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0001328581false00013285812023-07-312023-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 31, 2023
BOISE CASCADE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
1-35805
20-1496201
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1111 West Jefferson Street, Suite 300
Boise, Idaho 83702-5389
(Address of principal executive offices) (Zip Code)
(208) 384-6161
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value per share BCC New York Stock Exchange



Item 2.02 Results of Operations and Financial Condition.
On July 31, 2023, Boise Cascade Company (the Company) issued a press release announcing its second quarter 2023 financial results, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is attached hereto, includes certain statistical information related to the Company's quarterly performance.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
Exhibit Description
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOISE CASCADE COMPANY
By /s/ Jill Twedt
Jill Twedt
Senior Vice President, General Counsel and Secretary
Date: July 31, 2023



EX-99.1 2 bccexhibit9916302023.htm EARNINGS RELEASE Document

Boise Cascade Company Exhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release
bcclogoa02a05.jpg
Investor Relations Contact - Kelly Hibbs
208 384 3638
Media Contact - Lisa Tschampl
208 384 6552

For Immediate Release: July 31, 2023

Boise Cascade Company Reports Second Quarter 2023 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $146.3 million, or $3.67 per share, on sales of $1.8 billion for the second quarter ended June 30, 2023, compared with net income of $218.1 million, or $5.49 per share, on sales of $2.3 billion for the second quarter ended June 30, 2022.

“Both businesses again delivered solid financial performance during the second quarter as we continued to execute our integrated business model in support of our customer and supplier partners. Our associates' consistent focus, grit, and hard work remain key to driving our operating and financial results,” stated Nate Jorgensen, CEO. "As we close out the first half of 2023, we are encouraged by the resiliency of market demand despite ongoing economic uncertainties, and our long-term view of the strength of residential construction remains. The focus on working capital performance is a priority as the channel looks to manage inventory risk and reward, and we are uniquely positioned on a national scale to deliver the service levels in support of those efforts. Lastly, our balance sheet remains well positioned for continued investment in our associates, key strategies and growth initiatives in our distribution and EWP businesses, and further shareholder returns."
Second Quarter 2023 Highlights
2Q 2023 2Q 2022 % change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales $ 1,815,219  $ 2,278,072  (20) %
Net income 146,320  218,111  (33) %
Net income per common share - diluted 3.67  5.49  (33) %
Adjusted EBITDA 1
220,976  317,229  (30) %
Segment Results
Wood Products sales $ 530,273  $ 536,030  (1) %
Wood Products income 104,035  154,101  (32) %
Wood Products EBITDA 1
127,040  167,754  (24) %
Building Materials Distribution sales 1,636,538  2,131,200  (23) %
Building Materials Distribution income 98,550  154,308  (36) %
Building Materials Distribution EBITDA 1
105,936  161,036  (34) %
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.




In second quarter 2023, total U.S. housing starts and single-family housing starts decreased 11% and 14%, respectively, compared to the same period in 2022. On a year-to-date basis through June 2023, total housing starts decreased 15%, driven by a decrease in single-family housing starts of 21% compared to the same period in 2022. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $5.7 million, or 1%, to $530.3 million for the three months ended June 30, 2023, from $536.0 million for the three months ended June 30, 2022. The decrease in sales was driven by lower plywood sales prices and lower I-joists sales volumes. These decreases were offset partially by higher plywood sales volumes, higher sales prices for LVL and I-joists (collectively referred to as EWP), and higher LVL sales volumes.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
2Q 2023 vs. 2Q 2022 2Q 2023 vs. 1Q 2023
 Average Net Selling Prices
    LVL 6% (3)%
    I-joists 1% (4)%
    Plywood (36)% (1)%
 Sales Volumes
    LVL 2% 29%
    I-joists (9)% 63%
    Plywood 57% 8%

Wood Products' segment income decreased $50.1 million to $104.0 million for the three months ended June 30, 2023, from $154.1 million for the three months ended June 30, 2022. The decrease in segment income was due primarily to lower plywood sales prices. In addition, segment income was negatively impacted by an increase in depreciation and amortization expense due to the acquisition of two plywood facilities on July 25, 2022. These decreases in segment income were offset partially by higher plywood sales volumes, higher EWP sales prices, as well as lower wood fiber costs.
    
