Rayonier Reports Third Quarter 2024 Results
Rayonier (NYSE:RYN) reported Q3 2024 results with net income of $28.8 million ($0.19 per share) on revenues of $195.0 million, compared to $19.2 million ($0.13 per share) in the prior year. Pro forma net income was $18.1 million ($0.12 per share). Adjusted EBITDA decreased 9% to $71.8 million.
The company updated its full-year guidance, now expecting net income of $343-359 million, EPS of $2.30-2.40, and Adjusted EBITDA of $275-290 million. The revision reflects lower harvest volumes due to recent timberland dispositions, including 91,000 acres in Oklahoma and 109,000 acres in Washington.
Rayonier (NYSE:RYN) ha riportato i risultati del terzo trimestre 2024 con un reddito netto di 28,8 milioni di dollari (0,19 dollari per azione) su ricavi di 195,0 milioni di dollari, rispetto ai 19,2 milioni di dollari (0,13 dollari per azione) dell'anno precedente. Il reddito netto pro forma è stato di 18,1 milioni di dollari (0,12 dollari per azione). L'EBITDA rettificato è diminuito del 9% a 71,8 milioni di dollari.
L'azienda ha aggiornato le sue previsioni per l'intero anno, ora prevedendo un reddito netto di 343-359 milioni di dollari, un EPS di 2,30-2,40 dollari e un EBITDA rettificato di 275-290 milioni di dollari. La revisione riflette volumi di raccolta più bassi a causa di recenti dismissioni di terreni forestali, comprese 91.000 acri in Oklahoma e 109.000 acri nello stato di Washington.
Rayonier (NYSE:RYN) informó los resultados del tercer trimestre de 2024 con un ingreso neto de 28.8 millones de dólares (0.19 dólares por acción) sobre ingresos de 195.0 millones de dólares, en comparación con 19.2 millones de dólares (0.13 dólares por acción) del año anterior. El ingreso neto pro forma fue de 18.1 millones de dólares (0.12 dólares por acción). El EBITDA ajustado disminuyó un 9% a 71.8 millones de dólares.
La compañía actualizó su guía para todo el año, ahora esperando un ingreso neto de entre 343 y 359 millones de dólares, un EPS de entre 2.30 y 2.40 dólares, y un EBITDA ajustado de entre 275 y 290 millones de dólares. La revisión refleja volúmenes de cosecha más bajos debido a recientes disposiciones de tierras forestales, incluidas 91,000 acres en Oklahoma y 109,000 acres en Washington.
Rayonier (NYSE:RYN)는 2024년 3분기 결과를 보고하며, 순이익이 2880만 달러 (주당 0.19 달러)로, 매출은 1억 9500만 달러를 기록했으며, 전년 동기 대비 1920만 달러 (주당 0.13 달러)와 비교됩니다. 프로포르마 순이익은 1810만 달러 (주당 0.12 달러)였습니다. 조정 EBITDA는 9% 감소하여 7180만 달러로 나타났습니다.
회사는 연간 가이드를 업데이트하여 순이익을 3억 4300만 ~ 3억 5900만 달러, 주당순이익(EPS)을 2.30 ~ 2.40 달러, 조정 EBITDA를 2억 7500만 ~ 2억 9000만 달러로 예상하고 있습니다. 이번 수정은 오클라호마에서 91,000 에이커, 워싱턴에서 109,000 에이커의 최근 산림 토지 처분으로 인한 수확량 감소를 반영합니다.
Rayonier (NYSE:RYN) a annoncé ses résultats du troisième trimestre 2024 avec un revenu net de 28,8 millions de dollars (0,19 dollar par action) sur des revenus de 195,0 millions de dollars, contre 19,2 millions de dollars (0,13 dollar par action) l'année précédente. Le revenu net pro forma était de 18,1 millions de dollars (0,12 dollar par action). L'EBITDA ajusté a diminué de 9% pour atteindre 71,8 millions de dollars.
L'entreprise a mis à jour ses prévisions pour l'année entière, maintenant s'attendant à un revenu net de 343 à 359 millions de dollars, un BPA de 2,30 à 2,40 dollars et un EBITDA ajusté de 275 à 290 millions de dollars. Cette révision reflète des volumes de récolte plus faibles en raison de récentes cessions de terres forestières, y compris 91 000 acres en Oklahoma et 109 000 acres dans l'État de Washington.
Rayonier (NYSE:RYN) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Nettogewinn von 28,8 Millionen Dollar (0,19 Dollar pro Aktie) bei einem Umsatz von 195,0 Millionen Dollar, verglichen mit 19,2 Millionen Dollar (0,13 Dollar pro Aktie) im Vorjahr. Der bereinigte Nettogewinn betrug 18,1 Millionen Dollar (0,12 Dollar pro Aktie). Das bereinigte EBITDA sank um 9% auf 71,8 Millionen Dollar.
Das Unternehmen aktualisierte seine Jahresprognose und erwartet nun einen Nettogewinn von 343-359 Millionen Dollar, einen EPS von 2,30-2,40 Dollar und ein bereinigtes EBITDA von 275-290 Millionen Dollar. Diese Revision spiegelt niedrigere Erntevolumen aufgrund von jüngsten Veräußerungen von Waldflächen wider, darunter 91.000 Acres in Oklahoma und 109.000 Acres in Washington.
