Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2016 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Feb 24, 2017
Slide 1: Fourth Quarter 2016 Earnings Webcast
Boise Cascade Company Fourth Quarter 2016 Earnings Webcast February 24, 2017
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 Fourth quarter sales were $919.5 million, up 5% from 4Q15. Fourth quarter net income was $4.1 million, or $0.11 per share. Reported net income included $3.1 million of net after-tax gains, or $0.08 per share, from certain items impacting results. Wood Products reported 4Q16 s
Slide 4: 4Q 2016 Financial Highlights Sales EBITDA
4Q 2016 Financial Highlights $ Millions Sales $ Millions EBITDA $1,200 $40 5% -25% $1,000 $30 $800 $20 $919.5 770.9 19.1 18.3 707.3 $600 $16.5 $876.5 $10 $400 $22.1 7.7 8.8 $0 $200 (5.1) 289.7 292.3 (10.2) ($10) $0 (141.1) (123.1) ($200) ($20) 4Q 2016 4Q 2015 4Q 2016 4Q 2015 Wood BMD Eliminations Wo
Slide 5: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 5.0 4.6 4.4 70 65 3.8 62 4.0 3.6 3.7 57 3.5 60 57 3.0 50 3.0 2.8 50 50 46 41 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 1,138 1,136 16.7 16.8 1,118 1,112 16.5 16.5 16.5 16.6 1,098 1,098 1,102 16.3 16.2 $1,100 1,077 $16 $1,000
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 412 410 412 400 312 400 380 385 302 378 364 $300 282 288 271 268 268 350 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 Slide 6 February 24, 2017
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 889 $900 850 100 799 17 18 18 18 18 18 18 18 $800 762 771 717 707 $700 80 623 $600 35 36 35 35 35 35 37 37 60 $500 $400 40 $300 $200 48 45 46 47 47 45 47 47 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 2015 2016 Comm
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 12/31/2016 9/30/2016 Change Receivables $ 210.6 $ 272.3 $ (61.7) Inventory 433.5 451.1 (17.6) (a) Other current assets 5.9 9.8 (3.9) 650.0 733.2 (83.3) Accounts payable 195.9 247.3 (51.4) (b) Accrued liabilities 109.6 110.7 (1.1) 305.6 358.0 (52.4) Ne
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2016 9/30/2016 Net Debt Total debt $ 437.6 $ 581.6 Cash & cash equivalents (104.0) (131.2) Restricted cash - (122.9) Net debt $ 333.7 $ 327.5 Liquidity Position Bank line excess availability $ 327.2 $ 354.8 Cash & cash equivalents 104.0 131.2 Total li
Slide 10: Outlook
Outlook Current consensus estimate for 2017 U.S. housing starts is 1.26 million, up about 8% from 1.17 million in 2016. Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years. Expect improved performance for Wood Products, bu
Slide 11: Appendix
€S) Boise Cascade Appendix February 24, 2017
Slide 12: 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 and loss on extinguishment of
Slide 13: Appendix
Appendix The following table reconciles segment income (loss) to EBITDA for the three months ended December 31, 2016 and 2015, and September 30, 2016, and the years ended December 31, 2016 and 2015: Three Months Ended Year Ended ($ Millions) 4Q16 4Q15 3Q16 2016 2015 Wood Products Segment income (los
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