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PotlatchDeltic Corporation Reports Second Quarter 2022 Results

PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $120.2 million, or $1.72 per diluted share, on revenues of $359.6 million for the quarter ended June 30, 2022. Excluding an after-tax gain on insurance recoveries, adjusted net income was $112.9 million, or $1.61 per diluted share for the second quarter of 2022. Net income was $187.9 million, or $2.77 per diluted share, on revenues of $447.5 million for the quarter ended June 30, 2021.

Second Quarter 2022 Highlights

  • Generated Total Adjusted EBITDDA of $175.1 million and Total Adjusted EBITDDA margin of 49%
  • Entered into definitive merger agreement with CatchMark to create leading integrated timber REIT
  • Announced $131 million expansion and modernization of Waldo, Arkansas sawmill
  • Closed or pending timberland bolt-on acquisitions were $101 million
  • Widened strong liquidity position to $810 million as of June 30, 2022

“Our second quarter 2022 financial results reflect strong performance across all of our businesses,” said Eric Cremers, president and chief executive officer. “We continue to capitalize on attractive lumber prices, which we expect to remain higher than long-term averages for the rest of 2022. Key recent accomplishments include the announcement of our pending merger with CatchMark, a decision to spend $131 million to modernize and expand our Waldo, Arkansas sawmill, and returning cash of $35 million to shareholders, including $5 million of share repurchases. I am very excited about our growth opportunities and we are well-positioned with our strong balance sheet and liquidity to deliver exceptional shareholder value over the long-term,” stated Mr. Cremers.

Financial Highlights

($ in millions, except per share data)

 

Q2 2022

 

Q1 2022

 

Q2 2021

Revenues

 

$

359.6

 

 

$

411.4

 

 

$

447.5

 

Net income

 

$

120.2

 

 

$

163.9

 

 

$

187.9

 

Weighted average shares outstanding, diluted (in thousands)

 

 

69,791

 

 

 

69,623

 

 

 

67,732

 

Net income per diluted share

 

$

1.72

 

 

$

2.35

 

 

$

2.77

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

$

112.9

 

 

$

174.6

 

 

$

187.9

 

Adjusted Net Income Per Diluted Share

 

$

1.61

 

 

$

2.50

 

 

$

2.77

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

175.1

 

 

$

245.6

 

 

$

275.0

 

Dividends per share

 

$

0.44

 

 

$

0.44

 

 

$

0.41

 

Net cash from operations

 

$

147.9

 

 

$

230.3

 

 

$

171.4

 

Cash and cash equivalents

 

$

511.2

 

 

$

470.9

 

 

$

512.0

 

Business Performance: Q2 2022 vs. Q1 2022

Timberlands

Second Quarter 2022 Highlights

  • Timberlands Adjusted EBITDDA decreased $18.5 million from Q1 2022
  • Northern harvest volumes decreased due to spring break-up and unseasonably wet weather in June
  • Northern sawlog prices increased 7.5% primarily due to higher indexed sawlog prices and seasonally lighter logs
  • Southern sawlog harvest volumes were slightly lower and saw log prices were relatively flat
  • Higher log & haul costs were primarily driven by increased fuel costs
  • Forest management costs increased due to seasonally higher activities

($ in millions)

 

Q2 2022

 

Q1 2022

 

$ Change

Timberlands Revenues

 

$

105.5

 

 

$

123.7

 

 

$

(18.2

)

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

57.9

 

 

$

76.4

 

 

$

(18.5

)

Wood Products

Second Quarter 2022 Highlights

  • Wood Products Adjusted EBITDDA decreased $42.8 million from Q1 2022
  • Average lumber price decreased 20% to $865 per MBF in Q2 2022
  • Log costs increased primarily due to higher indexed pricing in Idaho
  • Lumber shipments increased 9% to 254 MMBF in Q2 2022

($ in millions)

 

Q2 2022

 

Q1 2022

 

$ Change

Wood Products Revenues

 

$

266.6

 

 

$

295.7

 

 

$

(29.1

)

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

107.2

 

 

$

150.0

 

 

$

(42.8

)

Real Estate

Second Quarter 2022 Highlights

  • Real Estate Adjusted EBITDDA decreased $8.3 million from Q1 2022
  • Sold 12,749 acres of rural land at an average price of $1,290 / acre
  • Sold 45 residential lots at an average price of $134,373 / lot
  • Sold 3 commercial acres for $685,713 / acre

($ in millions)

 

Q2 2022

 

Q1 2022

 

$ Change

Real Estate Revenues

 

$

26.7

 

 

$

34.1

 

 

$

(7.4

)

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

21.8

 

 

$

30.1

 

 

$

(8.3

)

Non-GAAP Measures

This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.

Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.

Adjusted Net Income and Adjusted Net Income Per Diluted Share are non-GAAP measures that represent GAAP net income and GAAP net income per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.

Reconciliations to GAAP are set forth in the accompanying schedules.

Conference Call Information

A live conference call and webcast will be held Tuesday, July 26, 2022, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the website.

A replay of the conference call will be available two hours following the call until August 2, 2022, by calling 1-800-770-2030 for U.S./Canada or 1-647-362-9199 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns approximately 1.8 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenues, costs and expenses; favorable housing market fundamentals and demand for lumber and lumber prices; disciplined capital allocation strategy; pending merger transaction with CatchMark Timber Trust, Inc., modernization of the Waldo, Arkansas sawmill, business conditions and strategies; and similar matters. Words such as “anticipate,” “expect,” “will,” “intend,” “plan,” “target,” “project,” “believe,” “seek,” “schedule,” “estimate,” “could,” “can,” “may,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, including the impact of COVID-19 and its variants, governmental responses to such outbreaks, and anticipated recovery from the pandemic on our business, suppliers, customers and employees; changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; the successful execution of the company’s strategic plans; the failure of CatchMark’s shareholders to approve the merger transaction, or the occurrence of any event, change, or other circumstance that could give rise to a termination of the definitive agreement relating to the proposed merger transaction, the company’s ability and its contractors’ ability to implement the modernization plan for the Waldo, Arkansas sawmill, the company’s ability to meet expectations; and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

(in thousands, except per share amounts)

2022

 

2022

 

2021

 

2022

 

2021

Revenues

$

359,597

 

 

$

411,350

 

 

$

447,506

 

 

$

770,947

 

 

$

801,699

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

191,334

 

 

 

179,847

 

 

 

177,779

 

 

 

371,181

 

 

 

347,081

 

Selling, general and administrative expenses

 

20,412

 

 

 

16,294

 

 

 

19,512

 

 

 

36,706

 

 

 

36,270

 

(Gain) loss on fire damage

 

(9,868

)

 

 

276

 

 

 

 

 

 

(9,592

)

 

 

 

 

 

201,878

 

 

 

196,417

 

 

 

197,291

 

 

 

398,295

 

 

 

383,351

 

Operating income

 

157,719

 

 

 

214,933

 

 

 

250,215

 

 

 

372,652

 

 

 

418,348

 

Interest expense, net

 

(7,419

)

 

 

(2,894

)

 

 

(8,199

)

 

 

(10,313

)

 

 

(11,773

)

Pension settlement charge

 

 

 

 

(14,165

)

 

 

 

 

 

(14,165

)

 

 

 

Non-operating pension and other postretirement employee benefit costs

 

(1,809

)

 

 

(1,929

)

 

 

(3,271

)

 

 

(3,738

)

 

 

(6,685

)

Income before income taxes

 

148,491

 

 

 

195,945

 

 

 

238,745

 

 

 

344,436

 

 

 

399,890

 

Income taxes

 

(28,269

)

 

 

(32,065

)

 

 

(50,840

)

 

 

(60,334

)

 

 

(80,879

)

Net income

$

120,222

 

 

$

163,880

 

 

$

187,905

 

 

$

284,102

 

 

$

319,011

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

$

1.73

 

 

$

2.36

 

 

$

2.79

 

 

$

4.09

 

 

$

4.74

 

Diluted

$

1.72

 

 

$

2.35

 

 

$

2.77

 

 

$

4.07

 

 

$

4.71

 

Dividends per share

$

0.44

 

 

$

0.44

 

 

$

0.41

 

 

$

0.88

 

 

$

0.82

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

69,580

 

 

 

69,419

 

 

 

67,316

 

 

 

69,502

 

 

 

67,265

 

Diluted

 

69,791

 

 

 

69,623

 

 

 

67,732

 

 

 

69,731

 

 

 

67,664

 

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheet

Unaudited

 

(in thousands, except per share amounts)

 

June 30, 2022

 

December 31, 2021

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

511,157

 

 

$

296,151

 

