Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - IS RECONCILIATION - LOUISIANA-PACIFIC CORP | ex993-063017lpxisreconcili.htm |
| EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORP | ex991-q22017pressrelease.htm |
| 8-K - 8-K - EARNINGS RELEASE 6.30.2017 - LOUISIANA-PACIFIC CORP | lpx63020178k.htm |
Exhibit 99.2 Reconciliation of EBITDA and Adjusted EBITDA for the quarter and six months ended June 30, 2017 and 2016.
Quarter Ended June 30, 2017 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 231.0 | $ | 325.0 | $ | 94.2 | $ | 38.7 | $ | 7.1 | $ | (1.9 | ) | $ | 694.1 | ||||||||||||
Depreciation and amortization | 7.5 | 14.9 | 3.7 | 2.2 | 0.5 | 0.8 | 29.6 | ||||||||||||||||||||
Cost of sales and selling and administrative | 175.0 | 207.5 | 87.1 | 31.0 | 7.5 | 24.6 | 532.7 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets, net | — | — | — | — | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 2.0 | 2.0 | ||||||||||||||||||||
Total operating costs | 182.5 | 222.4 | 90.8 | 33.2 | 8.0 | 24.3 | 561.2 | ||||||||||||||||||||
Income (loss) from operations | 48.5 | 102.6 | 3.4 | 5.5 | (0.9 | ) | (26.2 | ) | 132.9 | ||||||||||||||||||
Total non-operating expense | — | — | — | — | — | (4.1 | ) | (4.1 | ) | ||||||||||||||||||
Income (loss) before taxes and equity in income of unconsolidated affiliates | 48.5 | 102.6 | 3.4 | 5.5 | (0.9 | ) | (30.3 | ) | 128.8 | ||||||||||||||||||
Income tax provision | — | — | — | — | — | 36.0 | 36.0 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (1.7 | ) | — | — | — | (1.7 | ) | ||||||||||||||||||
Net income (loss) | $ | 48.5 | $ | 102.6 | $ | 5.1 | $ | 5.5 | $ | (0.9 | ) | $ | (66.3 | ) | $ | 94.5 | |||||||||||
Reconciliation of net income (loss) to Adjusted EBITDA | |||||||||||||||||||||||||||
Net income (loss) | $ | 48.5 | $ | 102.6 | $ | 5.1 | $ | 5.5 | $ | (0.9 | ) | $ | (66.3 | ) | $ | 94.5 | |||||||||||
Income tax provision | — | — | — | — | — | 36.0 | 36.0 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 4.9 | 4.9 | ||||||||||||||||||||
Depreciation and amortization | 7.5 | 14.9 | 3.7 | 2.2 | 0.5 | 0.8 | 29.6 | ||||||||||||||||||||
EBITDA | 56.0 | 117.5 | 8.8 | 7.7 | (0.4 | ) | (24.6 | ) | 165.0 | ||||||||||||||||||
Stock-based compensation expense | 0.2 | 0.2 | 0.1 | — | — | 1.4 | 1.9 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets, net | — | — | — | — | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (2.3 | ) | (2.3 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 2.0 | 2.0 | ||||||||||||||||||||
Adjusted EBITDA | $ | 56.2 | $ | 117.7 | $ | 8.9 | $ | 7.7 | $ | (0.4 | ) | $ | (26.6 | ) | $ | 163.5 | |||||||||||
Adjusted EBITDA Margin | 24.3 | % | 36.2 | % | 9.4 | % | 19.9 | % | (5.6 | )% | NA | 23.6 | % | ||||||||||||||
Quarter Ended June 30, 2016 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 207.2 | $ | 252.8 | $ | 78.0 | $ | 41.0 | $ | 6.6 | $ | (3.2 | ) | $ | 582.4 | ||||||||||||
Depreciation and amortization | 7.3 | 14.7 | 3.2 | 2.2 | 0.4 | 0.7 | 28.5 | ||||||||||||||||||||
Cost of sales and selling and administrative | 158.1 | 194.1 | 75.8 | 31.9 | 6.4 | 23.3 | 489.6 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 11.4 | 11.4 | ||||||||||||||||||||
