Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2021 Earnings Presentation
15 slides from Boise Cascade, L.l.c's earnings presentation, Nov 2, 2021
Slide 1: Third Quarter 2021 Earnings Webcast
Boise Cascade Company Third Quarter 2021 Earnings Webcast November 2, 2021
Slide 2: Forward-Looking Statements
Forward-Looking Statements u 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 3Q21 sales were $1.9 billion, up 18% from 3Q20. u 3Q21 net income was $91.7 million, or $2.31 per share, compared to net income of $103.2 million, or $2.61 per share, in 3Q20. Ø Prior year results include $10.5 million of net after-tax losses, or $0.27 per share, on the extinguis
Slide 4: 3Q 2021 Financial Highlights
3Q 2021 Financial Highlights Sales Adjusted EBITDA $1,879.5 (16)% 18% $178.6 $1,589.3 $149.3 22.6 113.6 1,721.2 $ Millions $ Millions 1,437.7 136.0 80.0 497.3 363.7 (212.0) (339.1) (9.2) (15.0) 3Q 2021 3Q 2020 3Q 2021 3Q 2020 n BMD n Wood n Eliminations n BMD n Wood Corporate November 2, 2021 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 76 76 72 5.0 4.7 4.7 69 4.6 4.6 70 4.4 4.3 63 4.0 3.8 59 60 3.0 50 50 2.0 1Q 2Q 3Q 4Q 40 1Q 2Q 3Q 4Q ($/cf) ($/melf) $1,600 1,575 $24 22.30 $1,500 $22 19.63 $1,400 1,363 $20 18.50 19.00 1,319 18.36 18.14 18.04 1,276 $1,300 1,260 $18 1,237 1,212 $1
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $900 878 $800 350 338 318 314 316 314 $700 303 305 300 $600 561 556 250 $500 428 407 $400 200 $300 287 267 150 $200 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 November 2, 2021 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 2,173 $2,200 100 17 16 16 14 $2,000 20 18 21 $1,800 1,721 80 1,635 $1,600 26 1,438 29 34 32 $1,400 1,330 40 34 60 38 $1,200 1,134 1,050 $1,000 40 $800 60 $600 55 50 50 42 43 45 20 $400 $200 $0 0 1Q 2Q 3Q 4Q 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Slide 8: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,550 $1,500 $1,450 $1,400 $1,350 $1,300 $1,250 $1,200 $1,150 $1,100 $1,050 $1,000 $950 $900 $850 $800 $750 $700 $650 $600 $550 $500 $450 $400 $350 $300 $250 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43
Slide 9: Panel Composite Price
Panel Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,800 $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2018 2019 2020 2021 Source: Random Leng
Slide 10: Working Capital
Working Capital ($ Millions) 9/30/2021 6/30/2021 Change Receivables $ 490.9 $ 610.2 $ (119.2) Inventory 644.4 727.2 (82.8) Other current assets (a) 15.8 16.3 (0.5) 1,151.1 1,353.7 (202.6) Accounts payable 413.3 510.0 (96.8) Accrued liabilities (b) 281.9 240.2 41.7 695.2 750.3 (55.1) Net working capi
Slide 11: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 9/30/2021 6/30/2021 Net Debt Total debt $ 444.4 $ 444.2 Cash & cash equivalents (786.9) (653.8) Net debt (cash) $ (342.5) $ (209.6) Liquidity Position Bank line excess availability $ 345.3 $ 345.3 Cash & cash equivalents 786.9 653.8 Total liquidity $ 1,132.
Slide 12: Outlook
Outlook u Current consensus estimate for 2021 U.S. housing starts is 1.59 million, up 15% from 2020 levels. Consensus forecast for 2022 housing starts is 1.57 million. u Wood Products Ø Solid demand and order files for EWP. Ø EWP price increases helping to mitigate impact of lower plywood pricing. u
Slide 13: Appendix
joise Cascade @~=— 4 ae = L—=£r¢ — a Appendix November 2, 2021
Slide 14: Appendix: Net income to EBITDA reconciliation
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 15: Appendix: Segment income to EBITDA reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended September 30, 2021 and 2020, and June 30, 2021: Three Months Ended ($ Millions) 3Q21 3Q20 2Q21 Wood Products Segment income $ 122.1 $ 66.0 $ 213.8 Depreciation and amortization 13.9 13.9 14.1 Segment EBITDA $