Company Performance - Rayonier reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.03 per share, and up from $0.02 per share a year ago, representing an earnings surprise of +100.00% [1] - The company posted revenues of $106.5 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 14.81%, but down from year-ago revenues of $173.6 million [2] - Over the last four quarters, Rayonier has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Future Outlook - The sustainability of Rayonier's stock price movement will depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the coming quarter is $0.17 on revenues of $141.93 million, and for the current fiscal year, it is $0.40 on revenues of $469.03 million [7] - The estimate revisions trend for Rayonier was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Building Products - Wood industry, to which Rayonier belongs, is currently in the bottom 9% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Rayonier's stock performance [5]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Overall Performance](index=1&type=section&id=Overall%20Performance) Rayonier's Q2 net income surged to $408.7 million, primarily from a New Zealand joint venture sale, with Adjusted EBITDA up 35% to $44.9 million Q2 2025 vs. Q2 2024 Financial Results (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $106.5 | $99.6 | | Net Income attributable to Rayonier | $408.7 | $1.9 | | Diluted EPS | $2.63 | $0.01 | | Pro Forma Net Income (Loss) | $9.6 | ($2.6) | | Pro Forma EPS | $0.06 | ($0.02) | | Adjusted EBITDA | $44.9 | $33.3 | - The substantial increase in net income was primarily due to a **$404.4 million gain** on the sale of the company's New Zealand joint venture interest[4](index=4&type=chunk) - Year-to-date cash available for distribution (CAD) increased by **$8.3 million** to **$46.7 million**, mainly due to lower net cash interest paid and reduced capital expenditures[6](index=6&type=chunk) [Key Achievements & Capital Allocation](index=1&type=section&id=Key%20Achievements%20%26%20Capital%20Allocation) The company completed its New Zealand asset disposition, repurchased $34.9 million in shares, and ended Q2 with $892.3 million cash - Completed the sale of the New Zealand joint venture interest, bringing total disposition activity to **$1.45 billion** since November 2023[5](index=5&type=chunk)[7](index=7&type=chunk) - Repurchased approximately **1.5 million shares** at an average price of $23.71 per share, totaling **$34.9 million**[16](index=16&type=chunk) - Ended the quarter with a cash balance of **$892.3 million**, providing significant capital allocation flexibility[5](index=5&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) [Southern Timber](index=2&type=section&id=Southern%20Timber) Southern Timber's Adjusted EBITDA fell 16% to $28.4 million due to lower sales, harvest volumes, and stumpage realizations Southern Timber Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $53.3 | $59.3 | | Operating Income | $12.6 | $17.1 | | Adjusted EBITDA | $28.4 | $33.9 | - Harvest volumes decreased **5%** to **1.60 million tons** due to softer mill demand and the impact of a large disposition in 2024[8](index=8&type=chunk) - Weighted-average net stumpage realizations fell **14%** to **$19.18 per ton**, with pine sawtimber prices down **9%** and pine pulpwood prices down **25%**[8](index=8&type=chunk) [Pacific Northwest Timber](index=3&type=section&id=Pacific%20Northwest%20Timber) Pacific Northwest Timber's Adjusted EBITDA rose 17% to $7.0 million, driven by higher prices and lower costs despite reduced volumes Pacific Northwest Timber Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $22.4 | $24.3 | | Operating Income (Loss) | $1.6 | ($1.5) | | Adjusted EBITDA | $7.0 | $5.9 | - Average delivered prices for domestic sawtimber increased **6%** to **$96.17 per ton** due to strong domestic demand and favorable geographic mix[9](index=9&type=chunk) - Harvest volumes decreased **15%** to **248,000 tons**, primarily due to the impact of Large Dispositions completed in Q4 2024[9](index=9&type=chunk) [Real Estate](index=3&type=section&id=Real%20Estate) Real Estate's Adjusted EBITDA surged to $18.6 million, driven by higher sales of $29.4 million, increased acreage, and higher prices Real Estate Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $29.4 | $15.5 | | Operating Income | $9.8 | $0.5 | | Adjusted EBITDA | $18.6 | $4.5 | - Improved Development sales included a **23-acre** commercial parcel in the Heartwood project for **$5.2 million** (**$225,000 per acre**)[11](index=11&type=chunk) - Rural sales increased to **$15.7 million** (**2,926 acres**) from **$7.5 million** (**1,439 acres**) in the prior year period[12](index=12&type=chunk) [Trading and Other Items](index=3&type=section&id=Trading%20and%20Other%20Items) Trading segment sales increased to $1.4 million with a slight operating loss, while corporate and net interest expenses decreased - Trading segment