Building Materials Distribution

BMD's sales decreased $494.7 million, or 23%, to $1,636.5 million for the three months ended June 30, 2023, from $2,131.2 million for the three months ended June 30, 2022. Compared with the same quarter in the prior year, the overall decrease in sales was driven by sales price and sales volume decreases of 22% and 1%, respectively. By product line, commodity sales decreased 36%, general line product sales decreased 8%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 21%.

BMD segment income decreased $55.7 million to $98.6 million for the three months ended June 30, 2023, from $154.3 million in the comparative prior year quarter. The decline in segment income was driven by a gross margin decrease of $49.8 million, resulting from lower margins on EWP and general line products, offset partially by margin improvements on commodity products. In addition, selling and distribution expenses increased $3.9 million.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2023 with $1,080.9 million of cash and cash equivalents and $395.9 million of undrawn committed bank line availability, for total available liquidity of $1,476.8 million. The Company had $444.8 million of outstanding debt at June 30, 2023.

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We expect capital expenditures in 2023 to total approximately $120 million to $140 million. Our 2023 capital expenditures range includes funding for greenfield distribution centers in South Carolina and Texas, projects at our mills in the southeast to expand our EWP capacity, and the purchase of property to house an additional door shop assembly operation in Kansas City, Missouri. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

Dividends
    
On July 27, 2023, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on September 15, 2023, to stockholders of record on September 1, 2023.

Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. U.S. housing starts in June 2023 were approximately 1.4 million on a seasonally adjusted annual rate basis, as reported by the U.S. Census Bureau. However, home affordability remains a challenge for consumers, and the Federal Reserve's ongoing actions in response to inflationary data and what impacts these actions have on future mortgage rates and the broader economy will influence the near-term demand environment. As such, the outlook for the back half of 2023 remains uncertain and is reflected in various industry forecasts for 2023 U.S. housing starts that generally range from 1.3 million to 1.4 million units, compared with actual housing starts of 1.55 million in 2022, as reported by the U.S. Census Bureau. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. However, industry forecasts project continued moderation of year-over-year growth in renovation spending, and economic uncertainty may also negatively impact homeowners' further investment in their residences.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of commodity products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future commodity product pricing and commodity input costs may be volatile in response to economic uncertainties, industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. In addition, EWP volumes will continue to be influenced by demand for new residential construction, particularly single-family housing starts, and we expect modest EWP price erosion in the third quarter.
    
About Boise Cascade
    
Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products. For more information, please visit the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss second quarter earnings on Tuesday, August 1, 2023, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

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The archived webcast will be available in the Investors section of Boise Cascade's website.

Use of Non-GAAP Financial Measures
    
We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income (loss) or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
    
Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.

