Potlatchdeltic Corp (PCH) 2025 Q3 法說會逐字稿

Good morning. My name is Rob, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Potlatchdeltic third quarter 2025 conference call.

早安.我叫羅布，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Potlatchdeltic 公司歡迎各位參加 2025 年第三季電話會議。

(Operator Instructions)

（操作說明）

Thank you. I'd now like to turn the call over to Mr. Wayne Wasechek, Vice President and Chief Financial Officer for opening remarks. Sir, you may proceed.

謝謝。現在我謹將電話交給副總裁兼財務長韋恩·瓦塞切克先生，請他致開幕詞。先生，您可以繼續前進了。

Good morning and welcome to Potlatchdeltic's third quarter, 2025 earnings conference call.

早安，歡迎參加 Potlatchdeltic 2025 年第三季財報電話會議。

Joining me on the call is Eric Cremers, Potlatchdeltic's President and Chief Executive Officer.

與我一同參加電話會議的還有 Potlatchdeltic 的總裁兼執行長 Eric Cremers。

This call will contain forward-looking statements. Please review the cautionary statements in our press release on the presentation slides, and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that a reconciliation of non-GAAP measures can be found in the appendix to the presentation slides and on our website at potlatchdeltic.com.

本次電話會議將包含前瞻性陳述。請查閱我們在新聞稿簡報和提交給美國證券交易委員會的文件中關於這些前瞻性聲明相關風險的警示性聲明。另外，請注意，非GAAP指標的調節表可在簡報的附錄和我們的網站potlatchdeltic.com上找到。

I'll turn the call over to Eric for some comments, and then I will review our third quarter results and our outlook.

我會把電話交給艾瑞克，請他發表一些看法，然後我將回顧我們第三季的業績和展望。

Well, thank you, Wayne. Good morning, everyone. Thanks for joining us.

謝謝你，韋恩。各位早安。謝謝您的參與。

Yesterday we announced third quarter total adjusted EBITDA of $89 million. Our overall results were driven by a strong performance in our real estate business from both the rural and the development part of the business. Additionally, I'm pleased with the strong operational performance delivered across all segments this quarter, especially given the challenging market backdrop we continue to navigate through.

昨天我們公佈了第三季調整後 EBITDA 總額為 8,900 萬美元。我們整體業績的提升主要得益於房地產業務的強勁表現，包括農村房地產和開發業務兩方面。此外，我對本季所有業務部門的強勁營運業績感到滿意，尤其是在我們持續面臨充滿挑戰的市場環境下。

Before I discuss each of our business segments, I wanted to briefly comment on our recent joint announcement with Rayonier on our proposed merger of equals transaction.

在討論我們各個業務部門之前，我想簡要評論一下我們最近與 Rayonier 聯合發布的關於我們擬議的平等合併交易的聲明。

As we highlighted on the call a couple of weeks ago announcing the transaction, we believe that the merger between our two companies will result in significant strategic and financial benefits beyond what either of us could achieve independently.

正如我們在幾週前宣布交易的電話會議上所強調的那樣，我們相信，我們兩家公司的合併將帶來巨大的策略和財務收益，遠遠超過我們任何一家公司單獨發展所能取得的收益。

Potlatchdeltic and Rayonier share complementary business models, similar cultures, and capital allocation philosophies, and a long-standing commitment to sustainability.

Potlatchdeltic 和 Rayonier 擁有互補的商業模式、相似的企業文化和資本配置概念，以及對永續發展的長期承諾。

This merger will significantly increase the scale of both companies, as a combined company will own nearly 4.2 million acres of timberlands across 11 states.

此次合併將大幅提升兩家公司的規模，合併後的公司將擁有橫跨 11 個州的近 420 萬英畝林地。

The combined company will also continue to operate our efficient and scalable wood products manufacturing business with 1.2 billion board feet of lumber capacity and 150 million square feet of plywood capacity.

合併後的公司也將繼續經營我們高效且可擴展的木製品製造業務，擁有 12 億板英尺的木材產能和 1.5 億平方英尺的膠合板產能。

In addition, the combination will result in a diverse real estate portfolio, including three active real estate development projects and robust opportunities to provide land-based and natural climate solutions.

此外，此次合併將帶來多元化的房地產投資組合，包括三個正在進行的房地產開發項目，以及提供基於土地和自然氣候解決方案的強大機會。

From a financial perspective, the combined company will have a strong pro forma balance sheet, as well as an enhanced capital markets presence.

從財務角度來看，合併後的公司將擁有強勁的備考資產負債表，以及更強的資本市場影響力。

Through this combination, there's also a significant opportunity to create value through synergies, operational efficiencies, and the sharing of best practices.

透過這種結合，還可以透過協同效應、營運效率和最佳實踐的分享來創造巨大的價值。

We estimate synergies of $40 million which will be primarily driven by corporate and operational cost optimization.

我們預計綜效將達到 4,000 萬美元，這主要得益於公司和營運成本的最佳化。

We expect to close the transaction in late the first quarter or early the second quarter of 2026, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Potlatchdeltic and Rayonier shareholders.

我們預計將於 2026 年第一季末或第二季初完成交易，但需滿足慣例成交條件，包括獲得必要的監管批准以及 Potlatchdeltic 和 Rayonier 股東的批准。

Now shifting to our third quarter operations, starting with timberlands. The division delivered on its Q3 planned harvest volume of 1.9 million tons, with Idaho producing its highest quarterly volume so far this year, which follows typical seasonal patterns. Index sawlog prices in Idaho softened in line with broader lumber price declines, while cedars sawlog prices remained elevated, supported by strong regional demand.

現在轉向第三季的運營，首先是林地。該部門實現了第三季度計劃的190萬噸收成，其中愛達荷州的季度產量為今年迄今為止最高，符合典型的季節性模式。與整體木材價格下跌趨勢一致，愛達荷州的指數鋸材價格有所回落，而雪松鋸材價格則因強勁的區域需求而保持高位。

Across the South, underlying sawlog and pulp wood prices held relatively stable during the quarter, despite the seasonal increase in log supply and elevated mill log inventories throughout the region.

儘管南方地區的原木供應量季節性增加，整個地區的鋸材庫存量也較高，但本季南方地區的鋸材和紙漿木材價格基本上保持穩定。

Moving on to our wood products business, the segment reported an EBITDA loss of $2 million in the third quarter. This decline was driven by historically weak lumber prices, as muted demand and persistent oversupply continued to plague lumber markets.

接下來談談我們的木製品業務，該部門第三季 EBITDA 虧損 200 萬美元。此次下跌是由於木材價格處於歷史低點，需求疲軟和持續供過於求的局面繼續困擾著木材市場。

From an operational standpoint, however, our performance was quite strong.

但從營運角度來看，我們的表現相當出色。

The division delivered 333 million board feet in shipments and produced its lowest average manufacturing cost per 1,000 board feet since Q2 of 2021, which was prior to the onset of inflationary cost pressures we have experienced over the last few years.

