Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2022 Earnings Presentation
15 slides from Boise Cascade, L.l.c's earnings presentation, May 6, 2022
Slide 1: Boise Cascade Company First Quarter 2022 Earnings Webcast
Boise Cascade Company First Quarter 2022 Earnings Webcast May 6, 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 1Q22 sales were $2.3 billion, up 28% from 1Q21. u 1Q22 net income was $302.6 million, or $7.61 per share, compared to net income of $149.2 million, or $3.76 per share, in 1Q21. u Wood Products reported 1Q22 segment EBITDA of $203.8 million, compared to $110.4 million in 1Q21. Ø H
Slide 4: 1Q 2022 Financial Highlights
1Q 2022 Financial Highlights Sales Adjusted EBITDA $426.1 $2,326.3 89% 28% $1,821.3 232.5 2,111.8 $ Millions $224.9 $ Millions 1,634.8 126.0 203.8 558.9 432.3 110.4 (344.5) (245.8) (10.1) (11.5) 1Q 2022 1Q 2021 1Q 2022 1Q 2021 n BMD n Wood n Eliminations n BMD n Wood Corporate May 6, 2022 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 76 76 72 5.0 4.6 4.7 4.6 70 67 4.4 4.5 65 4.0 60 3.0 50 2.0 1Q 2Q 3Q 4Q 40 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,000 $28 1,877 26.40 25.96 $1,900 1,822 $26 $1,800 $24 22.30 $1,700 $22 $1,600 1,575 19.63 $20 19.00 $1,500 $18 $1,400 1,363 1,319 $16 $1,300
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $900 878 $800 350 338 317 $700 689 314 303 304 300 $600 561 556 250 $500 401 $400 200 $300 150 $200 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2021 2022 May 6, 2022 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 2,173 $2,200 2,112 100 16 14 $2,000 21 23 19 $1,800 1,721 80 1,635 1,646 $1,600 26 29 29 $1,400 34 60 33 $1,200 $1,000 40 $800 60 $600 55 52 45 44 20 $400 $200 $0 0 1Q 2Q 3Q 4Q 1Q21 2Q21 3Q21 4Q21 1Q22 2021 2022 Commodity General Line E
Slide 8: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,550 $1,500 $1,450 $1,400 $1,350 $1,300 $1,250 $1,200 $1,150 $1,100 $1,050 $1,000 $950 $900 $850 $800 $750 $700 $650 $600 $550 $500 $450 $400 $350 $300 $250 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43
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 $200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2019 2020 2021 2022 Source: Random Leng
Slide 10: Working Capital
Working Capital ($ Millions) 3/31/2022 12/31/2021 Change Receivables $ 680.2 $ 462.2 $ 218.0 Inventory 804.7 660.7 144.0 Other current assets (a) 15.3 12.0 3.2 1,500.2 1,134.9 365.2 Accounts payable 495.3 336.5 158.8 Accrued liabilities (b) 286.5 294.4 (7.9) 781.8 630.9 150.9 Net working capital $ 7
Slide 11: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2022 12/31/2021 Net Debt Total debt $ 444.8 $ 444.6 Cash & cash equivalents (922.7) (748.9) Net debt (cash) $ (477.9) $ (304.3) Liquidity Position Bank line excess availability $ 346.0 $ 346.0 Cash & cash equivalents 922.7 748.9 Total liquidity $ 1,268
Slide 12: Outlook
Outlook u Current consensus estimate for 2022 housing starts is 1.65 million, up 3% from 2021 levels. Many factors continue to provide a favorable backdrop for residential construction and repair-and-remodel spending. u Operational focus in Wood Products Ø Solid demand and pricing momentum for EWP.
Slide 13: Appendix
joise Cascade @~=— 4 ae = aes ti a Appendix May 6, 2022
Slide 14: Appendix
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
Appendix The following table reconciles segment income to EBITDA for the three months ended March 31, 2022 and 2021, and December 31, 2021: Three Months Ended ($ Millions) 1Q22 1Q21 4Q21 Wood Products Segment income $ 190.1 $ 97.1 $ 98.4 Depreciation and amortization 13.6 13.3 13.9 Segment EBITDA $