sales volumes increased to **18,000 tons** from **5,000 tons** in the prior year period, resulting in an operating loss of **$0.1 million**[13](index=13&type=chunk) - Corporate and other operating expenses decreased by **$2.3 million** year-over-year, mainly from lower compensation and benefits[14](index=14&type=chunk) - Interest expense decreased by **$2.5 million** due to lower average outstanding debt, while interest income rose by **$0.6 million** due to higher cash on hand[14](index=14&type=chunk)[15](index=15&type=chunk) [Financial Outlook](index=4&type=section&id=Financial%20Outlook) [Full-Year Outlook](index=4&type=section&id=Full-Year%20Outlook) Rayonier reaffirmed full-year Adjusted EBITDA and pro forma EPS guidance, with Southern Timber near the low end and Real Estate at or above the high end - The company is on track to achieve **full-year Adjusted EBITDA** and **pro forma EPS** consistent with its prior guidance range[17](index=17&type=chunk) - Southern Timber: Full-year Adjusted EBITDA is expected near the **lower end** of the prior guidance range, with materially higher volumes and modestly higher stumpage prices anticipated in the second half of the year[18](index=18&type=chunk) - Real Estate: Full-year Adjusted EBITDA is now expected to be **at or modestly above the high end** of the prior guidance range[18](index=18&type=chunk) [Third Quarter 2025 Guidance](index=4&type=section&id=Third%20Quarter%202025%20Guidance) For Q3 2025, Rayonier projects net income between $29 million and $44 million, with Adjusted EBITDA of $80 million to $100 million Q3 2025 Guidance | Metric | Low End | High End | | :--- | :--- | :--- | | Net Income attributable to Rayonier | $29 million | $44 million | | EPS | $0.18 | $0.28 | | Adjusted EBITDA | $80 million | $100 million | - The Real Estate segment is expected to contribute **$50 to $65 million** in Adjusted EBITDA in Q3, though some closings could shift to Q4[18](index=18&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Statements of Consolidated Income](index=6&type=section&id=Condensed%20Statements%20of%20Consolidated%20Income) For H1 2025, sales decreased to $189.5 million, but net income surged to $405.3 million due to a $404.4 million gain from discontinued operations Six Months Ended June 30 (in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Sales | $189.5 | $213.3 | | Operating Income | $14.6 | $13.2 | | Income from Discontinued Operations | $406.3 | $13.7 | | Net Income Attributable to Rayonier | $405.3 | $3.3 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the balance sheet shows stronger liquidity with cash at $892.3 million, long-term debt reduced to $844.9 million, and equity at $2.30 billion Balance Sheet Highlights (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $892.3 | $303.1 | | Total Assets | $3,514.3 | $3,474.4 | | Long-term debt | $844.9 | $1,044.4 | | Total Rayonier Inc. shareholders' equity | $2,302.2 | $1,769.3 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, operating activities provided $88.7 million cash, investing activities provided $658.3 million (mainly from asset sales), resulting in a $549.7 million net cash increase Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $88.7 | $107.6 | | Net Cash from Investing Activities | $658.3 | ($47.4) | | Net Cash from Financing Activities | ($198.6) | ($125.1) | | **Change in Cash** | **$549.7** | **($65.8)** | [Non-GAAP Financial Measures Reconciliation](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) [Reconciliation of Key Performance Indicators](index=12&type=section&id=Reconciliation%20of%20Key%20Performance%20Indicators) This section reconciles non-GAAP measures, showing H1 2025 Net Income of $410.5 million adjusted to Adjusted EBITDA of $71.9 million and Pro Forma Net Income of $6.9 million Reconciliation of Net Income to Adjusted EBITDA - Six Months Ended June 30, 2025 (in millions) | Line Item | Amount | | :--- | :--- | | Net Income | $410.5 | | Gain on sale of discontinued operations | ($404.4) | | Depreciation, depletion and amortization | $46.9 | | Other Adjustments | $18.9 | | **Adjusted EBITDA** | **$71.9** | - Cash Available for Distribution (CAD) for the six months ended June 30, 2025 was **$46.7 million**, up from **$38.4 million** in the prior year period[47](index=47&type=chunk) [Reconciliation of Adjusted EBITDA Guidance](index=15&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20Guidance) The company provides a Q3 2025 Adjusted EBITDA guidance reconciliation, starting with forecasted net income of $29.0-$45.0 million to reach $80.0-$100.0 million Q3 2025 Guidance Reconciliation (in millions) | Metric | Low | High | | :--- | :--- | :--- | | Net income | $29.0 | $45.0 | | Adjustments (Interest, D&A, etc.) | $51.0 | $55.0 | | **Adjusted EBITDA** | **$80.0** | **$100.0** |

