Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q3 2024 Earnings Presentation
18 slides from Rayonier Inc. Reit's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Financial Supplement
Q3 2024 Financial Supplement November 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 Q3 2024 Financial Supplement | November 2024
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q3 2024 Financial Supplement | November 2024
Slide 5: Financial Highlights
Financial Highlights ($ in millions, except per share data) Profitability Q3 2024 Q2 2024 Q3 2023 Sales $195.0 $173.6 $201.6 Operating Income 27.6 12.4 35.4 Pro Forma Operating Income(1) 28.5 13.1 35.4 Net Income Attributable to Rayonier Inc. 28.8 1.9 19.2 Pro Forma Net Income(1) 18.1 3.7 19.2 Adjus
Slide 6: Variance Analysis – Q3 2023 to Q3 2024
Variance Analysis – Q3 2023 to Q3 2024 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q3-23 Operating Income (Loss) $18.6 ($0.6) $17.6 $9.2 ($0.1) ($9.4) $35.4 Volume (2.6) 0.4 (0.1) (5.2) — — (7.5) (1
Slide 7: Variance Analysis – Q3 2023 YTD to Q3 2024 YTD
Variance Analysis – Q3 2023 YTD to Q3 2024 YTD Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q3-23 YTD Operating Income (Loss) $62.6 ($6.5) $19.3 $18.7 $0.4 ($28.3) $66.1 (1) Pro forma adjustments — —
Slide 8: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution Nine Months Ended September 30, ($ in millions, except per share data) 2024 2023 Cash Provided by Operating Activities $173.8 $208.9 Working capital and other balance sheet changes (5.3) (20.6) Net recovery on legal settlements(1) (9.6) (20.5) Cap
Slide 9: Southern Timber Overview
Southern Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pine Pulpwood 979 1,036 995 810 3,821 1,016 926 909 — 2,851 Pine Sawtimber 886 932 745 731 3,295 922 702 583 — 2,207 Total Pine Volume 1,865 1,969 1,740 1,542 7,116 1,938 1,628 1,492 — 5,058 Hardwood 2
Slide 10: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pulpwood 77 61 43 35 216 53 49 42 — 145 Domestic Sawtimber(1) 284 251 226 239 999 245 243 268 — 756 Export Sawtimber 23 21 21 24 89 19 — 9 — 28 Total Volume 384 332 290 298 1,305 317 293 319 —
Slide 11: New Zealand Timber Overview
New Zealand Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Domestic Pulpwood (Delivered) 55 50 58 62 225 50 57 64 — 171 Domestic Sawtimber (Delivered) 137 155 211 175 677 135 166 212 — 513 Export Pulpwood (Delivered) 42 70 55 64 230 63 82 67 — 212 Export Sa
Slide 12: Real Estate Overview
Real Estate Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Gross Sales ($ in MMs) Improved Development(1) $4.8 $12.2 $3.1 $10.6 $30.7 $1.8 $2.6 $12.0 — $16.4 Unimproved Development — — 0.1 — 0.1 — — — — — Rural 6.5 15.6 20.5 57.1 99.7 8.7 7.5 13.8 — 30.0 Timberland & Non-Strategic 1.6 0.3 1.
Slide 13: Capital Expenditures By Segment
Capital Expenditures By Segment Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in millions) 2024 June 30, 2024 2023 2024 2023 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $5.5 $7.1 $4.0 $19.6 $17.6 Property taxes 2.0 1.9 2.
Slide 14: Section 2 Supplemental Information
Section 2 Supplemental Information 14 Q3 2024 Financial Supplement | November 2024
Slide 15: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income, costs related to disposition initiatives, timber write-offs resulting f
Slide 16: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings ($ in millions, except per share amounts) September 30, 2024 June 30, 2024 September 30, 2023 Three Months Ended $ EPS $ EPS $ EPS Net Income attributable to Rayonier Inc. $28.8 $0.19 $1.9 $0.01 $19.2 $0.13 Net (recovery) cost on legal settlements(1)
Slide 17: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Three Months Ended Timber Timber Timber Estate Trading and Other Total September 30, 2024 Operating income (loss) $19.8 $0.8 $8.9 $8.6 ($0.1) ($10.5) $27.6 Co
Slide 18: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Nine Months Ended Timber Timber Timber Estate Trading and Other Total September 30, 2024 Operating income (loss) $59.9 ($5.0) $19.3 $14.3 $0.1 ($32.3) $56.3 (