Rayonier(RYN) - 2025 Q1 - Quarterly Report

Financial Performance - Rayonier Inc. reported sales of $82,922 thousand for the three months ended March 31, 2025, a decrease of 27.1$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$227,991 thousand as of March 31, 2025, from $218,176 thousand as of December 31, 2024, a rise of 4.0$49.33 million in Q1 2025, compared to $47.34 million in Q4 2024, reflecting a 4.2$12,023,000 in Q1 2025, down from $15,260,000 in Q1 2024, indicating a reduction of approximately 21$12,023, down from $15,260 in the same period of 2024, representing a decline of approximately 21.5$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$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].