Q3 2019 Financial Performance - Total Adjusted EBITDDA was $550 million with a 24% margin[12] - Cash Available for Distribution (CAD) was $758 million for the trailing twelve months ended September 30, 2019[7] - The dividend was $160 per share, representing a 39% yield based on the September 30, 2019 closing stock price[9] Timberlands Segment - Timberlands Adjusted EBITDDA was $430 million[12] - Harvest volume reached 16 million tons[12] - Northern Timberlands Adjusted EBITDDA increased by $125 million from Q2 2019 to $244 million in Q3 2019[26] - Southern Timberlands Adjusted EBITDDA increased by $44 million from Q2 2019 to $186 million in Q3 2019[31] Wood Products Segment - Wood Products Adjusted EBITDDA was $59 million[12] - Lumber shipments totaled 299 MMBF[12] - The average lumber price was $363 per MBF[12] - Wood Products Adjusted EBITDDA increased $79 million from Q2 2019 levels[35] Real Estate Segment - Real Estate Adjusted EBITDDA was $147 million[12] - 6 commercial acres were sold for $512500 per acre[12] - 42 residential lots were sold for $110500 per lot[12]

Financial Performance - Total Adjusted EBITDA for 2019 was $179 million, the 3rd highest since becoming a REIT in 2006 [4] - Cash Available for Distribution (CAD) was $82 million [8] - $133 million was returned to shareholders through dividends and share repurchases [9] - Real Estate segment's EBITDA was $63 million in 2019 [12, 51] Segment Results - Timberlands Adjusted EBITDA was $134 million with 5.6 million tons harvested [12] - Wood Products Adjusted EBITDA was $13 million with 1.07 BBF lumber shipped [12] - Real Estate sold 24,000 rural acres, 148 residential lots, and 38 commercial acres [12] - Northern Timberlands Adjusted EBITDA in Q4 2019 was $20.6 million, compared to $24.4 million in Q3 2019 [27, 30] - Southern Timberlands Adjusted EBITDA in Q4 2019 was $17.4 million, compared to $18.6 million in Q3 2019 [35, 38] Capital Structure - $190 million of debt was refinanced, lowering the weighted average interest rate by 80 bps [13] - Net debt was reduced by $35 million [13] - The company had $460 million of liquidity at year-end [13] - Net debt to enterprise value was 18.8% [66]

Company Strategy & Fundamentals - PotlatchDeltic has the highest direct leverage to lumber prices among timber REITs[4] - The company's strategy leverages favorable fundamentals in US housing, including housing starts, building permits, and existing home sales[4] - Timberlands provide stability, capturing incremental land value and offering working forest benefits[4] Timberlands Segment - PotlatchDeltic owns 1.9 million acres of high-quality timberlands[6,7] - The company plants approximately 25 million seedlings every year, managing timberlands on a long-term sustainable basis[7] - The company has 86 million tons of merchantable timber inventory, with 64% being sawlogs[11,12] - In Idaho, sawlogs represent 90% of the harvest volume, and about 70% of sawlog prices are indexed to lumber prices[16] Wood Products Segment - PotlatchDeltic ranks as a top-10 lumber producer in the U S with 1 2 billion board feet of capacity[6,20] - Lumber shipments have increased by 60% in six years due to high-return capital projects and acquisitions[20] Real Estate Segment - The company has identified approximately 210,000 rural acres for sale at a premium to timberland value[23] - The company owns a 4,800-acre master-plan community in Little Rock, Arkansas, with approximately 65% of residential lots sold and 54% of commercial acres sold[23] Capital Allocation - Returning cash to shareholders through a sustainable and growing dividend is a key capital allocation strategy[25] - The company repurchased $25 million of shares in the first half of 2019 at $37 per share[28] - The dividend per share has increased by 29% since 2012, reaching $1.60 in 2019[27]

Financial Performance - Total Adjusted EBITDA for Q1 2020 was $47.6 million[16], compared to $46.6 million in Q4 2019[16], reflecting seasonally lower harvest volumes and real estate sales, but higher lumber prices and shipments[14] - Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2020, was $105 million[8] - The company returned $39 million to shareholders in Q1 2020, including $27 million in dividends (5.1% yield) and $12 million in share repurchases[13] Segment Results - Timberlands Adjusted EBITDA for Q1 2020 was $35 million[12], 30% higher than Q1 2019[18], with 1.5 million tons harvested[12] - Wood Products Adjusted EBITDA for Q1 2020 was $13.2 million[48], with lumber shipments of 283 MMBF[12] and an average lumber price of $396 per MBF[43] - Real Estate Adjusted EBITDA for Q1 2020 was $7.3 million[58], with 4,439 non-strategic acres sold[12] Liquidity and Capital Structure - The company had $460 million of liquidity as of March 31, 2020[13] - The company plans to refinance $46 million of debt maturing in December 2020 and has locked interest rates on $654 million of refinances planned through January 2029[13] - A $101 million pension obligation was annuitized in Q1 2020[13] Outlook - The company anticipates lumber shipments between 230 and 240 MMBF for Q2 2020[69] - The company expects to sell approximately 5,500 rural acres and 15 development lots in Q2 2020[69]

