Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2015 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Feb 18, 2016
Slide 1: Fourth Quarter 2015 Earnings Webcast
Boise Cascade Company Fourth Quarter 2015 Earnings Webcast February 18, 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 Fourth quarter sales were $876.5 million, up 2% from 4Q14. Fourth quarter net income was $2.3 million, or $0.06 per share, down 85% from 4Q14 net income of $15.7 million, or $0.40 per share. Wood Products reported 4Q15 EBITDA of $8.8 million. BMD reported 4Q15 EBITDA of $18
Slide 4: 4Q 2015 Financial Highlights
4Q 2015 Financial Highlights $ Millions Sales $ Millions EBITDA $1,100 $50 1.7% (47%) $1,000 $900 $40 13.0 $876.5 $800 862.0 $700 669.4 $30 707.3 $600 $42.0 $500 $20 $400 18.3 34.2 $22.1 $300 $10 $200 292.3 317.0 $100 8.8 $0 $0 (123.1) (124.3) (5.1) (5.2) ($100) ($200) ($10) 4Q 2015 4Q 2014 4Q 2015
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 430 $350 335 330 414 412 410 412 410 396 400 312 400 301302 $300 294 282 268 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2015 Slide 5 February 18, 2016
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 3.6 3.8 60 57 57 56 57 3.4 3.5 3.5 55 3.0 50 46 3.0 2.8 2.7 2.6 45 40 41 40 2.5 40 35 2.0 30 1.5 25 20 1.0 15 0.5 10 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 16.6 16.5 1,118 1,112 16.5 1,098 1,098 16.3 16.5 16.3 16.3 $1,100 1,095 1,
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 799 16 17 17 16 17 18 18 18 $800 758 762 773 707 $700 669 80 623 586 32 $600 34 35 34 35 36 35 37 60 $500 $400 40 $300 52 49 48 50 48 47 $200 45 46 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 2014 2015 Comm
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 12/31/2015 9/30/2015 Change Receivables $ 199.1 $ 240.3 $ (41.2) Inventory 384.9 404.6 (19.8) (a) Other current assets 4.3 7.1 (2.9) 588.2 652.0 (63.8) Accounts payable 160.5 222.3 (61.8) (b) Accrued liabilities 94.8 98.6 (3.8) 255.3 320.8 (65.6) Net
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2015 9/30/2015 Net Debt Long-term debt $ 344.6 $ 344.3 Cash & cash equivalents (184.5) (212.8) Net debt $ 160.1 $ 131.5 Liquidity Position ABL excess availability $ 258.6 $ 292.7 Cash & cash equivalents 184.5 212.8 Total liquidity $ 443.1 $ 505.5 Slid
Slide 10: Outlook
Outlook Current consensus estimate for 2016 U.S. housing starts is currently 1.25 million, up about 13% 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 gro
Slide 11: Appendix
Boise Cascade ~@ x. NA eee war PPR, EE ee oa Appendix February 18, 2016
Slide 12: Appendix
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended December 31, 2015 and 2014, and September 30, 2015, and the years ended December 3
Slide 13: Appendix
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 December 31, 2015 and 2014, and September 30, 2015, and the years ended December 31, 2015 and 2014 : Three Months E
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