Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q1 2024 Earnings Presentation
16 slides from Rayonier Inc. Reit's earnings presentation, May 2, 2024
Slide 1: Q1 2024 Financial Supplement
Q1 2024 Financial Supplement May 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 Q1 2024 Financial Supplement | May 2024
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q1 2024 Financial Supplement | May 2024
Slide 5: Financial Highlights
Financial Highlights ($ in millions, except per share data) Profitability Q1 2024 Q4 2023 Q1 2023 Sales $168.1 $467.4 $179.1 Pro Forma Sales(1) 168.1 225.2 179.1 Operating Income 16.2 145.2 10.6 Pro Forma Operating Income(1) 16.2 40.1 12.9 Net Income Attributable to Rayonier Inc. 1.4 126.9 8.3 Pro F
Slide 6: Variance Analysis – Q1 2023 to Q1 2024
Variance Analysis – Q1 2023 to Q1 2024 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q1-23 Operating Income (Loss) $22.2 ($3.5) ($0.7) $0.9 $0.3 ($8.6) $10.6 Pro forma adjustments(1) — — 2.3 — — — 2.3
Slide 7: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution Three Months Ended March 31, ($ in millions, except per share data) 2024 2023 Cash Provided by Operating Activities $52.3 $64.0 Working capital and other balance sheet changes 2.1 (5.8) Net cost (recovery) on legal settlements(1) 1.3 (9.1) Capital
Slide 8: Southern Timber Overview
Southern Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pine Pulpwood 979 1,036 995 810 3,821 1,016 — — — 1,016 Pine Sawtimber 886 932 745 731 3,295 922 — — — 922 Total Pine Volume 1,865 1,969 1,740 1,542 7,116 1,938 — — — 1,938 Hardwood 28 41 69 60 198 69
Slide 9: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pulpwood 77 61 43 35 216 53 — — — 53 Domestic Sawtimber(1) 284 251 226 239 999 245 — — — 245 Export Sawtimber 23 21 21 24 89 19 — — — 19 Total Volume 384 332 290 298 1,305 317 — — — 317 % Deli
Slide 10: New Zealand Timber Overview
New Zealand Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Domestic Pulpwood (Delivered) 55 50 58 62 225 50 — — — 50 Domestic Sawtimber (Delivered) 137 155 211 175 677 135 — — — 135 Export Pulpwood (Delivered) 42 70 55 64 230 63 — — — 63 Export Sawtimber (D
Slide 11: Real Estate Overview
Real Estate Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Gross Sales ($ in MMs) Improved Development(1) $4.8 $12.2 $3.1 $10.6 $30.7 $1.8 — — — $1.8 Unimproved Development — — 0.1 — 0.1 — — — — — Rural 6.5 15.6 20.5 57.1 99.7 8.7 — — — 8.7 Timberland & Non-Strategic 1.6 0.3 1.1 0.4 3.3 0.6
Slide 12: Capital Expenditures By Segment
Capital Expenditures By Segment Three Months Ended ($ in millions) March 31, 2024 December 31, 2023 March 31, 2023 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $7.0 $13.0 $6.9 Property taxes 2.0 1.3 2.0 Lease payments 0.4 2.1 0.5 Allocated overhead 1.6 1.7 1.5 Subtotal So
Slide 13: Section 2 Supplemental Information
Section 2 Supplemental Information 13 Q1 2024 Financial Supplement | May 2024
Slide 14: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating (income) expense, timber write-offs resulting from casualty events and Large Di
Slide 15: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings ($ in millions, except per share amounts) March 31, 2024 December 31, 2023 March 31, 2023 Three Months Ended $ EPS $ EPS $ EPS Sales $168.1 $467.4 $179.1 (1) Large Dispositions — (242.2) — Pro Forma Sales $168.1 $225.2 $179.1 Net Income attributable t
Slide 16: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Three Months Ended Timber Timber Timber Estate Trading and Other Total March 31, 2024 Operating income (loss) $23.0 ($4.4) $7.4 ($0.1) — ($9.8) $16.2 Deprecia