Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2024 Earnings Presentation
16 slides from Boise Cascade, L.l.c's earnings presentation, Feb 21, 2025
Slide 1: Fourth Quarter 2024 Earnings Webcast
Boise Cascade Company Fourth Quarter 2024 Earnings Webcast February 21, 2025
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 2024 Highlights Ø Net income of $376.4 million, or EPS of $9.57 Ø Additional growth in distribution business and capital investments in support of EWP growth strategy Ø Capital returns to shareholders u Fourth Quarter Consolidated Results Ø 4Q24 sales were $1.6 billion, down 5% f
Slide 4: 4Q 2024 Financial Highlights
4Q 2024 Financial Highlights Sales Adjusted EBITDA (5)% (20)% $1,644.3 $1,567.5 $160.6 $128.7 $ Millions $ Millions 80.6 1,492.6 1,438.8 84.5 92.7 419.7 449.7 56.6 (291.0) (298.0) (12.4) (12.7) 4Q 2024 4Q 2023 4Q 2024 4Q 2023 n BMD n Wood n Eliminations n BMD n Wood Corporate February 21, 2025 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 5.1 4.9 5.0 70 4.8 66 64 5.0 4.7 4.6 63 59 4.1 60 57 54 53 4.0 3.6 50 3.0 39 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,400 $36 2,168 $2,200 2,088 2,093 $32 31.17 2,018 2,035 30.14 29.93 1,961 28.75 29.08 $2,000 1,921 28.12 27.62 1,894 $
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 440 $400 378 382 375 406 367 365 362 400 383 390 391 350 372 333 363 371 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2023 2024 February 21, 2025 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 21 23 23 23 22 23 21 21 1,637 1,655 1,670 1,567 $1,600 1,505 1,493 80 1,439 1,379 $1,400 $1,200 60 39 40 40 40 41 42 44 42 $1,000 $800 40 $600 $400 20 40 37 37 37 37 37 35 35 $200 $0 0 1Q 2Q 3Q 4Q 1Q23 2Q23 3Q23 4Q23 1
Slide 8: Building Materials Distribution EBITDA
Building Materials Distribution EBITDA (EBITDA % of sales) 8.0% 10.0% 8.6% 6.5% 6.3% 8.0% 5.9% 5.9% 6.0% 5.6% 5.6% 5.6% 7.0% 5.4% 6.0% 6.0% 5.7% 5.5% 4.0% 4.0% 2.0% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 2022 2023 2024 2023 2024 February 21, 2025 8
Slide 9: BCC Q1 Indicators
BCC Q1 Indicators Segment Key Drivers Q1 Expectations EWP Volumes Low single-digit sequential increases EWP Pricing Low single-digit sequential declines Wood Products Plywood Volumes Mid to high single-digit sequential decrease Plywood Pricing Quarter to date realizations ~3% below Q4 average Sales
Slide 10: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $230 million in 2024 Ø $229 million in dividends paid in l Wood - $122 million 2024 l BMD - $108 million l Regular dividends of $0.82 per share l Special dividend of $5.00 per share Ø $220 million - $240 million planned for 2025 Ø Boa
Slide 11: Outlook
Outlook u Housing starts forecasts for 2025 near 2024 levels Ø Single-family resilient, Multi-family headwinds u Modest growth expected in home improvement spending in 2025 u Constructive view on medium and longer-term housing fundamentals February 21, 2025 11
Slide 12: Appendix
Appendix February 21, 2025
Slide 13: Appendix: EBITDA reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix: Segment EBITDA reconciliation
Appendix The following table reconciles segment income to Segment EBITDA for the three months ended December 31, 2024 and 2023, and September 30, 2024: Three Months Ended ($ Millions) 4Q24 4Q23 3Q24 Wood Products Segment income $ 33.6 $ 64.1 $ 53.9 Depreciation and amortization 23.0 28.6 23.6 Segmen
Slide 15: Appendix - Lumber Composite Price
Appendix - Lumber Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $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 2011 - 2020 Average 2023 2024 2025 Source: Random Lengths February 21, 2025 15
Slide 16: Appendix - Panel Composite Price
Appendix - Panel Composite Price First Quarter Second Quarter Third Quarter Fourth Quarter $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 2011 - 2020 Average 2023 2024 2025 Source: Random Lengths February 21, 2025 16