CatchMark Timber Trust, Inc. (NYSE:CTT) Q4 2019 Earnings Conference Call - Final Transcript

Feb 14, 2020 • 10:00 am ET


CatchMark Timber Trust, Inc. (NYSE:CTT) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the CatchMark Timber Trust Fourth Quarter 2019 Earnings Call and Webcast. [Operator Instructions] I would now like to turn the conference over to Ursula Godoy, Chief Financial Officer. Please go ahead ma'am.

Ursula Godoy-Arbelaez

Good morning. Thank you for joining us for our review of CatchMark Timber Trust results for fourth quarter and full year 2019, as well as 2020 Company guidance. I'm Ursula Godoy, Chief Financial Officer of CatchMark. Joining me today on the call are Chief Executive Officer, Brian Davis; Chief Resources Officer, Todd Reitz; and John Rasor, President of Triple T Timberlands.

During this call, CatchMark management will make forward-looking statements. These forward-looking statements are based on management's current beliefs and the information currently available. CatchMark's actual results will be affected by certain risks and uncertainties that are beyond its control or ability to predict and could cause our actual results to differ materially from expectations. For more information about the factors that could cause such differences, we refer you to our 2018 Annual Report on Form 10-K and subsequent reports that we filed with the SEC. Today's presentation includes certain non-GAAP financial measures. Reconciliations of these measurements are included in our earnings release, which is posted on our website. After our presentation, Brian, Todd, John and I will be pleased to answer any of your questions.

Now, I turn over the call to Chief Executive Officer, Brian Davis.

Brian M. Davis

Thank you, Ursula and good morning everyone. On our call today, our team looks forward to reviewing CatchMark's excellent fourth quarter and full-year 2019 results, providing Company guidance for the year ahead and setting out the guiding principles for continuing to deliver on CatchMark's objectives, and those objectives steadfastly center on increasing shareholder value through stable and predictable cash flow generation and supporting a strong reliable dividend.

Before we begin, I want to recognize the outstanding contributions of Jerry Barag who together with the team help lead CatchMark since its listing on the New York Stock Exchange more than six years ago. Over that time without exception, we delivered on our plan and strategy meeting our operating targets and guidance. We also assembled what we believe is the highest quality timberlands portfolio in our industry positioned to deliver durable cash flow growth for our shareholders over the long term. All of us thank Jerry for his leadership creativity and friendship.

Going forward, we intend to maintain CatchMark's course built on three strategic pillars for delivering predictable cash flow growth. Those three pillars are investing in prime timberlands, operating near high demand mill markets with creditworthy counterparties and managing our timberlands to optimize harvest through sustainable best practices. We will continue to rely on a delivered wood sales model and fiber supply agreements to sustain predictable revenues and volumes. There will be no change in this operating approach, which has underpinned delivering consistent and predictable cash flow. We intend to be extremely disciplined and focused on strengthening and expanding our timberlands, particularly in and around our current