Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2016 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Jul 28, 2016
Slide 1: Boise Cascade Company Second Quarter 2016 Earnings Webcast
Boise Cascade Company Second Quarter 2016 Earnings Webcast July 28, 2016
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a nu
Slide 3: Executive Summary
Executive Summary Second quarter sales were $1,043.8 million, up 9% from 2Q15. Second quarter net income was $19.2 million, or $0.49 per share, down 5% from 2Q15 net income of $20.2 million, or $0.51 per share. Wood Products reported 2Q16 income of $16.3 million, or EBITDA of $31.1 million.
Slide 4: 2Q 2016 Financial Highlights
2Q 2016 Financial Highlights $ Millions Sales $ Millions EBITDA $1,300 $70 $1,200 9% 11% $1,100 $60 $1,000 $900 $50 $1,043.8 32.5 $800 22.5 850.0 $56.4 762.1 $40 $700 $955.4 $50.7 $600 $30 $500 $400 $20 $300 31.1 34.1 $200 $10 346.4 339.9 $100 $0 $0 ($100) (152.7) (146.6) (7.1) (5.8) ($200) ($10) 2Q
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 412 410 412 400 312 400 380 302 378 $300 282 271 268 350 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 Slide 5 July 28, 2016
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 5.0 4.6 70 65 4.0 3.8 3.6 3.5 60 57 57 3.0 50 3.0 2.8 50 46 41 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 1,138 1,136 16.7 16.8 1,118 1,112 16.5 16.5 16.5 16.3 1,098 1,098 $1,100 $16 $1,000 $14 $900 $12 $800 1Q 2Q 3Q 4Q 1Q 2Q
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $900 850 100 799 17 18 18 18 18 18 $800 762 717 707 $700 80 623 $600 35 36 35 35 37 37 60 $500 $400 40 $300 $200 48 45 46 47 47 45 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 2015 2016 Commodity General Line EWP Slide 7 July
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 6/30/2016 3/31/2016 Change Receivables $ 286.5 $ 287.7 $ (1.3) Inventory 462.0 440.6 21.4 (a) Other current assets 10.8 7.6 3.1 759.2 735.9 23.3 Accounts payable 249.7 254.7 (5.0) (b) Accrued liabilities 101.9 82.9 18.9 351.6 337.6 14.1 Net working ca
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 6/30/2016 3/31/2016 Net Debt Long-term debt $ 464.6 $ 474.4 Cash & cash equivalents (96.1) (81.2) Net debt $ 368.5 $ 393.2 Liquidity Position ABL excess availability $ 319.1 $ 288.9 Cash & cash equivalents 96.1 81.2 Total liquidity $ 415.2 $ 370.1 Slide 9 J
Slide 10: Outlook
Outlook Current consensus estimate for 2016 U.S. housing starts is 1.20 million, up about 8% from 1.11 million in 2015. Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years. Optimistic that we can continue to grow revenue a
Slide 11: Appendix
Boise Cascade dead Appendix July 28, 2016
Slide 12: Appendix: Net Income to EBITDA Reconciliation
Appendix EBITDA represents income before interest (interest expense, interest income, and change in fair value of interest rate swaps), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended June 30, 2016 and 2015, and March 31
Slide 13: Appendix: Segment EBITDA Reconciliation
Appendix Segment EBITDA represents segment income (loss) before depreciation and amortization. The following table reconciles segment income (loss) to EBITDA for the three months ended June 30, 2016 and 2015, and March 31, 2016: Three Months Ended June 30 March 31, ($ Millions) 2016 2015 2016 Wood P
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