PotlatchDeltic(US:PCH)2023-01-31 18:13Financial Performance - Total Adjusted EBITDDA for 2022 reached a record of $653 million, significantly exceeding the 2020 record [11] - Q4 2022 Total Adjusted EBITDDA was $52 million, reflecting declines in lumber and indexed sawlog prices, along with seasonally lower harvest volumes [17] - Cash Available for Distribution (CAD) in 2022 was $3071 million [12] - The company returned $263 million to shareholders in 2022, including $55 million in share repurchases [21] Segment Results - Timberlands Adjusted EBITDDA for Q4 2022 declined to $51 million due to lower indexed sawlog prices and seasonally lower harvest volumes [24] - Wood Products Adjusted EBITDDA decreased to $24 million in Q4 2022, largely due to lower lumber prices [30, 36] - Real Estate Adjusted EBITDDA declined to $72 million in Q4 2022 due to fewer acres and residential lots sold [40, 45] Capital Structure and Liquidity - Net debt to enterprise value is 164% [5] - The company has a strong liquidity position with $643 million available [12, 21] - The weighted average cost of debt is 24% [21] Outlook and Synergies - The company anticipates 2023 Total Adjusted EBITDDA to be significantly lower than 2022 due to higher interest rates and their expected impact on housing starts [51] - The company expects to achieve CAD synergies of $21 million from the CatchMark merger, compared to the initial target of $16 million [14]