- First quarter net income attributable
to Rayonier of $24.8 million ($0.19 per share) on revenues of
$191.5 million
- First quarter operating income of $38.5
million and Adjusted EBITDA of $79.0 million
- First quarter cash provided by
operations of $70.9 million and cash available for distribution
(CAD) of $62.2 million
Rayonier Inc. (NYSE: RYN) today reported first quarter net
income attributable to Rayonier of $24.8 million, or $0.19 per
share, on revenues of $191.5 million. This compares to net income
attributable to Rayonier of $40.5 million, or $0.31 per share, on
revenues of $203.2 million in the prior year quarter.
The following table summarizes the current quarter and
comparable prior year period results:
Three Months Ended (millions of dollars, except
earnings per share (EPS))
March 31, 2019 March 31,
2018 $ EPS $ EPS
Revenues $ 191.5 $ 203.2 Net income attributable to
Rayonier $ 24.8 $ 0.19 $ 40.5 $ 0.31
First quarter operating income was $38.5 million versus $57.1
million in the prior year period. First quarter Adjusted EBITDA1
was $79.0 million versus $93.2 million in the prior year period.
The following table summarizes operating income and Adjusted
EBITDA1 for the current quarter and comparable prior year
period:
Three Months Ended March 31, Operating Income
(Loss) Adjusted EBITDA1 (millions of
dollars)
2019 2018 2019
2018 Southern Timber $ 21.5 $ 12.2 $ 41.2 $ 28.2 Pacific
Northwest Timber (3.7 ) 4.7 3.1 14.2 New Zealand Timber 15.7 16.0
22.0 21.7 Real Estate 10.0 28.1 17.4 32.7 Trading 0.5 0.1 0.5 0.1
Corporate and other (5.5 ) (4.0 ) (5.2 )
(3.7 ) Total $ 38.5 $ 57.1 $ 79.0 $
93.2
Cash provided by operating activities was $70.9 million versus
$78.2 million in the prior year period. Cash available for
distribution (CAD)1 of $62.2 million decreased $15.0 million versus
the prior year period primarily due to lower Adjusted EBITDA1
($14.2 million), higher capital expenditures ($0.9 million) and
higher cash taxes paid ($0.4 million), partially offset by lower
cash interest paid ($0.5 million).
“We are pleased with our strong start to 2019, particularly in
our Southern Timber segment,” said David Nunes, President and CEO.
“Southern Timber results increased significantly versus the prior
year quarter driven by a 23% increase in harvest volumes and a 3%
increase in weighted-average stumpage prices, as both pricing and
removals benefited from wet weather conditions. Pacific Northwest
Timber results declined versus the prior year quarter driven by 25%
lower harvest volumes and 18% lower delivered sawtimber prices,
reflecting reduced export demand due to continued market
uncertainty with respect to the U.S.-China trade dispute. New
Zealand Timber results were relatively flat versus the prior year
quarter, as an 8% increase in harvest volumes was largely offset by
higher costs. In total, our three timber segments generated
Adjusted EBITDA of $66.3 million in the first quarter versus $64.1
million in the prior year quarter. Real Estate results in the first
quarter declined to a more normalized level relative to the prior
year quarter, as the prior year quarter included a significant
Non-strategic / Timberland sale.”
Southern Timber
First quarter sales of $60.8 million increased $17.2 million, or
40%, versus the prior year period. Harvest volumes increased 23% to
1.94 million tons versus 1.57 million tons in the prior year period
due to low mill inventories and wet weather conditions driving
accelerated stumpage removals on harvestable tracts. Average pine
sawtimber stumpage prices were relatively flat at $26.38 per ton
versus $26.31 per ton in the prior year period, as price increases
in certain regions were largely mitigated by geographic mix.
Average pine pulpwood stumpage prices increased 5% to $17.94 per
ton versus $17.11 per ton in the prior year period, driven
primarily by limited supply due to persistent wet weather. Overall,
weighted-average stumpage prices (including hardwood) increased 3%
to $21.03 per ton versus $20.32 per ton in the prior year period.
