WEYERHAEUSER CO
For the period ended May 9, 2025. Filed Mar 26, 2025.
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May 9, 2025 · Filed Mar 26, 2025
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Contents
Appendix AA-1
Appendix A
Reconciliation of Non-GAAP Measures to GAAP
Adjusted EBITDA (earnings before interest, taxes, depreciation, depletion, amortization, basis of real estate sold and special items) and Adjusted FAD (funds available for distribution) represent financial measures that are calculated other than in accordance with GAAP. These non-GAAP measures should not be considered in isolation from, and are not alternatives to, our results reported in accordance with U.S. GAAP. However, we believe these measures provide meaningful supplemental information to investors about our operating performance and liquidity position, better facilitate period-to-period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties. Our definition of Adjusted EBITDA and Adjusted FAD may be different from similarly titled measures reported by other companies.
We use Adjusted EBITDA to evaluate the company’s operating performance. We define Adjusted EBITDA as operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items.
The table below reconciles consolidated Adjusted EBITDA to consolidated net earnings, as that is the most directly comparable U.S. GAAP measure.
| Dollar Amounts in Millions | 2024 |
|---|---|
| Net earnings | $396 |
| Interest expense, net of capitalized interest | 269 |
| Income taxes | 31 |
| Net contribution to earnings | $696 |
| Nonoperating pension and other postemployment benefit costs | 42 |
| Interest income and other | (53) |
| Operating income | $685 |
| Depreciation, depletion and amortization | 502 |
| Basis of real estate sold | 120 |
| Special items included in operating income(1) | (15) |
| Adjusted EBITDA | $1,292 |
| (1) | Operating income includes pre-tax special items consisting of a $25 million product remediation recovery and a $10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill. |
The table below reconciles Adjusted EBITDA to operating income for our NCS business. We reconcile Adjusted EBITDA for this business to operating income (rather than net earnings) because we do not allocate interest expense, income taxes and nonoperating pension expense to our business segments.
| Dollar Amounts in Millions | 2024 |
|---|---|
| Operating income | $55 |
| Depreciation, depletion and amortization | 1 |
| Basis of real estate sold | 28 |
| Adjusted EBITDA | $84 |
We use Adjusted FAD to evaluate the company’s liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant nonrecurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant nonrecurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions and other discretionary and nondiscretionary capital allocation activities. The table below reconciles consolidated Adjusted FAD to consolidated net cash from operations, as that is the most directly comparable U.S. GAAP measure.
| Dollar Amounts in Millions | 2024 |
|---|---|
| Net cash from operations | $1,008 |
| Capital expenditures | (416) |
| Adjustments to FAD | (25) |
| Adjusted FAD | $567 |
2025 Annual Meeting & Proxy Statement | A-1
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