Customer receivables, net

 

 

43,989

 

 

 

31,028

 

Inventories, net

 

 

64,247

 

 

 

72,369

 

Other current assets

 

 

31,833

 

 

 

21,630

 

Total current assets

 

 

651,226

 

 

 

421,178

 

Property, plant and equipment, net

 

 

314,840

 

 

 

292,320

 

Investment in real estate held for development and sale

 

 

60,143

 

 

 

65,604

 

Timber and timberlands, net

 

 

1,704,256

 

 

 

1,682,671

 

Intangible assets, net

 

 

15,101

 

 

 

15,491

 

Other long-term assets

 

 

126,353

 

 

 

57,951

 

Total assets

 

$

2,871,919

 

 

$

2,535,215

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

110,184

 

 

$

78,209

 

Current portion of long-term debt

 

 

39,989

 

 

 

42,977

 

Current portion of pension and other postretirement employee benefits

 

 

4,993

 

 

 

4,993

 

Total current liabilities

 

 

155,166

 

 

 

126,179

 

Long-term debt

 

 

715,748

 

 

 

715,279

 

Pension and other postretirement employee benefits

 

 

91,703

 

 

 

83,674

 

Deferred tax liabilities, net

 

 

40,725

 

 

 

34,874

 

Other long-term obligations

 

 

25,026

 

 

 

49,076

 

Total liabilities

 

 

1,028,368

 

 

 

1,009,082

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 69,280 and 69,064 shares

 

 

69,280

 

 

 

69,064

 

Additional paid-in capital

 

 

1,785,383

 

 

 

1,781,217

 

Accumulated deficit

 

 

(62,074

)

 

 

(280,910

)

Accumulated other comprehensive income (loss)

 

 

50,962

 

 

 

(43,238

)

Total stockholders’ equity

 

 

1,843,551

 

 

 

1,526,133

 

Total liabilities and stockholders' equity

 

$

2,871,919

 

 

$

2,535,215

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

June 30, 2022

 

March 31, 2022

 

June 30, 2021

 

June 30,

2022

 

June 30,

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Net income

$

120,222

 

 

$

163,880

 

 

$

187,905

 

 

$

284,102

 

 

$

319,011

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

20,379

 

 

 

19,874

 

 

 

17,432

 

 

 

40,253

 

 

 

35,831

 

Basis of real estate sold

 

7,325

 

 

 

10,854

 

 

 

7,213

 

 

 

18,179

 

 

 

16,036

 

Change in deferred taxes

 

34

 

 

 

(2,123

)

 

 

(928

)

 

 

(2,089

)

 

 

562

 

Pension and other postretirement employee benefits

 

3,540

 

 

 

3,857

 

 

 

5,484

 

 

 

7,397

 

 

 

11,111

 

Pension settlement charge

 

 

 

 

14,165

 

 

 

 

 

 

14,165

 

 

 

 

Equity-based compensation expense

 

2,368

 

 

 

2,056

 

 

 

2,140

 

 

 

4,424

 

 

 

4,070

 

(Gain) loss on fire damage

 

(9,868

)

 

 

276

 

 

 

 

 

 

(9,592

)

 

 

 

Other, net

 

(308

)

 

 

(291

)

 

 

92

 

 

 

(599

)

 

 

(295

)

Change in working capital and operating-related activities, net

 

(1,236

)

 

 

21,208

 

 

 

(43,867

)

 

 

19,972

 

 

 

(37,154

)

Real estate development expenditures

 

(3,029

)

 

 

(2,161

)

 

 

(1,684

)

 

 

(5,190

)

 

 

(3,999

)

Funding of pension and other postretirement employee benefits

 

(968

)

 

 

(1,296

)

 

 

(2,412

)

 

 

(2,264

)

 

 

(3,833

)

Proceeds from insurance recoveries

 

9,428

 

 

 

 

 

 

 

 

 

9,428

 

 

 

 

Net cash from operating activities

 

147,887

 

 

 

230,299

 

 

 

171,375

 

 

 

378,186

 

 

 

341,340

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

(24,211

)

 

 

(12,566

)

 

 

(8,181

)

 

 

(36,777

)

 

 

(15,943

)

Timberlands reforestation and roads

 

(3,740

)

 

 

(4,648

)

 

 

(3,998

)

 

 

(8,388

)

 

 

(7,954

)

Acquisition of timber and timberlands

 

