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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): August 5, 2024
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))

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

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. ☐



Item 2.02 Results of Operations and Financial Condition.
On August 5, 2024, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its second quarter 2024 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: August 5, 2024



EX-99.1 2 bccexhibit9916302024.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 - Chris Forrey
investor@bc.com
Media Contact - Amy Evans
mediarelations@bc.com

For Immediate Release: August 5, 2024

Boise Cascade Company Reports Second Quarter 2024 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $112.3 million, or $2.84 per share, on sales of $1.8 billion for the second quarter ended June 30, 2024, compared with 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.

"Our team delivered solid financial performance in the second quarter while operating in a somewhat tepid demand environment influenced by elevated mortgage rates and economic uncertainties. In addition, spending on our organic growth projects progressed as expected and returns of capital to our shareholders were again in clear focus, including the recent announcement of a meaningful special dividend that will fund in September,” stated Nate Jorgensen, CEO. “While the near-term demand environment is uncertain, I remain confident in our ability to deliver quality results through the second half of the year. Our proven team will accomplish this by leveraging our outstanding manufacturing and wholesale distribution network, and our relentless drive to deliver superior value to our customer and vendor partners."

Second Quarter 2024 Highlights
2Q 2024 2Q 2023 % change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales $ 1,797,670  $ 1,815,219  (1) %
Net income 112,292  146,320  (23) %
Net income per common share - diluted 2.84  3.67  (23) %
Adjusted EBITDA 1
181,207  220,976  (18) %
Segment Results
Wood Products sales $ 489,823  $ 530,273  (8) %
Wood Products income 72,780  104,035  (30) %
Wood Products EBITDA 1
95,050  127,040  (25) %
Building Materials Distribution sales 1,655,221  1,636,538  %
Building Materials Distribution income 85,400  98,550  (13) %
Building Materials Distribution EBITDA 1
97,141  105,936  (8) %
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.



In second quarter 2024, total U.S. housing starts decreased 7%, while single-family housing starts increased 7%, compared to the same period in 2023. On a year-to-date basis through June 2024, total housing starts decreased 3%, while single-family housing starts increased 16%, compared to the same period in 2023. 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 $40.5 million, or 8%, to $489.8 million for the three months ended June 30, 2024, from $530.3 million for the three months ended June 30, 2023. The decrease in sales was driven by lower plywood sales volumes, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP). Other sales related to lumber and residual byproducts also decreased. These decreases were offset partially by increased sales volumes for EWP.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
2Q 2024 vs. 2Q 2023 2Q 2024 vs. 1Q 2024
 Average Net Selling Prices
    LVL (7)% (2)%
    I-joists (6)% (3)%
    Plywood (1)% (4)%
 Sales Volumes
    LVL 8% 6%
    I-joists 5% 16%
    Plywood (13)% 3%

Wood Products' segment income decreased $31.3 million to $72.8 million for the three months ended June 30, 2024, from $104.0 million for the three months ended June 30, 2023. The decrease in segment income was due primarily to lower EWP sales prices, as well as higher wood fiber and conversion costs. These decreases in segment income were offset partially by higher EWP sales volumes.
    
Building Materials Distribution

BMD's sales increased $18.7 million, or 1%, to $1,655.2 million for the three months ended June 30, 2024, from $1,636.5 million for the three months ended June 30, 2023. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales volume increases of 2%, offset partially by sales price decreases of 1%. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 2%. By product line, commodity sales decreased 6%, general line product sales increased 8%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased less than 1%.

BMD segment income decreased $13.2 million to $85.4 million for the three months ended June 30, 2024, from $98.6 million for the three months ended June 30, 2023. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.9 million and $4.4 million, respectively. These decreases were offset partially by decreased general and administrative expenses of $2.0 million. Gross margins were flat when compared with the same quarter in the prior year.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2024 with $922.1 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,317.8 million. The Company had $445.7 million of outstanding debt at June 30, 2024.

2


Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $250 million to $270 million.
    
On August 1, 2024, our board of directors declared a quarterly dividend of $0.21 per share, as well as a special dividend of $5.00 per share, on our common stock. The dividends will be paid on September 16, 2024, to stockholders of record on September 3, 2024.

