Financial Data and Key Metrics Changes - The company reported total adjusted EBITDA of $175 million for Q2 2022, marking the second highest EBITDA for a second quarter in its history, although it was lower than the $246 million generated in Q1 2022 [5][21] - The decline in EBITDA was primarily attributed to lower lumber prices and harvest volumes [21] - The company had $511 million in cash and total liquidity of $810 million at the end of Q2 2022 [18][28] Business Line Data and Key Metrics Changes - Wood Products segment generated adjusted EBITDA of $107 million in Q2 2022, down from $150 million in Q1 2022, with average lumber price realizations decreasing by 20% [6][24] - Timberland segment's adjusted EBITDA decreased from $76 million in Q1 to $58 million in Q2, with sawlog harvest volumes affected by weather conditions [9][22] - Real Estate segment's adjusted EBITDA was $22 million in Q2, down from $30 million in Q1, influenced by the timing and mix of transactions [10][27] Market Data and Key Metrics Changes - Lumber prices moderated during Q2, with the random length framing lumber composite price decreasing by 33% compared to Q1 [6][24] - The company shipped 254 million board feet of lumber in Q2, an increase of 21 million board feet from Q1 [7][26] - The housing shortage in the U.S. is estimated to be around 4 million units, supporting long-term demand for lumber [11] Company Strategy and Development Direction - The company is focused on modernizing and expanding its Waldo, Arkansas sawmill with a $131 million investment, expected to increase annual capacity by 85 million board feet [14] - The CatchMark merger is anticipated to close late in Q3 2022, which is expected to provide strategic and financial benefits [15][16] - The company remains committed to sustainable dividend growth and plans to review its regular dividend in Q4 2022 [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that while the long-term housing fundamentals remain favorable, recent factors such as higher mortgage rates and declining consumer confidence have moderated housing starts [12] - The company expects a modest decline in housing starts to around 1.5 million units in the near term, with a potential recovery by 2024 [70][71] - Management remains optimistic about lumber demand in the repair and remodel markets, supported by strong consumer balance sheets and job market conditions [13] Other Important Information - The company repurchased $5 million of its shares at approximately $44 per share under its share repurchase plan [18] - Capital expenditures for Q2 were $31 million, with plans for total capital expenditures in 2022 estimated between $85 to $90 million [28][32] - The company published its third Annual ESG report in May and is committed to enhancing its ESG initiatives [19] Q&A Session Summary Question: What is the expected decline in Northern sawlog prices for Q3? - Management indicated a potential decline of approximately 35% to 40% in indexed sawlog prices for Q3 due to the drop in lumber prices [39] Question: Can you provide details on the three bolt-on transactions? - The company is acquiring three bolt-on deals totaling about 46,000 acres in Mississippi and Arkansas for approximately $101 million, expected to generate about $7 million of incremental EBITDA [40] Question: What are the expectations for Southern harvest levels next year? - Management suggested that Southern harvest levels could exceed 6 million tons next year, especially with the CatchMark merger and the Ola mill coming back online [45] Question: How is the company addressing the impact of rising mortgage rates on demand? - Management noted that while there is a pullback in housing starts, demand remains solid in the home center channel, with order files stretching out a couple of weeks [48][73] Question: What is the outlook for the CatchMark merger? - The merger is on track to close late in Q3, with key milestones including finalizing the registration statement and conducting the shareholder vote [69] Question: How does the company plan to manage harvest volumes in a slowing housing market? - Management believes that production cuts will primarily occur in Canada and from lower imports, allowing Southern mills to maintain operations without significant harvest volume reductions [88]

Q2 2022 EARNINGS July 26, 2022 FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES FORWARD-LOOKING STATEMENTS This presentation 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; expected liquidity; the U.S. economic condition; the success of the company's business strategies; expectations about the Waldo, Arkansas sawmill expansion, ...

