0000950170-24-049864.txt : 20240429 0000950170-24-049864.hdr.sgml : 20240429 20240429161405 ACCESSION NUMBER: 0000950170-24-049864 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240429 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240429 DATE AS OF CHANGE: 20240429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POTLATCHDELTIC CORP CENTRAL INDEX KEY: 0001338749 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 820156045 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32729 FILM NUMBER: 24890935 BUSINESS ADDRESS: STREET 1: 601 WEST FIRST AVENUE STREET 2: SUITE 1600 CITY: SPOKANE STATE: WA ZIP: 99201 BUSINESS PHONE: (509) 835-1500 MAIL ADDRESS: STREET 1: 601 WEST FIRST AVENUE STREET 2: SUITE 1600 CITY: SPOKANE STATE: WA ZIP: 99201 FORMER COMPANY: FORMER CONFORMED NAME: POTLATCH CORP DATE OF NAME CHANGE: 20060206 FORMER COMPANY: FORMER CONFORMED NAME: Potlatch Holdings, Inc. DATE OF NAME CHANGE: 20050914 8-K 1 pch-20240429.htm 8-K 8-K
0001338749false00013387492024-04-292024-04-29

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: April 29, 2024 (Date of earliest event reported)

 

PotlatchDeltic Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

001-32729

 

82-0156045

(State or Other Jurisdiction

of Incorporation)

 

(Commission File Number)

 

(I.R.S. Employer

Identification Number)

 

 

 

 

 

601 W. First Avenue, Suite 1600,

Spokane WA

 

 

 

99201

(Address of principal executive offices)

 

 

 

(Zip Code)

509-835-1500

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock ($1 par value)

 

PCH

 

Nasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

On April 29, 2024, PotlatchDeltic Corporation announced its results of operations and financial condition for the quarter ended March 31, 2024. The press release containing this announcement is furnished as Exhibit 99.1 hereto.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

 

(d) The following items are furnished as exhibits to this report.

 

99.1 Press release issued by PotlatchDeltic Corporation, dated April 29, 2024, PotlatchDeltic Corporation Reports First Quarter 2024 Results.

 

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 29, 2024

 

PotlatchDeltic Corporation

 

 

 

By:

 

/s/ Michele L. Tyler

 

 

Michele L. Tyler

 

 

Vice President, General Counsel and Corporate Secretary

 

 

 

 

 

 

 

 

3

 

 EX-99.1 2 pch-ex99_1.htm EX-99.1 EX-99.1

 

 

 

Exhibit 99.1

img141266288_0.jpg 

 

News Release

For immediate release:

 

Contact:

Investors

Media

Wayne Wasechek

Anna Torma

509.835.1521

509.835.1558

 

PotlatchDeltic Corporation Reports First Quarter 2024 Results

SPOKANE, Wash., April 29, 2024 (BUSINESS WIRE) – PotlatchDeltic Corporation (Nasdaq: PCH) today reported a net loss of $0.3 million, or $0.00 per diluted share, on revenues of $228.1 million for the quarter ended March 31, 2024. Net income was $16.3 million, or $0.20 per diluted share, on revenues of $258.0 million for the quarter ended March 31, 2023. Excluding CatchMark merger-related expenses, adjusted net income was $18.5 million, or $0.23 per diluted share, for the first quarter of 2023.

First Quarter 2024 Highlights

 

•
Generated Total Adjusted EBITDDA of $29.7 million and Total Adjusted EBITDDA margin of 13%
•
Acquired 16,000 acres of high-quality mature Southern timberlands for $31 million, or $1,900/acre
•
Announced agreement to sell 34,000 acres of under four-year aged Southern timberlands for $58 million, or $1,700/acre
•
On track to complete our expansion and modernization of Waldo, Arkansas sawmill in 2024
•
Maintained strong liquidity of $479 million as of March 31, 2024

 

“Our business segments delivered solid operational performance in the first quarter despite various market and weather-related challenges,” said Eric Cremers, President and Chief Executive Officer. “Additionally, during the quarter we capitalized on market opportunities to enhance shareholder value by acquiring high-quality mature timberland and agreeing to divest young-aged timberland at a sales price that is at a significant premium to our timberland value. Our strong balance sheet and liquidity provide flexibility as we navigate through the current economic environment and we remain committed to our disciplined capital allocation strategy to drive value for our shareholders over the long term,” stated Mr. Cremers.