- Net income increased to $28.8 million from $19.2 million year-over-year
- Year-to-date cash provided by operating activities reached $173.8 million
- Pacific Northwest Timber segment Adjusted EBITDA improved 12% year-over-year
- Real Estate segment Adjusted EBITDA improved 5% versus prior year quarter
- Revenue declined to $195.0 million from $201.6 million year-over-year
- Adjusted EBITDA decreased 9% to $71.8 million from $78.9 million
- Southern Timber harvest volumes decreased 13%
- New Zealand Timber segment Adjusted EBITDA declined 38%
Insights
The Q3 2024 results show mixed performance with some concerning trends.
Key concerns include a
The
The Real Estate segment demonstrates resilience despite lower transaction volume. While total acres sold decreased from 4,281 to 2,916, the weighted-average price per acre increased significantly to
The segment's Adjusted EBITDA improved
-
Third quarter net income attributable to Rayonier of
($28.8 million per share) on revenues of$0.19 $195.0 million -
Third quarter pro forma net income of
($18.1 million per share)$0.12 -
Third quarter operating income of
, pro forma operating income of$27.6 million , and Adjusted EBITDA of$28.5 million $71.8 million -
Year-to-date cash provided by operations of
and cash available for distribution (CAD) of$173.8 million $105.7 million - Updating full-year Adjusted EBITDA guidance to reflect current outlook and disposition activity announced concurrent with this release
WILDLIGHT, Fla.--(BUSINESS WIRE)--
Rayonier Inc. (NYSE:RYN) today reported third quarter net income attributable to Rayonier of
The third quarter results included
The following table summarizes the current quarter and comparable prior year period results:
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Three Months Ended |
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(millions of dollars, except earnings per share (EPS)) |
September 30, 2024 |
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September 30, 2023 |
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$ |
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EPS |
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$ |
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EPS |
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Revenues |
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Net income attributable to Rayonier |
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Net recovery on legal settlements1 |
(12.0 |
) |
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(0.08 |
) |
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— |
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— |
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Costs related to disposition initiatives2 |
0.9 |
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0.01 |
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— |
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— |
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Pension settlement charge3 |
0.3 |
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— |
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— |
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— |
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Pro forma net income adjustments attributable to noncontrolling interests4 |
0.1 |
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— |
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— |
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— |
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Pro forma net income5 |
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Third quarter operating income was
The following table summarizes operating income (loss), pro forma operating income (loss),5 and Adjusted EBITDA5 for the current quarter and comparable prior year period:
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Three Months Ended September 30, |
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Operating Income (Loss) |
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Pro forma Operating Income (Loss)5 |
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Adjusted EBITDA5 |
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(millions of dollars) |
2024 |
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2023 |
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2024 |
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2023 |
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2024 |
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2023 |
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Southern Timber |
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Pacific Northwest Timber |
0.8 |
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(0.6 |
) |
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0.8 |
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(0.6 |
) |
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8.7 |
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7.8 |
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New Zealand Timber |
8.9 |
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17.6 |
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8.9 |
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17.6 |
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14.6 |
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23.5 |
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Real Estate |
8.6 |
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9.2 |
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8.6 |
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9.2 |
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19.9 |
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18.9 |
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Trading |
(0.1 |
) |
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(0.1 |
) |
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(0.1 |
) |
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(0.1 |
) |
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(0.1 |
) |
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(0.1 |
) |
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Corporate and Other |
(10.5 |
) |
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(9.4 |
) |
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(9.6 |
) |
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(9.4 |
) |
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(9.2 |
) |
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(9.0 |
) |
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Total |
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Year-to-date cash provided by operating activities was
“We delivered solid operational results in the third quarter, despite macroeconomic challenges that continue to adversely impact our timber businesses,” said Mark McHugh, President and CEO. “We achieved total Adjusted EBITDA of
“In our Southern Timber segment, Adjusted EBITDA was comparable to the prior year quarter, as significantly higher non-timber income was largely offset by a
“In our Real Estate segment, Adjusted EBITDA improved
“During the third quarter, we also significantly advanced our
Southern Timber
Third quarter sales of
Third quarter Adjusted EBITDA5 of
Pacific Northwest Timber
Third quarter sales of
Third quarter Adjusted EBITDA5 of
New Zealand Timber
Third quarter sales of
Third quarter Adjusted EBITDA5 of
Real Estate
Third quarter sales of
Improved Development sales of
Rural sales of
There were no Timberland & Non-Strategic sales in the third quarter. This compares to prior year period sales of
Third quarter Adjusted EBITDA5 of
Trading
Third quarter sales of
Other Items
Third quarter corporate and other operating expenses of
Third quarter interest expense of
Third quarter income tax expense decreased
Outlook
“Based on our year-to-date results and our expectations for the fourth quarter, we now expect full-year net income attributable to Rayonier of
“In our Southern Timber segment, we now expect full-year harvest volumes of approximately 7.0 million tons and Adjusted EBITDA slightly below the lower end of our prior guidance range due to the disposition of approximately 91,000 acres in
Conference Call
A conference call and live audio webcast will be held on Thursday, November 7, 2024 at 10:00 AM (ET) to discuss these results.
