0001328581false00013285812024-08-052024-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 5, 2024
BOISE CASCADE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
1-35805
20-1496201
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1111 West Jefferson Street, Suite 300
Boise, Idaho 83702-5389
(Address of principal executive offices) (Zip Code)
(208) 384-6161
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareBCCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On August 5, 2024, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its second quarter 2024 financial results, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is attached hereto, includes certain statistical information related to the Company's quarterly performance.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
ExhibitDescription
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOISE CASCADE COMPANY
By/s/ Jill Twedt
Jill Twedt
Senior Vice President, General Counsel and Secretary
Date: August 5, 2024




Boise Cascade CompanyExhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release
bcclogoa02a05.jpg

Investor Relations Contact - Chris Forrey
investor@bc.com
Media Contact - Amy Evans
mediarelations@bc.com

For Immediate Release: August 5, 2024

Boise Cascade Company Reports Second Quarter 2024 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $112.3 million, or $2.84 per share, on sales of $1.8 billion for the second quarter ended June 30, 2024, compared with net income of $146.3 million, or $3.67 per share, on sales of $1.8 billion for the second quarter ended June 30, 2023.

"Our team delivered solid financial performance in the second quarter while operating in a somewhat tepid demand environment influenced by elevated mortgage rates and economic uncertainties. In addition, spending on our organic growth projects progressed as expected and returns of capital to our shareholders were again in clear focus, including the recent announcement of a meaningful special dividend that will fund in September,” stated Nate Jorgensen, CEO. “While the near-term demand environment is uncertain, I remain confident in our ability to deliver quality results through the second half of the year. Our proven team will accomplish this by leveraging our outstanding manufacturing and wholesale distribution network, and our relentless drive to deliver superior value to our customer and vendor partners."

Second Quarter 2024 Highlights
2Q 20242Q 2023% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,797,670 $1,815,219 (1)%
Net income112,292 146,320 (23)%
Net income per common share - diluted2.84 3.67 (23)%
Adjusted EBITDA 1
181,207 220,976 (18)%
Segment Results
Wood Products sales$489,823 $530,273 (8)%
Wood Products income72,780 104,035 (30)%
Wood Products EBITDA 1
95,050 127,040 (25)%
Building Materials Distribution sales1,655,221 1,636,538 1 %
Building Materials Distribution income85,400 98,550 (13)%
Building Materials Distribution EBITDA 1
97,141 105,936 (8)%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.


In second quarter 2024, total U.S. housing starts decreased 7%, while single-family housing starts increased 7%, compared to the same period in 2023. On a year-to-date basis through June 2024, total housing starts decreased 3%, while single-family housing starts increased 16%, compared to the same period in 2023. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $40.5 million, or 8%, to $489.8 million for the three months ended June 30, 2024, from $530.3 million for the three months ended June 30, 2023. The decrease in sales was driven by lower plywood sales volumes, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP). Other sales related to lumber and residual byproducts also decreased. These decreases were offset partially by increased sales volumes for EWP.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
2Q 2024 vs. 2Q 20232Q 2024 vs. 1Q 2024
 Average Net Selling Prices
    LVL(7)%(2)%
    I-joists(6)%(3)%
    Plywood(1)%(4)%
 Sales Volumes
    LVL8%6%
    I-joists5%16%
    Plywood(13)%3%

Wood Products' segment income decreased $31.3 million to $72.8 million for the three months ended June 30, 2024, from $104.0 million for the three months ended June 30, 2023. The decrease in segment income was due primarily to lower EWP sales prices, as well as higher wood fiber and conversion costs. These decreases in segment income were offset partially by higher EWP sales volumes.
    
Building Materials Distribution

BMD's sales increased $18.7 million, or 1%, to $1,655.2 million for the three months ended June 30, 2024, from $1,636.5 million for the three months ended June 30, 2023. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales volume increases of 2%, offset partially by sales price decreases of 1%. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 2%. By product line, commodity sales decreased 6%, general line product sales increased 8%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased less than 1%.