4


Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2023 June 30
2023 2022 2023 2022
Sales $ 1,815,219  $ 2,278,072  $ 1,544,329  $ 3,359,548  $ 4,604,354 
Costs and expenses  
Materials, labor, and other operating expenses (excluding depreciation) 1,426,436  1,797,948  1,230,635  2,657,071  3,527,844 
Depreciation and amortization 30,722  20,694  31,186  61,908  41,237 
Selling and distribution expenses 139,205  134,279  128,788  267,993  280,930 
General and administrative expenses 30,147  27,701  26,463  56,610  53,753 
Other (income) expense, net (1,266) 375  (345) (1,611) (2,113)
1,625,244  1,980,997  1,416,727  3,041,971  3,901,651 
Income from operations 189,975  297,075  127,602  317,577  702,703 
Foreign currency exchange gain (loss) 320  (499) (73) 247  (367)
Pension expense (excluding service costs) (41) (41) (41) (82) (212)
Interest expense (6,339) (6,317) (6,361) (12,700) (12,571)
Interest income 11,519  1,385  9,685  21,204  1,450 
Change in fair value of interest rate swaps 333  394  (804) (471) 2,460 
5,792  (5,078) 2,406  8,198  (9,240)
Income before income taxes 195,767  291,997  130,008  325,775  693,463 
Income tax provision (49,447) (73,886) (33,275) (82,722) (172,752)
Net income $ 146,320  $ 218,111  $ 96,733  $ 243,053  $ 520,711 
Weighted average common shares outstanding:
  Basic 39,675  39,544  39,593  39,634  39,509 
  Diluted 39,834  39,763  39,838  39,818  39,762 
Net income per common share:
  Basic $ 3.69  $ 5.52  $ 2.44  $ 6.13  $ 13.18 
  Diluted $ 3.67  $ 5.49  $ 2.43  $ 6.10  $ 13.10 
Dividends declared per common share $ 3.15  $ 2.62  $ 0.15  $ 3.30  $ 2.74 


5


Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2023 June 30
2023 2022 2023 2022
Segment sales $ 530,273  $ 536,030  $ 437,428  $ 967,701  $ 1,094,974 
Costs and expenses        
Materials, labor, and other operating expenses (excluding depreciation) 387,407  351,557  327,739  715,146  695,266 
Depreciation and amortization 23,005  13,653  23,790  46,795  27,293 
Selling and distribution expenses 11,437  10,349  11,678  23,115  19,579 
General and administrative expenses 5,364  5,826  5,178  10,542  10,472 
Other (income) expense, net (975) 544  (352) (1,327) (1,853)
426,238  381,929  368,033  794,271  750,757 
Segment income $ 104,035  $ 154,101  $ 69,395  $ 173,430  $ 344,217 
(percentage of sales)
Segment sales 100.0   % 100.0   % 100.0  % 100.0  % 100.0  %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation) 73.1  % 65.6  % 74.9  % 73.9  % 63.5  %
Depreciation and amortization 4.3  % 2.5  % 5.4  % 4.8  % 2.5  %
Selling and distribution expenses 2.2  % 1.9  % 2.7  % 2.4  % 1.8  %
General and administrative expenses 1.0  % 1.1  % 1.2  % 1.1  % 1.0  %
Other (income) expense, net (0.2  %) 0.1  % (0.1) % (0.1  %) (0.2  %)
80.4  % 71.3  % 84.1  % 82.1  % 68.6  %
Segment income 19.6  % 28.7  % 15.9  % 17.9  % 31.4  %

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Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2023 June 30
2023 2022 2023 2022
Segment sales $ 1,636,538  $ 2,131,200  $ 1,379,242  $ 3,015,780  $ 4,243,033 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation) 1,391,015  1,835,845  1,175,550  2,566,565  3,566,648 
Depreciation and amortization 7,386  6,728  7,070  14,456  13,304 
Selling and distribution expenses 127,786  123,930  117,110  244,896  261,351 
General and administrative expenses 12,089  10,558  10,030  22,119  21,784 
Other (income) expense, net (288) (169) (203) (491) (254)
1,537,988  1,976,892  1,309,557  2,847,545  3,862,833 
Segment income $ 98,550  $ 154,308  $ 69,685  $ 168,235  $ 380,200 
(percentage of sales)
Segment sales 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation) 85.0  % 86.1  % 85.2  % 85.1  % 84.1  %
Depreciation and amortization 0.5  % 0.3  % 0.5  % 0.5  % 0.3  %
Selling and distribution expenses 7.8  % 5.8  % 8.5  % 8.1  % 6.2  %
General and administrative expenses 0.7  % 0.5  % 0.7  % 0.7  % 0.5  %
Other (income) expense, net —  % —  % —  % —  % —  %
94.0  % 92.8  % 94.9  % 94.4  % 91.0  %
Segment income 6.0  % 7.2  % 5.1  % 5.6  % 9.0  %