Access to the live audio webcast will be available at www.rayonier.com. A replay of the webcast will be archived on the Company’s website and available shortly after the call.
Investors may listen to the conference call by dialing 888-604-9366 (domestic) or 517-308-9338 (international), passcode: RAYONIER. A replay of the conference call will be available one hour following the call until Friday, December 6, 2024, by dialing 800-395-6236 (domestic) or 203-369-3270 (international), passcode: 4077.
Complimentary copies of Rayonier press releases and other financial documents are also available by calling (904) 357-9100.
1"Net recovery on legal settlements" reflects the net gain from litigation regarding insurance claims. |
2"Costs related to disposition initiatives" include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. |
3"Pension settlement charge" reflects the net loss recognized in connection with the termination and settlement of the Company’s pension plans. |
4"Pro forma net income adjustments attributable to noncontrolling interests" are the proportionate share of pro forma items that are attributable to noncontrolling interests. |
5"Pro forma net income," "Pro forma operating income (loss)," "Adjusted EBITDA" and "CAD" are non-GAAP measures defined and reconciled to GAAP in the attached exhibits. |
About Rayonier
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in
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Forward-Looking Statements - Certain statements in this press release 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 schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier’s business strategies, and other similar statements relating to Rayonier’s future events, developments or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.
The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings, including any downturn in the housing market; entry of new competitors into our markets; changes in global economic conditions and geopolitical tensions, including the war in
For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company’s most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the “SEC”). Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC.
Non-GAAP Financial Measures - To supplement Rayonier’s financial statements presented in accordance with generally accepted accounting principles in
RAYONIER INC. AND SUBSIDIARIES |
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CONDENSED STATEMENTS OF CONSOLIDATED INCOME |
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September 30, 2024 (unaudited) |
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(millions of dollars, except per share information) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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June 30, |
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September 30, |
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September 30, |
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September 30, |
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2024 |
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2024 |
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2023 |
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2024 |
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2023 |
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SALES |
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Costs and Expenses |
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Cost of sales |
(147.2 |
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(138.7 |
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(145.6 |
) |
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(419.1 |
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(463.2 |
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Selling and general expenses |
(18.3 |
) |
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(20.6 |
) |
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(18.9 |
) |
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(57.9 |
) |
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(54.7 |
) |
Other operating expense, net |
(1.9 |
) |
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(1.9 |
) |
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(1.7 |
) |
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(3.4 |
) |
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(5.5 |
) |
OPERATING INCOME |
27.6 |
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12.4 |
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35.4 |
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56.3 |
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66.1 |
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Interest expense, net |
(10.0 |
) |
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(9.8 |
) |
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(12.6 |
) |
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(29.6 |
) |
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(36.7 |
) |
Interest and other miscellaneous income, net |
12.8 |
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0.9 |
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0.5 |
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8.8 |
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21.7 |
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INCOME BEFORE INCOME TAXES |
30.4 |
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3.5 |
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23.3 |
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35.5 |
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51.1 |
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Income tax (expense) benefit |
— |
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(0.5 |
) |
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(0.6 |
) |
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0.3 |
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(1.8 |
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NET INCOME |
30.4 |