Financial Performance - Total Adjusted EBITDA for Q2 2020 was $353 million, a decrease of $123 million from Q1 2020[13, 16] - Cash Available for Distribution (CAD) for the trailing twelve months ended June 30, 2020, was $103 million[8] - The company returned $69 million to shareholders YTD 2020 through dividends and share repurchases[9] Segment Results - Timberlands Adjusted EBITDA was $256 million, with 13 million tons harvested[11] - Wood Products Adjusted EBITDA was $109 million, with 249 MMBF lumber shipped[11] - Real Estate Adjusted EBITDA was $93 million, with 5K rural acres and 17 residential lots sold[11] Timberlands - Northern Region - Northern Timberlands Adjusted EBITDA was $127 million in Q2 2020, down from $199 million in Q1 2020[24, 27] - Northern sawlog harvest volume decreased to 303 thousand tons in Q2 2020 from 434 thousand tons in Q1 2020[27] - Northern sawlog price increased to $101 per ton in Q2 2020 from $95 per ton in Q1 2020[27] Timberlands - Southern Region - Southern Timberlands Adjusted EBITDA was $129 million in Q2 2020, down from $151 million in Q1 2020[31, 35] - Southern sawlog harvest volume decreased to 491 thousand tons in Q2 2020 from 548 thousand tons in Q1 2020[30, 35] - Southern sawlog price decreased to $43 per ton in Q2 2020 from $44 per ton in Q1 2020[30, 35] Wood Products - Wood Products Adjusted EBITDA was $109 million in Q2 2020, down from $132 million in Q1 2020[11, 46] - Lumber shipment volume decreased to 249 MMBF in Q2 2020 from 283 MMBF in Q1 2020[11, 42, 46] - Average lumber price increased to $412 per MBF in Q2 2020 from $396 per MBF in Q1 2020, a 4% increase[16, 42, 46] Real Estate - Real Estate Adjusted EBITDA was $93 million in Q2 2020, up from $73 million in Q1 2020[11, 59] - The company sold 5537 rural acres at an average price of $1784 per acre in Q2 2020[16, 54, 59] - The company sold 17 residential lots at an average price of $97059 per lot in Q2 2020[11, 58, 59] - The company announced the sale of approximately 72000 acres in Minnesota for ~$48 million, expected to close in Q4 2020[12, 47]

Financial Highlights - Total Adjusted EBITDDA reached $1354 million, reflecting historic lumber prices and record quarterly harvest volume[13] - Cash Available for Distribution (CAD) was $174 million for the trailing twelve months ended September 30, 2020[7] - $96 million was returned to shareholders YTD 2020[9] - Liquidity stood at $528 million as of September 30, 2020[12] Segment Performance - Timberlands Adjusted EBITDDA was $597 million, driven by 17 million tons harvested[11] - Wood Products Adjusted EBITDDA was $817 million, with 291 MMBF lumber shipped[11] - Real Estate Adjusted EBITDDA was $134 million, including the sale of 11K rural acres and 26 residential lots[11] Timberlands - Northern Region - Northern Timberlands Adjusted EBITDDA increased to $428 million in Q3 2020[25] - Northern sawlog harvest volume increased to 555 thousand tons[23, 26] - Northern sawlog price increased to $131 per ton[23, 26] Timberlands - Southern Region - Southern sawlog harvest volume increased to 578 thousand tons[30, 35] - Southern pulpwood harvest volume increased to 463 thousand tons[34, 35] - Southern sawlog price increased to $44 per ton[30, 35] Wood Products - Average lumber price was $637 per MBF in Q3 2020, a 55% increase from Q2 2020[40] - Lumber shipments increased 17% to 291 MMBF in Q3 2020[40, 42] Real Estate - 11,048 rural acres were sold at an average price of $1,202 per acre[16, 51, 53] - 26 residential lots were sold at an average price of $83,000 per lot[16, 51, 58]

