Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2021 Earnings Presentation
15 slides from Boise Cascade, L.l.c's earnings presentation, May 7, 2021
Slide 1: First Quarter 2021 Earnings Webcast
Boise Cascade Company First Quarter 2021 Earnings Webcast May 7, 2021
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 1Q21 sales were $1.8 billion, up 56% from 1Q20. u 1Q21 net income was $149.2 million, or $3.76 per share, compared to net income of $12.2 million, or $0.31 per share, in 1Q20. Ø 1Q20 included $15.0 million and $1.7 million of pre-tax accelerated depreciation and other closure-rel
Slide 4: 1Q 2021 Financial Highlights
1Q 2021 Financial Highlights Sales Adjusted EBITDA $224.9 $1,821.3 277% 56% 126.0 $1,170.5 1,634.8 $ Millions $ Millions 1,050.0 $59.6 110.4 34.6 432.3 320.1 33.4 (245.8) (199.5) (8.4) (11.5) 1Q 2021 1Q 2020 1Q 2021 1Q 2020 n BMD n Wood n Eliminations n BMD n Wood Corporate May 7, 2021 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 72 5.0 4.7 69 4.6 70 4.4 4.3 63 4.0 3.8 59 60 3.0 50 50 2.0 1Q 2Q 3Q 4Q 40 1Q 2Q 3Q 4Q ($/cf) ($/melf) $1,400 $20 19.00 1,319 18.50 18.36 18.14 1,276 18.04 $1,300 1,260 $18 1,237 1,212 $1,200 $16 $14 $1,100 $12 $1,000 $10 $900 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $600 556 $550 350 $500 318 314 316 303 305 $450 428 300 407 $400 250 $350 $300 287 267 200 $250 $200 150 $150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 May 7, 2021 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,800 100 1,635 16 20 17 16 18 $1,600 1,438 80 $1,400 1,330 29 $1,200 1,134 34 32 40 1,050 60 38 $1,000 $800 40 $600 55 50 50 $400 20 42 43 $200 $0 0 1Q 2Q 3Q 4Q 1Q20 2Q20 3Q20 4Q20 1Q21 2020 2021 Commodity General Line EWP May 7, 2021
Slide 8: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $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 45 47 49 51 2018 2019 2020
Slide 9: Panel Composite Price
Panel 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 $200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2018 2019 2020 2021 Source: Random Lengths May 7, 2021 9
Slide 10: Working Capital
Working Capital ($ Millions) 3/31/2021 12/31/2020 Change Receivables $ 552.9 $ 391.1 $ 161.7 Inventory 611.7 503.5 108.2 Other current assets (a) 11.3 8.9 2.4 1,175.9 903.5 272.4 Accounts payable 458.2 308.9 149.3 Accrued liabilities (b) 172.7 198.6 (25.9) 630.8 507.4 123.4 Net working capital $ 545
Slide 11: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2021 12/31/2020 Net Debt Total debt $ 444.0 $ 443.8 Cash & cash equivalents (457.0) (405.4) Net debt (cash) $ (13.0) $ 38.4 Liquidity Position Bank line excess availability $ 345.3 $ 345.2 Cash & cash equivalents 457.0 405.4 Total liquidity $ 802.3 $ 7
Slide 12: Outlook
Outlook u Current consensus estimate for 2021 U.S. housing starts is 1.55, up 12% from 2020 levels. Near term demand remains favorable, however, supply induced constraints on residential construction and repair-and-remodeling activity may continue to extend build times and limit activity. u Operatio
Slide 13: Appendix
joise Cascade @~=— 4 ae = aes ti a Appendix May 7, 2021
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, 2021 and 2020, and December 31, 2020: Three Months Ended ($ Millions) 1Q21 1Q20 4Q20 Wood Products Segment income $ 97.1 $ 3.8 $ 40.8 Depreciation and amortization 13.3 29.6 13.7 Segment EBITDA $ 11