Attached files
| file | filename |
|---|---|
| EX-99.1 - EARNINGS RELEASE - BOISE CASCADE Co | bccexhibit99112312020.htm |
| 8-K - 8-K - BOISE CASCADE Co | bcc-20210222.htm |
Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
| Wood Products Segment | |||||||||||||||||
| 2020 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,673 | 3,847 | 4,560 | 4,262 | 17,342 | ||||||||||||
| I-joist sales volume (MELF) | 59,487 | 49,514 | 63,000 | 68,784 | 240,785 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 317,843 | 313,995 | 315,950 | 305,159 | 1,252,947 | ||||||||||||
| Lumber sales volume (MBF) | 22,807 | 21,901 | 21,592 | 19,794 | 86,094 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 18.50 | $ | 18.36 | $ | 18.14 | $ | 18.04 | $ | 18.26 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 1,276 | $ | 1,260 | $ | 1,237 | $ | 1,212 | $ | 1,244 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 267 | $ | 287 | $ | 428 | $ | 407 | $ | 347 | |||||||
| Lumber net sales price ($/MBF) | $ | 520 | $ | 535 | $ | 596 | $ | 820 | $ | 612 | |||||||
| Segment sales (000) | $ | 320,061 | $ | 281,505 | $ | 363,674 | $ | 358,661 | $ | 1,323,901 | |||||||
| Segment income | $ | 3,763 | $ | 17,074 | $ | 66,035 | $ | 40,848 | $ | 127,720 | |||||||
Segment depreciation and amortization (000)3 | $ | 29,603 | $ | 13,931 | $ | 13,938 | $ | 13,669 | $ | 71,141 | |||||||
Segment EBITDA (000)1 | $ | 33,366 | $ | 31,005 | $ | 79,973 | $ | 54,517 | $ | 198,861 | |||||||
| EBITDA as a percentage of sales | 10.4 | % | 11.0 | % | 22.0 | % | 15.2 | % | 15.0 | % | |||||||
| Capital spending (000) | $ | 11,341 | $ | 5,644 | $ | 6,316 | $ | 14,929 | $ | 38,230 | |||||||
| Receivables (000) | $ | 69,136 | $ | 67,674 | $ | 86,892 | $ | 62,994 | |||||||||
| Inventories (000) | $ | 164,230 | $ | 140,120 | $ | 136,681 | $ | 149,374 | |||||||||
| Accounts payable (000) | $ | 44,315 | $ | 38,898 | $ | 48,194 | $ | 44,593 | |||||||||
| 2019 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,332 | 4,594 | 4,632 | 4,343 | 17,901 | ||||||||||||
| I-joist sales volume (MELF) | 52,166 | 60,402 | 60,018 | 53,966 | 226,552 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 335,989 | 343,035 | 343,422 | 314,769 | 1,337,215 | ||||||||||||
| Lumber sales volume (MBF) | 20,394 | 22,059 | 22,001 | 20,816 | 85,270 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 18.87 | $ | 18.70 | $ | 18.59 | $ | 18.51 | $ | 18.66 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 1,266 | $ | 1,279 | $ | 1,268 | $ | 1,266 | $ | 1,270 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 287 | $ | 272 | $ | 254 | $ | 251 | $ | 266 | |||||||
| Lumber net sales price ($/MBF) | $ | 653 | $ | 637 | $ | 601 | $ | 552 | $ | 611 | |||||||
| Segment sales (000) | $ | 319,523 | $ | 334,256 | $ | 325,102 | $ | 296,286 | $ | 1,275,167 | |||||||
| Segment income | $ | 11,630 | $ | 18,908 | $ | 15,597 | $ | 8,062 | $ | 54,197 | |||||||
| Segment depreciation and amortization (000) | $ | 13,738 | $ | 14,092 | $ | 15,252 | $ | 14,589 | $ | 57,671 | |||||||
Segment EBITDA (000)1 | $ | 25,368 | $ | 33,000 | $ | 30,849 | $ | 22,651 | $ | 111,868 | |||||||
| EBITDA as a percentage of sales | 7.9 | % | 9.9 | % | 9.5 | % | 7.6 | % | 8.8 | % | |||||||
| Capital spending (000) | $ | 10,694 | $ | 10,883 | $ | 9,045 | $ | 22,838 | $ | 53,460 | |||||||
| Receivables (000) | $ | 65,977 | $ | 69,742 | $ | 65,340 | $ | 46,712 | |||||||||
| Inventories (000) | $ | 183,413 | $ | 163,846 | $ | 153,801 | $ | 158,746 | |||||||||
| Accounts payable (000) | $ | 45,370 | $ | 50,589 | $ | 46,238 | $ | 44,356 | |||||||||
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Boise Cascade Company
Quarterly Statistical Information (continued)
| Wood Products Segment (continued) | |||||||||||||||||
| 2018 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,813 | 4,816 | 4,463 | 3,577 | 17,669 | ||||||||||||
| I-joist sales volume (MELF) | 62,525 | 68,060 | 61,434 | 44,995 | 237,014 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 359,911 | 368,897 | 368,046 | 325,870 | 1,422,724 | ||||||||||||
