wy-ex992_6.htm

Weyerhaeuser Company

Exhibit 99.2

Q2.2022 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations

	Q1			Q2						Year-to-Date
in millions	March 31, 2022			June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Net sales	$	3,112		$	2,973		$	3,144		$	6,085		$	5,650
Costs of sales		1,647			1,789			1,583			3,436			3,013
Gross margin		1,465			1,184			1,561			2,649			2,637
Selling expenses		23			23			24			46			44
General and administrative expenses		92			102			95			194			185
Other operating costs, net		6			12			13			18			23
Operating income		1,344			1,047			1,429			2,391			2,385
Non-operating pension and other post-employment benefit costs		(15	)		(11	)		(1	)		(26	)		(9	)
Interest income and other		(1	)		1			2			—			3
Interest expense, net of capitalized interest		(72	)		(65	)		(78	)		(137	)		(157	)
Loss on debt extinguishment		(276	)		—			—			(276	)		—
Earnings before income taxes		980			972			1,352			1,952			2,222
Income taxes		(209	)		(184	)		(324	)		(393	)		(513	)
Net earnings	$	771		$	788		$	1,028		$	1,559		$	1,709

Per Share Information

	Q1		Q2				Year-to-Date
	March 31, 2022		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Earnings per share, basic and diluted	$	1.03	$	1.06	$	1.37	$	2.09	$	2.28
Dividends paid per common share	$	1.63	$	0.18	$	0.17	$	1.81	$	0.34
Weighted average shares outstanding (in thousands):
Basic		747,507		744,542		750,127		746,017		749,429
Diluted		748,823		745,582		751,508		747,194		750,773
Common shares outstanding at end of period (in thousands)		745,442		741,738		749,782		741,738		749,782

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

	Q1		Q2						Year-to-Date
in millions	March 31, 2022		June 30, 2022			June 30, 2021			June 30, 2022		June 30, 2021
Net earnings	$	771	$	788		$	1,028		$	1,559	$	1,709
Non-operating pension and other post-employment benefit costs		15		11			1			26		9
Interest income and other		1		(1	)		(2	)		—		(3	)
Interest expense, net of capitalized interest		72		65			78			137		157
Loss on debt extinguishment		276		—			—			276		—
Income taxes		209		184			324			393		513
Operating income		1,344		1,047			1,429			2,391		2,385
Depreciation, depletion and amortization		122		119			120			241		238
Basis of real estate sold		31		39			24			70		51
Adjusted EBITDA⁽¹⁾	$	1,497	$	1,205		$	1,573		$	2,702	$	2,674

⁽¹⁾Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Page 1 of 8

Weyerhaeuser Company

Total Company Statistics

Q2.2022 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)

	Q1		Q2				Year-to-Date
in millions	March 31, 2022		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net earnings	$	771	$	788	$	1,028	$	1,559	$	1,709
Loss on debt extinguishment⁽¹⁾		207		—		—		207		—
Net earnings before special items⁽²⁾	$	978	$	788	$	1,028	$	1,766	$	1,709

	Q1		Q2				Year-to-Date
	March 31, 2022		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net earnings per diluted share	$	1.03	$	1.06	$	1.37	$	2.09	$	2.28
Loss on debt extinguishment⁽¹⁾		0.28		—		—		0.28		—
Net earnings per diluted share before special items⁽²⁾	$	1.31	$	1.06	$	1.37	$	2.37	$	2.28

⁽¹⁾ We recorded a total pretax loss on debt extinguishment of $276 million ($207 million after-tax) in first quarter 2022.

⁽²⁾ Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Selected Total Company Items

	Q1		Q2				Year-to-Date
in millions	March 31, 2022		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Pension and post-employment costs:
Pension and post-employment service costs	$	10	$	8	$	10	$	18	$	21
Non-operating pension and other post-employment benefit costs		15		11		1		26		9
Total company pension and post-employment costs	$	25	$	19	$	11	$	44	$	30

Page 2 of 8

Weyerhaeuser Company

Q2.2022 Analyst Package

Preliminary results (unaudited)

