Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2018 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, May 4, 2018
Slide 1: Boise Cascade Company First Quarter 2018 Earnings Webcast
Boise Cascade Company First Quarter 2018 Earnings Webcast May 4, 2018
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 1Q18 sales were $1.2 billion, up 21% from 1Q17. 1Q18 net income was $37.1 million, or $0.94 per share, up from $0.26 per share in 1Q17. Wood Products reported 1Q18 segment income of $26.1 million, compared to $7.4 million in 1Q17: Higher sales prices for plywood, EWP and lu
Slide 4: 1Q 2018 Financial Highlights
1Q 2018 Financial Highlights $ Millions Sales $ Millions Adjusted EBITDA $1,575 $90 21% 81% $80 $1,375 $70 $1,175 $73.4 $1,182.8 $60 36.6 $975 992.4 $50 $775 815.7 $40 $575 23.7 $30 $974.4 $375 $40.5 $20 43.7 $175 398.0 325.7 22.5 $10 ($25) $0 (207.5) (166.9) (6.8) (5.8) ($225) ($10) 1Q 2018 1Q 2017
Slide 5: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 6.0 70 65 4.8 61 63 5.0 4.5 4.7 4.1 60 57 4.0 4.0 53 50 3.0 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 1,179 17.22 1,157 17.30 16.63 16.69 1,116 1,124 16.65 1,091 $1,100 $16 $1,000 $14 $900 $12 $800 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Sl
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $400 405 356 400 $350 337 369 324 360 336 347 301 350 $300 282 300 $250 250 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2017 2018 Slide 6 May 4, 2018
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,200 100 1,046 20 19 18 18 19 992 981 $1,000 932 80 816 $800 34 32 32 34 35 60 $600 40 $400 46 46 48 50 49 20 $200 $0 0 1Q 2Q 3Q 4Q 1Q17 2Q17 3Q17 4Q17 1Q18 2017 2018 Commodity General Line EWP Slide 7 May 4, 2018
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 3/31/2018 12/31/2017 Change Receivables $ 349.0 $ 256.2 $ 92.9 Inventory 538.7 476.7 62.1 (a) Other current assets 10.6 6.8 3.9 898.4 739.6 158.8 Accounts payable 314.3 234.8 79.5 Accrued liabilities (b) 111.8 140.0 (28.3) 426.0 374.8 51.2 Net working
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2018 12/31/2017 Net Debt Total debt $ 438.6 $ 438.3 Cash & cash equivalents (134.7) (177.1) Net debt $ 303.9 $ 261.2 Liquidity Position Bank lines excess availability $ 395.3 $ 379.8 Cash & cash equivalents 134.7 177.1 Total liquidity $ 530.0 $ 556.9 S
Slide 10: Outlook
Outlook Current consensus estimate for 2018 U.S. housing starts is 1.29 million, up about 8% from 1.20 million in 2017. Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years. Operational focus in Wood Products: Improve EWP
Slide 11: Appendix
€S) Boise Cascade Appendix May 4, 2018
Slide 12: Appendix
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 13: Appendix
Appendix The following table reconciles segment income to EBITDA for the three months ended March 31, 2018 and 2017, and December 31, 2017: Three Months Ended ($ Millions) 1Q18 1Q17 4Q17 Wood Products Segment income $ 26.1 $ 7.4 $ 6.8 Depreciation and amortization 17.5 15.2 17.4 Segment EBITDA $ 43.
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