$PCH
POTLATCHDELTIC CORP

2020 Q3 Form 10-Q Financial Statement

#000156459020049260 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $313.0M $203.5M $226.3M
YoY Change 38.33% -6.33% -21.75%
Cost Of Revenue $182.0M $169.5M $182.6M
YoY Change -0.33% -11.72% -6.62%
Gross Profit $131.0M $34.00M $43.67M
YoY Change 200.01% 34.39% -53.35%
Gross Profit Margin 41.85% 16.71% 19.3%
Selling, General & Admin $21.05M $13.90M $12.47M
YoY Change 68.75% -3.47% -16.3%
% of Gross Profit 16.06% 40.88% 28.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.59M $19.50M $19.18M
YoY Change 7.38% 0.0% -1.37%
% of Gross Profit 15.72% 57.35% 43.92%
Operating Expenses $21.05M $14.00M $12.47M
YoY Change 68.75% -2.78% -16.3%
Operating Profit $110.0M $20.02M $31.20M
YoY Change 252.48% 100.96% -59.87%
Interest Expense -$8.600M -$8.500M -$8.500M
YoY Change 1.18% -15.84% -15.84%
% of Operating Profit -7.82% -42.45% -27.25%
Other Income/Expense, Net -$3.600M -$900.0K -$900.0K
YoY Change 300.0% -52.63% -52.63%
Pretax Income $97.85M $10.50M $21.79M
YoY Change 349.13% -600.0% -66.84%
Income Tax $16.84M -$900.0K $1.221M
% Of Pretax Income 17.21% -8.57% 5.6%
Net Earnings $81.01M $11.40M $20.57M
YoY Change 293.91% 533.63% -65.92%
Net Earnings / Revenue 25.88% 5.6% 9.09%
Basic Earnings Per Share $1.21 $0.17 $0.30
Diluted Earnings Per Share $1.20 $0.17 $0.30
COMMON SHARES
Basic Shares Outstanding 67.15M 67.45M
Diluted Shares Outstanding 67.53M 67.55M

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.9M $83.30M $94.70M
YoY Change 57.23% 8.75% -31.13%
Cash & Equivalents $148.9M $83.31M $94.75M
Short-Term Investments
Other Short-Term Assets $21.10M $20.18M $23.49M
YoY Change -10.18% -10.99% 23.72%
Inventory $58.57M $65.78M $54.20M
Prepaid Expenses $3.097M
Receivables $50.10M $14.17M $27.21M
Other Receivables $0.00 $4.771M $0.00
Total Short-Term Assets $278.7M $183.4M $199.7M
YoY Change 39.59% -30.04% -25.89%
LONG-TERM ASSETS
Property, Plant & Equipment $289.3M $286.4M $278.6M
YoY Change 3.85% 5.21% -18.1%
Goodwill
YoY Change
Intangibles $17.05M $17.24M
YoY Change -4.37% -10.38%
Long-Term Investments
YoY Change
Other Assets $93.30M $35.29M $35.45M
YoY Change 163.2% 65.83% 49.59%
Total Long-Term Assets $2.019B $2.052B $2.057B
YoY Change -1.86% -0.58% -4.02%
TOTAL ASSETS
Total Short-Term Assets $278.7M $183.4M $199.7M
Total Long-Term Assets $2.019B $2.052B $2.057B
Total Assets $2.298B $2.235B $2.257B
YoY Change 1.81% -3.9% -6.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.61M $12.73M $16.57M
YoY Change 48.59% 5.48% -8.55%
Accrued Expenses $47.60M $35.70M $35.60M
YoY Change 33.71% -13.98% -31.93%
Deferred Revenue $10.50M $5.500M $7.200M
YoY Change 45.83% 27.91% 53.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $46.00M $45.97M $40.00M
YoY Change 15.01% 15.01%
Total Short-Term Liabilities $161.1M $113.3M $124.3M
YoY Change 29.64% -16.9% -59.7%
LONG-TERM LIABILITIES
Long-Term Debt $716.2M $710.5M $716.4M
YoY Change -0.02% -0.68% -8.62%
Other Long-Term Liabilities $212.3M $48.85M $55.25M
YoY Change 284.27% 192.01% 290.53%
Total Long-Term Liabilities $928.5M $759.3M $771.6M
YoY Change 20.33% 3.72% -3.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.1M $113.3M $124.3M
Total Long-Term Liabilities $928.5M $759.3M $771.6M
Total Liabilities $1.102B $1.008B $1.021B
YoY Change 7.88% -0.28% -17.23%
SHAREHOLDERS EQUITY
Retained Earnings -$359.3M -$343.7M
YoY Change 27.25% 34.13%
Common Stock $1.734B $1.732B
YoY Change 0.4% 11.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.196B $1.227B $1.236B
YoY Change
Total Liabilities & Shareholders Equity $2.298B $2.235B $2.257B
YoY Change 1.81% -3.9% -6.47%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $81.01M $11.40M $20.57M
YoY Change 293.91% 533.63% -65.92%
Depreciation, Depletion And Amortization $20.59M $19.50M $19.18M
YoY Change 7.38% 0.0% -1.37%
Cash From Operating Activities $102.9M $33.70M $37.90M
YoY Change 171.5% 10.49% -28.49%
INVESTING ACTIVITIES
Capital Expenditures -$8.900M -$17.90M -$15.20M
YoY Change -41.45% 9.82% 21.6%
Acquisitions
YoY Change
Other Investing Activities $300.0K $300.0K $2.200M
YoY Change -86.36% -106.52% 2100.0%
Cash From Investing Activities -$8.600M -$17.70M -$13.10M
YoY Change -34.35% -14.9% 5.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.20M -27.50M -27.10M
YoY Change 0.37% -61.54% 7.97%
NET CHANGE
Cash From Operating Activities 102.9M 33.70M 37.90M
Cash From Investing Activities -8.600M -17.70M -13.10M
Cash From Financing Activities -27.20M -27.50M -27.10M
Net Change In Cash 67.10M -11.50M -2.300M
YoY Change -3017.39% -81.39% -114.84%
FREE CASH FLOW
Cash From Operating Activities $102.9M $33.70M $37.90M
Capital Expenditures -$8.900M -$17.90M -$15.20M
Free Cash Flow $111.8M $51.60M $53.10M
YoY Change 110.55% 10.26% -18.93%