BMD segment income decreased $13.2 million to $85.4 million for the three months ended June 30, 2024, from $98.6 million for the three months ended June 30, 2023. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.9 million and $4.4 million, respectively. These decreases were offset partially by decreased general and administrative expenses of $2.0 million. Gross margins were flat when compared with the same quarter in the prior year.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2024 with $922.1 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,317.8 million. The Company had $445.7 million of outstanding debt at June 30, 2024.

2

Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $250 million to $270 million.
    
On August 1, 2024, our board of directors declared a quarterly dividend of $0.21 per share, as well as a special dividend of $5.00 per share, on our common stock. The dividends will be paid on September 16, 2024, to stockholders of record on September 3, 2024.

For the six months ended June 30, 2024, the Company paid $88.9 million for the repurchase of 677,845 shares of our common stock. Furthermore, in July 2024, the Company repurchased 90,000 shares of our common stock at a cost of $10.5 million. As of July 31, 2024, approximately 1.2 million shares were available for repurchase under our existing share repurchase program.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. Current industry forecasts for 2024 U.S. housing starts are slightly below actual housing starts of 1.42 million in 2023, as reported by the U.S. Census Bureau. Home affordability remains a challenge for many consumers due to the cost of housing, as well as persistent elevated mortgage rates. However, with low unemployment, an undersupply of existing housing stock available for sale, and favorable demographic trends, new residential construction is expected to remain an important source of supply for homebuyers. Multi-family starts have declined sharply from historic levels due to increased capital costs for developers, combined with elevated supply. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity will continue to provide a favorable backdrop for repair-and-remodel spending. However, while home improvement spending is expected to remain healthy compared to history, renovation spending has softened due to consumer uncertainty, labor availability, higher borrowing costs, and building material inflation. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, and other factors will likely influence the near-term demand environment for the products we manufacture and distribute.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.
    
About Boise Cascade
    
Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products. For more information, please visit the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss second quarter earnings on Tuesday, August 6, 2024, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors section of Boise Cascade's website.

3

Use of Non-GAAP Financial Measures
    
We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as 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.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income or segment income have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
    
Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, our ability to efficiently and effectively integrate the BROSCO acquisition, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.

4

Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2024June 30
2024202320242023
Sales$1,797,670 $1,815,219 $1,645,420 $3,443,090 $3,359,548 
Costs and expenses 
Materials, labor, and other operating expenses (excluding depreciation)1,440,680 1,426,436 1,307,439 2,748,119 2,657,071 
Depreciation and amortization34,367 30,722 35,850 70,217 61,908 
Selling and distribution expenses149,783 139,205 144,110 293,893 267,993 
General and administrative expenses25,943 30,147 25,117 51,060 56,610 
Other (income) expense, net(84)(1,266)(78)(162)(1,611)
1,650,689 1,625,244 1,512,438 3,163,127 3,041,971 
Income from operations146,981 189,975 132,982 279,963 317,577 
Foreign currency exchange gain (loss)(104)320 (299)(403)247 
Pension expense (excluding service costs)(37)(41)(37)(74)(82)
Interest expense(6,105)(6,339)(6,070)(12,175)(12,700)
Interest income10,543 11,519 10,597 21,140 21,204 
Change in fair value of interest rate swaps(487)333 (220)(707)(471)
3,810 5,792 3,971 7,781 8,198 
Income before income taxes150,791 195,767 136,953 287,744 325,775 
Income tax provision(38,499)(49,447)(32,829)(71,328)(82,722)
Net income$112,292 $146,320 $104,124 $216,416 $243,053 
Weighted average common shares outstanding:
  Basic39,412 39,675 39,608 39,510 39,634 
  Diluted39,608 39,834 39,956 39,766 39,818 
Net income per common share:
  Basic$2.85 $3.69 $2.63 $5.48 $6.13 
  Diluted$2.84 $3.67 $2.61 $5.44 $6.10 
Dividends declared per common share$0.20 $3.15 $0.20 $0.40 $3.30 


