Slide 1: Fourth Quarter 2020 Earnings Webcast
Boise Cascade Company Fourth Quarter 2020 Earnings Webcast February 23, 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 4Q20 sales were $1.5 billion, up 34% from 4Q19. u 4Q20 net income was $26.0 million, or $0.66 per share, compared to net income of $14.6 million, or $0.37 per share, in 4Q19. Ø Current year results include the following non-cash items that negatively effected earnings due to the
Slide 4: 4Q 2020 Financial Highlights
4Q 2020 Financial Highlights Sales Adjusted EBITDA $1,472.2 150% 34% $113.1 $1,101.7 72.9 1,330.1 $ Millions $ Millions 987.0 $45.2 31.6 54.5 358.7 296.3 22.7 (216.5) (181.5) (9.0) (14.3) 4Q 2020 4Q 2019 4Q 2020 4Q 2019 n BMD n Wood n Eliminations n BMD n Wood Corporate February 23, 2021 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 69 70 63 59 60 60 5.0 4.7 4.6 4.6 4.6 60 4.3 4.3 4.3 54 52 4.0 3.8 50 50 3.0 40 2.0 1Q 2Q 3Q 4Q 30 1Q 2Q 3Q 4Q ($/cf) ($/melf) $1,300 1,266 1,276 1,279 1,268 1,266 1,260 $20 1,237 18.87 18.7018.36 1,212 18.50 18.59 18.51 18.14 18.04 $1,200 $18 $1,100
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $450 428 407 343 343 $400 350 336 318 314 316 315 305 $350 300 $300 287 287 267 272 250 254 251 $250 200 $200 150 $150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2019 2020 February 23, 2021 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,600 100 1,438 17 16 20 20 19 21 20 18 $1,400 1,330 80 $1,200 1,134 1,146 1,097 1,050 987 34 32 $1,000 36 40 908 60 39 40 38 38 $800 40 $600 $400 50 50 44 41 41 41 42 43 20 $200 $0 0 1Q 2Q 3Q 4Q 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Slide 8: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $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 2021 Source: Random Lengths Februar
Slide 9: Panel Composite Price
Panel Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,100 $1,050 $1,000 $950 $900 $850 $800 $750 $700 $650 $600 $550 $500 $450 $400 $350 $300 $250 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2018 2019 2020 2021 Source: Random Lengths Feb
Slide 10: Working Capital
Working Capital ($ Millions) 12/31/2020 9/30/2020 Change Receivables $ 391.1 $ 437.9 $ (46.8) Inventory 503.5 454.3 49.2 Other current assets (a) 8.9 17.4 (8.5) 903.5 909.6 (6.1) Accounts payable 308.9 382.7 (73.8) Accrued liabilities (b) 198.6 210.8 (12.2) 507.4 593.5 (86.0) Net working capital $ 3
Slide 11: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2020 9/30/2020 Net Debt Total debt $ 443.8 $ 443.6 Cash & cash equivalents (405.4) (503.9) Net debt (cash) $ 38.4 $ (60.4) Liquidity Position Bank line excess availability $ 345.2 $ 345.4 Cash & cash equivalents 405.4 503.9 Total liquidity $ 750.6 $ 8
Slide 12: Outlook
Outlook u Final 2020 U.S. housing starts were 1.38 million, up 7% from 1.29 in 2019. Current consensus estimate for 2021 U.S. housing starts is 1.51, up 9% from 2020 levels. Longer-term impact of COVID-19 on residential construction and residential repair-and- remodeling is uncertain, but near term
Slide 13: Appendix
joise Cascade @~=— 4 ae = L—=£r¢ — a Appendix February 23, 2021
Slide 14: 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 and loss on extinguishment of
Slide 15: Appendix: Segment Income to EBITDA Reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended December 31, 2020 and 2019, and September 30, 2020: Three Months Ended ($ Millions) 4Q20 4Q19 3Q20 Wood Products Segment income $ 40.8 $ 8.1 $ 66.0 Depreciation and amortization 13.7 14.6 13.9 Segment EBITDA