Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2012 Earnings Presentation
19 slides from Boise Cascade, L.l.c's earnings presentation, Mar 7, 2013
Slide 1: Fourth Quarter 2012 Earnings Webcast
Boise Cascade Company Fourth Quarter 2012 Earnings Webcast March 7, 2013
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 increased to 780,000 in 2012, up 28% from 2011. Our Wood Products and Building Materials Distribution (BMD) segments both showed strong sales and earnings leverage with the increase in demand in 2012: Wood Products’ sales and EBITDA increased $231 million
Slide 4: Shareholder Value Priorities
Shareholder Value Priorities Drive strong organic growth in both Wood Products manufacturing and Building Materials Distribution: Strategic capital focused on veneer self-sufficiency in Wood Products Working capital necessary for profitable growth in BMD Pursue acquisition opportunities that
Slide 5: 4Q 2012 Financial Highlights
4Q 2012 Financial Highlights $ Millions Sales $ Millions EBITDA $800 $25 $700 $20 $600 8.1 $500 553.1 $15 $17.0 $694.6 $400 429.4 $10 $300 +3020% 13.2 +27% $5 $200 1.3 $100 $547.4 230.5 2.2 180.3 $0 (3.0) $0.5 $0 (4.3) (62.2) (89.0) -$5 ($100) ($200) -$10 4Q 2011 4Q 2012 4Q 2011 4Q 2012 Wood BMD Eli
Slide 6: 2012 Financial Highlights
2012 Financial Highlights $ Millions Sales $ Millions EBITDA $3,500 $120 $3,000 $100 32.9 $2,500 $80 $2,779.1 $2,000 2,190.2 $96.6 $60 $1,500 1,779.4 +919% +24% $40 80.2 $1,000 $2,248.1 $20 10.4 $500 943.3 712.5 13.3 $0 $9.5 $0 (243.7) (354.4) (14.2) (16.5) ($500) ($20) ($1,000) ($40) 2011 2012 2011
Slide 7: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 400 $350 318 346 343 304 350 339 290 328 $300 267 296 300 286 284 $250 232 230 229 238 250 240 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011 2012 Slide 7 March 7, 2013
Slide 8: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-Joists 3.0 45 42 2.6 39 40 2.5 2.3 35 2.1 2.1 35 32 31 30 1.9 2.0 1.8 1.8 30 26 1.6 25 22 1.5 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,000 974 976 958 935 928 919 909 915 16.1 15.9 $900 $16 15.5 15.1 14.9 14.8 14.5 14.5 $800 $14 $
Slide 9: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $700 100 11 12 13 14 13 13 15 14 605 $600 581 553 80 501 $500 471 38 451 42 37 39 36 34 429 41 39 $400 378 60 $300 40 $200 51 47 50 48 49 52 46 46 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2011 2012 Commodity Gene
Slide 10: Debt and Liquidity Highlights
Debt and Liquidity Highlights Pro Forma ($ Millions) for IPO 12/31/2012 12/31/2011 Net Debt Long-term debt $ 250.0 $ 275.0 $ 219.6 1 Cash & cash equivalents (292.5) (54.5) (182.5) 1 Net debt (cash) $ (42.5) $ 220.5 $ 37.1 Liquidity Position 2 ABL excess availability $ 195.6 $ 195.6 $ 141.8 1 Cash &
Slide 11: Working Capital
Working Capital ($ Millions) 2012 2011 Change Receivables $ 141.6 $ 123.9 $ 17.7 Inventory 325.8 284.0 41.8 Other Current Assets (excluding cash) 5.5 4.9 0.7 473.0 412.8 60.2 Accounts Payable 142.1 117.9 24.2 Accrued Liabilities 94.0 60.1 34.0 236.2 178.0 58.2 Net Working Capital (excluding cash) $
Slide 12: Cash Flow Highlights
Cash Flow Highlights ($ Millions) 2012 2011 Net Cash Provided By (Used For) Operations $ 80.1 $ (43.0) Net Cash Used For Investment (29.4) (36.6) Net Cash Used For Financing (178.7) (2.5) Net Decrease in Cash (127.9) (82.1) Cash Balance at Beginning of Period 182.5 264.6 Cash Balance at End of Perio
Slide 13: Outlook
Outlook The current consensus estimate for 2013 U.S. housing starts is 990,000 vs. 780,000 in 2012. We believe the long-term demand fundamentals for housing are still sound based on demographics in the U.S. We are focused on meeting our customers’ needs as demand continues to strengthen. Pri
Slide 14: Appendix
€S) Boise Cascade Appendix March 7, 2013
Slide 15: Appendix: Net Debt Reconciliation
Appendix Net debt (cash) includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles pro forma and actual total debt to net debt (cash) at December 31, 2012 and 2011: Proforma ($ Millions) for IPO 12/31/2012 12/31/2011 Long-term debt $ 250
Slide 16: Appendix: Quarterly EBITDA Reconciliation
Appendix EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income (loss) to EBITDA for the three months ended December 31, 2012 and 2011, and September 30, 2012: ($ Millions) 4Q1
Slide 17: Appendix: Annual EBITDA Reconciliation
Appendix The following table reconciles net income (loss) to EBITDA for the years ended December 31, 2012 and 2011: Year Ended December 31 ($ Millions) 2012 2011 Net income (loss) $ 41.5 $ (46.4) Interest expense 21.8 19.0 Interest income (0.4) (0.4) Income tax provision 0.3 0.2 Depreciation and amo
Slide 18: Appendix: Quarterly Segment EBITDA Reconciliation
Appendix Segment EBITDA represents segment income (loss) before depreciation and amortization. The following table reconciles segment income (loss) to segment EBITDA for the three months ended December 31, 2012 and 2011, and September 30, 2012: ($ Millions) 4Q12 4Q11 3Q12 Building Materials Distribu
Slide 19: Appendix: Annual Segment EBITDA Reconciliation
Appendix The following table reconciles segment income (loss) to segment EBITDA for the years ended December 31, 2012 and 2011: Year Ended December 31 ($ Millions) 2012 2011 Building Materials Distribution Segment income $ 24.0 $ 2.0 Depreciation and amortization 8.8 8.4 Segment EBITDA $ 32.9 $ 10.4
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