5

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2024June 30
2024202320242023
Segment sales$489,823 $530,273 $468,928 $958,751 $967,701 
Costs and expenses    
Materials, labor, and other operating expenses (excluding depreciation)378,920 387,407 357,721 736,641 715,146 
Depreciation and amortization22,270 23,005 24,384 46,654 46,795 
Selling and distribution expenses11,114 11,437 10,551 21,665 23,115 
General and administrative expenses4,606 5,364 5,020 9,626 10,542 
Other (income) expense, net133 (975)14 147 (1,327)
417,043 426,238 397,690 814,733 794,271 
Segment income$72,780 $104,035 $71,238 $144,018 $173,430 
(percentage of sales)
Segment sales100.0  %100.0  %100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)77.4 %73.1 %76.3 %76.8 %73.9 %
Depreciation and amortization4.5 %4.3 %5.2 %4.9 %4.8 %
Selling and distribution expenses2.3 %2.2 %2.3 %2.3 %2.4 %
General and administrative expenses0.9 %1.0 %1.1 %1.0 %1.1 %
Other (income) expense, net— %(0.2 %)— %— %(0.1 %)
85.1 %80.4 %84.8 %85.0 %82.1 %
Segment income14.9 %19.6 %15.2 %15.0 %17.9 %

6

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2024June 30
2024202320242023
Segment sales$1,655,221 $1,636,538 $1,505,021 $3,160,242 $3,015,780 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,409,510 1,391,015 1,278,421 2,687,931 2,566,565 
Depreciation and amortization11,741 7,386 11,107 22,848 14,456 
Selling and distribution expenses138,716 127,786 133,614 272,330 244,896 
General and administrative expenses10,070 12,089 9,534 19,604 22,119 
Other (income) expense, net(216)(288)(118)(334)(491)
1,569,821 1,537,988 1,432,558 3,002,379 2,847,545 
Segment income $85,400 $98,550 $72,463 $157,863 $168,235 
(percentage of sales)
Segment sales100.0 %100.0 %100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)85.2 %85.0 %84.9 %85.1 %85.1 %
Depreciation and amortization0.7 %0.5 %0.7 %0.7 %0.5 %
Selling and distribution expenses8.4 %7.8 %8.9 %8.6 %8.1 %
General and administrative expenses0.6 %0.7 %0.6 %0.6 %0.7 %
Other (income) expense, net— %— %— %— %— %
94.8 %94.0 %95.2 %95.0 %94.4 %
Segment income 5.2 %6.0 %4.8 %5.0 %5.6 %

7

Segment Information
(in thousands) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2024June 30
2024202320242023
Segment sales
Wood Products$489,823 $530,273 $468,928 $958,751 $967,701 
Building Materials Distribution1,655,221 1,636,538 1,505,021 3,160,242 3,015,780 
Intersegment eliminations(347,374)(351,592)(328,529)(675,903)(623,933)
Total net sales$1,797,670 $1,815,219 $1,645,420 $3,443,090 $3,359,548 
Segment income
Wood Products$72,780 $104,035 $71,238 $144,018 $173,430 
Building Materials Distribution85,400 98,550 72,463 157,863 168,235 
Total segment income158,180 202,585 143,701 301,881 341,665 
Unallocated corporate costs(11,199)(12,610)(10,719)(21,918)(24,088)
Income from operations$146,981 $189,975 $132,982 $279,963 $317,577 
Segment EBITDA
Wood Products$95,050 $127,040 $95,622 $190,672 $220,225 
Building Materials Distribution97,141 105,936 83,570 180,711 182,691 

See accompanying summary notes to consolidated financial statements and segment information.


