PR Newswire | Jan 28, 2022 03:05AM EST

01/28 02:05 CST

Weyerhaeuser Reports Fourth Quarter, Record Full Year Results- Achieved record full year net earnings of $2.6 billion, or $3.47 per diluted share- Increased full year Adjusted EBITDA by 86 percent to a record $4.1 billion- Generated record full year cash flow from operations of $3.2 billion and Adjusted FAD of $2.6 billion- Delivering total cash return to shareholders of more than $2 billion based on 2021 results SEATTLE, Jan. 28, 2022

SEATTLE, Jan. 28, 2022 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion. This compares with net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion for the same period last year and net earnings of $482 million for the third quarter of 2021. Excluding a total after-tax benefit of $49 million for special items, the company reported fourth quarter net earnings of $367 million, or 49 cents per diluted share. This compares with net earnings before special items of $361 million for the same period last year and $450 million for the third quarter of 2021. Adjusted EBITDA for the fourth quarter of 2021 was $674 million compared with $657 million for the same period last year and $746 million for the third quarter of 2021.

View our earnings release and financial statements in a printer-friendly PDF.

For the full year 2021, Weyerhaeuser reported record net earnings of $2.6 billion, or $3.47 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $797 million on net sales of $7.5 billion for the full year 2020. Full year 2021 includes a total after-tax benefit of $81 million for special items. Excluding these items, the company reported net earnings of $2.5 billion, or $3.37 per diluted share. This compares with net earnings before special items of $962 million for the full year 2020. Adjusted EBITDA for full year 2021 was a record $4.1 billion compared with $2.2 billion for full year 2020.

This morning, the company declared a $1.45 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning more than $2 billion of cash, or 79 percent of 2021 Adjusted FAD, to shareholders based on our 2021 results.

"Our 2021 financial performance was the strongest on record and each of our businesses delivered exceptional results despite persistent operational and market challenges," said Devin W. Stockfish, president and chief executive officer. "Our teams delivered the highest Wood Products Adjusted EBITDA on record, captured over $70 million of operational excellence improvements, optimized our timberlands holdings through strategic transactions in Alabama and Washington, and launched our new Natural Climate Solutions business. As we enter 2022, we continue to be encouraged by strong demand fundamentals that will drive growth for our businesses and remain focused on creating superior value for shareholders through our unmatched portfolio of assets, industry-leading operating performance, strong ESG foundation and disciplined capital allocation."

WEYERHAEUSER FINANCIAL HIGHLIGHTS 2021 2021 2020 2021 2020

(millions, except per share data) Q3 Q4 Q4 Full Full Year Year

Net sales $2,345 $2,206 $2,063 $10,201 $7,532

Net earnings $482 $416 $292 $2,607 $797

Net earnings per diluted share $0.64 $0.55 $0.39 $3.47 $1.07

Weighted average shares outstanding, 751 751 749 751 748diluted

Net earnings before special items^(1) $450 $367 $361 $2,526 $962(2)

Net earnings per diluted share before $0.60 $0.49 $0.48 $3.37 $1.29special items^(1)

Adjusted EBITDA^(1) $746 $674 $657 $4,094 $2,201

Net cash from operations $659 $494 $444 $3,159 $1,529

Adjusted FAD^(3) $561 $181 $362 $2,623 $1,240

Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted(1) EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.

Fourth quarter 2021 after-tax special items include a $28 million product(2) remediation insurance recovery, a $12 million noncash legal benefit and a $9 million insurance recovery. Special items for prior periods presented are included in the reconciliation tables within this release.

Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and(3) significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release.

TIMBERLANDS



FINANCIAL HIGHLIGHTS 2021 2021

(millions) Q3 Q4 Change

Net sales $552 $565 $13

Net contribution to pretax earnings $133 $110 $(23)

Pretax benefit for special items $(32) $- $32

Net contribution to pretax earnings before special items $101 $110 $9

Adjusted EBITDA $165 $176 $11

Q4 2021 Performance -In the West, fee harvest volumes were slightly higher than the third quarter and per unit log and haul costs were lower. Domestic sales realizations were comparable and export sales realizations were slightly higher, driven by strong demand in Japan. In the South, sales realizations for sawlogs and fiber logs increased slightly as mills continued to bolster inventories, and fee harvest volumes were modestly higher as weather conditions improved from the third quarter. Per unit log and haul costs were slightly higher, primarily due to increased transportation costs.

Q1 2022 Outlook - Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be significantly higher than the fourth quarter. In the West, the company expects significantly higher domestic sales realizations and fee harvest volumes, moderately higher export sales realizations, and seasonally lower forestry and road costs. Per unit log and haul costs are expected to be moderately lower than the fourth quarter. In the South, the company expects comparable sales realizations and seasonally lower forestry and road costs. This is expected to be offset by slightly higher per unit log and haul costs and slightly lower fee harvest volumes.

