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PotlatchDeltic Corporation Reports Second Quarter 2021 Results

07/26/2021

SPOKANE, Wash.--(BUSINESS WIRE)-- PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $187.9 million, or $2.77 per diluted share, on revenues of $447.5 million for the quarter ended June 30, 2021. Net income was $2.6 million, or $0.04 per diluted share, on revenues of $181.6 million for the quarter ended June 30, 2020.

Second Quarter 2021 Highlights

  • Generated record Total Adjusted EBITDDA of $275.0 million and Total Adjusted EBITDDA margin of 61%
  • Historic lumber prices drove record Wood Products Adjusted EBITDDA of $204.6 million
  • Record Timberlands Adjusted EBITDDA of $77.2 million propelled by higher Idaho sawlog prices
  • Extended strong liquidity position to $891 million as of Q2 2021

“Lumber prices continued their historic run in the second quarter, driving another quarter of record financial performance,” said Eric Cremers, president and chief executive officer. “Our employees did a good job navigating operational challenges, including a fire at our Ola, Arkansas sawmill. While lumber prices have recently retreated from historic highs, overall fundamentals that drive our business remain favorable. We are very well positioned to continue growing shareholder value and execute on our disciplined capital allocation strategy, including paying a meaningful special dividend in the fourth quarter of 2021,” stated Mr. Cremers.

Financial Highlights

($ in millions, except per share data)

 

Q2 2021

 

 

Q1 2021

 

 

Q2 2020

 

Revenues

 

$

447.5

 

 

$

354.2

 

 

$

181.6

 

Net income

 

$

187.9

 

 

$

131.1

 

 

$

2.6

 

Weighted average shares outstanding, diluted (in thousands)

 

 

67,732

 

 

 

67,607

 

 

 

67,359

 

Net income per diluted share

 

$

2.77

 

 

$

1.94

 

 

$

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

275.0

 

 

$

195.0

 

 

$

35.3

 

Dividends per share

 

$

0.41

 

 

$

0.41

 

 

$

0.40

 

Net cash from operations

 

$

171.4

 

 

$

169.9

 

 

$

39.8

 

Cash and cash equivalents

 

$

512.0

 

 

$

382.0

 

 

$

81.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Performance: Q2 2021 vs. Q1 2021

Timberlands

Second Quarter 2021 Highlights

  • Timberlands Adjusted EBITDDA increased $9.3 million from Q1 2021 levels
  • Northern sawlog prices increased 38%
  • Northern harvest volumes decreased seasonally due to spring breakup
  • Southern harvest volumes were flat as wet conditions impacted operations
  • Forest management costs increased due to seasonally higher activities

($ in millions)

 

Q2 2021

 

 

Q1 2021

 

 

$ Change

 

Timberlands Revenues

 

$

121.2

 

 

$

111.9

 

 

$

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

77.2

 

 

$

67.9

 

 

$

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products

Second Quarter 2021 Highlights

  • Wood Products Adjusted EBITDDA increased $79.1 million from Q1 2021 levels
  • Average lumber price realizations increased 33% to $1,185 per MBF in Q2 2021
  • Lumber shipments were lower than expected due to lower home center demand, transportation challenges and the Ola sawmill fire
  • Log costs increased due to higher index pricing in Idaho
  • Plywood price realizations increased due to strong demand from industrial manufacturers

($ in millions)

 

Q2 2021

 

 

Q1 2021

 

 

$ Change

 

Wood Products Revenues

 

$

357.7

 

 

$

269.3

 

 

$

88.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

204.6

 

 

$

125.5

 

 

$

79.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

Second Quarter 2021 Highlights

  • Real Estate Adjusted EBITDDA decreased $4.8 million due to seasonally lower lot sales and no commercial land sales
  • Sold 2,605 acres of rural land for $4,416/acre
  • Sold 19 residential lots at an average $91,000/lot

($ in millions)

 

Q2 2021

 

 

Q1 2021

 

 

$ Change

 

Real Estate Revenues

 

$

16.0

 

 

$

20.3

 

 

$

(4.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

11.8

 

 

$

16.6

 

 

$

(4.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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, July 27, 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 1-833-968-2227 for U.S./Canada and 1-778-560-2697 for international callers. Participants will be asked to provide conference I.D. number 9495212. 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 August 3, 2021 by calling 1-800-585-8367 for U.S./Canada or 1-416-621-4642 for international callers. Callers must enter conference I.D. number 9495212 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; Q3 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 developed lot; planned capital expenditures; number of seedlings planted; amount of greenhouse gas emitted; amount of CO2e sequestered; 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 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 (such as the Ola, Arkansas sawmill fire and fires 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

 

 

Six Months Ended

 

(in thousands, except per share amounts)

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

447,506

 

 

$

354,193

 

