Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2024 Earnings Presentation
15 slides from Boise Cascade, L.l.c's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Earnings Webcast
Boise Cascade Company First Quarter 2024 Earnings Webcast May 7, 2024
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 Strong operating and financial performance Ø Good execution in both businesses Ø Influenced by seasonal factors and strength of new residential construction activity Ø Reinvestment in Company and shareholder returns u Consolidated Results Ø 1Q24 sales were $1.6 billion, up 7% fro
Slide 4: 1Q 2024 Financial Highlights
1Q 2024 Financial Highlights Sales Adjusted EBITDA 7% 6% $1,645.4 $1,544.3 $168.5 $158.7 83.6 $ Millions $ Millions 1,505.0 76.8 1,379.2 95.6 93.2 468.9 437.4 (328.5) (272.3) (10.7) (11.3) 1Q 2024 1Q 2023 1Q 2024 1Q 2023 n BMD n Wood n Eliminations n BMD n Wood Corporate May 7, 2024 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 4.8 4.9 70 64 5.0 4.7 63 4.1 60 57 54 4.0 3.6 50 3.0 39 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,400 $36 2,168 $2,200 2,088 2,093 $32 31.17 2,018 2,035 30.14 29.93 28.75 29.08 $2,000 $28 $1,800 $24 $1,600 $20 $1,400 $16 $1,200 $12 $1,0
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 440 $500 406 400 390 372 363 $400 378 382 350 367 375 365 300 $300 250 200 $200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2023 2024 May 7, 2024 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 21 23 23 23 22 1,637 1,670 $1,600 1,505 1,493 80 1,379 $1,400 $1,200 60 39 40 40 40 41 $1,000 $800 40 $600 $400 20 40 37 37 37 37 $200 $0 0 1Q 2Q 3Q 4Q 1Q23 2Q23 3Q23 4Q23 1Q24 2023 2024 Commodity General Line EWP May
Slide 8: Building Materials Distribution EBITDA
Building Materials Distribution EBITDA (EBITDA % of sales) 12.0% 12.0% 11.0% 10.0% 10.0% 8.6% 8.2% 8.0% 7.6% 8.0% 6.9% 6.5% 6.3% 6.0% 6.0% 5.6% 5.4% 5.6% 6.0% 5.6% 4.0% 4.0% 2.0% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2023 YTD Q1 2024 2022 2023 2024 May 7, 2024 8
Slide 9: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $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 2022 2023 2024 Source: Random Lengths May 7, 2024 9
Slide 10: Panel Composite Price
Panel Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $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 2022 2023 2024 Source: Random Lengths May 7, 2024 10
Slide 11: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $34 million in 1Q24 Ø $11 million in dividends paid in 1Q24 l Wood - $19 million l BMD - $15 million Ø $27 million of share repurchases in 1Q24 Ø $250 million - $270 million planned for 2024 l Wood - $130 million - $140 million Ø Boar
Slide 12: Outlook
Outlook u Housing starts forecasts for 2024 are generally consistent with 2023 levels Ø Home affordability still a challenge, but new residential construction an important supply source for homebuyers Ø Multi-family starts lower from recent record highs u Renovation spending expected to remain robus
Slide 13: Appendix
Appendix May 7, 2024
Slide 14: Appendix: Net income to EBITDA reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 15: Appendix: Segment income to EBITDA reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended March 31, 2024 and 2023, and December 31, 2023: Three Months Ended ($ Millions) 1Q24 1Q23 4Q23 Wood Products Segment income $ 71.2 $ 69.4 $ 64.1 Depreciation and amortization 24.4 23.8 28.6 Segment EBITDA $ 9