Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q4 2023 Earnings Presentation
19 slides from Rayonier Inc. Reit's earnings presentation, Feb 1, 2024
Slide 1: Q4 2023 Financial Supplement
Q4 2023 Financial Supplement January 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier’s business strategies, expected harvest schedu
Slide 3: Table of Contents
Table of Contents SECTION 1 Financial and Segment Information SECTION 2 Supplemental Information 3 Q4 2023 Financial Supplement | January 2024
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q4 2023 Financial Supplement | January 2024
Slide 5: Financial Highlights
Financial Highlights ($ in millions, except per share data) Profitability Q4 2023 Q3 2023 Q4 2022 Sales $467.4 $201.6 $245.4 Pro Forma Sales(1) 225.2 201.6 214.9 Operating Income 145.2 35.4 44.1 Pro Forma Operating Income(1) 40.1 35.4 27.2 Net Income Attributable to Rayonier Inc. 126.9 19.2 33.1 Pro
Slide 6: Variance Analysis – Q4 2022 to Q4 2023
Variance Analysis – Q4 2022 to Q4 2023 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q4-22 Operating Income $19.7 $3.5 $8.0 $21.5 $0.3 ($8.9) $44.1 Pro forma adjustments(1) — (0.4) — (16.6) — — (17.0)
Slide 7: Variance Analysis – 2022 to 2023
Variance Analysis – 2022 to 2023 Operating Income ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total 2022 Operating Income $96.6 $15.2 $30.6 $58.5 $0.4 ($35.5) $165.8 Pro forma adjustments(1) — 0.7 — (28.1) — — (27.4) Pro forma O
Slide 8: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution Twelve Months Ended December 31, ($ in millions, except per share data) 2023 2022 Cash Provided by Operating Activities $298.4 $269.2 Working capital and other balance sheet changes (32.4) (2.9) (20.7) Net recovery on legal settlements(1) — Capita
Slide 9: Southern Timber Overview
Southern Timber Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 FY 2023 Sales Volume (Tons in 000s) Pine Pulpwood 1,171 962 965 813 3,911 979 1,036 995 810 3,821 Pine Sawtimber 622 458 449 512 2,041 886 932 745 731 3,295 Total Pine Volume 1,793 1,420 1,414 1,325 5,952 1,865 1,969 1,740 1,542 7,11
Slide 10: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 FY 2023 Sales Volume (Tons in 000s) Pulpwood 76 80 59 86 300 77 61 43 35 216 Domestic Sawtimber(1) 426 255 230 277 1,188 284 251 226 239 999 Export Sawtimber 3 41 18 34 97 23 21 21 24 89 Total Volume 505 376 307 397 1,585 38
Slide 11: New Zealand Timber Overview
New Zealand Timber Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 FY 2023 Sales Volume (Tons in 000s) Domestic Pulpwood (Delivered) 94 105 103 85 388 55 50 58 62 225 Domestic Sawtimber (Delivered) 135 188 221 142 686 137 155 211 175 677 Export Pulpwood (Delivered) 36 55 38 53 182 42 70 55 64 230
Slide 12: Real Estate Overview
Real Estate Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 FY 2023 Gross Sales ($ in MMs) Improved Development(1) $5.0 $11.6 $2.3 $16.6 $35.4 $4.8 $12.2 $3.1 $10.6 $30.7 Unimproved Development — — — — — — — 0.1 — 0.1 Rural 16.9 23.4 7.0 12.2 59.5 6.5 15.6 20.5 57.1 99.7 Timberland & Non-Strategi
Slide 13: Capital Expenditures By Segment
Capital Expenditures By Segment Three Months Ended Year Ended September 30, ($ in millions) December 31, 2023 2023 December 31, 2022 December 31, 2023 December 31, 2022 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $13.0 $4.0 $12.6 $30.6 $24.1 Property taxes 1.3 2.0 1.5 7.
Slide 14: 2024 Financial Guidance
2024 Financial Guidance ($ in millions) 2023 Guidance Timber Volumes (tons in millions) Southern Timber 7.3 7.1 - 7.3 Pacific Northwest Timber 1.3 1.4 - 1.4 New Zealand Timber 2.5 2.4 - 2.5 Total 11.1 10.9 - 11.2 Segment Adjusted EBITDA(1) Southern Timber $156.2 $153.0 - $163.0 Pacific Northwest Tim
Slide 15: Section 2 Supplemental Information
Section 2 Supplemental Information 15 Q4 2023 Financial Supplement | January 2024
Slide 16: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating (income) expense, timber write-offs resulting from casualty events, the gain as
Slide 17: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings ($ in millions, except per share amounts) December 31, 2023 September 30, 2023 December 31, 2022 Three Months Ended $ EPS $ EPS $ EPS Sales $467.4 $201.6 $245.4 Large Dispositions(1) (242.2) — (30.5) Pro Forma Sales $225.2 $201.6 $214.9 Net Income att
Slide 18: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Three Months Ended Timber Timber Timber Estate Trading and Other Total December 31, 2023 Operating income (loss) $13.7 ($2.5) $6.8 $137.9 $0.1 ($10.8) $145.2
Slide 19: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Year Ended Timber Timber Timber Estate Trading and Other Total December 31, 2023 Operating income (loss) $76.3 ($9.0) $26.0 $156.6 $0.5 ($39.1) $211.3 Timber