Company Overview - Rayonier is the second-largest REIT specialized in timber, managing approximately 2.5 million acres of timberland in the United States and New Zealand [1] - 68% of Rayonier's Adjusted EBITDA is derived from timber operations, indicating a strong reliance on this segment for revenue generation [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology, which enhances the quality of insights provided [1] - The analyst has researched over 1000 companies, showcasing extensive industry knowledge and expertise [1] Investment Focus - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where they have researched hundreds of companies [1] - The preferred sectors for analysis include metals and mining, but the analyst is also comfortable covering consumer discretionary/staples, REITs, and utilities [1]

Core Insights - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research methodology emphasizes a structured, repeatable framework to identify companies with durable business models and mispriced cash flow potential [1] - Valuation practices are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability and simplicity [1] Research Focus - Moretus Research targets underappreciated companies that are undergoing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - The research combines rigorous fundamental analysis with a judgment-driven process, avoiding noise and overly complex forecasting [1] - The firm aims to elevate the standard for independent investment research by providing actionable insights and a strong filter for relevant information in equity analysis [1]

Company Overview - Rayonier's FY24 sales were $1,263.0 million[8] - Rayonier's FY24 Adjusted EBITDA was $298.8 million[8] - Rayonier manages approximately 2.5 million total acres of timberland[8] - Timber segments accounted for 68% of Rayonier's business[8] Real Estate Strategy - From 2021-2024, Rayonier's average HBU price per acre was $4,468, representing a 117% premium to NCREIF[35] - Rayonier has a high-value real estate development pipeline with development potential on approximately 120,000 acres[37] Land-Based Solutions - Rayonier reached approximately 39,000 acres under solar option by year-end 2024[58] - Rayonier reached approximately 154,000 acres under CCS lease by year-end 2024[74] - Utility solar installations are projected to require approximately 1.5 million acres through 2030[48] Financial Performance and Capital Allocation - Rayonier completed or announced $1.45 billion in dispositions[88] - Rayonier targets a net debt to Adjusted EBITDA ratio of ≤3.0x[88, 97] - Rayonier's pro forma net debt to 2025E Adjusted EBITDA is 0.6x[88, 95]

Rayonier (RYN) 2025 Conference Summary Company Overview - Rayonier is one of three publicly traded timber REITs, positioning itself as a pure play timber REIT without exposure to downstream wood products manufacturing [4][3] - The company owns or leases approximately 2,500,000 acres of timberland, generating a sustainable yield of about 10,000,000 tons annually [4][5] - A recent agreement to sell its New Zealand business will reduce acreage by about 400,000 acres and sustainable yield by approximately 2,500,000 tons [5][4] Financial Performance - In 2024, approximately 70% of adjusted EBITDA came from timber segments, with the remaining 30% from real estate [5][6] - The company has seen significant pricing dislocations in timber REITs, with Rayonier trading at over a 30% discount to estimated net asset value [2][2] Market Trends and Opportunities - The energy transition and the need for renewable power are expected to drive increased demand for land and timber [6][7] - The U.S. housing market is significantly underbuilt, with estimates of 3,000,000 to 6,000,000 units of underbuilt supply, suggesting a constructive long-term outlook for housing starts [8][7] - Rayonier is evolving into a land resources company, focusing on maximizing the value of its portfolio through alternative land uses and real estate development [9][10] Land Use Optimization - Transitioning land use can significantly increase value; for example, converting timberland into carbon capture and storage leases could increase value by up to 5x, while solar leases could increase it by up to 10x, and improved development use could increase it by up to 15x [9][10] - Rayonier aims to execute the highest value end use for every acre, whether for timber production, land-based solutions, or real estate [10][11] Competitive Advantages - Rayonier has a best-in-class timberland portfolio located in attractive markets, particularly in the U.S. South [11][12] - The company has a differentiated real estate platform with a strong track record of optimizing high and better use (HBU) values [11][12] Real Estate Development - The company has seen significant growth in HBU values, with average prices per acre increasing from about $2,800 to $4,500 from 2015-2017 to 2021-2024 [20][19] - Rayonier's development pipeline includes 120,000 acres in Northeast Florida and Southeast Georgia, focusing on areas with strong market demand [21][21] Land-Based