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Segment Information
(in thousands) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2023 June 30
2023 2022 2023 2022
Segment sales
Wood Products $ 530,273  $ 536,030  $ 437,428  $ 967,701  $ 1,094,974 
Building Materials Distribution 1,636,538  2,131,200  1,379,242  3,015,780  4,243,033 
Intersegment eliminations (351,592) (389,158) (272,341) (623,933) (733,653)
Total net sales $ 1,815,219  $ 2,278,072  $ 1,544,329  $ 3,359,548  $ 4,604,354 
Segment income
Wood Products $ 104,035  $ 154,101  $ 69,395  $ 173,430  $ 344,217 
Building Materials Distribution 98,550  154,308  69,685  168,235  380,200 
Total segment income 202,585  308,409  139,080  341,665  724,417 
Unallocated corporate costs (12,610) (11,334) (11,478) (24,088) (21,714)
Income from operations $ 189,975  $ 297,075  $ 127,602  $ 317,577  $ 702,703 
Segment EBITDA
Wood Products $ 127,040  $ 167,754  $ 93,185  $ 220,225  $ 371,510 
Building Materials Distribution 105,936  161,036  76,755  182,691  393,504 

See accompanying summary notes to consolidated financial statements and segment information.


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Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
June 30, 2023 December 31, 2022
ASSETS
Current
Cash and cash equivalents $ 1,080,857  $ 998,344 
Receivables  
Trade, less allowances of $3,212 and $3,264
478,655  297,237 
Related parties 174  19 
Other 13,244  23,023 
Inventories 703,033  697,551 
Prepaid expenses and other 22,682  47,878 
Total current assets 2,298,645  2,064,052 
 
Property and equipment, net 784,562  770,023 
Operating lease right-of-use assets 53,270  55,582 
Finance lease right-of-use assets 25,264  26,501 
Timber deposits 7,613  7,519 
Goodwill 137,958  137,958 
Intangible assets, net 152,834  161,433 
Deferred income taxes 5,977  6,116 
Other assets 10,265  11,330 
Total assets $ 3,476,388  $ 3,240,514 

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Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
June 30, 2023 December 31, 2022
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade $ 415,387  $ 269,785 
Related parties 1,596  1,019 
Accrued liabilities  
Compensation and benefits 106,980  142,463 
Interest payable 9,961  9,955 
Other 133,420  122,606 
Total current liabilities 667,344  545,828 
Debt  
Long-term debt 444,836  444,392 
Other  
Compensation and benefits 35,731  33,226 
Operating lease liabilities, net of current portion 46,784  48,668 
Finance lease liabilities, net of current portion 29,073  30,022 
Deferred income taxes 65,944  63,454 
Other long-term liabilities 18,152  16,949 
195,684  192,319 
 
Commitments and contingent liabilities  
Stockholders' equity  
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding
—  — 
Common stock, $0.01 par value per share; 300,000 shares authorized, 44,983 and 44,827 shares issued, respectively
450  448 
Treasury stock, 5,393 and 5,367 shares at cost, respectively
(140,448) (138,909)
Additional paid-in capital
552,805  551,215 
Accumulated other comprehensive loss
(507) (520)
Retained earnings 1,756,224  1,645,741 
Total stockholders' equity 2,168,524  2,057,975 
Total liabilities and stockholders' equity $ 3,476,388  $ 3,240,514 