 

$

181,555

 

 

$

801,699

 

 

$

390,435

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

177,779

 

 

 

169,302

 

 

 

149,836

 

 

 

347,081

 

 

 

321,882

 

Selling, general and administrative expenses

 

 

19,512

 

 

 

16,758

 

 

 

16,811

 

 

 

36,270

 

 

 

31,018

 

 

 

 

197,291

 

 

 

186,060

 

 

 

166,647

 

 

 

383,351

 

 

 

352,900

 

Operating income

 

 

250,215

 

 

 

168,133

 

 

 

14,908

 

 

 

418,348

 

 

 

37,535

 

Interest expense, net

 

 

(8,199

)

 

 

(3,574

)

 

 

(8,339

)

 

 

(11,773

)

 

 

(12,037

)

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(42,988

)

Non-operating pension and other postretirement employee benefit costs

 

 

(3,271

)

 

 

(3,414

)

 

 

(3,478

)

 

 

(6,685

)

 

 

(7,113

)

Income (loss) before income taxes

 

 

238,745

 

 

 

161,145

 

 

 

3,091

 

 

 

399,890

 

 

 

(24,603

)

Income taxes

 

 

(50,840

)

 

 

(30,039

)

 

 

(453

)

 

 

(80,879

)

 

 

10,409

 

Net income (loss)

 

$

187,905

 

 

$

131,106

 

 

$

2,638

 

 

$

319,011

 

 

$

(14,194

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.79

 

 

$

1.95

 

 

$

0.04

 

 

$

4.74

 

 

$

(0.21

)

Diluted

 

$

2.77

 

 

$

1.94

 

 

$

0.04

 

 

$

4.71

 

 

$

(0.21

)

Dividends per share

 

$

0.41

 

 

$

0.41

 

 

$

0.40

 

 

$

0.82

 

 

$

0.80

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

67,316

 

 

 

67,207

 

 

 

67,176

 

 

 

67,265

 

 

 

67,321

 

Diluted

 

 

67,732

 

 

 

67,607

 

 

 

67,359

 

 

 

67,664

 

 

 

67,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

(in thousands, except per share amounts)

 

June 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

512,030

 

 

$

252,340

 

Customer receivables, net

 

 

56,694

 

 

 

26,606

 

Inventories, net

 

 

73,074

 

 

 

62,036

 

Other current assets

 

 

24,475

 

 

 

16,136

 

Total current assets

 

 

666,273

 

 

 

357,118

 

Property, plant and equipment, net

 

 

291,550

 

 

 

288,544

 

Investment in real estate held for development and sale

 

 

66,553

 

 

 

72,355

 

Timber and timberlands, net

 

 

1,580,827

 

 

 

1,600,061

 

Intangible assets, net

 

 

15,880

 

 

 

16,270

 

Other long-term assets

 

 

61,715

 

 

 

46,717

 

Total assets

 

$

2,682,798

 

 

$

2,381,065

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

97,462

 

 

$

93,279

 

Current portion of long-term debt

 

 

42,991

 

 

 

39,981

 

Current portion of pension and other postretirement employee benefits

 

 

6,574

 

 

 

6,574

 

Total current liabilities

 

 

147,027

 

 

 

139,834

 

Long-term debt

 

 

714,870

 

 

 

717,366

 

Pension and other postretirement employee benefits

 

 

128,251

 

 

 

128,807

 

Deferred tax liabilities, net

 

 

22,191

 

 

 

17,740

 

Other long-term obligations

 

 

58,670

 

 

 

72,365

 

Total liabilities

 

 

1,071,009

 

 

 

1,076,112

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 67,045 and 66,876 shares

 

 

67,045

 

 

 

66,876

 

Additional paid-in capital

 

 

1,678,661

 

 

 

1,674,576

 

Accumulated deficit

 

 

(51,670

)

 

 

(315,510

)

Accumulated other comprehensive loss

 

 

(82,247

)

 

 

(120,989

)

Total stockholders’ equity

 

 

1,611,789

 

 

 

1,304,953

 

Total liabilities and stockholders' equity

 

$

2,682,798

 

 

$

2,381,065

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2021

 

 

March 31,
2021

 

 

June 30,
2020

 

 

June 30,
2021

 

 

June 30,

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

187,905

 

 

$

131,106

 

 

$

2,638

 

 

$

319,011

 

 

$

(14,194

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

17,432

 

 

 

18,399

 

 

 

18,171

 

 

 

35,831

 

 

 

37,215

 

Basis of real estate sold

 

 

7,213

 

 

 

8,823

 

 

 

2,693

 

 

 

16,036

 

 

 

9,191

 

Change in deferred taxes

 

 

(928

)

 

 

1,490

 

 

 

(1,466

)

 

 

562

 

 

 

