PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2021 Results

PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $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 was $100.0 million, or $1.48 per diluted share, on revenues of $337.4 million for the quarter ended December 31, 2020.

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 fire damage, adjusted net income was $421.4 million, or $6.22 per share for 2021. Net income for the full year 2020 was $166.8 million, or $2.47 per diluted share, on revenues of $1.0 billion. Excluding an after-tax pension settlement charge, adjusted net income was $198.6 million, or $2.94 per diluted share for 2020.

2021 Highlights

  • Generated record Total Adjusted EBITDDA of $652.9 million and Total Adjusted EBITDDA margin of 49%
  • Record Wood Products Adjusted EBITDDA of $393.9 million driven by historic lumber prices
  • Timberlands Adjusted EBITDDA of $262.9 million was a record level due to leveraged Idaho lumber indexed pricing
  • Acquired $134 million of high-quality timberlands
  • Returned $388 million to shareholders through regular dividends and a Q4 special dividend
  • Maintained strong liquidity position of $595 million as of December 31, 2021

“2021 was an extraordinary year, with our Wood Products and Timberlands businesses far exceeding last year's record performance," said Eric Cremers, president and chief executive officer. "Our leverage-to-lumber strategy capitalized on historic lumber prices and is well situated to continue to drive strong financial performance into 2022. Additionally, we returned $388 million to shareholders in 2021, including a special dividend in December, and are well positioned to continue growing shareholder value through our disciplined and opportunistic capital allocation strategy," stated Mr. Cremers.

Financial Highlights

(in millions, except per share data - unaudited)

 

Q4 2021

 

 

Q3 2021

 

 

Q4 2020

 

 

Revenues

 

$

248.4

 

 

$

287.3

 

 

$

337.4

 

 

Net income

 

$

39.2

 

 

$

65.7

 

 

$

100.0

 

 

Weighted average shares outstanding, diluted (in thousands)

 

 

67,974

 

 

 

67,648

 

 

 

67,607

 

 

Net income per diluted share

 

$

0.58

 

 

$

0.97

 

 

$

1.48

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

39.9

 

 

$

62.4

 

 

$

100.0

 

 

Adjusted net income per diluted share

 

$

0.59

 

 

$

0.92

 

 

$

1.48

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

75.7

 

 

$

107.2

 

 

$

163.9

 

 

Dividends per share1

 

$

4.44

 

 

$

0.41

 

 

$

0.41

 

 

Net cash from operations

 

$

51.6

 

 

$

111.9

 

 

$

144.4

 

 

Cash and cash equivalents

 

$

296.2

 

 

$

592.8

 

 

$

252.3

 

 

1The regular dividend was increased 7.3% to $0.44 per quarter and a special dividend of $4 per share was paid Q4 2021.

Business Performance: Q4 2021 vs. Q3 2021

Timberlands

Fourth Quarter 2021 Highlights

  • Timberlands Adjusted EBITDDA decreased $34.2 million from Q3 2021 levels
  • Northern sawlog price decreased 28% primarily due to lower indexed and cedar sawlog prices
  • Northern harvest volumes were seasonally lower
  • Forest management costs decreased seasonally

(in millions - unaudited)

 

Q4 2021

 

 

Q3 2021

 

 

$ Change

 

Segment Revenues

 

$

86.8

 

 

$

129.5

 

 

$

(42.7

)

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA

 

$

41.8

 

 

$

76.0

 

 

$

(34.2

)

Wood Products

Fourth Quarter 2021 Highlights

  • Wood Products Adjusted EBITDDA increased $10.6 million from Q3 2021 levels
  • Average lumber price increased 6% to $563 per MBF in Q4 2021
  • Log costs decreased due to lower index pricing in Idaho
  • Plywood price declined from historic levels

(in millions - unaudited)

 

Q4 2021

 

 

Q3 2021

 

 

$ Change

 

Segment Revenues

 

$

174.2

 

 

$

187.8

 

 

$

(13.6

)

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA

 

$

37.2

 

 

$

26.6

 

 

$

10.6

 

