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Business Wire
an hour ago
- Business
- Business Wire
Rambus Reports Second Quarter 2025 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the second quarter ended June 30, 2025. GAAP revenue for the second quarter was $172.2 million, licensing billings were $66.4 million, product revenue was $81.3 million, and contract and other revenue was $22.3 million. The Company also generated $94.4 million in cash provided by operating activities in the second quarter. 'Rambus delivered a very strong Q2, with record product revenue and record cash generation reflecting the strength of our business model and execution,' said Luc Seraphin, president and chief executive officer of Rambus. 'Our chip business continues to be a key growth engine for the company. With sustained leadership in DDR5 memory interface chips and growing traction for new products, we are well positioned to capitalize on the accelerating demand for high-performance computing and AI infrastructure and drive long-term profitable growth.' _____________________ (1) Includes amortization of acquired intangible assets of approximately $0.2 million for the three months ended June 30, 2024. Expand Quarterly Financial Review - Supplemental Information (1) Three Months Ended June 30, (In millions) 2025 2024 Licensing billings (operational metric) (2) $ 66.4 $ 61.5 Product revenue (GAAP) $ 81.3 $ 56.7 Contract and other revenue (GAAP) $ 22.3 $ 19.0 Non-GAAP cost of product revenue $ 32.2 $ 22.7 Cost of contract and other revenue (GAAP) $ 0.6 $ 1.0 Non-GAAP total operating expenses $ 60.4 $ 53.4 Interest and other income (expense), net (GAAP) $ 4.8 $ 4.0 Diluted share count (GAAP) 109 109 Expand _____________________ (1) See 'Supplemental Reconciliation of GAAP to Non-GAAP Results' table included below. (2) Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements. Expand GAAP revenue for the quarter was $172.2 million. The Company also had licensing billings of $66.4 million, product revenue of $81.3 million, and contract and other revenue of $22.3 million. The Company had total GAAP cost of revenue of $34.8 million and operating expenses of $74.4 million. The Company also had total non-GAAP operating expenses of $93.2 million (including non-GAAP cost of revenue of $32.8 million). The Company had GAAP diluted net income per share of $0.53. The Company's basic share count was 108 million shares and its diluted share count was 109 million shares. Cash, cash equivalents, and marketable securities as of June 30, 2025 were $594.8 million, an increase of $80.4 million as compared to March 31, 2025, mainly due to $94.4 million in cash provided by operating activities, offset by $10.4 million paid for capital expenditures. 2025 Third Quarter Outlook The Company will discuss its full revenue guidance for the third quarter of 2025 during its upcoming conference call. The following table sets forth the third quarter outlook for other measures. _______________________ (1) See 'Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates' table included below. (2) Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements. Expand For the third quarter of 2025, the Company expects licensing billings to be between $58 million and $64 million. The Company also expects royalty revenue to be between $57 million and $63 million, product revenue to be between $87 million and $93 million, and contract and other revenue to be between $22 million and $28 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters. The Company also expects operating costs and expenses to be between $115 million and $111 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $98 million and $94 million. These expectations also assume a tax rate of 20% and a diluted share count of 108.5 million, and exclude stock-based compensation expense of $15 million and amortization of acquired intangible assets of $2 million. Conference Call The Company's management will discuss the results of the quarter during a conference call scheduled for 2:00 p.m. PT today. The call will be audio and slides will be available online at and a replay will be available for the next week at the following numbers: (866) 813-9403 (domestic) or (+1) 929-458-6194 (international) with ID# 136025. Non-GAAP Financial Information In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the cost of product revenue and operating expenses as non-GAAP financial measures. