0001328581false00013285812024-05-022024-05-02

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): May 2, 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))

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. ☐

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


Item 2.02 Results of Operations and Financial Condition.
On May 6, 2024, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its first 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 5.07 Submission of Matters to a Vote of Security Holders

(a)Annual Shareholders' Meeting.

The annual shareholders' meeting of the Company was held via webcast on May 2, 2024. The matters submitted to a vote of the Company’s shareholders at the Company’s annual meeting are set forth in clause (b) below and are described in detail in the Company’s definitive 2024 Notice of Annual Shareholders’ Meeting and Proxy Statement (the “Proxy Statement”).

(b)Voting Results.

Proposal No. 1 - Election of Eleven Directors

Shareholders elected eleven directors: Thomas Carlile, Steven Cooper, Craig Dawson, Karen Gowland, David Hannah, Amy Humphreys, Nate Jorgensen, Kristopher Matula, Duane McDougall, Christopher McGowan, and Sue Taylor, each to serve a one-year term expiring at the Company’s annual meeting in 2025. The final voting results with respect to each director-nominee are set forth below:
NomineeForAgainstAbstainBroker Non-Votes
Thomas Carlile34,679,190835,52136,3311,009,889
Steven Cooper34,097,6321,418,74634,6641,009,889
Craig Dawson35,044,642471,81534,5851,009,889
Karen Gowland30,625,9894,892,63232,4211,009,889
David Hannah34,082,6781,432,01836,3461,009,889
Amy Humphreys35,093,741424,58032,7211,009,889
Nate Jorgensen35,234,175280,55036,3171,009,889
Kristopher Matula33,899,5921,614,65036,8001,009,889
Duane McDougall33,966,5131,549,78134,7481,009,889
Christopher McGowan33,902,7051,612,07536,2621,009,889
Sue Taylor35,084,272433,49133,2791,009,889

Proposal No. 2 - Advisory Vote to Approve Executive Compensation

The nonbinding advisory proposal to approve the compensation of our named executive officers as described in the Proxy Statement was approved. The final voting results are set forth below:
ForAgainstAbstainBroker Non-Votes
33,871,2061,611,74368,0931,009,889

Proposal No. 3 - Ratification of Independent Accountant for 2024

The proposal requesting ratification of the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024, as described in the Proxy Statement was approved. The final voting results are set forth below:
ForAgainstAbstainBroker Non-Votes
36,268,081252,19840,652—



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: May 6, 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 - Lisa Tschampl
mediarelations@bc.com

For Immediate Release: May 6, 2024

Boise Cascade Company Reports First Quarter 2024 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion for the first quarter ended March 31, 2024, compared with net income of $96.7 million, or $2.43 per share, on sales of $1.5 billion for the first quarter ended March 31, 2023.

"I am pleased with the strong financial results that our team delivered during the first quarter. As expected, it was a period influenced by seasonal factors and the relative strength of new single-family starts," stated Nate Jorgensen, CEO. "As we enter the second quarter, economic and geopolitical uncertainties are prevalent, and the extent of the potential impact on the broader economy and residential construction activity is unknown. Despite the near-term environment, an undersupply of single-family homes remains, and I have great confidence in our team as we stay focused on the effective deployment of our outstanding balance sheet in support of our stakeholders."

First Quarter 2024 Highlights
1Q 20241Q 2023% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,645,420 $1,544,329 7 %
Net income104,124 96,733 8 %
Net income per common share - diluted2.61 2.43 7 %
Adjusted EBITDA 1
168,496 158,674 6 %
Segment Results
Wood Products sales$468,928 $437,428 7 %
Wood Products income71,238 69,395 3 %
Wood Products EBITDA 1
95,622 93,185 3 %
Building Materials Distribution sales1,505,021 1,379,242 9 %
Building Materials Distribution income72,463 69,685 4 %
Building Materials Distribution EBITDA 1
83,570 76,755 9 %
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.