8

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
June 30, 2024December 31, 2023
ASSETS
Current
Cash and cash equivalents$922,076 $949,574 
Receivables 
Trade, less allowances of $4,520 and $3,278
459,772 352,780 
Related parties249 181 
Other17,120 20,740 
Inventories832,241 712,369 
Prepaid expenses and other36,348 21,170 
Total current assets2,267,806 2,056,814 
 
Property and equipment, net948,841 932,633 
Operating lease right-of-use assets59,812 62,868 
Finance lease right-of-use assets23,548 24,003 
Timber deposits7,675 7,208 
Goodwill170,254 170,254 
Intangible assets, net180,928 190,743 
Deferred income taxes4,655 4,854 
Other assets8,445 9,269 
Total assets$3,671,964 $3,458,646 

9

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
June 30, 2024December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$438,235 $310,175 
Related parties2,146 1,501 
Accrued liabilities 
Compensation and benefits96,414 149,561 
Interest payable9,956 9,958 
Other144,755 122,921 
Total current liabilities691,506 594,116 
Debt 
Long-term debt445,723 445,280 
Other 
Compensation and benefits39,648 40,189 
Operating lease liabilities, net of current portion53,170 56,425 
Finance lease liabilities, net of current portion27,891 28,084 
Deferred income taxes93,062 82,014 
Other long-term liabilities17,988 16,874 
231,759 223,586 
 
Commitments and contingent liabilities 
Stockholders' equity 
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding
— — 
Common stock, $0.01 par value per share; 300,000 shares authorized, 45,130 and 44,983 shares issued, respectively
451 450 
Treasury stock, 6,121 and 5,443 shares at cost, respectively
(234,879)(145,335)
Additional paid-in capital
557,478 560,697 
Accumulated other comprehensive loss
(502)(517)
Retained earnings1,980,428 1,780,369 
Total stockholders' equity2,302,976 2,195,664 
Total liabilities and stockholders' equity$3,671,964 $3,458,646 

10

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Six Months Ended June 30
20242023
Cash provided by (used for) operations
Net income$216,416 $243,053 
Items in net income not using (providing) cash 
Depreciation and amortization, including deferred financing costs and other
71,832 63,293 
Stock-based compensation7,923 7,518 
Pension expense74 82 
Deferred income taxes11,088 2,749 
Change in fair value of interest rate swaps707 471 
Other115 (1,798)
Decrease (increase) in working capital, net of acquisitions 
Receivables(102,096)(171,794)
Inventories(120,976)(5,482)
Prepaid expenses and other(7,870)(7,805)
Accounts payable and accrued liabilities99,354 124,910 
Income taxes payable(6,251)33,220 
Other(1,151)1,801 
Net cash provided by operations169,165 290,218 
Cash provided by (used for) investment
Expenditures for property and equipment(74,099)(68,287)
Acquisitions of businesses and facilities(3,387)— 
Proceeds from sales of assets and other819 1,918 
Net cash used for investment(76,667)(66,369)
Cash provided by (used for) financing
Treasury stock purchased(88,858)(1,539)
Dividends paid on common stock(19,069)(132,967)
Tax withholding payments on stock-based awards(11,117)(5,926)
Other(952)(904)
Net cash used for financing(119,996)(141,336)
Net increase (decrease) in cash and cash equivalents(27,498)82,513 
Balance at beginning of the period949,574 998,344 
Balance at end of the period$922,076 $1,080,857 
11

Summary Notes to Consolidated Financial Statements and Segment Information
The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2023 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.
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 reconciles net income to EBITDA and Adjusted EBITDA for the (i) three months ended June 30, 2024 and 2023, (ii) three months ended March 31, 2024, and (iii) six months ended June 30, 2024 and 2023:
Three Months EndedSix Months Ended
June 30March 31, 2024June 30
2024202320242023
(in thousands)
Net income$112,292 $146,320 $104,124 $216,416 $243,053 
Interest expense6,105 6,339 6,070 12,175 12,700 
Interest income(10,543)(11,519)(10,597)(21,140)(21,204)
Income tax provision38,499 49,447 32,829 71,328 82,722 
Depreciation and amortization34,367 30,722 35,850 70,217 61,908 
EBITDA180,720 221,309 168,276 348,996 379,179 
Change in fair value of interest rate swaps487 (333)220 707 471 
Adjusted EBITDA$181,207 $220,976 $168,496 $349,703 $379,650 
12

