Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2013 Earnings Presentation
14 slides from Boise Cascade, L.l.c's earnings presentation, Feb 21, 2014
Slide 1: Boise Cascade Company Fourth Quarter 2013 Earnings Webcast
Boise Cascade Company Fourth Quarter 2013 Earnings Webcast February 21, 2014
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 U.S. housing starts were 927,000 for the year, up 19% from 2012’s 781,000 starts. For 2014, we expect about 1.1 million U.S. housing starts, which should provide favorable backdrop for further revenue and earnings growth. Fourth quarter sales were $798.3 million, up 15% from th
Slide 4: 4Q 2013 Financial Highlights: Sales and EBITDA
4Q 2013 Financial Highlights $ Millions Sales $ Millions EBITDA $1,000 $40 $900 $35 $800 13.4 $30 $700 $33.1 $798.3 $25 $600 615.5 $500 553.1 $20 8.1 $400 $15 +15% +95% 25.1 $300 $10 $200 13.2 $694.6 301.3 $5 $100 230.5 $17.0 $0 $0 (4.3) (89.0) (5.4) (118.4) ($5) ($100) ($200) ($10) 4Q 2012 4Q 2013
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 428 $350 331 328 318 400 303 304 302 $300 290 355 346 346 343 344 339 267 350 328 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2013 Slide 5 February 21, 2014
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-Joists 3.5 55 51 3.0 50 3.0 2.7 2.7 2.7 44 44 2.6 45 41 42 39 2.5 2.3 40 35 2.1 2.1 35 30 2.0 30 1.5 25 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,017 1,024 989 15.9 15.9 $1,000 964 15.7 935 928 $16 915 909 15.1 15.3 14.9 14.8
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $800 100 722 13 13 681 15 14 15 14 17 17 $700 605 615 80 $600 581 581 553 37 39 36 34 31 35 32 $500 34 451 60 $400 $300 40 $200 50 49 52 54 51 49 51 48 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 Commodity
Slide 8: Working Capital
Working Capital ($ Millions) 12/31/2013 12/31/2012 Change Receivables $ 160.1 $ 141.6 $ 18.5 Inventory 383.4 325.8 57.6 Other current assets* 7.9 5.5 2.3 551.3 472.9 78.4 Accounts payable 142.1 133.5 8.6 Accrued liabilities 96.9 94.0 2.9 239.0 227.6 11.4 Net working capital* $ 312.3 $ 245.4 $ 66.9 *
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2013 12/31/2012 Net Debt Long-term debt $ 301.6 $ 275.0 Cash & cash equivalents (118.2) (45.9) Net debt $ 183.4 $ 229.1 Liquidity Position ABL excess availability $ 258.3 $ 195.6 Cash & cash equivalents 118.2 45.9 Total liquidity $ 376.6 $ 241.5 Slide
Slide 10: Outlook
Outlook The current consensus estimate for 2014 U.S. housing starts is 1.1 million vs. 927,000 in 2013. We believe the long-term demand fundamentals for housing are still sound based on demographics in the U.S. and expect housing starts to return to 1.4 to 1.5 million starts over the next few ye
Slide 11: Appendix
Boise Cascade ~@ x. NA eee war PPR, EE ee oa Appendix February 21, 2014
Slide 12: Appendix: Adjusted Net Income Reconciliation
Appendix Adjusted net income represents net income before certain unusual items. The year ended December 31, 2013 includes a $68.7 million income tax benefit associated with the recording of net deferred tax assets upon the Company’s conversion from a limited liability company to a corporation. The
Slide 13: Appendix: EBITDA Reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended December 31, 2013 and 2012, and September 30, 2013, and the years ended December 3
Slide 14: Appendix: Segment EBITDA Reconciliation
Appendix Segment EBITDA represents segment income before depreciation and amortization. The following table reconciles segment income to EBITDA for the three months ended December 31, 2013 and 2012, and September 30, 2013, and the years ended December 31, 2013 and 2012: Three Months Ended Year Ended
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