該部門的出貨量達到 3.33 億板英尺，每 1000 板英尺的平均製造成本為 2021 年第二季度以來的最低水平，而 2021 年第二季度是在我們經歷過去幾年通膨成本壓力之前。

We believe these operational results position us well to capture upside when market conditions eventually improve.

我們相信，這些營運表現使我們能夠在市場狀況最終改善時抓住上漲機會。

The downward lumber pricing trend during Q3 ran counter to our expectations, especially given the significant increase in Canadian anti-dumping and countervailing duties implemented during the quarter.

第三季木材價格的下跌趨勢與我們的預期相反，尤其是考慮到加拿大在本季大幅提高了反傾銷稅和反補貼稅。

Beyond relatively soft lumber demand, we believe several other factors contributed to the price decline, including Canadian mills accelerating shipments into the US ahead of the higher duties, along with the financial support pledged by the Canadian government to its lumber industry.

除了木材需求相對疲軟之外，我們認為還有其他幾個因素導致了價格下跌，包括加拿大木材廠在關稅提高之前加快向美國發貨，以及加拿大政府承諾向其木材行業提供財政支持。

Despite scattered mill curtailments and production cutbacks across the industry and the recent implementation of 10% Section 232 tariffs for lumber imports from all regions, these measures have yet to generate any meaningful upward momentum in lumber prices.

儘管整個行業零星地採取了工廠減產和減產措施，並且最近對所有地區的木材進口徵收了 10% 的第 232 條款關稅，但這些措施尚未對木材價格產生任何實質性的上漲動力。

Unfortunately, we are also in a seasonally weak period for lumber demand.

不幸的是，目前正值木材需求季節性疲軟期。

That said, we believe prices have now stabilized as we head through the remainder of the year, supported by a more balanced supply demand dynamic and a more normalized level of inventories across the industry.

儘管如此，我們認為隨著今年剩餘時間的到來，價格已經趨於穩定，這得益於更加平衡的供需動態和整個行業更正常的庫存水準。

Moving to real estate, the division delivered another robust quarter driven by strong contributions from both rural and development sales activity.

房地產業務方面，該部門在農村和開發銷售活動的強勁貢獻推動下，又迎來了一個強勁的季度。

For rural real estate, highlights include two larger transactions in Georgia totaling $39 million in revenue. Each had attractive multiples to timberland value.

在農村房地產方面，亮點包括喬治亞州的兩筆較大交易，總收入達 3900 萬美元。它們都具有極具吸引力的林地價值倍數。

We also experienced solid take up on our residential lot offerings and completed a commercial land sale to a local church in Chenal Valley.

我們的住宅用地也銷售情況良好，並且完成了一筆商業用地出售，買家是切納爾谷的當地教堂。

Demand for rural real estate remains strong, supported by its appeal as a stable long-term investment.

由於農村房地產被視為穩定的長期投資，因此市場對其需求仍然強勁。

Buyers have been also motivated by additional factors including conservation, recreation, home sites, and adding property that is adjacent to their land ownership.

買家購屋的動機還包括保護環境、休閒娛樂、宅基地以及購買與其土地所有權相鄰的房產等其他因素。

Looking at our natural climate solutions opportunities, we continue to make progress across our various initiatives. Starting with solar, developers are actively evaluating recent adjustments to green energy incentives within the tax bill and assessing how to navigate under the current regulatory environment. While these factors present some potential headwinds, interest from well-established solar developers remains solid.

著眼於我們利用自然氣候解決方案所面臨的機遇，我們在各項措施中不斷取得進展。從太陽能領域入手，開發商們正在積極評估稅收法案中最近對綠色能源激勵措施的調整，並評估如何在當前的監管環境下開展業務。儘管這些因素可能帶來一些不利影響，但成熟的太陽能開發商的興趣仍然濃厚。

We currently maintain 34,000 acres under solar option agreements and expect us to grow to 40,000 acres to 45,000 acres by year end, reinforcing our confidence in the long-term opportunity.

我們目前擁有 34,000 英畝的太陽能選擇權協議土地，預計到年底將增長到 40,000 至 45,000 英畝，這增強了我們對長期機會的信心。

Additionally, the smackover formation in southwest Arkansas continues to attract significant interest from major lithium developers.

此外，阿肯色州西南部的斯馬克奧弗地層繼續吸引主要鋰礦開發商的濃厚興趣。

Since last quarter, we signed a new mineral lease agreement with Salt Works LLC, a subsidiary of ExxonMobil Corporation covering approximately 4,200 surface acres for lithium development in the region.

自上個季度以來，我們與埃克森美孚公司旗下子公司 Salt Works LLC 簽署了一項新的礦產租賃協議，涵蓋該地區約 4,200 英畝的地表鋰礦開發。

With this agreement, our total surface acres under mineral leases in the smack over formation now stands at over 5,000 acres, underscoring the growing strategic value of our holdings in the emerging market for lithium.

透過這項協議，我們在斯馬克奧弗地層擁有的礦產租賃總面積現已超過 5,000 英畝，凸顯了我們在新興鋰市場中日益增長的戰略價值。

We remain excited about the unique optionality that timberland ownership provides and are committed to expanding our natural climate solutions portfolio. This includes opportunities in for carbon offsets, carbon capture and storage, and other emerging initiatives that position us to create long-term value.

我們仍然對林地所有權所提供的獨特選擇感到興奮，並致力於擴大我們的自然氣候解決方案組合。這包括碳抵消、碳捕獲和儲存以及其他新興措施的機會，這些舉措使我們能夠創造長期價值。

Shifting the capital allocation. In the first half of the year, we repurchased $16 million of common stock through our 10b51 program.

調整資本配置。今年上半年，我們透過 10b51 計畫回購了價值 1,600 萬美元的普通股。

Due to our pending merger with Rayonier, our ability to repurchase shares has been and will be limited prior to closing.

由於我們與 Rayonier 的合併正在進行中，在合併完成之前，我們回購股份的能力一直並將繼續受到限制。

That said, we continue to maintain a solid financial position, providing flexibility to navigate the current macroeconomic environment while staying focused on executing on our strategic plan, including our 2025 CapEx program.

儘管如此，我們仍然保持著穩健的財務狀況，這使我們能夠靈活應對當前的宏觀經濟環境，同時專注於執行我們的策略計劃，包括我們的 2025 年資本支出計劃。

Now moving to the US housing market, overall demand remains constrained by weaker consumer confidence and affordability challenges, with many prospective home buyers waiting for mortgage rates to move lower.

現在來看美國房屋市場，整體需求仍然受到消費者信心疲軟和購屋能力挑戰的限制，許多潛在購屋者都在等待房貸利率下降。

Encouragingly, rates in fact are trending lower. The 30-year fixed rate mortgage fell to 6.1% in October, and home affordability reached its best level in 2.5 years combined with anticipated further easing of interest rates by the Fed, these developments could point to a more favorable housing environment ahead.