Consolidated Balance Sheet

in millions	March 31, 2022		June 30, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	1,205	$	1,723	$	1,879
Receivables, net		745		547		507
Receivables for taxes		8		6		24
Inventories		611		571		520
Prepaid expenses and other current assets		206		165		205
Total current assets		2,775		3,012		3,135
Property and equipment, net		2,026		2,000		2,057
Construction in progress		203		233		175
Timber and timberlands at cost, less depletion		11,469		11,706		11,510
Minerals and mineral rights, less depletion		252		248		255
Deferred tax assets		15		11		17
Other assets		376		370		503
Total assets	$	17,116	$	17,580	$	17,652

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	310	$	283	$	281
Accrued liabilities		674		658		673
Total current liabilities		984		941		954
Long-term debt, net		5,053		5,053		5,099
Deferred tax liabilities		66		83		46
Deferred pension and other post-employment benefits		432		347		440
Other liabilities		344		340		346
Total liabilities		6,879		6,764		6,885
Total equity		10,237		10,816		10,767
Total liabilities and equity	$	17,116	$	17,580	$	17,652

Page 3 of 8

Weyerhaeuser Company

Q2.2022 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows

	Q1			Q2						Year-to-Date
in millions	March 31, 2022			June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Cash flows from operations:
Net earnings	$	771		$	788		$	1,028		$	1,559		$	1,709
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		122			119			120			241			238
Basis of real estate sold		31			39			24			70			51
Deferred income taxes, net		14			—			11			14			19
Pension and other post-employment benefits		25			19			11			44			30
Share-based compensation expense		8			9			8			17			15
Loss on debt extinguishment		276			—			—			276			—
Change in:
Receivables, net		(238	)		198			(113	)		(40	)		(252	)
Receivables and payables for taxes		110			(83	)		116			27			236
Inventories		(87	)		29			9			(58	)		(51	)
Prepaid expenses and other current assets		(1	)		(2	)		1			(3	)		(1	)
Accounts payable and accrued liabilities		(62	)		47			125			(15	)		65
Pension and post-employment benefit contributions and payments		(4	)		(10	)		(25	)		(14	)		(33	)
Other		(8	)		(7	)		(7	)		(15	)		(20	)
Net cash from operations	$	957		$	1,146		$	1,308		$	2,103		$	2,006
Cash flows from investing activities:
Capital expenditures for property and equipment	$	(50	)	$	(71	)	$	(62	)	$	(121	)	$	(93	)
Capital expenditures for timberlands reforestation		(20	)		(10	)		(10	)		(30	)		(32	)
Acquisition of timberlands		(18	)		(265	)		(149	)		(283	)		(149	)
Other		1			—			1			1			1
Net cash from investing activities	$	(87	)	$	(346	)	$	(220	)	$	(433	)	$	(273	)
Cash flows from financing activities:
Cash dividends on common shares	$	(1,218	)	$	(134	)	$	(128	)	$	(1,352	)	$	(255	)
Net proceeds from issuance of long-term debt		881			—			—			881			—
Payments on long-term debt		(1,203	)		—			(225	)		(1,203	)		(225	)
Proceeds from exercise of stock options		12			2			28			14			45
Repurchases of common shares		(118	)		(141	)		—			(259	)		—
Other		(18	)		(1	)		(2	)		(19	)		(16	)
Net cash from financing activities	$	(1,664	)	$	(274	)	$	(327	)	$	(1,938	)	$	(451	)

Net change in cash, cash equivalents and restricted cash	$	(794	)	$	526		$	761		$	(268	)	$	1,282
Cash, cash equivalents and restricted cash at beginning of period		1,999			1,205			1,016			1,999			495
Cash, cash equivalents and restricted cash at end of period	$	1,205		$	1,731		$	1,777		$	1,731		$	1,777

Cash paid during the period for:
Interest, net of amounts capitalized	$	78		$	71		$	79		$	149		$	154
Income taxes, net of refunds	$	85		$	269		$	197		$	354		$	263

Page 4 of 8

Weyerhaeuser Company

Timberlands Segment

Q2.2022 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2022			Q2.2022			Q2.2021			YTD.2022			YTD.2021
Sales to unaffiliated customers	$	465		$	515		$	405		$	980		$	784
Intersegment sales		161			156			136			317			270
Total net sales		626			671			541			1,297			1,054
Costs of sales		423			495			407			918			790
Gross margin		203			176			134			379			264
General and administrative expenses		24			24			23			48			46
Other operating income, net		(3	)		(1	)		(2	)		(4	)		(3	)
Operating income and Net contribution to earnings	$	182		$	153		$	113		$	335		$	221