Total operating costs | 165.4 | 208.8 | 79.0 | 34.1 | 6.8 | 36.1 | 530.2 | ||||||||||||||||||||
Income (loss) from operations | 41.8 | 44.0 | (1.0 | ) | 6.9 | (0.2 | ) | (39.3 | ) | 52.2 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | (5.8 | ) | (5.8 | ) | ||||||||||||||||||
Income (loss) before taxes and equity in income of unconsolidated affiliates | 41.8 | 44.0 | (1.0 | ) | 6.9 | (0.2 | ) | (45.1 | ) | 46.4 | |||||||||||||||||
Income tax provision | — | — | — | — | — | 16.2 | 16.2 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (1.5 | ) | — | — | — | (1.5 | ) | ||||||||||||||||||
Net income (loss) | $ | 41.8 | $ | 44.0 | $ | 0.5 | $ | 6.9 | $ | (0.2 | ) | $ | (61.3 | ) | $ | 31.7 | |||||||||||
Reconciliation of net income (loss) to Adjusted EBITDA | |||||||||||||||||||||||||||
Net income (loss) | $ | 41.8 | $ | 44.0 | $ | 0.5 | $ | 6.9 | $ | (0.2 | ) | $ | (61.3 | ) | $ | 31.7 | |||||||||||
Income tax provision | — | — | — | — | — | 16.2 | 16.2 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 9.3 | 9.3 | ||||||||||||||||||||
Depreciation and amortization | 7.3 | 14.7 | 3.2 | 2.2 | 0.4 | 0.7 | 28.5 | ||||||||||||||||||||
EBITDA | 49.1 | 58.7 | 3.7 | 9.1 | 0.2 | (35.1 | ) | 85.7 | |||||||||||||||||||
Stock-based compensation expense | 0.1 | 0.3 | 0.2 | — | — | 2.6 | 3.2 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (2.1 | ) | (2.1 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 11.4 | 11.4 | ||||||||||||||||||||
Adjusted EBITDA | $ | 49.2 | $ | 59.0 | $ | 3.9 | $ | 9.1 | $ | 0.2 | $ | (22.5 | ) | $ | 98.9 | ||||||||||||
Adjusted EBITDA Margin | 23.7 | % | 23.3 | % | 5.0 | % | 22.2 | % | 3.0 | % | NA | 17.0 | % | ||||||||||||||
Six Months Ended June 30, 2017 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 445.0 | $ | 593.4 | $ | 176.3 | $ | 76.5 | $ | 15.8 | $ | (2.0 | ) | $ | 1,305.0 | ||||||||||||
Depreciation and amortization | 15.6 | 29.6 | 7.6 | 4.4 | 1.4 | 1.6 | 60.2 | ||||||||||||||||||||
Cost of sales and selling and administrative | 340.7 | 400.8 | 165.8 | 61.5 | 15.5 | 52.0 | 1,036.3 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets, net | — | — | (2.5 | ) | (2.5 | ) | |||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | 5.4 | 5.4 | |||||||||||||||||||||
Total operating costs | 356.3 | 430.4 | 173.4 | 65.9 | 16.9 | 56.5 | 1,099.4 | ||||||||||||||||||||
Income (loss) from operations | 88.7 | 163.0 | 2.9 | 10.6 | (1.1 | ) | (58.5 | ) | 205.6 | ||||||||||||||||||
Total non-operating expense | — | — | — | — | — | (7.4 | ) | (7.4 | ) | ||||||||||||||||||
Income (loss) before taxes and equity in income of unconsolidated affiliates | 88.7 | 163.0 | 2.9 | 10.6 | (1.1 | ) | (65.9 | ) | 198.2 | ||||||||||||||||||
Income tax provision | — | — | — | — | — | 51.5 | 51.5 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (2.8 | ) | — | — | (2.8 | ) | |||||||||||||||||||
Net income (loss) | $ | 88.7 | $ | 163.0 | $ | 5.7 | $ | 10.6 | $ | (1.1 | ) | $ | (117.4 | ) | $ | 149.5 | |||||||||||
Reconciliation of net income (loss) to Adjusted EBITDA | |||||||||||||||||||||||||||
