wy-ex992_6.htm

Weyerhaeuser Company

Exhibit 99.2

Q2.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations

	Q1			Q2						Year-to-Date
in millions	March 31, 2021			June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Net sales	$	2,506		$	3,144		$	1,631		$	5,650		$	3,359
Costs of sales		1,430			1,583			1,283			3,013			2,665
Gross margin		1,076			1,561			348			2,637			694
Selling expenses		20			24			18			44			40
General and administrative expenses		90			95			84			185			158
Other operating costs, net		10			13			3			23			13
Operating income		956			1,429			243			2,385			483
Non-operating pension and other post-employment benefit costs		(8	)		(1	)		(10	)		(9	)		(19	)
Interest income and other		1			2			2			3			3
Interest expense, net of capitalized interest		(79	)		(78	)		(103	)		(157	)		(188	)
Earnings before income taxes		870			1,352			132			2,222			279
Income taxes		(189	)		(324	)		(60	)		(513	)		(57	)
Net earnings	$	681		$	1,028		$	72		$	1,709		$	222

Per Share Information

	Q1		Q2				Year-to-Date
	March 31, 2021		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Earnings per share, basic and diluted	$	0.91	$	1.37	$	0.10	$	2.28	$	0.30
Dividends paid per common share	$	0.17	$	0.17	$	—	$	0.34	$	0.34
Weighted average shares outstanding (in thousands):
Basic		748,718		750,127		746,896		749,429		746,715
Diluted		750,024		751,508		746,984		750,773		747,070
Common shares outstanding at end of period (in thousands)		748,751		749,782		746,251		749,782		746,251

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

	Q1			Q2						Year-to-Date
in millions	March 31, 2021			June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Net earnings	$	681		$	1,028		$	72		$	1,709		$	222
Non-operating pension and other post-employment benefit costs		8			1			10			9			19
Interest income and other		(1	)		(2	)		(2	)		(3	)		(3	)
Interest expense, net of capitalized interest		79			78			103			157			188
Income taxes		189			324			60			513			57
Operating income		956			1,429			243			2,385			483
Depreciation, depletion and amortization		118			120			117			238			240
Basis of real estate sold		27			24			34			51			96
Special items included in operating income		—			—			(8	)		—			(20	)
Adjusted EBITDA⁽¹⁾	$	1,101		$	1,573		$	386		$	2,674		$	799

⁽¹⁾Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Page 1 of 8

Weyerhaeuser Company

Total Company Statistics

Q2.2021 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)

	Q1		Q2					Year-to-Date
in millions	March 31, 2021		June 30, 2021		June 30, 2020			June 30, 2021		June 30, 2020
Net earnings	$	681	$	1,028	$	72		$	1,709	$	222
Early extinguishment of debt charge⁽¹⁾		—		—		11			—		11
Legal benefit		—		—		—			—		(12	)
Product remediation recovery		—		—		(6	)		—		(6	)
Net earnings before special items⁽²⁾	$	681	$	1,028	$	77		$	1,709	$	215

	Q1		Q2					Year-to-Date
	March 31, 2021		June 30, 2021		June 30, 2020			June 30, 2021		June 30, 2020
Net earnings per diluted share	$	0.91	$	1.37	$	0.10		$	2.28	$	0.30
Early extinguishment of debt charge⁽¹⁾		—		—		0.02			—		0.02
Legal benefit		—		—		—			—		(0.02	)
Product remediation recovery		—		—		(0.01	)		—		(0.01	)
Net earnings per diluted share before special items⁽²⁾	$	0.91	$	1.37	$	0.11		$	2.28	$	0.29

⁽¹⁾ We recorded a pretax charge of $11 million ($11 million after-tax) related to the early extinguishment of debt in second quarter 2020. This charge was included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.

⁽²⁾ Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Selected Total Company Items

	Q1		Q2				Year-to-Date
in millions	March 31, 2021		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Pension and post-employment costs:
Pension and post-employment service costs	$	11	$	10	$	8	$	21	$	18
Non-operating pension and other post-employment benefit costs		8		1		10		9		19
Total company pension and post-employment costs	$	19	$	11	$	18	$	30	$	37

Page 2 of 8

Weyerhaeuser Company

Q2.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Balance Sheet

in millions	March 31, 2021		June 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	1,016	$	1,777	$	495
Receivables, net		589		702		450
Receivables for taxes		7		7		82
Inventories		505		499		443
Assets held for sale		—		229		—
Prepaid expenses and other current assets		141		141		139
Total current assets		2,258		3,355		1,609
Property and equipment, net		1,971		1,965		2,013
Construction in progress		91		102		73
Timber and timberlands at cost, less depletion		11,776		11,643		11,827
Minerals and mineral rights, less depletion		265		262		268
Deferred tax assets		106		71		120
Other assets		407		432		401
Total assets	$	16,874	$	17,830	$	16,311