In first quarter 2024, total U.S. housing starts and single-family housing starts increased 1% and 27%, respectively, 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), increased $31.5 million, or 7%, to $468.9 million for the three months ended March 31, 2024, from $437.4 million for the three months ended March 31, 2023. The increase in sales was driven by higher sales volumes for I-joists and LVL (collectively referred to as EWP), as well as higher plywood sales prices. These increases were offset partially by decreased sales prices for EWP, as well as lower plywood sales volumes and other sales related to residual byproducts and lumber. Wood Products' segment income increased $1.8 million to $71.2 million for the three months ended March 31, 2024, from $69.4 million for the three months ended March 31, 2023. The increase in segment income was due primarily to higher EWP sales volumes and higher plywood sales prices. These increases in segment income were offset partially by lower EWP prices and higher wood fiber costs.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
1Q 2024 vs. 1Q 20231Q 2024 vs. 4Q 2023
 Average Net Selling Prices
    LVL(8)%(4)%
    I-joists(7)%(4)%
    Plywood3%1%
 Sales Volumes
    LVL31%16%
    I-joists46%5%
    Plywood(8)%2%
    
Building Materials Distribution

BMD's sales increased $125.8 million, or 9%, to $1,505.0 million for the three months ended March 31, 2024, from $1,379.2 million for the three months ended March 31, 2023. Compared with the same quarter in the prior year, the increase in sales was driven by sales volume increases of 12%, offset partially by sales price decreases of 3%. By product line, commodity sales increased 1%, general line product sales increased 16%, and EWP sales (substantially all of which are sourced through our Wood Products segment) increased 12%. BMD segment income increased $2.8 million to $72.5 million for the three months ended March 31, 2024, from $69.7 million for the three months ended March 31, 2023. The increase in segment income was driven by a gross margin increase of $22.9 million, resulting primarily from higher sales volumes and improved margins on general line and commodity products. The gross margin improvement was offset partially by increased selling and distribution expenses and depreciation and amortization expense of $16.5 million and $4.0 million, respectively.

Balance Sheet and Liquidity

Boise Cascade ended first quarter 2024 with $890.2 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,286.0 million. The Company had $445.5 million of outstanding debt at March 31, 2024.

Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $250 million to $270 million.
    
On May 2, 2024, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on June 17, 2024, to stockholders of record on June 3, 2024.

2

For the three months ended March 31, 2024, the Company paid $27.0 million for the repurchase of 205,938 shares of our common stock. As of March 31, 2024, approximately 1.7 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 generally consistent with 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 combined with elevated mortgage rates. However, with low unemployment and an undersupply of existing housing stock available for sale, new residential construction is expected to remain an important source of supply for homebuyers. Recent pressures on multi-family starts are expected to continue due to increased capital costs for developers combined with cooling rents and elevated supply. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. In 2023, year-over-year growth rates in renovation spending moderated due to economic uncertainty and higher borrowing costs. While home improvement spending is expected to remain healthy compared to history, recent industry forecasts project mid-single-digit declines in 2024. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, 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 first quarter earnings on Tuesday, May 7, 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.

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
3

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 Ended
March 31December 31, 2023
20242023
Sales$1,645,420 $1,544,329 $1,644,256 
Costs and expenses 
Materials, labor, and other operating expenses (excluding depreciation)1,307,439 1,230,635 1,310,062 
Depreciation and amortization35,850 31,186 39,085 
Selling and distribution expenses144,110 128,788 143,796 
General and administrative expenses25,117 26,463 30,241 
Other (income) expense, net(78)(345)(104)
1,512,438 1,416,727 1,523,080 
Income from operations132,982 127,602 121,176 
Foreign currency exchange gain (loss)(299)(73)362 
Pension expense (excluding service costs)(37)(41)(41)
Interest expense(6,070)(6,361)(6,445)
Interest income10,597 9,685 13,142 
Change in fair value of interest rate swaps(220)(804)(993)
3,971 2,406 6,025 
Income before income taxes136,953 130,008 127,201 
Income tax provision(32,829)(33,275)(29,666)
Net income$104,124 $96,733 $97,535 
Weighted average common shares outstanding:
  Basic39,608 39,593 39,653 
  Diluted39,956 39,838 40,020 
Net income per common share:
  Basic$2.63 $2.44 $2.46 
  Diluted$2.61 $2.43 $2.44 
Dividends declared per common share$0.20 $0.15 $5.20 


5

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended
March 31December 31, 2023
20242023
Segment sales$468,928 $437,428 $449,676 
Costs and expenses  
Materials, labor, and other operating expenses (excluding depreciation)357,721 327,739 340,845 
Depreciation and amortization24,384 23,790 28,565 
Selling and distribution expenses10,551 11,678 11,215 
General and administrative expenses5,020 5,178 4,844 
Other (income) expense, net14 (352)79 
397,690 368,033 385,548 
Segment income$71,238 $69,395 $64,128 
(percentage of sales)
Segment sales100.0  %100.0  %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)76.3 %74.9 %75.8 %
Depreciation and amortization5.2 %5.4 %6.4 %
Selling and distribution expenses2.3 %2.7 %2.5 %
General and administrative expenses1.1 %1.2 %1.1 %
Other (income) expense, net— %(0.1 %)— %
84.8 %84.1 %85.7 %
Segment income15.2 %15.9 %14.3 %

