Boise Cascade, L.l.c. · NYSE:BCC

Boise Cascade, L.l.c — Q1 2016 Earnings Presentation

14 slides from Boise Cascade, L.l.c's earnings presentation, May 3, 2016

  1. Slide 1: Boise Cascade Company First Quarter 2016 Earnings Webcast

    Boise Cascade Company First Quarter 2016 Earnings Webcast May 3, 2016

  2. 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

  3. Slide 3: Executive Summary

    Executive Summary  First quarter sales were $880.7 million, up 9% from 1Q15.  First quarter net income was $5.0 million, or $0.13 per share, down 35% from 1Q15 net income of $7.6 million, or $0.19 per share.  Wood Products reported 1Q16 EBITDA of $17.5 million, which included $3.5 million of acqu

  4. Slide 4: 1Q 2016 Financial Highlights

    1Q 2016 Financial Highlights $ Millions Sales $ Millions EBITDA $1,100 $40 9% (7%) $1,000 $35 6.1 $900 $30 $800 $880.7 16.6 $700 $25 717.3 $600 622.9 $31.2 $20 $809.9 $500 $28.8 $15 31.7 $400 $300 $10 17.5 $200 $5 303.5 309.3 $100 $0 $0 (5.3) (6.6) (140.2) (122.3) ($5) ($100) ($200) ($10) 1Q 2016 1Q

  5. Slide 5: Wood Products Plywood

    Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 $350 412 410 412 400 312 400 380 302 $300 282 268 350 261 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 Slide 5 May 3, 2016

  6. Slide 6: Wood Products EWP

    Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 3.8 60 57 57 3.6 3.5 3.5 55 50 3.0 50 46 3.0 2.8 45 41 2.5 40 35 2.0 30 1.5 25 20 1.0 15 0.5 10 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,200 1,138 16.7 1,118 1,112 16.5 16.5 16.5 16.3 1,098 1,098 $1,100 $16 $1,000 $14 $900 $12 $800 1Q 2

  7. Slide 7: Acquired EWP Operations

    Acquired EWP Operations  Thorsby currently producing 265,000 cubic feet of LVL per month.  Roxboro currently producing 1.5 million lineal feet of I-joist per month.  Preliminary purchase price allocation: Asset/liability $ Millions Accounts receivable $ 10.4 Inventories 17.3 Property and equipmen

  8. Slide 8: Building Materials Distribution Sales

    Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 799 17 18 18 18 18 $800 762 717 707 $700 80 623 $600 35 36 35 35 37 60 $500 $400 40 $300 $200 48 45 46 47 47 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q15 2Q15 3Q15 4Q15 1Q16 2015 2016 Commodity General Line EWP Slide 8 May 3, 2016

  9. Slide 9: Working Capital

    Working Capital Balance Sheet Items ($ Millions) 3/31/2016 12/31/2015 Change Receivables $ 287.7 $ 199.1 $ 88.6 Inventory 440.6 384.9 55.7 Other current assets (a) 7.6 4.3 3.3 735.9 588.2 147.7 Accounts payable 254.7 160.5 94.2 (b) Accrued liabilities 82.9 94.8 (11.9) 337.6 255.3 82.3 Net working ca

  10. Slide 10: Debt and Liquidity Highlights

    Debt and Liquidity Highlights ($ Millions) 3/31/2016 12/31/2015 Net Debt Long-term debt $ 474.4 $ 344.6 Cash & cash equivalents (81.2) (184.5) Net debt $ 393.2 $ 160.1 Liquidity Position ABL excess availability $ 288.9 $ 258.6 Cash & cash equivalents 81.2 184.5 Total liquidity $ 370.1 $ 443.1 Slide

  11. Slide 11: Outlook

    Outlook  Current consensus estimate for 2016 U.S. housing starts is 1.23 million, up about 11% from 1.11 million in 2015.  Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years.  Optimistic that we can continue to grow revenue

  12. Slide 12: Appendix

    €S) Boise Cascade Appendix May 3, 2016

  13. Slide 13: Appendix

    Appendix EBITDA represents income before interest (interest expense, interest income, and change in fair value of interest rate swaps), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended March 31, 2016 and 2015, and Decembe

  14. Slide 14: Appendix

    Appendix Segment EBITDA represents segment income (loss) before depreciation and amortization. The following table reconciles segment income (loss) to EBITDA for the three months ended March 31, 2016 and 2015, and December 31, 2015: Three Months Ended March 31 December 31, ($ Millions) 2016 2015 201

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