Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2015 and 2014.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2015 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net sales | $ | 206.3 |
| | $ | 141.2 |
| | $ | 74.9 |
| | $ | 33.5 |
| | $ | 7.5 |
| | $ | (0.5 | ) | | $ | 462.9 |
|
| Depreciation and amortization | 13.4 |
| | 4.6 |
| | 3.0 |
| | 1.7 |
| | 0.5 |
| | 0.8 |
| | 24.0 |
|
| Cost of sales and selling and administrative | 181.6 |
| | 122.7 |
| | 73.8 |
| | 28.8 |
| | 7.4 |
| | 18.9 |
| | 433.2 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 3.7 |
| | 3.7 |
|
| Total operating costs | 195.0 |
| | 127.3 |
| | 76.8 |
| | 30.5 |
| | 7.9 |
| | 24.0 |
| | 461.5 |
|
| Income (loss) from operations | 11.3 |
| | 13.9 |
| | (1.9 | ) | | 3.0 |
| | (0.4 | ) | | (24.5 | ) | | 1.4 |
|
| Total non-operating income | — |
| | — |
| | — |
| | — |
| | — |
| | (6.4 | ) | | (6.4 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | 11.3 |
| | 13.9 |
| | (1.9 | ) | | 3.0 |
| | (0.4 | ) | | (30.9 | ) | | (5.0 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 5.0 |
| | 5.0 |
|
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.9 | ) | | — |
| | — |
| | (0.7 | ) | | (2.6 | ) |
| Income (loss) from continuing operations | $ | 11.3 |
| | $ | 13.9 |
| | $ | — |
| | $ | 3.0 |
| | $ | (0.4 | ) | | $ | (35.2 | ) | | $ | (7.4 | ) |
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 11.3 |
| | $ | 13.9 |
| | $ | — |
| | $ | 3.0 |
| | $ | (0.4 | ) | | $ | (35.2 | ) | | $ | (7.4 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 5.0 |
| | 5.0 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 8.1 |
| | 8.1 |
|
| Depreciation and amortization | 13.4 |
| | 4.6 |
| | 3.0 |
| | 1.7 |
| | 0.5 |
| | 0.8 |
| | 24.0 |
|
| EBITDA from continuing operations | 24.7 |
| | 18.5 |
| | 3.0 |
| | 4.7 |
| | 0.1 |
| | (21.3 | ) | | 29.7 |
|
| Stock based compensation expense | 0.2 |
| | 0.2 |
| | 0.1 |
| | — |
| | — |
| | 1.5 |
| | 2.0 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.5 | ) | | (1.5 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 3.7 |
| | 3.7 |
|
| Other operating credits and charges, associated with JV's | — |
| | — |
| | — |
| | — |
| | — |
| | (0.7 | ) | | (0.7 | ) |
| Adjusted EBITDA from continuing operations | $ | 24.9 |
| | $ | 18.7 |
| | $ | 3.1 |
| | $ | 4.7 |
| | $ | 0.1 |
| | $ | (17.7 | ) | | $ | 33.8 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net sales | $ | 203.2 |
| | $ | 140.9 |
| | $ | 65.6 |
| | $ | 35.9 |
| | $ | 7.9 |
| | $ | — |
| | $ | 453.5 |
|
| Depreciation and amortization | 13.6 |
| | 4.4 |
| | 1.8 |
| | 2.2 |
| | 0.4 |
| | 0.9 |
| | 23.3 |
|
| Cost of sales and selling and administrative | 218.4 |
| | 122.6 |
| | 69.5 |
| | 30.9 |
| | 6.7 |
| | 23.6 |
| | 471.7 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 6.4 |
| | 6.4 |
|
| Total operating costs | 232.0 |
| | 127.0 |
| | 71.3 |
| | 33.1 |
| | 7.1 |
| | 31.9 |
| | 502.4 |
|
| Income (loss) from operations | (28.8 | ) | | 13.9 |
| | (5.7 | ) | | 2.8 |
| | 0.8 |
| | (31.9 | ) | | (48.9 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (6.6 | ) | | (6.6 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | (28.8 | ) | | 13.9 |
| | (5.7 | ) | | 2.8 |
| | 0.8 |
