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Published: 2024-02-20 16:14:35 ET
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EX-99.2 3 bccexhibit99212312023.htm QUARTERLY STATISTICAL INFORMATION Document

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2023
Q1Q2Q3Q4YTD
 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 sales21.3 %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 $60,196 
2022
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,641 4,586 5,190 3,176 17,593 
 I-joist sales volume (MELF)65,362 69,467 64,421 30,130 229,380 
 Plywood sales volume (MSF 3/8")316,941 280,594 328,586 392,975 1,319,096 
 Lumber sales volume (MBF)17,139 16,935 24,045 24,985 83,104 
 LVL mill net sales price ($/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 sales36.5 %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 


1

Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2021
Q1Q2Q3Q4YTD
 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 sales25.5 %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.
2Segment depreciation and amortization in fourth quarter 2023 includes accelerated depreciation of $6.2 million 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.

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Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2023
Q1Q2Q3Q4YTD
 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 sales5.6 %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 
2022
Q1Q2Q3Q4YTD
 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 sales11.0 %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 

3

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2021
Q1Q2Q3Q4YTD
 Commodity sales1
55.4 %60.2 %44.8 %43.7 %51.6 %
 General line sales1
28.9 %26.1 %33.7 %33.1 %30.2 %
 EWP sales1
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 margin2
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)3
$126,038 $212,255 $22,578 $144,221 $505,092 
 EBITDA as a percentage of sales7.7 %9.8 %1.3 %8.8 %7.0 %
 Capital spending (000)6
$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 
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.
6During 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.


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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
Q1Q2Q3Q4YTD
Net income$96,733 $146,320 $143,068 $97,535 $483,656 
Interest expense6,361 6,339 6,351 6,445 25,496 
Interest income(9,685)(11,519)(13,760)(13,142)(48,106)
Income tax provision33,275 49,447 49,005 29,666 161,393 
Depreciation and amortization31,186 30,722 31,474 39,085 132,467 
EBITDA157,870 221,309 216,138 159,589 754,906 
Change in fair value of interest rate swaps804 (333)327 993 1,791 
Adjusted EBITDA$158,674 $220,976 $216,465 $160,582 $756,697 
2022
Q1Q2Q3Q4YTD
Net income$302,600 $218,111 $219,587 $117,360 $857,658 
Interest expense6,254 6,317 6,398 6,443 25,412 
Interest income(65)(1,385)(3,238)(7,575)(12,263)
Income tax provision98,866 73,886 76,042 39,929 288,723 
Depreciation and amortization20,543 20,694 28,374 31,982 101,593 
EBITDA428,198 317,623 327,163 188,139 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
Q1Q2Q3Q4YTD
Net income$149,156 $302,556 $91,699 $169,075 $712,486 
Interest expense5,875 6,347 6,279 6,305 24,806 
Interest income(59)(51)(63)(22)(195)
Income tax provision51,448 101,026 31,158 52,733 236,365 
Depreciation and amortization19,539 20,420 20,299 20,495 80,753 
EBITDA225,959 430,298 149,372 248,586 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 fourth quarter and full year 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 February 20, 2024.

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