Investor Presentation
Definitions of Non-GAAP Measures & Pro Forma Items
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-
cash cost of land and improved development, non-operating income and expense, costs related to shareholder
litigation, the gain on foreign currency derivatives, Large Dispositions, internal review and restatement costs
and discontinued operations. Adjusted EBITDA is a non-GAAP measure that management uses to make
strategic decisions about the business and that investors can use to evaluate the operational performance of
the assets under management. It removes the impact of specific items that management believes do not
directly reflect the core business operations on an ongoing basis.
EBITDA by segment is calculated as operating income less depreciation, depletion, amortization and specific
items that are not indicative of ongoing operating results. EBITDA by segment for Rayonier is equal to
Adjusted EBITDA.
Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital
spending (excluding timberland acquisitions and real estate development investments) and working capital and
other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available
for common stock dividends, distributions to the New Zealand minority shareholder, repurchase of the
Company's common shares, debt reduction, timberland acquisitions and real estate development investments.
CAD is not necessarily indicative of the CAD that may be generated in future periods.
Costs related to shareholder litigation is defined as expenses incurred as a result of the shareholder
litigation, shareholder derivative demands and Rayonier's response on an SEC subpoena.
Gain on foreign currency derivatives is the gain resulting from the foreign exchange derivatives the Company
used to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the
New Zealand subsidiary.
Rayonier
Investor Presentation | March 2020
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