Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
($ in millions)
2019
Operating income (loss)
$57.8
($12.4) $48.0
Depreciation, depletion & amortization
61.9
29.2
27.8
Non-cash cost of land and improved development
Adjusted EBITDA (1)
$119.7
$16.7
$75.8
Pacific
New
Southern Northwest Zealand Timber
Timber Timber Timber Funds
Real
Estate
Corporate
Trading and Other
Total
$38.7
8.2
($25.1)
1.2
$107.0
128.2
―
12.6
―
12.6
$59.5
($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
$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
$90.8
$123.4
$1.0
($21.1)
$337.7
2017
Operating income
$42.2
$1.1
$57.6
$130.9
$4.6
($20.9)
$215.5
Depreciation, depletion & amortization
49.4
32.0
27.5
17.9
0.8
127.6
Non-cash cost of land and improved development
13.7
13.7
Costs related to shareholder litigation (1)
0.7
0.7
Large Dispositions (1)
(67.0)
-
(67.0)
Adjusted EBITDA (1)
$91.6
$33.1
$85.1
$95.5
$4.6
($19.4) $290.5
(1) Non-GAAP measure or pro forma item.
Rayonier
28
Investor Presentation | March 2023View entire presentation