Aleksandra Tokarz/iStock via Getty Images On our last piece on PotlatchDeltic Corporation (NASDAQ:PCH) we gave investors a few reasons to be relatively optimistic. In "3 Reasons To Get A Little More Optimistic On This REIT" we laid a case for a counterrally, and we even upgraded the stock from a "7" on our pain scale, all the way to a "5". The thesis played out, despite some pressures from the macro side. PCH managed a double-digit total return since then and edged out SPDR S&P ETF (SPY) in a photo fini ...

Washington, D.C. 20549 Form 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 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 ju ...

Financial Data and Key Metrics Changes - The company reported total adjusted EBITDDA of $56 million for Q3 2023, an increase from $46 million in Q2 2023, driven by improved performance across all business segments [6][15][33] - The Wood Products segment's adjusted EBITDDA rose to $15 million in Q3 from $12 million in Q2, attributed to slightly higher average lumber prices [6][25] - The Timberlands segment's adjusted EBITDDA increased from $29 million in Q2 to $42 million in Q3, with a record quarterly volume in Southern Timberlands [8][15] Business Line Data and Key Metrics Changes - The Wood Products segment shipped 276 million board feet of lumber in Q3, slightly below the 280 million board feet shipped in Q2 but 11 million feet more than in Q3 of the previous year [7][25] - The Timberlands segment harvested 2 million tons in Q3, achieving the high end of the forecast range, with stable sawlog and pulpwood markets [8][24] - The Real Estate segment contributed $14 million in adjusted EBITDDA, with sales of 32 residential lots at an average price of $89,000 per lot [9][16] Market Data and Key Metrics Changes - Homebuilder sentiment has trended downward due to higher mortgage rates and housing affordability challenges, impacting demand [11] - The company noted a significant underlying shortage of housing stock in the U.S., estimated between 2 million and 4 million units, which could provide long-term demand support [11] - The repair and remodel market remains strong, with a 15% year-to-date increase in home center takeaway compared to the previous year [19] Company Strategy and Development Direction - The company is focused on executing its capital project plan, including a $131 million project to modernize and expand the Waldo, Arkansas sawmill, expected to be completed by the end of 2024 [7][14] - The company is exploring natural climate solutions, including a carbon credit project on approximately 50,000 acres of timberlands [17] - The company maintains a disciplined capital allocation strategy, having repurchased 283,000 shares for $13 million in Q3 and an additional 264,000 shares for $12 million since the end of September [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term housing fundamentals despite current macroeconomic concerns, including high mortgage rates and economic uncertainty [11][33] - The company anticipates total adjusted EBITDDA to be lower in Q4 compared to Q3 due to expected declines in lumber and sawlog prices [33] - Management noted that the housing market has not collapsed, with signs of stability in new residential construction demand [60] Other Important Information - The company finalized its Ola sawmill fire insurance claim for a total of $89 million, which included property replacement and business interruption coverage [29] - The company has a total liquidity of $602 million, including $303 million in cash and availability on its undrawn revolver [27] Q&A Session Summary Question: Southern sawlog realizations were flat from Q2 to Q3. What are the regional differences? - Management indicated that sawlog prices were generally consistent across regions, with some earlier differences flattening out [37] Question: What are the dealer inventory levels and willingness to restock at current lumber prices? - Management noted that dealer inventories are low, with dealers nervous about the macroeconomic environment, leading to cautious restocking [38] Question: What is the outlook for European lumber imports? - Management observed a decline in European imports due to high prices and geopolitical factors, expecting further decreases in the coming months [42][44] Question: What is the company's strategy regarding share repurchases versus timberland acquisitions? - Management stated that share repurchases have become more attractive than timberland acquisitions due to current market conditions, but they remain open to opportunistic timberland purchases [79][80] Question: What is the outlook for the repair and remodel market in 2024? - Management expects the repair and remodel market to remain strong, with a potential slight increase in demand as consumers invest in their homes [62]

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 June 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 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 jurisdi ...

PotlatchDeltic Corporation (NASDAQ:PCH) Q2 2023 Earnings Conference Call August 1, 2023 12:00 PM ET Company Participants Wayne Wasechek - Interim VP and CFO Eric Cremers - President and CEO Conference Call Participants George Staphos - Bank of America Ketan Mamtora - BMO Michael Roxland - Truist Securities Kurt Yinger - D.A. Davidson Mark Weintraub - Seaport Research Partners Paul Quinn - RBC Capital Markets Buck Horne - Raymond James Operator Good morning. My name is Henry, and I will be your conference op ...

