Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2017 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, May 3, 2017
Slide 1: Boise Cascade Company First Quarter 2017 Earnings Webcast
Boise Cascade Company First Quarter 2017 Earnings Webcast May 3, 2017
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 First quarter sales were $974 million, up 11% from 1Q16 First quarter net income was $10.0 million, or $0.26 per share Wood Products reported 1Q17 segment income of $7.4 million: Increased sales volumes of LVL and I-joists Improved plywood and lumber pricing Over 50% of
Slide 4: 1Q 2017 Financial Highlights
1Q 2017 Financial Highlights $ Millions Sales $ Millions Adjusted EBITDA $1,200 $50 11% 40% $1,000 $40 $974.4 23.7 $40.5 $800 815.7 $30 717.3 16.6 $600 $880.7 $20 $400 $10 22.5 17.5 $200 325.7 303.5 $28.8 $0 $0 (5.8) (5.3) (166.9) (140.0) ($200) ($10) 1Q 2017 1Q 2016 1Q 2017 1Q 2016 Wood BMD Elimina
Slide 5: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 5.0 4.5 4.6 4.4 70 65 61 62 4.0 3.6 3.7 60 50 50 3.0 50 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 16.74 1,138 1,136 16.79 1,116 16.63 16.57 1,102 16.21 $1,100 1,077 $16 $1,000 $14 $900 $12 $800 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Slide
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 400 380 378 385 364 $300 282 288 271 268 350 336 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2016 2017 Slide 6 May 3, 2017
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 889 $900 850 100 816 $800 771 18 18 18 18 20 717 $700 80 $600 35 35 35 37 34 60 $500 $400 40 $300 $200 47 45 47 47 46 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017 Commodity General Line EWP Slide 7 May 3, 2
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 3/31/2017 12/31/2016 Change Receivables $ 304.9 $ 210.6 $ 94.3 Inventory 482.4 433.5 48.9 Other current assets (a) 8.9 5.9 3.0 796.2 650.0 146.2 Accounts payable 286.5 195.9 90.5 Accrued liabilities (b) 85.6 109.6 (24.1) 372.0 305.6 66.5 Net working c
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2017 12/31/2016 Net Debt Total debt $ 437.9 $ 437.6 Cash & cash equivalents (43.6) (104.0) Net debt $ 394.3 $ 333.7 Liquidity Position Bank line excess availability $ 394.0 $ 327.2 Cash & cash equivalents 43.6 104.0 Total liquidity $ 437.5 $ 431.2 Slid
Slide 10: Outlook
Outlook Current consensus estimate for 2017 U.S. housing starts is 1.28 million, up about 9% from 1.17 million in 2016. Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years. Expect further improvement in performance for Woo
Slide 11: Appendix
€S) Boise Cascade Appendix May 3, 2017
Slide 12: Appendix: 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 and loss on extinguishment of
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, 2017 and 2016, and December 31, 2016: Three Months Ended ($ Millions) 1Q17 1Q16 4Q16 Wood Products Segment income (loss) $ 7.4 $ 5.9 $ (7.8) Depreciation and amortization 15.2 11.6 15.5 Segme
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