(42,218

)

 

 

 

 

 

(2,192

)

 

 

(42,218

)

 

 

(2,192

)

Other, net

 

(1,475

)

 

 

92

 

 

 

446

 

 

 

(1,383

)

 

 

635

 

Net cash from investing activities

 

(71,644

)

 

 

(17,122

)

 

 

(13,925

)

 

 

(88,766

)

 

 

(25,454

)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

(30,524

)

 

 

(30,524

)

 

 

(27,489

)

 

 

(61,048

)

 

 

(54,973

)

Repurchase of common stock

 

(4,156

)

 

 

 

 

 

 

 

 

(4,156

)

 

 

 

Repayment of long-term debt

 

 

 

 

(3,000

)

 

 

 

 

 

(3,000

)

 

 

 

Other, net

 

(1,023

)

 

 

(1,071

)

 

 

(632

)

 

 

(2,094

)

 

 

(1,223

)

Net cash from financing activities

 

(35,703

)

 

 

(34,595

)

 

 

(28,121

)

 

 

(70,298

)

 

 

(56,196

)

Change in cash, cash equivalents and restricted cash

 

40,540

 

 

 

178,582

 

 

 

129,329

 

 

 

219,122

 

 

 

259,690

 

Cash, cash equivalents and restricted cash, beginning

 

475,354

 

 

 

296,772

 

 

 

382,701

 

 

 

296,772

 

 

 

252,340

 

Cash, cash equivalents and restricted cash, ending

$

515,894

 

 

$

475,354

 

 

$

512,030

 

 

$

515,894

 

 

$

512,030

 

 

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

(in thousands)

2022

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

 

 

Timberlands

$

105,486

 

 

$

123,657

 

 

$

121,216

 

 

$

229,143

 

 

$

233,132

 

Wood Products

 

266,633

 

 

 

295,742

 

 

 

357,673

 

 

 

562,375

 

 

 

626,969

 

Real Estate

 

26,736

 

 

 

34,065

 

 

 

15,998

 

 

 

60,801

 

 

 

36,311

 

 

 

398,855

 

 

 

453,464

 

 

 

494,887

 

 

 

852,319

 

 

 

896,412

 

Intersegment Timberlands revenues

 

(39,258

)

 

 

(42,114

)

 

 

(47,381

)

 

 

(81,372

)

 

 

(94,713

)

Consolidated revenues

$

359,597

 

 

$

411,350

 

 

$

447,506

 

 

$

770,947

 

 

$

801,699

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

Timberlands

$

57,890

 

 

$

76,434

 

 

$

77,259

 

 

$

134,324

 

 

$

145,117

 

Wood Products

 

107,256

 

 

 

149,951

 

 

 

204,533

 

 

 

257,207

 

 

 

330,088

 

Real Estate

 

21,816

 

 

 

30,124

 

 

 

11,788

 

 

 

51,940

 

 

 

28,381

 

Corporate

 

(13,912

)

 

 

(9,584

)

 

 

(12,822

)

 

 

(23,496

)

 

 

(23,532

)

Eliminations and adjustments

 

2,120

 

 

 

(1,363

)

 

 

(5,774

)

 

 

757

 

 

 

(10,084

)

Total Adjusted EBITDDA

 

175,170

 

 

 

245,562

 

 

 

274,984

 

 

 

420,732

 

 

 

469,970

 

Interest expense, net

 

(7,419

)

 

 

(2,894

)

 

 

(8,199

)

 

 

(10,313

)

 

 

(11,773

)

Depreciation, depletion and amortization

 

(20,007

)

 

 

(19,502

)

 

 

(17,029

)

 

 

(39,509

)

 

 

(35,025

)

Basis of real estate sold

 

(7,325

)

 

 

(10,854

)

 

 

(7,213

)

 

 

(18,179

)

 

 

(16,036

)

Gain (loss) on fire damage

 

9,868

 

 

 

(276

)

 

 

 

 

 

9,592

 

 

 

 

Pension settlement charge

 

 

 

 

(14,165

)

 

 

 

 

 

(14,165

)

 

 

 

Non-operating pension and other postretirement employee benefits

 

(1,809

)

 

 

(1,929

)

 

 

(3,271

)

 

 

(3,738

)

 

 

(6,685

)

Gain (loss) on disposal of fixed assets

 

13

 

 

 

3

 

 

 

(527

)

 

 

16

 

