Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and nine months ended September 30, 2017 and 2016.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter Ended September 30, 2017 (Dollar amounts in millions) | Siding | | OSB | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 226.2 |
| | $ | 350.9 |
| | $ | 98.1 |
| | $ | 38.3 |
| | $ | 6.5 |
| | $ | (1.7 | ) | | $ | 718.3 |
|
| Depreciation and amortization | 8.1 |
| | 15.2 |
| | 4.0 |
| | 2.4 |
| | 0.7 |
| | 0.7 |
| | 31.1 |
|
| Cost of sales and selling and administrative | 165.3 |
| | 209.3 |
| | 88.8 |
| | 30.1 |
| | 7.4 |
| | 27.6 |
| | 528.5 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.7 |
| | 0.7 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (0.9 | ) | | (0.9 | ) |
| Total operating costs | 173.4 |
| | 224.5 |
| | 92.8 |
| | 32.5 |
| | 8.1 |
| | 28.1 |
| | 559.4 |
|
| Income (loss) from operations | 52.8 |
| | 126.4 |
| | 5.3 |
| | 5.8 |
| | (1.6 | ) | | (29.8 | ) | | 158.9 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (2.6 | ) | | (2.6 | ) |
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | 52.8 |
| | 126.4 |
| | 5.3 |
| | 5.8 |
| | (1.6 | ) | | (32.4 | ) | | 156.3 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 46.4 |
| | 46.4 |
|
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.0 | ) | | — |
| | — |
| | — |
| | (1.0 | ) |
| Income (loss) from continuing operations | $ | 52.8 |
| | $ | 126.4 |
| | $ | 6.3 |
| | $ | 5.8 |
| | $ | (1.6 | ) | | $ | (78.8 | ) | | $ | 110.9 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 52.8 |
| | $ | 126.4 |
| | $ | 6.3 |
| | $ | 5.8 |
| | $ | (1.6 | ) | | $ | (78.8 | ) | | $ | 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 | 60.9 |
| | 141.6 |
| | 10.3 |
| | 8.2 |
| | (0.9 | ) | | (26.8 | ) | | 193.3 |
|
| Stock-based compensation expense | 0.2 |
| | 0.2 |
| | 0.1 |
| | — |
| | — |
| | 1.5 |
| | 2.0 |
|
| Loss 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 | ) |
| Adjusted EBITDA from continuing operations | $ | 61.1 |
| | $ | 141.8 |
| | $ | 10.4 |
| | $ | 8.2 |
| | $ | (0.9 | ) | | $ | (28.4 | ) | | $ | 192.2 |
|
| Adjusted EBITDA Margin | 27.0 | % | | 40.4 | % | | 10.6 | % | | 21.4 | % | | (13.8 | )% | | NA |
| | 26.8 | % |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quarter Ended September 30, 2016
(Dollar amounts in millions) | Siding | | OSB | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 194.8 |
| | $ | 282.1 |
| | $ | 80.7 |
| | $ | 31.7 |
| | $ | 7.6 |
| | $ | (0.5 | ) | | $ | 596.4 |
|
| Depreciation and amortization | 6.3 |
| | 15.3 |
| | 3.8 |
| | 2.5 |
| | 0.9 |
| | 0.8 |
| | 29.6 |
|
| Cost of sales and selling and administrative | 153.3 |
| | 199.4 |
| | 78.3 |
| | 25.9 |
| | 7.1 |
| | 25.6 |
| | 489.6 |
|
| Loss on sale or impairment of long lived assets, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
| | 0.3 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Total operating costs | 159.6 |
| | 214.7 |
| | 82.1 |
| | 28.4 |
| | 8.0 |
| | 26.7 |
| | 519.5 |
|
| Income (loss) from operations | 35.2 |
| | 67.4 |
| | (1.4 | ) | | 3.3 |
| | (0.4 | ) | | (27.2 | ) | | 76.9 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (20.2 | ) | | (20.2 | ) |
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | 35.2 |
| | 67.4 |
| | (1.4 | ) | | 3.3 |
| | (0.4 | ) | | (47.4 | ) | | 56.7 |
|
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (7.5 | ) | | (7.5 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.4 | ) | | — |
| | — |
| | — |
| | (1.4 | ) |
| Income (loss) from continuing operations | $ | 35.2 |
| | $ | 67.4 |
| | $ | — |
| | $ | 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 | $ | 35.2 |
| | $ | 67.4 |
| | $ | — |
| | $ | 3.3 |
| | $ | (0.4 | ) | | $ | (39.9 | ) | | $ | 65.6 |
|
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (7.5 | ) | | (7.5 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 9.0 |
| | 9.0 |
|
| Depreciation and amortization | 6.3 |
| | 15.3 |
| | 3.8 |
| | 2.5 |
| | 0.9 |
| | 0.8 |
| | 29.6 |
|
| EBITDA from continuing operations | 41.5 |
| | 82.7 |
| | 3.8 |
| | 5.8 |
| | 0.5 |
| | (37.6 | ) | | 96.7 |
|
| Stock-based compensation expense | 0.2 |
| | 0.3 |
| | 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 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Adjusted EBITDA from continuing operations | $ | 41.7 |
| | $ | 83.0 |
| | $ | 4.0 |
| | $ | 5.8 |
| | $ | 0.5 |
| | $ | (24.1 | ) | | $ | 110.9 |
