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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): November 4, 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 November 4, 2024, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its third 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: November 4, 2024



EX-99.1 2 bccexhibit9919302024.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: November 4, 2024

Boise Cascade Company Reports Third Quarter 2024 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024, compared with net income of $143.1 million, or $3.58 per share, on sales of $1.8 billion for the third quarter ended September 30, 2023.

"In what has proven to be a moderate demand environment, once again, we were able to deliver good financial results in the third quarter. We could not have done this without the tremendous efforts of our associates and our unique combination of best-in-class engineered wood products and an unmatched nationwide wholesale distribution network,” stated Nate Jorgensen, CEO. “In addition, we continue to progress on our key strategic investment initiatives and thoughtfully deploy capital to shareholders. Looking forward, we expect normal seasonality through the winter months, and are well positioned to serve and support our customer and vendor partners as changes in demand dictate."

Third Quarter 2024 Highlights
3Q 2024 3Q 2023 % change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales $ 1,713,724  $ 1,834,441  (7) %
Net income 91,038  143,068  (36) %
Net income per common share - diluted 2.33  3.58  (35) %
Adjusted EBITDA 1
154,480  216,465  (29) %
Segment Results
Wood Products sales $ 453,896  $ 515,225  (12) %
Wood Products income 53,853  99,574  (46) %
Wood Products EBITDA 1
77,404  122,924  (37) %
Building Materials Distribution sales 1,567,466  1,670,296  (6) %
Building Materials Distribution income 74,821  97,076  (23) %
Building Materials Distribution EBITDA 1
87,749  104,857  (16) %
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.



In third quarter 2024, total U.S. housing starts and single-family housing starts decreased 3% and 1%, respectively, compared to the same period in 2023. On a year-to-date basis through September 2024, total housing starts decreased 3%, while single-family housing starts increased 10%, 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 $61.3 million, or 12%, to $453.9 million for the three months ended September 30, 2024, from $515.2 million for the three months ended September 30, 2023. The decrease in sales was driven by lower plywood sales prices, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP). In addition, lower sales volumes for I-joists decreased sales, while sales volumes for LVL and plywood were flat. Other sales related to lumber and residual byproducts also decreased.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
3Q 2024 vs. 3Q 2023 3Q 2024 vs. 2Q 2024
 Average Net Selling Prices
    LVL (5)% (2)%
    I-joists (6)% (2)%
    Plywood (13)% (8)%
 Sales Volumes
    LVL —% (2)%
    I-joists (8)% (10)%
    Plywood —% 2%

Wood Products' segment income decreased $45.7 million to $53.9 million for the three months ended September 30, 2024, from $99.6 million for the three months ended September 30, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices, as well as higher conversion costs. In addition, lower I-joist sales volumes contributed to the decrease in segment income.    

Building Materials Distribution

BMD's sales decreased $102.8 million, or 6%, to $1,567.5 million for the three months ended September 30, 2024, from $1,670.3 million for the three months ended September 30, 2023. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a sales price decrease of 6%, as sales volumes were flat. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 9%. By product line, commodity sales decreased 12%, general line product sales increased 4%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 14%.

BMD segment income decreased $22.3 million to $74.8 million for the three months ended September 30, 2024, from $97.1 million for the three months ended September 30, 2023. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.0 million and $5.1 million, respectively. In addition, gross margin decreased $7.7 million, driven by lower margins on commodity products and EWP, offset partially by improved margins on general line products.

Balance Sheet and Liquidity

Boise Cascade ended third quarter 2024 with $761.6 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,157.3 million. The Company had $450.0 million of outstanding debt at September 30, 2024.

2


Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $220 million to $240 million. In addition, we expect capital expenditures in 2025 to total approximately $200 million to $220 million. These levels 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.
    
For the nine months ended September 30, 2024, the Company paid $220.5 million in common stock dividends. On October 30, 2024, our board of directors declared a quarterly dividend of $0.21 per share on our common stock, payable on December 18, 2024, to stockholders of record on December 2, 2024.

