Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2017 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Feb 26, 2018
Slide 1: Fourth Quarter 2017 Earnings Webcast
Boise Cascade Company Fourth Quarter 2017 Earnings Webcast February 26, 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 4Q17 sales were $1.09 billion, up 19% from 4Q16. 4Q17 net income was $19.1 million, or $0.49 per share, up from $0.11 per share in 4Q16. 4Q17 included $8.1 million, or $0.21 per share, income tax benefit from new tax law. 4Q16 included $3.1 million, or $0.08 per share, net afte
Slide 4: 4Q 2017 Financial Highlights
4Q 2017 Financial Highlights $ Millions Sales $ Millions Adjusted EBITDA $1,400 $60 19% 166% $1,200 $45 $1,000 $1,092.0 26.9 $43.9 $800 931.8 $30 770.9 $600 $919.5 19.1 $15 $400 24.2 $16.5 $200 7.7 330.9 289.7 $0 (7.2) $0 (10.2) (170.7) (141.1) ($200) ($15) 4Q 2017 4Q 2016 4Q 2017 4Q 2016 Wood BMD E
Slide 5: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 5.0 4.5 4.6 4.7 4.4 70 65 65 4.1 4.0 61 62 4.0 3.6 3.7 57 60 53 50 50 3.0 50 2.0 40 1.0 30 0.0 20 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 17.22 1,157 16.74 1,138 1,136 16.79 16.65 16.69 1,116 1,124 16.63 16.57 1,102 16.21 1,091 $1,100 1,077 $1
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 337 324 405 400 380 385 301 378 369 364 $300 282 288 347 271 268 350 336 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2016 2017 Slide 6 February 26, 2018
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $1,200 100 1,046 18 18 18 18 20 19 18 18 981 $1,000 932 889 80 850 816 $800 771 32 717 35 37 35 35 34 35 34 60 $600 40 $400 47 45 47 47 46 46 48 50 20 $200 $0 0 1Q 2Q 3Q 4Q 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017 Commodity Gen
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 12/31/2017 9/30/2017 Change Receivables $ 256.2 $ 325.0 $ (68.9) Inventory 476.7 459.9 16.8 Other current assets (a) 6.8 10.2 (3.4) 739.6 795.1 (55.5) Accounts payable 234.8 285.3 (50.5) Accrued liabilities (b) 140.0 131.0 9.0 374.8 416.3 (41.5) Net w
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 12/31/2017 9/30/2017 Net Debt Total debt $ 438.3 $ 438.0 Cash & cash equivalents (177.1) (172.2) Net debt $ 261.2 $ 265.8 Liquidity Position Bank lines excess availability $ 379.8 $ 393.6 Cash & cash equivalents 177.1 172.2 Total liquidity $ 556.9 $ 565.8 S
Slide 10: Outlook
Outlook Current consensus estimate for 2018 U.S. housing starts is 1.28 million, up about 7% 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 February 26, 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 December 31, 2017 and 2016, and September 30, 2017: Three Months Ended ($ Millions) 4Q17 4Q16 3Q17 Wood Products Segment income (loss) $ 6.8 $ (7.8) $ 24.0 Depreciation and amortization 17.4 15.5 15.3 Segment
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