Operating income of $21.5 million increased $9.3 million versus the
prior year period as a result of higher volumes ($3.6 million),
higher net stumpage prices ($1.4 million) and higher non-timber
income ($4.5 million), partially offset by higher overhead expenses
($0.2 million).
First quarter Adjusted EBITDA1 of $41.2 million was $13.0
million above the prior year period.
Pacific Northwest Timber
First quarter sales of $20.5 million decreased $10.9 million, or
35%, versus the prior year period. Harvest volumes decreased 25% to
283,000 tons versus 379,000 tons in the prior year period, as we
reduced harvest levels in response to softer market conditions due
to lower export demand and weaker U.S. lumber markets. Average
delivered sawtimber prices decreased 18% to $78.47 per ton versus
$95.45 per ton in the prior year period, while average delivered
pulpwood prices increased 1% to $45.15 per ton versus $44.52 per
ton in the prior year period. The decrease in delivered sawtimber
prices was driven by uncertainty in the export market resulting
from the ongoing trade dispute between the U.S. and China as well
as weaker U.S. lumber markets. The increase in delivered pulpwood
prices was driven primarily by geographic mix. Operating loss of
$3.7 million versus operating income of $4.7 million in the prior
year period was primarily due to lower net stumpage prices ($6.1
million), lower volumes ($1.9 million), higher overhead and other
costs ($0.3 million) and lower non-timber income ($0.4 million),
partially offset by lower depletion rates ($0.3 million).
First quarter Adjusted EBITDA1 of $3.1 million was $11.1 million
below the prior year period.
New Zealand Timber
First quarter sales of $57.1 million increased $4.1 million, or
8%, versus the prior year period. Volumes increased 8% to 604,000
tons versus 558,000 tons in the prior year period. Average
delivered prices for export sawtimber decreased 1% to $116.24 per
ton versus $117.70 per ton in the prior year period, while average
delivered prices for domestic sawtimber decreased 4% to $83.42 per
ton versus $87.02 per ton in the prior year period. The decrease in
export sawtimber prices was primarily due to increased competition
from lower- cost lumber imports and alternative species. The
decrease in domestic sawtimber prices (in U.S. dollar terms) was
driven primarily by the fall in the NZ$/US$ exchange rate (US$0.68
per NZ$1.00 versus US$0.72 per NZ$1.00). Excluding the impact of
foreign exchange rates, domestic sawtimber prices increased 2% from
the prior year period. Operating income of $15.7 million decreased
$0.3 million versus the prior year period as a result of lower net
stumpage prices ($0.9 million), higher road maintenance costs ($0.4
million), higher depletion rates ($0.5 million) and unfavorable
foreign exchange impacts ($0.2 million), partially offset by higher
volumes ($1.5 million) and higher non-timber income ($0.2
million).
First quarter Adjusted EBITDA1 of $22.0 million was $0.3 million
above the prior year period.
Real Estate
First quarter sales of $21.0 million decreased $15.1 million
versus the prior year period, while operating income of $10.0
million decreased $18.1 million versus the prior year period due to
a lower number of acres sold (5,679 acres sold versus 8,225 acres
sold in the prior year period) and a decrease in weighted-average
prices ($3,687 per acre versus $4,387 per acre in the prior year
period).
Improved Development sales of $0.3 million in the Wildlight
development project consisted of eight residential lots ($42,688
per lot or $292,000 per acre). This compares to prior year period
sales of $1.1 million, which consisted of 2.1 acres of commercial
property for $0.6 million ($283,000 per acre) and nine residential
lots for $0.5 million ($60,000 per lot or $278,000 per acre).
Unimproved Development sales of $1.0 million consisted of a
seven-acre tract in Bryan County, Georgia for $145,773 per acre.
This compares to prior year period sales of $7.4 million, which
consisted of a 494-acre tract in Nassau County, Florida for $10,000
per acre and a 131-acre tract in St. John’s County, Florida for
$19,195 per acre.
Rural sales of $12.7 million consisted of 3,338 acres at an
average price of $3,794 per acre. This compares to prior year
period sales of $1.7 million, which consisted of 415 acres at an
average price of $3,977 per acre.