 

1

 

 

 

Financial Highlights

 

($ in millions, except per share data)

 

Q1 2024

 

 

Q4 2023

 

 

Q1 2023

 

Revenues

 

$

228.1

 

 

$

254.5

 

 

$

258.0

 

Net income (loss)

 

$

(0.3

)

 

$

(0.1

)

 

$

16.3

 

Weighted-average shares outstanding, diluted (in thousands)

 

 

79,677

 

 

$

79,630

 

 

 

80,167

 

Net income (loss) per diluted share

 

$

—

 

 

$

—

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss)1

 

$

(0.3

)

 

$

(0.1

)

 

$

18.5

 

Adjusted Net Income (Loss) Per Diluted Share1

 

$

—

 

 

$

—

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA1

 

$

29.7

 

 

$

40.7

 

 

$

57.7

 

Total Adjusted EBITDDA Margin1

 

 

13.0

%

 

 

16.0

%

 

 

22.4

%

Dividends per share

 

$

0.45

 

 

$

0.45

 

 

$

0.45

 

Net cash from operations

 

$

16.0

 

 

$

41.8

 

 

$

39.1

 

Cash and cash equivalents

 

$

180.2

 

 

$

230.1

 

 

$

325.6

 

 

 

 

 

 

 

 

 

 

 

1 Adjusted Net Income, Adjusted Net Income Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to "Non-GAAP Measures" and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable.

 

Business Performance: Q1 2024 vs. Q4 2023

Timberlands

First Quarter 2024 Highlights

•
Timberlands Adjusted EBITDDA increased $1.4 million from Q4 2023
•
Northern sawlog prices decreased 5% primarily due to seasonally heavier logs
•
Southern sawlog prices decreased 3% on seasonally lower mix of hardwood volumes and smaller diameter logs
•
Lower log and haul costs were primarily driven by decreased fuel costs and shorter haul distances
•
Forest management costs decreased due to seasonally lower activity

 

 

($ in millions)

 

Q1 2024

 

 

Q4 2023

 

 

$ Change

 

Timberlands Revenues

 

$

93.0

 

 

$

97.4

 

 

$

(4.4

)

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA1

 

$

34.7

 

 

$

33.3

 

 

$

1.4

 

 

 

 

 

 

 

 

 

 

 

1 Refer to Segment Information below for additional information.

 

Wood Products

First Quarter 2024 Highlights

•
Wood Products Adjusted EBITDDA increased $6.4 million from Q4 2023
•
Average lumber price increased 4% to $430 per thousand board feet (MBF) in Q1 2024
•
Lumber production increased in Q1 2024 leading to improved fixed cost absorption
•
Lumber inventory charges were $2.3 million lower compared to Q4 2023

 

 

($ in millions)

 

Q1 2024

 

 

Q4 2023

 

 

$ Change

 

Wood Products Revenues

 

$

148.6

 

 

$

150.1

 

 

$

(1.5

)

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA1

 

$

(0.1

)

 

$

(6.5

)

 

$

6.4

 

 

 

 

 

 

 

 

 

 

 

1 Refer to Segment Information below for additional information.

 

2

 

 

 

Real Estate

First Quarter 2024 Highlights

•
Real Estate Adjusted EBITDDA decreased $15.7 million from Q4 2023
•
Sold 1,801 acres of rural land at an average price of $3,069 per acre
•
Sold 24 residential lots at an average price of $119,750 per lot

 

($ in millions)

 

Q1 2024

 

 

Q4 2023

 

 

$ Change

 

Real Estate Revenues

 

$

11.1

 

 

$

27.9

 

 

$

(16.8

)

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA1

 

$

6.2

 

 

$

21.9

 

 

$

(15.7

)

 

 

 

 

 

 

 

 

 

 

1 Refer to Segment Information below for additional information.

 

Non-GAAP Measures

This press release includes certain financial measures that are not in accordance with accounting principles generally accepted in the United States (GAAP). Management believes that these non-GAAP measures, when read in conjunction with our GAAP financial statements, provide useful information to investors and other interested parties as described below. The presentation of these non-GAAP financial measures should be considered only as supplemental to, are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may not be the same as or comparable to other similarly titled non-GAAP measures presented by other companies due to potential inconsistencies in methods of calculation.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share are non-GAAP measures that represent GAAP net income (loss) and GAAP net income (loss) per diluted share before certain items, net of tax, that management believes impact the ability to compare the performance of our business, either period-over-period or with other businesses.

Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures that remove the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis and can be used to evaluate the operational performance of assets under management.

We define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues.

