U.S. South Historical Valuation Snapshot
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
Pacific
New
($ in millions)
2019
Southern Northwest Zealand Timber
Timber Timber Timber Funds
Real
Estate
Corporate
Trading and Other
Total
Operating income (loss)
$57.8
($12.4) $48.0
$38.7
Depreciation, depletion & amortization
61.9
29.2
27.8
8.2
Non-cash cost of land and improved development
Adjusted EBITDA (1)
12.6
$119.7
$16.7
$75.8
$59.5
($25.1)
$107.0
1.2
128.2
12.6
($23.9)
$247.8
2018
Operating income
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Adjusted EBITDA (1)
―
$102.8
$40.9
$90.8
$44.2
$8.1
$62.8
$76.2
$1.0
58.6
32.8
28.0
23.6
($22.3)
1.2
$170.1
144.1
23.6
-
23.6
$123.4
$1.0
($21.1)
$337.7
2017
Operating income
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Costs related to shareholder litigation (1)
Large Dispositions (1)
Adjusted EBITDA (1)
$42.2
$1.1
$57.6
$130.9
$4.6
($20.9)
$215.5
49.4
32.0
27.5
17.9
0.8
127.6
13.7
13.7
0.7
0.7
(67.0)
(67.0)
$91.6
$33.1
$85.1
$95.5
$4.6
($19.4)
$290.5
(1) Non-GAAP measure or pro forma item.
Rayonier
59
Investor Presentation | May 2023View entire presentation