REAL ESTATE, ENERGY & NATURAL RESOURCES



FINANCIAL HIGHLIGHTS 2021 2021

(millions) Q3 Q4 Change

Net sales $69 $59 $(10)

Net contribution to pretax earnings $45 $36 $(9)

Adjusted EBITDA $60 $49 $(11)

Q4 2021 Performance -Earnings and Adjusted EBITDA decreased from the third quarter due to lower real estate sales. The number of acres sold decreased due to the timing of transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $296 million.

Q1 2022 Outlook -Weyerhaeuser expects first quarter earnings and Adjusted EBITDA will be slightly higher than first quarter 2021 due to an increase in real estate acres sold. The company anticipates full year 2022 Adjusted EBITDA for the segment will be approximately $300 million.

WOOD PRODUCTS



FINANCIAL HIGHLIGHTS 2021 2021

(millions) Q3 Q4 Change

Net sales $1,853 $1,718 $(135)

Net contribution to pretax earnings $517 $516 $(1)

Pretax benefit for special items $- $(50) $(50)

Net contribution to pretax earnings before special $517 $466 $(51)items

Adjusted EBITDA $565 $517 $(48)

Q4 2021 Performance -Sales realizations for lumber increased by 15 percent compared with the third quarter average, which was more than offset by a 29 percent decrease for oriented strand board. Sales volumes were significantly lower than the third quarter for lumber and slightly lower for oriented strand board, largely due to weather-related transportation challenges in Canada. Raw material costs for engineered wood products were significantly lower, primarily for oriented strand board webstock. Sales realizations improved across most engineered wood products, partially offset by lower sales volumes due to planned maintenance. Distribution commodity product margins were significantly higher, slightly offset by seasonally lower sales volumes.

Fourth quarter pretax special items include a $37 million product remediation recovery and a $13 million insurance recovery.

Q1 2022 Outlook - Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be comparable to the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. The company expects modestly higher sales volumes for oriented strand board, partially offset by moderately higher fiber costs. For lumber, the company expects moderately higher log costs and slightly lower sales volumes, partially offset by improved unit manufacturing costs. Engineered wood products sales volumes are expected to be higher with comparable sales realizations.

UNALLOCATED



FINANCIAL HIGHLIGHTS 2021 2021

(millions) Q3 Q4 Change

Net charge to pretax earnings $(50) $(57) $(7)

Pretax benefit for special items $- $(15) $(15)

Net charge to pretax earnings before special items $(50) $(72) $(22)

Adjusted EBITDA $(44) $(68) $(24)

Q4 2021 Performance -Fourth quarter results include an adjustment to our self-insurance accruals, primarily due to elevated medical claims activity.

Fourth quarter special items include a $15 million pretax noncash legal benefit.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2021, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 28, 2022 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 28, 2022.

To join the conference call from within North America, dial 877-407-0792 (access code: 13724913) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13724913). Replays will be available for two weeks at 844-512-2921 (access code: 13724913) from within North America, and at 412-317-6671 (access code: 13724913) from outside North America.

FORWARD-LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: demand fundamentals and expected growth in our businesses; first quarter earnings and Adjusted EBITDA for each of our businesses and full-year Adjusted EBITDA for our Real Estate, Energy & Natural Resources business; domestic and export log sales realizations, fee harvest volumes, forestry and road costs, and log and haul costs for our Timberlands business; real estate sales volume for our Real Estate, Energy & Natural Resources business; and raw materials costs, sales volumes and realizations and unit manufacturing costs for our Wood Products business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words such as "anticipate," "expect," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

* the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar; * the effect of COVID-19 and other viral or disease outbreaks, including but not limited to any related regulatory restrictions or requirements, and their potential effects on our business, results of operations, cash flows, financial condition and future prospects; * market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions; * changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen; * restrictions on international trade and tariffs imposed on imports or exports; * the availability and cost of shipping and transportation; * economic activity in Asia, especially Japan and China; * performance of our manufacturing operations, including maintenance and capital requirements; * potential disruptions in our manufacturing operations; * the level of competition from domestic and foreign producers; * the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives; * the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements; * raw material availability and prices; * the effect of weather; * changes in global or regional climate conditions and governmental response to such changes; * the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters; * energy prices; * transportation and labor availability and costs; * federal tax policies; * the effect of forestry, land use, environmental and other governmental regulations; * legal proceedings; * performance of pension fund investments and related derivatives; * the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation; * the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses; * changes in accounting principles; and * other risks and uncertainties identified in our 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

For more information contact: Analysts - Andy Taylor 206-539-3907

Media - Nancy Thompson 919-861-0342

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2021:

Real Estate Wood Unallocated(millions) Timberlands Total & ENR Products Items

Adjusted EBITDA by Segment:

Net earnings $2,607

Interest expense, net of capitalized interest 313

Income taxes 709

Net contribution (charge) to earnings $464 $210 $3,211 $(256) $3,629

Non-operating pension and other post-employment benefit - - - 19 19costs

Interest income and other - - - (5) (5)

Operating income (loss) 464 210 3,211 (242) 3,643

Depreciation, depletion and amortization 261 15 196 5 477

Basis of real estate sold - 71 - - 71

Special items included in operating income (loss)^(1)(2)(3) (32) - (50) (15) (97)

Adjusted EBITDA $693 $296 $3,357 $(252) $4,094

(1) Operating income (loss) for Timberlands includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

Operating income (loss) for Wood Products includes pretax special items(2) consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(3) Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2020:

Real Estate Wood Unallocated(millions) Timberlands Total & ENR Products Items

Adjusted EBITDA by Segment:

Net earnings $797

Interest expense, net of capitalized interest^(1) 443

Income taxes 185

Net contribution (charge) to earnings $455 $86 $1,340 $(456) $1,425

Non-operating pension and other post-employment - - - 290 290benefit costs^(2)

Interest income and other - - - (5) (5)

Operating income (loss) 455 86 1,340 (171) 1,710

Depreciation, depletion and amortization 257 14 195 6 472

Basis of real estate sold - 141 - - 141

Special items included in operating income (loss)^ (102) - (8) (12) (122)(3)(4)(5)

Adjusted EBITDA $610 $241 $1,527 $(177) $2,201

Interest expense, net of capitalized interest includes pretax special items(1) consisting of $92 million of charges related to the early extinguishment of debt.

Non-operating pension and other post-employment benefit costs includes a(2) pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.

Operating income (loss) for Timberlands includes pretax special items(3) consisting of a $182 million gain on sale of certain southern Oregon timberlands and an $80 million timber casualty loss.

(4) Operating income (loss) for Wood Products includes a pretax special item consisting of an $8 million product remediation insurance recovery.

(5) Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $12 million noncash legal benefit.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2021:

Real Estate Wood Unallocated(millions) Timberlands Total & ENR Products Items

Adjusted EBITDA by Segment:

Net earnings $416

Interest expense, net of capitalized interest 77

Income taxes 112

Net contribution (charge) to earnings $110 $36 $516 $(57) $605

Non-operating pension and other - - - 5 5post-employment benefit costs

Interest income and other - - - (1) (1)

Operating income (loss) 110 36 516 (53) 609

Depreciation, depletion and amortization 66 4 51 - 121

Basis of real estate sold - 9 - - 9

Special items included in operating income - - (50) (15) (65)(loss)^(1)(2)

Adjusted EBITDA $176 $49 $517 $(68) $674

Operating income (loss) for Wood Products includes pretax special items(1) consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

Operating income (loss) for Unallocated Items includes a pretax special(2) item consisting of a $15 million noncash legal benefit.

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2021:

Real Estate Wood Unallocated(millions) Timberlands Total & ENR Products Items

Adjusted EBITDA by Segment:

Net earnings $482

Interest expense, net of 79capitalized interest

Income taxes 84

Net contribution (charge) $133 $45 $517 $(50) $645to earnings

Non-operating pension andother post-employment - - - 5 5benefit costs

Interest income and other - - - (1) (1)

Operating income (loss) 133 45 517 (46) 649

Depreciation, depletion and 64 4 48 2 118amortization

Basis of real estate sold - 11 - - 11

Special items included in (32) - - - (32)operating income (loss)^(1)

Adjusted EBITDA $165 $60 $565 $(44) $746

(1) Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2020:

Real Estate Wood Unallocated(millions) Timberlands Total & ENR Products Items

Adjusted EBITDA by Segment:

Net earnings $292

Interest expense, net of 144capitalized interest^(1)

Income taxes 19

Net contribution (charge) $286 $14 $481 $(326) $455to earnings

Non-operating pension andother post-employment - - - 262 262benefit costs^(2)

Interest income and other - - - - -

Operating income (loss) 286 14 481 (64) 717

Depreciation, depletion and 63 4 49 1 117amortization

Basis of real estate sold - 5 - - 5

Special items included in (182) - - - (182)operating income (loss)^(3)

Adjusted EBITDA $167 $23 $530 $(63) $657

Interest expense, net of capitalized interest includes a pretax special(1) item consisting of a $58 million charge related to the early extinguishment of $500 million of 4.625 percent notes due September 2023.

Non-operating pension and other post-employment benefit costs includes a(2) pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.

(3) Operating income (loss) includes a pretax special item consisting of a $182 million gain on sale of certain southern Oregon timberlands.