令人欣慰的是，利率實際上呈現下降趨勢。10 月份，30 年期固定利率抵押貸款降至 6.1%，住房負擔能力達到 2.5 年來的最佳水平，再加上聯準會預計將進一步放鬆利率，這些發展可能預示著未來住房環境將更加有利。

Furthermore, the long-term fundamentals of housing demand remain intact, including a persistent housing shortage and demographic tailwinds from millennial household formation.

此外，住房需求的長期基本面依然完好，包括持續的住房短缺和千禧世代組建家庭帶來的人口結構利好因素。

As affordability improves, these structural drivers should reassert themselves supporting future growth in housing activity.

隨著住房可負擔性的提高，這些結構性驅動因素應該會重新發揮作用，從而支持未來住房活動的成長。

Shifting to the repair of model market, activity has been muted as economic uncertainty and elevated borrowing costs weigh on discretionary spending, particularly for large scale remodeling projects.

轉向模型維修市場，由於經濟不確定性和高企的借貸成本抑制了可自由支配的支出，特別是大型改造項目，市場活動較為低迷。

However, leading indicators, including the Joint Center for Housing Studies and the National Association of Home Builders, suggest that demand for home improvement will remain stable in the near term, followed by more modest but positive growth in 2026.

然而，包括住房研究聯合中心和全國住宅建築商協會在內的領先指標表明，短期內房屋裝修需求將保持穩定，隨後在 2026 年將出現較為溫和但積極的增長。

Looking at our own business, demand from our home centerer customers started the quarter seasonally slower but strengthened as the quarter progressed. This momentum has continued as we move toward the end of the year.

從我們自身的業務來看，來自家居建材中心客戶的需求在本季度初呈現季節性放緩趨勢，但隨著季度的推進而增強。隨著年底臨近，這種勢頭仍在持續。

The long-term fundamentals of this segment remain compelling, driven by an aging housing stock, historically high home equity levels, and the persistence of hybrid and remote work, which continues to fuel demand for functional improvement and aesthetic home upgrades.

該領域的長期基本面依然強勁，這主要得益於房屋老化、房屋淨值處於歷史高位，以及混合辦公和遠距辦公的持續存在，這些因素不斷推動著人們對房屋功能性改善和美觀性升級的需求。

To wrap up my comments, while near term headwinds persist, we maintain a positive view of the long-term fundamentals that drive demand in our industry.

最後總結一下，儘管短期內仍有不利因素，但我們對推動產業需求的長期基本面保持樂觀態度。

Looking forward, we believe lumber prices have reached their low point for the year and have generally stabilized.

展望未來，我們認為木材價格已跌至年內低點，並已基本趨於穩定。

We are optimistic that the combined impact of higher Canadian softwood lumber duties, the 10% Section 232 tariffs and supply reductions from an increasing number of mill curtailments will gain traction to support improved domestic lumber pricing as we move through the remainder of the year.

我們樂觀地認為，隨著今年剩餘時間的到來，提高加拿大軟木材關稅、10% 的第 232 條款關稅以及越來越多的工廠減產導致供應減少等因素的綜合影響將逐漸顯現，從而支撐國內木材價格的改善。

Finally, we remain focused and disciplined in operating our businesses efficiently and effectively while advancing the key workstreams necessary to complete our proposed merger with Rayonier, a transformative transaction that positions the combined company for growth and delivering long-term shareholder value.

最後，我們將繼續專注於有效率、有紀律地經營我們的業務，同時推進完成與 Rayonier 擬議合併所需的關鍵工作流程。這是一項變革性交易，將使合併後的公司能夠實現成長並為股東創造長期價值。

I will now turn it over to Wayne to discuss our third quarter results and our outlook.

現在我將把發言權交給韋恩，讓他來討論我們第三季的業績和展望。

Thank you, Eric.

謝謝你，埃里克。

Starting from page 4 of the slides, total adjusted EBITDDA was $89 million in the third quarter compared to $52 million in the second quarter.

從投影片第 4 頁開始，第三季調整後 EBITDDA 總額為 8,900 萬美元，而第二季為 5,200 萬美元。

This sequential quarter over quarter increase in adjusted EBITDDA is mainly attributed to strong real estate activity in both our rural and development real estate businesses.

經調整的 EBITDDA 環比成長主要歸功於我們農村房地產和開發房地產業務的強勁發展。

I will now review each of our operating segments and provide more color on our third quarter results.

接下來，我將逐一介紹我們各個營運部門的情況，並詳細說明我們第三季的業績。

Starting with our Timberland segment, which is presented on slides 5 through 7.

首先是我們的 Timberland 部分，這部分內容在第 5 到 7 張投影片中有所介紹。

The segment suggested EBITDDA increased from $40 million in the second quarter to $41 million in the third quarter.

該部分數據顯示，EBITDDA 從第二季的 4,000 萬美元增加到第三季的 4,100 萬美元。

Our star harvest in Idaho increased from 360,000 tons in the second quarter to 411,000 tons in the third quarter. Our quarterly harvest volume is typically the highest in the third quarter as dry weather results and more favorable logging conditions.

我們在愛達荷州的明星作物產量從第二季的 36 萬噸增加到第三季的 41.1 萬噸。由於第三季天氣乾燥，伐木條件較為有利，因此我們的季度採伐量通常最高。

Sawlog prices in Idaho declined by 5% per ton compared to the second quarter. This decrease was driven by lower index sawlog prices, partially offset by seasonally lighter sawlogs.

愛達荷州原木價格較第二季每噸下降了 5%。這一降幅主要由原木指數價格下降所致，部分被季節性原木重量減輕所抵消。

Log and haul costs were higher compared to the second quarter due to a greater seasonal mix of steep terrain logging operations in Idaho along with longer haul distances.

與第二季相比，由於愛達荷州陡峭地形的伐木作業季節性組合增加以及運輸距離延長，原木和運輸成本更高。

In the South, we harvested 1.5 million tons in the third quarter, consistent with harvest volumes in the second quarter.

在南方，我們第三季收穫了150萬噸，與第二季的收穫量一致。

Average Southern saw log prices were up by just over 1% from the second quarter. This increase in price primarily reflects a higher mix of larger diameter pine sawlogs and a seasonal increase in hardwood vines both within our Gulf South region.

南方鋸材平均價格較第二季上漲略高於 1%。價格上漲主要反映了墨西哥灣南部地區較大直徑松木鋸材的比例增加以及硬木藤蔓的季節性增長。

Turning to what products shown on slides 8 and 9.

接下來看一下投影片 8 和 9 上展示的產品。

Adjusted EBITDDA was a loss of $2 million in the third quarter compared to a positive $2 million in the second quarter.

調整後的 EBITDDA 第三季虧損 200 萬美元，而第二季則獲利 200 萬美元。

This decline was primarily driven by lower lumber prices despite strong operational execution demonstrated by lower average cash processing costs and higher shipment volume.

儘管營運執行力強勁，平均現金加工成本降低，出貨量增加，但木材價格走低仍然是導致這一下滑的主要原因。

Our average lumber price realization decreased $54 per 1,000 board feet for 12% from $450 per 1,000 board feet in the second quarter to $396 per 1,000 board feet in the third quarter.