Real Estate

Fourth Quarter 2021 Highlights

  • Real Estate Adjusted EBITDDA increased $0.9 million from Q3 2021 levels
  • Reflects higher rural land sales, partially offset by lower residential lot sales
  • Sold 5,674 acres of rural land at an average price of $1,566/acre
  • Sold 37 residential lots at an average price of $71,757/lot

(in millions - unaudited)

 

Q4 2021

 

 

Q3 2021

 

 

$ Change

 

Segment Revenues

 

$

14.0

 

 

$

13.5

 

 

$

0.5

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA

 

$

10.0

 

 

$

9.1

 

 

$

0.9

 

Outlook

"2022 is off to a great start with the recent surge in lumber prices benefitting both our Timberlands and Wood Products businesses. We expect housing-related fundamentals that drive demand in our business to remain favorable and we continue to expect lumber prices will remain higher than long-term averages. We continue to monitor the pandemic and the trend in mortgage rates and their impact on lumber demand and our business. During 2022, we expect to harvest approximately 6.1 million tons in our Timberlands segment, ship around 1 billion board feet in lumber, and sell about 13,500 rural acres and 165 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, February 1, 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 February 8, 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 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; favorable housing market fundamentals; lumber pricing; lumber shipment volumes; timber harvest volumes; rural real estate and development real estate sales; 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

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

(in thousands, except per share amounts)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

248,406

 

 

$

287,330

 

 

$

337,449

 

 

$

1,337,435

 

 

$

1,040,930

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

178,163

 

 

 

190,602

 

 

 

183,860

 

 

 

715,846

 

 

 

687,781

 

Selling, general and administrative expenses

 

 

18,650

 

 

 

18,512

 

 

 

20,455

 

 

 

73,432

 

 

 

72,519

 

Net loss (gain) on fire damage

 

 

1,033

 

 

 

(4,394

)

 

 

 

 

 

(3,361

)

 

 

 

 

 

 

197,846

 

 

 

204,720

 

 

 

204,315

 

 

 

785,917

 

 

 

760,300

 

Operating income

 

 

50,560

 

 

 

82,610

 

 

 

133,134

 

 

 

551,518

 

 

 

280,630

 

Interest expense, net

 

 

(8,861

)

 

 

(8,641

)

 

 

(8,869

)

 

 

(29,275

)

 

 

(29,463

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,988

)

Non-operating pension and other postretirement costs

 

 

(3,271

)

 

 

(3,271

)

 

 

(3,556

)

 

 

(13,227

)

 

 

(14,226

)

Income before income taxes

 

 

38,428

 

 

 

70,698

 

 

 

120,709

 

 

 

509,016

 

 

 

193,953

 

Income taxes

 

 

754

 

 

 

(5,031

)

 

 

(20,692

)

 

 

(85,156

)

 

 

(27,123

)

Net income

 

$

39,182

 

 

$

65,667

 

 

$

100,017

 

 

$

423,860

 

 

$

166,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.58

 

 

$

0.98

 

 

$

1.49

 

 

$

6.29

 

 

$

2.48

 

Diluted

 

$

0.58

 

 

$

0.97

 

 

$

1.48

 

 

$

6.26

 

 

$

2.47

 

Dividends per share1

 

$

4.44

 

 

$

0.41

 

 

$

0.41

 

 

$

5.67

 

 

$

1.61

 

Weighted-average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

67,572

 

 

 

67,315

 

 

 

67,159

 

 

 

67,352

 

 

 

67,237

 

Diluted

 

 

67,974

 

 

 

67,648

 

 

 

67,607

 

 

 

67,719

 

 

 

67,568

 

1

The regular dividend was increased 7.3% to $0.44 per quarter and a special dividend of $4 per share was paid Q4 2021.