10


Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Six Months Ended June 30
2023 2022
Cash provided by (used for) operations
Net income $ 243,053  $ 520,711 
Items in net income not using (providing) cash  
Depreciation and amortization, including deferred financing costs and other
63,293  42,240 
Stock-based compensation 7,518  5,403 
Pension expense 82  212 
Deferred income taxes 2,749  19,287 
Change in fair value of interest rate swaps 471  (2,460)
Other (1,798) (1,987)
Decrease (increase) in working capital  
Receivables (171,794) (129,993)
Inventories (5,482) (142,936)
Prepaid expenses and other (7,805) (7,602)
Accounts payable and accrued liabilities 124,910  127,935 
Pension contributions (268) (794)
Income taxes payable 33,220  4,507 
Other 2,069  1,533 
Net cash provided by operations 290,218  436,056 
Cash provided by (used for) investment
Expenditures for property and equipment (68,287) (40,808)
Proceeds from sales of assets and other 1,918  2,864 
Net cash used for investment (66,369) (37,944)
Cash provided by (used for) financing
Dividends paid on common stock (132,967) (109,291)
Tax withholding payments on stock-based awards (5,926) (3,930)
Treasury stock purchased (1,539) — 
Other (904) (811)
Net cash used for financing (141,336) (114,032)
Net increase in cash and cash equivalents 82,513  284,080 
Balance at beginning of the period 998,344  748,907 
Balance at end of the period $ 1,080,857  $ 1,032,987 
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Summary Notes to Consolidated Financial Statements and Segment Information
The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2022 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for (i) the three months ended June 30, 2023 and 2022, (ii) the three months ended March 31, 2023, and (iii) the six months ended June 30, 2023 and 2022:
Three Months Ended Six Months Ended
June 30 March 31, 2023 June 30
2023 2022 2023 2022
(in thousands)
Net income $ 146,320  $ 218,111  $ 96,733  $ 243,053  $ 520,711 
Interest expense 6,339  6,317  6,361  12,700  12,571 
Interest income (11,519) (1,385) (9,685) (21,204) (1,450)
Income tax provision 49,447  73,886  33,275  82,722  172,752 
Depreciation and amortization 30,722  20,694  31,186  61,908  41,237 
EBITDA 221,309  317,623  157,870  379,179  745,821 
Change in fair value of interest rate swaps (333) (394) 804  471  (2,460)
Adjusted EBITDA $ 220,976  $ 317,229  $ 158,674  $ 379,650  $ 743,361 
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The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended June 30, 2023 and 2022, (ii) three months ended March 31, 2023, and (iii) six months ended June 30, 2023 and 2022:
Three Months Ended Six Months Ended
June 30 March 31, 2023 June 30
2023 2022 2023 2022
(in thousands)
Wood Products
Segment income $ 104,035  $ 154,101  $ 69,395  $ 173,430  $ 344,217 
Depreciation and amortization 23,005  13,653  23,790  46,795  27,293 
EBITDA $ 127,040  $ 167,754  $ 93,185  $ 220,225  $ 371,510 
Building Materials Distribution
Segment income $ 98,550  $ 154,308  $ 69,685  $ 168,235  $ 380,200 
Depreciation and amortization 7,386  6,728  7,070  14,456  13,304 
EBITDA $ 105,936  $ 161,036  $ 76,755  $ 182,691  $ 393,504 
Corporate
Unallocated corporate costs $ (12,610) $ (11,334) $ (11,478) $ (24,088) $ (21,714)
Foreign currency exchange gain (loss) 320  (499) (73) 247  (367)
Pension expense (excluding service costs) (41) (41) (41) (82) (212)
Change in fair value of interest rate swaps 333  394  (804) (471) 2,460 
Depreciation and amortization 331  313  326  657  640 
EBITDA (11,667) (11,167) (12,070) (23,737) (19,193)
Change in fair value of interest rate swaps (333) (394) 804  471  (2,460)
Corporate adjusted EBITDA $ (12,000) $ (11,561) $ (11,266) $ (23,266) $ (21,653)
Total Company adjusted EBITDA $ 220,976  $ 317,229  $ 158,674  $ 379,650  $ 743,361 




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EX-99.2 3 bccexhibit9926302023.htm QUARTERLY STATISTICAL INFORMATION Document

