EX-99.2 3 exhibit992ebitdarec123117.htm EXHIBIT 99.2 - EBITDA RECONCILIATION Exhibit


Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarters and years ended December 31, 2017 and 2016.
Three Months Ended December 31, 2017 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income (loss) from continuing operations
$
45.3

 
$
136.3

 
$
2.9

 
$
7.9

 
$
(0.7
)
 
$
(61.0
)
 
$
130.7

Provision for income taxes

 

 

 

 

 
21.2

 
21.2

Interest expense, net of capitalized interest

 

 

 

 

 
4.5

 
4.5

Depreciation and amortization
7.2

 
16.8

 
4.2

 
2.3

 
0.7

 
0.8

 
32.0

EBITDA from continuing operations
52.5

 
153.1

 
7.1

 
10.2

 

 
(34.5
)
 
188.4

Stock-based compensation expense
0.3

 
0.3

 
0.1

 

 

 
1.1

 
1.8

Gain on sale or impairment of long-lived assets, net

 

 

 

 

 
8.6

 
8.6

Other operating credits and charges, net

 

 

 

 

 
3.5

 
3.5

Investment income

 

 

 

 

 
(3.3
)
 
(3.3
)
Adjusted EBITDA from continuing operations
$
52.8

 
$
153.4

 
$
7.2

 
$
10.2

 
$

 
$
(24.6
)
 
$
199.0




Three Months Ended December 31, 2016 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income (loss) from continuing operations
$
22.2

 
$
59.5

 
$
(3.8
)
 
$
1.7

 
$
(0.6
)
 
$
(36.3
)
 
$
42.7

Benefit for income taxes

 

 

 

 

 
6.7

 
6.7

Interest expense, net of capitalized interest

 

 

 

 

 
5.8

 
5.8

Depreciation and amortization
6.7

 
14.0

 
2.5

 
2.0

 
0.6

 
1.0

 
26.8

EBITDA from continuing operations
28.9

 
73.5

 
(1.3
)
 
3.7

 

 
(22.8
)
 
82.0

Stock-based compensation expense
0.2

 
0.3

 
0.1

 

 

 
3.0

 
3.6

Loss on sale or impairment of long-lived assets, net

 

 

 

 

 
(9.4
)
 
(9.4
)
Loss on early debt extinguishment

 

 

 

 

 
4.1

 
4.1

Other operating credits and charges, net

 

 

 

 

 
6.0

 
6.0

Investment income

 

 

 

 

 
(1.8
)
 
(1.8
)
Adjusted EBITDA from continuing operations
$
29.1

 
$
73.8

 
$
(1.2
)
 
$
3.7

 
$

 
$
(20.9
)
 
$
84.5










Year Ended December 31, 2017 (Dollar amounts in millions)
Siding
 
 OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income (loss) from continuing operations
$
186.8

 
$
425.7

 
$
14.9

 
$
24.3

 
$
(3.4
)
 
$
(257.2
)
 
$
391.1

Provision for income taxes

 

 

 

 

 
119.1

 
119.1

Interest expense, net of capitalized interest

 

 

 

 

 
19.3

 
19.3

Depreciation and amortization
30.9

 
61.6

 
15.8

 
9.1

 
2.8

 
3.1

 
123.3

EBITDA from continuing operations
217.7

 
487.3

 
30.7

 
33.4

 
(0.6
)
 
(115.7
)
 
652.8

Stock-based compensation expense
0.9

 
0.9

 
0.3

 

 

 
7.6

 
9.7

Loss on sale or impairments of long-lived assets, net

 

 

 

 

 
6.8

 
6.8

Other operating credits and charges, net

 

 

 

 

 
8.0

 
8.0

Investment income

 

 

 

 

 
(10.5
)
 
(10.5
)
Adjusted EBITDA from continuing operations
$
218.6

 
$
488.2

 
$
31.0

 
$
33.4

 
$
(0.6
)
 
$
(103.8
)
 
$
666.8




Year Ended December 31, 2016 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income (loss) from continuing operations
$
126.1

 
$
186.2

 
$
(5.8
)
 
$
17.0

 
$
(1.6
)
 
$
(171.6
)
 
$
150.3

Provision for income taxes

 

 

 

 

 
19.8

 
19.8

Interest expense, net of capitalized interest

 

 

 

 

 
32.1

 
32.1

Depreciation and amortization
27.4

 
58.6

 
12.7

 
8.6

 
2.3

 
3.2

 
112.8

EBITDA from continuing operations
153.5

 
244.8

 
6.9

 
25.6

 
0.7

 
(116.5
)
 
315.0

Stock-based compensation expense
0.9

 
1.0

 
0.6

 

 

 
10.5

 
13.0

Gain on sale or impairments of long-lived assets, net

 

 

 

 

 
(8.4
)
 
(8.4
)
Other operating credits and charges, net

 

 

 

 

 
17.4

 
17.4

Loss on early debt extinguishment

 

 

 

 

 
17.3

 
17.3

Investment income

 

 

 

 

 
(8.2
)
 
(8.2
)
Adjusted EBITDA from continuing operations
$
154.4

 
$
245.8

 
$
7.5

 
$
25.6

 
$
0.7

 
$
(87.9
)
 
$
346.1