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheet

Unaudited

 

 

 

At December 31,

 

(in thousands, except per share amounts)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

296,151

 

 

$

252,340

 

Customer receivables, net

 

 

31,028

 

 

 

26,606

 

Inventories, net

 

 

72,369

 

 

 

62,036

 

Other current assets

 

 

21,630

 

 

 

16,136

 

Total current assets

 

 

421,178

 

 

 

357,118

 

Property, plant and equipment, net

 

 

292,320

 

 

 

288,544

 

Investment in real estate held for development and sale

 

 

65,604

 

 

 

72,355

 

Timber and timberlands, net

 

 

1,682,671

 

 

 

1,600,061

 

Intangible assets, net

 

 

15,491

 

 

 

16,270

 

Other long-term assets

 

 

57,951

 

 

 

46,717

 

Total assets

 

$

2,535,215

 

 

$

2,381,065

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

78,209

 

 

$

93,279

 

Current portion of long-term debt

 

 

42,977

 

 

 

39,981

 

Current portion of pension and other postretirement employee benefits

 

 

4,993

 

 

 

6,574

 

Total current liabilities

 

 

126,179

 

 

 

139,834

 

Long-term debt

 

 

715,279

 

 

 

717,366

 

Pension and other postretirement employee benefits

 

 

83,674

 

 

 

128,807

 

Deferred tax liabilities, net

 

 

34,874

 

 

 

17,740

 

Other long-term obligations

 

 

49,076

 

 

 

72,365

 

Total liabilities

 

 

1,009,082

 

 

 

1,076,112

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $1 par value

 

 

69,064

 

 

 

66,876

 

Additional paid-in capital

 

 

1,781,217

 

 

 

1,674,576

 

Accumulated deficit

 

 

(280,910

)

 

 

(315,510

)

Accumulated other comprehensive loss

 

 

(43,238

)

 

 

(120,989

)

Total stockholders’ equity

 

 

1,526,133

 

 

 

1,304,953

 

Total liabilities and stockholders' equity

 

$

2,535,215

 

 

$

2,381,065

 

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)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

39,182

 

 

$

65,667

 

 

$

100,017

 

 

$

423,860

 

 

$

166,830

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

20,060

 

 

 

21,534

 

 

 

20,076

 

 

 

77,425

 

 

 

77,885

 

Basis of real estate sold

 

 

4,627

 

 

 

6,697

 

 

 

10,908

 

 

 

27,360

 

 

 

25,348

 

Change in deferred taxes

 

 

(3,196

)

 

 

2,659

 

 

 

(223

)

 

 

25

 

 

 

(14,610

)

Pension and other postretirement benefits

 

 

5,484

 

 

 

5,484

 

 

 

5,916

 

 

 

22,079

 

 

 

23,666

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,988

 

Equity-based compensation expense

 

 

2,262

 

 

 

2,275

 

 

 

2,135

 

 

 

8,607

 

 

 

8,063

 

Net loss (gain) on fire damage

 

 

1,033

 

 

 

(4,394

)

 

 

 

 

 

(3,361

)

 

 

 

Other, net

 

 

(270

)

 

 

928

 

 

 

(725

)

 

 

363

 

 

 

(1,269

)

Change in working capital and operating-related activities, net

 

 

(13,117

)

 

 

17,072

 

 

 

10,366

 

 

 

(33,199

)

 

 

23,072

 

Real estate development expenditures

 

 

(2,795

)

 

 

(2,435

)

 

 

(2,506

)

 

 

(9,229

)

 

 

(6,706

)

Funding of pension and other postretirement employee benefits

 

 

(1,626

)

 

 

(3,585

)

 

 

(1,546

)

 

 

(9,044

)

 

 

(10,004

)

Net cash provided by operating activities

 

 

51,644

 

 

 

111,902

 

 

 

144,418

 

 

 

504,886

 

 

 

335,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

 

(12,656

)

 

 

(10,348

)

 

 

(8,027

)

 

 

(38,947

)

 

 

(22,693

)

Timberlands reforestation and roads

 

 

(4,165

)

 

 

(4,282

)

 

 

(3,889

)

 

 

(16,401

)

 

 

(16,234

)

Acquisition of timber and timberlands

 

 

(17,616

)

 

 

(258

)

 

 

(2,120

)

 

 

(20,066

)

 

 

(6,858

)

Proceeds from property insurance recoveries

 

 

1,750

 

 

 

13,250

 

 

 

 

 

 

15,000

 

 

 

 

Other, net

 

 

276

 

 

 

358

 

 

 

108

 

 

 