For the three and nine months ended September 30, 2024, the Company paid $69.7 million and $158.5 million, respectively, for the repurchase of 554,500 and 1,232,345 shares of our common stock, respectively. Furthermore, in October 2024, the Company repurchased an additional 50,000 shares of our common stock at a cost of $6.9 million. On October 30, 2024, our board of directors authorized the repurchase of an additional 1.4 million shares of our common stock. This increase is in addition to the remaining authorized shares under our prior common stock repurchase program. As of October 31, 2024, approximately 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. As reported by the U.S. Census Bureau, housing starts were 1.42 million in 2023. Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2024 followed by 2025 starts at or modestly above 1.40 million. For the nine months ended September 2024, single-family starts are outpacing 2023 levels by 10% whereas multi-family starts have declined sharply from historic levels due to increased capital costs for developers, combined with historic levels of multi-family unit completions in 2024. Home affordability remains a challenge for many consumers due to home prices and the cost of financing, with the level of mortgage rates also limiting the supply of existing housing stock available for sale. Large homebuilders are addressing affordability challenges by reducing home sizes and plan complexity, as well as offering mortgage rate buydowns. New residential construction will continue to be an important source of supply for the demand created by undersupplied housing, favorable demographic trends, and low unemployment. We expect 2025 to reflect modest growth in home improvement spending, as 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. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, and other factors will 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.

3


Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss third quarter earnings on Tuesday, November 5, 2024, at 10 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.

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 Nine Months Ended
September 30 June 30, 2024 September 30
2024 2023 2024 2023
Sales $ 1,713,724  $ 1,834,441  $ 1,797,670  $ 5,156,814  $ 5,193,989 
Costs and expenses  
Materials, labor, and other operating expenses (excluding depreciation) 1,375,719  1,442,178  1,440,680  4,123,838  4,099,249 
Depreciation and amortization 36,861  31,474  34,367  107,078  93,382 
Selling and distribution expenses 157,522  147,714  149,783  451,415  415,707 
General and administrative expenses 26,172  27,583  25,943  77,232  84,193 
Other (income) expense, net 94  (141) (84) (68) (1,752)
1,596,368  1,648,808  1,650,689  4,759,495  4,690,779 
Income from operations 117,356  185,633  146,981  397,319  503,210 
Foreign currency exchange gain (loss) 300  (602) (104) (103) (355)
Pension expense (excluding service costs) (37) (40) (37) (111) (122)
Interest expense (6,082) (6,351) (6,105) (18,257) (19,051)
Interest income 10,168  13,760  10,543  31,308  34,964 
Change in fair value of interest rate swaps (866) (327) (487) (1,573) (798)
3,483  6,440  3,810  11,264  14,638 
Income before income taxes 120,839  192,073  150,791  408,583  517,848 
Income tax provision (29,801) (49,005) (38,499) (101,129) (131,727)
Net income $ 91,038  $ 143,068  $ 112,292  $ 307,454  $ 386,121 
Weighted average common shares outstanding:
  Basic 38,848  39,675  39,412  39,286  39,648 
  Diluted 39,063  39,983  39,608  39,521  39,849 
Net income per common share:
  Basic $ 2.34  $ 3.61  $ 2.85  $ 7.83  $ 9.74 
  Diluted $ 2.33  $ 3.58  $ 2.84  $ 7.78  $ 9.69 
Dividends declared per common share $ 5.21  $ 0.20  $ 0.20  $ 5.61  $ 3.50 


5


Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended Nine Months Ended
September 30 June 30, 2024 September 30
2024 2023 2024 2023
Segment sales $ 453,896  $ 515,225  $ 489,823  $ 1,412,647  $ 1,482,926 
Costs and expenses        
Materials, labor, and other operating expenses (excluding depreciation) 361,313  376,754  378,920  1,097,954  1,091,900 
Depreciation and amortization 23,551  23,350  22,270  70,205  70,145 
Selling and distribution expenses 10,587  10,786  11,114  32,252  33,901 
General and administrative expenses 4,640  5,018  4,606  14,266  15,560 
Other (income) expense, net (48) (257) 133  99  (1,584)
400,043  415,651  417,043  1,214,776  1,209,922 
Segment income $ 53,853  $ 99,574  $ 72,780  $ 197,871  $ 273,004 
(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) 79.6  % 73.1  % 77.4  % 77.7  % 73.6  %
Depreciation and amortization 5.2  % 4.5  % 4.5  % 5.0  % 4.7  %
Selling and distribution expenses 2.3  % 2.1  % 2.3  % 2.3  % 2.3  %
General and administrative expenses 1.0  % 1.0  % 0.9  % 1.0  % 1.0  %
Other (income) expense, net —  % —  % —  % —  % (0.1  %)
88.1  % 80.7  % 85.1  % 86.0  % 81.6  %
Segment income 11.9  % 19.3  % 14.9  % 14.0  % 18.4  %

