LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - EBITDA RECONCILIATION - October 31, 2016

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8-K - 8-K - LOUISIANA-PACIFIC CORPlpx93020168k.htm
EX-99.3 - EXHIBIT 99.3 - IS RECONCILIATION - LOUISIANA-PACIFIC CORPex993-093016lpxisreconcili.htm
EX-99.4 - EXHIBIT 99.4 COO ANNOUNCEMENT - LOUISIANA-PACIFIC CORPex994-cooannouncement.htm
EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORPex991-q32016pressrelease.htm


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.
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

 








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



 









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





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