Non-strategic / Timberland sales of $6.9 million consisted of
2,333 acres at an average price of $2,972 per acre. This compares
to prior year period sales of $25.8 million, which consisted of
7,181 acres at an average price of $3,599 per acre.
First quarter Adjusted EBITDA1 of $17.4 million was $15.3
million below the prior year period.
Trading
First quarter sales of $32.1 million decreased $7.1 million
versus the prior year period primarily due to lower volumes. Sales
volumes decreased 18% to 281,000 tons versus 341,000 tons in the
prior year period. Operating income and Adjusted EBITDA1 of $0.5
million increased $0.4 million versus the prior year period,
primarily driven by increased volume from higher-margin stumpage
blocks purchased from third parties.
Other Items
First quarter corporate and other operating expenses of $5.5
million increased $1.5 million versus the prior year period due to
higher legal and overhead costs ($0.9 million) and the prior year
first quarter income from the sale of unused Internet Protocol
addresses ($0.6 million).
First quarter interest expense of $7.7 million decreased $0.4
million versus the prior year period due to lower average debt
outstanding.
First quarter income tax expense of $4.3 million decreased $2.6
million versus the prior year period. The New Zealand subsidiary is
the primary driver of income tax expense.
Outlook
"Based on our strong start to 2019, we are on track to achieve
our full-year Adjusted EBITDA guidance,” added Nunes. “In our
Southern Timber segment, we expect to achieve our full-year volume
guidance, although we anticipate lower quarterly harvest volumes
for the remainder of the year, as we experienced above average
stumpage removals in the first quarter. We continue to expect that
average pricing in Southern Timber will improve modestly, with
price increases in certain regions moderated by geographic mix on a
weighted-average basis. In our Pacific Northwest Timber segment, we
expect to achieve our full-year volume guidance with increased
harvest volumes in the second half of the year, while we anticipate
that any prospective pricing improvements will be largely dependent
on a resolution of the U.S.-China trade dispute. In our New Zealand
Timber segment, we similarly expect to achieve our full-year volume
guidance with increased quarterly harvest volumes for the balance
of the year, while we continue to expect that year-over-year
pricing will be relatively stable with some fluctuations from
quarter to quarter. In our Real Estate segment, we are on track to
achieve our full-year Adjusted EBITDA guidance, although quarterly
results may vary.”
Conference Call
A conference call and live audio webcast will be held on
Thursday, May 2, 2019 at 10:00 AM EDT 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
800-369-1184 (domestic) or 415-228-3898 (international), passcode:
Rayonier. A replay of the conference call will be available one
hour following the call until Thursday, May 9, 2019 by dialing
888-567-0446 (domestic) or 203-369-3885 (international), passcode:
5022019.
Complimentary copies of Rayonier press releases and other
financial documents are also available by calling (904)
357-9100.
1 Adjusted EBITDA and CAD are non-GAAP measures defined and
reconciled to GAAP in the attached schedules.
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 the United States and New Zealand. As of
March 31, 2019, Rayonier owned, leased or managed
approximately 2.6 million acres of timberlands located in the U.S.
South (1.8 million acres), U.S. Pacific Northwest (379,000 acres)
and New Zealand (409,000 acres). More information is available at
www.rayonier.com.
_______________________________________________________________________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, including 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; entry of new competitors
into our markets; changes in global economic conditions and world
events; fluctuations in demand for our products in Asia, and
especially China; the uncertainties of potential impacts of
climate-related initiatives; the cost and availability of third
party logging and trucking services; the geographic concentration
of a significant portion of our timberland; our ability to
identify, finance and complete timberland acquisitions; changes in
environmental laws and regulations regarding timber harvesting,
delineation of wetlands, and endangered species, that may restrict
or adversely impact our ability to conduct our business, or
increase the cost of doing so; adverse weather conditions, natural
disasters and other catastrophic events such as hurricanes, wind
storms and wildfires, which can adversely affect our timberlands
and the production, distribution and availability of our products;
interest rate and currency movements; our capacity to incur
additional debt; changes in tariffs, taxes or treaties relating to
the import and export of our products or those of our competitors;
changes in key management and personnel; our ability to meet all
necessary legal requirements to continue to qualify as a real
estate investment trust (“REIT”) and changes in tax laws that could
adversely affect beneficial tax treatment; the cyclical nature of
the real estate business generally; a downturn in the housing
market; the lengthy, uncertain and costly process associated with
the ownership, entitlement and development of real estate,
especially in Florida, which also may be affected by changes in
law, policy and political factors beyond our control; unexpected
delays in the entry into or closing of real estate transactions;
changes in environmental laws and regulations that may restrict or
adversely impact our ability to sell or develop properties; the
timing of construction and availability of public infrastructure;
and the availability of financing for real estate development and
mortgage loans.