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3.0 |
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22.7 |
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35.8 |
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49.3 |
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Less: Net income attributable to noncontrolling interests in the operating partnership |
(0.3 |
) |
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— |
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(0.3 |
) |
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(0.5 |
) |
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(0.8 |
) |
Less: Net income attributable to noncontrolling interests in consolidated affiliates |
(1.3 |
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(1.1 |
) |
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(3.2 |
) |
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(3.3 |
) |
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(1.9 |
) |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. |
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EARNINGS PER COMMON SHARE |
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Basic earnings per share attributable to Rayonier Inc. |
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Diluted earnings per share attributable to Rayonier Inc. |
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Pro forma net income per share (a) |
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Weighted Average Common Shares used for determining |
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Basic EPS |
148,984,534 |
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148,910,214 |
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148,274,209 |
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148,821,306 |
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147,959,983 |
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Diluted EPS (b) |
151,292,994 |
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151,268,289 |
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151,036,253 |
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151,312,818 |
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151,031,529 |
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(a) |
Pro forma net income per share is a non-GAAP measure. See Schedule F for definition and reconciliation to the nearest GAAP measure. |
(b) |
Diluted earnings per share is calculated based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average number of shares that would have been outstanding assuming all potentially dilutive securities (including Redeemable Operating Partnership Units) were converted into shares of common stock at the earliest date possible. As of September 30, 2024, there were 149,000,336 common shares and 2,009,522 Redeemable Operating Partnership Units outstanding. |
A |
RAYONIER INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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September 30, 2024 (unaudited) |
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(millions of dollars) |
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September 30, |
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December 31, |
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2024 |
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2023 |
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Assets |
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Cash and cash equivalents |
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Assets held for sale |
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106.2 |
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9.9 |
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Other current assets |
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96.7 |
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99.3 |
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Timber and timberlands, net of depletion and amortization |
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2,848.3 |
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3,004.3 |
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Higher and better use timberlands and real estate development investments |
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139.0 |
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105.6 |
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Property, plant and equipment |
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44.5 |
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46.1 |
|
Less - accumulated depreciation |
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(20.1 |
) |
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(19.1 |
) |
Net property, plant and equipment |
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24.4 |
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27.0 |
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Restricted cash |
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3.0 |
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0.7 |
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Right-of-use assets |
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94.0 |
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95.5 |
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Other assets |
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93.4 |
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97.6 |
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Liabilities, Noncontrolling Interests in the Operating Partnership and Shareholders’ Equity |
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Current maturities of long-term debt |
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22.0 |
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— |
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Other current liabilities |
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117.5 |
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140.3 |
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Long-term debt |
