Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and nine months ended September 30, 2016 and 2015.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2016 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 282.1 |
| | $ | 194.8 |
| | $ | 80.7 |
| | $ | 31.7 |
| | $ | 7.6 |
| | $ | (0.5 | ) | | $ | 596.4 |
|
| Depreciation and amortization | 15.3 |
| | 6.3 |
| | 3.8 |
| | 2.5 |
| | 0.9 |
| | 0.8 |
| | 29.6 |
|
| Cost of sales and selling and administrative | 199.4 |
| | 153.3 |
| | 78.3 |
| | 25.9 |
| | 7.1 |
| | 25.6 |
| | 489.6 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
| | 0.3 |
|
| Total operating costs | 214.7 |
| | 159.6 |
| | 82.1 |
| | 28.4 |
| | 8.0 |
| | 26.7 |
| | 519.5 |
|
| Income (loss) from operations | 67.4 |
| | 35.2 |
| | (1.4 | ) | | 3.3 |
| | (0.4 | ) | | (27.2 | ) | | 76.9 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (20.2 | ) | | (20.2 | ) |
| Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 67.4 |
| | 35.2 |
| | (1.4 | ) | | 3.3 |
| | (0.4 | ) | | (47.4 | ) | | 56.7 |
|
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (7.5 | ) | | (7.5 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.4 | ) | | — |
| | — |
| | — |
| | (1.4 | ) |
| Income (loss) from continuing operations | $ | 67.4 |
| | $ | 35.2 |
| | $ | — |
| | $ | 3.3 |
| | $ | (0.4 | ) | | $ | (39.9 | ) | | $ | 65.6 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 67.4 |
| | $ | 35.2 |
| | $ | — |
| | $ | 3.3 |
| | $ | (0.4 | ) | | $ | (39.9 | ) | | $ | 65.6 |
|
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (7.5 | ) | | (7.5 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 9.0 |
| | 9.0 |
|
| Depreciation and amortization | 15.3 |
| | 6.3 |
| | 3.8 |
| | 2.5 |
| | 0.9 |
| | 0.8 |
| | 29.6 |
|
| EBITDA from continuing operations | 82.7 |
| | 41.5 |
| | 3.8 |
| | 5.8 |
| | 0.5 |
| | (37.6 | ) | | 96.7 |
|
| Stock based compensation expense | 0.3 |
| | 0.2 |
| | 0.2 |
| | — |
| | — |
| | 2.5 |
| | 3.2 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
| | 0.3 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (2.5 | ) | | (2.5 | ) |
| Loss on early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 13.2 |
| | 13.2 |
|
| Adjusted EBITDA from continuing operations | $ | 83.0 |
| | $ | 41.7 |
| | $ | 4.0 |
| | $ | 5.8 |
| | $ | 0.5 |
| | $ | (24.1 | ) | | $ | 110.9 |
|
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2015
(Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 200.0 |
| | $ | 157.8 |
| | $ | 74.4 |
| | $ | 26.8 |
| | $ | 6.8 |
| | $ | (0.9 | ) | | $ | 464.9 |
|
| Depreciation and amortization | 14.6 |
| | 5.0 |
| | 3.3 |
| | 2.0 |
| | 0.4 |
| | 0.6 |
| | 25.9 |
|
| Cost of sales and selling and administrative | 196.5 |
| | 135.6 |
| | 74.0 |
| | 22.4 |
| | 7.0 |
| | 19.0 |
| | 454.5 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.9 |
| | 0.9 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Total operating costs | 211.1 |
| | 140.6 |
| | 77.3 |
| | 24.4 |
| | 7.4 |
| | 21.5 |
| | 482.3 |
|
| Income (loss) from operations | (11.1 | ) | | 17.2 |
| | (2.9 | ) | | 2.4 |
| | (0.6 | ) | | (22.4 | ) | | (17.4 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (11.6 | ) | | (11.6 | ) |