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, impairment of assets, change in fair value of earn-out liability, and certain other one-time adjustments. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company's performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release. The Company's non-GAAP financial measures reflect adjustments based on the following items: Stock-based compensation expense. These expenses primarily relate to employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different option valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company's results with peer companies. Acquisition-related costs and retention bonus expense. These expenses include all direct costs of certain acquisitions and the current periods' portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company's operations. Amortization of acquired intangible assets. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company's prior acquisitions and have no direct correlation to the operation of the Company's core business. Impairment of assets. These charges primarily consist of non-cash charges to property and equipment assets, which are excluded because such charges are non-recurring and do not reduce the Company's liquidity. Change in fair value of earn-out liability. This change is due to adjustments to acquisition purchase consideration. The Company excludes these adjustments because such adjustments are not directly related to ongoing business results and do not reflect expected future operating expenses. Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 20 percent and 22 percent for 2025 and 2024, respectively, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied these tax rates to its non-GAAP financial results for all periods in the relevant years to assist the Company's planning. On occasion in the future, there may be other items, such as significant gains or losses from contingencies, that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management. About Rambus Inc. Rambus is a global semiconductor company dedicated to enabling the future of the data center and artificial intelligence ('AI') by delivering innovative memory and security solutions that address the evolving needs of the industry. As a pioneer with 35 years of advanced semiconductor design experience, Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of accelerating and securing data movement in the data center, edge, and client markets. Rambus is a leader in high-performance memory subsystems, offering a balanced and diverse portfolio of products encompassing chips and silicon intellectual property (IP). Focusing primarily on the data center, our innovative solutions maximize performance and security in computationally intensive systems. For more information, visit Forward-Looking Statements This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus' expectations regarding business opportunities, the Company's ability to deliver long-term, profitable growth, product and investment strategies, and the Company's outlook and financial guidance for the third quarter of 2025 and related drivers, and the Company's ability to effectively manage market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management's beliefs and certain assumptions made by the Company's management. Actual results may differ materially. The Company's business generally is subject to a number of risks which are described more fully in Rambus' periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. Rambus Inc. Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2025 2024 2025 2024 Revenue: Product revenue $ 81,325 $ 56,692 $ 157,634 $ 107,052 Royalties 68,607 56,380 142,582 103,856 Contract and other revenue 22,277 19,066 38,657 39,101 Total revenue 172,209 132,138 338,873 250,009 Cost of revenue: Cost of product revenue 32,418 22,779 63,001 42,827 Cost of contract and other revenue 631 1,000 1,177 1,555 Amortization of acquired intangible assets 1,721 3,052 3,434 6,108 Total cost of revenue 34,770 26,831 67,612 50,490 Gross profit 137,439 105,307 271,261 199,519 Operating expenses: Research and development 46,331 40,525 88,951 77,884 Sales, general and administrative 28,115 24,402 56,173 50,229 Amortization of acquired intangible assets — 187 — 382 Impairment of assets — 1,071 — 1,071 Change in fair value of earn-out liability — (1,200 ) — (500 ) Total operating expenses 74,446 64,985 145,124 129,066 Operating income 62,993 40,322 126,137 70,453 Interest income and other income (expense), net 5,228 4,400 10,084 8,987 Interest expense (382 ) (371 ) (759 ) (737 ) Interest and other income (expense), net 4,846 4,029 9,325 8,250 Income before income taxes 67,839 44,351 135,462 78,703 Provision for income taxes 9,904 8,295 17,224 9,749 Net income $ 57,935 $ 36,056 $ 118,238 $ 68,954 Net income per share: Basic $ 0.54 $ 0.33 $ 1.10 $ 0.64 Diluted $ 0.53 $ 0.33 $ 1.09 $ 0.63 Weighted average shares used in per share calculation Basic 107,586 107,721 107,412 107,906 Expand
