Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2016 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Oct 24, 2016
Slide 1: Boise Cascade Company Third Quarter 2016 Earnings Webcast
Boise Cascade Company Third Quarter 2016 Earnings Webcast October 24, 2016
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 Third quarter sales were $1,067.2 million, up 8% from 3Q15. Third quarter net income was $10.0 million, or $0.26 per share, down 55% from 3Q15 net income of $22.0 million, or $0.56 per share. Net income included a $9.5 million pre-tax loss on debt extinguishment. Wood Product
Slide 4: 3Q 2016 Financial Highlights
3Q 2016 Financial Highlights $ Millions Sales $ Millions EBITDA $1,400 $70 8% -7% $1,200 $60 $1,000 $50 25.8 $800 889.0 799.0 $40 29.9 $1,067.2 $50.7 $600 $991.6 $30 $400 $54.5 $20 $200 32.9 340.9 340.6 27.2 $10 $0 (162.8) (148.0) ($200) $0 (6.4) (4.2) ($400) ($10) 3Q 2016 3Q 2015 3Q 2016 3Q 2015 Wo
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 412 410 412 400 312 400 380 385 302 378 $300 282 288 271 268 350 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 Slide 5 October 24, 2016
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 5.0 4.6 4.4 70 65 3.8 62 4.0 3.6 3.5 60 57 57 3.0 50 3.0 2.8 50 46 41 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 1,138 1,136 16.7 16.8 1,118 1,112 16.5 16.5 16.5 16.6 16.3 1,098 1,098 1,102 $1,100 $16 $1,000 $14 $900 $12 $800
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 889 $900 850 100 799 17 18 18 18 18 18 18 $800 762 717 707 $700 80 623 $600 35 36 35 35 35 37 37 60 $500 $400 40 $300 $200 48 45 46 47 47 45 47 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 2015 2016 Commodity General Line
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 9/30/2016 6/30/2016 Change Receivables $ 272.3 $ 286.5 $ (14.2) Inventory 451.1 462.0 (10.9) (a) Other current assets 9.8 10.8 (1.0) 733.2 759.2 (26.0) Accounts payable 247.3 249.7 (2.4) (b) Accrued liabilities 110.7 101.9 8.8 358.0 351.6 6.4 Net work
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 9/30/2016 6/30/2016 Net Debt Total debt $ 581.6 $ 464.6 Cash & cash equivalents (131.2) (96.1) Restricted cash (122.9) - Net debt $ 327.5 $ 368.5 Liquidity Position ABL excess availability $ 354.8 $ 319.1 Cash & cash equivalents 131.2 96.1 Total liquidity $
Slide 10: Outlook
Outlook Current consensus estimate for 2016 U.S. housing starts is 1.18 million, up about 6% from 1.11 million in 2015. 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 fourth quarter to be challenging for Wood
Slide 11: Appendix
€S) Boise Cascade Appendix October 24, 2016
Slide 12: Appendix
Appendix EBITDA represents income before interest (interest expense, interest income, change in fair value of interest rate swaps, and loss on extinguishment of debt), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended Sept
Slide 13: Appendix
Appendix The following table represents segment income (loss) to EBITDA for the three months ended September 30, 2016 and 2015, and June 30, 2016: Three Months Ended September 30 June 30, ($ Millions) 2016 2015 2016 Wood Products Segment income $ 11.6 $ 21.9 $ 16.3 Depreciation and amortization 15.6
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