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2023
Q1 Q2 Q3 Q4 YTD
 LVL sales volume (MCF) 3,639  4,682  8,321 
 I-joist sales volume (MELF) 38,711  62,950  101,661 
 Plywood sales volume (MSF 3/8") 405,960  439,963  845,923 
 Lumber sales volume (MBF) 31,560  32,528  64,088 
 LVL mill net sales price ($/CF) $ 31.17  $ 30.14  $ 30.59 
 I-joist mill net sales price ($/MELF) $ 2,168  $ 2,088  $ 2,118 
 Plywood net sales price ($/MSF 3/8") $ 367  $ 365  $ 366 
 Lumber net sales price ($/MBF) $ 724  $ 707  $ 715 
 Segment sales (000) $ 437,428  $ 530,273  $ 967,701 
 Segment income (000) $ 69,395  $ 104,035  $ 173,430 
 Segment depreciation and amortization (000) $ 23,790  $ 23,005  $ 46,795 
 Segment EBITDA (000)1
$ 93,185  $ 127,040  $ 220,225 
 EBITDA as a percentage of sales 21.3  % 24.0  % 22.8  %
 Capital spending (000) $ 7,262  $ 12,106  $ 19,368 
 Receivables (000) $ 77,318  $ 97,229 
 Inventories (000) $ 232,136  $ 200,948 
 Accounts payable (000) $ 63,275  $ 60,656 
2022
Q1 Q2 Q3 Q4 YTD
 LVL sales volume (MCF) 4,641  4,586  5,190  3,176  17,593 
 I-joist sales volume (MELF) 65,362  69,467  64,421  30,130  229,380 
 Plywood sales volume (MSF 3/8") 316,941  280,594  328,586  392,975  1,319,096 
 Lumber sales volume (MBF) 17,139  16,935  24,045  24,985  83,104 
 LVL mill net sales price ($/CF) $ 26.40  $ 28.47  $ 33.82  $ 34.36  $ 30.56 
 I-joist mill net sales price ($/MELF) $ 1,877  $ 2,066  $ 2,429  $ 2,553  $ 2,178 
 Plywood net sales price ($/MSF 3/8") $ 689  $ 569  $ 477  $ 396  $ 523 
 Lumber net sales price ($/MBF) $ 1,011  $ 1,214  $ 880  $ 720  $ 927 
 Segment sales (000) $ 558,944  $ 536,030  $ 595,320  $ 425,602  $ 2,115,896 
 Segment income (000) $ 190,116  $ 154,101  $ 155,972  $ 74,978  $ 575,167 
 Segment depreciation and amortization (000) $ 13,640  $ 13,653  $ 21,285  $ 24,730  $ 73,308 
 Segment EBITDA (000)1
$ 203,756  $ 167,754  $ 177,257  $ 99,708  $ 648,475 
 EBITDA as a percentage of sales 36.5  % 31.3  % 29.8  % 23.4  % 30.6  %
 Capital spending (000)2
$ 8,986  $ 12,861  $ 12,949  $ 17,138  $ 51,934 
 Receivables (000) $ 120,960  $ 113,395  $ 94,017  $ 43,406 
 Inventories (000) $ 181,810  $ 191,411  $ 214,576  $ 229,361 
 Accounts payable (000) $ 53,797  $ 65,272  $ 72,877  $ 44,202 