6


Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended Nine Months Ended
September 30 June 30, 2024 September 30
2024 2023 2024 2023
Segment sales $ 1,567,466  $ 1,670,296  $ 1,655,221  $ 4,727,708  $ 4,686,076 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation) 1,322,001  1,417,153  1,409,510  4,009,932  3,983,718 
Depreciation and amortization 12,928  7,781  11,741  35,776  22,237 
Selling and distribution expenses 146,994  136,982  138,716  419,324  381,878 
General and administrative expenses 10,580  11,195  10,070  30,184  33,314 
Other (income) expense, net 142  109  (216) (192) (382)
1,492,645  1,573,220  1,569,821  4,495,024  4,420,765 
Segment income $ 74,821  $ 97,076  $ 85,400  $ 232,684  $ 265,311 
(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) 84.3  % 84.8  % 85.2  % 84.8  % 85.0  %
Depreciation and amortization 0.8  % 0.5  % 0.7  % 0.8  % 0.5  %
Selling and distribution expenses 9.4  % 8.2  % 8.4  % 8.9  % 8.1  %
General and administrative expenses 0.7  % 0.7  % 0.6  % 0.6  % 0.7  %
Other (income) expense, net —  % —  % —  % —  % —  %
95.2  % 94.2  % 94.8  % 95.1  % 94.3  %
Segment income 4.8  % 5.8  % 5.2  % 4.9  % 5.7  %

7


Segment Information
(in thousands) (unaudited)
Three Months Ended Nine Months Ended
September 30 June 30, 2024 September 30
2024 2023 2024 2023
Segment sales
Wood Products $ 453,896  $ 515,225  $ 489,823  $ 1,412,647  $ 1,482,926 
Building Materials Distribution 1,567,466  1,670,296  1,655,221  4,727,708  4,686,076 
Intersegment eliminations (307,638) (351,080) (347,374) (983,541) (975,013)
Total net sales $ 1,713,724  $ 1,834,441  $ 1,797,670  $ 5,156,814  $ 5,193,989 
Segment income
Wood Products $ 53,853  $ 99,574  $ 72,780  $ 197,871  $ 273,004 
Building Materials Distribution 74,821  97,076  85,400  232,684  265,311 
Total segment income 128,674  196,650  158,180  430,555  538,315 
Unallocated corporate costs (11,318) (11,017) (11,199) (33,236) (35,105)
Income from operations $ 117,356  $ 185,633  $ 146,981  $ 397,319  $ 503,210 
Segment EBITDA
Wood Products $ 77,404  $ 122,924  $ 95,050  $ 268,076  $ 343,149 
Building Materials Distribution 87,749  104,857  97,141  268,460  287,548 

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


8


Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
September 30, 2024 December 31, 2023
ASSETS
Current
Cash and cash equivalents $ 761,599  $ 949,574 
Receivables  
Trade, less allowances of $4,979 and $3,278
408,487  352,780 
Related parties 289  181 
Other 17,411  20,740 
Inventories 792,356  712,369 
Prepaid expenses and other 32,024  21,170 
Total current assets 2,012,166  2,056,814 
 
Property and equipment, net 985,808  932,633 
Operating lease right-of-use assets 50,039  62,868 
Finance lease right-of-use assets 22,925  24,003 
Timber deposits 9,078  7,208 
Goodwill 171,945  170,254 
Intangible assets, net 177,028  190,743 
Deferred income taxes 4,605  4,854 
Other assets 8,033  9,269 
Total assets $ 3,441,627  $ 3,458,646 

