Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
Pacific
New
($ in millions)
2016
Southern Northwest Zealand Timber
Timber Timber Timber Funds
Real
Estate
Corporate
Trading and Other
Total
Operating income (loss)
$43.1
($4.0) $33.0
Depreciation, depletion & amortization
49.8
25.2
23.4
Non-cash cost of land and improved development
Costs related to shareholder litigation (1)
Gain on foreign currency derivatives (1)
Large Dispositions (1)
Adjusted EBITDA (1)
$202.4
$2.0 ($20.8)
$255.8
16.3
0.4
115.1
11.7
11.7
2.2
2.2
(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
Depreciation, depletion & amortization
54.3
14.8
25.5
Non-cash cost of land and improved development
$45.5
$1.2
18.7
($24.1)
0.4
$77.8
113.7
12.5
Costs related to shareholder litigation (1)
4.1
-
12.5
4.1
Adjusted EBITDA (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 improved development
13.2
13.2
Large Dispositions (1)
(21.4)
(21.4)
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
Rayonier (1) Non-GAAP measure or pro forma item.
Investor Presentation | November 2023
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