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings:

2021 2021 2020 2021 2020

(millions) Q3 Q4 Q4 Full Year Full Year

Net earnings $482 $416 $292 $2,607 $797

Early extinguishment of debt charges - - 58 - 92

Gain on sale of timberlands (32) - (182) (32) (182)

Insurance recovery - (9) - (9) -

Legal benefits - (12) - (12) (12)

Pension settlement charge - - 193 - 193

Product remediation recoveries - (28) - (28) (6)

Timber casualty loss - - - - 80

Net earnings before special items $450 $367 $361 $2,526 $962

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

2021 2021 2020 2021 2020

Q3 Q4 Q4 Full Full Year Year

Net earnings per diluted share $0.64 $0.55 $0.39 $3.47 $1.07

Early extinguishment of debt charges - - 0.07 - 0.12

Gain on sale of timberlands (0.04) - (0.24) (0.04) (0.24)

Insurance recovery - (0.01) - (0.01) -

Legal benefits - (0.01) - (0.01) (0.02)

Pension settlement charge - - 0.26 - 0.26

Product remediation recoveries - (0.04) - (0.04) (0.01)

Timber casualty loss - - - - 0.11

Net earnings per diluted share before $0.60 $0.49 $0.48 $3.37 $1.29special items

RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS

We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.

The table below reconciles Adjusted FAD to net cash from operations:

2021 2021 2020 2021 2020

(millions) Q3 Q4 Q4 Full Year Full Year

Net cash from operations $659 $494 $444 $3,159 $1,529

Capital expenditures (98) (218) (82) (441) (281)

Adjustments to FAD^(1) - (95) - (95) (8)

Adjusted FAD $561 $181 $362 $2,623 $1,240

Adjustments to FAD include a $95 million tax refund received in fourth(1) quarter 2021 associated with our $300 million voluntary contribution to our U.S. qualified pension plan in 2018 and an $8 million product remediation insurance recovery received in second quarter 2020.

Weyerhaeuser Company Exhibit 99.2

Q4.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations



Q1 Q2 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,in millions 2021 2021 2021 2021 2020 2021 2020

Net sales $ 2,506 $ 3,144 $ 2,345 $ 2,206 $ 2,063 $ 10,201 $ 7,532

Costs of sales 1,430 1,583 1,589 1,501 1,392 6,103 5,447

Gross margin 1,076 1,561 756 705 671 4,098 2,085

Selling expenses 20 24 24 27 21 95 83

General and administrative expenses 90 95 98 113 93 396 347

Gain on sale of timberlands - - (32) - (182) (32) (182)

Other operating costs (income), net 10 13 17 (44) 22 (4) 127

Operating income 956 1,429 649 609 717 3,643 1,710

Non-operating pension and other post-employment benefit costs (8) (1) (5) (5) (262) (19) (290)

Interest income and other 1 2 1 1 - 5 5

Interest expense, net of capitalized interest (79) (78) (79) (77) (144) (313) (443)

Earnings before income taxes 870 1,352 566 528 311 3,316 982

Income taxes (189) (324) (84) (112) (19) (709) (185)

Net earnings $ 681 $ 1,028 $ 482 $ 416 $ 292 $ 2,607 $ 797

Per Share Information



Q1 Q2 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,

2021 2021 2021 2021 2020 2021 2020

Earnings per share

Basic $ 0.91 $ 1.37 $ 0.64 $ 0.56 $ 0.39 $ 3.48 $ 1.07

Diluted $ 0.91 $ 1.37 $ 0.64 $ 0.55 $ 0.39 $ 3.47 $ 1.07

Dividends paid per common share $ 0.17 $ 0.17 $ 0.17 $ 0.67 $ 0.17 $ 1.18 $ 0.51

Weighted average shares outstanding (in thousands):

Basic 748,718 750,127 750,105 749,020 747,294 749,496 746,931

Diluted 750,024 751,508 751,443 750,942 749,004 750,983 747,899

Common shares outstanding at end of period (in thousands) 748,751 749,782 749,037 747,301 747,385 747,301 747,385

Adjusted Earnings before Interest, Tax, Depreciation, Depletion andAmortization (Adjusted EBITDA)



Q1 Q2 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,in millions 2021 2021 2021 2021 2020 2021 2020

Net earnings $ 681 $ 1,028 $ 482 $ 416 $ 292 $ 2,607 $ 797

Non-operating pension and other post-employment benefit costs 8 1 5 5 262 19 290

Interest income and other (1) (2) (1) (1) - (5) (5)

Interest expense, net of capitalized interest 79 78 79 77 144 313 443

Income taxes 189 324 84 112 19 709 185

Operating income 956 1,429 649 609 717 3,643 1,710

Depreciation, depletion and amortization 118 120 118 121 117 477 472

Basis of real estate sold 27 24 11 9 5 71 141

Special items included in operating income - - (32) (65) (182) (97) (122)

Adjusted EBITDA^(1) $ 1,101 $ 1,573 $ 746 $ 674 $ 657 $ 4,094 $ 2,201

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(1) 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.