(13,849

)

Pension and other postretirement employee benefits

 

 

5,484

 

 

 

5,627

 

 

 

5,765

 

 

 

11,111

 

 

 

11,833

 

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

42,988

 

Equity-based compensation expense

 

 

2,140

 

 

 

1,930

 

 

 

1,980

 

 

 

4,070

 

 

 

3,865

 

Other, net

 

 

92

 

 

 

(387

)

 

 

(414

)

 

 

(295

)

 

 

(177

)

Change in working capital and operating-related activities, net

 

 

(43,867

)

 

 

6,713

 

 

 

13,840

 

 

 

(37,154

)

 

 

16,397

 

Real estate development expenditures

 

 

(1,684

)

 

 

(2,315

)

 

 

(2,109

)

 

 

(3,999

)

 

 

(2,487

)

Funding of pension and other postretirement employee benefits

 

 

(2,412

)

 

 

(1,421

)

 

 

(1,293

)

 

 

(3,833

)

 

 

(2,839

)

Net cash provided by operating activities

 

 

171,375

 

 

 

169,965

 

 

 

39,805

 

 

 

341,340

 

 

 

87,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

 

(8,181

)

 

 

(7,762

)

 

 

(5,256

)

 

 

(15,943

)

 

 

(10,295

)

Timberlands reforestation and roads

 

 

(3,998

)

 

 

(3,956

)

 

 

(3,466

)

 

 

(7,954

)

 

 

(7,776

)

Acquisition of timber and timberlands

 

 

(2,192

)

 

 

—

 

 

 

(540

)

 

 

(2,192

)

 

 

(4,730

)

Proceeds on sale of facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,000

 

Other, net

 

 

446

 

 

 

189

 

 

 

608

 

 

 

635

 

 

 

2,113

 

Net cash used in investing activities

 

 

(13,925

)

 

 

(11,529

)

 

 

(8,654

)

 

 

(25,454

)

 

 

(19,688

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

 

(27,489

)

 

 

(27,484

)

 

 

(26,744

)

 

 

(54,973

)

 

 

(53,685

)

Repurchase of common stock

 

 

—

 

 

 

—

 

 

 

(3,009

)

 

 

—

 

 

 

(15,364

)

Other, net

 

 

(632

)

 

 

(591

)

 

 

(284

)

 

 

(1,223

)

 

 

(526

)

Net cash used in financing activities

 

 

(28,121

)

 

 

(28,075

)

 

 

(30,037

)

 

 

(56,196

)

 

 

(69,575

)

Change in cash, cash equivalents and restricted cash

 

 

129,329

 

 

 

130,361

 

 

 

1,114

 

 

 

259,690

 

 

 

(1,320

)

Cash, cash equivalents and restricted cash, beginning

 

 

382,701

 

 

 

252,340

 

 

 

81,820

 

 

 

252,340

 

 

 

84,254

 

Cash, cash equivalents and restricted cash, ending

 

$

512,030

 

 

$

382,701

 

 

$

82,934

 

 

$

512,030

 

 

$

82,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2021

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

121,216

 

 

$

111,916

 

 

$

67,345

 

 

 

$

233,132

 

 

$

149,770

 

Wood Products

 

 

357,673

 

 

 

269,296

 

 

 

126,216

 

 

 

 

626,969

 

 

 

271,216

 

Real Estate

 

 

15,998

 

 

 

20,313

 

 

 

13,105

 

 

 

 

36,311

 

 

 

24,074

 

 

 

 

494,887

 

 

 

401,525

 

 

 

206,666

 

 

 

 

896,412

 

 

 

445,060

 

Intersegment Timberlands revenues

 

 

(47,381

)

 

 

(47,332

)

 

 

(25,111

)

 

 

 

(94,713

)

 

 

(54,625

)

Consolidated revenues

 

$

447,506

 

 

$

354,193

 

 

$

181,555

 

 

 

$

801,699

 

 

$

390,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

77,259

 

 

$

67,858

 

 

$

25,659

 

 

 

$

145,117

 

 

$

60,641

 

Wood Products

 

 

204,533

 

 

 

125,555

 

 

 

10,907

 

 

 

 

330,088

 

 

 

24,136

 

Real Estate

 

 

11,788

 

 

 

16,593

 

 

 

9,256

 

 

 

 

28,381

 

 

 

16,596

 

Corporate

 

 

(12,822

)

 

 

(10,710

)

 

 

(10,534

)

 

 

 

(23,532

)

 

 

(19,206

)

Eliminations and adjustments

 

 

(5,774

)

 

 

(4,310

)

 

 

85

 

 

 

 

(10,084

)

 

 

777

 

Total Adjusted EBITDDA

 

 

274,984

 

 

 

194,986

 

 

 

35,373

 

 

 