1,269

 

 

 

3,593

 

Net cash used in investing activities

 

 

(32,411

)

 

 

(1,280

)

 

 

(13,928

)

 

 

(59,145

)

 

 

(42,192

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

 

(305,779

)

 

 

(27,489

)

 

 

(27,419

)

 

 

(388,241

)

 

 

(107,853

)

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,364

)

Proceeds from long-term debt

 

 

40,000

 

 

 

 

 

 

46,000

 

 

 

40,000

 

 

 

46,000

 

Repayment of long-term debt

 

 

(46,366

)

 

 

 

 

 

(46,000

)

 

 

(46,366

)

 

 

(46,000

)

Other, net

 

 

(3,083

)

 

 

(2,396

)

 

 

(735

)

 

 

(6,702

)

 

 

(1,768

)

Net cash used in financing activities

 

 

(315,228

)

 

 

(29,885

)

 

 

(28,154

)

 

 

(401,309

)

 

 

(124,985

)

Change in cash, cash equivalents and restricted cash

 

 

(295,995

)

 

 

80,737

 

 

 

102,336

 

 

 

44,432

 

 

 

168,086

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

592,767

 

 

 

512,030

 

 

 

150,004

 

 

 

252,340

 

 

 

84,254

 

Cash, cash equivalents and restricted cash at end of period

 

$

296,772

 

 

$

592,767

 

 

$

252,340

 

 

$

296,772

 

 

$

252,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: PotlatchDeltic issued 1.96 million shares of common stock and assumed debt of $6.6 million to acquire Loutre Land and Timber Company in December 2021. The debt was paid off after the transaction closed.

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

Three months ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

86,772

 

 

$

129,543

 

 

$

109,764

 

 

$

449,447

 

 

$

376,519

 

Wood Products

 

 

174,158

 

 

 

187,760

 

 

 

208,898

 

 

 

988,888

 

 

 

698,405

 

Real Estate

 

 

14,005

 

 

 

13,497

 

 

 

62,191

 

 

 

63,813

 

 

 

104,416

 

 

 

 

274,935

 

 

 

330,800

 

 

 

380,853

 

 

 

1,502,148

 

 

 

1,179,340

 

Intersegment Timberlands revenues

 

 

(26,529

)

 

 

(43,470

)

 

 

(43,404

)

 

 

(164,713

)

 

 

(138,410

)

Consolidated revenues

 

$

248,406

 

 

$

287,330

 

 

$

337,449

 

 

$

1,337,435

 

 

$

1,040,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

41,804

 

 

$

76,023

 

 

$

62,512

 

 

$

262,944

 

 

$

182,802

 

Wood Products

 

 

37,204

 

 

 

26,566

 

 

 

70,315

 

 

 

393,858

 

 

 

176,095

 

Real Estate

 

 

10,007

 

 

 

9,069

 

 

 

56,414

 

 

 

47,457

 

 

 

86,476

 

Corporate

 

 

(12,365

)

 

 

(11,496

)

 

 

(13,884

)

 

 

(47,393

)

 

 

(48,451

)

Eliminations and adjustments

 

 

(932

)

 

 

7,021

 

 

 

(11,459

)

 

 

(3,995

)

 

 

(14,694

)

Total Adjusted EBITDDA

 

 

75,718

 

 

 

107,183

 

 

 

163,898

 

 

 

652,871

 

 

 

382,228

 

Interest expense, net2

 

 

(8,861

)

 

 

(8,641

)

 

 

(8,869

)

 

 

(29,275

)

 

 

(29,463

)

Depreciation, depletion and amortization

 

 

(19,477

)

 

 

(21,131

)

 

 

(19,671

)

 

 

(75,633

)

 

 

(76,261

)

Net (loss) gain on fire damage

 

 

(1,033

)

 

 

4,394

 

 

 

 

 

 

3,361

 

 

 

 

Basis of real estate sold

 

 

(4,627

)

 

 

(6,697

)

 

 

(10,908

)

 

 

(27,360

)

 

 

(25,348

)

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,988

)

Non-operating pension and other postretirement employee benefits

 

 

(3,271

)

 

 