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Operating income	$	182	$	153	$	113	$	335	$	221
Depreciation, depletion and amortization		65		66		67		131		131
Adjusted EBITDA⁽¹⁾	$	247	$	219	$	180	$	466	$	352

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Selected Segment Items

in millions	Q1.2022			Q2.2022			Q2.2021			YTD.2022			YTD.2021
Total decrease (increase) in working capital⁽²⁾	$	(34	)	$	57		$	2		$	23		$	(11	)
Cash spent for capital expenditures⁽³⁾	$	(30	)	$	(23	)	$	(21	)	$	(53	)	$	(49	)

⁽²⁾Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

⁽³⁾Does not include cash spent for the acquisition of timberlands.

Segment Statistics⁽⁴⁾

		Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Third Party	Delivered logs:
Net Sales	West	$	259	$	308	$	222	$	567	$	423
(millions)	South		154		160		145		314		276
	North		15		10		9		25		25
	Total delivered logs		428		478		376		906		724
	Stumpage and pay-as-cut timber		9		11		7		20		13
	Recreational and other lease revenue		17		16		16		33		32
	Other revenue		11		10		6		21		15
	Total	$	465	$	515	$	405	$	980	$	784
Delivered Logs	West	$	161.29	$	173.35	$	137.80	$	167.63	$	134.32
Third Party Sales	South	$	37.15	$	38.47	$	35.11	$	37.81	$	34.82
Realizations (per ton)	North	$	72.79	$	83.93	$	74.88	$	76.79	$	66.51
Delivered Logs	West		1,604		1,778		1,608		3,382		3,147
Third Party Sales	South		4,135		4,167		4,150		8,302		7,932
Volumes (tons, thousands)	North		210		118		115		328		376
Fee Harvest Volumes	West		2,240		2,085		2,099		4,325		4,200
(tons, thousands)	South		5,842		6,159		5,856		12,001		11,232
	North		278		180		199		458		536

⁽⁴⁾ Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Page 5 of 8

Weyerhaeuser Company

Real Estate, Energy & Natural Resources Segment

Q2.2022 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Net sales	$	128	$	117	$	110	$	245	$	216
Costs of sales		41		45		41		86		75
Gross margin		87		72		69		159		141
General and administrative expenses		6		7		6		13		12
Operating income and Net contribution to earnings	$	81	$	65	$	63	$	146	$	129

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Operating income	$	81	$	65	$	63	$	146	$	129
Depreciation, depletion and amortization		4		3		4		7		7
Basis of real estate sold		31		39		24		70		51
Adjusted EBITDA⁽¹⁾	$	116	$	107	$	91	$	223	$	187

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Selected Segment Items

in millions

Q1.2022

Q2.2022

Q2.2021

YTD.2022

YTD.2021

Cash spent for capital expenditures

—

Segment Statistics

		Q1.2022			Q2.2022			Q2.2021			YTD.2022			YTD.2021
Net Sales	Real Estate	$	97		$	90		$	83		$	187		$	167
(millions)	Energy and Natural Resources		31			27			27			58			49
	Total	$	128		$	117		$	110		$	245		$	216
Acres Sold	Real Estate		24,126			26,906			18,415			51,032			37,870
Price per Acre	Real Estate	$	3,785		$	3,215		$	3,227		$	3,484		$	3,523
Basis as a Percent of Real Estate Net Sales	Real Estate		32	%		43	%		29	%		37	%		31	%

Page 6 of 8

Weyerhaeuser Company

Wood Products Segment

Q2.2022 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Net sales	$	2,519	$	2,341	$	2,629	$	4,860	$	4,650
Costs of sales		1,276		1,414		1,229		2,690		2,353
Gross margin		1,243		927		1,400		2,170		2,297
Selling expenses		21		21		21		42		40
General and administrative expenses		35		35		35		70		70
Other operating costs, net		5		8		6		13		9
Operating income and Net contribution to earnings	$	1,182	$	863	$	1,338	$	2,045	$	2,178

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Operating income	$	1,182	$	863	$	1,338	$	2,045	$	2,178
Depreciation, depletion and amortization		51		49		48		100		97
Adjusted EBITDA⁽¹⁾	$	1,233	$	912	$	1,386	$	2,145	$	2,275