 

469,970

 

 

 

82,944

 

Interest expense, net

 

 

(8,199

)

 

 

(3,574

)

 

 

(8,339

)

 

 

 

(11,773

)

 

 

(12,037

)

Depreciation, depletion and amortization

 

 

(17,029

)

 

 

(17,996

)

 

 

(17,765

)

 

 

 

(35,025

)

 

 

(36,403

)

Basis of real estate sold

 

 

(7,213

)

 

 

(8,823

)

 

 

(2,693

)

 

 

 

(16,036

)

 

 

(9,191

)

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(42,988

)

Non-operating pension and other postretirement employee benefits

 

 

(3,271

)

 

 

(3,414

)

 

 

(3,478

)

 

 

 

(6,685

)

 

 

(7,113

)

(Loss) gain on disposal of fixed assets

 

 

(527

)

 

 

(34

)

 

 

(7

)

 

 

 

(561

)

 

 

185

 

Income (loss) before income taxes

 

$

238,745

 

 

$

161,145

 

 

$

3,091

 

 

 

$

399,890

 

 

$

(24,603

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

10,482

 

 

$

11,417

 

 

$

11,566

 

 

 

$

21,899

 

 

$

24,157

 

Wood Products

 

 

6,179

 

 

 

6,203

 

 

 

5,798

 

 

 

 

12,382

 

 

 

11,428

 

Real Estate

 

 

160

 

 

 

155

 

 

 

156

 

 

 

 

315

 

 

 

316

 

Corporate

 

 

208

 

 

 

221

 

 

 

245

 

 

 

 

429

 

 

 

502

 

 

 

 

17,029

 

 

 

17,996

 

 

 

17,765

 

 

 

 

35,025

 

 

 

36,403

 

Bond discounts and deferred loan fees2

 

 

403

 

 

 

403

 

 

 

406

 

 

 

 

806

 

 

 

812

 

Total depreciation, depletion and amortization

 

$

17,432

 

 

$

18,399

 

 

$

18,171

 

 

 

$

35,831

 

 

$

37,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

7,219

 

 

$

8,829

 

 

$

3,212

 

 

 

$

16,048

 

 

$

9,716

 

Eliminations and adjustments

 

 

(6

)

 

 

(6

)

 

 

(519

)

 

 

 

(12

)

 

 

(525

)

Total basis of real estate sold

 

$

7,213

 

 

$

8,823

 

 

$

2,693

 

 

 

$

16,036

 

 

$

9,191

 
1

Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA on page 9, Reconciliations.

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

 

 

 

Six Months Ended

 

(in thousands, except per share amount)

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

 

June 30,

 

 

June 30,

 

 

2021

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

187,905

 

 

$

131,106

 

 

$

2,638

 

 

 

$

319,011

 

 

$

(14,194

)

Interest expense, net

 

 

8,199

 

 

 

3,574

 

 

 

8,339

 

 

 

 

11,773

 

 

 

12,037

 

Income taxes

 

 

50,840

 

 

 

30,039

 

 

 

453

 

 

 

 

80,879

 

 

 

(10,409

)

Depreciation, depletion and amortization

 

 

17,029

 

 

 

17,996

 

 

 

17,765

 

 

 

 

35,025

 

 

 

36,403

 

Basis of real estate sold

 

 

7,213

 

 

 

8,823

 

 

 

2,693

 

 

 

 

16,036

 

 

 

9,191

 

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

42,988

 

Non-operating pension and other postretirement benefit costs

 

 

3,271

 

 

 

3,414

 

 

 

3,478

 

 

 

 

6,685

 

 

 

7,113

 

Loss (gain) on disposal of fixed assets

 

 

527

 

 

 

34

 

 

 

7

 

 

 

 

561

 

 

 

(185

)

Total Adjusted EBITDDA

 

$

274,984

 

 

$

194,986

 

 

$

35,373

 

 

 

$

469,970

 

 

$

82,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

187,905

 

 

$

131,106

 

 

$

2,638

 

 

 

$

319,011

 

 

$

(14,194

)

Pension settlement charge, after tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

31,811

 

Adjusted net income

 

$

187,905

 

 

$

131,106

 

 

$

2,638

 

 

 

$

319,011

 

 

$

17,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per diluted share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per diluted share (GAAP)

 

$

2.77

 

 

$

1.94

 

 

$

0.04

 

 

 

$

4.71

 

 

$

(0.21

)

Pension settlement charge, after tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

0.47

 

Adjusted net income per diluted share

 

$

2.77

 

 

$

1.94

 

 

$

0.04

 

 

 

$

4.71

 

 

$

0.26

 

 

(Investors)
Jerry Richards
509.835.1521

(Media)
Anna Torma
509.835.1558

Source: PotlatchDeltic Corporation

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