6

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended
March 31December 31, 2023
20242023
Segment sales$1,505,021 $1,379,242 $1,492,614 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,278,421 1,175,550 1,265,493 
Depreciation and amortization11,107 7,070 10,116 
Selling and distribution expenses133,614 117,110 132,635 
General and administrative expenses9,534 10,030 14,100 
Other (income) expense, net(118)(203)(227)
1,432,558 1,309,557 1,422,117 
Segment income $72,463 $69,685 $70,497 
(percentage of sales)
Segment sales100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)84.9 %85.2 %84.8 %
Depreciation and amortization0.7 %0.5 %0.7 %
Selling and distribution expenses8.9 %8.5 %8.9 %
General and administrative expenses0.6 %0.7 %0.9 %
Other (income) expense, net— %— %— %
95.2 %94.9 %95.3 %
Segment income 4.8 %5.1 %4.7 %

7

Segment Information
(in thousands) (unaudited)
Three Months Ended
March 31December 31, 2023
20242023
Segment sales
Wood Products$468,928 $437,428 $449,676 
Building Materials Distribution1,505,021 1,379,242 1,492,614 
Intersegment eliminations(328,529)(272,341)(298,034)
Total net sales$1,645,420 $1,544,329 $1,644,256 
Segment income
Wood Products$71,238 $69,395 $64,128 
Building Materials Distribution72,463 69,685 70,497 
Total segment income143,701 139,080 134,625 
Unallocated corporate costs(10,719)(11,478)(13,449)
Income from operations$132,982 $127,602 $121,176 
Segment EBITDA
Wood Products$95,622 $93,185 $92,693 
Building Materials Distribution83,570 76,755 80,613 

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


8

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
March 31, 2024December 31, 2023
ASSETS
Current
Cash and cash equivalents$890,247 $949,574 
Receivables 
Trade, less allowances of $4,020 and $3,278
480,579 352,780 
Related parties225 181 
Other13,476 20,740 
Inventories814,596 712,369 
Prepaid expenses and other17,549 21,170 
Total current assets2,216,672 2,056,814 
 
Property and equipment, net934,286 932,633 
Operating lease right-of-use assets61,378 62,868 
Finance lease right-of-use assets24,172 24,003 
Timber deposits6,898 7,208 
Goodwill170,254 170,254 
Intangible assets, net185,836 190,743 
Deferred income taxes4,748 4,854 
Other assets10,184 9,269 
Total assets$3,614,428 $3,458,646 

9

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
March 31, 2024December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$460,244 $310,175 
Related parties1,281 1,501 
Accrued liabilities 
Compensation and benefits69,308 149,561 
Income taxes payable21,774 — 
Interest payable5,083 9,958 
Other127,036 122,921 
Total current liabilities684,726 594,116 
Debt 
Long-term debt445,502 445,280 
Other 
Compensation and benefits39,223 40,189 
Operating lease liabilities, net of current portion54,850 56,425 
Finance lease liabilities, net of current portion28,347 28,084 
Deferred income taxes87,078 82,014 
Other long-term liabilities17,500 16,874 
226,998 223,586 
 
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, 45,127 and 44,983 shares issued, respectively
451 450 
Treasury stock, 5,649 and 5,443 shares at cost, respectively
(172,377)(145,335)
Additional paid-in capital
553,821 560,697 
Accumulated other comprehensive loss
(509)(517)
Retained earnings1,875,816 1,780,369 
Total stockholders' equity2,257,202 2,195,664 
Total liabilities and stockholders' equity$3,614,428 $3,458,646 