For the six months ended June 30, 2024, the Company paid $88.9 million for the repurchase of 677,845 shares of our common stock. Furthermore, in July 2024, the Company repurchased 90,000 shares of our common stock at a cost of $10.5 million. As of July 31, 2024, approximately 1.2 million shares were available for repurchase under our existing share repurchase program.

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. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. Current industry forecasts for 2024 U.S. housing starts are slightly below actual housing starts of 1.42 million in 2023, as reported by the U.S. Census Bureau. Home affordability remains a challenge for many consumers due to the cost of housing, as well as persistent elevated mortgage rates. However, with low unemployment, an undersupply of existing housing stock available for sale, and favorable demographic trends, new residential construction is expected to remain an important source of supply for homebuyers. Multi-family starts have declined sharply from historic levels due to increased capital costs for developers, combined with elevated supply. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity will continue to provide a favorable backdrop for repair-and-remodel spending. However, while home improvement spending is expected to remain healthy compared to history, renovation spending has softened due to consumer uncertainty, labor availability, higher borrowing costs, and building material inflation. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, and other factors will likely influence the near-term demand environment for the products we manufacture and distribute.

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 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 product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.
    
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 6, 2024, 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.

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

3


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 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, income 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 or segment income 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, our ability to efficiently and effectively integrate the BROSCO acquisition, 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, 2024 June 30
2024 2023 2024 2023
Sales $ 1,797,670  $ 1,815,219  $ 1,645,420  $ 3,443,090  $ 3,359,548 
Costs and expenses  
Materials, labor, and other operating expenses (excluding depreciation) 1,440,680  1,426,436  1,307,439  2,748,119  2,657,071 
Depreciation and amortization 34,367  30,722  35,850  70,217  61,908 
Selling and distribution expenses 149,783  139,205  144,110  293,893  267,993 
General and administrative expenses 25,943  30,147  25,117  51,060  56,610 
Other (income) expense, net (84) (1,266) (78) (162) (1,611)
1,650,689  1,625,244  1,512,438  3,163,127  3,041,971 
Income from operations 146,981  189,975  132,982  279,963  317,577 
Foreign currency exchange gain (loss) (104) 320  (299) (403) 247 
Pension expense (excluding service costs) (37) (41) (37) (74) (82)
Interest expense (6,105) (6,339) (6,070) (12,175) (12,700)
Interest income 10,543  11,519  10,597  21,140  21,204 
Change in fair value of interest rate swaps (487) 333  (220) (707) (471)
3,810  5,792  3,971  7,781  8,198 
Income before income taxes 150,791  195,767  136,953  287,744  325,775 
Income tax provision (38,499) (49,447) (32,829) (71,328) (82,722)
Net income $ 112,292  $ 146,320  $ 104,124  $ 216,416  $ 243,053 
Weighted average common shares outstanding:
  Basic 39,412  39,675  39,608  39,510  39,634 
  Diluted 39,608  39,834  39,956  39,766  39,818 
Net income per common share:
  Basic $ 2.85  $ 3.69  $ 2.63  $ 5.48  $ 6.13 
  Diluted $ 2.84  $ 3.67  $ 2.61  $ 5.44  $ 6.10 
Dividends declared per common share $ 0.20  $ 3.15  $ 0.20  $ 0.40  $ 3.30 


5


Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2024 June 30
2024 2023 2024 2023
Segment sales $ 489,823  $ 530,273  $ 468,928  $ 958,751  $ 967,701 
Costs and expenses        
Materials, labor, and other operating expenses (excluding depreciation) 378,920  387,407  357,721  736,641  715,146 
Depreciation and amortization 22,270  23,005  24,384  46,654  46,795 
Selling and distribution expenses 11,114  11,437  10,551  21,665  23,115 
General and administrative expenses 4,606  5,364  5,020  9,626  10,542 
Other (income) expense, net 133  (975) 14  147  (1,327)
417,043  426,238  397,690  814,733  794,271 
Segment income $ 72,780  $ 104,035  $ 71,238  $ 144,018  $ 173,430 
(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) 77.4  % 73.1  % 76.3  % 76.8  % 73.9  %
Depreciation and amortization 4.5  % 4.3  % 5.2  % 4.9  % 4.8  %
Selling and distribution expenses 2.3  % 2.2  % 2.3  % 2.3  % 2.4  %
General and administrative expenses 0.9  % 1.0  % 1.1  % 1.0  % 1.1  %
Other (income) expense, net —  % (0.2  %) —  % —  % (0.1  %)
85.1  % 80.4  % 84.8  % 85.0  % 82.1  %
Segment income 14.9  % 19.6  % 15.2  % 15.0  % 17.9  %

