U.S. South Historical Valuation Snapshot
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
($ in millions)
2016
Operating income (loss)
$43.1
($4.0) $33.0
Depreciation, depletion & amortization
49.8
25.2
23.4
Non-cash cost of land and improved development
Costs related to shareholder litigation (1)
Gain on foreign currency derivatives (1)
Large Dispositions (1)
Adjusted EBITDA (1)
Pacific
New
Southern Northwest Zealand Timber
Timber Timber Timber Funds
Real
Estate
Corporate
Trading and Other
Total
$202.4
$2.0
($20.8)
$255.8
16.3
0.4
115.1
11.7
11.7
2.2
2.2
(1.2)
(1.2)
(143.9)
(143.9)
$92.9
$21.2
$56.5
-
$86.6
$2.0
($19.4)
$239.7
2015
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 improved development
12.5
12.5
Costs related to shareholder litigation (1)
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 improved development
13.2
13.2
Large Dispositions (1)
(21.4)
(21.4)
Internal review and restatement costs
3.4
3.4
Adjusted EBITDA (1)
(1) Non-GAAP measure or pro forma item.
$97.9
$50.8
$40.9
$53.5
$1.7
($31.3)
$213.5
Rayonier
Investor Presentation | May 2023
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