$PCH
POTLATCHDELTIC CORP

2020 Q1 Form 10-Q Financial Statement

#000156459020020445 Filed on May 01, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $208.9M $181.7M
YoY Change 14.95% -9.1%
Cost Of Revenue $172.0M $154.2M
YoY Change 11.56% 10.82%
Gross Profit $36.83M $27.50M
YoY Change 33.94% -54.72%
Gross Profit Margin 17.63% 15.13%
Selling, General & Admin $14.20M $16.57M
YoY Change -14.3% 21.34%
% of Gross Profit 38.55% 60.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.04M $16.27M
YoY Change 17.02% 28.8%
% of Gross Profit 51.7% 59.18%
Operating Expenses $14.20M $16.57M
YoY Change -14.3% 21.34%
Operating Profit $22.63M $20.11M
YoY Change 12.57% -27.75%
Interest Expense -$3.700M -$5.500M
YoY Change -32.73% -3.51%
% of Operating Profit -16.35% -27.35%
Other Income/Expense, Net -$3.600M -$1.000M
YoY Change 260.0% -47.37%
Pretax Income -$27.69M $8.151M
YoY Change -439.76% -59.87%
Income Tax -$10.90M $1.591M
% Of Pretax Income 19.52%
Net Earnings -$16.83M $6.560M
YoY Change -356.59% -55.06%
Net Earnings / Revenue -8.06% 3.61%
Basic Earnings Per Share -$0.25 $0.10
Diluted Earnings Per Share -$0.25 $0.10
COMMON SHARES
Basic Shares Outstanding 67.48M 67.86M
Diluted Shares Outstanding 67.48M 67.92M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.50M $104.8M
YoY Change -24.14% 2.44%
Cash & Equivalents $79.48M $104.8M
Short-Term Investments
Other Short-Term Assets $15.63M $18.63M
YoY Change -16.1% -14.66%
Inventory $55.71M $62.41M
Prepaid Expenses
Receivables $23.36M $18.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $174.2M $203.8M
YoY Change -14.55% -4.99%
LONG-TERM ASSETS
Property, Plant & Equipment $286.9M $273.1M
YoY Change 5.04% -20.41%
Goodwill
YoY Change
Intangibles $16.85M $17.63M
YoY Change -4.42% -7.19%
Long-Term Investments
YoY Change
Other Assets $90.00M $31.79M
YoY Change 183.11% 147.34%
Total Long-Term Assets $2.039B $2.069B
YoY Change -1.48% -4.1%
TOTAL ASSETS
Total Short-Term Assets $174.2M $203.8M
Total Long-Term Assets $2.039B $2.069B
Total Assets $2.213B $2.273B
YoY Change -2.65% -4.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.38M $14.47M
YoY Change -21.35% 2.1%
Accrued Expenses $34.30M $37.30M
YoY Change -8.04% -13.86%
Deferred Revenue $4.800M $1.800M
YoY Change 166.67% 28.57%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $46.00M $39.98M
YoY Change 15.05%
Total Short-Term Liabilities $114.1M $118.5M
YoY Change -3.77% 45.81%
LONG-TERM LIABILITIES
Long-Term Debt $710.7M $715.8M
YoY Change -0.71% -8.57%
Other Long-Term Liabilities $224.3M $34.02M
YoY Change 559.4% 91.61%
Total Long-Term Liabilities $710.7M $749.9M
YoY Change -5.22% -6.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.1M $118.5M
Total Long-Term Liabilities $710.7M $749.9M
Total Liabilities $824.8M $994.8M
YoY Change -17.09% -4.06%
SHAREHOLDERS EQUITY
Retained Earnings -$312.9M
YoY Change 246.35%
Common Stock $1.668B $1.728B
YoY Change -3.47% 2653.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.150B $1.278B
YoY Change
Total Liabilities & Shareholders Equity $2.213B $2.273B
YoY Change -2.65% -4.18%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$16.83M $6.560M
YoY Change -356.59% -55.06%
Depreciation, Depletion And Amortization $19.04M $16.27M
YoY Change 17.02% 28.8%
Cash From Operating Activities $48.14M $19.07M
YoY Change 152.47% -45.39%
INVESTING ACTIVITIES
Capital Expenditures -$9.300M $3.760M
YoY Change -347.34% 3.52%
Acquisitions
YoY Change
Other Investing Activities -$1.505M -$130.0K
YoY Change 1057.69% -43.97%
Cash From Investing Activities -$11.03M $52.17M
YoY Change -121.15% -1936.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.36M $10.16M
YoY Change 21.63%
Debt Paid & Issued, Net $150.0M
YoY Change 952.63%
Cash From Financing Activities -39.54M -42.30M
YoY Change -6.53% -15.72%
NET CHANGE
Cash From Operating Activities 48.14M 19.07M
Cash From Investing Activities -11.03M 52.17M
Cash From Financing Activities -39.54M -42.30M
Net Change In Cash -2.434M 28.94M
YoY Change -108.41% -259.73%
FREE CASH FLOW
Cash From Operating Activities $48.14M $19.07M
Capital Expenditures -$9.300M $3.760M
Free Cash Flow $57.44M $15.31M
YoY Change 275.24% -51.07%