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended June 30, 2024 and 2023, (ii) three months ended March 31, 2024, and (iii) six months ended June 30, 2024 and 2023:
Three Months EndedSix Months Ended
June 30March 31, 2024June 30
2024202320242023
(in thousands)
Wood Products
Segment income$72,780 $104,035 $71,238 $144,018 $173,430 
Depreciation and amortization22,270 23,005 24,384 46,654 46,795 
EBITDA$95,050 $127,040 $95,622 $190,672 $220,225 
Building Materials Distribution
Segment income$85,400 $98,550 $72,463 $157,863 $168,235 
Depreciation and amortization11,741 7,386 11,107 22,848 14,456 
EBITDA$97,141 $105,936 $83,570 $180,711 $182,691 
Corporate
Unallocated corporate costs$(11,199)$(12,610)$(10,719)$(21,918)$(24,088)
Foreign currency exchange gain (loss)(104)320 (299)(403)247 
Pension expense (excluding service costs)(37)(41)(37)(74)(82)
Change in fair value of interest rate swaps(487)333 (220)(707)(471)
Depreciation and amortization356 331 359 715 657 
EBITDA(11,471)(11,667)(10,916)(22,387)(23,737)
Change in fair value of interest rate swaps487 (333)220 707 471 
Corporate adjusted EBITDA$(10,984)$(12,000)$(10,696)$(21,680)$(23,266)
Total Company adjusted EBITDA$181,207 $220,976 $168,496 $349,703 $379,650 




13

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2024
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,777 5,074 9,851 
 I-joist sales volume (MELF)56,587 65,788 122,375 
 Plywood sales volume (MSF 3/8")371,699 383,092 754,791 
 Lumber sales volume (MBF)22,772 17,619 40,391 
 LVL mill net sales price ($/CF)$28.75 $28.12 $28.42 
 I-joist mill net sales price ($/MELF)$2,018 $1,961 $1,987 
 Plywood net sales price ($/MSF 3/8")$378 $362 $369 
 Lumber net sales price ($/MBF)$650 $751 $694 
 Segment sales (000)$468,928 $489,823 $958,751 
 Segment income (000)$71,238 $72,780 $144,018 
 Segment depreciation and amortization (000)2
$24,384 $22,270 $46,654 
 Segment EBITDA (000)1
$95,622 $95,050 $190,672 
 EBITDA as a percentage of sales20.4 %19.4 %19.9 %
 Capital spending (000)$19,643 $17,793 $37,436 
 Receivables (000)$84,892 $83,445 
 Inventories (000)$213,050 $206,198 
 Accounts payable (000)$61,834 $66,374 
2023
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)3,639 4,682 4,945 4,109 17,375 
 I-joist sales volume (MELF)38,711 62,950 64,125 54,015 219,801 
 Plywood sales volume (MSF 3/8")405,960 439,963 389,827 363,008 1,598,758 
 Lumber sales volume (MBF)31,560 32,528 31,729 29,221 125,038 
 LVL mill net sales price ($/CF)$31.17 $30.14 $29.08 $29.93 $30.01 
 I-joist mill net sales price ($/MELF)$2,168 $2,088 $2,035 $2,093 $2,088 
 Plywood net sales price ($/MSF 3/8")$367 $365 $382 $375 $372 
 Lumber net sales price ($/MBF)$724 $707 $641 $588 $667 
 Segment sales (000)$437,428 $530,273 $515,225 $449,676 $1,932,602 
 Segment income (000)$69,395 $104,035 $99,574 $64,128 $337,132 
 Segment depreciation and amortization (000)2
$23,790 $23,005 $23,350 $28,565 $98,710 
 Segment EBITDA (000)1
$93,185 $127,040 $122,924 $92,693 $435,842 
 EBITDA as a percentage of sales21.3 %24.0 %23.9 %20.6 %22.6 %
 Capital spending (000)$7,262 $12,106 $11,807 $28,185 $59,360 
 Receivables (000)$77,318 $97,229 $88,688 $56,882 
 Inventories (000)$232,136 $200,948 $205,111 $218,861 
 Accounts payable (000)$63,275 $60,656 $69,023 $60,196 