| | (38.5 | ) | | (55.5 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (11.3 | ) | | (11.3 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (0.2 | ) | | — |
| | — |
| | (1.0 | ) | | (1.2 | ) |
| Income (loss) from continuing operations | $ | (28.8 | ) | | $ | 13.9 |
| | $ | (5.5 | ) | | $ | 2.8 |
| | $ | 0.8 |
| | $ | (26.2 | ) | | $ | (43.0 | ) |
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (28.8 | ) | | $ | 13.9 |
| | $ | (5.5 | ) | | $ | 2.8 |
| | $ | 0.8 |
| | $ | (26.2 | ) | | $ | (43.0 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (11.3 | ) | | (11.3 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 6.4 |
| | 6.4 |
|
| Depreciation and amortization | 13.6 |
| | 4.4 |
| | 1.8 |
| | 2.2 |
| | 0.4 |
| | 0.9 |
| | 23.3 |
|
| EBITDA from continuing operations | (15.2 | ) | | 18.3 |
| | (3.7 | ) | | 5.0 |
| | 1.2 |
| | (30.2 | ) | | (24.6 | ) |
| Stock based compensation expense | 0.2 |
| | 0.2 |
| | 0.2 |
| | — |
| | — |
| | 1.9 |
| | 2.5 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 6.4 |
| | 6.4 |
|
| Other operating credits and charges, associated with JV's | — |
| | — |
| | — |
| | — |
| | — |
| | (0.9 | ) | | (0.9 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.1 | ) | | (1.1 | ) |
| Depreciation included in equity in income of unconsolidated affiliates | — |
| | — |
| | (0.1 | ) | | — |
| | — |
| | — |
| | (0.1 | ) |
| Adjusted EBITDA from continuing operations | $ | (15.0 | ) | | $ | 18.5 |
| | $ | (3.6 | ) | | $ | 5.0 |
| | $ | 1.2 |
| | $ | (22.9 | ) | | $ | (16.8 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2015 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 807.5 |
| | $ | 636.4 |
| | $ | 286.1 |
| | $ | 134.9 |
| | $ | 29.0 |
| | $ | (1.4 | ) | | $ | 1,892.5 |
|
| Depreciation and amortization | 57.0 |
| | 19.7 |
| | 12.6 |
| | 7.9 |
| | 1.8 |
| | 2.9 |
| | 101.9 |
|
| Cost of sales and selling and administrative | 796.8 |
| | 523.5 |
| | 286.8 |
| | 117.2 |
| | 30.0 |
| | 81.2 |
| | 1,835.5 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 2.1 |
| | 2.1 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 16.3 |
| | 16.3 |
|
| Total operating costs | 853.8 |
| | 543.2 |
| | 299.4 |
| | 125.1 |
| | 31.8 |
| | 102.5 |
| | 1,955.8 |
|
| Income (loss) from operations | (46.3 | ) | | 93.2 |
| | (13.3 | ) | | 9.8 |
| | (2.8 | ) | | (103.9 | ) | | (63.3 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (32.1 | ) | | (32.1 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | (46.3 | ) | | 93.2 |
| | (13.3 | ) | | 9.8 |
| | (2.8 | ) | | (136.0 | ) | | (95.4 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (2.7 | ) | | (2.7 | ) |
| Equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | (6.0 | ) | | — |
| | — |
| | (0.7 | ) | | (6.7 | ) |
| Income (loss) from continuing operations | $ | (46.3 | ) | | $ | 93.2 |
| | $ | (7.3 | ) | | $ | 9.8 |
| | $ | (2.8 | ) | | $ | (132.6 | ) | | $ | (86.0 | ) |
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (46.3 | ) | | $ | 93.2 |
| | $ | (7.3 | ) | | $ | 9.8 |
| | $ | (2.8 | ) | | $ | (132.6 | ) | | $ | (86.0 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (2.7 | ) | | (2.7 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 31.2 |
| | 31.2 |
|
| Depreciation and amortization | 57.0 |
| | 19.7 |
| | 12.6 |
| | 7.9 |
| | 1.8 |
| | 2.9 |
| | 101.9 |
|
| EBITDA from continuing operations | 10.7 |
