- Fourth quarter net income attributable to Rayonier of $16.0
million ($0.12 per share) on revenues of $178.8 million
- Fourth quarter operating income of $26.1 million and Adjusted
EBITDA of $65.0 million
- Full-year net income attributable to Rayonier of $59.1 million
($0.46 per share) on revenues of $711.6 million
- Full-year operating income of $107.0 million and Adjusted
EBITDA of $247.8 million
- Full-year cash provided by operations of $214.3 million and
cash available for distribution (CAD) of $149.4 million
Rayonier Inc. (NYSE:RYN) today reported fourth quarter net
income attributable to Rayonier of $16.0 million, or $0.12 per
share, on revenues of $178.8 million. This compares to net income
attributable to Rayonier of $2.0 million, or $0.02 per share, on
revenues of $166.1 million in the prior year quarter.
Overview of Fourth Quarter Results: The following table
summarizes the current quarter and comparable prior year period
results:
Three Months Ended
(millions of dollars, except earnings per
share (EPS))
December 31, 2019
December 31, 2018
$
EPS
$
EPS
Revenues
$178.8
$166.1
Net income attributable to Rayonier
$16.0
$0.12
$2.0
$0.02
Fourth quarter operating income was $26.1 million versus $15.0
million in the prior year period. Fourth quarter Adjusted EBITDA1
was $65.0 million versus $49.9 million in the prior year
period.
The following table summarizes operating income (loss) and
Adjusted EBITDA1 for the current quarter and comparable prior year
period:
Three Months Ended December
31,
Operating Income
(Loss)
Adjusted EBITDA1
(millions of dollars)
2019
2018
2019
2018
Southern Timber
$12.0
$7.2
$28.3
$21.2
Pacific Northwest Timber
(1.3
)
(4.1
)
8.7
2.0
New Zealand Timber
9.4
12.6
16.1
19.3
Real Estate
12.7
4.6
18.4
12.4
Trading
(0.3
)
0.3
(0.3
)
0.3
Corporate and other
(6.5
)
(5.6
)
(6.2
)
(5.3
)
Total
$26.1
$15.0
$65.0
$49.9
Overview of Full-Year Results: Full-year 2019 net income
attributable to Rayonier was $59.1 million, or $0.46 per share, on
revenues of $711.6 million. This compares to net income
attributable to Rayonier of $102.2 million, or $0.79 per share, on
revenues of $816.1 million in the prior year.
The following table summarizes the full-year and comparable
prior year results:
Year Ended
(millions of dollars, except earnings per
share (EPS))
December 31, 2019
December 31, 2018
$
EPS
$
EPS
Revenues
$711.6
$816.1
Net income attributable to Rayonier
$59.1
$0.46
$102.2
$0.79
Full-year operating income was $107.0 million versus $170.1
million in the prior year. Full-year Adjusted EBITDA1 was $247.8
million versus $337.7 million in the prior year.
The following table summarizes operating income (loss) and
Adjusted EBITDA1 for the current full-year and comparable prior
year:
Year Ended December
31,
Operating Income
(Loss)
Adjusted EBITDA1
(millions of dollars)
2019
2018
2019
2018
Southern Timber
$57.8
$44.2
$119.7
$102.8
Pacific Northwest Timber
(12.4
)
8.1
16.7
40.9
New Zealand Timber
48.0
62.8
75.8
90.8
Real Estate
38.7
76.2
59.5
123.4
Trading
—
1.0
—
1.0
Corporate and other
(25.1
)
(22.3
)
(23.9
)
(21.1
)
Total
$107.0
$170.1
$247.8
$337.7
Full-year cash provided by operating activities was $214.3
million versus $310.1 million in the prior year. Full-year cash
available for distribution (CAD)1 of $149.4 million decreased $90.6
million versus the prior year primarily due to lower Adjusted
EBITDA1 ($89.9 million) and higher capital expenditures ($1.6
million), partially offset by lower cash taxes paid ($0.5 million)
and lower cash interest paid ($0.3 million).