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 the United States (“GAAP”),
Rayonier uses certain non-GAAP measures, including “cash available
for distribution,” and “Adjusted EBITDA,” which are defined and
further explained in this communication. Reconciliation of such
measures to the nearest GAAP measures can also be found in this
communication. Rayonier’s definitions of these non-GAAP measures
may differ from similarly titled measures used by others. These
non-GAAP measures should be considered supplemental to, and not a
substitute for, financial information prepared in accordance with
GAAP.
RAYONIER INC. AND
SUBSIDIARIESCONDENSED STATEMENTS OF CONSOLIDATED
INCOMEMarch 31, 2019 (unaudited)(millions of
dollars, except per share information)
Three Months Ended March 31, December
31, March 31, 2019 2018 2018
SALES $191.5 $166.1 $203.2
Costs and Expenses Cost of sales (143.3 ) (139.1 ) (138.5 )
Selling and general expenses (9.8 ) (10.6 ) (9.0 ) Other operating
income (expense), net 0.1 (1.4 ) 1.4
OPERATING
INCOME 38.5 15.0 57.1 Interest expense (7.7 ) (8.1 ) (8.1 )
Interest and other miscellaneous income, net 1.3 0.5
0.6
INCOME BEFORE INCOME TAXES 32.1 7.4 49.6 Income
tax expense (4.3 ) (2.8 ) (6.9 )
NET INCOME 27.8 4.6 42.7
Less: Net income attributable to noncontrolling interest (3.0 )
(2.6 ) (2.2 )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $24.8
$2.0 $40.5
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to Rayonier Inc. $0.19 $0.02
$0.31 Diluted earnings per share attributable to Rayonier Inc.
$0.19 $0.02 $0.31
Weighted Average Common Shares used for
determining Basic EPS 129,172,925 129,158,030
128,801,210 Diluted EPS 129,750,281 129,736,352
129,552,397
A
RAYONIER INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETSMarch 31, 2019 (unaudited)(millions of
dollars)
March 31, December 31,
2019 2018
Assets Cash and cash
equivalents $154.6 $148.4 Other current assets 76.3 59.5 Timber and
timberlands, net of depletion and amortization 2,395.6 2,401.3
Higher and better use timberlands and real estate development
investments 76.3 85.6 Property, plant and equipment 31.0 30.7 Less
- accumulated depreciation (8.5 ) (7.9 ) Net property, plant and
equipment 22.5 22.8 Restricted cash 9.9 8.1 Right-of-use asset
105.7 — Other assets 43.3 55.0 $2,884.2
$2,780.7
Liabilities and Shareholders’ Equity Other
current liabilities 78.3 63.5 Long-term debt 972.7 972.6 Lease
liability 95.0 — Other non-current liabilities 97.0 90.0 Total
Rayonier Inc. shareholders’ equity 1,542.6 1,556.9 Noncontrolling
interest 98.6 97.7 Total shareholders’ equity 1,641.2
1,654.6 $2,884.2 $2,780.7
B
RAYONIER INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITYMarch 31, 2019
(unaudited)(millions of dollars, except share information)
Common Shares Retained
Earnings
Accumulated
Other
Comprehensive
Income
Non-
controlling
Interest
Shareholders’
Equity
Shares Amount Balance,
January 1, 2019 129,488,675 $884.3 $672.4
$0.2 $97.7 $1,654.6 Net income — — 24.8 — 3.0
27.8 Dividends ($0.27 per share) — — (35.1 ) — — (35.1 )
Issuance of shares under incentive stock
plans
