Slide 1: Fourth Quarter 2019 Earnings Webcast
Boise Cascade Company Fourth Quarter 2019 Earnings Webcast February 25, 2020
Slide 2: Forward-Looking Statements
Forward-Looking Statements u 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 u 4Q19 sales were $1.1 billion, up 3% from 4Q18. u 4Q19 net income was $14.6 million, or $0.37 per share, compared to net loss of $72.2 million, or $1.85 per share, in 4Q18. Ø Prior year results included the following: ◦ $55.0 million and $2.8 million of pre-tax accelerated depreci
Slide 4: 4Q 2019 Financial Highlights
4Q 2019 Financial Highlights Sales Adjusted EBITDA 3% $1,101.7 $45.2 $1,065.8 31.6 $ Millions $ Millions 987.0 922.2 $(9.0) 22.7 13.8 (9.0) (15.3) 296.3 307.1 (7.5) (181.5) (163.6) 4Q 2019 4Q 2018 4Q 2019 4Q 2018 n BMD n Wood n Eliminations & Other n BMD n Wood Corporate February 25, 2020 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 70 68 63 60 61 60 5.0 4.8 4.8 4.6 4.5 4.6 60 4.3 4.3 54 52 4.0 3.6 50 45 3.0 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $20 1,279 18.87 $1,300 1,266 1,261 1,268 1,266 18.70 18.73 18.51 18.25 18.33 18.59 1,220 1,213 $18 17.30 $1,200 1,179 $16 $
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $400 379 369 368 360 356 357 350 343 343 $350 336 326 315 306 300 $300 287 272 254 251 250 $250 200 $200 150 $150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2018 2019 February 25, 2020 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,400 100 1,214 19 18 19 19 20 20 19 21 $1,200 1,159 1,146 1,097 80 992 987 $1,000 922 908 32 32 33 35 36 60 39 40 38 $800 $600 40 $400 49 50 48 46 20 44 41 41 41 $200 $0 0 1Q 2Q 3Q 4Q 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019
Slide 8: Working Capital
Working Capital ($ Millions) 12/31/2019 9/30/2019 Change Receivables $ 231.6 $ 311.9 $ (80.3) Inventory 497.6 492.6 5.0 Other current assets (a) 7.7 13.5 (5.8) 737.0 818.1 (81.1) Accounts payable 224.6 289.1 (64.5) Accrued liabilities (b) 153.7 153.9 (0.2) 378.3 443.0 (64.7) Net working capital $ 35
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2019 9/30/2019 Net Debt Total debt $ 440.5 $ 440.3 Cash & cash equivalents (285.2) (306.4) Net debt $ 155.3 $ 133.8 Liquidity Position Bank line excess availability $ 336.7 $ 365.4 Cash & cash equivalents 285.2 306.4 Total liquidity $ 621.9 $ 671.8 Fe
Slide 10: Outlook
Outlook u Final 2019 U.S. housing starts were 1.29 million, up 3% from 1.25 million in 2018. Current consensus estimate for 2020 U.S. housing starts is 1.34 million, up 4% from 2019. Pace of housing recovery being constrained by a number of factors, including affordability and construction labor ava
Slide 11: Appendix
joise Cascade @~=— 4 ae = L—=£r¢ — a Appendix February 25, 2020
Slide 12: Appendix: Net income to EBITDA reconciliation
Appendix EBITDA represents income (loss) 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 re
Slide 13: Appendix: Segment income to EBITDA reconciliation
Appendix The following table reconciles segment income (loss) to EBITDA for the three months ended December 31, 2019 and 2018, and September 30, 2019: Three Months Ended ($ Millions) 4Q19 4Q18 3Q19 Wood Products Segment income (loss) $ 8.1 $ (86.6) $ 15.6 Depreciation and amortization 14.6 71.3 15.3