|
|
106,839 |
|
|
|
40,927 |
|
|
|
348,113 |
|
|
|
252,655 |
|
|
|
273,350 |
|
|
|
600,768 |
|
|
|
565,246 |
|
Intersegment Timberlands revenues |
|
(27,442 |
) |
|
|
(24,528 |
) |
|
|
(27,243 |
) |
|
|
(51,970 |
) |
|
|
(61,177 |
) |
Other intersegment revenues |
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
Consolidated revenues |
$ |
320,671 |
|
|
$ |
228,127 |
|
|
$ |
246,101 |
|
|
$ |
548,798 |
|
|
$ |
504,063 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
34,124 |
|
|
$ |
34,748 |
|
|
$ |
29,316 |
|
|
$ |
68,872 |
|
|
$ |
75,955 |
|
Wood Products |
|
(6,805 |
) |
|
|
(139 |
) |
|
|
11,967 |
|
|
|
(6,944 |
) |
|
|
11,936 |
|
Real Estate |
|
89,568 |
|
|
|
6,228 |
|
|
|
12,237 |
|
|
|
95,796 |
|
|
|
31,702 |
|
Corporate |
|
(11,756 |
) |
|
|
(12,665 |
) |
|
|
(10,521 |
) |
|
|
(24,421 |
) |
|
|
(21,262 |
) |
Eliminations and adjustments |
|
(1,958 |
) |
|
|
1,550 |
|
|
|
2,446 |
|
|
|
(408 |
) |
|
|
4,891 |
|
Total Adjusted EBITDDA |
|
103,173 |
|
|
|
29,722 |
|
|
|
45,445 |
|
|
|
132,895 |
|
|
|
103,222 |
|
Interest expense, net2 |
|
(8,696 |
) |
|
|
282 |
|
|
|
(7,613 |
) |
|
|
(8,414 |
) |
|
|
(7,812 |
) |
Depreciation, depletion and amortization |
|
(29,268 |
) |
|
|
(30,395 |
) |
|
|
(27,087 |
) |
|
|
(59,663 |
) |
|
|
(58,851 |
) |
Basis of real estate sold |
|
(56,525 |
) |
|
|
(4,092 |
) |
|
|
(4,884 |
) |
|
|
(60,617 |
) |
|
|
(15,515 |
) |
CatchMark merger-related expenses |
|
— |
|
|
|
— |
|
|
|
(244 |
) |
|
|
— |
|
|
|
(2,453 |
) |
Gain on fire damage |
|
— |
|
|
|
— |
|
|
|
23,110 |
|
|
|
— |
|
|
|
23,110 |
|
Non-operating pension and other postretirement employee benefits |
|
201 |
|
|
|
201 |
|
|
|
(229 |
) |
|
|
402 |
|
|
|
(457 |
) |
Gain (loss) on disposal of fixed assets |
|
66 |
|
|
|
5 |
|
|
|
(21 |
) |
|
|
71 |
|
|
|
(21 |
) |
Other |
|
(23 |
) |
|
|
(145 |
) |
|
|
258 |
|
|
|
(168 |
) |
|
|
268 |
|
Income (loss) before income taxes |
$ |
8,928 |
|
|
$ |
(4,422 |
) |
|
$ |
28,735 |
|
|
$ |
4,506 |
|
|
$ |
41,491 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
16,790 |
|
|
$ |
17,625 |
|
|
$ |
15,895 |
|
|
$ |
34,415 |
|
|
$ |
36,356 |
|
Wood Products |
|
12,227 |
|
|
|
12,516 |
|
|
|
10,948 |
|
|
|
24,743 |
|
|
|
21,983 |
|
Real Estate |
|
136 |
|
|
|
138 |
|
|
|
121 |
|
|
|
274 |
|
|
|
277 |
|
Corporate |
|
115 |
|
|
|
116 |
|
|
|
123 |
|
|
|
231 |
|
|
|
235 |
|
|
|
29,268 |
|
|
|
30,395 |
|
|
|
27,087 |
|
|
|
59,663 |
|
|
|
58,851 |
|
Bond discounts and deferred loan fees2 |
|
406 |
|
|
|
407 |
|
|
|
409 |
|
|
|
813 |
|
|
|
818 |
|
Total depreciation, depletion and amortization |
$ |
29,674 |
|
|
$ |
30,802 |
|
|
$ |
27,496 |
|
|
$ |
60,476 |
|
|
$ |
59,669 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basis of real estate sold |
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate |
$ |
56,528 |
|
|
$ |
4,094 |
|
|
$ |
4,887 |
|
|
$ |
60,622 |
|
|
$ |
15,518 |
|
Eliminations and adjustments |