Reconciliations of Total Adjusted EBITDDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share to their most comparable GAAP measures are set forth in the accompanying “Non-GAAP Reconciliations” at the end of this release.

Conference Call Information

A live conference call and webcast will be held Tuesday, April 30, 2024, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the above website.

A replay of the conference call will be available two hours following the call until May 7, 2024 by calling 1-800-770-2030 for U.S./Canada or 1-609-800-9909 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.

 

Forward-Looking Statements

 

This press release 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 revenues, costs, expenses and

 

3

 

 

 

liquidity; disciplined and opportunistic capital allocation strategy; expected completion of the Waldo, AR sawmill expansion and modernization project; the planned sale of timberland at a premium to our timberland value, and similar matters. Words such as “over the long term,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, such as changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company’s lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; our ability and our contractor’s ability to complete the expansion and modernization of our Waldo, Arkansas sawmill on time; the failure to close the announced sale of timberland on the terms described; the successful execution of the company’s strategic plans and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

 

 

4

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

 

Three Months Ended

 

(in thousands, except per share amounts)

March 31, 2024

 

 

December 31, 2023

 

 

 

March 31, 2023

 

Revenues

$

228,127

 

 

$

254,503

 

 

 

$

257,962

 

Costs and expenses:

 

 

 

 

 

 

Cost of goods sold

 

212,160

 

 

 

233,862

 

 

 

 

224,350

 

Selling, general and administrative expenses

 

20,727

 

 

 

20,612

 

 

 

 

18,230

 

CatchMark merger-related expenses

 

—

 

 

—

 

 

 

 

 

2,209

 

 

 

232,887

 

 

 

254,474

 

 

 

 

244,789

 

Operating income (loss)

 

(4,760

)

 

 

29

 

 

 

 

13,173

 

Interest expense, net

 

282

 

 

 

(8,435

)

 

 

 

(199

)

Non-operating pension and other postretirement employee benefits

 

201

 

 

 

(229

)

 

 

 

(228

)

Other

 

(145

)

 

 

629

 

 

 

 

 

10

 

Income (loss) before income taxes

 

(4,422

)

 

 

(8,006

)

 

 

 

12,756

 

Income taxes

 

4,117

 

 

 

7,866

 

 

 

 

3,504

 

Net income (loss)

$

(305

)

 

$

(140

)

 

 

$

16,260

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

$

—

 

 

$

—

 

 

 

$

0.20

 

Diluted

$

—

 

 

$

—

 

 

 

$

0.20

 

Dividends per share

$

0.45

 

 

$

0.45

 

 

 

$

0.45

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

79,677

 

 

 

79,630

 

 

 

 

80,027

 

Diluted

 

79,677

 

 

 

79,630

 

 

 

 

80,167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

 

(in thousands, except per share amounts)

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

180,150

 

 

$

230,118

 

Customer receivables, net

 

 

27,132

 

 

 

21,892

 

Inventories, net

 

 

77,572

 

 

 

78,665

 

Other current assets

 

 

84,844

 

 

 

46,258

 

Total current assets

 

 

369,698

 

 

 

376,933

 

Property, plant and equipment, net

 

 

375,891

 

 

 

372,832

 

Investment in real estate held for development and sale

 

 

55,524

 

 

 

56,321

 

Timber and timberlands, net

 

 

2,415,818

 

 

 

2,440,398

 

Intangible assets, net

 

 

15,196

 

 

 

15,640

 

Other long-term assets

 

 

176,812

 

 

 

169,132

 

Total assets

 

$

3,408,939

 

 

$

3,431,256

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

80,697

 

 

$

82,383

 

Current portion of long-term debt

 

 

175,654

 

 

 

175,615

 

Current portion of pension and other postretirement employee benefits

 

 

4,535

 

 

 

4,535

 

Total current liabilities

 

 

260,886

 

 

 

262,533

 

Long-term debt

 

 

858,365

 

 

 

858,113

 

Pension and other postretirement employee benefits

 

 

68,391

 

 

 

67,856

 

Deferred tax liabilities, net

 

 

32,546

 

 

 

36,641

 

Other long-term obligations

 

 

35,479

 

 

 

35,015

 

Total liabilities

 

 

1,255,667

 

 

 

1,260,158

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $1 par value, 200,000 shares authorized, 79,508 and 79,365 shares issued and outstanding

 

 

79,508

 

 

 

79,365

 

Additional paid-in capital

 

 

2,306,499

 

 

 

2,303,992

 

Accumulated deficit

 

 

(351,463

)

 

 

(315,291

)

Accumulated other comprehensive income

 