6


Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2024 June 30
2024 2023 2024 2023
Segment sales $ 1,655,221  $ 1,636,538  $ 1,505,021  $ 3,160,242  $ 3,015,780 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation) 1,409,510  1,391,015  1,278,421  2,687,931  2,566,565 
Depreciation and amortization 11,741  7,386  11,107  22,848  14,456 
Selling and distribution expenses 138,716  127,786  133,614  272,330  244,896 
General and administrative expenses 10,070  12,089  9,534  19,604  22,119 
Other (income) expense, net (216) (288) (118) (334) (491)
1,569,821  1,537,988  1,432,558  3,002,379  2,847,545 
Segment income $ 85,400  $ 98,550  $ 72,463  $ 157,863  $ 168,235 
(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) 85.2  % 85.0  % 84.9  % 85.1  % 85.1  %
Depreciation and amortization 0.7  % 0.5  % 0.7  % 0.7  % 0.5  %
Selling and distribution expenses 8.4  % 7.8  % 8.9  % 8.6  % 8.1  %
General and administrative expenses 0.6  % 0.7  % 0.6  % 0.6  % 0.7  %
Other (income) expense, net —  % —  % —  % —  % —  %
94.8  % 94.0  % 95.2  % 95.0  % 94.4  %
Segment income 5.2  % 6.0  % 4.8  % 5.0  % 5.6  %

7


Segment Information
(in thousands) (unaudited)
Three Months Ended Six Months Ended
June 30 March 31, 2024 June 30
2024 2023 2024 2023
Segment sales
Wood Products $ 489,823  $ 530,273  $ 468,928  $ 958,751  $ 967,701 
Building Materials Distribution 1,655,221  1,636,538  1,505,021  3,160,242  3,015,780 
Intersegment eliminations (347,374) (351,592) (328,529) (675,903) (623,933)
Total net sales $ 1,797,670  $ 1,815,219  $ 1,645,420  $ 3,443,090  $ 3,359,548 
Segment income
Wood Products $ 72,780  $ 104,035  $ 71,238  $ 144,018  $ 173,430 
Building Materials Distribution 85,400  98,550  72,463  157,863  168,235 
Total segment income 158,180  202,585  143,701  301,881  341,665 
Unallocated corporate costs (11,199) (12,610) (10,719) (21,918) (24,088)
Income from operations $ 146,981  $ 189,975  $ 132,982  $ 279,963  $ 317,577 
Segment EBITDA
Wood Products $ 95,050  $ 127,040  $ 95,622  $ 190,672  $ 220,225 
Building Materials Distribution 97,141  105,936  83,570  180,711  182,691 

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


8


Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
June 30, 2024 December 31, 2023
ASSETS
Current
Cash and cash equivalents $ 922,076  $ 949,574 
Receivables  
Trade, less allowances of $4,520 and $3,278
459,772  352,780 
Related parties 249  181 
Other 17,120  20,740 
Inventories 832,241  712,369 
Prepaid expenses and other 36,348  21,170 
Total current assets 2,267,806  2,056,814 
 
Property and equipment, net 948,841  932,633 
Operating lease right-of-use assets 59,812  62,868 
Finance lease right-of-use assets 23,548  24,003 
Timber deposits 7,675  7,208 
Goodwill 170,254  170,254 
Intangible assets, net 180,928  190,743 
Deferred income taxes 4,655  4,854 
Other assets 8,445  9,269 
Total assets $ 3,671,964  $ 3,458,646 

9


Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
June 30, 2024 December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade $ 438,235  $ 310,175 
Related parties 2,146  1,501 
Accrued liabilities  
Compensation and benefits 96,414  149,561 
Interest payable 9,956  9,958 
Other 144,755  122,921 
Total current liabilities 691,506  594,116 
Debt  
Long-term debt 445,723  445,280 
Other  
Compensation and benefits 39,648  40,189 
Operating lease liabilities, net of current portion 53,170  56,425 
Finance lease liabilities, net of current portion 27,891  28,084 
Deferred income taxes 93,062  82,014 
Other long-term liabilities 17,988  16,874 
231,759  223,586 
 