Business Overview - PriceSmart operates 55 warehouse clubs in 12 countries and one U S territory, serving nearly 20 million members[12,36] - The company is considering Chile as a potential new market for expansion[36] - The company's value proposition is based on "The Six Rights," focusing on merchandise, time, place, condition, quantity, and price[14] Financial Performance - Total revenue for the trailing twelve months (TTM) is $52 billion[51,131] - Net merchandise sales reached $385 billion year-to-date (YTD), with a 72% growth rate[104] - Membership income grew by 133% YTD, reaching $630 million[104] - Omni-channel sales represent 58% of total net merchandise sales YTD[104] Growth and Expansion - The company is planning to open its 57th club in La Romana, Dominican Republic, in the spring of 2026[17] - Digital platforms accounted for 49% of total net merchandise sales[17] - Private label penetration reached 277% of total net merchandise sales for the nine-month period ended May 31, 2025[71] Membership and Loyalty - The membership renewal rate is 880%[33,52] - The company has 197 million members[33,51]

Company Overview and Growth - CatchMark seeks consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands in high-demand U S mill markets[7] - From IPO in December 2013 through December 31, 2020, CatchMark's revenues had a compound annual growth rate of 18%[19] - Adjusted EBITDA grew at a compound annual growth rate of 47% from IPO in December 2013 through December 31, 2020[19] - Annual harvest increased by 152% to 23 million tons from IPO in December 2013 through December 31, 2020[19] Timberland Portfolio and Management - As of June 30, 2021, CatchMark controlled 1469900 acres of timberland, including 390400 wholly-owned acres and 1079500 joint venture acres in Texas[16,18,19] - Since the 2013 IPO, CatchMark acquired 266900 fee acres for $6383 million[66] - Harvest productivity grew from 41 tons/acre in 2014 to 55 tons/acre in 2020 in U S South timberlands[27] - 89% of CatchMark's timberlands are located in two of the top five markets in the U S South[27,88] Financial Strategy and Capital Allocation - CatchMark aims to lower overall leverage in the near-term and maintain balance sheet flexibility for opportunistic investments[127] - 21% of 2020 total harvest volume came from supply agreements with International Paper and WestRock[27,123] - Triple T joint venture recapitalization began with an agreement to sell 301000 acres for approximately $498 million in cash, or $1656 per acre in July 2021[147,161]

Financial Performance - Total reported revenue increased by 100% year-over-year, reaching $3384 million in Q1 2019 compared to $3099 million in Q1 2018[5, 7] - US Media revenue increased by 92% year-over-year, from $2263 million in Q1 2018 to $2362 million in Q1 2019[10] - Billboard revenue in US Media increased by 44% year-over-year, from $2263 million to $2362 million[10] - Transit & Other revenue in US Media increased by 222% year-over-year, from $836 million to $1022 million[10] - Adjusted OIBDA increased by 69% year-over-year[5] - AFFO increased by 29% year-over-year[5] Revenue Breakdown - Local revenue increased by 123% year-over-year, reaching $2025 million in Q1 2019[13] - National revenue increased by 49% year-over-year, reaching $1359 million in Q1 2019[13] - Digital revenue accounted for 171% of total revenue in Q1 2019, amounting to $636 million[54] Expenses and Profitability - Adjusted OIBDA margin was 280% in Q1 2019[66] - Billboard lease expenses increased by 69% year-over-year, from $63 million to $65 million[26]

Core Leasing Revenue and Growth - Consolidated core leasing revenue increased from $2005 million in 2022 to $2163 million in 2023, and further to $2202 million in 2024[6] - Domestic core leasing revenue increased from $1602 million in 2022 to $1676 million in 2023, and further to $1720 million in 2024[9] - International core leasing revenue increased from $403 million in 2022 to $487 million in 2023, but decreased to $482 million in 2024[11] - Net organic growth for consolidated core leasing revenue was 46% in 2022, 42% in 2023, 23% in 2024, and 11% in 1Q25[6] - Net organic growth for domestic core leasing revenue was 45% in 2022, 44% in 2023, 22% in 2024, and 10% in 1Q25[9] - Net organic growth for international core leasing revenue was 53% in 2022, 37% in 2023, 25% in 2024, and 16% in 1Q25[11] Capital Allocation and ROIC - Total capital allocation was $22274 million in 2021, $21291 million in 2022, $8367 million in 2023, $11522 million in 2024, and $2319 million in 2025 YTD[14] - The leverage ratio decreased from 73x in 2021 to 69x in 2022, 63x in 2023, and 61x in 2024, then increased to 64x in 1Q25[14] - Return on Invested Capital (ROIC) was 107% in 2Q23, 108% in 3Q23, 108% in 4Q23, 103% in 1Q24, 103% in 2Q24, 102% in 3Q24, 106% in 4Q24, and 100% in 1Q25[14] Customer Concentration - In 1Q25, T-Mobile accounted for 362% of domestic site leasing revenue, AT&T Wireless accounted for 304%, and Verizon Wireless accounted for 204%[18] - In 1Q25, Telefonica accounted for 202% of international site leasing revenue, America Movil accounted for 189%, and TIM accounted for 156%[18] Site Portfolio - The company owned 39,311 sites at the end of 2023 and 39,749 sites at the end of 2024[19]