Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
($ in millions)
2020
Operating income (loss)
Pacific
New
Southern Northwest Zealand Timber
Timber Timber Timber Funds
Real
Estate
Corporate
Trading and Other
Total
$41.3
($10.0) $30.0 ($13.2) $72.0
($0.5) ($45.2)
$74.4
61.8
47.1
25.0
1.6
17.7
1.4
154.7
-
30.4
30.4
11.6
1.8
11.6
7.9
-
17.2
17.2
(28.7)
(28.7)
$109.1
$37.1
$55.0
$1.8
$91.4
($0.5)
($26.6)
$267.4
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Operating loss attributable to NCI in Timber Funds
Timber write-offs resulting from casualty events attributable to Rayonier (1)
6.0
Costs related to the merger with Pope Resources (1)
Large Dispositions (1)
Adjusted EBITDA (1)
2019
Operating income (loss)
$57.8
($12.4)
$48.0
$38.7
Depreciation, depletion & amortization
61.9
29.2
27.8
8.2
Non-cash cost of land and improved development
Adjusted EBITDA (1)
12.6
$119.7
$16.7
$75.8
$59.5
($25.1)
$107.0
1.2
128.2
12.6
($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
$90.8
$44.2
$8.1
$62.8
$76.2
$1.0
($22.3)
$170.1
58.6
32.8
28.0
23.6
1.2
144.1
23.6
-
23.6
$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)
Adjusted EBITDA (1)
Rayonier (1) Non-GAAP measure or pro forma item.
Investor Presentation | November 2023
(67.0)
-
(67.0)
$91.6
$33.1
$85.1
$95.5
$4.6
($19.4)
$290.5
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