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, 45,130 and 44,983 shares issued, respectively
451  450 
Treasury stock, 6,121 and 5,443 shares at cost, respectively
(234,879) (145,335)
Additional paid-in capital
557,478  560,697 
Accumulated other comprehensive loss
(502) (517)
Retained earnings 1,980,428  1,780,369 
Total stockholders' equity 2,302,976  2,195,664 
Total liabilities and stockholders' equity $ 3,671,964  $ 3,458,646 

10


Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Six Months Ended June 30
2024 2023
Cash provided by (used for) operations
Net income $ 216,416  $ 243,053 
Items in net income not using (providing) cash  
Depreciation and amortization, including deferred financing costs and other
71,832  63,293 
Stock-based compensation 7,923  7,518 
Pension expense 74  82 
Deferred income taxes 11,088  2,749 
Change in fair value of interest rate swaps 707  471 
Other 115  (1,798)
Decrease (increase) in working capital, net of acquisitions  
Receivables (102,096) (171,794)
Inventories (120,976) (5,482)
Prepaid expenses and other (7,870) (7,805)
Accounts payable and accrued liabilities 99,354  124,910 
Income taxes payable (6,251) 33,220 
Other (1,151) 1,801 
Net cash provided by operations 169,165  290,218 
Cash provided by (used for) investment
Expenditures for property and equipment (74,099) (68,287)
Acquisitions of businesses and facilities (3,387) — 
Proceeds from sales of assets and other 819  1,918 
Net cash used for investment (76,667) (66,369)
Cash provided by (used for) financing
Treasury stock purchased (88,858) (1,539)
Dividends paid on common stock (19,069) (132,967)
Tax withholding payments on stock-based awards (11,117) (5,926)
Other (952) (904)
Net cash used for financing (119,996) (141,336)
Net increase (decrease) in cash and cash equivalents (27,498) 82,513 
Balance at beginning of the period 949,574  998,344 
Balance at end of the period $ 922,076  $ 1,080,857 
11


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 2023 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 the (i) three months ended June 30, 2024 and 2023, (ii) three months ended March 31, 2024, and (iii) six months ended June 30, 2024 and 2023:
Three Months Ended Six Months Ended
June 30 March 31, 2024 June 30
2024 2023 2024 2023
(in thousands)
Net income $ 112,292  $ 146,320  $ 104,124  $ 216,416  $ 243,053 
Interest expense 6,105  6,339  6,070  12,175  12,700 
Interest income (10,543) (11,519) (10,597) (21,140) (21,204)
Income tax provision 38,499  49,447  32,829  71,328  82,722 
Depreciation and amortization 34,367  30,722  35,850  70,217  61,908 
EBITDA 180,720  221,309  168,276  348,996  379,179 
Change in fair value of interest rate swaps 487  (333) 220  707  471 
Adjusted EBITDA $ 181,207  $ 220,976  $ 168,496  $ 349,703  $ 379,650 
12


The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended June 30, 2024 and 2023, (ii) three months ended March 31, 2024, and (iii) six months ended June 30, 2024 and 2023:
Three Months Ended Six Months Ended
June 30 March 31, 2024 June 30
2024 2023 2024 2023
(in thousands)
Wood Products
Segment income $ 72,780  $ 104,035  $ 71,238  $ 144,018  $ 173,430 
Depreciation and amortization 22,270  23,005  24,384  46,654  46,795 
EBITDA $ 95,050  $ 127,040  $ 95,622  $ 190,672  $ 220,225 
Building Materials Distribution
Segment income $ 85,400  $ 98,550  $ 72,463  $ 157,863  $ 168,235 
Depreciation and amortization 11,741  7,386  11,107  22,848  14,456 
EBITDA $ 97,141  $ 105,936  $ 83,570  $ 180,711  $ 182,691 
Corporate
Unallocated corporate costs $ (11,199) $ (12,610) $ (10,719) $ (21,918) $ (24,088)
Foreign currency exchange gain (loss) (104) 320  (299) (403) 247 
Pension expense (excluding service costs) (37) (41) (37) (74) (82)
Change in fair value of interest rate swaps (487) 333  (220) (707) (471)
Depreciation and amortization 356  331  359  715  657 
EBITDA (11,471) (11,667) (10,916) (22,387) (23,737)
Change in fair value of interest rate swaps 487  (333) 220  707  471 
Corporate adjusted EBITDA $ (10,984) $ (12,000) $ (10,696) $ (21,680) $ (23,266)
Total Company adjusted EBITDA $ 181,207  $ 220,976  $ 168,496  $ 349,703  $ 379,650 