| | 112.9 |
| | 5.3 |
| | 17.7 |
| | (1.0 | ) | | (101.2 | ) | | 44.4 |
|
| Stock based compensation expense | 1.0 |
| | 0.8 |
| | 0.5 |
| | — |
| | — |
| | 7.0 |
| | 9.3 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 2.1 |
| | 2.1 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 16.3 |
| | 16.3 |
|
| Other operating credit and charges, associated with JVs | — |
| | — |
| | — |
| | — |
| | — |
| | (0.7 | ) | | (0.7 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (4.4 | ) | | (4.4 | ) |
| Adjusted EBITDA from continuing operations | $ | 11.7 |
| | $ | 113.7 |
| | $ | 5.8 |
| | $ | 17.7 |
| | $ | (1.0 | ) | | $ | (80.9 | ) | | $ | 67.0 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 855.2 |
| | $ | 617.3 |
| | $ | 281.0 |
| | $ | 150.4 |
| | $ | 32.8 |
| | $ | (1.9 | ) | | $ | 1,934.8 |
|
| Depreciation and amortization | 56.1 |
| | 17.4 |
| | 13.7 |
| | 9.1 |
| | 1.1 |
| | 3.3 |
| | 100.7 |
|
| Cost of sales and selling and administrative | 851.7 |
| | 520.1 |
| | 284.7 |
| | 130.0 |
| | 35.2 |
| | 85.6 |
| | 1,907.3 |
|
| (Gain) on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (3.1 | ) | | (3.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.5 |
| | 7.5 |
|
| Total operating costs | 907.8 |
| | 537.5 |
| | 298.4 |
| | 139.1 |
| | 36.3 |
| | 93.3 |
| | 2,012.4 |
|
| Income (loss) from operations | (52.6 | ) | | 79.8 |
| | (17.4 | ) | | 11.3 |
| | (3.5 | ) | | (95.2 | ) | | (77.6 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (27.4 | ) | | (27.4 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | (52.6 | ) | | 79.8 |
| | (17.4 | ) | | 11.3 |
| | (3.5 | ) | | (122.6 | ) | | (105.0 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (27.2 | ) | | (27.2 | ) |
| Equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | (3.4 | ) | | — |
| | — |
| | (1.0 | ) | | (4.4 | ) |
| Income (loss) from continuing operations | $ | (52.6 | ) | | $ | 79.8 |
| | $ | (14.0 | ) | | $ | 11.3 |
| | $ | (3.5 | ) | | $ | (94.4 | ) | | $ | (73.4 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (52.6 | ) | | $ | 79.8 |
| | $ | (14.0 | ) | | $ | 11.3 |
| | $ | (3.5 | ) | | $ | (94.4 | ) | | $ | (73.4 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (27.2 | ) | | (27.2 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 29.8 |
| | 29.8 |
|
| Depreciation and amortization | 56.1 |
| | 17.4 |
| | 13.7 |
| | 9.1 |
| | 1.1 |
| | 3.3 |
| | 100.7 |
|
| EBITDA from continuing operations | 3.5 |
| | 97.2 |
| | (0.3 | ) | | 20.4 |
| | (2.4 | ) | | (88.5 | ) | | 29.9 |
|
| Stock based compensation expense | 0.9 |
| | 0.7 |
| | 0.5 |
| | — |
| | — |
| | 7.3 |
| | 9.4 |
|
| (Gain) on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (3.1 | ) | | (3.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.5 |
| | 7.5 |
|
| Other operating credit and charges, associated with JVs | — |
| | — |
| | — |
| | — |
| | — |
| | (1.0 | ) | | (1.0 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 6.8 |
| | 6.8 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (5.5 | ) | | (5.5 | ) |
| Depreciation included in equity in loss of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | — |
| | — |
| | 0.1 |
|
| Adjusted EBITDA from continuing operations | $ | 4.4 |
| | $ | 97.9 |
| | $ | 0.3 |
| | $ | 20.4 |
| | $ | (2.4 | ) | | $ | (76.5 | ) | | $ | 44.1 |
|