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	150	$	150	$	150
Accounts payable		236		253		204
Accrued liabilities		549		775		596
Total current liabilities		935		1,178		950
Long-term debt, net		5,325		5,100		5,325
Deferred tax liabilities		26		42		24
Deferred pension and other post-employment benefits		893		747		911
Other liabilities		367		363		370
Total liabilities		7,546		7,430		7,580
Total equity		9,328		10,400		8,731
Total liabilities and equity	$	16,874	$	17,830	$	16,311

Page 3 of 8

Weyerhaeuser Company

Q2.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows

	Q1			Q2						Year-to-Date
in millions	March 31, 2021			June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Cash flows from operations:
Net earnings	$	681		$	1,028		$	72		$	1,709		$	222
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		118			120			117			238			240
Basis of real estate sold		27			24			34			51			96
Deferred income taxes, net		8			11			80			19			(2	)
Pension and other post-employment benefits		19			11			18			30			37
Share-based compensation expense		7			8			8			15			15
Change in:
Receivables, net		(139	)		(113	)		(30	)		(252	)		(112	)
Receivables and payables for taxes		120			116			(18	)		236			61
Inventories		(60	)		9			74			(51	)		2
Prepaid expenses and other current assets		(2	)		1			7			(1	)		5
Accounts payable and accrued liabilities		(60	)		125			30			65			(61	)
Pension and post-employment benefit contributions and payments		(8	)		(25	)		(6	)		(33	)		(16	)
Other		(13	)		(7	)		5			(20	)		(10	)
Net cash from operations	$	698		$	1,308		$	391		$	2,006		$	477
Cash flows from investing activities:
Capital expenditures for property and equipment	$	(31	)	$	(62	)	$	(55	)	$	(93	)	$	(102	)
Capital expenditures for timberlands reforestation		(22	)		(10	)		(11	)		(32	)		(32	)
Acquisition of Alabama timberlands		—			(149	)		—			(149	)		—
Proceeds from note receivable held by variable interest entities		—			—			—			—			362
Proceeds from sale of Montana timberlands		—			—			—			—			145
Other		—			1			1			1			3
Net cash from investing activities	$	(53	)	$	(220	)	$	(65	)	$	(273	)	$	376
Cash flows from financing activities:
Cash dividends on common shares	$	(127	)	$	(128	)	$	—		$	(255	)	$	(254	)
Net proceeds from issuance of long-term debt		—			—			—			—			732
Payments on long-term debt		—			(225	)		(588	)		(225	)		(588	)
Proceeds from borrowings on line of credit		—			—			—			—			550
Payments on line of credit		—			—			(550	)		—			(780	)
Proceeds from exercise of stock options		17			28			—			45			6
Other		(14	)		(2	)		(3	)		(16	)		(15	)
Net cash from financing activities	$	(124	)	$	(327	)	$	(1,141	)	$	(451	)	$	(349	)

Net change in cash and cash equivalents	$	521		$	761		$	(815	)	$	1,282		$	504
Cash and cash equivalents at beginning of period		495			1,016			1,458			495			139
Cash and cash equivalents at end of period	$	1,016		$	1,777		$	643		$	1,777		$	643

Cash paid (received) during the period for:
Interest, net of amounts capitalized	$	75		$	79		$	70		$	154		$	178
Income taxes, net of refunds	$	66		$	197		$	1		$	263		$	1

Page 4 of 8

Weyerhaeuser Company

Timberlands Segment

Q2.2021 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2021			Q2.2021			Q2.2020			YTD.2021			YTD.2020
Sales to unaffiliated customers	$	379		$	405		$	359		$	784		$	740
Intersegment sales		134			136			121			270			243
Total net sales		513			541			480			1,054			983
Costs of sales		383			407			383			790			758
Gross margin		130			134			97			264			225
Selling expenses		—			—			1			—			1
General and administrative expenses		23			23			22			46			46
Other operating income, net		(1	)		(2	)		(1	)		(3	)		(2	)
Operating income and Net contribution to earnings	$	108		$	113		$	75		$	221		$	180

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Operating income	$	108	$	113	$	75	$	221	$	180
Depreciation, depletion and amortization		64		67		65		131		133
Adjusted EBITDA⁽¹⁾	$	172	$	180	$	140	$	352	$	313

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Selected Segment Items

in millions	Q1.2021			Q2.2021			Q2.2020			YTD.2021			YTD.2020
Total decrease (increase) in working capital⁽²⁾	$	(13	)	$	2		$	(2	)	$	(11	)	$	(5	)
Cash spent for capital expenditures⁽³⁾	$	(28	)	$	(21	)	$	(21	)	$	(49	)	$	(51	)

⁽²⁾Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

⁽³⁾Does not include cash spent for the acquisition of timberlands.

