Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2022 Earnings Presentation
14 slides from Boise Cascade, L.l.c's earnings presentation, Nov 1, 2022
Slide 1: Third Quarter 2022 Earnings Webcast
Boise Cascade Company Third Quarter 2022 Earnings Webcast November 1, 2022
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 3Q22 sales were $2.2 billion, up 15% from 3Q21. u 3Q22 net income was $219.6 million, or $5.52 per share, compared to net income of $91.7 million, or $2.31 per share, in 3Q21. u Wood Products reported 3Q22 segment EBITDA of $177.3 million, compared to $136.0 million in 3Q21. Ø Hi
Slide 4: 3Q 2022 Financial Highlights
3Q 2022 Financial Highlights Sales Adjusted EBITDA 118% $2,154.6 15% $1,879.5 $326.0 1,956.8 161.2 $ Millions $ Millions 1,721.2 $149.3 22.6 177.3 595.3 497.3 136.0 (397.5) (339.1) (9.2) (12.4) 3Q 2022 3Q 2021 3Q 2022 3Q 2021 n BMD n Wood n Eliminations n BMD n Wood Corporate November 1, 2022 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 76 76 5.2 72 5.0 4.7 4.6 69 4.6 4.6 4.5 70 67 4.4 65 64 4.0 60 3.0 50 2.0 1Q 2Q 3Q 4Q 40 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,600 2,429 $36 33.82 $2,400 $32 $2,200 28.47 2,066 $28 26.40 25.96 $2,000 1,877 1,822 $24 22.30 $1,800 19.00 19.63 1,575 $20 $1,
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $900 878 $800 350 338 329 317 689 314 $700 303 304 300 281 $600 569 556 561 250 $500 477 401 $400 200 $300 150 $200 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2021 2022 November 1, 2022 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 2,173 2,131 100 $2,200 2,112 1,957 16 14 $2,000 21 23 19 22 25 $1,800 1,721 80 1,635 1,646 $1,600 26 29 29 $1,400 34 33 60 33 35 $1,200 $1,000 40 $800 60 $600 55 52 45 44 45 20 40 $400 $200 $0 0 1Q 2Q 3Q 4Q 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
Slide 8: 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 2019 2020 2021 2022 Source: Random Lengths November 1, 2022 8
Slide 9: 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 $200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2019 2020 2021 2022 Source: Random Leng
Slide 10: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 9/30/2022 6/30/2022 Net Debt Total debt $ 444.2 $ 445.0 Cash & cash equivalents (867.1) (1,033.0) Net debt (cash) $ (422.9) $ (588.0) Liquidity Position Bank line excess availability $ 396.2 $ 346.0 Cash & cash equivalents 867.1 1,033.0 Total liquidity $ 1,
Slide 11: Outlook
Outlook u Current estimates for 2022 housing starts are between 1.5 million and 1.6 million, essentially flat from 2021 levels. Ø Pace of new residential construction has slowed and expected to continue to decline for the remainder of 2022 and into 2023. Ø Double digit declines in 2023 anticipated b
Slide 12: Appendix
= Boise Cascade’ - Appendix November 1, 2022
Slide 13: 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 14: Appendix: Segment income to EBITDA reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended September 30, 2022 and 2021, and June 30, 2022: Three Months Ended ($ Millions) 3Q22 3Q21 2Q22 Wood Products Segment income $ 156.0 $ 122.1 $ 154.1 Depreciation and amortization 21.3 13.9 13.7 Segment EBITDA