“We are pleased to conclude the year with solid quarterly
results despite challenging market conditions,” said David Nunes,
President and CEO. “In Southern Timber, Adjusted EBITDA increased
by 34% versus the prior year quarter driven by an 18% increase in
harvest volumes and a $2.7 million increase in non-timber income,
which were partially offset by a slight decline in weighted-average
stumpage prices. In Pacific Northwest Timber, Adjusted EBITDA also
improved significantly versus the prior year quarter, as 2019
harvest volumes were heavily back-end loaded due to improved
domestic demand in the fourth quarter. New Zealand Timber Adjusted
EBITDA declined 17% versus the prior year quarter due to weaker
demand from China and competition from European salvage volume,
which resulted in 11% and 13% declines in export and domestic
sawtimber prices, respectively, versus the prior year period. Real
Estate Adjusted EBITDA increased significantly relative to the
prior year quarter primarily due to an increase in the number of
Non-strategic / Timberland and Unimproved Development acres
sold.”
Southern Timber
Fourth quarter sales of $45.8 million (which included non-timber
sales of $7.7 million) increased $7.1 million, or 18%, versus the
prior year period primarily due to higher volumes and higher
pipeline easement revenue. Harvest volumes increased 18% to 1.58
million tons versus 1.33 million tons in the prior year period,
largely driven by favorable ground conditions that facilitated
customer removals. Average pine sawtimber stumpage prices decreased
3% to $23.25 per ton versus $24.03 per ton in the prior year
period, driven primarily by geographic mix. Average pine pulpwood
stumpage prices were flat at $14.82 per ton versus the prior year
period. Overall, weighted-average stumpage prices (including
hardwood) decreased 1% to $18.10 per ton versus $18.37 per ton in
the prior year period. Operating income of $12.0 million increased
$4.8 million versus the prior year period as higher non-timber
income ($2.7 million), higher volumes ($1.9 million), lower lease
related expenses ($0.3 million) and lower depletion rates ($0.3
million) were partially offset by lower net stumpage prices ($0.4
million).
Fourth quarter Adjusted EBITDA1 of $28.3 million was $7.1
million above the prior year period.
Pacific Northwest Timber
Fourth quarter sales of $27.6 million increased $9.1 million, or
50%, versus the prior year period. Harvest volumes increased 72% to
417,000 tons versus 242,000 tons in the prior year period, driven
by improved domestic demand in the current quarter coupled with
volume deferrals in the prior year quarter. Average delivered
sawtimber prices decreased 3% to $78.51 per ton versus $81.14 per
ton in the prior year period, although average net stumpage prices
(including pulpwood) increased 12%, driven by strong pricing on
stumpage sales coupled with lower average cut and haul costs on
delivered sales due to a higher proportion of ground-based logging
in the quarter. Average delivered pulpwood prices decreased 17% to
$39.24 per ton versus $47.36 per ton in the prior year period,
driven primarily by excess supply in the market. Operating loss of
$1.3 million decreased $2.8 million versus the prior year period
primarily due to higher net stumpage prices ($1.5 million), lower
road maintenance and other costs ($1.1 million) and lower depletion
rates ($0.5 million), partially offset by an increase in other
variable costs ($0.3 million).
Fourth quarter Adjusted EBITDA1 of $8.7 million was $6.7 million
above the prior year period.
New Zealand Timber
Fourth quarter sales of $60.6 million increased $0.5 million, or
1%, versus the prior year period. Harvest volumes increased 5% to
688,000 tons versus 655,000 tons in the prior year period,
primarily due to the timing of export shipments. Average delivered
prices for export sawtimber decreased 11% to $102.69 per ton versus
$114.89 per ton in the prior year period, while average delivered
prices for domestic sawtimber decreased 13% to $69.13 per ton
versus $79.54 per ton in the prior year period. The decrease in
export sawtimber prices was primarily due to increased competition
from lower-cost log and lumber imports, predominantly from European
salvage activity, flowing into China. The decrease in domestic
sawtimber prices (in U.S. dollar terms) was driven in part by the
fall in the NZ$/US$ exchange rate (US$0.64 per NZ$1.00 versus
US$0.66 per NZ$1.00). Excluding the impact of foreign exchange
rates, domestic sawtimber prices decreased 9% versus the prior year
period, mirroring the negative trend in the export market.
Operating income of $9.4 million decreased $3.2 million versus the
prior year period as a result of lower net stumpage prices ($6.8
million) and higher roading costs ($0.4 million), partially offset
by higher volumes ($1.0 million), higher non-timber income ($2.3
million) and favorable foreign exchange impacts ($0.7 million).
Fourth quarter Adjusted EBITDA1 of $16.1 million was $3.2
million below the prior year period.