Facts In Submission

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CY2020Q1 us-gaap Postemployment Benefits Period Expense
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CY2020Q1 us-gaap Pension And Other Postretirement Benefit Expense
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PensionAndOtherPostretirementBenefitExpense
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CY2020Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
192000
CY2019Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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CY2019Q1 us-gaap Gain Loss On Disposition Of Assets1
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CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8151000
CY2020Q1 pch Bond Discounts And Deferred Loan Fees
BondDiscountsAndDeferredLoanFees
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CY2019Q1 pch Bond Discounts And Deferred Loan Fees
BondDiscountsAndDeferredLoanFees
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CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19044000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16274000
CY2020Q1 pch Real Estate Cost Of Sales
RealEstateCostOfSales
6498000
CY2019Q1 pch Real Estate Cost Of Sales
RealEstateCostOfSales
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CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-16832000
CY2019Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
317000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
10200000
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
62500000
CY2020Q1 pch Stock Repurchase Program Unsettled Share Repurchases
StockRepurchaseProgramUnsettledShareRepurchases
0
CY2020Q1 pch Inventory Logs
InventoryLogs
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CY2019Q4 pch Inventory Logs
InventoryLogs
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CY2020Q1 pch Inventory Lumber And Other Manufactured Wood Products
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CY2019Q4 pch Inventory Lumber And Other Manufactured Wood Products
InventoryLumberAndOtherManufacturedWoodProducts
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CY2020Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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CY2019Q4 us-gaap Inventory Raw Materials And Supplies
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InventoryGross
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CY2019Q4 us-gaap Inventory Lifo Reserve
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InventoryNet
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CY2019Q4 us-gaap Inventory Net
InventoryNet
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CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
503753000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
498113000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
286881000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
286383000
CY2020Q1 pch Timber And Timberlands Net Of Depletion
TimberAndTimberlandsNetOfDepletion
1547657000
CY2019Q4 pch Timber And Timberlands Net Of Depletion
TimberAndTimberlandsNetOfDepletion
1554882000
CY2020Q1 pch Logging Roads
LoggingRoads
82839000
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LoggingRoads
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CY2020Q1 pch Timber And Timberlands Net
TimberAndTimberlandsNet
1630496000
CY2019Q4 pch Timber And Timberlands Net
TimberAndTimberlandsNet
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CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16080000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2020Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
11382000
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
5488000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
6946000
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
8620000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
6638000
CY2020Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
4758000
CY2019Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
5514000
CY2020Q1 us-gaap Operating Lease Liability Current
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4885000
CY2019Q4 us-gaap Operating Lease Liability Current
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CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2020Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2020Q1 us-gaap Long Term Debt Current
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CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1601000
CY2020Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
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CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
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CY2020Q1 us-gaap Interest Income Expense Net
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CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2020Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
8300000
CY2020Q1 pch Deferred Compensation Stock Equivalent Units Expense Income
DeferredCompensationStockEquivalentUnitsExpenseIncome
19000
CY2019Q1 pch Deferred Compensation Stock Equivalent Units Expense Income
DeferredCompensationStockEquivalentUnitsExpenseIncome
16000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1885000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1617000
CY2020Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
83000
CY2019Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
72000
CY2020Q1 us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
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CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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14475000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15772000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
3673000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2020Q1 pch Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
18148000
CY2019Q4 pch Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
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CY2020Q1 us-gaap Operating Lease Liability Current
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4885000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2020Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
972000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
644000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9569000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10775000
CY2020Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
2676000
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1703000
CY2020Q1 pch Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
18102000
CY2019Q4 pch Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
18120000
CY2020Q1 pch Accumulated Amortization Of Finance Lease Assets
AccumulatedAmortizationOfFinanceLeaseAssets
500000
CY2019Q4 pch Accumulated Amortization Of Finance Lease Assets
AccumulatedAmortizationOfFinanceLeaseAssets
300000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1425000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1410000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
213000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
21000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
27000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5000
CY2020Q1 us-gaap Lease Cost
LeaseCost
1665000
CY2019Q1 us-gaap Lease Cost
LeaseCost
1436000
CY2020Q1 us-gaap Operating Lease Payments
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1506000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1522000
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
27000
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
5000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
215000
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
27000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
38000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
268000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1517000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
508000
CY2020Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
1500000
CY2019Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
1700000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
79500000

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