Slide 1: Boise Cascade Company Fourth Quarter 2021 Earnings Webcast
Boise Cascade Company Fourth Quarter 2021 Earnings Webcast February 23, 2022
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, including, but not limited to, statements regardin
Slide 3: Executive Summary
Executive Summary u 4Q21 sales were $1.8 billion, up 21% from 4Q20. u 4Q21 net income was $169.1 million, or $4.26 per share, compared to net income of $26.0 million, or $0.66 per share, in 4Q20. Ø Prior year results included non-cash items related to termination of our qualified defined benefit pen
Slide 4: 4Q 2021 Financial Highlights
4Q 2021 Financial Highlights Sales Adjusted EBITDA $247.9 $1,782.2 119% 21% $1,472.2 144.2 1,645.5 $ Millions $ Millions 1,330.1 $113.1 72.9 112.2 446.6 358.7 54.5 (309.9) (216.5) (8.5) (14.3) 4Q 2021 4Q 2020 4Q 2021 4Q 2020 n BMD n Wood n Eliminations n BMD n Wood Corporate February 23, 2022 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 76 76 72 5.0 4.7 4.7 69 4.6 4.6 4.5 70 67 4.4 4.3 63 4.0 3.8 59 60 3.0 50 50 2.0 1Q 2Q 3Q 4Q 40 1Q 2Q 3Q 4Q ($/cf) ($/melf) $1,900 1,822 $28 $1,800 25.96 $26 $1,700 $24 $1,600 1,575 22.30 $22 $1,500 19.63 $20 18.5019.00 18.36 18.14 18.04 $1,400 1,
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 $900 878 $800 350 338 318 314 316 314 $700 303 305 304 300 $600 561 556 250 $500 428 407 401 $400 200 $300 287 267 150 $200 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 February 23, 2022 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 2,173 $2,200 100 17 16 16 14 $2,000 20 18 21 23 $1,800 1,721 80 1,635 1,646 $1,600 26 1,438 29 34 32 $1,400 1,330 40 34 60 38 33 $1,200 1,134 1,050 $1,000 40 $800 60 $600 55 50 50 42 43 45 44 20 $400 $200 $0 0 1Q 2Q 3Q 4Q 1Q20 2Q20 3Q20
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 $200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week 2019 2020 2021 2022 Source: Random Leng
Slide 10: Working Capital
Working Capital ($ Millions) 12/31/2021 9/30/2021 Change Receivables $ 462.2 $ 490.9 $ (28.7) Inventory 660.7 644.4 16.3 Other current assets (a) 12.0 15.8 (3.8) 1,134.9 1,151.1 (16.2) Accounts payable 336.5 413.3 (76.8) Accrued liabilities (b) 294.4 281.9 12.5 630.9 695.2 (64.3) Net working capital
Slide 11: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2021 9/30/2021 Net Debt Total debt $ 444.6 $ 444.4 Cash & cash equivalents (748.9) (786.9) Net debt (cash) $ (304.3) $ (342.5) Liquidity Position Bank line excess availability $ 346.0 $ 345.3 Cash & cash equivalents 748.9 786.9 Total liquidity $ 1,094
Slide 12: Outlook
Outlook u Final 2021 U.S. housing starts were 1.60 million, up 16% from 1.38 million in 2020. Current consensus estimate for 2022 housing starts is 1.60 million. Many factors continue to provide a favorable backdrop for residential construction and repair-and- remodel spending. u Continued organizat
Slide 13: Appendix
joise Cascade @~=— 4 ae = L—=£r¢ — a Appendix February 23, 2022
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. The following table reconcile
Slide 15: Appendix: Segment Income to EBITDA Reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended December 31, 2021 and 2020, and September 30, 2021: Three Months Ended ($ Millions) 4Q21 4Q20 3Q21 Wood Products Segment income $ 98.4 $ 40.8 $ 122.1 Depreciation and amortization 13.9 13.7 13.9 Segment EBITD