Investor Presentation
Reconciliation of Net Income to Adjusted EBITDA
($ in millions)
2019
2018
2017
2016
2015
2014
Net income
$67.7
$117.3
$161.5
$217.8
$43.9
$97.8
Interest, net, continuing operations
29.1
29.7
32.2
33.0
34.7
49.7
Income tax expense (benefit), continuing operations
Depreciation, depletion and amortization
12.9
25.2
21.8
5.0
(0.9)
(9.6)
128.2
144.1
127.6
115.1
113.7
120.0
Non-cash cost of land and improved development
12.6
23.6
13.7
11.7
12.5
13.2
Non-operating (income) / expense
(2.7)
(2.2)
0.1
3.8
Costs related to shareholder litigation
(1)
0.7
2.2
4.1
Gain on foreign currency derivatives
(1)
(1.2)
Large Dispositions
(1)
(67.0)
(143.9)
(21.4)
(1)
Internal review and restatement costs
3.4
Net income from discontinued operations
(1)
(43.4)
Adjusted EBITDA
(1)
$247.8
$337.7
$290.5
$239.7
$208.1
$213.5
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Rayonier
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Investor Presentation | March 2020View entire presentation