Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2023 Earnings Presentation
15 slides from Boise Cascade, L.l.c's earnings presentation, May 5, 2023
Slide 1: First Quarter 2023 Earnings Webcast
Boise Cascade Company First Quarter 2023 Earnings Webcast May 5, 2023
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, including, but not limited to, statements regardin
Slide 3: Executive Summary
Executive Summary u Very good execution and financial performance despite weaker environment. u Consolidated Results Ø 1Q23 sales were $1.5 billion, down 34% from 1Q22. Ø 1Q23 net income was $96.7 million, or $2.43 per share, compared to net income of $302.6 million, or $7.61 per share, in 1Q22. u W
Slide 4: 1Q 2023 Financial Highlights
1Q 2023 Financial Highlights Sales Adjusted EBITDA $426.1 $2,326.3 (63)% (34)% 232.5 $1,544.3 2,111.8 $ Millions $ Millions 1,379.2 $158.7 76.8 203.8 437.4 558.9 93.2 (272.3) (344.5) (11.3) (10.1) 1Q 2023 1Q 2022 1Q 2023 1Q 2022 n BMD n Wood n Eliminations n BMD n Wood Corporate May 5, 2023 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 5.2 69 5.0 70 65 64 4.6 4.6 60 4.0 3.6 3.2 50 3.0 39 40 30 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,600 2,553 2,429 $36 33.82 34.36 $2,400 $32 31.17 2,168 28.47 $2,200 2,066 $28 26.40 $2,000 1,877 $24 $1,800 $20 $1,600 $16 $1,400 $12 $1,2
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $800 406 400 393 $700 689 350 $600 569 329 317 300 $500 477 281 396 250 $400 367 200 $300 150 $200 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 May 5, 2023 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,200 2,112 2,131 100 $2,000 1,957 19 22 25 21 21 $1,800 80 $1,600 1,444 1,379 29 $1,400 33 60 37 39 35 $1,200 $1,000 40 $800 $600 52 45 42 20 40 40 $400 $200 $0 0 1Q 2Q 3Q 4Q 1Q22 2Q22 3Q22 4Q22 1Q23 2022 2023 Commodity General Line E
Slide 8: Building Materials Distribution EBITDA
Building Materials Distribution EBITDA (EBITDA % of sales) 12.0% 12.0% 11.0% 9.8% 10.0% 10.0% 8.8% 8.6% 8.2% 8.0% 7.7% 7.6% 8.0% 7.0% 6.9% 6.0% 5.6% 6.0% 5.6% 4.0% 4.0% 2.0% 2.0% 1.3% —% —% 2021 2022 YTD Q1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2021 2022 2023 May 5, 2023 8
Slide 9: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 2020 2021 2022 2023 Source: Random Lengths May 5, 2023 9
Slide 10: Panel Composite Price
Panel Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,800 $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2020 2021 2022 2023 Source: Random Leng
Slide 11: Capital Allocation
Capital Allocation u Capital expenditures u Return of cash Ø $30 million in 1Q23 Ø $8 million in dividends paid in 1Q23 l Wood - $7 million l BMD - $23 million - Includes Ø Board authorization of 2Q $0.15 approximately $11 million for quarterly dividend and $3.00 Kansas City door shop property speci
Slide 12: Outlook
Outlook u 2023 outlook for housing starts is uncertain; various industry forecasts generally range from 1.2 million to 1.4 million, compared with actual starts of 1.55 million in 2022. u Moderation of year-over-year growth in renovation spending. u Operational focus in Wood Products Ø Continuation o
Slide 13: Appendix
Appendix May 5, 2023
Slide 14: Appendix: Net income to EBITDA reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 15: Appendix: Segment income to EBITDA reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended March 31, 2023 and 2022, and December 31, 2022: Three Months Ended ($ Millions) 1Q23 1Q22 4Q22 Wood Products Segment income $ 69.4 $ 190.1 $ 75.0 Depreciation and amortization 23.8 13.6 24.7 Segment EBITDA $