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (11.1 | ) | | 17.2 |
| | (2.9 | ) | | 2.4 |
| | (0.6 | ) | | (34.0 | ) | | (29.0 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (2.4 | ) | | (2.4 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (2.0 | ) | | — |
| | — |
| | — |
| | (2.0 | ) |
| Income (loss) from continuing operations | $ | (11.1 | ) | | $ | 17.2 |
| | $ | (0.9 | ) | | $ | 2.4 |
| | $ | (0.6 | ) | | $ | (31.6 | ) | | $ | (24.6 | ) |
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | |
|
| Income (loss) from continuing operations | $ | (11.1 | ) | | $ | 17.2 |
| | $ | (0.9 | ) | | $ | 2.4 |
| | $ | (0.6 | ) | | $ | (31.6 | ) | | $ | (24.6 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (2.4 | ) | | (2.4 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 8.4 |
| | 8.4 |
|
| Depreciation and amortization | 14.6 |
| | 5.0 |
| | 3.3 |
| | 2.0 |
| | 0.4 |
| | 0.6 |
| | 25.9 |
|
| EBITDA from continuing operations | 3.5 |
| | 22.2 |
| | 2.4 |
| | 4.4 |
| | (0.2 | ) | | (25.0 | ) | | 7.3 |
|
| Stock based compensation expense | 0.4 |
| | 0.1 |
| | 0.1 |
| | — |
| | — |
| | 1.7 |
| | 2.3 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.9 |
| | 0.9 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (0.5 | ) | | (0.5 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Adjusted EBITDA from continuing operations | $ | 3.9 |
| | $ | 22.3 |
| | $ | 2.5 |
| | $ | 4.4 |
| | $ | (0.2 | ) | | $ | (21.9 | ) | | $ | 11.0 |
|
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2016 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 751.9 |
| | $ | 583.3 |
| | $ | 230.5 |
| | $ | 103.2 |
| | $ | 20.3 |
| | $ | (5.8 | ) | | $ | 1,683.4 |
|
| Depreciation and amortization | 44.6 |
| | 20.7 |
| | 10.2 |
| | 6.6 |
| | 1.7 |
| | 2.2 |
| | 86.0 |
|
| Cost of sales and selling and administrative | 580.6 |
| | 458.7 |
| | 226.7 |
| | 81.3 |
| | 19.6 |
| | 70.1 |
| | 1,437.0 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 11.4 |
| | 11.4 |
|
| Total operating costs | 625.2 |
| | 479.4 |
| | 236.9 |
| | 87.9 |
| | 21.3 |
| | 84.7 |
| | 1,535.4 |
|
| Income (loss) from operations | 126.7 |
| | 103.9 |
| | (6.4 | ) | | 15.3 |
| | (1.0 | ) | | (90.5 | ) | | 148.0 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (31.7 | ) | | (31.7 | ) |
| Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 126.7 |
| | 103.9 |
| | (6.4 | ) | | 15.3 |
| | (1.0 | ) | | (122.2 | ) | | 116.3 |
|
| Income tax provision | — |
| | — |
| | — |
| | — |
| | — |
| | 13.1 |
| | 13.1 |
|
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (4.4 | ) | | — |
| | — |
| | — |
| | (4.4 | ) |
| Income (loss) from continuing operations | $ | 126.7 |
| | $ | 103.9 |
| | $ | (2.0 | ) | | $ | 15.3 |
| | $ | (1.0 | ) | | $ | (135.3 | ) | | $ | 107.6 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | |
|
| Income (loss) from continuing operations | $ | 126.7 |
| | $ | 103.9 |
| | $ | (2.0 | ) | | $ | 15.3 |
| | $ | (1.0 | ) | | $ | (135.3 | ) | | $ | 107.6 |
|
| Income tax provision | — |
| | — |
| | — |
| | — |
| | — |
| | 13.1 |
| | 13.1 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 26.3 |