10

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Three Months Ended March 31
20242023
Cash provided by (used for) operations
Net income$104,124 $96,733 
Items in net income not using (providing) cash 
Depreciation and amortization, including deferred financing costs and other
36,621 31,853 
Stock-based compensation4,105 3,324 
Pension expense37 41 
Deferred income taxes5,062 3,393 
Change in fair value of interest rate swaps220 804 
Other55 (518)
Decrease (increase) in working capital, net of acquisitions 
Receivables(119,235)(111,253)
Inventories(103,331)(41,247)
Prepaid expenses and other(1,689)(1,428)
Accounts payable and accrued liabilities75,041 36,181 
Income taxes payable25,834 28,631 
Other618 1,478 
Net cash provided by operations27,462 47,992 
Cash provided by (used for) investment
Expenditures for property and equipment(34,330)(30,063)
Acquisitions of businesses and facilities, net of cash acquired(3,387)— 
Proceeds from sales of assets and other559 565 
Net cash used for investment(37,158)(29,498)
Cash provided by (used for) financing
Treasury stock purchased(26,971)(1,482)
Dividends paid on common stock(11,205)(8,258)
Tax withholding payments on stock-based awards(10,980)(5,926)
Other(475)(451)
Net cash used for financing(49,631)(16,117)
Net increase (decrease) in cash and cash equivalents(59,327)2,377 
Balance at beginning of the period949,574 998,344 
Balance at end of the period$890,247 $1,000,721 
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 three months ended March 31, 2024 and 2023, and December 31, 2023:
Three Months Ended
March 31December 31, 2023
20242023
(in thousands)
Net income$104,124 $96,733 $97,535 
Interest expense6,070 6,361 6,445 
Interest income(10,597)(9,685)(13,142)
Income tax provision32,829 33,275 29,666 
Depreciation and amortization35,850 31,186 39,085 
EBITDA168,276 157,870 159,589 
Change in fair value of interest rate swaps220 804 993 
Adjusted EBITDA$168,496 $158,674 $160,582 
12

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2024 and 2023, and December 31, 2023:
Three Months Ended
March 31December 31, 2023
20242023
(in thousands)
Wood Products
Segment income$71,238 $69,395 $64,128 
Depreciation and amortization24,384 23,790 28,565 
EBITDA$95,622 $93,185 $92,693 
Building Materials Distribution
Segment income$72,463 $69,685 $70,497 
Depreciation and amortization11,107 7,070 10,116 
EBITDA$83,570 $76,755 $80,613 
Corporate
Unallocated corporate costs$(10,719)$(11,478)$(13,449)
Foreign currency exchange gain (loss)(299)(73)362 
Pension expense (excluding service costs)(37)(41)(41)
Change in fair value of interest rate swaps(220)(804)(993)
Depreciation and amortization359 326 404 
EBITDA(10,916)(12,070)(13,717)
Change in fair value of interest rate swaps220 804 993 
Corporate adjusted EBITDA$(10,696)$(11,266)$(12,724)
Total Company adjusted EBITDA$168,496 $158,674 $160,582 




13

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2024
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,777 4,777 
 I-joist sales volume (MELF)56,587 56,587 
 Plywood sales volume (MSF 3/8")371,699 371,699 
 Lumber sales volume (MBF)22,772 22,772 
 LVL mill net sales price ($/CF)$28.75 $28.75 
 I-joist mill net sales price ($/MELF)$2,018 $2,018 
 Plywood net sales price ($/MSF 3/8")$378 $378 
 Lumber net sales price ($/MBF)$650 $650 
 Segment sales (000)$468,928 $468,928 
 Segment income (000)$71,238 $71,238 
 Segment depreciation and amortization (000)2
$24,384 $24,384 
 Segment EBITDA (000)1
$95,622 $95,622 
 EBITDA as a percentage of sales20.4 %20.4 %
 Capital spending (000)$19,643 $19,643 
 Receivables (000)$84,892 
 Inventories (000)$213,050 
 Accounts payable (000)$61,834 
2023
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)3,639 4,682 4,945 4,109 17,375 
 I-joist sales volume (MELF)38,711 62,950 64,125 54,015 219,801 
 Plywood sales volume (MSF 3/8")405,960 439,963 389,827 363,008 1,598,758 
 Lumber sales volume (MBF)31,560 32,528 31,729 29,221 125,038 
 LVL mill net sales price ($/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 %36.7 %
 General line sales1
41.0 %41.0 %
 EWP sales1
22.3 %22.3 %
 Total sales (000)$1,505,021 $1,505,021 
 Gross margin2
15.1 %15.1 %
 Segment income (000)$72,463 $72,463 
 Segment depreciation and amortization (000)$11,107 $11,107 
 Segment EBITDA (000)3
$83,570 $83,570 
 EBITDA as a percentage of sales5.6 %5.6 %
 Capital spending (000)$14,672 $14,672 
 Receivables (000)$453,083 
 Inventories (000)$601,546 
 Accounts payable (000)$412,919 
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 $104,124 
Interest expense6,070 6,070 
Interest income(10,597)(10,597)
Income tax provision32,829 32,829 
Depreciation and amortization35,850 35,850 
EBITDA168,276 168,276 
Change in fair value of interest rate swaps220 220 
Adjusted EBITDA$168,496 $168,496 
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 first 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 May 6, 2024.

5
v3.24.1.u1
Document and Entity Information
May 02, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 02, 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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