Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2019 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, May 7, 2019
Slide 1: Boise Cascade Company First Quarter 2019 Earnings Webcast
Boise Cascade Company First Quarter 2019 Earnings Webcast May 7, 2019
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 1Q19 sales were $1 billion, down 12% from 1Q18. u 1Q19 net income was $11.4 million, or $0.29 per share, down from $0.94 per share in 1Q18. u Wood Products reported 1Q19 segment income of $11.6 million, compared to $26.1 million in 1Q18: Ø Lower sales prices of plywood and lower
Slide 4: 1Q 2019 Financial Highlights
1Q 2019 Financial Highlights Sales Adjusted EBITDA - (12)% - (45)% $1,182.8 $1,042.1 $73.4 $ Millions $ Millions 992.4 36.6 907.7 $40.7 22.6 43.7 319.5 398.0 25.4 (7.3) (6.8) (185.1) (207.5) 1Q 2019 1Q 2018 1Q 2019 1Q 2018 n BMD n Wood n Eliminations & Other n BMD n Wood Corporate May 7, 2019 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 70 68 63 61 5.0 4.8 4.8 60 4.5 4.3 52 4.0 3.6 50 45 3.0 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $20 18.87 18.73 $1,300 1,266 1,261 18.25 18.33 $18 17.30 1,220 1,213 $1,200 1,179 $16 $1,100 $14 $1,000 $12 $900 $10 $800 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $400 379 356 357 400 369 $350 368 360 350 336 306 326 $300 287 300 $250 250 $200 200 $150 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2018 2019 May 7, 2019 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,400 100 1,214 19 18 19 19 20 $1,200 1,159 80 992 $1,000 922 908 32 32 33 35 36 60 $800 $600 40 $400 49 50 48 46 20 44 $200 $0 0 1Q 2Q 3Q 4Q 1Q18 2Q18 3Q18 4Q18 1Q19 2018 2019 Commodity General Line EWP May 7, 2019 7
Slide 8: Working Capital
Working Capital ($ Millions) 3/31/2019 12/31/2018 Change Receivables $ 303.8 $ 229.2 $ 74.6 Inventory 573.9 533.0 40.8 Other current assets (a) 11.5 7.8 3.7 889.2 770.1 119.1 Accounts payable 286.4 211.7 74.8 Accrued liabilities (b) 118.7 151.4 (32.8) 405.1 363.1 42.0 Net working capital $ 484.1 $ 4
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2019 12/31/2018 Net Debt Total debt $ 439.7 $ 439.4 Cash & cash equivalents (136.2) (191.7) Net debt $ 303.5 $ 247.8 Liquidity Position Bank line excess availability $ 365.4 $ 364.6 Cash & cash equivalents 136.2 191.7 Total liquidity $ 501.6 $ 556.3 Ma
Slide 10: Outlook
Outlook u Current consensus estimate for 2019 U.S. housing starts is 1.25 million, which is flat with 2018 levels. u Pace of housing recovery being constrained by a number of factors, including affordability and construction labor availability. Consensus forecast for 2020 housing starts is 1.27 mill
Slide 11: Appendix
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Slide 12: Appendix: 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 March 31, 2019 and 2018, and December 31, 2018: Three Months Ended ($ Millions) 1Q19 1Q18 4Q18 Wood Products Segment income (loss) $ 11.6 $ 26.1 $ (86.6) Depreciation and amortization 13.7 17.5 71.3 Se