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1,285.2 |
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1,365.8 |
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Long-term lease liability |
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87.0 |
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87.7 |
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Other non-current liabilities |
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100.0 |
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94.5 |
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Noncontrolling interests in the operating partnership |
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64.7 |
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81.7 |
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Total Rayonier Inc. shareholders’ equity |
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1,787.0 |
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1,860.5 |
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Noncontrolling interests in consolidated affiliates |
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15.8 |
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17.1 |
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Total shareholders’ equity |
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1,802.8 |
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1,877.6 |
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B |
RAYONIER INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY |
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September 30, 2024 (unaudited) |
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(millions of dollars, except share information) |
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Common Shares |
Retained
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Accumulated
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Noncontrolling
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Shareholders’
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Shares |
Amount |
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Balance, January 1, 2024 |
148,299,117 |
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Net income |
— |
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— |
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1.4 |
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— |
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0.9 |
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2.3 |
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Dividends ( |
— |
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— |
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(42.8 |
) |
— |
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— |
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(42.8 |
) |
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Issuance of shares under incentive stock plans |
752 |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
— |
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3.2 |
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— |
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— |
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— |
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3.2 |
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Adjustment of noncontrolling interests in the operating partnership |
— |
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— |
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(0.3 |
) |
— |
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— |
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(0.3 |
) |
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Other (a) |
349,452 |
|
11.4 |
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— |
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(2.2 |
) |
(3.6 |
) |
5.6 |
|
|||||
Balance, March 31, 2024 |
148,649,321 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
— |
|
— |
|
1.9 |
|
— |
|
1.1 |
|
3.0 |
|
|||||
Dividends ( |
— |
|
— |
|
(42.5 |
) |
— |
|
— |
|
(42.5 |
) |
|||||
Issuance of shares under incentive stock plans |
396,849 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|||||
Stock-based compensation |
— |
|
4.9 |
|
— |
|
— |
|
— |
|
4.9 |
|
|||||
Adjustment of noncontrolling interests in the operating partnership |
— |
|
— |
|
8.1 |
|
— |
|
— |
|
8.1 |
|
|||||
Other (a) |
(66,752 |
) |
(2.2 |
) |
— |
|
5.4 |
|
(1.2 |
) |
2.0 |
|
|||||
Balance, June 30, 2024 |
148,979,418 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
— |
|
— |
|
29.1 |
|
— |
|
1.3 |
|
30.4 |
|
|||||
Net income attributable to noncontrolling interests in the operating partnership |
— |
|
— |
|
(0.3 |
) |
— |
|
— |
|
(0.3 |
) |
|||||
Dividends ( |
— |
|
— |
|
(42.4 |
) |
— |
|
— |
|
(42.4 |
) |
|||||
Issuance of shares under incentive stock plans |
848 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|||||
Stock-based compensation |
— |
|
3.9 |
|
— |
|
— |
|
— |
|
3.9 |
|
|||||
Adjustment of noncontrolling interests in the operating partnership |
— |
|
— |
|
(6.5 |
) |
— |
|
— |
|
(6.5 |
) |
|||||
Other (a) |
20,070 |
|
0.6 |
|
— |
|
(4.2 |
) |
0.2 |
|
(3.4 |
) |
|||||
Balance, September 30, 2024 |
149,000,336 |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C |
|||||||||||||||||
|
|
Common Shares |
|
Retained
|
|
Accumulated
|
|
Noncontrolling
|
|
Shareholders’
|
||||||||
|
Shares |
|
Amount |
|
|||||||||||||
Balance, January 1, 2023 |
147,282,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs |
400 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) |
— |
|
|
— |
|
|
8.5 |
|
|
— |
|
|
(1.1 |
) |
|
7.4 |
|
Net income attributable to noncontrolling interests in the operating partnership |
— |
|
|
— |
|
|
(0.2 |
) |
|
— |
|
|
— |
|
|
(0.2 |
) |
Dividends ( |
— |
|
|
— |
|
|
(42.2 |
) |
|
— |
|
|
— |
|
|
(42.2 |
) |
Issuance of shares under incentive stock plans |
1,564 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock-based compensation |
— |
|
|