Solutions - The demand for carbon capture and storage (CCS) is projected to grow significantly, with U.S. demand expected to increase from 25 million tons to over 300 million tons in the next decade [30][29] - Rayonier has expanded its solar development options from 7,000 acres in 2021 to 39,000 acres by the end of 2024, indicating strong growth potential in this area [28][27] Asset Disposition Strategy - Rayonier announced a $1,000,000,000 asset disposition target, with total announced divestitures reaching $1,450,000,000, exceeding the original target [34][42] - The company plans to use proceeds from the New Zealand sale for share buybacks, which are seen as a compelling opportunity given the stock's discount to private market value [44][43] Environmental and Risk Management - Rayonier manages risks associated with natural disasters through geographic dispersion of its assets, which minimizes the impact of events like hurricanes and forest fires [55][54] - The company has experienced minor impacts from past hurricanes, with salvage activities expected to normalize markets in the long term [57][58] Tariffs and Market Dynamics - Anticipated increases in duties on Canadian lumber production are expected to shift production to the U.S. South, potentially improving pricing power for sawtimber and pulp [60][61]

Company Overview - Rayonier shares have increased by approximately 0.8% since the last earnings report, underperforming the S&P 500 [1] - Recent estimates for Rayonier have trended downward, with the consensus estimate shifting by -80% [2] Performance Metrics - Rayonier has a poor Growth Score of F and a similar score for momentum, with a value grade of D, placing it in the bottom 40% for this investment strategy [3] - The overall VGM Score for Rayonier is F, indicating a weak performance across multiple investment strategies [3] Outlook - The downward trend in estimates suggests a negative outlook for Rayonier, currently holding a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [4] Industry Comparison - Rayonier is part of the Zacks Building Products - Wood industry, where Weyerhaeuser, a competitor, has gained 0.9% over the past month [5] - Weyerhaeuser reported revenues of $1.76 billion for the last quarter, reflecting a year-over-year decline of -1.8% [5] - Weyerhaeuser's expected earnings for the current quarter are $0.19 per share, representing a year-over-year decrease of -9.5% [6]

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Financial Performance - Rayonier Inc. reported sales of $82,922 thousand for the three months ended March 31, 2025, a decrease of 27.1% compared to $113,704 thousand in the same period of 2024 [18]. - The operating income for the first quarter of 2025 was $59 thousand, significantly down from $8,632 thousand in Q1 2024 [18]. - The net loss attributable to Rayonier Inc. was $3,424 thousand for Q1 2025, compared to a net income of $1,357 thousand in Q1 2024, marking a shift in performance [18]. - Rayonier Inc. reported a comprehensive loss of $7,300 thousand for Q1 2025, compared to a comprehensive loss of $1,153 thousand in Q1 2024 [18]. - Rayonier Inc. reported a basic loss per share of $0.02 for Q1 2025, compared to earnings of $0.01 per share in Q1 2024 [18]. - For the three months ended March 31, 2025, Rayonier reported a net loss of $3,085,000 compared to a net income of $2,306,000 for the same period in 2024 [29]. - Cash provided by operating activities was $27,699,000 for Q1 2025, down from $52,298,000 in Q1 2024, reflecting a decline of about 47% [29]. - Rayonier's comprehensive loss attributable to unitholders was $7,398,000 in Q1 2025, compared to a comprehensive loss of $1,170,000 in Q1 2024 [35]. - The company reported a basic loss per unit attributable to continuing operations of $0.04 for Q1 2025, compared to a loss of $0.03 for Q1 2024 [35]. - The company reported a loss from continuing operations before income taxes of $5,501 for the three months ended March 31, 2025 [84]. Assets and Liabilities - Total current assets increased to $767,388 thousand as of March 31, 2025, from $436,893 thousand at the end of 2024, primarily due to an increase in current assets of discontinued operations [20]. - Total assets decreased to $3,351,353 thousand as of March 31, 2025, down from $3,474,419 thousand at December 31, 2024 [20]. - The company’s retained earnings decreased to $204,180 thousand as of March 31, 2025, from $257,254 thousand at the end of 2024 [20]. - The balance of cash and cash equivalents decreased to $216,242 thousand as of March 31, 2025, from $303,065 thousand as of December 31, 2024, a decline of 28.7% [37]. - Total liabilities of the New Zealand operations increased to $227,991 thousand as of March 31, 2025, from $218,176 thousand as of December 31, 2024, a rise of 4.0% [66]. - Current liabilities rose to $49.33 million in Q1 2025, compared to $47.34 million in Q4 2024, reflecting a 4.2% increase [66]. Capital