Weyerhaeuser Company Total Company Statistics

Q4.2021 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)



Q1 Q2 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,in millions 2021 2021 2021 2021 2020 2021 2020

Net earnings $ 681 $ 1,028 $ 482 $ 416 $ 292 $ 2,607 $ 797

Early extinguishment of debt - - - - 58 - 92charges^(1)

Gain on sale of timberlands - - (32) - (182) (32) (182)

Insurance recovery - - - (9) - (9) -

Legal benefits - - - (12) - (12) (12)

Pension settlement charge - - - - 193 - 193

Product remediation - - - (28) - (28) (6)recoveries

Timber casualty loss - - - - - - 80

Net earnings before special $ 681 $ 1,028 $ 450 $ 367 $ 361 $ 2,526 $ 962items^(2)

Q1 Q2 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,

2021 2021 2021 2021 2020 2021 2020

Net earnings per diluted share $ 0.91 $ 1.37 $ 0.64 $ 0.55 $ 0.39 $ 3.47 $ 1.07

Early extinguishment of debt charges^(1) - - - - 0.07 - 0.12

Gain on sale of timberlands - - (0.04) - (0.24) (0.04) (0.24)

Insurance recovery - - - (0.01) - (0.01) -

Legal benefits - - - (0.01) - (0.01) (0.02)

Pension settlement charge - - - - 0.26 - 0.26

Product remediation recoveries - - - (0.04) - (0.04) (0.01)

Timber casualty loss - - - - - - 0.11

Net earnings per diluted share before $ 0.91 $ 1.37 $ 0.60 $ 0.49 $ 0.48 $ 3.37 $ 1.29special items^(2)

We recorded pretax charges of $11 million ($11 million after-tax), $23^ million ($23 million after-tax) and $58 million ($58 million after-tax)(1) related to the early extinguishment of debt in second quarter 2020, third quarter 2020 and fourth quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.

Net earnings before special items is a non-GAAP measure that management^ believes provides helpful context in understanding the company's earnings(2) 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 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,in millions 2021 2021 2021 2021 2020 2021 2020

Pension and post-employment costs:

Pension and post-employment service costs $ 11 $ 10 $ 11 $ 10 $ 9 $ 42 $ 36

Non-operating pension and other post-employment benefit costs 8 1 5 5 262 19 290

Total company pension and post-employment costs $ 19 $ 11 $ 16 $ 15 $ 271 $ 61 $ 326

Weyerhaeuser Company

Q4.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Balance Sheet

March 31, June 30, September 30, December 31, December 31,in millions 2021 2021 2021 2021 2020

ASSETS

Current assets:

Cash and cash equivalents $ 1,016 $ 1,777 $ 2,326 $ 1,879 $ 495

Receivables, net 589 702 497 507 450

Receivables for taxes 7 7 72 100 82

Inventories 505 499 499 520 443

Assets held for sale - 229 - - -

Prepaid expenses and other current assets 141 141 146 205 139

Total current assets 2,258 3,355 3,540 3,211 1,609

Property and equipment, net 1,971 1,965 1,924 2,057 2,013

Construction in progress 91 102 169 175 73

Timber and timberlands at cost, less depletion 11,776 11,643 11,606 11,510 11,827

Minerals and mineral rights, less depletion 265 262 258 255 268

Deferred tax assets 106 71 52 17 120

Other assets 407 432 543 503 401

Total assets $ 16,874 $ 17,830 $ 18,092 $ 17,728 $ 16,311

LIABILITIES AND EQUITY

Current liabilities:

Current maturities of long-term debt $ 150 $ 150 $ 150 $ - $ 150

Accounts payable 236 253 264 281 204

Accrued liabilities 549 775 1,110 749 596

Total current liabilities 935 1,178 1,524 1,030 950

Long-term debt, net 5,325 5,100 5,100 5,099 5,325

Deferred tax liabilities 26 42 28 46 24

Deferred pension and other post-employment benefits 893 747 711 440 911

Other liabilities 367 363 360 346 370

Total liabilities 7,546 7,430 7,723 6,961 7,580

Total equity 9,328 10,400 10,369 10,767 8,731

Total liabilities and equity $ 16,874 $ 17,830 $ 18,092 $ 17,728 $ 16,311

Weyerhaeuser Company

Q4.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows



Q1 Q2 Q3 Q4 Year-to-Date

March 31, June 30, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,in millions 2021 2021 2021 2021 2020 2021 2020

Cash flows from operations:

Net earnings $ 681 $ 1,028 $ 482 $ 416 $ 292 $ 2,607 $ 797

Noncash charges (credits) to earnings:

Depreciation, depletion and amortization 118 120 118 121 117 477 472

Basis of real estate sold 27 24 11 9 5 71 141

Deferred income taxes, net 8 11 (3) (2) (76) 14 (56)

