Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
Pacific
Southern
Northwest New Zealand
($ in millions)
2016
Operating Income (loss)
Timber
Timber
Timber
Real Estate Trading
Corporate
and Other
Total
$43.1
Depreciation, depletion & amortization
49.8
($4.0)
25.2
$33.0
$202.4
$2.0
23.4
16.3
($20.8)
0.4
$255.8
115.1
Non-cash cost of land and real estate sold
11.7
11.7
Costs related to shareholder litigation (1)
2.2
2.2
Large Dispositions
Adjusted EBITDA (1)
Gain on foreign currency derivatives
(1)
(1)
(1.2)
(1.2)
(143.9)
(143.9)
$92.9
$21.2
$56.5
$86.6
$2.0
($19.4)
$239.7
2015
Operating Income
$46.7
$6.9
$1.6
$45.5
$1.2
($24.1)
$77.8
Depreciation, depletion & amortization
54.3
14.8
25.5
18.7
0.4
113.7
Non-cash cost of land and real estate sold
12.5
12.5
Costs related to shareholder litigation
Adjusted EBITDA
(1)
4.1
4.1
(1)
$101.0
$21.7
$27.1
$76.7
$1.2
($19.6)
$208.1
2014
Operating Income
$45.7
$29.5
$8.7
$48.3
$1.7
($35.6)
$98.3
Depreciation, depletion & amortization
52.2
21.3
32.2
13.4
0.9
120.0
Non-cash cost of land and real estate sold
13.2
13.2
Large Dispositions
(1)
(21.4)
(21.4)
(1)
Internal review and restatement costs
3.4
3.4
Adjusted EBITDA (1)
$97.9
$50.8
$40.9
$53.5
$1.7
($31.3)
$213.5
2013
Operating Income
$37.8
$32.7
$10.6
$55.9
$1.8
($30.1)
$108.7
Depreciation, depletion & amortization
49.4
21.4
27.7
17.4
1.0
116.9
Non-cash cost of land and real estate sold
Large Dispositions (1)
10.2
10.2
(25.7)
(25.7)
Gain on Consolidation of New Zealand JV (1)
(16.2)
(16.2)
Adjusted EBITDA
(1)
$87.2
$54.1
$38.3
$57.8
$1.8
($45.3)
$193.9
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Rayonier
Investor Presentation | May 2020
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