Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2017 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Oct 31, 2017
Slide 1: Boise Cascade Company Third Quarter 2017 Earnings Webcast
Boise Cascade Company Third Quarter 2017 Earnings Webcast October 31, 2017
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 3Q17 sales were $1.23 billion, up 15% from 3Q16. 3Q17 net income was $31.7 million, or $0.81 per share, up from $0.26 per share in 3Q16. 3Q16 included $9.5 million pre-tax loss on debt extinguishment, or $0.15 per share after-tax. Wood Products reported 3Q17 segment income of
Slide 4: 3Q 2017 Financial Highlights
3Q 2017 Financial Highlights $ Millions Sales $ Millions Adjusted EBITDA $1,500 $90 15% 49% $80 $1,200 $70 $1,226.6 $60 43.3 $900 1,045.6 $75.8 889.0 $50 $600 $40 29.9 $1,067.2 $30 $300 $50.7 $20 39.4 366.9 340.9 27.2 $10 $0 (185.9) (162.8) $0 (6.9) (6.4) ($300) ($10) 3Q 2017 3Q 2016 3Q 2017 3Q 2016
Slide 5: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 5.0 4.5 4.6 4.7 4.4 70 65 65 4.1 61 62 4.0 3.6 3.7 57 60 50 50 3.0 50 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 17.22 1,157 16.74 1,138 1,136 16.79 16.65 1,116 16.63 16.57 1,102 16.21 1,091 $1,100 1,077 $16 $1,000 $14 $900 $
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 324 405 400 380 385 301 378 369 364 $300 282 288 271 268 350 336 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2016 2017 Slide 6 October 31, 2017
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,200 100 1,046 18 18 18 18 20 19 18 981 $1,000 889 80 850 816 $800 771 717 35 37 35 35 34 35 34 60 $600 40 $400 47 45 47 47 46 46 48 20 $200 $0 0 1Q 2Q 3Q 4Q 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017 Commodity General Line EWP
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 9/30/2017 6/30/2017 Change Receivables $ 325.0 $ 322.2 $ 2.9 Inventory 459.9 490.7 (30.8) (a) Other current assets 10.2 11.7 (1.4) 795.1 824.5 (29.4) Accounts payable 285.3 296.1 (10.8) Accrued liabilities (b) 131.0 121.1 10.0 416.3 417.2 (0.8) Net wo
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 9/30/2017 6/30/2017 Net Debt Total debt $ 438.0 $ 438.2 Cash & cash equivalents (172.2) (104.7) Net debt $ 265.8 $ 333.5 Liquidity Position Bank lines excess availability $ 393.6 $ 393.7 Cash & cash equivalents 172.2 104.7 Total liquidity $ 565.8 $ 498.4 Sl
Slide 10: Outlook
Outlook Current consensus estimate for 2017 U.S. housing starts is 1.21 million, up about 3% from 1.17 million in 2016. 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 October 31, 2017
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. 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: Segment Income to EBITDA Reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended September 30, 2017 and 2016, and June 30, 2017: Three Months Ended ($ Millions) 3Q17 3Q16 2Q17 Wood Products Segment income $ 24.0 $ 11.6 $ 15.4 Depreciation and amortization 15.3 15.6 15.3 Segment EBITDA $ 3
Boise Cascade Company — Q3 2017 Earnings Presentation on 6ix