Business Wire
an hour ago
- Business
- Business Wire
PotlatchDeltic Corporation Reports Second Quarter 2025 Results
SPOKANE, Wash.--(BUSINESS WIRE)--PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $7.4 million, or $0.09 per diluted share, on revenues of $275.0 million for the quarter ended June 30, 2025. Net income was $13.7 million, or $0.17 per diluted share, on revenues of $320.7 million for the quarter ended June 30, 2024. Second Quarter 2025 Highlights Generated Total Adjusted EBITDDA of $52.0 million and Total Adjusted EBITDDA margin of 18.9% Repurchased 1,418,800 shares for $55.9 million, or $39 per share Maintained strong liquidity of $395 million as of June 30, 2025 "Our overall financial results were solid in the second quarter, even amid ongoing economic and trade policy uncertainty,' said Eric Cremers, President and Chief Executive Officer. 'This quarter our Timberlands and Real Estate businesses performed well, while our Wood Products segment continued to be impacted by soft demand across lumber markets. We remained focused on our disciplined and opportunistic capital allocation strategy during the quarter, returning meaningful capital to shareholders through the repurchase of $56 million of our common stock, in addition to paying our regular quarterly dividend. Looking ahead, we remain confident in the long-term fundamentals that support demand for our products. With a strong balance sheet, disciplined operations, and a prudent approach to capital deployment, we believe we are well-positioned to deliver long-term value to our shareholders.' Financial Highlights ($ in millions, except per share data) Q2 2025 Q1 2025 Q2 2024 Revenues $ 275.0 $ 268.3 $ 320.7 Net income $ 7.4 $ 25.8 $ 13.7 Weighted-average shares outstanding, diluted (in thousands) 78,441 79,173 79,741 Net income per diluted share $ 0.09 $ 0.33 $ 0.17 Adjusted Net Income 1 $ 7.4 $ 26.2 $ 13.7 Adjusted Net Income Per Diluted Share 1 $ 0.09 $ 0.33 $ 0.17 Total Adjusted EBITDDA 1 $ 52.0 $ 63.4 $ 103.2 Total Adjusted EBITDDA Margin 1 18.9 % 23.6 % 32.2 % Dividends per share $ 0.45 $ 0.45 $ 0.45 Net cash from operations $ 41.0 $ 49.1 $ 100.6 Cash and cash equivalents $ 95.3 $ 147.5 $ 199.7 1 Adjusted Net Income, Adjusted Net Income Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to "Non-GAAP Measures" and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable. Expand Business Performance: Q2 2025 vs. Q1 2025 Timberlands Second Quarter 2025 Highlights Timberlands Adjusted EBITDDA decreased $2.8 million from Q1 2025 Northern sawlog prices increased primarily due to higher cedar prices and seasonally lighter logs Southern harvest volumes decreased primarily due to lower stumpage sales Forest management costs increased due to seasonally higher activity ($ in millions) Q2 2025 Q1 2025 $ Change Timberlands Revenues $ 101.7 $ 102.5 $ (0.8 ) Timberlands Adjusted EBITDDA 1 $ 39.6 $ 42.4 $ (2.8 ) 1 Refer to Segment Information below for additional information. Expand Wood Products Second Quarter 2025 Highlights Wood Products Adjusted EBITDDA decreased $10.0 million from Q1 2025 Average lumber price decreased 1% to $450 per thousand board feet (MBF) in Q2 2025 Log costs increased primarily due to higher indexed pricing in Idaho Lumber inventory charge was $3.0 million higher compared to Q1 2025 Per-unit manufacturing cost unfavorably impacted by $2.8 million from St. Maries equipment upgrade and temporary third-party power supply issue at Waldo ($ in millions) Q2 2025 Q1 2025 $ Change Wood Products Revenues $ 171.8 $ 164.6 $ 7.2 Wood Products Adjusted EBITDDA 1 $ 1.7 $ 11.7 $ (10.0 ) 1 Refer to Segment Information below for additional information. Expand Real Estate Second Quarter 2025 Highlights Real Estate Adjusted EBITDDA was flat compared to Q1 2025 Sold 7,457 acres of rural land