2.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.5 |
|
Adjustment of noncontrolling interests in the operating partnership |
— |
|
|
— |
|
|
(2.4 |
) |
|
— |
|
|
— |
|
|
(2.4 |
) |
Other (a) |
728,384 |
|
|
23.8 |
|
|
— |
|
|
(14.8 |
) |
|
— |
|
|
9.0 |
|
Balance, March 31, 2023 |
148,012,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
— |
|
|
— |
|
|
19.3 |
|
|
— |
|
|
(0.2 |
) |
|
19.1 |
|
Net income attributable to noncontrolling interests in the operating partnership |
— |
|
|
— |
|
|
(0.3 |
) |
|
— |
|
|
— |
|
|
(0.3 |
) |
Dividends ( |
— |
|
|
— |
|
|
(42.2 |
) |
|
— |
|
|
— |
|
|
(42.2 |
) |
Issuance of shares under incentive stock plans |
372,149 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock-based compensation |
— |
|
|
4.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
4.3 |
|
Adjustment of noncontrolling interests in the operating partnership |
— |
|
|
— |
|
|
4.3 |
|
|
— |
|
|
— |
|
|
4.3 |
|
Other (a) |
(116,685 |
) |
|
(3.9 |
) |
|
— |
|
|
3.3 |
|
|
(0.7 |
) |
|
(1.3 |
) |
Balance, June 30, 2023 |
148,268,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
19.5 |
|
|
— |
|
|
3.2 |
|
|
22.7 |
|
Net income attributable to noncontrolling interests in the operating partnership |
— |
|
|
— |
|
|
(0.3 |
) |
|
— |
|
|
— |
|
|
(0.3 |
) |
Dividends ( |
— |
|
|
— |
|
|
(42.5 |
) |
|
— |
|
|
— |
|
|
(42.5 |
) |
Issuance of shares under incentive stock plans |
3,959 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock-based compensation |
— |
|
|
3.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
3.4 |
|
Adjustment of noncontrolling interests in the operating partnership |
— |
|
|
— |
|
|
7.0 |
|
|
— |
|
|
— |
|
|
7.0 |
|
Other (a) |
14,936 |
|
|
0.4 |
|
|
— |
|
|
3.2 |
|
|
(0.3 |
) |
|
3.3 |
|
Balance, September 30, 2023 |
148,287,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Primarily includes shares purchased from employees in non-open market transactions to pay withholding taxes associated with the vesting of shares granted under the Company’s Incentive Stock Plan, pension and post-retirement benefit plans, foreign currency translation adjustments, mark-to-market adjustments of qualifying cash flow hedges, distributions to noncontrolling interests in consolidated affiliates and the allocation of other comprehensive income to noncontrolling interests in the operating partnership. The nine months ended September 30, 2024 and September 30, 2023 also includes the redemption of 434,376 and 755,558 Redeemable Operating Partnership Units, respectively, for an equal number of Rayonier Inc. common shares. |
C |
RAYONIER INC. AND SUBSIDIARIES |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
September 30, 2024 (unaudited) |
|||||
(millions of dollars) |
|||||
|
Nine Months Ended September 30, |
||||
|
2024 |
|
2023 |
||
Cash provided by operating activities: |
|
|
|
||
Net income |
|
|
|
|
|
Depreciation, depletion and amortization |
106.7 |
|
|
114.3 |
|
Non-cash cost of land and improved development |
19.2 |
|
|
20.2 |
|
Timber write-offs resulting from casualty events |
— |
|
|
2.3 |
|
Stock-based incentive compensation expense |
12.0 |
|
|
10.2 |
|
Deferred income taxes |
(4.2 |
) |
|
(2.9 |
) |
Other items to reconcile net income to cash provided by operating activities |
6.1 |
|
|
7.8 |
|
Changes in working capital and other assets and liabilities |
(1.8 |
) |
|
7.7 |
|
|
173.8 |
|
|
208.9 |
|
Cash used for investing activities: |
|
|
|
||
Capital expenditures |
(53.2 |
) |
|
(53.1 |
) |
Real estate development investments |
(19.1 |
) |
|
(18.8 |
) |
Purchase of timberlands |
(3.6 |
) |
|
(14.0 |
) |
Other |
1.1 |
|
|
6.2 |
|
|
(74.8 |
) |
|
(79.7 |
) |
Cash used for financing activities: |
|
|
|
||
Net decrease in debt |
(60.0 |
) |
|
— |
|
Dividends paid (a) |
(158.1 |
) |
|
(127.6 |
) |
Distributions to noncontrolling interests in the operating partnership (b) |
(2.2 |
) |
|
(2.3 |
) |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs |
— |
|
|
(0.1 |
) |
Distributions to noncontrolling interests in consolidated affiliates |
(5.5 |
) |
|
— |
|
Other |
(4.1 |
) |
|
(4.2 |
) |
|
(229.9 |
) |
|
(134.2 |
) |
Effect of exchange rate changes on cash and restricted cash |
(0.3 |
) |
|
(0.8 |
) |
Cash, cash equivalents and restricted cash: |
|
|
|
||
Change in cash, cash equivalents and restricted cash |
(131.2 |
) |
|
(5.8 |
) |
Balance, beginning of year |
208.4 |
|
|
115.4 |
|
Balance, end of period |
|
|
|
|
|
(a) |
The nine months ended September 30, 2024 includes an additional cash dividend of |
(b) |
The nine months ended September 30, 2024 includes an additional cash distribution of |
D |
RAYONIER INC. AND SUBSIDIARIES |
||||||||||||||
BUSINESS SEGMENT SALES, OPERATING INCOME, |
||||||||||||||
PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA |
||||||||||||||
September 30, 2024 (unaudited) |
||||||||||||||
(millions of dollars) |
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|||||
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Sales |
|
|
|
|
|
|
|
|
|
|||||
Southern Timber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Northwest Timber |
27.2 |
|
|
24.3 |
|
|
29.3 |
|
|
76.7 |
|
|
96.1 |
|
New Zealand Timber |
66.8 |
|
|
53.8 |
|
|
70.4 |
|
|
166.3 |
|
|
175.4 |
|
Real Estate |
30.1 |
|
|
31.0 |
|
|
31.2 |
|
|
76.6 |
|
|
79.5 |
|
Trading |
9.0 |
|
|
5.3 |
|
|
6.8 |
|
|
26.0 |
|
|
34.8 |
|
Intersegment Eliminations |
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.4 |
) |
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|||||
Southern Timber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Northwest Timber |
0.8 |
|
|
(1.5 |
) |
|
(0.6 |
) |
|
(5.0 |
) |
|
(6.5 |
) |
New Zealand Timber |
8.9 |
|
|
2.9 |
|
|
17.6 |
|
|
19.3 |
|
|
19.3 |
|
Real Estate |
8.6 |
|
|
5.8 |
|
|
9.2 |
|
|
14.3 |
|
|
18.7 |
|
Trading |
(0.1 |
) |
|
0.1 |
|
|
(0.1 |
) |
|
0.1 |
|
|
0.4 |
|
Corporate and Other |
(10.5 |
) |
|
(12.0 |
) |
|
(9.4 |
) |
|
(32.3 |
) |
|
(28.3 |
) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pro forma operating income (loss) (a) |
|
|
|
|
|
|
|
|
|
|||||
Southern Timber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Northwest Timber |