Financial Data and Key Metrics Changes - CatchMark Timber Trust reported a net income of $3.2 million or $0.07 per share for Q1 2022, compared to a net loss of $600,000 in Q1 2021 [29] - Adjusted EBITDA increased by 15% year-over-year, totaling $14.8 million compared to $12.9 million in Q1 2021 [29] - Cash available for distribution increased by 34% year-over-year [12] Business Line Data and Key Metrics Changes - Timber sales revenue increased by 17% year-over-year in the U.S. South, despite lower planned harvest volumes [9][26] - Retail land sales contributed $6.1 million in proceeds from 11 sales, representing over 35% of the total timberland sales target for the year [10] - Investment management EBITDA decreased to $2.7 million from $3.8 million in 2021, primarily due to lower asset management fees [30] Market Data and Key Metrics Changes - Net timber sales prices increased by 30% for sawtimber and 8% for pulpwood year-over-year, with premiums of 47% and 37% above market averages, respectively [9][28] - The company expects sawtimber pricing to be approximately 20% above 2021 levels for the full year [13] Company Strategy and Development Direction - The company is focused on acquiring prime timberlands in leading U.S. South mill markets to enhance its market position and operational efficiencies [17][18] - CatchMark is pursuing a disciplined acquisition strategy, targeting smaller bolt-on acquisitions to maximize cash flow potential [17][19] - Environmental initiatives, including wetlands mitigation banking and carbon sequestration, are part of the company's growth strategy [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for new housing, despite rising interest rates, which supports sawtimber pricing [13][14] - The company anticipates a full-year weighted average pricing increase of 15% to 20% for blended harvest, up from previous expectations of 10% to 15% [16] - Management noted that supply chain issues have created a favorable market environment for CatchMark, allowing it to meet customer supply needs effectively [15] Other Important Information - The company declared a cash dividend of $0.075 per share for common stockholders, payable on June 15, 2022 [12] - As of March 31, 2022, CatchMark had over $250 million of borrowing capacity remaining under its credit facilities and over $27 million in cash [33] Q&A Session Summary Question: Update on acquisition pipeline - Management discussed the two parts of the acquisition strategy: small-tract program and off-market opportunities, expressing excitement about the pipeline being built [49][50] Question: Update on pulpwood margins - Management clarified that margin pressure on pulpwood is more seasonal than secular, with strong overall margins expected [54][56] Question: Carbon offset program revenue streams - Management indicated that the carbon offset program has not yet been monetized, with expectations for revenue contributions in the second half of 2022 [58][59] Question: Sustainability of pricing premiums - Management expressed confidence in maintaining pricing premiums due to the company's strategic market positioning and supply-demand dynamics [90][91] Question: Impact of European wood imports - Management noted that reduced European wood imports could tighten the market further, enhancing pricing tension [94][96]

FIRST QUARTER 2022 Investor Presentation ↓CatchMark® FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. However, the absence of thes ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (509) 835-1500 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | | | Indicate by check mark whether the registrant (1) has f ...

CatchMark ' PRIME TIMBERLANDS HIGH-DEMAND MILL MARKETS SUPERIOR STEWARDSHIP Citi's 2022 Global Property CEO Conference March 8, 2022 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estima ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------|-------|-------|-------|----------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | PRIME TIMBERLANDS HIGH-DEMAND MILL MARKETS SUPERIOR STEWARDSHIP | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K For the transition period from to Commission File Number 1-32729 POTLATCHDELTIC CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 82-0156045 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | | 601 West 1st Ave., Suite 1600 | | | Spokane, Washington | 99201 | | (Address of principal executive offices) | (Zip Code) | Registrant's t ...

