Boise Cascade, L.l.c. · NYSE:BCC

Boise Cascade, L.l.c — Q1 2013 Earnings Presentation

14 slides from Boise Cascade, L.l.c's earnings presentation, Apr 22, 2013

  1. Slide 1: Boise Cascade Company First Quarter 2013 Earnings Webcast

    Boise Cascade Company First Quarter 2013 Earnings Webcast April 22, 2013

  2. 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

  3. Slide 3: Executive Summary

    Executive Summary  Total U.S. housing starts increased approximately 36% compared with 1Q12. Single-family starts increased approximately 28%.  First quarter sales were $744.9 million, up 27% from 1Q12:  Continued strong plywood average net sales realization  Robust EWP volume growth versus prio

  4. Slide 4: 1Q 2013 Financial Highlights

    1Q 2013 Financial Highlights $ Millions Sales $ Millions EBITDA $900 $40 $800 $35 $700 10.2 $30 $33.0 $600 $744.9 581.1 $25 $500 $20 451.4 $400 1.4 $15 +27% 27.1 $300 +127% $10 $200 16.7 $587.0 269.2 $5 $100 211.1 $14.6 $0 $0 (75.6) (3.5) (4.2) (105.5) ($100) -$5 ($200) -$10 1Q2012 1Q2013 1Q2012 1Q2

  5. Slide 5: Wood Products Plywood

    Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 400 $350 331 318 346 346 343 304 350 339 290 328 $300 267 300 $250 250 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2013 Slide 5 April 22, 2013

  6. Slide 6: Wood Products EWP

    Wood Products EWP (mmcf) LVL (mmelf) I-Joists 3.0 2.7 45 41 42 2.6 39 40 2.5 2.3 35 2.1 2.1 35 30 2.0 30 25 1.5 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,000 964 935 928 915 909 $900 $16 15.1 15.3 14.9 14.8 14.5 $800 $14 $700 $12 $600 $10 $500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Sl

  7. Slide 7: Building Materials Distribution Sales

    Building Materials Distribution Sales ($ Millions) (% of Sales) $700 100 605 13 13 15 14 15 $600 581 581 553 80 $500 451 31 37 39 36 34 $400 60 $300 40 $200 54 50 48 49 52 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q12 2Q12 3Q12 4Q12 1Q13 2012 2013 Commodity General Line EWP Slide 7 April 22, 2013

  8. Slide 8: Working Capital

    Working Capital ($ Millions) 3/31/2013 12/31/2012 Change Receivables $ 209.9 $ 141.6 $ 68.3 Inventory 387.1 325.8 61.3 Other current assets (excluding cash and deferred taxes) 8.3 5.5 2.8 605.3 473.0 132.3 Accounts payable 218.5 142.1 76.3 Accrued liabilities 82.6 94.0 (11.4) 301.1 236.2 64.9 Net wo

  9. Slide 9: Debt and Liquidity Highlights

    Debt and Liquidity Highlights ($ Millions) 3/31/2013 12/31/2012 Net Debt Long-term debt $ 250.0 $ 275.0 Cash & cash equivalents (233.5) (54.5) Net debt $ 16.5 $ 220.5 Liquidity Position ABL excess availability $ 290.2 $ 195.6 Cash & cash equivalents 233.5 54.5 Total liquidity $ 523.8 $ 250.1 Slide 9

  10. Slide 10: Outlook

    Outlook  The current consensus estimate for 2013 U.S. housing starts is 1,000,000 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.  P

  11. Slide 11: Appendix

    Boise Cascade Appendix April 22, 2013

  12. Slide 12: Appendix

    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 March 31, 2013 and 2012, and December 31, 2012: ($ Millions) 1Q13 1Q12 4Q12 Net in

  13. Slide 13: Appendix

    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 March 31, 2013 and 2012, and December 31, 2012: ($ Millions) 1Q13 1Q12 4Q12 Wood Products Segment income $

  14. Slide 14: Appendix

    Appendix First quarter 2013 includes $68.7 million of income tax benefit associated with recording net deferred tax assets upon our conversion from a limited liability company to a corporation. The following table reconciles GAAP net income to adjusted non-GAAP net income for the three months ended

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