0.8 |
|
|
(1.5 |
) |
|
(0.6 |
) |
|
(5.0 |
) |
|
(6.5 |
) |
New Zealand Timber |
8.9 |
|
|
2.9 |
|
|
17.6 |
|
|
19.3 |
|
|
21.6 |
|
Real Estate |
8.6 |
|
|
5.8 |
|
|
9.2 |
|
|
14.3 |
|
|
18.7 |
|
Trading |
(0.1 |
) |
|
0.1 |
|
|
(0.1 |
) |
|
0.1 |
|
|
0.4 |
|
Corporate and Other |
(9.6 |
) |
|
(11.3 |
) |
|
(9.4 |
) |
|
(30.8 |
) |
|
(28.3 |
) |
Pro forma operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA (a) |
|
|
|
|
|
|
|
|
|
|||||
Southern Timber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Northwest Timber |
8.7 |
|
|
5.9 |
|
|
7.8 |
|
|
19.3 |
|
|
21.7 |
|
New Zealand Timber |
14.6 |
|
|
7.7 |
|
|
23.5 |
|
|
33.7 |
|
|
37.9 |
|
Real Estate |
19.9 |
|
|
18.9 |
|
|
18.9 |
|
|
43.4 |
|
|
45.8 |
|
Trading |
(0.1 |
) |
|
0.1 |
|
|
(0.1 |
) |
|
0.1 |
|
|
0.4 |
|
Corporate and Other |
(9.2 |
) |
|
(10.9 |
) |
|
(9.0 |
) |
|
(29.4 |
) |
|
(27.1 |
) |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Pro forma operating income (loss) and Adjusted EBITDA are non-GAAP measures. See Schedule F for definitions and reconciliations. |
E |
RAYONIER INC. AND SUBSIDIARIES |
||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||
September 30, 2024 (unaudited) |
||||||
(millions of dollars, except per share information) |
||||||
LIQUIDITY MEASURES: |
|
|
|
|
||
|
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||
|
|
2024 |
|
2023 |
||
Cash Provided by Operating Activities |
|
|
|
|
|
|
Working capital and other balance sheet changes |
|
(5.3 |
) |
|
(20.6 |
) |
Net recovery on legal settlements (a) |
|
(9.6 |
) |
|
(20.5 |
) |
Capital expenditures (b) |
|
(53.2 |
) |
|
(53.1 |
) |
Cash Available for Distribution (c) |
|
|
|
|
|
|
|
|
|
|
|
||
Net Income |
|
|
|
|
|
|
Interest, net and miscellaneous income |
|
24.0 |
|
|
35.5 |
|
Income tax (benefit) expense (d) |
|
(0.3 |
) |
|
1.8 |
|
Depreciation, depletion and amortization |
|
106.7 |
|
|
114.3 |
|
Non-cash cost of land and improved development |
|
19.2 |
|
|
20.2 |
|
Non-operating income (e) |
|
(3.3 |
) |
|
(20.5 |
) |
Costs related to disposition initiatives (f) |
|
1.6 |
|
|
— |
|
Timber write-offs resulting from casualty events (g) |
|
— |
|
|
2.3 |
|
Adjusted EBITDA (h) |
|
|
|
|
|
|
Cash interest paid, net (i) |
|
(19.4 |
) |
|
(30.4 |
) |
Cash taxes paid |
|
(5.5 |
) |
|
(4.7 |
) |
Capital expenditures (b) |
|
(53.2 |
) |
|
(53.1 |
) |
Cash Available for Distribution (c) |
|
|
|
|
|
|
|
|
|
|
|
||
Cash Available for Distribution (c) |
|
|
|
|
|
|
Real estate development investments |
|
(19.1 |
) |
|
(18.8 |
) |
Cash Available for Distribution after real estate development investments |
|
|
|
|
|
|
PRO FORMA NET INCOME (j): |
||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||||
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||||||||
|
|
$ |
|
Per
|
|
$ |
|
Per
|
|
$ |
|
Per
|
|
$ |
|
Per
|
|
$ |
|
Per
|
||||||||||
Net Income Attributable to Rayonier Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (recovery) cost on legal settlements (a) |
|
(12.0 |
) |
|
(0.08 |
) |
|
1.1 |
|
0.01 |
|
— |
|
— |
|
(9.6 |
) |
|
(0.06 |
) |
|
(20.5 |
) |
|
(0.14 |
) |
||||
Costs related to disposition initiatives (f) |
|
0.9 |
|
|
0.01 |
|
|
0.7 |
|
— |
|
— |
|
— |
|
1.6 |
|
|
0.01 |
|
|
— |
|
|
— |
|
||||
Pension settlement charges, net of tax (k) |
|
0.3 |
|
|
— |
|
|
— |
|
— |
|
— |
|
— |
|
4.8 |
|
|
0.03 |
|
|
— |
|
|
— |
|
||||
Timber write-offs resulting from casualty events (g) |
|
— |
|
|
— |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
|
2.3 |
|
|
0.02 |
|
||||
Pro forma net income adjustments attributable to noncontrolling interests (l) |
|
0.1 |
|
|
— |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
|
(0.2 |
) |
|
— |
|
||||
Pro Forma Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F |
||||||||||||||||||||||||||||||
|
PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (m) (h): |
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Three Months Ended |
|
Southern
|
|
Pacific
|
|
New
|
|
Real
|
|
Trading |
|
Corporate
|
|
Total |
|||||||
September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
||||
Costs related to disposition initiatives (f) |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
0.9 |
|
|
0.9 |
||||
Pro forma operating income (loss) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
||||
Depreciation, depletion and amortization |
|
18.1 |
|
7.8 |
|
|
5.6 |
|
1.5 |
|
— |
|
|
0.4 |
|
|
33.5 |
||||
Non-cash cost of land and improved development |
|
— |
|
— |
|
|
— |
|
9.8 |
|
— |
|
|
— |
|
|
9.8 |
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
||||
Costs related to disposition initiatives (f) |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
0.7 |
|
|
0.7 |
||||
Pro forma operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
||||
Depreciation, depletion and amortization |
|
16.8 |
|
7.4 |
|
|
4.8 |
|
6.7 |
|
— |
|
|
0.4 |
|
|
36.1 |
||||
Non-cash cost of land and improved development |
|
— |
|
— |
|
|
— |
|
6.4 |
|
— |
|
|
— |
|
|
6.4 |
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
( |
) |
|
|
||||
Depreciation, depletion and amortization |
|
19.2 |
|
8.3 |
|
|
6.0 |
|
3.1 |
|
— |
|
|
0.4 |
|
|
37.0 |
||||
Non-cash cost of land and improved development |
|
— |
|
— |
|
|
— |
|
6.6 |
|
— |
|
|
— |
|
|
6.6 |
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (m) (h): |
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nine Months Ended |
|
Southern
|
|
Pacific
|
|
New
|
|
Real
|
|
Trading |
|
Corporate
|
|
Total |
|||||||
September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|||||
Costs related to disposition initiatives (f) |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
1.6 |
|
|
1.6 |
|||||
Pro forma operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|||||
Depreciation, depletion and amortization |
|
56.7 |
|
24.3 |
|
|
14.5 |
|
9.9 |
|
— |
|
1.3 |
|
|
106.7 |
|||||
Non-cash cost of land and improved development |
|
— |
|
— |
|
|
— |
|
19.2 |
|
— |
|
— |
|
|
19.2 |
|||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|||||
Timber write-offs resulting from casualty events (g) |