13
EX-99.2 3 bccexhibit9926302024.htm QUARTERLY STATISTICAL INFORMATION Document

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2024
Q1 Q2 Q3 Q4 YTD
 LVL sales volume (MCF) 4,777  5,074  9,851 
 I-joist sales volume (MELF) 56,587  65,788  122,375 
 Plywood sales volume (MSF 3/8") 371,699  383,092  754,791 
 Lumber sales volume (MBF) 22,772  17,619  40,391 
 LVL mill net sales price ($/CF) $ 28.75  $ 28.12  $ 28.42 
 I-joist mill net sales price ($/MELF) $ 2,018  $ 1,961  $ 1,987 
 Plywood net sales price ($/MSF 3/8") $ 378  $ 362  $ 369 
 Lumber net sales price ($/MBF) $ 650  $ 751  $ 694 
 Segment sales (000) $ 468,928  $ 489,823  $ 958,751 
 Segment income (000) $ 71,238  $ 72,780  $ 144,018 
 Segment depreciation and amortization (000)2
$ 24,384  $ 22,270  $ 46,654 
 Segment EBITDA (000)1
$ 95,622  $ 95,050  $ 190,672 
 EBITDA as a percentage of sales 20.4  % 19.4  % 19.9  %
 Capital spending (000) $ 19,643  $ 17,793  $ 37,436 
 Receivables (000) $ 84,892  $ 83,445 
 Inventories (000) $ 213,050  $ 206,198 
 Accounts payable (000) $ 61,834  $ 66,374 
2023
Q1 Q2 Q3 Q4 YTD
 LVL sales volume (MCF) 3,639  4,682  4,945  4,109  17,375 
 I-joist sales volume (MELF) 38,711  62,950  64,125  54,015  219,801 
 Plywood sales volume (MSF 3/8") 405,960  439,963  389,827  363,008  1,598,758 
 Lumber sales volume (MBF) 31,560  32,528  31,729  29,221  125,038 
 LVL mill net sales price ($/CF) $ 31.17  $ 30.14  $ 29.08  $ 29.93  $ 30.01 
 I-joist mill net sales price ($/MELF) $ 2,168  $ 2,088  $ 2,035  $ 2,093  $ 2,088 
 Plywood net sales price ($/MSF 3/8") $ 367  $ 365  $ 382  $ 375  $ 372 
 Lumber net sales price ($/MBF) $ 724  $ 707  $ 641  $ 588  $ 667 
 Segment sales (000) $ 437,428  $ 530,273  $ 515,225  $ 449,676  $ 1,932,602 
 Segment income (000) $ 69,395  $ 104,035  $ 99,574  $ 64,128  $ 337,132 
 Segment depreciation and amortization (000)2
$ 23,790  $ 23,005  $ 23,350  $ 28,565  $ 98,710 
 Segment EBITDA (000)1
$ 93,185  $ 127,040  $ 122,924  $ 92,693  $ 435,842 
 EBITDA as a percentage of sales 21.3  % 24.0  % 23.9  % 20.6  % 22.6  %
 Capital spending (000) $ 7,262  $ 12,106  $ 11,807  $ 28,185  $ 59,360 
 Receivables (000) $ 77,318  $ 97,229  $ 88,688  $ 56,882 
 Inventories (000) $ 232,136  $ 200,948  $ 205,111  $ 218,861 
 Accounts payable (000) $ 63,275  $ 60,656  $ 69,023  $ 60,196 