1

Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2022
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,641 4,586 5,190 3,176 17,593 
 I-joist sales volume (MELF)65,362 69,467 64,421 30,130 229,380 
 Plywood sales volume (MSF 3/8")316,941 280,594 328,586 392,975 1,319,096 
 Lumber sales volume (MBF)17,139 16,935 24,045 24,985 83,104 
 LVL mill net sales price ($/CF)$26.40 $28.47 $33.82 $34.36 $30.56 
 I-joist mill net sales price ($/MELF)$1,877 $2,066 $2,429 $2,553 $2,178 
 Plywood net sales price ($/MSF 3/8")$689 $569 $477 $396 $523 
 Lumber net sales price ($/MBF)$1,011 $1,214 $880 $720 $927 
 Segment sales (000)$558,944 $536,030 $595,320 $425,602 $2,115,896 
 Segment income (000)$190,116 $154,101 $155,972 $74,978 $575,167 
 Segment depreciation and amortization (000)$13,640 $13,653 $21,285 $24,730 $73,308 
 Segment EBITDA (000)1
$203,756 $167,754 $177,257 $99,708 $648,475 
 EBITDA as a percentage of sales36.5 %31.3 %29.8 %23.4 %30.6 %
 Capital spending (000)3
$8,986 $12,861 $12,949 $17,138 $51,934 
 Receivables (000)$120,960 $113,395 $94,017 $43,406 
 Inventories (000)$181,810 $191,411 $214,576 $229,361 
 Accounts payable (000)$53,797 $65,272 $72,877 $44,202 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment depreciation and amortization in first quarter 2024 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility.
3Capital spending in 2022 excludes $515.2 million of cash paid for the acquisition of businesses and facilities.

2

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2024
Q1Q2Q3Q4YTD
 Commodity sales1
36.7 %35.0 %35.8 %
 General line sales1
41.0 %42.4 %41.8 %
 EWP sales1
22.3 %22.6 %22.4 %
 Total sales (000)$1,505,021 $1,655,221 $3,160,242 
 Gross margin2
15.1 %14.8 %14.9 %
 Segment income (000)$72,463 $85,400 $157,863 
 Segment depreciation and amortization (000)$11,107 $11,741 $22,848 
 Segment EBITDA (000)3
$83,570 $97,141 $180,711 
 EBITDA as a percentage of sales5.6 %5.9 %5.7 %
 Capital spending (000)$14,672 $21,904 $36,576 
 Receivables (000)$453,083 $436,992 
 Inventories (000)$601,546 $626,044 
 Accounts payable (000)$412,919 $392,798 
2023
Q1Q2Q3Q4YTD
 Commodity sales1
39.7 %37.5 %37.4 %36.9 %37.8 %
 General line sales1
38.7 %39.6 %39.4 %40.4 %39.5 %
 EWP sales1
21.6 %22.9 %23.2 %22.7 %22.7 %
 Total sales (000)$1,379,242 $1,636,538 $1,670,296 $1,492,614 $6,178,690 
 Gross margin2
14.8 %15.0 %15.2 %15.2 %15.0 %
 Segment income (000)$69,685 $98,550 $97,076 $70,497 $335,808 
 Segment depreciation and amortization (000)$7,070 $7,386 $7,781 $10,116 $32,353 
 Segment EBITDA (000)3
$76,755 $105,936 $104,857 $80,613 $368,161 
 EBITDA as a percentage of sales5.6 %6.5 %6.3 %5.4 %6.0 %
 Capital spending (000)4
$22,659 $25,929 $19,135 $88,001 $155,724 
 Receivables (000)$393,338 $445,991 $434,755 $344,978 
 Inventories (000)$506,663 $502,085 $478,295 $493,509 
 Accounts payable (000)$363,163 $390,840 $362,196 $252,144 