(3,271

)

 

 

(3,556

)

 

 

(13,227

)

 

 

(14,226

)

(Loss) gain on fixed assets

 

 

(21

)

 

 

(1,139

)

 

 

(185

)

 

 

(1,721

)

 

 

11

 

Income before income taxes

 

$

38,428

 

 

$

70,698

 

 

$

120,709

 

 

$

509,016

 

 

$

193,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

11,611

 

 

$

11,893

 

 

$

13,069

 

 

$

45,403

 

 

$

51,047

 

Wood Products

 

 

7,541

 

 

 

8,879

 

 

 

6,200

 

 

 

28,802

 

 

 

23,611

 

Real Estate

 

 

163

 

 

 

162

 

 

 

155

 

 

 

640

 

 

 

620

 

Corporate

 

 

162

 

 

 

197

 

 

 

247

 

 

 

788

 

 

 

983

 

 

 

 

19,477

 

 

 

21,131

 

 

 

19,671

 

 

 

75,633

 

 

 

76,261

 

Bond discounts and deferred loan fees2

 

 

583

 

 

 

403

 

 

 

405

 

 

 

1,792

 

 

 

1,624

 

Total depreciation, depletion and amortization

 

$

20,060

 

 

$

21,534

 

 

$

20,076

 

 

$

77,425

 

 

$

77,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

4,630

 

 

$

6,703

 

 

$

11,017

 

 

$

27,381

 

 

$

25,990

 

Eliminations and adjustments

 

 

(3

)

 

 

(6

)

 

 

(109

)

 

 

(21

)

 

 

(642

)

Total basis of real estate sold

 

$

4,627

 

 

$

6,697

 

 

$

10,908

 

 

$

27,360

 

 

$

25,348

 

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)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

39,182

 

 

$

65,667

 

 

$

100,017

 

 

$

423,860

 

 

$

166,830

 

Interest, net

 

 

8,861

 

 

 

8,641

 

 

 

8,869

 

 

 

29,275

 

 

 

29,463

 

Income taxes

 

 

(754

)

 

 

5,031

 

 

 

20,692

 

 

 

85,156

 

 

 

27,123

 

Depreciation, depletion and amortization

 

 

19,477

 

 

 

21,131

 

 

 

19,671

 

 

 

75,633

 

 

 

76,261

 

Basis of real estate sold

 

 

4,627

 

 

 

6,697

 

 

 

10,908

 

 

 

27,360

 

 

 

25,348

 

Net loss (gain) on fire damage

 

 

1,033

 

 

 

(4,394

)

 

 

 

 

 

(3,361

)

 

 

 

Pension settlement charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,988

 

Non-operating pension and other postretirement benefit costs

 

 

3,271

 

 

 

3,271

 

 

 

3,556

 

 

 

13,227

 

 

 

14,226

 

Loss (gain) on fixed assets

 

 

21

 

 

 

1,139

 

 

 

185

 

 

 

1,721

 

 

 

(11

)

Total Adjusted EBITDDA

 

$

75,718

 

 

$

107,183

 

 

$

163,898

 

 

$

652,871

 

 

$

382,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

39,182

 

 

$

65,667

 

 

$

100,017

 

 

$

423,860

 

 

$

166,830

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain) on fire damage, after tax

 

 

748

 

 

 

(3,252

)

 

 

 

 

 

(2,504

)

 

 

 

Pension settlement charge, after tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,811

 

Adjusted net income

 

$

39,930

 

 

$

62,415

 

 

$

100,017

 

 

$

421,356

 

 

$

198,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per diluted share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

0.58

 

 

$

0.97

 

 

$

1.48

 

 

$

6.26

 

 

$

2.47

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain) on fire damage, after tax

 

 

0.01

 

 

 

(0.05

)

 

 

 

 

 

(0.04

)

 

 

 

Pension settlement charge, after tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.47

 

Adjusted net income per diluted share

 

$

0.59

 

 

$

0.92

 

 

$

1.48

 

 

$

6.22

 

 

$

2.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

(Investors)

Jerry Richards

509.835.1521

(Media)

Anna Torma

509.835.1558

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