PotlatchDeltic Corporation Reports Third Quarter 2021 Results

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  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)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

(Investors)

Jerry Richards

509.835.1521

(Media)

Anna Torma

509.835.1558

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