1


Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
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)3
$ 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 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment depreciation and amortization in first quarter 2024 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility.
3Capital 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
2024
Q1 Q2 Q3 Q4 YTD
 Commodity sales1
36.7  % 35.0  % 35.8  %
 General line sales1
41.0  % 42.4  % 41.8  %
 EWP sales1
22.3  % 22.6  % 22.4  %
 Total sales (000) $ 1,505,021  $ 1,655,221  $ 3,160,242 
 Gross margin2
15.1  % 14.8  % 14.9  %
 Segment income (000) $ 72,463  $ 85,400  $ 157,863 
 Segment depreciation and amortization (000) $ 11,107  $ 11,741  $ 22,848 
 Segment EBITDA (000)3
$ 83,570  $ 97,141  $ 180,711 
 EBITDA as a percentage of sales 5.6  % 5.9  % 5.7  %
 Capital spending (000) $ 14,672  $ 21,904  $ 36,576 
 Receivables (000) $ 453,083  $ 436,992 
 Inventories (000) $ 601,546  $ 626,044 
 Accounts payable (000) $ 412,919  $ 392,798 
2023
Q1 Q2 Q3 Q4 YTD
 Commodity sales1
39.7  % 37.5  % 37.4  % 36.9  % 37.8  %
 General line sales1
38.7  % 39.6  % 39.4  % 40.4  % 39.5  %
 EWP sales1
21.6  % 22.9  % 23.2  % 22.7  % 22.7  %
 Total sales (000) $ 1,379,242  $ 1,636,538  $ 1,670,296  $ 1,492,614  $ 6,178,690 
 Gross margin2
14.8  % 15.0  % 15.2  % 15.2  % 15.0  %
 Segment income (000) $ 69,685  $ 98,550  $ 97,076  $ 70,497  $ 335,808 
 Segment depreciation and amortization (000) $ 7,070  $ 7,386  $ 7,781  $ 10,116  $ 32,353 
 Segment EBITDA (000)3
$ 76,755  $ 105,936  $ 104,857  $ 80,613  $ 368,161 
 EBITDA as a percentage of sales 5.6  % 6.5  % 6.3  % 5.4  % 6.0  %
 Capital spending (000)4
$ 22,659  $ 25,929  $ 19,135  $ 88,001  $ 155,724 
 Receivables (000) $ 393,338  $ 445,991  $ 434,755  $ 344,978 
 Inventories (000) $ 506,663  $ 502,085  $ 478,295  $ 493,509 
 Accounts payable (000) $ 363,163  $ 390,840  $ 362,196  $ 252,144 

3


Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2022
Q1 Q2 Q3 Q4 YTD
 Commodity sales1
52.2  % 44.9  % 39.6  % 41.5  % 44.9  %
 General line sales1
29.1  % 32.9  % 35.3  % 37.1  % 33.3  %
 EWP sales1
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 margin2
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)3
$ 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)5
$ 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 
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales.
2We 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 BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
3Segment EBITDA is calculated as segment income before depreciation and amortization.
4During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired.
5During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.


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:
2024
Q1 Q2 Q3 Q4 YTD
Net income $ 104,124  $ 112,292  $ 216,416 
Interest expense 6,070  6,105  12,175 
Interest income (10,597) (10,543) (21,140)
Income tax provision 32,829  38,499  71,328 
Depreciation and amortization 35,850  34,367  70,217 
EBITDA 168,276  180,720  348,996 
Change in fair value of interest rate swaps 220  487  707 
Adjusted EBITDA $ 168,496  $ 181,207  $ 349,703 
2023
Q1 Q2 Q3 Q4 YTD
Net income $ 96,733  $ 146,320  $ 143,068  $ 97,535  $ 483,656 
Interest expense 6,361  6,339  6,351  6,445  25,496 
Interest income (9,685) (11,519) (13,760) (13,142) (48,106)
Income tax provision 33,275  49,447  49,005  29,666  161,393 
Depreciation and amortization 31,186  30,722  31,474  39,085  132,467 
EBITDA 157,870  221,309  216,138  159,589  754,906 
Change in fair value of interest rate swaps 804  (333) 327  993  1,791 
Adjusted EBITDA $ 158,674  $ 220,976  $ 216,465  $ 160,582  $ 756,697 
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 

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our second quarter 2024 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 August 5, 2024.

5