EX-99.2 3 ex992-063018ebitdareconcil.htm EXHIBIT 99.2 - EBITDA RECONCILIATION Exhibit


Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and six months ended June 30, 2018 and 2017.
Quarter Ended June 30, 2018 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income from continuing operations
$
62.7

 
$
157.4

 
$
8.6

 
$
9.6

 
$
(0.8
)
 
$
(74.6
)
 
$
162.9

Provision for income taxes

 

 

 

 

 
51.2

 
51.2

Interest expense, net of capitalized interest

 

 

 

 

 
4.4

 
4.4

Depreciation and amortization
8.4

 
13.6

 
4.3

 
2.3

 
0.7

 
0.8

 
30.1

EBITDA from continuing operations
71.1

 
171.0

 
12.9

 
11.9

 
(0.1
)
 
(18.2
)
 
248.6

Stock-based compensation expense
0.3

 
0.1

 
0.1

 

 

 
1.5

 
2.0

Investment income

 

 

 

 

 
(4.8
)
 
(4.8
)
Other operating credits and charges, net

 

 

 

 

 
(4.5
)
 
(4.5
)
Other non-operating items

 

 

 

 

 
0.7

 
0.7

Adjusted EBITDA from continuing operations
$
71.4

 
$
171.1

 
$
13.0

 
$
11.9

 
$
(0.1
)
 
$
(25.3
)
 
$
242.0

Adjusted EBITDA Margin
27.3
%
 
44.2
%
 
11.9
%
 
26.3
%
 
(1.4
)%
 
NA

 
29.8
%

Quarter Ended June 30, 2017
(Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income from continuing operations
$
49.0

 
$
103.0

 
$
5.3

 
$
5.5

 
$
(0.9
)
 
$
(67.4
)
 
$
94.5

Provision for income taxes

 

 

 

 

 
36.0

 
36.0

Interest expense, net of capitalized interest

 

 

 

 

 
4.9

 
4.9

Depreciation and amortization
7.5

 
14.9

 
3.7

 
2.2

 
0.5

 
0.8

 
29.6

EBITDA from continuing operations
56.5

 
117.9

 
9.0

 
7.7

 
(0.4
)
 
(25.7
)
 
165.0

Stock-based compensation expense
0.2

 
0.2

 
0.1

 

 

 
1.4

 
1.9

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

 

 

 

 

 
(3.1
)
 
(3.1
)
Investment income

 

 

 

 

 
(2.3
)
 
(2.3
)
Other operating credits and charges, net

 

 

 

 

 
2.0

 
2.0

Other non-operating items

 

 

 

 

 
3.1

 
3.1

Adjusted EBITDA from continuing operations
$
56.7

 
$
118.1

 
$
9.1

 
$
7.7

 
$
(0.4
)
 
$
(24.6
)
 
$
166.6

Adjusted EBITDA Margin
24.5
%
 
36.3
%
 
9.7
%
 
19.9
%
 
(5.6
)%
 
NA

 
24.0
%







 

Six Months Ended June 30, 2018 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income from continuing operations
$
108.0

 
$
254.8

 
$
11.4

 
$
18.5

 
$
(1.7
)
 
$
(133.2
)
 
$
257.8

Provision for income taxes

 

 

 

 

 
80.9

 
80.9

Interest expense, net of capitalized interest

 

 

 

 

 
8.8

 
8.8

Depreciation and amortization
16.6

 
28.4

 
8.7

 
4.6

 
1.2

 
1.6

 
61.1

EBITDA from continuing operations
124.6

 
283.2

 
20.1

 
23.1

 
(0.5
)
 
(41.9
)
 
408.6

Stock-based compensation expense
0.5

 
0.4

 
0.2

 

 

 
3.1

 
4.2

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

 

 

 

 

 
(0.6
)
 
(0.6
)
Investment income

 

 

 

 

 
(8.0
)
 
(8.0
)
Other operating credits and charges, net

 

 

 

 

 
(4.9
)
 
(4.9
)
Other non-operating items

 

 

 

 

 
2.1

 
2.1

Adjusted EBITDA from continuing operations
$
125.1

 
$
283.6

 
$
20.3

 
$
23.1

 
$
(0.5
)
 
$
(50.2
)
 
$
401.4

Adjusted EBITDA Margin
25.6
%
 
40.5
%
 
9.7
%
 
26.3
%
 
(3.3
)%
 
NA

 
26.7
%


Six Months Ended June 30, 2017
(Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Income from continuing operations
$
89.7

 
$
163.8

 
$
6.1

 
$
10.6

 
$
(1.1
)
 
$
(119.6
)
 
$
149.5

Provision for income taxes

 

 

 

 

 
51.5

 
51.5

Interest expense, net of capitalized interest

 

 

 

 

 
9.9

 
9.9

Depreciation and amortization
15.6

 
29.6

 
7.6

 
4.4

 
1.4

 
1.6

 
60.2

EBITDA from continuing operations
105.3

 
193.4

 
13.7

 
15.0

 
0.3

 
(56.6
)
 
271.1

Stock-based compensation expense
0.4

 
0.4

 
0.1

 

 

 
5.1

 
6.0

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

 

 

 

 

 
(2.5
)
 
(2.5
)
Investment income

 

 

 

 

 
(4.3
)
 
(4.3
)
Other operating credits and charges, net

 

 

 

 

 
5.4

 
5.4

Other non-operating items

 

 

 

 

 
5.0

 
5.0

Adjusted EBITDA from continuing operations
$
105.7

 
$
193.8

 
$
13.8

 
$
15.0

 
$
0.3

 
$
(47.9
)
 
$
280.7

Adjusted EBITDA Margin
23.8
%
 
32.7
%
 
7.8
%
 
19.6
%
 
1.9
%
 
NA

 
21.5
%