Investor Presentation
Reconciliation of Net Income to Adjusted EBITDA
($ in millions)
Q1 2020
2019
2018
2017
2016
2015
2014
2013
Net income
$26.4
$67.7
$117.3
Interest, net, continuing operations
8.1
29.1
29.7
$161.5
32.2
$217.8
33.0
$43.9
$97.8
$373.8
34.7
49.7
38.5
Income tax expense (benefit), continuing operations
3.7
12.9
25.2
21.8
5.0
(0.9)
(9.6)
(35.7)
Depreciation, depletion and amortization
34.3
128.2
144.1
127.6
115.1
113.7
120.0
116.9
Non-cash cost of land and improved development
Non-operating (income) / expense
0.4
12.6
23.6
13.7
11.7
12.5
13.2
10.2
0.3
(2.7)
(2.2)
0.1
3.8
Costs related to Merger with Pope Resources
(1)
Costs related to shareholder litigation
(1)
derivatives
(1)
2.5
-
0.7
2.2
4.1
(1)
Gain on foreign currency
Large Dispositions
Internal review and restatement costs (1)
Net income from discontinued operations
Adjusted EBITDA
(1)
(1)
$47.1
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
(28.7)
(67.0)
(21.4)
(25.7)
3.4
(43.4)
(267.9)
$247.8
$337.7
$290.5
$239.7
$208.1
$213.5
$193.9
(1.2)
(143.9)
Rayonier
56
Investor Presentation | May 2020View entire presentation