9


Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
September 30, 2024 December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade $ 372,199  $ 310,175 
Related parties 2,216  1,501 
Accrued liabilities  
Compensation and benefits 122,000  149,561 
Interest payable 5,086  9,958 
Other 141,741  122,921 
Total current liabilities 643,242  594,116 
Debt  
Long-term debt 445,945  445,280 
Other  
Compensation and benefits 42,864  40,189 
Operating lease liabilities, net of current portion 43,550  56,425 
Finance lease liabilities, net of current portion 27,492  28,084 
Deferred income taxes 96,967  82,014 
Other long-term liabilities 18,134  16,874 
229,007  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, 6,675 and 5,443 shares at cost, respectively
(305,227) (145,335)
Additional paid-in capital
561,223  560,697 
Accumulated other comprehensive loss
(495) (517)
Retained earnings 1,867,481  1,780,369 
Total stockholders' equity 2,123,433  2,195,664 
Total liabilities and stockholders' equity $ 3,441,627  $ 3,458,646 

10


Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Nine Months Ended September 30
2024 2023
Cash provided by (used for) operations
Net income $ 307,454  $ 386,121 
Items in net income not using (providing) cash  
Depreciation and amortization, including deferred financing costs and other
109,531  95,516 
Stock-based compensation 11,668  11,518 
Pension expense 111  122 
Deferred income taxes 15,096  4,351 
Change in fair value of interest rate swaps 1,573  798 
Other 322  (1,877)
Decrease (increase) in working capital, net of acquisitions  
Receivables (51,192) (158,756)
Inventories (80,739) 14,145 
Prepaid expenses and other (6,697) (6,604)
Accounts payable and accrued liabilities 44,547  152,303 
Income taxes payable (3,970) 23,664 
Other (3,952) (172)
Net cash provided by operations 343,752  521,129 
Cash provided by (used for) investment
Expenditures for property and equipment (135,760) (99,251)
Acquisitions of businesses and facilities (5,581) — 
Proceeds from sales of assets and other 1,197  2,450 
Net cash used for investment (140,144) (96,801)
Cash provided by (used for) financing
Treasury stock purchased (158,509) (1,539)
Dividends paid on common stock (220,485) (140,885)
Tax withholding payments on stock-based awards (11,141) (5,926)
Other (1,448) (1,359)
Net cash used for financing (391,583) (149,709)
Net increase (decrease) in cash and cash equivalents (187,975) 274,619 
Balance at beginning of the period 949,574  998,344 
Balance at end of the period $ 761,599  $ 1,272,963 
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 September 30, 2024 and 2023, (ii) three months ended June 30, 2024, and (iii) nine months ended September 30, 2024 and 2023:
Three Months Ended Nine Months Ended
September 30 June 30, 2024 September 30
2024 2023 2024 2023
(in thousands)
Net income $ 91,038  $ 143,068  $ 112,292  $ 307,454  $ 386,121 
Interest expense 6,082  6,351  6,105  18,257  19,051 
Interest income (10,168) (13,760) (10,543) (31,308) (34,964)
Income tax provision 29,801  49,005  38,499  101,129  131,727 
Depreciation and amortization 36,861  31,474  34,367  107,078  93,382 
EBITDA 153,614  216,138  180,720  502,610  595,317 
Change in fair value of interest rate swaps 866  327  487  1,573  798 
Adjusted EBITDA $ 154,480  $ 216,465  $ 181,207  $ 504,183  $ 596,115 
12


The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended September 30, 2024 and 2023, (ii) three months ended June 30, 2024, and (iii) nine months ended September 30, 2024 and 2023:
Three Months Ended Nine Months Ended
September 30 June 30, 2024 September 30
2024 2023 2024 2023
(in thousands)
Wood Products
Segment income $ 53,853  $ 99,574  $ 72,780  $ 197,871  $ 273,004 
Depreciation and amortization 23,551  23,350  22,270  70,205  70,145 
EBITDA $ 77,404  $ 122,924  $ 95,050  $ 268,076  $ 343,149 
Building Materials Distribution
Segment income $ 74,821  $ 97,076  $ 85,400  $ 232,684  $ 265,311 
Depreciation and amortization 12,928  7,781  11,741  35,776  22,237 
EBITDA $ 87,749  $ 104,857  $ 97,141  $ 268,460  $ 287,548 
Corporate
Unallocated corporate costs $ (11,318) $ (11,017) $ (11,199) $ (33,236) $ (35,105)
Foreign currency exchange gain (loss) 300  (602) (104) (103) (355)
Pension expense (excluding service costs) (37) (40) (37) (111) (122)
Change in fair value of interest rate swaps (866) (327) (487) (1,573) (798)
Depreciation and amortization 382  343  356  1,097  1,000 
EBITDA (11,539) (11,643) (11,471) (33,926) (35,380)
Change in fair value of interest rate swaps 866  327  487  1,573  798 
Corporate adjusted EBITDA $ (10,673) $ (11,316) $ (10,984) $ (32,353) $ (34,582)
Total Company adjusted EBITDA $ 154,480  $ 216,465  $ 181,207  $ 504,183  $ 596,115 




