EX-99.2 3 ex992-093018ebitdareconcil.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 nine months ended September 30, 2018 and 2017.
Quarter Ended September 30, 2018 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Net income (loss)
$
59.8

 
$
114.8

 
$
8.5

 
$
6.5

 
$
(1.3
)
 
$
(64.3
)
 
$
124.0

Loss from discontinued operations before taxes

 

 

 

 
0.1

 

 
0.1

Benefit for income taxes

 

 

 

 

 

 

Income (loss) from continuing operations
59.8

 
114.8

 
8.5

 
6.5

 
(1.2
)
 
(64.3
)
 
124.1

Provision for income taxes

 

 

 

 

 
41.8

 
41.8

Interest expense, net of capitalized interest

 

 

 

 

 
3.9

 
3.9

Depreciation and amortization
8.2

 
15.5

 
3.8

 
2.1

 
0.4

 
0.7

 
30.7

EBITDA from continuing operations
68.0

 
130.3

 
12.3

 
8.6

 
(0.8
)
 
(17.9
)
 
200.5

Stock-based compensation expense
0.3

 
0.2

 
0.1

 

 

 
1.5

 
2.1

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

 

 

 

 

 
0.3

 
0.3

Investment income

 

 

 

 

 
(5.4
)
 
(5.4
)
Other operating credits and charges, net

 

 

 

 

 
(6.3
)
 
(6.3
)
Other non-operating items

 

 

 

 

 
2.2

 
2.2

Adjusted EBITDA from continuing operations
$
68.3

 
$
130.5

 
$
12.4

 
$
8.6

 
$
(0.8
)
 
$
(25.6
)
 
$
193.4

Adjusted EBITDA Margin
28
%
 
37
%
 
12
%
 
25
%
 
(11
)%
 
NA

 
26
%

Quarter Ended September 30, 2017
(Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Net income (loss)
$
53.3

 
$
126.8

 
$
6.5

 
$
5.8

 
$
(2.7
)
 
$
(79.9
)
 
$
109.8

Loss from discontinued operations before taxes

 

 

 

 
1.7

 

 
1.7

Benefit for income taxes

 

 

 

 
(0.6
)
 

 
(0.6
)
Income (loss) from continuing operations
53.3

 
126.8

 
6.5

 
5.8

 
(1.6
)
 
(79.9
)
 
110.9

Provision for income taxes

 

 

 

 

 
46.4

 
46.4

Interest expense, net of capitalized interest

 

 

 

 

 
4.9

 
4.9

Depreciation and amortization
8.1

 
15.2

 
4.0

 
2.4

 
0.7

 
0.7

 
31.1

EBITDA from continuing operations
61.4

 
142.0

 
10.5

 
8.2

 
(0.9
)
 
(27.9
)
 
193.3

Stock-based compensation expense
0.2

 
0.2

 
0.1

 

 

 
1.5

 
2.0

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

 

 

 

 

 
0.7

 
0.7

Investment income

 

 

 

 

 
(2.9
)
 
(2.9
)
Other operating credits and charges, net

 

 

 

 

 
(0.9
)
 
(0.9
)
Other non-operating items

 

 

 

 

 
2.2

 
2.2

Adjusted EBITDA from continuing operations
$
61.6

 
$
142.2

 
$
10.6

 
$
8.2

 
$
(0.9
)
 
$
(27.3
)
 
$
194.4

Adjusted EBITDA Margin
27
%
 
41
%
 
11
%
 
21
%
 
(14
)%
 
NA

 
27
%







 

Nine Months Ended September 30, 2018 (Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Net income (loss)
$
167.8

 
$
369.6

 
$
19.9

 
$
25.0

 
$
(7.2
)
 
$
(197.5
)
 
$
377.6

Loss from discontinued operations before taxes

 

 

 

 
5.7

 

 
5.7

Benefit for income taxes

 

 

 

 
(1.4
)
 

 
(1.4
)
Income (loss) from continuing operations
167.8

 
369.6

 
19.9

 
25.0

 
(2.9
)
 
(197.5
)
 
381.9

Provision for income taxes

 

 

 

 

 
122.7

 
122.7

Interest expense, net of capitalized interest

 

 

 

 

 
12.7

 
12.7

Depreciation and amortization
24.8

 
43.8

 
12.5

 
6.7

 
1.6

 
2.4

 
91.8

EBITDA from continuing operations
192.6

 
413.4

 
32.4

 
31.7

 
(1.3
)
 
(59.7
)
 
609.1

Stock-based compensation expense
0.8

 
0.7

 
0.3

 

 

 
4.6

 
6.4

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

 

 

 

 

 
(0.3
)
 
(0.3
)
Investment income

 

 

 

 

 
(13.5
)
 
(13.5
)
Other operating credits and charges, net

 

 

 

 

 
(11.2
)
 
(11.2
)
Other non-operating items

 

 

 

 

 
4.3

 
4.3

Adjusted EBITDA from continuing operations
$
193.4

 
$
414.1

 
$
32.7

 
$
31.7

 
$
(1.3
)
 
$
(75.8
)
 
$
594.8

Adjusted EBITDA Margin
27
%
 
39
%
 
10
%
 
26
%
 
(6
)%
 
NA

 
27
%


Nine Months Ended September 30, 2017
(Dollar amounts in millions)
Siding
 
OSB
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Net income (loss)
$
142.9

 
$
290.6

 
$
12.6

 
$
16.4

 
$
(3.8
)
 
$
(199.5
)
 
$
259.2

Loss from discontinued operations before taxes

 

 

 

 
1.7

 

 
1.7

Benefit for income taxes

 

 

 

 
(0.6
)
 

 
(0.6
)
Income (loss) from continuing operations
142.9

 
290.6

 
12.6

 
16.4

 
(2.7
)
 
(199.5
)
 
260.3

Provision for income taxes

 

 

 

 

 
97.9

 
97.9

Interest expense, net of capitalized interest

 

 

 

 

 
14.8

 
14.8

Depreciation and amortization
23.7

 
44.8

 
11.6

 
6.8

 
2.1

 
2.3

 
91.3

EBITDA from continuing operations
166.6

 
335.4

 
24.2

 
23.2

 
(0.6
)
 
(84.5
)
 
464.3

Stock-based compensation expense
0.6

 
0.6

 
0.2

 

 

 
6.6

 
8.0

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

 

 

 

 

 
(1.8
)
 
(1.8
)
Investment income

 

 

 

 

 
(7.2
)
 
(7.2
)
Other operating credits and charges, net

 

 

 

 

 
4.5

 
4.5

Other non-operating items

 

 

 

 

 
7.2

 
7.2

Adjusted EBITDA from continuing operations
$
167.2

 
$
336.0

 
$
24.4

 
$
23.2

 
$
(0.6
)
 
$
(75.2
)
 
$
475.0

Adjusted EBITDA Margin
25
%
 
36
%
 
9
%
 
20
%
 
(3
)%
 
NA

 
23
%