Net income (loss) | $ | 88.7 | $ | 163.0 | $ | 5.7 | $ | 10.6 | $ | (1.1 | ) | $ | (117.4 | ) | $ | 149.5 | |||||||||||
Income tax provision | — | — | — | — | — | 51.5 | 51.5 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 9.9 | 9.9 | ||||||||||||||||||||
Depreciation and amortization | 15.6 | 29.6 | 7.6 | 4.4 | 1.4 | 1.6 | 60.2 | ||||||||||||||||||||
EBITDA | 104.3 | 192.6 | 13.3 | 15.0 | 0.3 | (54.4 | ) | 271.1 | |||||||||||||||||||
Stock based compensation expense | 0.4 | 0.4 | 0.1 | — | — | 5.1 | 6.0 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets, net | — | — | — | (2.5 | ) | (2.5 | ) | ||||||||||||||||||||
Investment income | — | — | — | — | — | (4.3 | ) | (4.3 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | 5.4 | 5.4 | |||||||||||||||||||||
Adjusted EBITDA | $ | 104.7 | $ | 193.0 | $ | 13.4 | $ | 15.0 | $ | 0.3 | $ | (50.7 | ) | $ | 275.7 | ||||||||||||
Adjusted EBITDA Margin | 23.5 | % | 32.5 | % | 7.6 | % | 19.6 | % | 1.9 | % | NA | 21.1 | % | ||||||||||||||
Six Months Ended June 30, 2016 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 388.5 | $ | 469.8 | $ | 149.8 | $ | 71.5 | $ | 12.7 | $ | (5.3 | ) | $ | 1,087.0 | ||||||||||||
Depreciation and amortization | 14.5 | 29.2 | 6.3 | 4.1 | 0.8 | 1.5 | 56.4 | ||||||||||||||||||||
Cost of sales and selling and administrative | 305.3 | 381.3 | 148.5 | 55.4 | 12.5 | 44.4 | 947.4 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 11.4 | 11.4 | ||||||||||||||||||||
Total operating costs | 319.8 | 410.5 | 154.8 | 59.5 | 13.3 | 58.0 | 1,015.9 | ||||||||||||||||||||
Income (loss) from operations | 68.7 | 59.3 | (5.0 | ) | 12.0 | (0.6 | ) | (63.3 | ) | 71.1 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | (11.5 | ) | (11.5 | ) | ||||||||||||||||||
Income (loss) before taxes and equity in income of unconsolidated affiliates | 68.7 | 59.3 | (5.0 | ) | 12.0 | (0.6 | ) | (74.8 | ) | 59.6 | |||||||||||||||||
Income tax provision | — | — | — | — | — | 20.6 | 20.6 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||||||||||||
Net income (loss) | $ | 68.7 | $ | 59.3 | $ | (2.0 | ) | $ | 12.0 | $ | (0.6 | ) | $ | (95.4 | ) | $ | 42.0 | ||||||||||
Reconciliation of net income (loss) to Adjusted EBITDA | |||||||||||||||||||||||||||
Net income (loss) | $ | 68.7 | $ | 59.3 | $ | (2.0 | ) | $ | 12.0 | $ | (0.6 | ) | $ | (95.4 | ) | $ | 42.0 | ||||||||||
Income tax provision | — | — | — | — | — | 20.6 | 20.6 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 17.3 | 17.3 | ||||||||||||||||||||
Depreciation and amortization | 14.5 | 29.2 | 6.3 | 4.1 | 0.8 | 1.5 | 56.4 | ||||||||||||||||||||
EBITDA | 83.2 | 88.5 | 4.3 | 16.1 | 0.2 | (56.0 | ) | 136.3 | |||||||||||||||||||
Stock based compensation expense | 0.4 | 0.5 | 0.4 | — | — | 4.9 | 6.2 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (3.9 | ) | (3.9 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 11.4 | 11.4 | ||||||||||||||||||||
Adjusted EBITDA | $ | 83.6 | $ | 89.0 | $ | 4.7 | $ | 16.1 | $ | 0.2 | $ | (42.9 | ) | $ | 150.7 | ||||||||||||
Adjusted EBITDA Margin | 21.5 | % | 18.9 | % | 3.1 | % | 22.5 | % | 1.6 | % | NA | 13.9 | % | ||||||||||||||