 

 

(561

)

Income before income taxes

$

148,491

 

 

$

195,945

 

 

$

238,745

 

 

$

344,436

 

 

$

399,890

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

Timberlands

$

11,563

 

 

$

12,161

 

 

$

10,482

 

 

$

23,724

 

 

$

21,899

 

Wood Products

 

8,136

 

 

 

7,021

 

 

 

6,179

 

 

 

15,157

 

 

 

12,382

 

Real Estate

 

173

 

 

 

170

 

 

 

160

 

 

 

343

 

 

 

315

 

Corporate

 

135

 

 

 

150

 

 

 

208

 

 

 

285

 

 

 

429

 

 

 

20,007

 

 

 

19,502

 

 

 

17,029

 

 

 

39,509

 

 

 

35,025

 

Bond discounts and deferred loan fees2

 

372

 

 

 

372

 

 

 

403

 

 

 

744

 

 

 

806

 

Total depreciation, depletion and amortization

$

20,379

 

 

$

19,874

 

 

$

17,432

 

 

$

40,253

 

 

$

35,831

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

Real Estate

$

7,328

 

 

$

10,860

 

 

$

7,219

 

 

$

18,188

 

 

$

16,048

 

Eliminations and adjustments

 

(3

)

 

 

(6

)

 

 

(6

)

 

 

(9

)

 

 

(12

)

Total basis of real estate sold

$

7,325

 

 

$

10,854

 

 

$

7,213

 

 

$

18,179

 

 

$

16,036

 

 

 

 

 

 

 

 

 

 

 

1 Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA below.

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

 

PotlatchDeltic Corporation

Reconciliations

Unaudited

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

(in thousands, except per share amount)

 

2022

 

2022

 

2021

 

2022

 

2021

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

120,222

 

 

$

163,880

 

 

$

187,905

 

 

$

284,102

 

 

$

319,011

Interest expense, net

 

 

7,419

 

 

 

2,894

 

 

 

8,199

 

 

 

10,313

 

 

 

11,773

 

Income taxes

 

 

28,269

 

 

 

32,065

 

 

 

50,840

 

 

 

60,334

 

 

 

80,879

 

Depreciation, depletion and amortization

 

 

20,007

 

 

 

19,502

 

 

 

17,029

 

 

 

39,509

 

 

 

35,025

 

Basis of real estate sold

 

 

7,325

 

 

 

10,854

 

 

 

7,213

 

 

 

18,179

 

 

 

16,036

 

(Gain) loss on fire damage

 

 

(9,868

)

 

 

276

 

 

 

 

 

 

(9,592

)

 

 

 

Pension settlement charge

 

 

 

 

 

14,165

 

 

 

 

 

 

14,165

 

 

 

 

Non-operating pension and other postretirement benefit costs

 

 

1,809

 

 

 

1,929

 

 

 

3,271

 

 

 

3,738

 

 

 

6,685

 

(Gain) loss on disposal of fixed assets

 

 

(13

)

 

 

(3

)

 

 

527

 

 

 

(16

)

 

 

561

 

Total Adjusted EBITDDA

 

$

175,170

 

 

$

245,562

 

 

$

274,984

 

 

$

420,732

 

 

$

469,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

120,222

 

 

$

163,880

 

 

$

187,905

 

 

$

284,102

 

 

$

319,011

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on fire damage, after tax

 

 

(7,351

)

 

 

205

 

 

 

 

 

 

(7,146

)

 

 

 

Pension settlement charge, after tax

 

 

 

 

 

10,553

 

 

 

 

 

 

10,553

 

 

 

 

Adjusted net income

 

$

112,871

 

 

$

174,638

 

 

$

187,905

 

 

$

287,509

 

 

$

319,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Per Diluted Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

1.72

 

 

$

2.35

 

 

$

2.77

 

 

$

4.07

 

 

$

4.71

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on fire damage, after tax

 

 

(0.11

)

 

 

 

 

 

 

 

 

(0.10

)

 

 

 

Pension settlement charge, after tax

 

 

 

 

 

0.15

 

 

 

 

 

 

0.15

 

 

 

 

Adjusted net income per diluted share

 

$

1.61

 

 

$

2.50

 

 

$

2.77

 

 

$

4.12

 

 

$

4.71

 

 

Contacts

(Investors)

Jerry Richards

509.835.1521

(Media)

Anna Torma

509.835.1558

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