Pension and other post-employment benefits 19 11 16 15 271 61 326

Share-based compensation expense 7 8 8 7 8 30 30

Timber casualty loss - - - - - - 80

Gain on sale of timberlands - - (32) - (182) (32) (182)

Change in:

Receivables, net (139) (113) 205 (10) 51 (57) (141)

Receivables and payables for taxes 120 116 (143) 6 (38) 99 65

Inventories (60) 9 (4) (22) (27) (77) (25)

Prepaid expenses and other current assets (2) 1 (20) (4) (9) (25) (4)

Accounts payable and accrued liabilities (60) 125 51 (3) (20) 113 (17)

Pension and post-employment benefit contributions and payments (8) (25) (23) (3) (9) (59) (30)

Other (13) (7) (7) (36) 61 (63) 73

Net cash from operations $ 698 $ 1,308 $ 659 $ 494 $ 444 $ 3,159 $ 1,529

Cash flows from investing activities:

Capital expenditures for property and equipment $ (31) $ (62) $ (91) $ (202) $ (67) $ (386) $ (225)

Capital expenditures for timberlands reforestation (22) (10) (7) (16) (15) (55) (56)

Acquisition of timberlands - (149) - - (425) (149) (425)

Proceeds from note receivable held by variable interest entities - - - - - - 362

Proceeds from sale of timberlands - - 261 - 381 261 526

Other - 1 2 1 - 4 3

Net cash from investing activities $ (53) $ (220) $ 165 $ (217) $ (126) $ (325) $ 185

Cash flows from financing activities:

Cash dividends on common shares $ (127) $ (128) $ (127) $ (502) $ (127) $ (884) $ (381)

Net proceeds from issuance of long-term debt - - - - - - 732

Payments on long-term debt - (225) - (150) (556) (375) (1,492)

Proceeds from borrowings on line of credit - - - - - - 550

Payments on line of credit - - - - - - (780)

Proceeds from exercise of stock options 17 28 1 5 24 51 33

Repurchases of common shares - - (26) (74) - (100) -

Other (14) (2) (3) (3) (4) (22) (20)

Net cash from financing activities $ (124) $ (327) $ (155) $ (724) $ (663) $ (1,330) $ (1,358)

Net change in cash, cash equivalents and restricted cash $ 521 $ 761 $ 669 $ (447) $ (345) $ 1,504 $ 356

Cash, cash equivalents and restricted cash at beginning of period 495 1,016 1,777 2,446 840 495 139

Cash, cash equivalents and restricted cash at end of period $ 1,016 $ 1,777 $ 2,446 $ 1,999 $ 495 $ 1,999 $ 495

Cash paid during the period for:

Interest, net of amounts capitalized $ 75 $ 79 $ 83 $ 78 $ 87 $ 315 $ 365

Income taxes, net of refunds $ 66 $ 197 $ 231 $ 115 $ 130 $ 609 $ 176

Weyerhaeuser Company Timberlands Segment

Q4.2021 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Sales to unaffiliated customers $ 379 $ 405 $ 423 $ 429 $ 381 $ 1,636 $ 1,466

Intersegment sales 134 136 129 136 121 535 471

Total net sales 513 541 552 565 502 2,171 1,937

Costs of sales 383 407 428 432 375 1,650 1,491

Gross margin 130 134 124 133 127 521 446

Selling expenses - - 1 1 1 2 2

General and administrative expenses 23 23 23 23 23 92 93

Gain on sale of timberlands - - (32) - (182) (32) (182)

Other operating costs (income), net (1) (2) (1) (1) (1) (5) 78

Operating income and Net contribution to earnings $ 108 $ 113 $ 133 $ 110 $ 286 $ 464 $ 455

Adjusted Earnings before Interest, Tax, Depreciation, Depletion andAmortization^(1)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Operating income $ 108 $ 113 $ 133 $ 110 $ 286 $ 464 $ 455

Depreciation, depletion and amortization 64 67 64 66 63 261 257

Special items - - (32) - (182) (32) (102)

Adjusted EBITDA^(1) $ 172 $ 180 $ 165 $ 176 $ 167 $ 693 $ 610

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

Segment Special Items Included in Net Contribution to Earnings (Pretax)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Gain on sale of timberlands $ - $ - $ 32 $ - $ 182 $ 32 $ 182

Timber casualty loss $ - $ - $ - $ - $ - $ - $ (80)

Selected Segment Items



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Total decrease (increase) in working capital^(2) $ (13) $ 2 $ 1 $ (21) $ (47) $ (31) $ (9)

Cash spent for capital expenditures^(3) $ (28) $ (21) $ (27) $ (38) $ (29) $ (114) $ (104)

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

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

Segment Statistics^(4)



Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Third Party Delivered logs:

Net Sales West $ 201 $ 222 $ 226 $ 220 $ 201 $ 869 $ 720

(millions) South 131 145 153 160 137 589 573

North 16 9 13 14 15 52 52

Total delivered logs 348 376 392 394 353 1,510 1,345

Stumpage and pay-as-cut timber 6 7 9 9 4 31 19

Recreational and other lease revenue 16 16 16 17 16 65 63

Other revenue 9 6 6 9 8 30 39

Total $ 379 $ 405 $ 423 $ 429 $ 381 $ 1,636 $ 1,466

Delivered Logs West $ 130.69 $ 137.80 $ 145.64 $ 146.39 $ 124.37 $ 140.08 $ 110.69

Third Party Sales South $ 34.50 $ 35.11 $ 35.56 $ 36.55 $ 33.69 $ 35.47 $ 33.83

Realizations (per ton) North $ 62.83 $ 74.88 $ 64.93 $ 66.74 $ 58.96 $ 66.18 $ 59.10

Delivered Logs West 1,539 1,608 1,555 1,501 1,619 6,203 6,506

Third Party Sales South 3,782 4,150 4,304 4,358 4,097 16,594 16,954

Volumes (tons, thousands) North 261 115 195 217 241 788 872

Fee Harvest Volumes West 2,101 2,099 1,930 1,954 2,085 8,084 8,542

(tons, thousands) South 5,376 5,856 5,912 6,160 5,509 23,304 23,149

North 337 199 264 285 325 1,085 1,226

^(^ Western logs are primarily transacted in MBF but are converted to ton4) equivalents for external reporting purposes.

Weyerhaeuser Company Real Estate, Energy & Natural Resources Segment

Q4.2021 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Net sales $ 106 $ 110 $ 69 $ 59 $ 30 $ 344 $ 276

Costs of sales 34 41 18 16 9 109 165

Gross margin 72 69 51 43 21 235 111

General and administrative expenses 6 6 6 7 7 25 25

Operating income and Net contribution to earnings $ 66 $ 63 $ 45 $ 36 $ 14 $ 210 $ 86

Adjusted Earnings before Interest, Tax, Depreciation, Depletion andAmortization^(1)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Operating income $ 66 $ 63 $ 45 $ 36 $ 14 $ 210 $ 86

Depreciation, depletion and amortization 3 4 4 4 4 15 14

Basis of real estate sold 27 24 11 9 5 71 141

Adjusted EBITDA^(1) $ 96 $ 91 $ 60 $ 49 $ 23 $ 296 $ 241

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

Selected Segment Items



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Cash spent for capital expenditures $ - $ - $ - $ - $ - $ - $ -

Segment Statistics



Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Net Sales Real Estate $ 84 $ 83 $ 45 $ 34 $ 10 $ 246 $ 202

(millions) Energy and Natural Resources 22 27 24 25 20 98 74

Total $ 106 $ 110 $ 69 $ 59 $ 30 $ 344 $ 276

Acres Sold Real Estate 19,455 18,415 11,037 6,920 670 55,827 111,898

Price per Acre Real Estate $ 3,803 $ 3,227 $ 4,005 $ 4,385 $ 6,316 $ 3,725 $ 1,690

Basis as a Percent of Real Estate 32 % 29 % 24 % 26 % 50 % 29 % 70 %Real Estate Net Sales

Weyerhaeuser Company Wood Products Segment

Q4.2021 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Net sales $ 2,021 $ 2,629 $ 1,853 $ 1,718 $ 1,652 $ 8,221 $ 5,790

Costs of sales 1,124 1,229 1,270 1,185 1,109 4,808 4,221

Gross margin 897 1,400 583 533 543 3,413 1,569

Selling expenses 19 21 21 23 20 84 77

General and administrative expenses 35 35 34 34 34 138 136

Other operating costs (income), net 3 6 11 (40) 8 (20) 16

Operating income and Net contribution to earnings $ 840 $ 1,338 $ 517 $ 516 $ 481 $ 3,211 $ 1,340

Adjusted Earnings before Interest, Tax, Depreciation, Depletion andAmortization^(1)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Operating income $ 840 $ 1,338 $ 517 $ 516 $ 481 $ 3,211 $ 1,340

Depreciation, depletion and amortization 49 48 48 51 49 196 195

Special items - - - (50) - (50) (8)

Adjusted EBITDA^(1) $ 889 $ 1,386 $ 565 $ 517 $ 530 $ 3,357 $ 1,527

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

Segment Special Items Included in Net Contribution to Earnings (Pretax)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Insurance recovery $ - $ - $ - $ 13 $ - $ 13 $ -

Product remediation recoveries $ - $ - $ - $ 37 $ - $ 37 $ 8

Selected Segment Items



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Total decrease (increase) in working $ (212) $ (49) $ 249 $ (11) $ 16 $ (23) $ (182)capital^(2)

