Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2014 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Jul 24, 2014
Slide 1: Boise Cascade Company Second Quarter 2014 Earnings Webcast
Boise Cascade Company Second Quarter 2014 Earnings Webcast July 24, 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 Second quarter activity was much better than first quarter. There may have been some recapture of business lost in first quarter due to weather. U.S. housing starts increased 12% from the same period last year. Second quarter sales were $961.2 million, up 13% from the prior y
Slide 4: 2Q 2014 Financial Highlights
2Q 2014 Financial Highlights $ Millions Sales $ Millions EBITDA $1,200 $70 +13% +91% $1,100 $1,000 $60 $961.2 $58.7 $900 21.8 $852.3 $50 $800 $700 758.4 $40 $600 681.5 5.5 $500 $30 $30.7 $400 $300 $20 41.3 $200 29.6 351.0 $10 280.4 $100 $0 $0 (109.6) (148.2) (4.4) (4.4) ($100) ($200) ($10) 2Q 2013 2
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 430 428 $350 331 328 414 400 301 303 302 294 $300 355 346 344 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 Slide 5 July 24, 2014
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 60 57 3.4 3.5 55 51 3.0 50 3.0 2.7 2.7 2.7 44 44 2.6 45 41 40 2.5 40 35 2.0 30 1.5 25 20 1.0 15 0.5 10 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,068 1,016 1,017 1,024 16.3 989 16.0 15.9 15.9 $1,000 964 $16 15.7 15.3 $900 $14 $800 $
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 15 14 17 17 16 17 $800 758 722 $700 681 80 615 $600 581 586 31 35 34 32 32 34 60 $500 $400 40 $300 54 51 49 51 52 $200 49 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2013 2014 Commodity General Line EWP Slide 7 July
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 6/30/2014 3/31/2014 Change Receivables $ 226.0 $ 206.8 $ 19.2 Inventory 410.6 421.1 (10.5) Other current assets* 8.7 9.7 (1.0) 645.3 637.5 7.8 Accounts payable 206.7 199.6 7.1 Accrued liabilities 100.0 86.6 13.4 306.7 286.2 20.5 Net working capital* $
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 6/30/2014 3/31/2014 Net Debt Long-term debt $ 301.5 $ 301.6 Cash & cash equivalents (129.9) (86.0) Net debt $ 171.6 $ 215.6 Liquidity Position ABL excess availability $ 342.0 $ 341.3 Cash & cash equivalents 129.9 86.0 Total liquidity $ 471.9 $ 427.3 Slide 9
Slide 10: Outlook
Outlook The current consensus estimate for 2014 U.S. housing starts is 1.04 million, up about 12% from 925,000 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
Slide 11: Appendix
€S) Boise Cascade Appendix July 24, 2014
Slide 12: Appendix: Net Income to 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 June 30, 2014 and 2013: ($ Millions) 2Q14 2Q13 Net income $ 26.4 $ 10.4 Interest e
Slide 13: Appendix: Segment Income to 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 June 30, 2014 and 2013: ($ Millions) 2Q14 2Q13 Wood Products Segment income $ 31.2 $ 23.0 Depreciation and amortization 10.0 6.5
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