CatchMark Timber Trust, Inc. (CTT) Q4 2021 Earnings Conference Call February 11, 2022 10:00 AM ET Company Participants Brian Davis – President, Chief Executive Officer Ursula Godoy-Arbelaez – Senior Vice President, Chief Financial Officer & Treasurer Todd Reitz – Chief Resources Officer Conference Call Participants David Rodgers – Baird Anthony Pettinari – Citi Buck Horne – Raymond James Craig Kucera – B. Riley FBR Operator Good morning and welcome to the CatchMark Timber Trust Fourth Quarter 2021 Earnings ...

Financial Data and Key Metrics Changes - CatchMark reported record net income of $23.3 million or $0.48 per share, driven primarily by the gain from the Bandon large disposition [28] - Revenues totaled $22.1 million compared to $24.6 million in the prior-year quarter, and adjusted EBITDA totaled $9.9 million, down from $12.4 million in Q3 2020 [29] - Timber sales revenue totaled $15.9 million versus $18.1 million in Q3 2020, reflecting lower harvest volumes due to wet weather conditions and the Bandon disposition [29][30] - Overall, third quarter results registered 10% lower revenue and 20% lower adjusted EBITDA year-over-year [24] Business Line Data and Key Metrics Changes - Harvest EBITDA was $7.1 million, compared to $8.5 million in Q3 2020, while real estate EBITDA was $2 million, down from $2.3 million [30] - Investment management EBITDA was $3 million, compared to $3.7 million in Q3 2020, due to a decrease in adjusted EBITDA from Dawsonville Bluff [30] - The company sold 17% fewer acres year-over-year at comparable prices per acre, totaling 1,000 acres for $2.1 million compared to 1,200 acres for $2.4 million in the prior-year quarter [45] Market Data and Key Metrics Changes - In the U.S. South, pulpwood and sawtimber stumpage prices were 8% and 11% respectively above the prior-year quarter, with pricing premiums of 38% and 16% above TimberMart-South averages [19][39] - Despite an 11% decrease in harvest volumes in the U.S. South, regional timber sales revenues increased by 1% year-over-year to $15.5 million [19][39] - Timber sales revenue from the Pacific Northwest decreased 86% year-over-year due to the Bandon sale [38] Company Strategy and Development Direction - The company is focused on a simplified strategy to own and invest in prime timberlands, particularly in leading U.S. South markets [47] - CatchMark aims to ramp up timberland investments and capitalize on environmental initiatives, including carbon sequestration and solar projects [48][49] - The company is currently reviewing approximately 130,000 acres of potential acquisitions, focusing on transactions in the $5 million to $50 million range [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance for adjusted EBITDA and net income, supported by strong market fundamentals [27][9] - The anticipated housing recovery and new mill capacity in the U.S. South are expected to create added demand for CatchMark's harvests [16][41] - Management highlighted the importance of maintaining a disciplined approach to acquisitions while ensuring predictable cash flows and stable dividends [25][49] Other Important Information - The company paid $6.5 million in distributions to stockholders during the quarter, fully covered by net cash provided by operating activities [25] - Following the Bandon and Triple T transactions, CatchMark's liquidity increased to more than $278 million, providing substantial capacity for growth initiatives [34] - The company has a competitive cost of debt at 2.92% with no near-term maturities, allowing for flexibility in funding growth [73] Q&A Session Summary Question: Discussion on inventory levels and sustainable harvest yield - Management indicated that sustainable harvest yield will be in line with past productivity levels, maintaining steady tons per acre [56][57] Question: Pricing for quality industrial Southern timber and implied cap rates - Management noted that high-quality assets continue to trade well, with increasing valuations reflecting demand from traditional buyers and new investors [58][59] Question: Thoughts on leverage and acquisition strategy - Management stated that while leverage may increase slightly to fund growth initiatives, they will operate within historical ranges and maintain a competitive cost of debt [70][72] Question: Impact of new sawmill announcements and Canadian harvesting deferrals - Management highlighted that new sawmill capacity in the U.S. South is expected to drive additional demand and pricing, while Canadian deferrals may lead to increased capital migration into the U.S. South [77][79][81]