我們的平均木材實現價格從第二季的每千板英尺 450 美元下降到第三季的每千板英尺 396 美元，下降了 12%，每千板英尺下降了 54 美元。

Comparatively, the random lengths framing lumber composite average price was approximately 10% lower in the third quarter compared to the second quarter.

相比之下，第三季隨機長度框架木材綜合平均價格比第二季下降了約 10%。

Note, but a regional mix and product mix differs from the composite, and there's also a timing difference between our sales and the composite.

請注意，區域組合和產品組合與綜合數據有所不同，而且我們的銷售數據與綜合數據在時間上也存在差異。

Plumber shipments increased by 30 million board feet, rising from 303 million board feet in the second quarter to 333 million board feet in the third quarter.

水暖工木材出貨量增加了 3,000 萬板英尺，從第二季的 3.03 億板英尺增加到第三季的 3.33 億板英尺。

Transitioning to real estate on slides 10 and 11.

第 10 和 11 張投影片將過渡到房地產主題。

The segment generated just a EBITDDA of $63 million in the third quarter compared to $23 million in the second quarter.

該業務板塊第三季僅產生 6,300 萬美元的 EBITDDA，而第二季為 2,300 萬美元。

During the third quarter, our rural real estate business sold approximately 15,600 acres at an average price of nearly $3300 per acre.

第三季度，我們的鄉村房地產業務售出了約 15,600 英畝土地，平均價格接近每英畝 3,300 美元。

Notably, sales included two large transactions in Georgia, a conservation land sale generating over $21 million in proceeds and a nearly $18 million recreation sale to a landowner with adjacent property.

值得注意的是，銷售中包括喬治亞州的兩筆大交易，一筆是保護地出售，收益超過 2,100 萬美元；另一筆是休閒用地出售，收益近 1,800 萬美元，買家是擁有相鄰土地的土地所有者。

In the Chenal Valley development side of a real estate business, 55 residential lots were sold at an average price of $139,000 per lot in the third quarter.

在 Chenal Valley 房地產開發業務方面，第三季售出了 55 個住宅地塊，平均每個地塊售價為 139,000 美元。

Sales reflected a balanced mix of premium and more affordable lots, supporting diverse buyer demand.

銷售情況反映了高端房產和價格較實惠的房產之間的均衡組合，滿足了不同買家的需求。

The division also completed the nearly $7 million commercial land sale in the quarter for $533,000 per acre.

該部門還在本季完成了近 700 萬美元的商業用地出售，每英畝售價 53.3 萬美元。

Turning to our capital structures summarized in slide 12.

接下來看一下投影片 12 中總結的資本結構。

We finished the quarter with $388 million in liquidity, including $89 million of cash on our balance sheet, as well as availability on our undrawn revolver.

本季末，我們的流動資金為 3.88 億美元，其中包括資產負債表上的 8,900 萬美元現金，以及未提取循環信貸額度的可用資金。

Additionally, we successfully refinanced $100 million of debt that matured in August and utilized our final forward starting interest rate swap.

此外，我們成功地對 8 月到期的 1 億美元債務進行了再融資，並利用了我們最後的遠期起始利率互換。

This refinancing approach resulted in only a $50,000 annual increase in our cash interest costs and maintains our weighted average cost of debt at approximately 2.3%. Capital expenditures were $16 million in the third quarter. This amount includes real estate development expenditures, which are included in cash from operations in a cash flow statement, and it excludes Timberland acquisitions.

這種再融資方式每年只使我們的現金利息成本增加 5 萬美元，並將我們的加權平均債務成本維持在 2.3% 左右。第三季資本支出為1600萬美元。該金額包括房地產開發支出（計入現金流量表中的營業活動現金流），但不包括添柏嵐的收購。

For the full year, we continue to anticipate CapEx spend of $60 million to $65 million which excludes the final close-out payment of $6 million for the Waldo sawmill project that we made in Q1 and any additional potential timberland acquisition.

全年，我們繼續預計資本支出為 6000 萬至 6500 萬美元，這不包括我們在第一季度支付的 Waldo 鋸木廠項目的 600 萬美元最終結算款以及任何其他潛在的林地收購。

I will now provide some high-level Outlook comments. The details are presented on slide 13.

接下來我將提供一些關於《展望》雜誌的整體看法。詳情請見第13張投影片。

Within our Timberland segment, we anticipate harvesting between 1.7 million and 1.8 million tons in the fourth quarter, with approximately 80% of this volume sourced from the south.

在我們的林地業務板塊，我們預計第四季度採伐量將在 170 萬至 180 萬噸之間，其中約 80% 的產量來自南部地區。

In Idaho, harvest volumes are anticipated to be just above Q1 and Q2 levels.

預計愛達荷州的收成量將略高於第一季和第二季的水平。

Additionally, sell-off prices in Idaho are expected to decline approximately 13% in the fourth quarter, driven mainly by lower prices on index volume. As a reminder, our index volume reflects a one month lag. Consequently, Q4 index pricing is based on September through November lumber prices, with both September and October experiencing relatively low lumber prices.

此外，受指數成交量下降的影響，預計愛達荷州的拋售價格在第四季將下降約 13%。提醒一下，我們的指數成交量反映的是一個月的延遲數據。因此，第四季指數定價以 9 月至 11 月的木材價格為基礎，而 9 月和 10 月的木材價格都相對較低。

In the southern region, we anticipate harvesting approximately 1.3 million to 1.4 million tons during the fourth quarter, and we expect that our average sawlog prices will decline slightly based on sawlog mix and mills wanting to maintain log inventory levels that are in balance with current lumber market demand.

在南部地區，我們預計第四季度將收穫約 130 萬至 140 萬噸木材，我們預計，由於原木組合以及鋸木廠希望保持與當前木材市場需求平衡的原木庫存水平，我們的平均原木價格將略有下降。

We plan to ship 290 million to 300 million board feet of lumber in the fourth quarter.

我們計劃在第四季出貨2.9億至3億板英尺的木材。

Our average lumber price thus far in the fourth quarter is $397 per 1,000 board feet, which is near our average lumber price for the third quarter.

第四季至今，我們的平均木材價格為每1000板英尺397美元，與第三季的平均木材價格接近。

This is based on shipments of approximately 120 million board feet of lumber.

這是根據約 1.2 億板英尺木材的出貨量計算得出的。

Turning to our real estate segment, we expect to sell approximately 5,000 acres of rural land at an average price of $3200 per acre in Q4.

再來看我們的房地產業務，我們預計在第四季將售出約 5000 英畝農村土地，平均價格為每英畝 3200 美元。

For Chenal Valley development, we expect to close on approximately 46 residential lots at an average of $95,000 per lot. Further details regarding real estate can be found on slide 13.

