Slide 1: Fourth Quarter 2022 Earnings Webcast
Boise Cascade Company Fourth Quarter 2022 Earnings Webcast February 22, 2023
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 2022 Highlights Ø Net income of $857.7 million, or EPS of $21.56, on sales of $8.4 billion Ø Strong safety performance Ø Great progress on growth initiatives Ø Rewarded shareholders through increase in quarterly dividend and special dividends u 4Q22 sales were $1.6 billion, down
Slide 4: 4Q 2022 Financial Highlights
4Q 2022 Financial Highlights Sales Adjusted EBITDA (24)% (9)% $247.9 $1,782.2 $1,628.3 $188.2 144.2 $ Millions $ Millions 99.4 1,645.5 1,443.8 99.7 112.2 425.6 446.6 (241.1) (309.9) (10.9) (8.5) 4Q 2022 4Q 2021 4Q 2022 4Q 2021 n BMD n Wood n Eliminations n BMD n Wood Corporate February 22, 2023 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 76 76 5.2 72 69 70 65 67 5.0 4.6 4.7 4.6 4.6 64 4.4 4.5 60 4.0 3.2 50 3.0 40 30 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,600 2,553 2,429 $36 33.82 34.36 $2,400 $32 $2,200 28.47 2,066 $28 26.40 25.96 $2,000 1,877 1,822 $24 22.30 $1,800 19.
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 400 393 $900 878 $800 350 338 329 317 689 314 $700 303 304 300 281 $600 569 556 561 250 $500 477 401 396 $400 200 $300 150 $200 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2021 2022 February 22, 2023 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) 2,173 2,131 100 $2,200 2,112 1,957 16 14 $2,000 21 23 19 22 21 25 $1,800 1,721 80 1,635 1,646 $1,600 26 1,444 29 29 $1,400 34 33 60 33 37 35 $1,200 $1,000 40 $800 60 $600 55 52 45 44 45 42 20 40 $400 $200 $0 0 1Q 2Q 3Q 4Q 1Q21 2Q21 3Q21
Slide 8: Building Materials Distribution EBITDA
Building Materials Distribution EBITDA (EBITDA % of sales) 12.0% 12.0% 11.0% 9.8% 10.0% 10.0% 8.8% 8.6% 8.2% 7.9% 7.7% 8.0% 7.6% 8.0% 6.9% 7.0% 6.0% 5.5% 6.0% 5.5% 4.3% 4.0% 3.3% 4.0% 2.0% 1.3% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 2022 2020 2021 2022 February 22, 2023 8
Slide 9: Lumber Composite Price
Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 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 2020 2021 2022 2023 Source: Random Lengths February 22, 2023 9
Slide 10: 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 2020 2021 2022 2023 Source: Random Leng
Slide 11: Capital Allocation
Capital Allocation u Capital expenditures Ø $114 million in 2022 l Wood - $52 million l BMD - $60 million Ø $120 million - $140 million planned for 2023 l Wood - $55 million - $65 million l BMD - $65 million - $75 million u Growth Ø EWP capacity expansion Ø BMD organic growth initiatives u Return of
Slide 12: Outlook
Outlook u Forecasts for 2023 generally range from 1.1 million to 1.3 million, or 15% - 30% declines from 2022 levels. u Primary drivers of repair-and-remodeling activity expected to continue to be supportive of homeowners' further investment in their residences. u Operational focus in Wood Products
Slide 13: Appendix
Appendix February 22, 2023
Slide 14: Appendix: Net income to EBITDA reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 15: Appendix: Segment income to EBITDA reconciliation
Appendix The following table reconciles segment income to EBITDA for the three months ended December 31, 2022 and 2021, and September 30, 2022: Three Months Ended ($ Millions) 4Q22 4Q21 3Q22 Wood Products Segment income $ 75.0 $ 98.4 $ 156.0 Depreciation and amortization 24.7 13.9 21.3 Segment EBITD