Rayonier - Best-in-Class, Pure-Play Timber REIT
Reconciliation of Pro Forma Sales and Operating Income
(Loss) to Adjusted EBITDA by Segment
($ in millions)
2014
Pacific
Southern
Timber
Northwest New Zealand
Timber
Timber
Real Estate Trading
Corporate
and Other
Total
Sales
$141.8
$102.2
$182.4
$77.3
$103.7
($3.9)
$603.5
Large Dispositions
(1)
(22.0)
(22.0)
Pro Forma Sales
(1)
$141.8
$102.2
$182.4
$55.3
$103.7
($3.9)
$581.5
Operating Income
$45.7
$29.5
$9.5
$47.5
$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
4.3
8.9
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
$46.0
$48.4
$1.7
($31.3)
$213.5
EBITDA Margin
(2)
69%
50%
25%
88%
2%
37%
2013
Sales
$123.8
$110.5
$147.7
$149.0
$131.7
($3.0)
$659.7
Large Dispositions
(1)
(80.0)
(80.0)
Pro Forma Sales (1)
$123.8
$110.5
$147.7
$69.0
$131.7
($3.0)
$579.7
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
10.2
10.2
(1)
Large Dispositions
(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
EBITDA Margin
(2)
70%
49%
26%
84%
1%
33%
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
(2) EBITDA Margin is calculated as Adjusted EBITDA divided by Pro Forma Sales.
Rayonier
Investor Relations | August 2017
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