|
— |
|
— |
|
|
2.3 |
|
— |
|
— |
|
— |
|
|
2.3 |
|||||
Pro forma operating income (loss) |
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|||||
Depreciation, depletion and amortization |
|
61.6 |
|
28.2 |
|
|
16.3 |
|
6.8 |
|
— |
|
1.3 |
|
|
114.3 |
|||||
Non-cash cost of land and improved development |
|
— |
|
— |
|
|
— |
|
20.2 |
|
— |
|
— |
|
|
20.2 |
|||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
(a) |
“Net (recovery) cost on legal settlements” reflects the net (gain) loss from litigation regarding insurance claims. |
(b) |
“Capital expenditures” exclude timberland acquisitions of |
(c) |
“Cash Available for Distribution” (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to operating partnership unitholders, distributions to noncontrolling interests, repurchase of the Company's common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. |
(d) |
The nine months ended September 30, 2024 includes a |
(e) |
The nine months ended September 30, 2024 includes |
(f) |
“Costs related to disposition initiatives” include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. |
(g) |
“Timber write-offs resulting from casualty events” includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. |
(h) |
“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income, costs related to disposition initiatives, timber write-offs resulting from casualty events and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company’s ongoing operating results. |
(i) |
“Cash interest paid, net” is presented net of patronage refunds received of |
(j) |
“Pro forma net income” is defined as net income attributable to Rayonier Inc. adjusted for its proportionate share of the net (recoveries) costs associated with legal settlements, costs related to disposition initiatives, pension settlement charges, timber write-offs resulting from casualty events and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results. |
(k) |
“Pension settlement charges, net of tax" reflects the net loss recognized in connection with the termination and settlement of the Company’s pension plans. |
(l) |
“Pro forma net income adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling interests. |
(m) |
“Pro forma operating income (loss)” is defined as operating income (loss) adjusted for costs related to disposition initiatives, timber write-offs resulting from casualty events and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results. |
F |
RAYONIER INC. AND SUBSIDIARIES |
||||||||||||||
RECONCILIATION OF ADJUSTED EBITDA GUIDANCE |
||||||||||||||
September 30, 2024 (unaudited) |
||||||||||||||
ADJUSTED EBITDA GUIDANCE (a): |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
Prior 2024 Guidance |
|
Revised 2024 Guidance |
|
Year-to-Date
|
|||||||||
|
Low |
|
High |
|
Low |
|
High |
|
||||||
Net Income to Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|||||
Net income |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
Less: Net income attributable to noncontrolling interests |
(5.3 |
) |
- |
(6.3 |
) |
|
(3.9 |
) |
- |
(4.0 |
) |
|
(3.3 |
) |
Less: Net income attributable to noncontrolling interests in the operating partnership |
(0.9 |
) |
- |
(1.3 |
) |
|
(4.6 |
) |
- |
(4.8 |
) |
|
(0.5 |
) |
Net income attributable to Rayonier Inc. |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
Add: Pension settlement charges, net of tax (b) |
— |
|
- |
— |
|
|
4.8 |
|
- |
4.8 |
|
|
4.8 |
|
Add: Costs related to disposition initiatives (c) |
— |
|
- |
— |
|
|
1.6 |
|
- |
1.6 |
|
|
1.6 |
|
Less: Net recovery on legal settlements (d) |
— |
|
- |
— |
|
|
(9.6 |
) |
- |
(9.6 |
) |
|
(9.6 |
) |
Less: Large Dispositions (e) |
— |
|
- |
— |
|
|
(290.0 |
) |
- |
(300.0 |
) |
|
— |
|
Add: Pro forma net income adjustments attributable to noncontrolling interests (f) |
— |
|
- |
— |
|
|
3.9 |
|
- |
4.0 |
|
|
— |
|
Pro Forma Net Income (g) |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense, net |
37.7 |
|
- |
38.2 |
|
|
37.8 |
|
- |
38.3 |
|
|
29.6 |
|
Interest and other miscellaneous income, net |
(5.5 |
) |
- |
(6.0 |
) |
|
(8.2 |
) |
- |
(8.9 |
) |
|
(5.2 |
) |
Income tax expense |
7.7 |
|
- |
9.4 |
|
|
6.9 |
|
- |
7.2 |
|
|
(0.9 |
) |
Depreciation, depletion and amortization |
150.0 |
|
- |
159.0 |
|
|
140.0 |
|
- |
144.0 |
|
|
106.7 |
|
Non-cash cost of land and improved development |
34.0 |
|
- |
37.0 |
|
|
40.0 |
|
- |
45.0 |
|
|
19.2 |
|
Net income attributable to noncontrolling interests |
6.2 |
|
- |
7.6 |
|
|
4.6 |
|
- |
4.8 |
|
|
3.8 |
|
Adjusted EBITDA |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted Earnings per Share |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pro forma Diluted Earnings per Share |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(a) |
“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company's ongoing operating results. |
(b) |
“Pension settlement charges, net of tax" reflects the net loss recognized in connection with the termination and settlement of the Company’s pension plans. |
(c) |
“Costs related to disposition initiatives” include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. |
(d) |
“Net recovery on legal settlements” reflects the net gain from litigation regarding insurance claims. |
(e) |
“Large Dispositions” are defined as transactions involving the sale of productive timberland assets that exceed |
(f) |
“Pro forma net income adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling interests. |
(g) |
“Pro forma net income” is defined as net income attributable to Rayonier Inc. adjusted for its proportionate share of the net recoveries associated with legal settlements, costs related to disposition initiatives, pension settlement charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results. |
G
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105598601/en/
Investors/Media
Collin Mings
904-357-9100
investorrelations@rayonier.com
Source: Rayonier Inc.
FAQ
What was Rayonier's (RYN) net income in Q3 2024?
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What is Rayonier's (RYN) updated Adjusted EBITDA guidance for 2024?