at an average price of $3,108 per acre Sold 18 residential lots at an average price of $102,222 per lot ($ in millions) Q2 2025 Q1 2025 $ Change 1 Refer to Segment Information below for additional information. Expand Non-GAAP Measures This press release includes certain financial measures that are not in accordance with accounting principles generally accepted in the United States (GAAP). Management believes that these non-GAAP measures, when read in conjunction with our GAAP financial statements, provide useful information to investors and other interested parties as described below. The presentation of these non-GAAP financial measures should be considered only as supplemental to, are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may not be the same as or comparable to other similarly titled non-GAAP measures presented by other companies due to potential inconsistencies in methods of calculation. Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share are non-GAAP measures that represent GAAP net income (loss) and GAAP net income (loss) per diluted share before certain items, net of tax, that management believes impact the ability to compare the performance of our business, either period-over-period or with other businesses. Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures that remove the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis and can be used to evaluate the operational performance of assets under management. We define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues. Reconciliations of Total Adjusted EBITDDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share to their most comparable GAAP measures are set forth in the accompanying 'Non-GAAP Reconciliations' at the end of this release. Conference Call Information A live conference call and webcast will be held Tuesday, July 29, 2025, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the above website. A replay of the conference call will be available two hours following the call until August 5, 2025 by calling 1-800-770-2030 for U.S./Canada or 1-609-800-9909 for international callers. Callers must enter conference I.D. number 7281983 to access the replay. About PotlatchDeltic PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to corporate responsibility. More information can be found at Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company's revenues, costs, expenses and liquidity; disciplined and opportunistic capital allocation strategy; disciplined operations; demand for our products; positioning to deliver shareholder value; and similar matters. Words such as 'long-term,' 'looking ahead,' 'remain,' and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other 'forward-looking' information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic's control, such as changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in interest rates; credit availability and homebuyers' ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in the U.S. and international economies and effects on our customers and suppliers, including the impact of tariffs on imports to the U.S. and potential retaliatory increases on exports from the U.S. and uncertainty regarding the timing and scope of such changes; duties and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; our ability to participate in the natural climate solutions and forest carbon sequestration markets, and the development of the market for those products; the successful execution of the company's strategic plans and the other factors described in PotlatchDeltic's Annual Report on Form 10-K and in the company's other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof. PotlatchDeltic Corporation Condensed Consolidated Balance Sheets Unaudited (in thousands, except per share amounts) December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 95,277 $ 151,551 Customer receivables, net 33,799 23,358 Inventories, net 87,037 82,926 Other current assets 42,741 41,295 Total current assets 258,854 299,130 Property, plant and equipment, net 396,167 408,913 Investment in real estate held for development and sale 53,642 50,809 Timber and timberlands, net 2,320,697 2,357,151 Intangible assets, net 12,971 13,861 Other long-term assets 142,372 175,579 Total assets $ 3,184,703 $ 3,305,443 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 96,569 $ 95,628 Current portion of long-term debt 127,383 99,552 Current