 

118,728

 

 

 

103,032

 

Total stockholders’ equity

 

 

2,153,272

 

 

 

2,171,098

 

Total liabilities and stockholders' equity

 

$

3,408,939

 

 

$

3,431,256

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

Three Months Ended

 

(in thousands)

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

$

(305

)

 

$

(140

)

 

$

16,260

 

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

30,802

 

 

 

30,827

 

 

 

32,173

 

Basis of real estate sold

 

4,092

 

 

 

9,768

 

 

 

10,631

 

Change in deferred taxes

 

(4,145

)

 

 

(5,290

)

 

 

394

 

Pension and other postretirement employee benefits

 

1,143

 

 

 

1,613

 

 

 

1,611

 

Equity-based compensation expense

 

2,560

 

 

 

2,643

 

 

 

2,279

 

Interest received under swaps with other-than-insignificant financing element

 

(7,458

)

 

 

(6,995

)

 

 

(5,454

)

Other, net

 

2,961

 

 

 

2,234

 

 

 

1,945

 

Change in working capital and operating-related activities, net

 

(13,252

)

 

 

(2,081

)

 

 

(17,205

)

Real estate development expenditures

 

(1,135

)

 

 

(4,261

)

 

 

(2,408

)

Funding of pension and other postretirement employee benefits

 

(914

)

 

 

(1,160

)

 

 

(1,087

)

Proceeds from insurance recoveries

 

1,680

 

 

 

14,645

 

 

 

—

 

Net cash from operating activities

 

16,029

 

 

 

41,803

 

 

 

39,139

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

(4,995

)

 

 

(67,848

)

 

 

(4,255

)

Timberlands reforestation and roads

 

(7,874

)

 

 

(6,850

)

 

 

(6,118

)

Acquisition of timber and timberlands

 

(31,438

)

 

 

(158

)

 

 

—

 

Interest received under swaps with other-than-insignificant financing element

 

6,938

 

 

 

6,478

 

 

 

5,055

 

Other, net

 

373

 

 

 

496

 

 

 

422

 

Net cash from investing activities

 

(36,996

)

 

 

(67,882

)

 

 

(4,896

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

(35,779

)

 

 

(35,715

)

 

 

(35,962

)

Repurchase of common stock

 

—

 

 

 

(13,605

)

 

 

—

 

Proceeds from long-term debt

 

—

 

 

 

40,000

 

 

 

—

 

Repayment of long-term debt

 

—

 

 

 

(40,000

)

 

 

—

 

Other, net

 

(792

)

 

 

(789

)

 

 

(838

)

Net cash from financing activities

 

(36,571

)

 

 

(50,109

)

 

 

(36,800

)

Change in cash, cash equivalents and restricted cash

 

(57,538

)

 

 

(76,188

)

 

 

(2,557

)

Cash, cash equivalents and restricted cash, beginning

 

237,688

 

 

 

313,876

 

 

 

345,591

 

Cash, cash equivalents and restricted cash, ending1

$

180,150

 

 

$

237,688

 

 

$

343,034

 

 

 

 

 

 

 

 

 

 

 

1

Includes $0, $7.6 million and $17.4 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets.

 

 

7

 

 

 

 

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

Three Months Ended

 

(in thousands)

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

Revenues

 

 

 

 

 

 

 

 

Timberlands

$

92,950

 

 

$

97,414

 

 

$

115,238

 

Wood Products

 

148,598

 

 

 

150,100

 

 

 

152,795

 

Real Estate

 

11,107

 

 

 

27,909

 

 

 

23,863

 

 

 

252,655

 

 

 

275,423

 

 

 

291,896

 

Intersegment Timberlands revenues

 

(24,528

)

 

 

(20,920

)

 

 

(33,934

)

Consolidated revenues

$

228,127

 

 

$

254,503

 

 

$

257,962

 

 

 

 

 

 

 

 

 Adjusted EBITDDA1

 

 

 

 

 

 

Timberlands

$

34,748

 

 

$

33,304

 

 

$

46,639

 

Wood Products

 

(139

)

 

 

(6,488

)

 

 

(31

)

Real Estate

 

6,228

 

 

 

21,908

 

 

 

19,465

 

Corporate

 

(12,665

)

 

 

(12,448

)

 

 

(10,741

)

Eliminations and adjustments

 

1,550

 

 

 

4,458

 

 

 

2,445

 

Total Adjusted EBITDDA

 

29,722

 

 

 

40,734

 

 

 

57,777

 

