Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2016 and 2015.
Three Months Ended December 31, 2016 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net sales | $ | 275.8 | $ | 169.0 | $ | 66.4 | $ | 33.7 | $ | 6.6 | $ | (1.5 | ) | $ | 550.0 | ||||||||||||
Depreciation and amortization | 14.0 | 6.7 | 2.5 | 2.0 | 0.6 | 1.0 | 26.8 | ||||||||||||||||||||
Cost of sales and selling and administrative | 202.3 | 140.1 | 68.5 | 30.0 | 6.6 | 23.1 | 470.6 | ||||||||||||||||||||
Gain on sales of and impairments of long-lived assets, net | — | — | — | — | — | (9.4 | ) | (9.4 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 6.0 | 6.0 | ||||||||||||||||||||
Total operating costs | 216.3 | 146.8 | 71.0 | 32.0 | 7.2 | 20.7 | 494.0 | ||||||||||||||||||||
Income (loss) from operations | 59.5 | 22.2 | (4.6 | ) | 1.7 | (0.6 | ) | (22.2 | ) | 56.0 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | (7.4 | ) | (7.4 | ) | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 59.5 | 22.2 | (4.6 | ) | 1.7 | (0.6 | ) | (29.6 | ) | 48.6 | |||||||||||||||||
Provision for income taxes | — | — | — | — | — | 6.7 | 6.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (0.8 | ) | — | — | — | (0.8 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | 59.5 | $ | 22.2 | $ | (3.8 | ) | $ | 1.7 | $ | (0.6 | ) | $ | (36.3 | ) | $ | 42.7 | ||||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 59.5 | $ | 22.2 | $ | (3.8 | ) | $ | 1.7 | $ | (0.6 | ) | $ | (36.3 | ) | $ | 42.7 | ||||||||||
Provision for income taxes | — | — | — | — | — | 6.7 | 6.7 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 5.8 | 5.8 | ||||||||||||||||||||
Depreciation and amortization | 14.0 | 6.7 | 2.5 | 2.0 | 0.6 | 1.0 | 26.8 | ||||||||||||||||||||
EBITDA from continuing operations | 73.5 | 28.9 | (1.3 | ) | 3.7 | — | (22.8 | ) | 82.0 | ||||||||||||||||||
Stock-based compensation expense | 0.3 | 0.2 | 0.1 | — | — | 3.0 | 3.6 | ||||||||||||||||||||
Gain on sale or impairment of long-lived assets, net | — | — | — | — | — | (9.4 | ) | (9.4 | ) | ||||||||||||||||||
Other operating credits and charges, net | 6.0 | 6.0 | |||||||||||||||||||||||||
Investment income | — | — | — | — | — | (1.8 | ) | (1.8 | ) | ||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | 4.1 | 4.1 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 73.8 | $ | 29.1 | $ | (1.2 | ) | $ | 3.7 | $ | — | $ | (20.9 | ) | $ | 84.5 |
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, net | — | — | — | — | — | 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 expense | — | — | — | — | — | (6.4 | ) | (6.4 | ) | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 11.3 | 13.9 | (1.9 | ) | 3.0 | (0.4 | ) | (30.9 | ) | (5.0 | ) | ||||||||||||||||
Benefit 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 Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 11.3 | $ | 13.9 | $ | — | $ | 3.0 | $ | (0.4 | ) | $ | (35.2 | ) | $ | (7.4 | ) | ||||||||||
Benefit 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 | — | — | 1.4 | 1.9 | ||||||||||||||||||||
Loss on sale or impairment of long-lived assets, net | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 3.7 | 3.7 | ||||||||||||||||||||
Other operating credit and charges, associated with JV's | — | — | — | — | — | (0.7 | ) | (0.7 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (1.5 | ) | (1.5 | ) | ||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 24.9 | $ | 18.7 | $ | 3.1 | $ | 4.7 | $ | 0.1 | $ | (17.8 | ) | $ | 33.7 |
Year Ended December 31, 2016 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net sales | $ | 1,027.7 | $ | 752.3 | $ | 296.9 | $ | 136.9 | $ | 26.9 | $ | (7.3 | ) | $ | 2,233.4 | ||||||||||||
Depreciation and amortization | 58.6 | 27.4 | 12.7 | 8.6 | 2.3 | 3.2 | 112.8 | ||||||||||||||||||||
Cost of sales and selling and administrative | 782.9 | 598.8 | 295.2 | 111.3 | 26.2 | 93.2 | 1,907.6 | ||||||||||||||||||||
Gain on sales of and impairments of long-lived assets, net | — | — | — | — | — | (8.4 | ) | (8.4 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 17.4 | 17.4 | ||||||||||||||||||||
Total operating costs | 841.5 | 626.2 | 307.9 | 119.9 | 28.5 | 105.4 | 2,029.4 | ||||||||||||||||||||
Income (loss) from operations | 186.2 | 126.1 | (11.0 | ) | 17.0 | (1.6 | ) | (112.7 | ) | 204.0 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | (39.1 | ) | (39.1 | ) | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 186.2 | 126.1 | (11.0 | ) | 17.0 | (1.6 | ) | (151.8 | ) | 164.9 | |||||||||||||||||
Provision for income taxes | — | — | — | — | — | 19.8 | 19.8 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (5.2 | ) | — | — | — | (5.2 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | 186.2 | $ | 126.1 | $ | (5.8 | ) | $ | 17.0 | $ | (1.6 | ) | $ | (171.6 | ) | $ | 150.3 | ||||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 186.2 | $ | 126.1 | $ | (5.8 | ) | $ | 17.0 | $ | (1.6 | ) | $ | (171.6 | ) | $ | 150.3 | ||||||||||
Provision for income taxes | — | — | — | — | — | 19.8 | 19.8 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 32.1 | 32.1 | ||||||||||||||||||||
Depreciation and amortization | 58.6 | 27.4 | 12.7 | 8.6 | 2.3 | 3.2 | 112.8 | ||||||||||||||||||||
EBITDA from continuing operations | 244.8 | 153.5 | 6.9 | 25.6 | 0.7 | (116.5 | ) | 315.0 | |||||||||||||||||||
Stock-based compensation expense | 1.0 | 0.9 | 0.6 | — | — | 10.5 | 13.0 | ||||||||||||||||||||
Gain on sale or impairments of long-lived assets, net | — | — | — | — | — | (8.4 | ) | (8.4 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 17.4 | 17.4 | ||||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | 17.3 | 17.3 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (8.2 | ) | (8.2 | ) | ||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 245.8 | $ | 154.4 | $ | 7.5 | $ | 25.6 | $ | 0.7 | $ | (87.9 | ) | $ | 346.1 |
Year Ended December 31, 2015 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net 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, net | — | — | — | — | — | 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) from continuing operations before income taxes and equity in income 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 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 adjusted 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 sale or impairments of long-lived assets, net | — | — | — | — | — | 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 |