LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - EBITDA RECONCILIATION - February 8, 2017

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EX-99.3 - EXHIBIT 99.3 - IS RECONCILIATION - LOUISIANA-PACIFIC CORPex993isreconciliation12312.htm
EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORPexhibit991pressrelease1231.htm
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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




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