Interest expense, net2

 

282

 

 

 

(8,435

)

 

 

(199

)

Depreciation, depletion and amortization

 

(30,395

)

 

 

(30,419

)

 

 

(31,764

)

Basis of real estate sold

 

(4,092

)

 

 

(9,768

)

 

 

(10,631

)

CatchMark merger-related expenses

 

—

 

 

 

—

 

 

 

(2,209

)

Non-operating pension and other postretirement employee benefits

 

201

 

 

 

(229

)

 

 

(228

)

Gain (loss) on disposal of fixed assets

 

5

 

 

 

(518

)

 

 

—

 

Other

 

(145

)

 

 

629

 

 

 

10

 

Income (loss) before income taxes

$

(4,422

)

 

$

(8,006

)

 

$

12,756

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

Timberlands

$

17,625

 

 

$

19,386

 

 

$

20,461

 

Wood Products

 

12,516

 

 

 

10,783

 

 

 

11,035

 

Real Estate

 

138

 

 

 

129

 

 

 

156

 

Corporate

 

116

 

 

 

121

 

 

 

112

 

 

 

30,395

 

 

 

30,419

 

 

 

31,764

 

Bond discounts and deferred loan fees2

 

407

 

 

 

408

 

 

 

409

 

Total depreciation, depletion and amortization

$

30,802

 

 

$

30,827

 

 

$

32,173

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

Real Estate

$

4,094

 

 

$

9,802

 

 

$

10,631

 

Eliminations and adjustments

 

(2

)

 

 

(34

)

 

 

—

 

Total basis of real estate sold

$

4,092

 

 

$

9,768

 

 

$

10,631

 

 

 

 

 

 

 

 

 

 

 

1

Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations.

2

Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations.

 

 

8

 

 

 

 

PotlatchDeltic Corporation

Non-GAAP Reconciliations

Unaudited

 

 

 

 

Three Months Ended

 

(in thousands, except per share amount)

 

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

Total Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

(305

)

 

$

(140

)

 

$

16,260

 

Interest expense, net

 

 

(282

)

 

 

8,435

 

 

 

199

 

Income taxes

 

 

(4,117

)

 

 

(7,866

)

 

 

(3,504

)

Depreciation, depletion and amortization

 

 

30,395

 

 

 

30,419

 

 

 

31,764

 

Basis of real estate sold

 

 

4,092

 

 

 

9,768

 

 

 

10,631

 

CatchMark merger-related expenses

 

 

—

 

 

 

—

 

 

 

2,209

 

Non-operating pension and other postretirement employee benefits

 

 

(201

)

 

 

229

 

 

 

228

 

(Gain) loss on disposal of fixed assets

 

 

(5

)

 

 

518

 

 

 

—

 

Other

 

 

145

 

 

 

(629

)

 

 

(10

)

Total Adjusted EBITDDA

 

$

29,722

 

 

$

40,734

 

 

$

57,777

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss)1

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

(305

)

 

$

(140

)

 

$

16,260

 

Special items after tax:

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

—

 

 

 

—

 

 

 

2,209

 

Gain on fire damage

 

 

—

 

 

 

—

 

 

 

—

 

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

—

 

Adjusted Net Income (Loss)

 

$

(305

)

 

$

(140

)

 

$

18,469

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) Per Diluted Share1

 

 

 

 

 

 

 

 

 

Net income (loss) per diluted share (GAAP)

 

$

—

 

 

$

—

 

 

$

0.20

 

Special items after tax:

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

—

 

 

 

—

 

 

 

0.03

 

Gain on fire damage

 

 

—

 

 

 

—

 

 

 

—

 

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

—

 

Adjusted Net Income (Loss) Per Diluted Share

 

$

—

 

 

$

—

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

1

See "Non-GAAP Measures" for further details on management's use of these measures.

 

 

9

 

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Document And Entity Information
Apr. 29, 2024
Cover [Abstract]  
Entity Registrant Name PotlatchDeltic Corporation
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0001338749
Document Period End Date Apr. 29, 2024
Entity Emerging Growth Company false
Securities Act File Number 001-32729
Entity Incorporation, State Country Code DE
Entity Tax Identification Number 82-0156045
Entity Address, Address Line One 601 W. First Avenue, Suite 1600
Entity Address, City or Town Spokane
Entity Address, State or Province WA
Entity Address, Postal Zip Code 99201
City Area Code 509
Local Phone Number 835-1500
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock ($1 par value)
Trading Symbol PCH
Security Exchange Name NASDAQ
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