Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q2 2024 Earnings Presentation
18 slides from Rayonier Inc. Reit's earnings presentation, Aug 8, 2024
Slide 1: Q2 2024 Financial Supplement
Q2 2024 Financial Supplement August 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 Q2 2024 Financial Supplement | August 2024
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q2 2024 Financial Supplement | August 2024
Slide 5: Financial Highlights
Financial Highlights ($ in millions, except per share data) Profitability Q2 2024 Q1 2024 Q2 2023 Sales $173.6 $168.1 $208.9 Operating Income 12.4 16.2 20.1 Pro Forma Operating Income(1) 13.1 16.2 20.1 Net Income Attributable to Rayonier Inc. 1.9 1.4 19.0 Pro Forma Net Income(1) 3.7 7.0 7.8 Adjusted
Slide 6: Variance Analysis – Q2 2023 to Q2 2024
Variance Analysis – Q2 2023 to Q2 2024 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q2-23 Operating Income (Loss) $21.7 ($2.4) $2.4 $8.6 $0.1 ($10.3) $20.1 Volume (3.6) (0.1) (1.3) 45.5 — — 40.5 (1)
Slide 7: Variance Analysis – Q2 2023 YTD to Q2 2024 YTD
Variance Analysis – Q2 2023 YTD to Q2 2024 YTD Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q2-23 YTD Operating Income (Loss) $43.9 ($5.9) $1.7 $9.5 $0.4 ($18.9) $30.7 (1) Pro forma adjustments — — 2
Slide 8: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution Six Months Ended June 30, ($ in millions, except per share data) 2024 2023 Cash Provided by Operating Activities $107.6 $126.3 Working capital and other balance sheet changes (13.5) (5.7) Net cost (recovery) on legal settlements(1) 2.4 (20.5) Capi
Slide 9: Southern Timber Overview
Southern Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pine Pulpwood 979 1,036 995 810 3,821 1,016 926 — — 1,942 Pine Sawtimber 886 932 745 731 3,295 922 702 — — 1,624 Total Pine Volume 1,865 1,969 1,740 1,542 7,116 1,938 1,628 — — 3,566 Hardwood 28 41 69
Slide 10: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pulpwood 77 61 43 35 216 53 49 — — 102 Domestic Sawtimber(1) 284 251 226 239 999 245 243 — — 488 Export Sawtimber 23 21 21 24 89 19 — — — 19 Total Volume 384 332 290 298 1,305 317 293 — — 610
Slide 11: New Zealand Timber Overview
New Zealand Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Domestic Pulpwood (Delivered) 55 50 58 62 225 50 57 — — 107 Domestic Sawtimber (Delivered) 137 155 211 175 677 135 166 — — 301 Export Pulpwood (Delivered) 42 70 55 64 230 63 82 — — 145 Export Sawtim
Slide 12: Real Estate Overview
Real Estate Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 YTD Gross Sales ($ in MMs) Improved Development(1) $4.8 $12.2 $3.1 $10.6 $30.7 $1.8 $2.6 — — $4.4 Unimproved Development — — 0.1 — 0.1 — — — — — Rural 6.5 15.6 20.5 57.1 99.7 8.7 7.5 — — 16.2 Timberland & Non-Strategic 1.6 0.3 1.1 0.4 3.
Slide 13: Capital Expenditures By Segment
Capital Expenditures By Segment Three Months Ended Six Months Ended ($ in millions) June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $7.1 $7.0 $6.6 $14.1 $13.5 Property taxes 1.9 2.0 2.0 3.9 4.0 Lease paym
Slide 14: Section 2 Supplemental Information
Section 2 Supplemental Information 14 Q2 2024 Financial Supplement | August 2024
Slide 15: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense (income), costs related to disposition initiatives, timber write-offs r
Slide 16: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings ($ in millions, except per share amounts) June 30, 2024 March 31, 2024 June 30, 2023 Three Months Ended $ EPS $ EPS $ EPS Net Income attributable to Rayonier Inc. $1.9 $0.01 $1.4 $0.01 $19.0 $0.13 Net cost (recovery) on legal settlements(1) 1.1 0.01 1
Slide 17: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Three Months Ended Timber Timber Timber Estate Trading and Other Total June 30, 2024 Operating income (loss) $17.1 ($1.5) $2.9 $5.8 $0.1 ($12.0) $12.4 Costs r
Slide 18: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Six Months Ended Timber Timber Timber Estate Trading and Other Total June 30, 2024 Operating income (loss) $40.1 ($5.8) $10.3 $5.7 $0.2 ($21.8) $28.7 (1) Cost