對於 Chenal Valley 的開發，我們預計將完成約 46 個住宅地塊的交易，平均每個地塊的價格為 95,000 美元。有關房地產的更多詳情請參閱第 13 頁投影片。

We expect total adjusted in the fourth quarter to be lower than third quarter results. The anticipated decline is mainly driven by fewer rural real estate acres sold, reduced residential and commercial development activity, and within Timberlands, seasonally lower harvest volumes combined with softer index pricing on Idaho sawlogs.

我們預計第四季度調整後的總業績將低於第三季業績。預計下降的主因是農村房地產銷售面積減少、住宅和商業開發活動減少，以及林地採伐量季節性下降，再加上愛達荷州鋸材價格指數走軟。

That concludes our prepared remarks. Rob, I would now like to open the call to questions.

我們的發言稿到此結束。羅布，現在我想開始接受提問。

Thank you. We will now begin the question-and-answer session.

謝謝。現在開始問答環節。

(Operator Instructions)

（操作說明）

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Good morning or good afternoon. Thanks for taking my question.

早安/下午好。謝謝您回答我的問題。

Maybe to start with, Eric, can you talk a little bit about, what you are seeing on the in the pulp food markets in the US South. We've seen a pretty big erosion here in prices over the last few years. We've also seen a lot of pulp and paper mill closures here recently, so even if we assume that, sort of overall demand picks up, that's a lot of lost tonnage. Can you sort of talk about what you're seeing in the pulp food market?

艾瑞克，或許我們可以先談談你在美國南部的紙漿食品市場上看到的景象。過去幾年，這裡的物價出現了相當大的下滑。最近我們也看到這裡有很多紙漿和造紙廠關閉，所以即使我們假設整體需求有所回升，那也意味著大量的產量損失。您能談談您在紙漿食品市場觀察到的情況嗎？

Yeah, keeping this way and I'll take that. Yeah, you're right. Unfortunately we have seen mill closures and capacity coming out of the market. This has been a trend. I mean, even recently we've seen some various mill closures, but I would say for us nonetheless, given our size, our scale, and the relationships that we have with customers, we find a home for our volume, and I think we tend to have more options than others may have.

是的，保持現狀我就很滿意了。是的，你說得對。不幸的是，我們已經看到工廠關閉，產能退出市場。這已經成為一種趨勢了。我的意思是，即使最近我們也看到一些工廠倒閉，但我想說，儘管如此，考慮到我們的規模、體積以及與客戶的關係，我們總能找到地方存放我們的產品，而且我認為我們往往比其他人擁有更多的選擇。

So our log takeaway has really been pretty steady. Our team does a great job of navigating these markets, and I think, the the advantage we have is just the scale and diversification. So, for us, I think that's what it really comes down to. But certainly, where mill where the mills are, that does put pressure on pricing for pulpwood, but I think the other thing that I would highlight is just when we, Eric made some comments on. The pending merger with Rayonier and we look at from that we look at many strategic and financial benefits of the merger, and this is just one area where the combined company, we have greater scale and diversification which you know mitigates the exposure to any one market that we have.

所以，我們的日誌輸出量一直相當穩定。我們的團隊在駕馭這些市場方面做得非常出色，我認為，我們的優勢在於規模和多元化。所以，對我們來說，我認為這才是問題的關鍵。但可以肯定的是，造紙廠的所在地會對紙漿木材的價格造成壓力，但我認為我想強調的另一點是，正如艾瑞克之前發表的一些評論。我們正在考慮與 Rayonier 的合併，從這個角度來看，合併會帶來許多策略和財務上的好處，而這只是合併後的公司擁有更大規模和多元化優勢的一個方面，你知道，這可以降低我們對任何單一市場的風險敞口。

And don't forget, Ketan, this is, you've got every market is different and I think you know Rayonier and I can talk about this on their call, but you know you think about where, the hurricane went through some of their some of their properties, I don't know, a year ago, maybe a little bit more knocked down a bunch of trees that really depressed prices for a period of time. But now those trees are by and large, those salvage logs are gone, and there's, if you will, a shortage of green logs to feed the mills. So different regions are going to react differently to different events, and you know you can't say that everything is the same in the South because it varies dramatically from wood basket to wood basket.

別忘了，凱坦，每個市場都不一樣，我想你也知道雷尼爾的情況，我可以和他們在電話會議上談談這個問題，但你知道，想想看，颶風襲擊了他們的一些房產，我不知道，大概一年前，可能還不止，刮倒了很多樹，這在一段時間內確實壓低了房價。但現在這些樹木大多已經砍伐殆盡，那些可回收的木材也消失了，因此，可以說，鋸木廠缺乏新鮮的原木。所以不同地區對不同事件的反應也會不同，你不能說南方所有地方都一樣，因為南方各地方的情況差異很大。

Got it. No, that's helpful perspective. I'll jump back in the queue. Good luck.

知道了。不，這很有幫助。我重新排隊。祝你好運。

Thanks.

謝謝。

Your Apologies.

抱歉。

George Staphos, Bank of America Merrill Lynch.

喬治‧斯塔福斯，美國銀行美林證券。

Hey, thanks very much. I appreciate you taking my question. Thanks for the details, gentlemen. The question I had.

嘿，非常感謝。感謝您回答我的問題。謝謝各位提供詳細資訊。我的問題。

I think at one point in time when you were guiding for the quarter you're guiding maybe for about 310 million to 320 million board feet of lumber. You obviously ran better obviously in a market that was somewhat depressed. I was just curious, help us understand sort of the commercial strategy as you're running more of that capacity, what was a tough market and Wayne and Eric, as we look at the fourth quarter holding price aside. Should we expect a relatively consistent level of cash margin out of the wood products business versus 3Q and I had a quick follow-up.

我認為，在某個時期，當你預測季度木材產量時，你預測的產量可能在 3.1 億到 3.2 億板英尺左右。很明顯，在市場略顯低迷的情況下，你的表現反而更好。我只是好奇，請你們幫我們了解一下，隨著你們產能的不斷擴大，你們的商業策略是什麼？市場情勢嚴峻，韋恩和艾瑞克，我們暫且不談第四季的股價走勢。我們是否應該預期木製品業務的現金利潤率與第三季相比保持相對穩定？我對此進行了快速跟進。

Yeah, so George, to answer the first question, we're always trying to lower our per unit costs in our mills, and it is true of most first quartile mills that that last stick of lumber coming out the door, coming out the manufacturing process is going to be your lowest cost stick of lumber. So yeah, we lost a little bit of money in wood products in the quarter, but don't forget there's overhead associated with running the mills. And so it might look as though, that last stick of lumber was negative. It had negative margin, but the reality is it probably had positive margin.

是的，喬治，回答第一個問題，我們一直在努力降低工廠的單位成本，而且對於大多數第一梯隊的工廠來說，最後一根從工廠出來、從生產過程中出來的木材，其成本往往是最低的。是的，本季我們在木製品方面虧損了一些，但別忘了營運工廠還有相關的管理費用。因此，看起來好像最後一根木棍是負面的。雖然帳面利潤為負，但實際上它的利潤很可能為正。

We have got principally a set of first quartile mills, and while the mills may be profitable because of overhead, it might might flip them to negative. So I think you got to keep that in mind think about how we run our mills, how we operate our mills, we generally run them as hard as we can to leverage and absorb overhead costs in each stick of lumber.