Real Estate
Fourth quarter sales of $22.1 million increased $5.7 million, or
34%, versus the prior year period, while operating income of $12.7
million increased $8.1 million versus the prior year period due to
a higher number of acres sold (6,862 acres sold versus 2,249 acres
sold in the prior year period), partially offset by a decrease in
weighted-average prices ($3,223 per acre versus $7,406 per acre in
the prior year period).
Improved Development sales of $0.9 million consisted of 20.7
acres of commercial property ($42,000 per acre) in the Belfast
Commerce Park development project south of Savannah, Georgia. This
compares to prior year period sales of $4.5 million, which
consisted of 27.9 acres of commercial property for $3.6 million
($129,432 per acre) and 20 residential lots for $0.9 million
($46,730 per lot or $329,081 per acre) in the Wildlight development
project north of Jacksonville, Florida.
Unimproved Development sales of $4.0 million consisted of a 405
acre sale in Nassau County, Florida at a price of $10,000 per acre.
There were no Unimproved Development sales in the prior year
period.
Rural sales of $6.5 million consisted of 1,480 acres at an
average price of $4,424 per acre. This compares to prior year
period sales of $11.7 million, which consisted of 2,102 acres at an
average price of $5,575 per acre.
Non-strategic / Timberland sales of $10.6 million consisted of
4,957 acres at an average price of $2,148 per acre. This compares
to prior year period sales of $0.2 million, which consisted of 116
acres at an average price of $3,381 per acre.
Fourth quarter Adjusted EBITDA1 of $18.4 million was $6.0
million above the prior year period.
Trading
Fourth quarter sales of $22.7 million decreased $9.7 million
versus the prior year period primarily due to lower volumes and
prices. Sales volumes decreased 21% to 232,000 tons versus 292,000
tons in the prior year period. Operating loss of $0.3 million
versus operating income of $0.3 million in the prior year period
was driven primarily by lower margins due to port congestion and
reduced availability of third-party export volume resulting from
overall market price declines.
Other Items
Fourth quarter corporate and other operating expenses of $6.5
million increased $0.9 million versus the prior year period,
primarily due to elevated legal expenses and acquisition related
costs.
Fourth quarter interest expense of $8.1 million was flat versus
the prior year period.
Fourth quarter income tax expense of $2.7 million was relatively
flat versus the prior year period. The New Zealand subsidiary is
the primary driver of income tax expense.
Outlook
“Excluding the impact of our anticipated mid-year acquisition of
Pope Resources, we expect to achieve 2020 net income attributable
to Rayonier of $47 to $57 million and Adjusted EBITDA of $245 to
$270 million,” added Nunes. “In our Southern Timber segment, we
expect to achieve full-year harvest volumes of 6.3 to 6.5 million
tons, while we expect overall pricing to be slightly below 2019
average pricing due to geographic mix. In our Pacific Northwest
Timber segment, we expect to achieve harvest volumes of 1.4 to 1.5
million tons, while we expect relatively stable pricing as markets
have adjusted to lower log export volumes resulting from China
tariffs and competition from European salvage volume. We remain
cautiously optimistic that export market conditions in both
Southern Timber and Pacific Northwest Timber will gradually improve
as the U.S.-China Phase 1 trade agreement is implemented and as
additional details of the agreement become clear, although we
expect near-term headwinds associated with the coronavirus outbreak
in China. In our New Zealand Timber segment, we expect to achieve
harvest volumes of 2.6 to 2.7 million tons, while we expect lower
average export and domestic pricing due to challenging export
market conditions resulting from competition from European salvage
volume as well as the recent impacts from the coronavirus outbreak.
We further expect that Adjusted EBITDA in the New Zealand Timber
segment will be negatively impacted by higher shipping costs due to
the implementation of low-sulphur fuel requirements. In our Real
Estate segment, we expect a significant increase in Adjusted EBITDA
based on our current pipeline of transactions, although we
anticipate that real estate activity will be heavily weighted to
the second half of the year.”
Conference Call
A conference call and live audio webcast will be held on
Thursday, February 6, 2020 at 10:00 AM EST 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 Friday, March 6, 2020 by dialing
866-388-5360 (domestic) or 203-369-0415 (international), passcode:
2062020.
Complimentary copies of Rayonier press releases and other
financial documents are also available by calling (904)
357-9100.