Expenditures and Investments - Rayonier's capital expenditures from continuing operations were $12,023,000 in Q1 2025, down from $15,260,000 in Q1 2024, indicating a reduction of approximately 21% [29]. - Capital expenditures for the three months ended March 31, 2025, were $12,023, down from $15,260 in the same period of 2024, representing a decline of approximately 21.5% [78]. - Capital expenditures for New Zealand operations decreased to $2.65 million in Q1 2025, down 26.4% from $3.61 million in Q1 2024 [66]. Dividends and Shareholder Returns - Rayonier Inc. issued a special dividend of $1.80 per common share, resulting in the issuance of 7,560,983 common shares [22][23]. - Dividends paid on common shares increased to $110,442,000 in Q1 2025 from $72,258,000 in Q1 2024, marking an increase of approximately 53% [29]. - Distributions on units for the three months ended March 31, 2025, totaled $111,905 thousand, compared to $73,343 thousand in 2024, an increase of 52.6% [43]. Foreign Operations - Rayonier's New Zealand operations generated sales of $56,760 thousand in Q1 2025, up from $54,392 thousand in Q1 2024, representing a 4.5% increase [63]. - Operating income from discontinued operations in New Zealand was $4,549 thousand in Q1 2025, down from $7,578 thousand in Q1 2024, a decline of 40.4% [63]. - The company reported net income from discontinued operations attributable to Rayonier Inc. of $2,094 thousand in Q1 2025, compared to $5,792 thousand in Q1 2024, a decrease of 63.8% [63]. - Rayonier entered into a purchase and sale agreement to sell its 77% interest in New Zealand operations for $710 million, expected to close in 2025 [61]. Debt and Financing - The company’s long-term debt remained stable at $1,044,635 thousand as of March 31, 2025, compared to $1,044,410 thousand at the end of 2024 [20]. - Total principal debt as of March 31, 2025, was $1,050,000,000, with total long-term debt amounting to $1,044,635,000 after accounting for unamortized discounts and deferred financing costs [105]. - Rayonier Inc. had available borrowings of $293.0 million under its Revolving Credit Facility as of March 31, 2025 [108]. - The company maintained a covenant EBITDA to consolidated interest expense ratio of 7.2 to 1, significantly exceeding the requirement of 2.5 to 1 [111]. - The debt to covenant net worth plus covenant debt ratio was 36%, well below the maximum requirement of 65% [111]. Other Financial Metrics - Adjusted EBITDA for the total company was $27,061 thousand for Q1 2025, reflecting the performance across all segments [74]. - Adjusted EBITDA for the three months ended March 31, 2025, was $44,648, compared to $44,801 in the same period of 2024, indicating a slight decrease of 0.3% [84]. - The net income for the three months ended March 31, 2025, was $2,306, compared to a loss of $4,510 in the same period of 2024 [84]. - The company reported a foreign currency translation adjustment of $3,633 thousand for the three months ended March 31, 2025 [39]. - The company’s effective tax rate for the three months ended March 31, 2025, was -5.5%, significantly lower than the 18.0% rate for the same period in 2024 [151].

Core Viewpoint - Rayonier, Inc. reported a pro-forma net loss of 2 cents per share for Q1 2025, missing the Zacks Consensus Estimate of 8 cents and down from a net income of 1 cent per share in the prior year [1] Financial Performance - Total revenues for Q1 2025 were $82.9 million, falling short of the Zacks Consensus Estimate of $157 million and representing a 27.1% decrease year-over-year [2] - Adjusted EBITDA for the quarter was $27.1 million, down from $44.6 million in the prior-year period [2] Segment Performance - Southern Timber segment reported pro-forma operating income of $10.1 million, a decline of 56.1% from the prior-year quarter due to lower net stumpage realizations and higher costs [4] - Pacific Northwest Timber segment showed pro-forma operating income of $0.7 million, recovering from a loss of $4.4 million a year ago, attributed to lower costs and higher net stumpage realizations [5] - Real Estate segment incurred a pro-forma operating loss of $1 million compared to a $0.1 million loss in the previous year, driven by fewer acres sold [6] Balance Sheet - Rayonier ended Q1 2025 with $216.2 million in cash and cash equivalents, down from $303.1 million as of December 31, 2024 [7] Future Outlook - For Q2 2025, management anticipates net income attributable to Rayonier to be between $3 million and $8 million, with pro forma EPS expected to range from 1 cent to 4 cents [8] - Full-year net income guidance has been revised to $424 million to $458 million, significantly up from the previous guidance of $79 million to $100 million, reflecting anticipated gains from the sale of the New Zealand joint venture [9] - Adjusted EBITDA for the full year is projected to be between $215 million and $235 million, down from prior guidance of $270 million to $300 million [10]