我們主要有一組第一四分位數的工廠，雖然這些工廠可能因為管理費用而獲利，但管理費用可能會使它們轉為虧損。所以我覺得你應該記住這一點，想想我們是如何經營我們的工廠的，我們通常會盡可能地提高工廠的運作效率，以利用和吸收每根木材的間接成本。

So that's just that I'm sorry, yeah.

所以，我就是想說聲抱歉。

Yeah, so that so that's the first one. The second one, yeah, I do think prices are going to move a little bit higher as we move through the fourth quarter here. And when we talked, I think our supplemental slides show pricing being flat. I think they could be up 2%, 3%, 4%, something like that.

是的，那是第一個。第二點，是的，我認為隨著第四季的到來，價格會略微上漲一些。而且，我認為我們討論時提供的補充幻燈片也表明價格將保持不變。我認為他們可能會上漲 2%、3%、4%，差不多是這個幅度。

So, I don't expect a lot of movement. I think, if you look across the different. Waterfall, the waterfall chart for wood products going from Q3 to Q4, I think you might see log costs could be a little bit negative if we have higher lumber prices. That's going to hurt our St. Mary's mill, for example.

所以，我預計不會有太大的改變。我認為，如果你縱觀不同的事物。從第三季到第四季度，木材產品的瀑布圖顯示，如果木材價格上漲，原木成本可能會略微下降。例如，那將會損害我們聖瑪麗磨坊的利益。

We might have log costs get a little bit more processing costs are a little bit more expensive because we're getting into a slower, production period with colder weather. But I think generally you would expect flat performance excluding excluding price, but I do expect prices to move up a little bit in the quarter.

由於天氣轉冷，生產進入放緩期，原木成本可能會略微上漲，加工成本也會略微增加。但我認為，一般來說，如果不考慮價格因素，業績應該會持平，但我預計本季價格會略有上漲。

Okay, I appreciate that. And then just give us a bit more detail in terms of some of the, very good performance in real estate in the quarter. It was a bit ahead of our expectations. It was, I think, ahead of your initial guidance, kind of, I recognize these are episodic, right? It's hard to predict timing at times, but was there anything else that drove the better than expected performance in real estate and why some of those sales, occurred in the third quarter?

好的，謝謝。然後請您再詳細介紹一下本季房地產市場的一些非常好的表現。這比我們預期的要好一些。我認為，這有點超出了你最初的指導，我意識到這些都是偶發性的，對吧？有時候很難預測時機，但除了房地產市場之外，還有什麼其他因素推動了超出預期的業績，以及為什麼其中一些銷售發生在第三季？

Yeah, George, again, like you said, it can be, sales are rather lumpy, and we're always looking at the pipeline that we've developed and based on timing, you can shift from quarter to quarter. I think for this quarter for us though, we had a couple of larger sales as we noted.

是的，喬治，就像你說的，銷售情況可能會波動很大，我們一直在關注我們已經建立的銷售管道，根據時間安排，銷售情況可能會逐季度變化。不過，我認為就我們而言，本季我們有幾筆較大的銷售額，正如我們之前提到的。

The bigger one is on conservation. That one we had a large. Conservation sale come through, so that really showed the outperformance in the quarter relative to guidance. But you know overall what we've seen throughout this year is there's been strong demand for r real estate for recreation to adjacent landowners. We've seen it all come through, but I think the real difference for us has been on the conservation side, and this year we've had, I would say about 10,000 acres sold under conservation transactions. And we're guiding to you know 35,000 acres for the full year. Well, those conservations are kind of more one-time type transactions. So you take that out of the mix.

較大的那篇是關於環境保護的。那一個我們買的是大的。保護性銷售順利完成，這確實表明本季業績優於預期。但你知道，今年以來我們看到的總體趨勢是，鄰近土地所有者對用於休閒娛樂的房地產需求強勁。我們已經看到這一切取得了成效，但我認為對我們來說真正的區別在於保護方面，今年我們大約有 10,000 英畝土地通過保護交易售出。我們全年將引導您前往 35,000 英畝的土地。嗯，這些交易更像是一次性的交易。所以你要把這個因素排除掉。

That gets us to about 25,000 acres, which really is in line with what we've talked about. Generally, market demand for us is, say around 1% of our portfolio, which would put us at around 20,000 to 25,000 acres.

這樣算下來，面積大約是 25,000 英畝，這和我們之前討論的差不多。一般來說，市場對我們的需求大約占我們投資組合的 1%，這意味著我們的投資組合大約有 20,000 到 25,000 英畝。

Excluding these conservation cells, I think really that winds up with our four year expectations.

排除這些保護性細胞，我認為這實際上符合我們四年的預期。

Appreciate it, Wayne. Last one for me, Eric, if you could talk, are there any sort of green shoots, if you will, no pun intended in terms of what's happening on the supply side relative to tariffs, relative to duties. I mean, it's, we've talked about in our research.

謝謝你，韋恩。艾瑞克，我最後一個問題，如果你能說話的話，關於關稅、稅收方面的供應情況，有沒有什麼好轉的跡象（沒有雙關的意思）？我的意思是，我們在研究中討論過這個問題。

It's kind of a week, two weeks of a supply demand environment for any of these constraints, tariffs, and duties have an effect on pricing. Are you seeing anything on the ground now where you are finally starting to see some supply constraint and you know.

大約一到兩週的時間裡，供需環境都會發生變化，任何限制、關稅和稅收都會對價格產生影響。現在你看到實際情況開始出現一些供應限制之類的跡象？

They boding well for spring building season. What are you, what are your customers saying in terms of the building season recognizing it's not the springtime, it's November. Thanks guys. Good luck in the quarter.

這些都預示著春季建築旺季的到來將會很順利。你們，你們的客戶，對於建築季節有什麼看法？要知道現在不是春天，而是十一月。謝謝各位。祝你本季一切順利。

George, I am hearing mildly favorable things about the outlook for next year. I mean, you're right, this year is kind of we're riding the rest of the year off. They're just we're entering a slow period. It gets cold outside, construction activity slows, so I don't have much in the way of hope for higher logging prices as we move through the fourth quarter, although I do expect them to move up a little bit. And why do I expect them to move up a little bit is because we are seeing more and more curtailments. It almost seems like every other day there's a new announcement. Certainly you saw Weyerhaeuser's results are taking down production, I think 10% in Q4. We've had our back Western Forest products, Inner4 Domtar, company after company has been announcing curtailments. So I do think it has been coming and it will continue to come. These curtailments, given the duties and the tariffs that are now in place. And I do think, if you had to ask me, gee, what do you think is going to happen to lumber prices in '26 versus '25, we're just now getting into the budgeting cycle, but I'd guess prices could be up $30 to $40 full year over full year.