Cash spent for capital expenditures $ (25) $ (51) $ (70) $ (174) $ (52) $ (320) $ (176)

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

Segment Statistics



in millions, except for third party sales Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020realizations

Structural Lumber Third party net sales $ 990 $ 1,349 $ 681 $ 701 $ 737 $ 3,721 $ 2,602

(volumes presented Third party sales $ 864 $ 1,077 $ 516 $ 592 $ 609 $ 759 $ 534 realizations

in board feet) Third party sales volumes^(3) 1,145 1,252 1,320 1,185 1,210 4,902 4,873

Production volumes 1,211 1,234 1,222 1,148 1,179 4,815 4,666

Oriented Strand Third party net sales $ 438 $ 605 $ 470 $ 327 $ 354 $ 1,840 $ 1,013

Board Third party sales $ 614 $ 911 $ 691 $ 490 $ 503 $ 675 $ 343 realizations

(volumes presented Third party sales volumes^(3) 714 663 681 668 703 2,726 2,956

in square feet 3/ Production volumes 742 683 715 725 735 2,865 3,0138")

Engineered Solid Third party net sales $ 142 $ 166 $ 183 $ 188 $ 132 $ 679 $ 505

Section Third party sales $ 2,285 $ 2,533 $ 3,092 $ 3,319 $ 2,221 $ 2,789 $ 2,162 realizations

(volumes presented Third party sales volumes^(3) 6.2 6.6 5.9 5.7 6.0 24.4 23.4

in cubic feet) Production volumes 6.0 6.2 5.8 6.0 6.2 24.0 23.0

Engineered Third party net sales $ 83 $ 104 $ 128 $ 132 $ 85 $ 447 $ 316

I-joists Third party sales $ 1,773 $ 1,980 $ 2,600 $ 2,888 $ 1,695 $ 2,300 $ 1,662 realizations

(volumes presented Third party sales volumes^(3) 47 53 49 45 50 194 190

in lineal feet) Production volumes 44 51 49 46 47 190 175

Softwood Plywood Third party net sales $ 56 $ 69 $ 45 $ 40 $ 43 $ 210 $ 171

(volumes presented Third party sales $ 594 $ 902 $ 653 $ 581 $ 433 $ 681 $ 411 realizations

in square feet 3/ Third party sales volumes^(3) 94 77 69 68 99 308 4148")

Production volumes 80 62 61 60 80 263 347

Medium Density Third party net sales $ 48 $ 43 $ 52 $ 43 $ 47 $ 186 $ 171

Fiberboard Third party sales $ 842 $ 869 $ 943 $ 995 $ 867 $ 908 $ 851 realizations

(volumes presented Third party sales volumes^(3) 57 50 55 43 54 205 201

in square feet 3/ Production volumes 56 52 55 43 52 206 2004")

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

Weyerhaeuser Company Unallocated Items

Q4.2021 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 Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Unallocated corporate function and variable compensation expense $ (25) $ (36) $ (33) $ (35) $ (31) $ (129) $ (109)

Liability classified share-based compensation (1) - (1) (4) (3) (6) (2)

Foreign exchange gain (loss) (2) (1) 5 3 (4) 5 (7)

Elimination of intersegment profit in inventory and LIFO (17) (28) 12 10 (13) (23) (17)

Other, net (13) (20) (29) (27) (13) (89) (36)

Operating loss (58) (85) (46) (53) (64) (242) (171)

Non-operating pension and other post-employment benefit costs (8) (1) (5) (5) (262) (19) (290)

Interest income and other 1 2 1 1 - 5 5

Net charge to earnings $ (65) $ (84) $ (50) $ (57) $ (326) $ (256) $ (456)

Adjusted Earnings before Interest, Tax, Depreciation, Depletion andAmortization^(1)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Operating loss $ (58) $ (85) $ (46) $ (53) $ (64) $ (242) $ (171)

Depreciation, depletion and amortization 2 1 2 - 1 5 6

Special items - - - (15) - (15) (12)

Adjusted EBITDA^(1) $ (56) $ (84) $ (44) $ (68) $ (63) $ (252) $ (177)

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

Unallocated Special Items Included in Net Charge to Earnings (Pretax)



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Legal benefits $ - $ - $ - $ 15 $ - $ 15 $ 12

Special items included in operating loss - - - 15 - 15 12

Pension settlement charge - - - - (253) - (253)

Special items included in net charge to earnings $ - $ - $ - $ 15 $ (253) $ 15 $ (241)

Unallocated Selected Items



in millions Q1.2021 Q2.2021 Q3.2021 Q4.2021 Q4.2020 YTD.2021 YTD.2020

Cash spent for capital expenditures $ - $ - $ (1) $ (6) $ (1) $ (7) $ (1)

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SOURCE Weyerhaeuser Company