13
EX-99.2 3 bccexhibit9929302024.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  4,952  14,803 
 I-joist sales volume (MELF) 56,587  65,788  58,884  181,259 
 Plywood sales volume (MSF 3/8") 371,699  383,092  390,978  1,145,769 
 Lumber sales volume (MBF) 22,772  17,619  19,390  59,781 
 LVL mill net sales price ($/CF) $ 28.75  $ 28.12  $ 27.62  $ 28.15 
 I-joist mill net sales price ($/MELF) $ 2,018  $ 1,961  $ 1,921  $ 1,966 
 Plywood net sales price ($/MSF 3/8") $ 378  $ 362  $ 333  $ 357 
 Lumber net sales price ($/MBF) $ 650  $ 751  $ 705  $ 698 
 Segment sales (000) $ 468,928  $ 489,823  $ 453,896  $ 1,412,647 
 Segment income (000) $ 71,238  $ 72,780  $ 53,853  $ 197,871 
 Segment depreciation and amortization (000)2
$ 24,384  $ 22,270  $ 23,551  $ 70,205 
 Segment EBITDA (000)1
$ 95,622  $ 95,050  $ 77,404  $ 268,076 
 EBITDA as a percentage of sales 20.4  % 19.4  % 17.1  % 19.0  %
 Capital spending (000) $ 19,643  $ 17,793  $ 24,771  $ 62,207 
 Receivables (000) $ 84,892  $ 83,445  $ 77,244 
 Inventories (000) $ 213,050  $ 206,198  $ 226,300 
 Accounts payable (000) $ 61,834  $ 66,374  $ 73,922 
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  % 34.9  % 35.5  %
 General line sales1
41.0  % 42.4  % 43.8  % 42.4  %
 EWP sales1
22.3  % 22.6  % 21.3  % 22.1  %
 Total sales (000) $ 1,505,021  $ 1,655,221  $ 1,567,466  $ 4,727,708 
 Gross margin2
15.1  % 14.8  % 15.7  % 15.2  %
 Segment income (000) $ 72,463  $ 85,400  $ 74,821  $ 232,684 
 Segment depreciation and amortization (000) $ 11,107  $ 11,741  $ 12,928  $ 35,776 
 Segment EBITDA (000)3
$ 83,570  $ 97,141  $ 87,749  $ 268,460 
 EBITDA as a percentage of sales 5.6  % 5.9  % 5.6  % 5.7  %
 Capital spending (000)4
$ 14,672  $ 21,904  $ 36,902  $ 73,478 
 Receivables (000) $ 453,083  $ 436,992  $ 386,303 
 Inventories (000) $ 601,546  $ 626,044  $ 566,056 
 Accounts payable (000) $ 412,919  $ 392,798  $ 300,978 
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)5
$ 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)6
$ 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 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts.
5During 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.
6During 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  $ 91,038  $ 307,454 
Interest expense 6,070  6,105  6,082  18,257 
Interest income (10,597) (10,543) (10,168) (31,308)
Income tax provision 32,829  38,499  29,801  101,129 
Depreciation and amortization 35,850  34,367  36,861  107,078 
EBITDA 168,276  180,720  153,614  502,610 
Change in fair value of interest rate swaps 220  487  866  1,573 
Adjusted EBITDA $ 168,496  $ 181,207  $ 154,480  $ 504,183 
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 third 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 November 4, 2024.

5