Rayonier - Best-in-Class, Pure-Play Timber REIT
Reconciliation of Pro Forma Sales and Operating Income
(Loss) to Adjusted EBITDA by Segment
($ in millions)
2016
Pacific
Southern
Timber
Northwest New Zealand
Timber
Timber
Real Estate Trading
Corporate
and Other
Total
Sales
$132.9
$75.2
$172.5
Large Dispositions
(1)
$299.4
(207.3)
$108.3
$788.3
(207.3)
(1)
Pro Forma Sales
$132.9
$75.2
$172.5
$92.1
$108.3
$581.0
Operating Income
$43.1
($4.0)
$33.1
$202.4
$2.0
($20.8)
$255.8
Depreciation, depletion & amortization
Non-cash cost of land and real estate sold
49.8
25.2
23.4
16.3
0.4
115.1
1.8
9.9
11.7
Costs related to shareholder litigation
(1)
2.2
2.2
Large Dispositions
Gain on foreign currency derivatives
(1)
(1.2)
(1.2)
(143.9)
(143.9)
Adjusted EBITDA
EBITDA Margin
(1)
$92.9
$21.2
$58.3
$84.7
$2.0
($19.4)
$239.7
(2)
70%
28%
34%
92%
2%
41%
2015
Sales
Large Dispositions
$139.1
$76.5
$161.6
$86.5
$81.2
$544.9
Pro Forma Sales (1)
$139.1
$76.5
$161.6
$86.5
$81.2
$544.9
Operating Income
$46.7
$6.9
$2.8
$44.3
$1.2
($24.1)
$77.8
Non-operating expense
(0.1)
(0.1)
Depreciation, depletion & amortization
54.3
14.8
29.7
14.5
0.4
113.7
Non-cash cost of land and real estate sold
0.5
12.0
12.5
Costs related to shareholder litigation (1)
4.1
4.1
Adjusted EBITDA
(1)
$101.0
$21.7
$33.0
$70.8
$1.2
($19.7)
$208.0
EBITDA Margin
(2)
73%
28%
20%
82%
1%
38%
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
(2) EBITDA Margin is calculated as Adjusted EBITDA divided by Pro Forma Sales.
Rayonier
Investor Relations | August 2017
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