Segment Statistics⁽⁴⁾

		Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Third Party	Delivered logs:
Net Sales	West	$	201	$	222	$	179	$	423	$	356
(millions)	South		131		145		145		276		295
	North		16		9		7		25		24
	Total delivered logs		348		376		331		724		675
	Stumpage and pay-as-cut timber		6		7		5		13		10
	Recreational and other lease revenue		16		16		16		32		31
	Other revenue		9		6		7		15		24
	Total	$	379	$	405	$	359	$	784	$	740
Delivered Logs	West	$	130.69	$	137.80	$	104.90	$	134.32	$	104.91
Third Party Sales	South	$	34.50	$	35.11	$	33.68	$	34.82	$	33.97
Realizations (per ton)	North	$	62.83	$	74.88	$	59.82	$	66.51	$	60.31
Delivered Logs	West		1,539		1,608		1,714		3,147		3,398
Third Party Sales	South		3,782		4,150		4,307		7,932		8,672
Volumes (tons, thousands)	North		261		115		113		376		397
Fee Harvest Volumes	West		2,101		2,099		2,236		4,200		4,546
(tons, thousands)	South		5,376		5,856		5,914		11,232		12,044
	North		337		199		194		536		580

⁽⁴⁾ Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Page 5 of 8

Weyerhaeuser Company

Real Estate, Energy & Natural Resources Segment

Q2.2021 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Net sales	$	106	$	110	$	65	$	216	$	177
Costs of sales		34		41		40		75		110
Gross margin		72		69		25		141		67
General and administrative expenses		6		6		6		12		12
Operating income and Net contribution to earnings	$	66	$	63	$	19	$	129	$	55

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Operating income	$	66	$	63	$	19	$	129	$	55
Depreciation, depletion and amortization		3		4		4		7		7
Basis of real estate sold		27		24		34		51		96
Adjusted EBITDA⁽¹⁾	$	96	$	91	$	57	$	187	$	158

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Selected Segment Items

in millions

Q1.2021

Q2.2021

Q2.2020

YTD.2021

YTD.2020

Cash spent for capital expenditures

—

Segment Statistics

		Q1.2021			Q2.2021			Q2.2020			YTD.2021			YTD.2020
Net Sales	Real Estate	$	84		$	83		$	48		$	167		$	143
(millions)	Energy and Natural Resources		22			27			17			49			34
	Total	$	106		$	110		$	65		$	216		$	177
Acres Sold	Real Estate		19,455			18,415			31,337			37,870			76,310
Price per Acre	Real Estate	$	3,803		$	3,227		$	1,501		$	3,523		$	1,790
Basis as a Percent of Real Estate Net Sales	Real Estate		32	%		29	%		71	%		31	%		67	%

Page 6 of 8

Weyerhaeuser Company

Wood Products Segment

Q2.2021 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Net sales	$	2,021	$	2,629	$	1,207	$	4,650	$	2,442
Costs of sales		1,124		1,229		997		2,353		2,037
Gross margin		897		1,400		210		2,297		405
Selling expenses		19		21		18		40		39
General and administrative expenses		35		35		33		70		69
Other operating costs, net		3		6		—		9		4
Operating income and Net contribution to earnings	$	840	$	1,338	$	159	$	2,178	$	293

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2021		Q2.2021		Q2.2020			YTD.2021		YTD.2020
Operating income	$	840	$	1,338	$	159		$	2,178	$	293
Depreciation, depletion and amortization		49		48		47			97		97
Special items		—		—		(8	)		—		(8	)
Adjusted EBITDA⁽¹⁾	$	889	$	1,386	$	198		$	2,275	$	382

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Special Items Included in Net Contribution to Earnings (Pretax)

in millions		Q1.2021				Q2.2021				Q2.2020				YTD.2021				YTD.2020
Product remediation recovery		$	—			$	—			$	8			$	—			$	8

