Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2013 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Oct 21, 2013
Slide 1: Boise Cascade Company Third Quarter 2013 Earnings Webcast
Boise Cascade Company Third Quarter 2013 Earnings Webcast October 21, 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 Third quarter sales were $878.0 million, up 15% from 3Q12: Revenues in Building Materials Distribution grew 19%, driven principally by higher volumes Continued EWP volume growth versus prior year quarter Modest decline in plywood pricing compared with prior year quarter T
Slide 4: 3Q 2013 Financial Highlights
3Q 2013 Financial Highlights $ Millions Sales $ Millions EBITDA $1,100 $50 $1,000 $900 $40 $800 $39.5 $878.0 12.6 20.1 $700 $30 721.5 $600 605.2 $500 +15% $20 $400 +7% $300 28.6 24.6 $764.6 $10 $200 259.8 283.2 $36.8 $100 $0 $0 (100.4) (4.4) (5.2) (126.7) ($100) ($200) -$10 3Q 2012 3Q 2013 3Q 2012 3
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 400 $350 331 328 318 355 304 346 346 343 344 339 303 350 328 $300 290 267 300 $250 250 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2013 Slide 5 October 21, 2013
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-Joists 3.5 55 51 3.0 50 3.0 2.7 2.7 44 2.6 45 41 42 39 2.5 2.3 40 35 2.1 2.1 35 30 2.0 30 1.5 25 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,017 989 15.9 $1,000 964 15.7 935 928 $16 915 909 15.1 15.3 14.9 14.8 14.5 $900 $14 $80
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $800 100 722 13 13 14 14 681 15 15 17 $700 605 80 $600 581 581 553 37 39 36 34 31 35 34 $500 451 60 $400 $300 40 $200 50 49 52 54 51 49 48 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 2012 2013 Commodity General Line EWP
Slide 8: Working Capital
Working Capital ($ Millions) 9/30/2013 6/30/2013 Change Receivables $ 213.0 $ 212.8 $ 0.2 Inventory 369.2 368.4 0.8 Other current assets (excluding cash and deferred taxes) 9.0 11.9 (2.9) 591.2 593.1 (1.9) Accounts payable 193.8 197.2 (3.4) Accrued liabilities 108.0 75.7 32.3 301.8 272.9 28.9 Net wo
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 9/30/2013 6/30/2013 Net Debt Long-term debt $ 326.7 $ 250.0 Cash & cash equivalents (157.0) (232.7) Net debt $ 169.7 $ 17.3 Liquidity Position ABL excess availability $ 274.7 $ 290.7 Cash & cash equivalents 157.0 232.7 Total liquidity $ 431.7 $ 523.4 Slide
Slide 10: Outlook
Outlook The current consensus estimate for 2013 U.S. housing starts is 930,000 vs. 780,000 in 2012. We believe the long-term demand fundamentals for housing are still sound based on demographics in the U.S. and expect normalized housing starts to return to 1.4 to 1.5 million starts over the next
Slide 11: Appendix
Boise Cascade Appendix October 21, 2013
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 September 30, 2013 and 2012, and June 30, 2013: ($ Millions) 3Q13 3Q12 2Q13 Net in
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 segment EBITDA for the three months ended September 30, 2013 and 2012, and June 30, 2013: ($ Millions) 3Q13 3Q12 2Q13 Wood Products Segment income $ 17.9 $ 22.5 $
Boise Cascade Company — Q3 2013 Earnings Presentation on 6ix