Investor Relations - Timber and Real Estate Performance
Reconciliation of Net Income to Adjusted EBITDA
($ in millions)
Q1
2017
2016
2015
2014
2013
2012
Net income
$35.1
$217.8
$43.9
$97.8
Interest, net, continuing operations
7.9
33.0
34.7
49.7
$373.8
38.5
$278.7
42.3
Income tax expense (benefit), continuing operations
Depreciation, depletion and amortization
6.3
5.0
(0.9)
(9.6)
(35.7)
(27.1)
30.8
115.1
113.7
120.0
116.9
84.6
Non-cash cost of land and improved development
4.5
11.7
12.5
13.2
10.2
4.7
Costs related to shareholder litigation
(1)
0.7
2.2
4.1
Gain on foreign currency derivatives
(1)
(1.2)
Large Dispositions
(1)
(28.2)
(143.9)
(1)
Costs related to the spin-off of Performance Fibers
(1)
Internal review and restatement costs
Gain on Consolidation of New Zealand JV (1)
Net income from discontinued operations'
(1)
Adjusted EBITDA
(1)
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
(21.4)
(25.7)
3.8
3.4
(16.2)
(43.4)
(267.9)
(261.8)
$57.1
$239.7
$208.0
$213.5
$193.9
$121.4
Rayonier
51
Investor Relations | May 2017View entire presentation