1


Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2021
Q1 Q2 Q3 Q4 YTD
 LVL sales volume (MCF) 4,359  4,705  4,647  4,518  18,229 
 I-joist sales volume (MELF) 71,586  75,697  76,218  66,983  290,484 
 Plywood sales volume (MSF 3/8") 303,302  337,593  313,759  304,285  1,258,939 
 Lumber sales volume (MBF) 19,273  21,138  17,658  18,935  77,004 
 LVL mill net sales price ($/CF) $ 19.00  $ 19.63  $ 22.30  $ 25.96  $ 21.73 
 I-joist mill net sales price ($/MELF) $ 1,319  $ 1,363  $ 1,575  $ 1,822  $ 1,514 
 Plywood net sales price ($/MSF 3/8") $ 556  $ 878  $ 561  $ 401  $ 606 
 Lumber net sales price ($/MBF) $ 975  $ 1,200  $ 1,184  $ 804  $ 1,043 
 Segment sales (000) $ 432,335  $ 594,569  $ 497,316  $ 446,584  $ 1,970,804 
 Segment income (000) $ 97,052  $ 213,761  $ 122,056  $ 98,366  $ 531,235 
 Segment depreciation and amortization (000) $ 13,346  $ 14,128  $ 13,914  $ 13,861  $ 55,249 
 Segment EBITDA (000)1
$ 110,398  $ 227,889  $ 135,970  $ 112,227  $ 586,484 
 EBITDA as a percentage of sales 25.5  % 38.3  % 27.3  % 25.1  % 29.8  %
 Capital spending (000) $ 7,047  $ 7,673  $ 11,422  $ 22,138  $ 48,280 
 Receivables (000) $ 100,595  $ 124,757  $ 95,307  $ 164,373 
 Inventories (000) $ 167,618  $ 182,465  $ 173,854  $ 169,451 
 Accounts payable (000) $ 47,515  $ 69,939  $ 57,129  $ 45,662 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Capital spending in 2022 excludes $515.2 million of cash paid for the acquisition of businesses and facilities.

2


Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2023
Q1 Q2 Q3 Q4 YTD
 Commodity sales 39.7  % 37.5  % 38.5  %
 General line sales 38.7  % 39.6  % 39.2  %
 EWP sales 21.6  % 22.9  % 22.3  %
 Total sales (000) $ 1,379,242  $ 1,636,538  $ 3,015,780 
 Gross margin1
14.8  % 15.0  % 14.9  %
 Segment income (000) $ 69,685  $ 98,550  $ 168,235 
 Segment depreciation and amortization (000) $ 7,070  $ 7,386  $ 14,456 
 Segment EBITDA (000)2
$ 76,755  $ 105,936  $ 182,691 
 EBITDA as a percentage of sales 5.6  % 6.5  % 6.1  %
 Capital spending (000)3
$ 22,659  $ 25,929  $ 48,588 
 Receivables (000) $ 393,338  $ 445,991 
 Inventories (000) $ 506,663  $ 502,085 
 Accounts payable (000) $ 363,163  $ 390,840 
2022
Q1 Q2 Q3 Q4 YTD
 Commodity sales 52.2  % 44.9  % 39.6  % 41.5  % 44.9  %
 General line sales 29.1  % 32.9  % 35.3  % 37.1  % 33.3  %
 EWP sales 18.7  % 22.2  % 25.1  % 21.4  % 21.8  %
 Total sales (000) $ 2,111,833  $ 2,131,200  $ 1,956,802  $ 1,443,780  $ 7,643,615 
 Gross margin1
18.0  % 13.9  % 15.4  % 15.8  % 15.8  %
 Segment income (000) $ 225,892  $ 154,308  $ 154,436  $ 92,455  $ 627,091 
 Segment depreciation and amortization (000) $ 6,576  $ 6,728  $ 6,760  $ 6,941  $ 27,005 
 Segment EBITDA (000)2
$ 232,468  $ 161,036  $ 161,196  $ 99,396  $ 654,096 
 EBITDA as a percentage of sales 11.0  % 7.6  % 8.2  % 6.9  % 8.6  %
 Capital spending (000)4
$ 7,892  $ 10,009  $ 7,938  $ 34,624  $ 60,463 
 Receivables (000) $ 616,040  $ 540,167  $ 479,876  $ 286,789 
 Inventories (000) $ 622,858  $ 612,196  $ 552,610  $ 468,189 
 Accounts payable (000) $ 479,584  $ 413,235  $ 355,170  $ 215,308 