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us-gaap Net Income Loss
NetIncomeLoss
44262000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67149000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67446000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67263000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67781000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67528000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67545000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67535000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67848000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.21
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.99
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.20
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.99
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
134000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
489850
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15400000
CY2020Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
686240
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25200000
CY2019Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
59500000
CY2020Q3 pch Stock Repurchase Program Unsettled Share Repurchases
StockRepurchaseProgramUnsettledShareRepurchases
0
CY2020Q3 pch Inventory Logs
InventoryLogs
24592000
CY2019Q4 pch Inventory Logs
InventoryLogs
33313000
CY2020Q3 pch Inventory Lumber And Other Manufactured Wood Products
InventoryLumberAndOtherManufacturedWoodProducts
31730000
CY2019Q4 pch Inventory Lumber And Other Manufactured Wood Products
InventoryLumberAndOtherManufacturedWoodProducts
31639000
CY2020Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
14252000
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
12831000
CY2020Q3 us-gaap Inventory Gross
InventoryGross
70574000
CY2019Q4 us-gaap Inventory Gross
InventoryGross
77783000
CY2020Q3 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
12002000
CY2019Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
12002000
CY2020Q3 us-gaap Inventory Net
InventoryNet
58572000
CY2019Q4 us-gaap Inventory Net
InventoryNet
65781000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
517702000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
498113000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
228397000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
211730000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
289305000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
286383000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4998000
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
11534000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10827000
CY2020Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
108425000
CY2020Q3 pch Timber And Timberlands Net Of Depletion
TimberAndTimberlandsNetOfDepletion
1524562000
CY2019Q4 pch Timber And Timberlands Net Of Depletion
TimberAndTimberlandsNetOfDepletion
1554882000
CY2020Q3 pch Logging Roads
LoggingRoads
83464000
CY2019Q4 pch Logging Roads
LoggingRoads
83781000
CY2020Q3 pch Timber And Timberlands Net
TimberAndTimberlandsNet
1608026000
CY2019Q4 pch Timber And Timberlands Net
TimberAndTimberlandsNet
1638663000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
28055000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12920000
CY2020Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
24614000
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
12734000
CY2020Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
10517000
CY2019Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
5514000
CY2020Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
23697000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
6638000
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
5470000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
6946000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4538000
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
60577000
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
46000000.0
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3282000
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1601000
CY2020Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
54161000
CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
22398000
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-8557000
CY2019Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-8475000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-20594000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-21821000
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
8900000
CY2020Q3 pch Deferred Compensation Stock Equivalent Units Expense Income
DeferredCompensationStockEquivalentUnitsExpenseIncome
19000
CY2019Q3 pch Deferred Compensation Stock Equivalent Units Expense Income
DeferredCompensationStockEquivalentUnitsExpenseIncome
22000
pch Deferred Compensation Stock Equivalent Units Expense Income
DeferredCompensationStockEquivalentUnitsExpenseIncome
57000
pch Deferred Compensation Stock Equivalent Units Expense Income
DeferredCompensationStockEquivalentUnitsExpenseIncome
53000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2063000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1913000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5928000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5362000
CY2020Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
97000
CY2019Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
79000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
273000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
234000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6400000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12159000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15772000
CY2020Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
7086000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2360000
CY2020Q3 pch Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
19245000
CY2020Q1 us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
43000000.0
CY2019Q4 pch Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
18132000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4538000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4998000
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
2046000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
644000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7651000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10775000
CY2020Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
4963000
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1703000
CY2020Q3 pch Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
19198000
CY2019Q4 pch Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
18120000
CY2020Q3 pch Accumulated Amortization Of Finance Lease Assets
AccumulatedAmortizationOfFinanceLeaseAssets
1200000
CY2019Q4 pch Accumulated Amortization Of Finance Lease Assets
AccumulatedAmortizationOfFinanceLeaseAssets
300000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1413000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1576000
us-gaap Operating Lease Cost
OperatingLeaseCost
4252000
us-gaap Operating Lease Cost
OperatingLeaseCost
4497000
CY2020Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
432000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
80000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
905000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
126000
CY2020Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
44000
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
12000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
103000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
22000
CY2020Q3 us-gaap Lease Cost
LeaseCost
1889000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1668000
us-gaap Lease Cost
LeaseCost
5260000
us-gaap Lease Cost
LeaseCost
4645000
us-gaap Operating Lease Payments
OperatingLeasePayments
4244000
us-gaap Operating Lease Payments
OperatingLeasePayments
4503000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
103000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
22000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
968000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
121000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
255000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6317000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
5630000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2067000
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
8500000
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
4600000

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