26,031 0.6 — — — 0.6 Stock-based compensation — 1.4 — — — 1.4 Other
(a) (1,140 ) — — (6.0 ) (2.1 ) (8.1 )
Balance,
March 31, 2019 129,513,566 $886.3 $662.1
($5.8 ) $98.6 $1,641.2
Common Shares Retained
Earnings
Accumulated
Other
Comprehensive
Income
Non-
controlling
Interest
Shareholders’
Equity
Shares Amount Balance,
January 1, 2018 128,970,776 $872.3 $707.4 $13.4 $99.9
$1,693.0 Net income — — 40.5 — 2.2 42.7 Dividends ($0.25 per share)
— — (32.6 ) — — (32.6 )
Issuance of shares under incentive stock
plans
204,336 5.4 — — — 5.4 Stock-based compensation — 1.2 — — — 1.2
Other (a) (811 ) — — 24.1 2.3 26.4
Balance, March 31, 2018 129,174,301 $878.9 $715.3
$37.5 $104.4 $1,736.1
(a) Primarily includes shares purchased from employees in
non-open market transactions to pay withholding taxes associated
with the vesting of restricted stock, amortization of pension and
postretirement plan liabilities, foreign currency translation
adjustments and mark-to-market adjustments of qualifying cash flow
hedges.
C
RAYONIER INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSMarch 31, 2019 (unaudited)(millions of
dollars)
Three Months Ended March 31, 2019 2018
Cash provided by operating activities: Net income
$27.8 $42.7 Depreciation, depletion and amortization 36.5 34.5
Non-cash cost of land and improved development 4.0 1.6 Other items
to reconcile net income to cash provided by operating activities
6.8 14.7 Changes in working capital and other assets and
liabilities (4.2 ) (15.3 ) 70.9 78.2
Cash used for
investing activities: Capital expenditures (14.1 ) (13.2 ) Real
estate development investments (1.7 ) (2.3 ) Purchase of
timberlands (12.3 ) — Other 2.3 (2.1 ) (25.8 ) (17.6 )
Cash used for financing activities: Net decrease in debt,
net of issuance costs — (29.4 ) Dividends paid (34.9 ) (32.1 )
Proceeds from the issuance of common shares under incentive stock
plan 0.6 5.4 Other (3.6 ) — (37.9 ) (56.1 )
Effect of
exchange rate changes on cash and restricted cash 0.8
0.8
Cash, cash equivalents and restricted cash:
Change in cash, cash equivalents and restricted cash 8.0 5.3
Balance, beginning of year 156.5 172.4 Balance, end
of period $164.5 $177.7
D
RAYONIER INC. AND
SUBSIDIARIESBUSINESS SEGMENT SALES, OPERATING INCOME AND
ADJUSTED EBITDAMarch 31, 2019 (unaudited)(millions
of dollars)
Three Months Ended March 31, December
31, March 31, 2019 2018 2018
Sales Southern Timber $60.8 $38.7 $43.6
Pacific Northwest Timber 20.5 18.4 31.4 New Zealand Timber 57.1
60.1 53.0 Real Estate 21.0 16.5 36.1 Trading 32.1 32.4
39.2
Total sales $191.5 $166.1
$203.2
Operating income (loss) Southern Timber
$21.5 $7.2 $12.2 Pacific Northwest Timber (3.7 ) (4.1 ) 4.7 New
Zealand Timber 15.7 12.6 16.0 Real Estate 10.0 4.6 28.1 Trading 0.5
0.3 0.1 Corporate and Other (5.5 ) (5.6 ) (4.0 )
Operating
income $38.5 $15.0 $57.1
Adjusted EBITDA (a) Southern Timber $41.2 $21.2 $28.2
Pacific Northwest Timber 3.1 2.0 14.2 New Zealand Timber 22.0 19.3
21.7 Real Estate 17.4 12.4 32.7 Trading 0.5 0.3 0.1 Corporate and
Other (5.2 ) (5.3 ) (3.7 )
Adjusted EBITDA $79.0
$49.9 $93.2
(a) Adjusted EBITDA is a non-GAAP measure.