3


Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2021
Q1 Q2 Q3 Q4 YTD
 Commodity sales 55.4  % 60.2  % 44.8  % 43.7  % 51.6  %
 General line sales 28.9  % 26.1  % 33.7  % 33.1  % 30.2  %
 EWP sales 15.7  % 13.7  % 21.5  % 23.2  % 18.2  %
 Total sales (000) $ 1,634,777  $ 2,172,744  $ 1,721,244  $ 1,645,513  $ 7,174,278 
 Gross margin1
15.1  % 15.6  % 7.9  % 16.2  % 13.8  %
 Segment income (000) $ 120,219  $ 206,338  $ 16,565  $ 137,963  $ 481,085 
 Segment depreciation and amortization (000) $ 5,819  $ 5,917  $ 6,013  $ 6,258  $ 24,007 
 Segment EBITDA (000)2
$ 126,038  $ 212,255  $ 22,578  $ 144,221  $ 505,092 
 EBITDA as a percentage of sales 7.7  % 9.8  % 1.3  % 8.8  % 7.0  %
 Capital spending (000)5
$ 6,247  $ 10,499  $ 7,978  $ 32,833  $ 57,557 
 Receivables (000) $ 497,466  $ 542,524  $ 445,542  $ 408,948 
 Inventories (000) $ 444,082  $ 544,739  $ 470,516  $ 491,220 
 Accounts payable (000) $ 438,562  $ 474,906  $ 391,742  $ 377,563 
1We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our Building Materials Distribution segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
2Segment EBITDA is calculated as segment income before depreciation and amortization.
3During 2023, capital spending in first quarter includes approximately $11 million to purchase a new facility in Kansas City, Missouri, to house an additional door shop assembly operation.
4During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.
5During 2021, capital spending in fourth quarter includes approximately $15 million to purchase a BMD property in Walton, Kentucky to expand our service capabilities in Cincinnati and the surrounding markets.


4


Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
Total Boise Cascade Company
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
2023
Q1 Q2 Q3 Q4 YTD
Net income $ 96,733  $ 146,320  $ 243,053 
Interest expense 6,361  6,339  12,700 
Interest income (9,685) (11,519) (21,204)
Income tax provision 33,275  49,447  82,722 
Depreciation and amortization 31,186  30,722  61,908 
EBITDA 157,870  221,309  379,179 
Change in fair value of interest rate swaps 804  (333) 471 
Adjusted EBITDA $ 158,674  $ 220,976  $ 379,650 
2022
Q1 Q2 Q3 Q4 YTD
Net income $ 302,600  $ 218,111  $ 219,587  $ 117,360  $ 857,658 
Interest expense 6,254  6,317  6,398  6,443  25,412 
Interest income (65) (1,385) (3,238) (7,575) (12,263)
Income tax provision 98,866  73,886  76,042  39,929  288,723 
Depreciation and amortization 20,543  20,694  28,374  31,982  101,593 
EBITDA 428,198  317,623  327,163  188,139  1,261,123 
Change in fair value of interest rate swaps (2,066) (394) (1,134) 35  (3,559)
Adjusted EBITDA $ 426,132  $ 317,229  $ 326,029  $ 188,174  $ 1,257,564 
2021
Q1 Q2 Q3 Q4 YTD
Net income $ 149,156  $ 302,556  $ 91,699  $ 169,075  $ 712,486 
Interest expense 5,875  6,347  6,279  6,305  24,806 
Interest income (59) (51) (63) (22) (195)
Income tax provision 51,448  101,026  31,158  52,733  236,365 
Depreciation and amortization 19,539  20,420  20,299  20,495  80,753 
EBITDA 225,959  430,298  149,372  248,586  1,054,215 
Change in fair value of interest rate swaps (1,024) 25  (59) (687) (1,745)
Adjusted EBITDA $ 224,935  $ 430,323  $ 149,313  $ 247,899  $ 1,052,470 

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our second quarter 2023 financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on July 31, 2023.

5