3

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2022
Q1Q2Q3Q4YTD
 Commodity sales1
52.2 %44.9 %39.6 %41.5 %44.9 %
 General line sales1
29.1 %32.9 %35.3 %37.1 %33.3 %
 EWP sales1
18.7 %22.2 %25.1 %21.4 %21.8 %
 Total sales (000)$2,111,833 $2,131,200 $1,956,802 $1,443,780 $7,643,615 
 Gross margin2
18.0 %13.9 %15.4 %15.8 %15.8 %
 Segment income (000)$225,892 $154,308 $154,436 $92,455 $627,091 
 Segment depreciation and amortization (000)$6,576 $6,728 $6,760 $6,941 $27,005 
 Segment EBITDA (000)3
$232,468 $161,036 $161,196 $99,396 $654,096 
 EBITDA as a percentage of sales11.0 %7.6 %8.2 %6.9 %8.6 %
 Capital spending (000)5
$7,892 $10,009 $7,938 $34,624 $60,463 
 Receivables (000)$616,040 $540,167 $479,876 $286,789 
 Inventories (000)$622,858 $612,196 $552,610 $468,189 
 Accounts payable (000)$479,584 $413,235 $355,170 $215,308 
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales.
2We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
3Segment EBITDA is calculated as segment income before depreciation and amortization.
4During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired.
5During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.


4

Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
Total Boise Cascade Company
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 tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
2024
Q1Q2Q3Q4YTD
Net income$104,124 $112,292 $216,416 
Interest expense6,070 6,105 12,175 
Interest income(10,597)(10,543)(21,140)
Income tax provision32,829 38,499 71,328 
Depreciation and amortization35,850 34,367 70,217 
EBITDA168,276 180,720 348,996 
Change in fair value of interest rate swaps220 487 707 
Adjusted EBITDA$168,496 $181,207 $349,703 
2023
Q1Q2Q3Q4YTD
Net income$96,733 $146,320 $143,068 $97,535 $483,656 
Interest expense6,361 6,339 6,351 6,445 25,496 
Interest income(9,685)(11,519)(13,760)(13,142)(48,106)
Income tax provision33,275 49,447 49,005 29,666 161,393 
Depreciation and amortization31,186 30,722 31,474 39,085 132,467 
EBITDA157,870 221,309 216,138 159,589 754,906 
Change in fair value of interest rate swaps804 (333)327 993 1,791 
Adjusted EBITDA$158,674 $220,976 $216,465 $160,582 $756,697 
2022
Q1Q2Q3Q4YTD
Net income$302,600 $218,111 $219,587 $117,360 $857,658 
Interest expense6,254 6,317 6,398 6,443 25,412 
Interest income(65)(1,385)(3,238)(7,575)(12,263)
Income tax provision98,866 73,886 76,042 39,929 288,723 
Depreciation and amortization20,543 20,694 28,374 31,982 101,593 
EBITDA428,198 317,623 327,163 188,139 1,261,123 
Change in fair value of interest rate swaps(2,066)(394)(1,134)35 (3,559)
Adjusted EBITDA$426,132 $317,229 $326,029 $188,174 $1,257,564 

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our second quarter 2024 financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on August 5, 2024.

5
v3.24.2.u1
Document and Entity Information
Aug. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 05, 2024
Entity Registrant Name BOISE CASCADE COMPANY
Entity Incorporation, State or Country Code DE
Entity File Number 1-35805
Entity Tax Identification Number 20-1496201
Entity Address, Address Line One 1111 West Jefferson Street, Suite 300
Entity Address, City or Town Boise
Entity Address, State or Province ID
Entity Address, Postal Zip Code 83702-5389
City Area Code 208
Local Phone Number 384-6161
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol BCC
Security Exchange Name NYSE
Entity Central Index Key 0001328581
Amendment Flag false
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