Financial Performance - Revenues for Q1 2023 were $258.0 million, a decrease of $153.4 million compared to Q1 2022, primarily due to lower lumber prices and fewer sales in Chenal Valley [101]. - Adjusted EBITDDA for Q1 2023 was $57.8 million, down from $245.6 million in Q1 2022, reflecting a decrease of $187.8 million [100]. - Total Adjusted EBITDDA for Q1 2023 decreased by $187.8 million compared to Q1 2022, primarily due to lower lumber prices and higher manufacturing costs [108]. - Cash Available for Distribution (CAD) for the first quarter of 2023 was $28.8 million, compared to $213.1 million in the same period of 2022 [146]. - Net cash from operating activities decreased by $191.2 million in Q1 2023, totaling $39.1 million compared to $230.3 million in Q1 2022 [123]. Cost and Expenses - Cost of goods sold increased by $44.5 million compared to Q1 2022, mainly due to inflationary price increases in diesel fuel, energy, and repair and maintenance [102]. - Selling, general and administrative expenses rose by $1.9 million compared to Q1 2022, driven by inflation and activities related to the CatchMark merger [103]. - Average lumber sales prices fell to $435 per MBF in Q1 2023, a decrease of $640 from $1,075 per MBF in Q1 2022 [118]. - Wood Products Adjusted EBITDDA for Q1 2023 was $(31,000), a decline of $149.98 million from $149.95 million in Q1 2022 [115]. - Real Estate Adjusted EBITDDA for Q1 2023 was $19.5 million, down $10.7 million from $30.1 million in Q1 2022, influenced by lower rural and development real estate sales [122]. Timber and Production - The company harvested 2.1 million tons of timber in Q1 2023, significantly higher than Q1 2022, due to the addition of CatchMark timberlands and favorable conditions [96]. - Total harvest volume increased by 617,285 tons to 2,077,091 tons in Q1 2023 compared to 1,459,806 tons in Q1 2022 [112]. - Lumber shipments in Q1 2023 totaled 262 million board feet, with expectations to ship between 270 and 280 million board feet in Q2 2023 [98]. - Timberlands Adjusted EBITDDA for Q1 2023 was $46.6 million, down $29.8 million from $76.4 million in Q1 2022, driven by a 49.9% increase in Southern region harvest volumes [114]. Debt and Financing - The company assumed and refinanced $277.5 million in long-term debt at attractive interest rates in connection with the CatchMark merger [105]. - Total outstanding net long-term debt was $1.0 billion as of March 31, 2023, with a fixed interest rate structure [131]. - The company has a $300 million revolving line of credit, with no borrowings under this facility as of March 31, 2023 [132]. - The interest coverage ratio was 16.1, significantly above the required minimum of 3.00, and the leverage ratio was 19%, below the maximum limit of 40% [136]. Market Conditions - The average 30-year fixed mortgage rate increased from approximately 4.7% in March 2022 to approximately 6.3% in March 2023, impacting housing starts [93]. - The annual inflation rate in the U.S. slowed to 5.0% in March 2023, while the Producer Price Index decreased to 2.7% [95]. - Market capitalization increased to $3.96 billion as of March 31, 2023, compared to $3.51 billion at the end of 2022 [138]. Cash Flow and Investments - Cash received from customers decreased by $151.1 million due to lower lumber prices and fewer land sales, partially offset by increased shipments from the Ola sawmill and higher harvest activity [126]. - Capital expenditures for the first quarter of 2023 were $10.4 million, down from $17.2 million in the same period of 2022, with a total expected capital expenditure of approximately $135 million to $145 million for the year [126][127]. - The company plans to invest approximately $131 million in the expansion and modernization of the Waldo sawmill, increasing its capacity from 190 million to 275 million board feet, with completion expected by the end of 2024 [128]. Risk Management - The company is exposed to interest rate risk on its bank credit facility, term loans, and interest rate swap agreements [150]. - Interest rate volatility affects existing variable rate debt instruments and future fixed or variable rate debt [150]. - The company utilizes interest rate swaps and forward starting swaps to hedge against interest rate changes on existing and future debt issuances [150]. - All market risk sensitive instruments are used for purposes other than trading [150]. - There has been no material change in market risk exposure since December 31, 2022 [151].

PotlatchDeltic Corporation (NASDAQ:PCH) Q1 2023 Results Conference Call April 25, 2023 12:00 PM ET Company Participants Wayne Wasechek - Interim VP and CFO Eric Cremers - President and CEO Conference Call Participants Anthony Pettinari - Citi Ketan Mamtora - BMO Capital Markets Kurt Yinger - D.A. Davidson Mark Weintraub - Seaport Research Partners Paul Quinn - RBC Capital Markets George Staphos - Bank of America Mike Roxland - Truist Securities Operator Good morning. My name is Lisa and I will be your confe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K 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 telephone number, including area co ...

PotlatchDeltic Corporation (NASDAQ:PCH) Q4 2022 Earnings Conference Call January 31, 2023 12:00 PM ET Company Participants Jerry Richards - Vice President & Chief Financial Officer Eric Cremers - President & Chief Executive Officer Conference Call Participants Mark Weintraub - Seaport Global Paul Quinn - RBC Capital Markets George Staphos - Bank of America Mike Roxland - Truist Securities Operator Good morning. My name is Devon, and I will be your conference operator today. At this time, I would like to wel ...

Cash Available for Distribution (CAD) is a non-GAAP measure and is calculated as cash from operations minus capital expenditures and timberland acquisitions not classified as strategic. 21 January 31, 2023 PotlatchDeltic (Nasdaq: PCH) www.PotlatchDeltic.com Vice President and Chief Financial Officer 509-835-1521 FAVORABLE CAPITAL STRUCTURE Unaudited, $ in millions December 31, 2022 Key Highlights: Investment grade rated by Moody's and S&P • Maturity: Feb 2027 • Accordion: $500 million All interest rates on ...