|
(3 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
Total basis of real estate sold |
$ |
56,525 |
|
|
$ |
4,092 |
|
|
$ |
4,884 |
|
|
$ |
60,617 |
|
|
$ |
15,515 |
|
1 |
Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations. |
|
2 |
Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations. |
Non-GAAP Reconciliations Unaudited |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(in thousands, except per share amount) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) (GAAP) |
|
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
Interest expense, net |
|
|
8,696 |
|
|
|
(282 |
) |
|
|
7,613 |
|
|
|
8,414 |
|
|
|
7,812 |
|
Income taxes |
|
|
(4,750 |
) |
|
|
(4,117 |
) |
|
|
6,429 |
|
|
|
(8,867 |
) |
|
|
2,925 |
|
Depreciation, depletion and amortization |
|
|
29,268 |
|
|
|
30,395 |
|
|
|
27,087 |
|
|
|
59,663 |
|
|
|
58,851 |
|
Basis of real estate sold |
|
|
56,525 |
|
|
|
4,092 |
|
|
|
4,884 |
|
|
|
60,617 |
|
|
|
15,515 |
|
CatchMark merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
|
|
2,453 |
|
Gain on fire damage |
|
|
— |
|
|
|
— |
|
|
|
(23,110 |
) |
|
|
— |
|
|
|
(23,110 |
) |
Non-operating pension and other postretirement employee benefits |
|
|
(201 |
) |
|
|
(201 |
) |
|
|
229 |
|
|
|
(402 |
) |
|
|
457 |
|
(Gain) loss on disposal of fixed assets |
|
|
(66 |
) |
|
|
(5 |
) |
|
|
21 |
|
|
|
(71 |
) |
|
|
21 |
|
Other |
|
|
23 |
|
|
|
145 |
|
|
|
(258 |
) |
|
|
168 |
|
|
|
(268 |
) |
Total Adjusted EBITDDA |
|
$ |
103,173 |
|
|
$ |
29,722 |
|
|
$ |
45,445 |
|
|
$ |
132,895 |
|
|
$ |
103,222 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income (Loss)1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) (GAAP) |
|
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
Special items after tax: |
|
|
|
|
|
|
|
|
|
|
||||||||||
CatchMark merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
|
|
2,453 |
|
Gain on fire damage |
|
|
— |
|
|
|
— |
|
|
|
(17,333 |
) |
|
|
— |
|
|
|
(17,333 |
) |
Adjusted Net Income (Loss) |
|
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
5,217 |
|
|
$ |
13,373 |
|
|
$ |
23,686 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income (Loss) Per Diluted Share1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) per diluted share (GAAP) |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
Special items after tax: |
|
|
|
|
|
|
|
|
|
|
||||||||||
CatchMark merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
Gain on fire damage |
|
|
— |
|
|
|
— |
|
|
|
(0.22 |
) |
|
|
— |
|
|
|
(0.22 |
) |
Adjusted Net Income (Loss) Per Diluted Share |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.06 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
1 |
See "Non-GAAP Measures" for further details on management's use of these measures. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729303934/en/
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