See Schedule F for definitions and reconciliations.
E
RAYONIER INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP
MEASURESMarch 31, 2019 (unaudited)(millions of
dollars, except per share information)
LIQUIDITY MEASURES:
Three Months Ended March 31,
March 31, 2019 2018
Cash Provided by
Operating Activities $70.9 $78.2 Working capital
and other balance sheet changes 5.4 12.2 Capital expenditures (a)
(14.1 ) (13.2 )
Cash Available for Distribution (b) $62.2
$77.2
Net Income
$27.8 $42.7 Interest, net and miscellaneous income 6.7 7.7 Income
tax expense 4.3 6.9 Depreciation, depletion and amortization 36.5
34.5 Non-cash cost of land and improved development 4.0 1.6
Non-operating income (0.3 ) (0.2 )
Adjusted EBITDA (c) $79.0
$93.2 Cash interest paid (d) (2.1 ) (2.6 ) Cash taxes paid (0.6 )
(0.2 ) Capital expenditures (a) (14.1 ) (13.2 )
Cash Available
for Distribution (b) $62.2 $77.2
Cash Available for
Distribution (b) $62.2 $77.2 Real estate development
investments (1.7 ) (2.3 )
Cash Available for Distribution after
real estate development investments $60.5 $74.9
OPERATING INCOME (LOSS) AND ADJUSTED EBITDA
(c):
Three Months
Ended
Southern
Timber
Pacific
Northwest
Timber
New
Zealand
Timber
Real
Estate
Trading
Corporate
and
Other
Total March 31, 2019
Operating income (loss) $21.5 ($3.7 )
$15.7 $10.0 $0.5 ($5.5 ) $38.5 Depreciation, depletion and
amortization 19.7 6.8 6.3 3.3 — 0.3 36.5 Non-cash cost of land and
improved development — — — 4.0 —
— 4.0 Adjusted EBITDA $41.2 $3.1 $22.0
$17.4 $0.5 ($5.2 ) $79.0
December 31,
2018 Operating income (loss) $7.2 ($4.1 ) $12.6 $4.6 $0.3 ($5.6
) $15.0 Depreciation, depletion and amortization 14.0 6.1 6.7 1.3 —
0.3 28.4 Non-cash cost of land and improved development — —
— 6.5 — — 6.5 Adjusted EBITDA
$21.2 $2.0 $19.3 $12.4 $0.3
($5.3 ) $49.9
March 31, 2018 Operating income $12.2
$4.7 $16.0 $28.1 $0.1 ($4.0 ) $57.1 Depreciation, depletion and
amortization 16.0 9.5 5.7 3.1 — 0.3 34.5 Non-cash cost of land and
improved development — — — 1.6 —
— 1.6 Adjusted EBITDA $28.2 $14.2 $21.7
$32.7 $0.1 ($3.7 ) $93.2 (a) Capital
expenditures exclude timberland acquisitions of $12.3 million
during the three months ended March 31, 2019. (b) Cash Available
for Distribution (CAD) is a non-GAAP measure that management uses
to measure cash generated during a period that is available for
common stock dividends, distributions to the New Zealand minority
shareholder, repurchase of the Company’s common shares, debt
reduction, strategic acquisitions and real estate development
investments. CAD is defined as cash provided by operating
activities adjusted for capital spending (excluding timberland
acquisitions) and working capital and other balance sheet changes.
CAD is not necessarily indicative of the CAD that may be generated
in future periods. (c)
Adjusted EBITDA is defined as earnings
before interest, taxes, depreciation, depletion, amortization, the
non-cash cost of land and improved development, Large Dispositions
and non-operating income and expense. 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 removes the impact
of specific items that management believes do not directly reflect
the core business operations on an ongoing basis.
(d) Cash interest paid is presented net of patronage refunds
received of $3.9 million and $3.7 million for the three months
ended March 31, 2019 and March 31, 2018, respectively.
F
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190501005906/en/
Investors/MediaMark
McHugh904-357-9100investorrelations@rayonier.com
Rayonier (NYSE:RYN)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Rayonier (NYSE:RYN)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024