Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q1 2023 Earnings Presentation
16 slides from Rayonier Inc. Reit's earnings presentation, May 4, 2023
Slide 1: Q1 2023 Financial Supplement
Q1 2023 Financial Supplement May 2023
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 Q1 2023 Financial Supplement | May 2023
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q1 2023 Financial Supplement | May 2023
Slide 5: Financial Highlights
Financial Highlights ($ in millions, except per share data) Profitability Q1 2023 Q4 2022 Q1 2022 Sales $179.1 $245.4 $222.0 Pro Forma Sales(1) 179.1 214.9 222.0 Operating Income 10.6 44.1 45.3 Pro Forma Operating Income(1) 12.9 27.2 45.3 Net Income Attributable to Rayonier Inc. 8.3 33.1 29.3 Pro Fo
Slide 6: Variance Analysis – Q1 2022 to Q1 2023
Variance Analysis – Q1 2022 to Q1 2023 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q1-22 Operating Income $30.3 $6.6 $5.4 $10.2 $0.4 ($7.6) $45.3 Volume — (2.5) (0.8) (13.6) — — (16.9) Price(2) (7.4
Slide 7: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution Three Months Ended March 31, ($ in millions, except per share data) 2023 2022 Cash Provided by Operating Activities $64.0 $49.7 Working capital and other balance sheet changes (15.3) 30.4 Capital expenditures(1) (18.7) (15.6) Cash Available for Di
Slide 8: Southern Timber Overview
Southern Timber Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pine Pulpwood 1,171 962 965 813 3,911 979 — — — 979 Pine Sawtimber 622 458 449 512 2,041 886 — — — 886 Total Pine Volume 1,793 1,420 1,414 1,325 5,952 1,865 — — — 1,865 Hardwood 103 103 85 40 331 28 —
Slide 9: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pulpwood 76 80 59 86 300 77 — — — 77 Domestic Sawtimber(1) 426 255 230 277 1,188 284 — — — 284 Export Sawtimber 3 41 18 34 97 23 — — — 23 Total Volume 505 376 307 397 1,585 384 — — — 384 % Del
Slide 10: New Zealand Timber Overview
New Zealand Timber Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Domestic Pulpwood (Delivered) 94 105 103 85 388 55 — — — 55 Domestic Sawtimber (Delivered) 135 188 221 142 686 137 — — — 137 Export Pulpwood (Delivered) 36 55 38 53 182 42 — — — 42 Export Sawtimber
Slide 11: Real Estate Overview
Real Estate Overview 2022 2023 Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 YTD Gross Sales ($ in MMs) Improved Development(1) $5.0 $11.6 $2.3 $16.6 $35.4 $4.8 — — — $4.8 Rural 16.9 23.4 7.0 12.2 59.5 6.5 — — — 6.5 Timberland & Non-Strategic 11.4 — — — 11.4 1.6 — — — 1.6 Deferred Revenue/Other(2) 0.9 (0.6) 3.2 (
Slide 12: Capital Expenditures By Segment
Capital Expenditures By Segment Three Months Ended ($ in millions) March 31, 2023 December 31, 2022 March 31, 2022 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $6.9 $12.6 $2.5 Property taxes 2.0 1.5 1.9 Lease payments 0.5 2.2 0.7 Allocated overhead 1.5 1.3 1.3 Subtotal So
Slide 13: Section 2 Supplemental Information
Section 2 Supplemental Information 13 Q1 2023 Financial Supplement | May 2023
Slide 14: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating (income) expense, gain associated with the multi-family apartment complex sale
Slide 15: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings ($ in millions, except per share amounts) March 31, 2023 December 31, 2022 March 31, 2022 Three Months Ended $ EPS $ EPS $ EPS Sales $179.1 $245.4 $222.0 Large Dispositions(1) — (30.5) — Pro Forma Sales $179.1 $214.9 $222.0 Net Income attributable to
Slide 16: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Three Months Ended Timber Timber Timber Estate Trading and Other Total March 31, 2023 Operating income (loss) $22.2 ($3.5) ($0.7) $0.9 $0.3 ($8.6) $10.6 Timbe