喬治，我聽到了一些關於明年前景略微樂觀的消息。我的意思是，你說得對，今年我們基本上是在混日子，剩下的時間就先放一放。他們只是說我們正進入一個淡季。外面天氣轉冷，建築活動放緩，因此，隨著第四季度的到來，我對木材價格上漲並不抱太大希望，儘管我確實預計它們會小幅上漲。我之所以預計它們會略微上漲，是因為我們看到越來越多的減產措施。幾乎隔一天就有新的公告發布。當然，你也看到了，威好公司的業績正在導致產量下降，我認為第四季下降了 10%。我們一直支持 Western Forest Products、Inner4 Domtar 等公司，但一家又一家公司已經宣布減產。所以我認為這種情況已經發生，而且還會繼續發生。鑑於目前實施的關稅和收費標準，這些限制措施是合理的。如果你問我，你認為 2026 年的木材價格與 2025 年相比會有什麼變化，我們現在才剛剛進入預算週期，但我估計價格可能會比去年上漲 30 到 40 美元。

It's still not where I think they ought to be longer-term for the industry to be healthy, but I do think it is positive. And it's moving in the right direction, and these curtailments, somebody announces them today, but they don't take full effect for, who knows, 2 or 3 months as they work down their log decks. So it just takes a while for it to really have an impact. So I do think next year is going to be better. I do think we have bottom tier in the fourth quarter. I do feel like prices are moving in the right direction, but again, it's a slow time of year, so I don't think we're going to see a lot of price action before the end of the year.

雖然我認為這還不是產業長期健康發展所需的理想狀態，但我認為這是正面的。而且情況正在朝著正確的方向發展，這些限制措施，有人今天宣布了，但要等到兩三個月後才能完全生效，因為他們需要時間來消化這些限制措施。所以它需要一段時間才能真正產生影響。所以我認為明年會更好。我認為我們在第四季已經墊底了。我確實覺得價格正朝著正確的方向發展，但話說回來，現在是一年中的淡季，所以我認為在年底之前我們不會看到太大的價格波動。

Understood. Thanks for the for the commentary. Good luck in the quarters.

明白了。感謝您的評論。祝你在四分之一決賽中好運。

Mark Weintraub, Seaport Global.

Mark Weintraub，Seaport Global。

Thank you. First, just a little bit on the real estate side.

謝謝。首先，我們先簡單談談房地產方面的事情。

So how much in total revenue would the conservation sales and maybe what were the type of price per acre in the quarter or in the year have contributed?

那麼，保護性土地銷售的總收入是多少？該季度或該年度每英畝的價格是多少？

I think for the forecast, we're looking at maybe about 25% of our total rural revenues associated with, those 10,000 acres.

我認為，根據預測，我們農村總收入的 25% 左右可能與這 10,000 英畝土地有關。

Gotcha, and.

明白了。

What type of pricing is that relative to sort of the other and I guess that the heart of the question is I'm trying to get a sense as to are you seeing any changes in what you might consider apples to apples pricing in your real estate sales? Has there been upward bias or has it been pretty flat?

這種定價方式與其他方式相比如何？我想問題的核心是，我想了解一下，在您的房地產銷售中，您是否看到任何與您認為的同類定價方式有所不同的變化？是否有上漲趨勢，還是整體較為穩定？

No, I think Mark demand is strong and because of that we've been able to increase prices, I think fairly significantly. I mean if you look on a kind of a consistent mixed basis, year over year I think we would say maybe prices are up about 10%.

不，我認為市場需求強勁，正因如此，我們才能提高價格，而且我認為漲幅相當大。我的意思是，如果從比較綜合的角度來看，年比來看，我認為價格可能上漲了約 10%。

That's helpful. And shifting gears on the lumber side, it's kind of interesting when your large competitor had talked about its pricing being down, I think it's like $20 or something, a quarter to date, and you are flat. Is there any thoughts, and if you look at random lengths, I think it Probably is down somewhat. So is there some mix or what might be any thoughts as to why your pricing's better quarter date?

那很有幫助。再說說木材方面，挺有意思的，你的大競爭對手之前說過價格已經下降了，我記得大概是每盎司 20 美元左右，已經持續了四分之一的時間，而你的價格卻保持不變。大家有什麼想法嗎？如果隨機觀察長度，我認為它可能會下降。那麼，定價策略中是否存在某種組合，或者對於為什麼你們的定價在季度末會更優惠，你們有什麼想法嗎？

Yeah, Mark, there could be a number of factors at play. I suspect it's more mixed than anything else. We've got a great stud program with some home centers that could be part of it. It could be that we produce a lot of wides in the South. We're not heavy to 2 by 4s in the South. Wis have been weak all year long in the South. They've finally started to improve.

是的，馬克，這可能有很多因素在起作用。我懷疑情況比較複雜，各種因素混在一起。我們有一個很棒的種馬計劃，一些家居中心可以參與其中。可能是因為南部生產了很多寬體片。在南方，我們並不重複使用2x4的木材。威斯康辛州在南方全年都表現疲軟。他們的情況終於開始好轉了。

I suspect that's having a part of the explanation here, but it's going to be mixed at the end of the day.

我懷疑這可以解釋一部分原因，但最終結果可能比較複雜。

And just for identifications, why that would primarily go into what end use.

而對於識別而言，這主要取決於最終用途。

Well, I'll be home construction, but it's like 2 by 12, 2 by 10s, things like that. We normally in the spring, wives tend to take a nice run in price because it's wet weather and bigger trees are hard to get to. They tend to be underwater and that didn't happen this year. This year it was pretty dry. Access to the larger trees was there and so prices never really ran.

嗯，我會做房屋建造工作，但都是些 2x12、2x10 之類的木材。通常到了春天，樹木的價格往往會大幅下跌，因為天氣潮濕，而且較大的樹木很難砍伐。它們通常生活在水下，但今年這種情況並沒有發生。今年天氣相當乾燥。由於可以採摘到較大的樹木，所以價格從來沒有真正上漲過。

And I think we're now getting back to a more normal kind of a price environment where we do get a better premium for wives versus 2x4s.

我認為我們現在正回歸到一個更正常的價格環境，妻子比 2x4 木材能獲得更高的溢價。

Okay, great. And last, maybe on the lithium that's back over 5,000 acres now, can you kind of help us understand potential economics on that part of the business?

好的，太好了。最後，關於目前已恢復的 5000 多英畝的鋰礦，您能否幫助我們了解這部分業務的潛在經濟效益？

Yeah, from a P&L standpoint, there's really kind of a wide range of potential outcomes due to various factors. I think at this time we're not providing any sort of guidance related to that. And there are a couple of large variables that will drive the opportunity ultimately. One, it depends on what is the price of lithium, and then two, the ultimate concentration and the amount of lithium that it's extracted. So those factors really drive what our kind of lease and royalty rates will be from the opportunity. So at this time it's too early to provide any. Detailed insight into P&L opportunity. We kind of need Exxon to build that processing plant first, Mark, and that's going to take a few years, you can imagine.

