21 slides from Rayonier Inc. Reit's earnings presentation, Jan 28, 2025
Slide 1: Q4 2024 Earnings
Q4 2024 EARNINGS January 28, 2025
Slide 2: Forward-Looking Statements & Non-GAAP Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenu
Slide 3: Key Highlights 2024
Record annual Total Adjusted EBITDDA of $653 million far exceeded 2020’s record financial KEY HIGHLIGHTS performance. We executed on our disciplined capital allocation strategy and are well positioned 2024 to continue to drive shareholder value with our strong liquidity. STRATEGY PERFORMANCE CAPITAL
Slide 4: Consolidated Results
Q4 2024 Total Adjusted EBITDDA of $53.3 million reflects higher lumber C O N S O L I DAT E D prices and improved recovery costs in Wood Products, balanced by R E S ULT S seasonally lower harvest volumes and a lower level of rural land and real estate development activity. Total Adjusted EBITDDA – Q3
Slide 5: Timberlands Results
Q4 2024 Timberlands Adjusted EBITDDA of $34 million reflects seasonally lower T I M B E R L A N DS R E S U LT S harvest volume. Despite challenging market conditions, Timberlands provides stability to our overall results. Timberlands Adjusted EBITDDA – Q3 2024 to Q4 2024 Variance $35.8 $1.2 $0.5 $34
Slide 6: Timberlands Results: Northern Region
T I M B E R L A N DS R E S U LT S N O RT H E R N R E G I O N Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume $250 500 $60 $50 Volume: Tons (thousands) Volume: Tons (thousands) $200 337 400 8 $40 Price: $ / Ton $39 Price $ / Ton $150 300 $114 $30 $100 200 $20 $50 100 $10 $- 0
Slide 7: Timberlands Results: Southern Region
T I M B E R L A N DS R E S U LT S S O U T H E R N RE G I O N Southern Sawlog Pricing and Volume Southern Pulpwood Pricing and Volume 800 $35 700 $50 653 531 $47 700 Volume: Tons (thousands) $30 $30 600 Volume: Tons (thousands) $40 600 $25 500 Price $ / Ton Price: $ / Ton 500 $30 $20 400 400 300 $15
Slide 8: Wood Products Results
Q4 2024 Wood Products Adjusted EBITDDA of $8.8 million primarily reflects higher W O O D P R O D U CT S lumber prices and improved cost recovery. Wood Products achieved several R E S ULT S operational milestones in 2024, including record shipment volume of 1.1 billion board feet and completion of th
Slide 9: Wood Products Results: Lumber Pricing and Shipments
W O O D P R O D U CT S R E S ULT S Lumber Pricing and Shipments Wood Products Adjusted EBITDDA ($ in millions) $1,200 400 350 $180 $1,000 283 300 Shipments (MMBF) $140 Price: $/ MBF $800 250 $600 200 $100 $400 $445 150 100 $60 $200 50 $20 $8.8 $- 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $(20) Q1 Q2 Q3
Slide 10: Real Estate Results
Real Estate Adjusted EBITDDA decreased in Q4 2024 primarily due to fewer rural acres sold and fewer residential lot sales. Real Estate had a strong year, as R E A L E S TAT E R E S U LT S we capitalized on opportunities to sell rural land at significant premiums to timberland value, in addition to h
Slide 11: Real Estate Results: Acres and Lots Sold
R E A L E S TAT E R E S U LT S Rural Acres Sold and Average Price Residential Lots Sold and Average Price $5,250 $225,000 $200,000 $4,500 $175,000 Average Price: $ / Acre Average Price: $ / Lot Residential Lots Sold $3,750 $150,000 $101,400 Acres Sold $3,000 $125,000 45 $2,923 $100,000 $2,250 $75,00
Slide 12: Favorable Capital Structure
In 2024, we returned $177 million to shareholders, including $35 million in share FAV O R A B L E C A P I TA L repurchases. Additionally, we refinanced $176 million of debt that matured S T R U C T UR E during 2024 with below-market fixed rates by utilizing our portfolio of forward- starting interes
Slide 13: Outlook
We anticipate Q1 2025 Total Adjusted EBITDDA will be in line with our Q4 2024 OUTLOOK results primarily due to higher lumber and indexed sawlog prices and an increased level of rural land sales activity, balanced by a seasonal decline in harvest volumes. TIMBERLANDS Q1 2025 FY 2025 Harvest Volume 1.
Slide 14: Appendix
-A\PotlatchDeltic. \ \ APPENDIX ener ls.
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY in millions except per-share amounts – unaudited 2023 2024 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Operating income (loss): Timberlands $ 26.2 $ 13.4 $ 22.9 $ 13.9 $ 76.4 $ 17.1 $ 17.4 $ 19.0 $ 17.5 $ 71.0 Wood Products (11.1) 1.1 4.2 (17.7) (23.5) (12.7) (18.9) (18.3) (0.9) (50.8)
Slide 16: Operating Segment Adjusted EBITDDA
OPERATING SEGMENT Non–GAAP Reconciliation ADJUSTED EBITDDA in millions – unaudited 2023 2024 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Timberlands Northern Timberlands operating income $ 17.2 $ 8.7 $ 15.7 $ 8.3 $ 49.9 $ 9.3 $ 11.3 $ 13.0 $ 11.7 $ 45.3 Depreciation, depletion and amortization 2.2 1.9 1.9 1
Slide 17: Total Adjusted EBITDDA & CAD
TOTAL ADJUSTED Non–GAAP Reconciliation EBITDDA & CAD in millions – unaudited 2023 2024 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Total Adjusted EBITDDA Net income (loss) (GAAP) $ 16.3 $ 22.3 $ 23.6 $ (0.1) $ 62.1 $ (0.3) $ 13.7 $ 3.3 $ 5.2 $ 21.9 Interest expense, net 0.2 7.6 8.0 8.4 24.2 (0.3) 8.7 9.6 10
Slide 18: Statistics: Timberlands
STATISTICS: TIMBERLANDS unaudited 2023 2024 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Timberlands Fee Volumes (tons) Northern Region Sawlog 470,790 319,173 376,607 328,574 1,495,144 327,423 359,311 420,896 336,941 1,444,571 Pulpwood 8,029 7,989 7,081 3,703 26,802 1,863 5,889 5,964 8,216 21,932 Total 478,8
Slide 19: Statistics: Wood Products and Real Estate
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2023 2024 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Wood Products Lumber shipments (MBF) 261,633 280,251 276,071 285,134 1,103,089 271,148 285,650 267,263 282,913 1,106,974 Lumber sales prices ($ per MBF) $ 435 $ 476 $ 481 $ 415 $ 452 $ 430 $ 423 $ 402 $
Slide 20: Definitions
DEFINITIONS Total Adjusted EBITDDA is a non-GAAP measure and is calculated as net income (loss) adjusted for interest expense, net, income taxes, depletion, depreciation and amortization, basis of real estate sold, non-operating pension and other post-retirement benefits, pension settlement charge,
Slide 21: Q4 2024 Earnings
Q4 2024 WAYNE WASECHEK EARNINGS Vice President and Chief Financial Officer January 28, 2025 509-835-1521 PotlatchDeltic (Nasdaq: PCH) www.PotlatchDeltic.com