Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2013 Earnings Presentation
16 slides from Boise Cascade, L.l.c's earnings presentation, Jul 23, 2013
Slide 1: Boise Cascade Company Second Quarter 2013 Earnings Webcast
Boise Cascade Company Second Quarter 2013 Earnings Webcast July 23, 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 Total U.S. housing starts increased approximately 17% compared with 2Q12. Single-family starts increased approximately 14% Second quarter sales were $852.3 million, up 16% from 2Q12: Higher plywood average net sales realization Continued robust EWP volume growth versus prio
Slide 4: Composite Lumber Price
Composite Lumber Price 480 First Quarter Second Quarter Third Quarter Fourth Quarter 440 400 360 320 280 240 200 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 53 Week Source: Random Lengths 2013 2012 Slide 4 July 23, 2013
Slide 5: Panel Composite Price
Panel Composite Price 560 First Quarter Second Quarter Third Quarter Fourth Quarter 520 480 440 400 360 320 280 240 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 53 Week Source: Random Lengths 2013 2012 Slide 5 July 23, 2013
Slide 6: 2Q 2013 Financial Highlights
2Q 2013 Financial Highlights $ Millions Sales $ Millions EBITDA $1,000 $40 $900 $35 $800 5.5 $30 $30.7 $700 10.9 $600 $852.3 681.5 $25 $500 580.5 $20 $400 +16% +9% $15 29.6 $300 $200 $10 21.7 $732.9 241.8 280.4 $28.2 $100 $5 $0 (89.4) (109.6) $0 ($100) (4.4) (4.4) ($200) -$5 2Q 2012 2Q 2013 2Q 2012
Slide 7: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 400 $350 331 328 318 355 304 346 346 343 339 350 328 $300 290 267 300 $250 250 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2013 Slide 7 July 23, 2013
Slide 8: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-Joists 3.0 45 44 42 2.7 2.7 41 2.6 39 40 2.5 2.3 35 2.1 2.1 35 30 2.0 30 25 1.5 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,000 989 964 935 928 915 909 15.7 $900 $16 15.1 15.3 14.9 14.8 14.5 $800 $14 $700 $12 $600 $10 $500 1Q 2Q 3Q 4
Slide 9: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $800 100 13 13 15 14 15 14 $700 681 605 80 $600 581 581 553 37 39 36 34 31 35 $500 451 60 $400 $300 40 $200 50 49 52 54 51 48 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 2012 2013 Commodity General Line EWP Slide 9 July 23, 2
Slide 10: Working Capital
Working Capital ($ Millions) 6/30/2013 3/31/2013 Change Receivables $ 212.8 $ 209.9 $ 2.9 Inventory 368.4 387.1 (18.7) Other current assets (excluding cash and deferred taxes) 11.9 8.3 3.6 593.1 605.3 (12.2) Accounts payable 197.2 218.5 (21.3) Accrued liabilities 75.7 82.6 (6.9) 272.9 301.1 (28.2) N
Slide 11: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 6/30/2013 3/31/2013 Net Debt Long-term debt $ 250.0 $ 250.0 Cash & cash equivalents (232.7) (233.5) Net debt $ 17.3 $ 16.5 Liquidity Position ABL excess availability $ 290.7 $ 290.2 Cash & cash equivalents 232.7 233.5 Total liquidity $ 523.4 $ 523.8 Slide 1
Slide 12: 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 13: Appendix
€S) Boise Cascade Appendix July 23, 2013
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. The following table reconciles net income to EBITDA for the three months ended June 30, 2013 and 2012, and March 31, 2013: ($ Millions) 2Q13 2Q12 1Q13 Net income
Slide 15: Appendix: 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 June 30, 2013 and 2012, and March 31, 2013: ($ Millions) 2Q13 2Q12 1Q13 Wood Products Segment income $ 23.0
Slide 16: Appendix: Adjusted Net Income Reconciliation
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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