是的，從損益表的角度來看，由於各種因素的影響，可能會出現多種不同的結果。我認為目前我們不會就此提供任何指導。最終決定這一機會的因素有很多。第一，這取決於鋰的價格；第二，取決於最終的濃度和提取的鋰的數量。因此，這些因素實際上決定了我們從這次機會中獲得的租賃和特許權使用費率。所以現在提供任何資訊都為時過早。對損益機會的深入分析。馬克，我們得先讓埃克森美孚建好那座加工廠，你可以想像，這需要好幾年。

Sure. I mean, do you have a perspective on what the timing of that plant might be?

當然。我的意思是，您對那株植物的生長時機有什麼看法嗎？

Yeah, we don't at this time.

是的，我們目前還沒有。

Okay, fair enough. And then lastly, probably also something you can't really answer, but is there any more color you can share with us on the process that led to the merger transaction with Rainier at this point?

好吧，這說得有道理。最後，也許這個問題您也無法回答，但您能否就促成與 Rainier 合併交易的過程再透露一些細節呢？

Yeah, I think you're going to have to wait until the proxy is filed on that one, Mark, and there'll be a lot of a lot of detail in there.

是的，馬克，我想你得等到委託書提交之後才能知道，裡面會有很多細節。

Fair enough.

很公平。

Thank you guys.

謝謝大家。

Thanks, Mark.

謝謝你，馬克。

Michael Roxland, Truist Securities.

Michael Roxland，Truist Securities。

Thank you, Eric, Wayne for take my questions. Congrats again on the deal and all the progress, thanks.

謝謝埃里克和韋恩回答我的問題。再次恭喜交易達成和取得的所有進展，謝謝。

Why is it just wanted to confirm if I heard correctly, lumber inventories in the channel. It sounds like, one more question, where do they stand because I think I heard you said their lien right now or slowing down from where they were, but I just want to confirm that.

我只是想確認一下我是否聽錯了，渠道裡有木材庫存。聽起來好像還有最後一個問題，他們現在的處境如何？因為我好像聽到你說他們的留置權正在放緩，但我只是想確認一下。

Yeah, I think they are lean, Michael. It, if you're a dealer out there somewhere, you don't need to speculate. You can get just in time deliveries. There's plenty of capacity out there, so I think they're pretty lean.

是的，我覺得他們身材苗條，麥可。如果你是經銷商，你不需要猜測。您可以享受準時送達服務。市面上產能充足，所以我認為他們的人員配置相當精簡。

Got it. Okay. And then on natural climate solutions, any it sounds like, things are pretty good, in terms of your pipeline, maybe a couple of, issues potentially and so, but doesn't really sound like it looks like your order book is going to be, pretty full by the end of the year, but just wondering if you can, if you have any concerns regarding governments.

知道了。好的。至於自然氣候解決方案，聽起來你們的情況相當不錯，就你們的管道而言，可能只有幾個潛在問題，但聽起來你們的訂單簿到年底應該不會很滿。我只是想知道，你們對政府方面有什麼擔憂嗎？

Government funding cuts, obviously the government is pretty aggressive with wind from the outset, they become more aggressive with solar recently, so I'm wondering if that's giving you any pause in terms of the growth potential near term, for some of those NCS initiatives.

政府削減資金，顯然政府從一開始就對風能發展非常積極，最近又對太陽能發展更加積極，所以我想知道這是否會讓您對一些國家氣候變遷戰略的近期增長潛力有所顧慮。

Yeah, I don't, we don't think so, Mark. I think some of the concerns may be overstated. I mean, I think where we get that is just from what we're hearing from solar developers. We're continuing to have active discussions and interests and like we've said, we expect to grow.

是的，我不這麼認為，我們都這麼認為，馬克。我認為有些擔憂可能被誇大了。我的意思是，我認為我們得出這個結論只是因為我們從太陽能開發商那裡聽到了這樣的說法。我們將繼續積極討論並保持濃厚的興趣，正如我們所說，我們期望發展壯大。

Acres under solar option by the end of the year. So those factors point us in the direction that yes we're still very bullish on solar and we're also dealing with more sophisticated solar developers.

到年底，太陽能發電覆蓋面積將達到一定比例。所以這些因素表明，我們仍然非常看好太陽能，而且我們也在與更成熟的太陽能開發商合作。

They know how to build a successful project. You know they've done this before. They've been through various cycles, and they also have the financial wherewithal to execute these projects. I mean we've done a couple of solar deals, even, pre-IRA funding, and that just proves that deals can be done with Without these incentives, so you know you just look at the overall energy environment. I mean, the issue remains there's still a need to keep pace with energy demand, and we certainly believe that this is part of a solution, so.

他們知道如何打造一個成功的專案。你知道他們以前就這麼做過。他們經歷過各種經濟週期，也有足夠的財力來執行這些專案。我的意思是，我們甚至在 IRA 資金到位之前就完成了一些太陽能交易，這正好證明即使沒有這些激勵措施也能達成交易，所以你知道，你只需要看看整體能源環境。我的意思是，問題依然存在，我們仍然需要跟上能源需求的步伐，我們當然相信這是解決方案的一部分。

Got it, Wayne.

明白了，韋恩。

Thank you. And one final question, just, wanted to follow-up on with respect to real estate sales. I mean, is there anything in your pipeline that has the potential to maybe close earlier, this year then let's say in 2026. So maybe I, maybe you're working on something that have a January or early February type closing, anticipate closing date but could potentially, is there anything that maybe has a type of time frame that could be accelerated into this year to forward you some additional signs you had in Q2.

謝謝。最後一個問題，是關於房地產銷售的，我想再跟進一下。我的意思是，你們的研發計畫中是否有任何專案有可能提前完成，例如今年就完成，而不是等到 2026 年。所以，也許我正在處理一些預計在 1 月或 2 月初完成的項目，預計完成日期，但有可能，有沒有什麼項目的時間框架可以加快到今年，以便向您提供一些您在第二季度看到的額外跡象。

Yeah, at this time, we're just sticking with the guidance that we've given, the 5,000 acres for Q4. That's what we have insight to and we believe, but again, yeah, there can be timing of both, good and bad, so I think we kind of play it where we think it will come through.

是的，目前我們仍然堅持先前給出的指導方針，即第四季度5000英畝。這就是我們所了解和相信的，但是，是的，好事和壞事都有發生的時機，所以我認為我們會根據我們認為事情會發展到什麼程度來採取策略。

Understood. Good luck in the quarter.

明白了。祝你本季一切順利。

Thanks.

謝謝。

At this time I'm showing there are no more questions. I'll now turn the call back over to Wayne Wasechek.

此時此刻，我已經表示沒有其他問題了。現在我將把電話轉回給韋恩·瓦塞切克。

Thank you for joining us this morning. Just please contact me with any follow-up questions.

感謝您今天早上收看我們的節目。如有任何後續問題，請隨時與我聯絡。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。