Selected Segment Items

in millions	Q1.2021			Q2.2021			Q2.2020			YTD.2021			YTD.2020
Total decrease (increase) in working capital⁽²⁾	$	(212	)	$	(49	)	$	56		$	(261	)	$	(130	)
Cash spent for capital expenditures	$	(25	)	$	(51	)	$	(45	)	$	(76	)	$	(83	)

⁽²⁾ Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

Segment Statistics

in millions, except for third party sales realizations		Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Structural Lumber	Third party net sales	$	990	$	1,349	$	538	$	2,339	$	1,046
(volumes presented	Third party sales realizations	$	864	$	1,077	$	438	$	975	$	427
in board feet)	Third party sales volumes⁽³⁾		1,145		1,252		1,225		2,397		2,447
	Production volumes		1,211		1,234		1,108		2,445		2,317
Oriented Strand	Third party net sales	$	438	$	605	$	179	$	1,043	$	369
Board	Third party sales realizations	$	614	$	911	$	240	$	757	$	243
(volumes presented	Third party sales volumes⁽³⁾		714		663		747		1,377		1,517
in square feet 3/8")	Production volumes		742		683		742		1,425		1,519
Engineered Solid	Third party net sales	$	142	$	166	$	111	$	308	$	238
Section	Third party sales realizations	$	2,285	$	2,533	$	2,151	$	2,412	$	2,150
(volumes presented	Third party sales volumes⁽³⁾		6.2		6.6		5.2		12.8		11.1
in cubic feet)	Production volumes		6.0		6.2		5.3		12.2		11.4
Engineered	Third party net sales	$	83	$	104	$	70	$	187	$	148
I-joists	Third party sales realizations	$	1,773	$	1,980	$	1,645	$	1,882	$	1,656
(volumes presented	Third party sales volumes⁽³⁾		47		53		42		100		89
in lineal feet)	Production volumes		44		51		38		95		85
Softwood Plywood	Third party net sales	$	56	$	69	$	34	$	125	$	73
(volumes presented	Third party sales realizations	$	594	$	902	$	356	$	733	$	352
in square feet 3/8")	Third party sales volumes⁽³⁾		94		77		95		171		208
	Production volumes		80		62		76		142		173
Medium Density	Third party net sales	$	48	$	43	$	33	$	91	$	77
Fiberboard	Third party sales realizations	$	842	$	869	$	825	$	855	$	834
(volumes presented	Third party sales volumes⁽³⁾		57		50		40		107		92
in square feet 3/4")	Production volumes		56		52		35		108		91

⁽³⁾Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 7 of 8

Weyerhaeuser Company

Unallocated Items

Q2.2021 Analyst Package

Preliminary results (unaudited)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

Net Charge to Earnings

in millions	Q1.2021			Q2.2021			Q2.2020			YTD.2021			YTD.2020
Unallocated corporate function and variable compensation expense	$	(25	)	$	(36	)	$	(23	)	$	(61	)	$	(42	)
Liability classified share-based compensation		(1	)		—			(4	)		(1	)		6
Foreign exchange gain (loss)		(2	)		(1	)		3			(3	)		(5	)
Elimination of intersegment profit in inventory and LIFO		(17	)		(28	)		18			(45	)		5
Other, net		(13	)		(20	)		(4	)		(33	)		(9	)
Operating loss		(58	)		(85	)		(10	)		(143	)		(45	)
Non-operating pension and other post-employment benefit costs		(8	)		(1	)		(10	)		(9	)		(19	)
Interest income and other		1			2			2			3			3
Net charge to earnings	$	(65	)	$	(84	)	$	(18	)	$	(149	)	$	(61	)

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2021			Q2.2021			Q2.2020			YTD.2021			YTD.2020
Operating loss	$	(58	)	$	(85	)	$	(10	)	$	(143	)	$	(45	)
Depreciation, depletion and amortization		2			1			1			3			3
Special items		—			—			—			—			(12	)
Adjusted EBITDA⁽¹⁾	$	(56	)	$	(84	)	$	(9	)	$	(140	)	$	(54	)

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Unallocated Special Items Included in Net Charge to Earnings (Pretax)

in millions	Q1.2021		Q2.2021		Q2.2020		YTD.2021		YTD.2020
Legal benefit	$	—	$	—	$	—	$	—	$	12
Special items included in operating loss and net charge to earnings	$	—	$	—	$	—	$	—	$	12

Unallocated Selected Items

in millions

Q1.2021

Q2.2021

Q2.2020

YTD.2021

YTD.2020

Cash spent for capital expenditures

—

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