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Selected Segment Items

in millions	Q1.2022			Q2.2022			Q2.2021			YTD.2022			YTD.2021
Total decrease (increase) in working capital⁽²⁾	$	(371	)	$	205		$	(49	)	$	(166	)	$	(261	)
Cash spent for capital expenditures	$	(39	)	$	(56	)	$	(51	)	$	(95	)	$	(76	)

⁽²⁾ Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

Segment Statistics

in millions, except for third party sales realizations		Q1.2022		Q2.2022		Q2.2021		YTD.2022		YTD.2021
Structural Lumber	Third party net sales	$	1,206	$	998	$	1,349	$	2,204	$	2,339
(volumes presented	Third party sales realizations	$	1,041	$	776	$	1,077	$	901	$	975
in board feet)	Third party sales volumes⁽³⁾		1,157		1,289		1,252		2,446		2,397
	Production volumes		1,203		1,232		1,234		2,435		2,445
Oriented Strand	Third party net sales	$	564	$	497	$	605	$	1,061	$	1,043
Board	Third party sales realizations	$	787	$	676	$	911	$	731	$	757
(volumes presented	Third party sales volumes⁽³⁾		717		735		663		1,452		1,377
in square feet 3/8")	Production volumes		739		758		683		1,497		1,425
Engineered Solid	Third party net sales	$	196	$	247	$	166	$	443	$	308
Section	Third party sales realizations	$	3,433	$	3,863	$	2,533	$	3,660	$	2,412
(volumes presented	Third party sales volumes⁽³⁾		5.7		6.4		6.6		12.1		12.8
in cubic feet)	Production volumes		5.7		6.4		6.2		12.1		12.2
Engineered	Third party net sales	$	137	$	168	$	104	$	305	$	187
I-joists	Third party sales realizations	$	2,969	$	3,432	$	1,980	$	3,207	$	1,882
(volumes presented	Third party sales volumes⁽³⁾		46		49		53		95		100
in lineal feet)	Production volumes		44		50		51		94		95
Softwood Plywood	Third party net sales	$	58	$	53	$	69	$	111	$	125
(volumes presented	Third party sales realizations	$	783	$	746	$	902	$	765	$	733
in square feet 3/8")	Third party sales volumes⁽³⁾		75		70		77		145		171
	Production volumes		66		67		62		133		142
Medium Density	Third party net sales	$	48	$	53	$	43	$	101	$	91
Fiberboard	Third party sales realizations	$	1,082	$	1,174	$	869	$	1,129	$	855
(volumes presented	Third party sales volumes⁽³⁾		44		45		50		89		107
in square feet 3/4")	Production volumes		44		48		52		92		108

⁽³⁾Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 7 of 8

Weyerhaeuser Company

Unallocated Items

Q2.2022 Analyst Package

Preliminary results (unaudited)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

Net Charge to Earnings

in millions	Q1.2022			Q2.2022			Q2.2021			YTD.2022			YTD.2021
Unallocated corporate function and variable compensation expense	$	(31	)	$	(36	)	$	(36	)	$	(67	)	$	(61	)
Liability classified share-based compensation		1			2			—			3			(1	)
Foreign exchange gain (loss)		—			3			(1	)		3			(3	)
Elimination of intersegment profit in inventory and LIFO		(59	)		18			(28	)		(41	)		(45	)
Other, net		(12	)		(21	)		(20	)		(33	)		(33	)
Operating loss		(101	)		(34	)		(85	)		(135	)		(143	)
Non-operating pension and other post-employment benefit costs		(15	)		(11	)		(1	)		(26	)		(9	)
Interest income and other		(1	)		1			2			—			3
Net charge to earnings	$	(117	)	$	(44	)	$	(84	)	$	(161	)	$	(149	)

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization⁽¹⁾

in millions	Q1.2022			Q2.2022			Q2.2021			YTD.2022			YTD.2021
Operating loss	$	(101	)	$	(34	)	$	(85	)	$	(135	)	$	(143	)
Depreciation, depletion and amortization		2			1			1			3			3
Adjusted EBITDA⁽¹⁾	$	(99	)	$	(33	)	$	(84	)	$	(132	)	$	(140	)

⁽¹⁾See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Unallocated Selected Items

in millions		Q1.2022				Q2.2022				Q2.2021				YTD.2022				YTD.2021
Cash spent for capital expenditures		$	(1	)		$	(2	)		$	—			$	(3	)		$	—

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