|
| Adjusted EBITDA Margin | 21.4 | % | | 29.4 | % | | 5.0 | % | | 18.3 | % | | 6.6 | % | | NA |
| | 18.6 | % |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2017 (Dollar amounts in millions) | Siding | | OSB | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 671.2 |
| | $ | 944.3 |
| | $ | 274.4 |
| | $ | 114.8 |
| | $ | 22.3 |
| | $ | (3.7 | ) | | $ | 2,023.3 |
|
| Depreciation and amortization | 23.7 |
| | 44.8 |
| | 11.6 |
| | 6.8 |
| | 2.1 |
| | 2.3 |
| | 91.3 |
|
| Cost of sales and selling and administrative | 506.0 |
| | 610.1 |
| | 254.6 |
| | 91.6 |
| | 22.9 |
| | 79.7 |
| | 1,564.9 |
|
| Gain on sale or impairment of long lived assets, net |
| |
| |
| | — |
| | — |
| | (1.8 | ) | | (1.8 | ) |
| Other operating credits and charges, net |
| | — |
| | — |
| | — |
| | — |
| | 4.5 |
| | 4.5 |
|
| Total operating costs | 529.7 |
| | 654.9 |
| | 266.2 |
| | 98.4 |
| | 25.0 |
| | 84.7 |
| | 1,658.9 |
|
| Income (loss) from operations | 141.5 |
| | 289.4 |
| | 8.2 |
| | 16.4 |
| | (2.7 | ) | | (88.4 | ) | | 364.4 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (10.0 | ) | | (10.0 | ) |
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | 141.5 |
| | 289.4 |
| | 8.2 |
| | 16.4 |
| | (2.7 | ) | | (98.4 | ) | | 354.4 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 97.9 |
| | 97.9 |
|
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (3.8 | ) | | — |
| | — |
| |
| | (3.8 | ) |
| Income (loss) from continuing operations | $ | 141.5 |
| | $ | 289.4 |
| | $ | 12.0 |
| | $ | 16.4 |
| | $ | (2.7 | ) | | $ | (196.3 | ) | | $ | 260.3 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | |
|
| Income (loss) from continuing operations | $ | 141.5 |
| | $ | 289.4 |
| | $ | 12.0 |
| | $ | 16.4 |
| | $ | (2.7 | ) | | $ | (196.3 | ) | | $ | 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 | 165.2 |
| | 334.2 |
| | 23.6 |
| | 23.2 |
| | (0.6 | ) | | (81.3 | ) | | 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 |
|
| Adjusted EBITDA from continuing operations | $ | 165.8 |
| | $ | 334.8 |
| | $ | 23.8 |
| | $ | 23.2 |
| | $ | (0.6 | ) | | $ | (79.2 | ) | | $ | 467.8 |
|
| Adjusted EBITDA Margin | 24.7 | % | | 35.5 | % | | 8.7 | % | | 20.2 | % | | (2.7 | )% | | NA |
| | 23.1 | % |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended June 30, 2016 (Dollar amounts in millions) | Siding | | OSB | | EWP | | South America | | Other | | Corporate | | Total |
| Net Sales | $ | 583.3 |
| | $ | 751.9 |
| | $ | 230.5 |
| | $ | 103.2 |
| | $ | 20.3 |
| | $ | (5.8 | ) | | $ | 1,683.4 |
|
| Depreciation and amortization | 20.7 |
| | 44.6 |
| | 10.2 |
| | 6.6 |
| | 1.7 |
| | 2.2 |
| | 86.0 |
|
| Cost of sales and selling and administrative | 458.7 |
| | 580.6 |
| | 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 | 479.4 |
| | 625.2 |
| | 236.9 |
| | 87.9 |
| | 21.3 |
| | 84.7 |
| | 1,535.4 |
|
| Income (loss) from operations | 103.9 |
| | 126.7 |
| | (6.4 | ) | | 15.3 |
| | (1.0 | ) | | (90.5 | ) | | 148.0 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (31.7 | ) | | (31.7 | ) |
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | 103.9 |
| | 126.7 |
| | (6.4 | ) | | 15.3 |
| | (1.0 | ) | | (122.2 | ) |
| 116.3 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 13.1 |
| | 13.1 |
|
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (4.4 | ) | | — |
| | — |
| | — |
| | (4.4 | ) |
| Income (loss) from continuing operations | $ | 103.9 |
| | $ | 126.7 |
| | $ | (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 | $ | 103.9 |
| | $ | 126.7 |
| | $ | (2.0 | ) | | $ | 15.3 |
| | $ | (1.0 | ) | | $ | (135.3 | ) | | $ | 107.6 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 13.1 |
| | 13.1 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 26.3 |
| | 26.3 |
|
| Depreciation and amortization | 20.7 |
| | 44.6 |
| | 10.2 |
| | 6.6 |
| | 1.7 |
| | 2.2 |
| | 86.0 |
|
| EBITDA from continuing operations | 124.6 |
| | 171.3 |
| | 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 | ) |
| Loss on early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 13.2 |
| | 13.2 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 11.4 |
| | 11.4 |
|
| Adjusted EBITDA from continuing operations | $ | 125.3 |
| | $ | 172.0 |
| | $ | 8.7 |
| | $ | 21.9 |
| | $ | 0.7 |
| | $ | (67.0 | ) | | $ | 261.6 |
|
| Adjusted EBITDA Margin | 21.5 | % | | 22.9 | % | | 3.8 | % | | 21.2 | % | | 3.4 | % | | NA |
| | 15.5 | % |