| | 26.3 |
|
| Depreciation and amortization | 44.6 |
| | 20.7 |
| | 10.2 |
| | 6.6 |
| | 1.7 |
| | 2.2 |
| | 86.0 |
|
| EBITDA from continuing operations | 171.3 |
| | 124.6 |
| | 8.2 |
| | 21.9 |
| | 0.7 |
| | (93.7 | ) | | 233.0 |
|
| Stock based compensation expense | 0.7 |
| | 0.7 |
| | 0.5 |
| | — |
| | — |
| | 7.5 |
| | 9.4 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (6.4 | ) | | (6.4 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 11.4 |
| | 11.4 |
|
| Loss on early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 13.2 |
| | 13.2 |
|
| Adjusted EBITDA from continuing operations | $ | 172.0 |
| | $ | 125.3 |
| | $ | 8.7 |
| | $ | 21.9 |
| | $ | 0.7 |
| | $ | (67.0 | ) | | $ | 261.6 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2015 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 601.2 |
| | $ | 495.2 |
| | $ | 211.2 |
| | $ | 101.4 |
| | $ | 21.5 |
| | $ | (0.9 | ) | | $ | 1,429.6 |
|
| Depreciation and amortization | 43.6 |
| | 15.1 |
| | 9.6 |
| | 6.2 |
| | 1.3 |
| | 2.1 |
| | 77.9 |
|
| Cost of sales and selling and administrative | 615.2 |
| | 400.8 |
| | 213.0 |
| | 88.4 |
| | 22.7 |
| | 62.2 |
| | 1,402.3 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.5 |
| | 1.5 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 12.6 |
| | 12.6 |
|
| Total operating costs | 658.8 |
| | 415.9 |
| | 222.6 |
| | 94.6 |
| | 24.0 |
| | 78.4 |
| | 1,494.3 |
|
| Income (loss) from operations | (57.6 | ) | | 79.3 |
| | (11.4 | ) | | 6.8 |
| | (2.5 | ) | | (79.3 | ) | | (64.7 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (25.7 | ) | | (25.7 | ) |
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (57.6 | ) | | 79.3 |
| | (11.4 | ) | | 6.8 |
| | (2.5 | ) | | (105.0 | ) |
| (90.4 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (7.7 | ) | | (7.7 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (4.1 | ) | | — |
| | — |
| | — |
| | (4.1 | ) |
| Income (loss) from continuing operations | $ | (57.6 | ) | | $ | 79.3 |
| | $ | (7.3 | ) | | $ | 6.8 |
| | $ | (2.5 | ) | | $ | (97.3 | ) | | $ | (78.6 | ) |
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | |
|
| Income (loss) from continuing operations | $ | (57.6 | ) | | $ | 79.3 |
| | $ | (7.3 | ) | | $ | 6.8 |
| | $ | (2.5 | ) | | $ | (97.3 | ) | | $ | (78.6 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (7.7 | ) | | (7.7 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 23.1 |
| | 23.1 |
|
| Depreciation and amortization | 43.6 |
| | 15.1 |
| | 9.6 |
| | 6.2 |
| | 1.3 |
| | 2.1 |
| | 77.9 |
|
| EBITDA from continuing operations | (14.0 | ) | | 94.4 |
| | 2.3 |
| | 13.0 |
| | (1.2 | ) | | (79.8 | ) | | 14.7 |
|
| Stock based compensation expense | 0.8 |
| | 0.6 |
| | 0.4 |
| | — |
| | — |
| | 5.6 |
| | 7.4 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.5 |
| | 1.5 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (2.9 | ) | | (2.9 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 12.6 |
| | 12.6 |
|
| Adjusted EBITDA from continuing operations | $ | (13.2 | ) | | $ | 95.0 |
| | $ | 2.7 |
| | $ | 13.0 |
| | $ | (1.2 | ) | | $ | (63.0 | ) | | $ | 33.3 |
|