portion of pension and other postretirement employee benefits 5,098 5,098 Total current liabilities 229,050 200,278 Long-term debt 907,786 935,100 Pension and other postretirement employee benefits 75,328 76,272 Deferred tax liabilities, net 16,729 21,123 Other long-term obligations 33,883 35,000 Total liabilities 1,262,776 1,267,773 Commitments and contingencies Stockholders' equity: Common stock, $1 par value, 200,000 shares authorized, 77,286 and 78,684 shares issued and outstanding 77,286 78,684 Additional paid-in capital 2,321,235 2,315,176 Accumulated deficit (566,125 ) (470,331 ) Accumulated other comprehensive income 89,531 114,141 Total stockholders' equity 1,921,927 2,037,670 Total liabilities and stockholders' equity $ 3,184,703 $ 3,305,443 Expand PotlatchDeltic Corporation Condensed Consolidated Statements of Cash Flows Unaudited Three Months Ended Six Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 7,354 $ 25,805 $ 13,678 $ 33,159 $ 13,373 Adjustments to reconcile net income to net cash from operating activities: Depreciation, depletion and amortization 26,751 25,786 29,674 52,537 60,476 Basis of real estate sold 11,481 9,867 56,525 21,348 60,617 Change in deferred taxes (3,531 ) (344 ) (4,694 ) (3,875 ) (8,839 ) Pension and other postretirement employee benefits 1,632 1,631 1,145 3,263 2,288 Equity-based compensation expense 3,195 2,759 2,962 5,954 5,522 Amortization related to redesignated forward-starting interest rate swaps 2,841 2,810 2,643 5,651 5,286 Interest received under swaps with other-than-insignificant financing element (6,950 ) (6,986 ) (7,509 ) (13,936 ) (14,967 ) Other, net (725 ) 1,888 (292 ) 1,163 26 Change in working capital and operating-related activities, net 4,751 (9,259 ) 9,256 (4,508 ) (3,996 ) Real estate development expenditures (2,778 ) (3,326 ) (1,587 ) (6,104 ) (2,722 ) Funding of pension and other postretirement employee benefits (3,022 ) (1,580 ) (1,221 ) (4,602 ) (2,135 ) Proceeds from insurance recoveries — — — — 1,680 Net cash from operating activities 40,999 49,051 100,580 90,050 116,609 CASH FLOWS FROM INVESTING ACTIVITIES Property, plant and equipment additions (3,636 ) (12,114 ) (21,608 ) (15,750 ) (26,603 ) Timberlands reforestation and roads (3,997 ) (7,339 ) (4,940 ) (11,336 ) (12,814 ) Acquisition of timber and timberlands (291 ) (83 ) (43 ) (374 ) (31,481 ) Interest received under swaps with other-than-insignificant financing element 6,544 6,579 6,986 13,123 13,924 Other, net 826 149 245 975 618 Net cash from investing activities (554 ) (12,808 ) (19,360 ) (13,362 ) (56,356 ) CASH FLOWS FROM FINANCING ACTIVITIES Distributions to common stockholders (34,778 ) (35,435 ) (35,677 ) (70,213 ) (71,456 ) Repurchase of common stock (56,108 ) (3,922 ) (23,905 ) (60,030 ) (23,905 ) Other, net (1,083 ) (1,043 ) (1,444 ) (2,126 ) (2,236 ) Net cash from financing activities (91,969 ) (40,400 ) (61,026 ) (132,369 ) (97,597 ) Change in cash, cash equivalents and restricted cash (51,524 ) (4,157 ) 20,194 (55,681 ) (37,344 ) Cash, cash equivalents and restricted cash, beginning 147,568 151,725 180,150 151,725 237,688 Cash, cash equivalents and restricted cash, ending 1 $ 96,044 $ 147,568 $ 200,344 $ 96,044 $ 200,344 Expand 1 Includes $0.8 million, $0.1 million, and $0.7 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets. Expand PotlatchDeltic Corporation Segment Information Unaudited Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, (in thousands) 2025 2025 2024 2025 2024 Revenues Timberlands $ 101,664 $ 102,451 $ 98,802 $ 204,115 $ 191,752 Wood Products 171,819 164,645 153,579 336,464 302,177 Real Estate 29,096 27,591 95,732 56,687 106,839 302,579 294,687 348,113 597,266 600,768 Intersegment Timberlands revenues (27,594 ) (26,427 ) (27,442 ) (54,021 ) (51,970 ) Consolidated revenues $ 274,985 $ 268,260 $ 320,671 $ 543,245 $ 548,798 Adjusted EBITDDA 1 Timberlands $ 39,566 $ 42,370 $ 34,124 $ 81,937 $ 68,872 Wood Products 1,723 11,640 (6,805 ) 13,363 (6,944 ) Real Estate 22,720 22,757 89,568 45,476 95,796 Corporate (13,164 ) (12,148 ) (11,756 ) (25,313 ) (24,421 ) Eliminations and adjustments 1,180 (1,252 ) (1,958 ) (71 ) (408 ) Total Adjusted EBITDDA 52,025 63,367 103,173 115,392 132,895 Interest expense, net 2 (10,412 ) (1,492 ) (8,696 ) (11,904 ) (8,414 ) Depreciation, depletion and amortization (26,370 ) (25,404 ) (29,268 ) (51,774 ) (59,663 ) Basis of real estate sold (11,481 ) (9,867 ) (56,525 ) (21,348 ) (60,617 ) Environmental charge — (490 ) — (490 ) — Non-operating pension and other postretirement employee benefits (351 ) (351 ) 201 (702 ) 402 Gain (loss) on disposal of assets (328 ) (96 ) 66 (424 ) 71 Other 741 (206 ) (23 ) 535 (168 ) Income before income taxes $ 3,824 $ 25,461 $ 8,928 $ 29,285 $ 4,506 Depreciation, depletion and amortization Timberlands $ 15,499 $ 15,506 $ 16,790 $ 31,005 $ 34,415 Wood Products 10,495 9,553 12,227 20,048 24,743 Real Estate 159 141 136 300 274 Corporate 217 204 115 421 231 26,370 25,404 29,268 51,774 59,663 Bond discounts and deferred loan fees 2 381 382 406 763 813 Total depreciation, depletion and amortization $ 26,751 $ 25,786 $ 29,674 $ 52,537 $ 60,476 Basis of real estate sold Real Estate $ 11,486 $ 9,868 $ 56,528 $ 21,354 $ 60,622 Eliminations and adjustments (5 ) (1 ) (3 ) (6 ) (5 ) Total basis of real estate sold $ 11,481 $ 9,867 $ 56,525 $ 21,348 $ 60,617 Expand 1 Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations. 2 Bond discounts, deferred loan fees, non-cash amortization related to redesignated forward swaps, and interest income are included in interest expense, net in the Condensed Consolidated Statements of Operations. Expand PotlatchDeltic Corporation Non-GAAP Reconciliations Unaudited Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, (in thousands, except per share amounts) 2025 2025 2024 2025 2024 Total Adjusted EBITDDA 1 Net income (GAAP) $ 7,354 $ 25,805 $ 13,678 $ 33,159 $ 13,373 Interest expense, net 10,412 1,492 8,696 11,904 8,414 Income taxes (3,530 ) (344 ) (4,750 ) (3,874 ) (8,867 ) Depreciation, depletion and amortization 26,370 25,404 29,268 51,774 59,663 Basis of real estate sold 11,481 9,867 56,525 21,348 60,617 Environmental charge — 490 — 490 — Non-operating pension and other postretirement employee benefits 351 351 (201 ) 702 (402 ) Loss (gain) on disposal of assets 328 96 (66 ) 424 (71 ) Other (741 ) 206 23 (535 ) 168 Total Adjusted EBITDDA $ 52,025 $ 63,367 $ 103,173 $ 115,392 $ 132,895 Adjusted Net Income 1 Net income (GAAP) $ 7,354 $ 25,805 $ 13,678 $ 33,159 $ 13,373 Special items after tax: Environmental charge — 368 — 368 — Expand 1 See "Non-GAAP Measures" for further details on management's use of these measures. Expand
Business Wire
08-05-2025
- Business
- Business Wire
Pan American Silver Announces Results of Annual General and Special Meeting
VANCOUVER, British Columbia--(BUSINESS WIRE)-- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reported the voting results from its annual general and special meeting of shareholders held on May 7, 2025, in Vancouver, British Columbia (the "Meeting"). Each of the matters voted upon at the Meeting are described in detail in the Company's Management Information Circular dated March 17, 2025, which is available on the Company's website at A total of 248,138,835 common shares were represented at the meeting, being 68.52% of the Company's issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the Meeting, including setting the number of directors at nine, the election of management's nominees as directors, the appointment of auditors for the ensuing year, and the acceptance of the Company's approach to executive compensation, known as 'say-on-pay'. Election of Directors Director Nominee Votes For Votes Withheld John Begeman 210,529,352 (98.35%) 3,537,518 (1.65%) Neil de Gelder 172,635,326 (80.65%) 41,431,544 (19.35%) Chantal Gosselin 212,837,785 (99.43%) 1,229,087 (0.57%) Charles Jeannes 208,668,354 (97.48%) 5,398,516 (2.52%) Kimberly Keating 212,981,263 (99.49%) 1,085,607 (0.51%) Jennifer Maki 210,371,231 (98.27%) 3,695,638 (1.73%) Kathleen Sendall 212,987,985 (99.50%) 1,078,885 (0.50%) Michael Steinmann 213,524,644 (99.75%) 542,227 (0.25%) Gillian Winckler 213,396,113 (99.69%) 670,758 (0.31%) Expand Appointment of Auditor Resolution Votes For Votes Withheld Resolution to appoint Deloitte LLP as auditors of the Company until its next annual general meeting and to authorize the directors of the Company to fix the remuneration to be paid to the auditors Company 223,262,957 (89.98%) 24,872,980 (10.02%) Expand Say-on-Pay Resolution Votes For Votes Against Advisory resolution to approve the Company's approach to executive compensation 204,185,486 (95.38%) 9,881,377 (4.62%) Expand About Pan American Silver Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at Follow us on LinkedIn.
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