1Adjusted 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
December 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 (414,000 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
SUBSIDIARIES
CONDENSED STATEMENTS OF
CONSOLIDATED INCOME
December 31, 2019
(unaudited)
(millions of dollars, except per
share information)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2019
2019
2018
2019
2018
SALES
$178.8
$156.4
$166.1
$711.6
$816.1
Costs and Expenses
Cost of sales
(140.2
)
(134.5
)
(139.1
)
(558.4)
(605.2
)
Selling and general expenses
(10.8
)
(10.1
)
(10.6
)
(41.7)
(41.9
)
Other operating (expense) income, net
(1.7
)
(0.8
)
(1.4
)
(4.5)
1.1
OPERATING INCOME
26.1
11.0
15.0
107.0
170.1
Interest expense
(8.1
)
(8.0
)
(8.1
)
(31.7)
(32.1
)
Interest and other miscellaneous income,
net
2.1
0.8
0.5
5.3
4.6
INCOME BEFORE INCOME TAXES
20.1
3.8
7.4
80.6
142.6
Income tax expense
(2.7
)
(2.3
)
(2.8
)
(12.9)
(25.3
)
NET INCOME
17.4
1.5
4.6
67.7
117.3
Less: Net income attributable to
noncontrolling interest
(1.4
)
(1.9
)
(2.6
)
(8.6)
(15.1
)
NET INCOME (LOSS) ATTRIBUTABLE TO
RAYONIER INC.
$16.0
($0.4
)
$2.0
$59.1
$102.2
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to
Rayonier Inc.
$0.12
—
$0.02
$0.46
$0.79
Diluted earnings per share attributable to
Rayonier Inc.
$0.12
—
$0.02
$0.46
$0.79
Weighted Average Common Shares used for
determining
Basic EPS
129,149,307
129,325,181
129,158,030
129,257,202
129,043,627
Diluted EPS
129,436,456
129,325,181
129,736,352
129,598,388
129,690,231
A
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
December 31, 2019
(unaudited)
(millions of dollars)
December 31,
December 31,
2019
2018
Assets
Cash and cash equivalents
$68.7
$148.4
Other current assets
57.3
59.5
Timber and timberlands, net of depletion
and amortization
2,482.0
2,401.3
Higher and better use timberlands and real
estate development investments
81.8
85.6
Property, plant and equipment
31.9
30.7
Less - accumulated depreciation
(9.6
)
(7.9
)
Net property, plant and equipment
22.3
22.8
Restricted cash
1.2
8.1
Right-of-use assets
99.9
—
Other assets
47.8
55.0
$2,861.0
$2,780.7
Liabilities and Shareholders’
Equity
Current maturities of long-term debt
82.0
—
Other current liabilities
69.2
63.5
Long-term debt
973.1
972.6
Long-term lease liability
90.5
—
Other non-current liabilities
108.6
90.0
Total Rayonier Inc. shareholders’
equity
1,440.0
1,556.9
Noncontrolling interest
97.6
97.7
Total shareholders’ equity
1,537.6
1,654.6
$2,861.0
$2,780.7
B
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
December 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, December 31, 2017
128,970,776
$872.3
$707.4
$13.4
$99.9
$1,693.0
Net income
—
—
102.2
—
15.1
117.3
Dividends ($1.06 per share)
—
—
(137.9
)
—
—
(137.9
)
Issuance of shares under incentive stock plans
599,422
8.6
—
—
—
8.6
Stock-based compensation
—
6.4
—
—
—
6.4
Other (a)
(81,523
)
(3.0
)
0.7
(13.2
)
(17.3
)
(32.8
)
Balance, December 31, 2018
129,488,675
$884.3
$672.4
$0.2
$97.7
$1,654.6
Net income
—
—
59.1
—
8.6
67.7
Dividends ($1.08 per share)
—
—
(140.1
)
—
—
(140.1
)
Issuance of shares under incentive stock plans
298,003
1.3
—
—
—
1.3
Stock-based compensation
—
6.9
—
—
—
6.9
Repurchase of common shares made under repurchase program
(320,016
)
—
(8.4
)
—
—
(8.4
)
Other (a)
(135,593
)
(4.3
)
—
(31.4
)
(8.7
)
(44.4
)
Balance, December 31, 2019
129,331,069
$888.2
$583.0
($31.2
)
$97.6
$1,537.6
(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, actuarial changes and amortization of pension
and postretirement plan liabilities, foreign currency translation
adjustments, mark-to-market adjustments of qualifying cash flow
hedges and distributions to minority shareholders. The year ended
December 31, 2018 also includes the adjustment related to the
adoption of ASU 2018-02.
