Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
Southern
Pacific
Northwest
($ in millions)
2019
Operating Income (loss)
Timber
Timber
New Zealand
Timber
Real Estate
Trading
Corporate
and Other
Total
$57.8
($12.4)
$48.0
$38.7
$0.0
($25.1)
$107.0
Depreciation, depletion & amortization
61.9
29.2
27.8
8.2
1.2
128.2
Non-cash cost of land and real estate sold
12.6
12.6
Adjusted EBITDA
(1)
$119.7
$16.7
$75.8
$59.5
$0.0
($23.9)
$247.8
2018
Operating Income
$44.2
$8.1
$62.8
$76.2
$1.0
($22.3)
$170.1
Depreciation, depletion & amortization
58.6
32.8
28.0
23.6
1.2
144.1
Non-cash cost of land and real estate sold
23.6
23.6
Adjusted EBITDA
(1)
$102.8
$40.9
$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 real estate sold
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
2016
Operating Income (loss)
$43.1
($4.0)
$33.0
$202.4
$2.0
($20.8)
$255.8
Depreciation, depletion & amortization
49.8
25.2
23.4
16.3
0.4
115.1
Non-cash cost of land and real estate sold
11.7
11.7
(1)
Costs related to shareholder litigation
2.2
2.2
Gain on foreign currency
(1)
derivatives
(1)
(1.2)
(1.2)
Large Dispositions
(143.9)
(143.9)
Adjusted EBITDA
(1)
$92.9
$21.2
$56.5
$86.6
$2.0
($19.4)
$239.7
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Rayonier
Investor Presentation | March 2020
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