Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
($ in millions)
2015
Southern
Timber
Pacific
Northwest
Timber
New Zealand
Timber
Real Estate Trading
Corporate
and Other
Total
Operating Income
$46.7
$6.9
$1.6
$45.5
$1.2
($24.1)
$77.8
Depreciation, depletion & amortization
54.3
14.8
25.5
18.7
0.4
113.7
Non-cash cost of land and real estate sold
12.5
12.5
(1)
Costs related to shareholder litigation
4.1
4.1
Adjusted EBITDA
(1)
$101.0
$21.7
$27.1
$76.7
$1.2
($19.6)
$208.1
2014
Operating Income
$45.7
$29.5
$8.7
$48.3
$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
13.2
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
$40.9
$53.5
$1.7
($31.3)
$213.5
2013
Operating Income
Depreciation, depletion & amortization
Non-cash cost of land and real estate sold
$37.8
49.4
$32.7
$10.6
$55.9
$1.8
($30.1)
$108.7
21.4
27.7
17.4
1.0
116.9
10.2
10.2
Large Dispositions
(1)
(25.7)
(25.7)
(1)
Gain on Consolidation of New Zealand JV
(16.2)
(16.2)
Adjusted EBITDA (1)
$87.2
$54.1
$38.3
$57.8
$1.8
($45.3)
$193.9
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Rayonier
Investor Presentation | March 2020
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