C
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
December 31, 2019
(unaudited)
(millions of dollars)
Year Ended December 31,
2019
2018
Cash provided by operating
activities:
Net income
$67.7
$117.3
Depreciation, depletion and
amortization
128.2
144.1
Non-cash cost of land and improved
development
12.6
23.6
Other items to reconcile net income to
cash provided by operating activities
13.7
27.3
Changes in working capital and other
assets and liabilities
(7.9
)
(2.2
)
214.3
310.1
Cash used for investing
activities:
Capital expenditures
(64.0
)
(62.3
)
Real estate development investments
(6.8
)
(9.5
)
Purchase of timberlands
(142.3
)
(57.6
)
Other
(6.3
)
(3.5
)
(219.4
)
(132.9
)
Cash used for financing
activities:
Net increase (decrease) in debt
82.0
(53.4
)
Dividends paid
(141.1
)
(136.8
)
Proceeds from the issuance of common
shares under incentive stock plan
1.3
8.6
Repurchase of common shares made under
repurchase program
(8.4
)
—
Other
(13.4
)
(12.1
)
(79.6
)
(193.7
)
Effect of exchange rate changes on cash
and restricted cash
(1.8
)
0.5
Cash, cash equivalents and restricted
cash:
Change in cash, cash equivalents and
restricted cash
(86.5
)
(16.0
)
Balance, beginning of year
156.5
172.5
Balance, end of period
$70.0
$156.5
D
RAYONIER INC. AND
SUBSIDIARIES
BUSINESS SEGMENT SALES,
OPERATING INCOME AND ADJUSTED EBITDA
December 31, 2019
(unaudited)
(millions of dollars)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2019
2019
2018
2019
2018
Sales
Southern Timber
$45.8
$41.3
$38.7
$194.1
$170.0
Pacific Northwest Timber
27.6
18.8
18.4
85.4
109.8
New Zealand Timber
60.6
62.0
60.1
241.9
249.0
Real Estate
22.1
9.2
16.5
74.9
138.6
Trading
22.7
25.2
32.4
115.4
148.8
Intersegment Eliminations
—
(0.1
)
—
(0.1
)
(0.1
)
Sales
$178.8
$156.4
$166.1
$711.6
$816.1
Operating income (loss)
Southern Timber
$12.0
$9.5
$7.2
$57.8
$44.2
Pacific Northwest Timber
(1.3
)
(3.6
)
(4.1
)
(12.4
)
8.1
New Zealand Timber
9.4
10.1
12.6
48.0
62.8
Real Estate
12.7
0.4
4.6
38.7
76.2
Trading
(0.3
)
—
0.3
—
1.0
Corporate and Other
(6.5
)
(5.4
)
(5.6
)
(25.1
)
(22.3
)
Operating income
$26.1
$11.0
$15.0
$107.0
$170.1
Adjusted EBITDA (a)
Southern Timber
$28.3
$22.5
$21.2
$119.7
$102.8
Pacific Northwest Timber
8.7
2.7
2.0
16.7
40.9
New Zealand Timber
16.1
17.7
19.3
75.8
90.8
Real Estate
18.4
5.4
12.4
59.5
123.4
Trading
(0.3
)
—
0.3
—
1.0
Corporate and Other
(6.2
)
(5.1
)
(5.3
)
(23.9
)
(21.1
)
Adjusted EBITDA
$65.0
$43.2
$49.9
$247.8
$337.7
(a) Adjusted EBITDA is a non-GAAP measure. See Schedule F
for definitions and reconciliations.
E
RAYONIER INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP
MEASURES
December 31, 2019
(unaudited)
(millions of dollars, except per
share information)
LIQUIDITY MEASURES:
Year Ended
December 31,
December 31,
2019
2018
Cash Provided by Operating
Activities
$214.3
$310.1
Working capital and other balance sheet
changes
(0.9
)
(7.7
)
Capital expenditures (a)
(64.0
)
(62.3
)
Cash Available for Distribution
(b)
$149.4
$240.1
Net Income
$67.7
$117.3
Interest, net and miscellaneous income
29.1
29.7
Income tax expense
12.9
25.2
Depreciation, depletion and
amortization
128.2
144.1
Non-cash cost of land and improved
development
12.6
23.6
Non-operating income
(2.7
)
(2.2
)
Adjusted EBITDA (c)
$247.8
$337.7
Cash interest paid (d)
(32.8
)
(33.1
)
Cash taxes paid
(1.7
)
(2.2
)
Capital expenditures (a)
(64.0
)
(62.3
)
Cash Available for Distribution
(b)
$149.4
$240.1
Cash Available for Distribution
(b)
$149.4
$240.1
Real estate development investments
(6.8
)
(9.5
)
Cash Available for Distribution after
real estate development investments
$142.6
$230.6
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
December 31, 2019
Operating income (loss)
$12.0
($1.3
)
$9.4
$12.7
($0.3
)
($6.5
)
$26.1
Depreciation, depletion and
amortization
16.3
10.0
6.7
3.0
—
0.3
36.3
Non-cash cost of land and improved
development
—
—
—
2.6
—
—
2.6
Adjusted EBITDA
$28.3
$8.7
$16.1
$18.4
($0.3
)
($6.2
)
$65.0
September 30, 2019
Operating income (loss)
$9.5
($3.6
)
$10.1
$0.4
—
($5.4
)
$11.0
Depreciation, depletion and
amortization
13.0
6.3
7.6
0.7
—
0.3
27.8
Non-cash cost of land and improved
development
—
—
—
4.3
—
—
4.3
Adjusted EBITDA
$22.5
$2.7
$17.7
$5.4
—
($5.1
)
$43.2
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
OPERATING INCOME (LOSS) AND ADJUSTED
EBITDA (c):
Year Ended
Southern Timber
Pacific Northwest
Timber
New Zealand Timber
Real Estate
Trading
Corporate and Other
Total
December 31, 2019
Operating income (loss)
$57.8
($12.4
)
$48.0
$38.7
—
($25.1
)
$107.0
Depreciation, depletion and
amortization
61.9
29.2
27.8
8.2
—
1.2
128.2
Non-cash cost of land and improved
development
—
—
—
12.6
—
—
12.6
Adjusted EBITDA
$119.7
$16.7
$75.8
$59.5
—
($23.9
)
$247.8
December 31, 2018
Operating income
$44.2
$8.1
$62.8
$76.2
$1.0
($22.3
)
$170.1
Depreciation, depletion and
amortization
58.6
32.8
28.0
23.6
—
1.2
144.1
Non-cash cost of land and improved
development
—
—
—
23.6
—
—
23.6
Adjusted EBITDA
$102.8
$40.9
$90.8
$123.4
$1.0
($21.1
)
$337.7
(a)
Capital expenditures exclude timberland
acquisitions of $142.3 million and $57.6 million during the twelve
months ended December 31, 2019 and December 31, 2018,
respectively.
(b)
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 the New Zealand minority shareholder, 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.
(c)
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 expense 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 removes
the impact of specific items that management believes do not
directly reflect the core business operations on an ongoing basis.
Large Dispositions, which are excluded in the calculation of
Adjusted EBITDA, are defined as transactions involving the sale of
timberland that exceed $20 million in size and do not have a
demonstrable premium relative to timberland value.
(d)
Cash interest paid is presented net of
patronage refunds received of $4.0 million and $4.1 million for the
twelve months ended December 31, 2019 and December 31, 2018,
respectively.
F
RAYONIER INC. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
EBITDA GUIDANCE
December 31, 2019
(unaudited)
(millions of dollars)
ADJUSTED EBITDA GUIDANCE (a):
2020 Guidance
Net Income to Adjusted EBITDA
Reconciliation
Net income
$51.5
-
$62.5
Less: Net income attributable to
noncontrolling interest
(5.0
)
-
(6.0
)
Net income attributable to Rayonier
Inc.
$46.5
-
$56.5
Interest, net
32.5
-
33.5
Income tax expense
5.5
-
7.0
Depreciation, depletion and
amortization
131.5
-
139.0
Non-cash cost of land and improved
development
24.0
-
28.0
Net income attributable to noncontrolling
interest
5.0
-
6.0
Adjusted EBITDA
$245.0
-
$270.0
Diluted Earnings per Share
$0.36
-
$0.44
(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 expense 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 removes
the impact of specific items that management believes do not
directly reflect the core business operations on an ongoing basis.
Large Dispositions, which are excluded in the calculation of
Adjusted EBITDA, are defined as transactions involving the sale of
timberland that exceed $20 million in size and do not have a
demonstrable premium relative to timberland value.
G
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200205005826/en/
Investors/Media Mark McHugh 904-357-9100
investorrelations@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