| Lumber sales volume (MBF) | 47,353 | 45,913 | 33,911 | 25,378 | 152,555 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 17.30 | $ | 18.25 | $ | 18.33 | $ | 18.73 | $ | 18.11 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 1,179 | $ | 1,220 | $ | 1,261 | $ | 1,213 | $ | 1,218 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 356 | $ | 379 | $ | 357 | $ | 306 | $ | 351 | |||||||
| Lumber net sales price ($/MBF) | $ | 556 | $ | 570 | $ | 623 | $ | 629 | $ | 588 | |||||||
| Segment sales (000) | $ | 397,991 | $ | 425,483 | $ | 402,672 | $ | 307,124 | $ | 1,533,270 | |||||||
Segment income (loss) (000)2 | $ | 26,121 | $ | 36,482 | $ | 13,929 | $ | (86,554) | $ | (10,022) | |||||||
Segment depreciation and amortization (000)4 | $ | 17,544 | $ | 19,453 | $ | 18,727 | $ | 71,265 | $ | 126,989 | |||||||
Segment EBITDA (000)1,2 | $ | 43,665 | $ | 55,935 | $ | 32,656 | $ | (15,289) | $ | 116,967 | |||||||
| EBITDA as a percentage of sales | 11.0 | % | 13.1 | % | 8.1 | % | (5.0) | % | 7.6 | % | |||||||
| Capital spending (000) | $ | 8,656 | $ | 6,279 | $ | 12,208 | $ | 26,249 | $ | 53,392 | |||||||
| Receivables (000) | $ | 91,190 | $ | 88,073 | $ | 81,870 | $ | 66,687 | |||||||||
| Inventories (000) | $ | 167,579 | $ | 169,492 | $ | 181,534 | $ | 188,380 | |||||||||
| Accounts payable (000) | $ | 54,774 | $ | 66,285 | $ | 66,379 | $ | 45,260 | |||||||||
1Segment EBITDA is calculated as segment income (loss) before depreciation and amortization. | |||||||||||||||||
2Segment income (loss) and segment EBITDA in third and fourth quarters 2018 include $11.0 million and $24.0 million, respectively, of charges related to the sale of assets. | |||||||||||||||||
3Segment depreciation and amortization in first quarter 2020 includes accelerated depreciation of $15.0 million to fully depreciate the curtailed I-joist production assets at our Roxboro, North Carolina facility. | |||||||||||||||||
4Segment depreciation and amortization in fourth quarter 2018 includes accelerated depreciation of $55.0 million to fully depreciate the curtailed LVL production assets at our Roxboro, North Carolina facility. | |||||||||||||||||
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Boise Cascade Company
Quarterly Statistical Information (continued)
| Building Materials Distribution Segment | |||||||||||||||||
| 2020 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Commodity sales | 41.9 | % | 43.2 | % | 50.0 | % | 49.7 | % | 46.6 | % | |||||||
| General line sales | 37.9 | % | 39.5 | % | 33.6 | % | 32.6 | % | 35.6 | % | |||||||
| EWP sales | 20.2 | % | 17.3 | % | 16.4 | % | 17.7 | % | 17.8 | % | |||||||
| Total sales (000) | $ | 1,049,997 | $ | 1,134,260 | $ | 1,437,683 | $ | 1,330,078 | $ | 4,952,018 | |||||||
Gross margin1 | 12.6 | % | 13.4 | % | 16.4 | % | 13.0 | % | 14.0 | % | |||||||
| Segment income (000) | $ | 29,302 | $ | 43,210 | $ | 107,901 | $ | 67,081 | $ | 247,494 | |||||||
| Segment depreciation and amortization (000) | $ | 5,344 | $ | 5,584 | $ | 5,686 | $ | 5,846 | $ | 22,460 | |||||||
Segment EBITDA (000)2 | $ | 34,646 | $ | 48,794 | $ | 113,587 | $ | 72,927 | $ | 269,954 | |||||||
| EBITDA as a percentage of sales | 3.3 | % | 4.3 | % | 7.9 | % | 5.5 | % | 5.5 | % | |||||||
| Capital spending (000) | $ | 6,528 | $ | 4,358 | $ | 11,708 | $ | 17,382 | $ | 39,976 | |||||||
| Receivables (000) | $ | 304,082 | $ | 322,430 | $ | 386,236 | $ | 349,628 | |||||||||
| Inventories (000) | $ | 372,084 | $ | 316,008 | $ | 317,646 | $ | 354,106 | |||||||||
| Accounts payable (000) | $ | 282,886 | $ | 297,147 | $ | 357,381 | $ | 269,650 | |||||||||
| 2019 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Commodity sales | 43.9 | % | 41.0 | % | 40.8 | % | 41.4 | % | 41.7 | % | |||||||
| General line sales | 35.6 | % | 39.2 | % | 39.7 | % | 37.8 | % | 38.2 | % | |||||||
| EWP sales | 20.5 | % | 19.8 | % | 19.5 | % | 20.8 | % | 20.1 | % | |||||||
| Total sales (000) | $ | 907,708 | $ | 1,097,421 | $ | 1,145,621 | $ | 986,969 | $ | 4,137,719 | |||||||
Gross margin1 | 11.8 | % | 12.4 | % | 13.0 | % | 13.0 | % | 12.6 | % | |||||||
| Segment income (000) | $ | 17,517 | $ | 33,800 | $ | 38,665 | $ | 26,254 | $ | 116,236 | |||||||
| Segment depreciation and amortization (000) | $ | 5,132 | $ | 5,028 | $ | 5,278 | $ | 5,331 | $ | 20,769 | |||||||
Segment EBITDA (000)2 | $ | 22,649 | $ | 38,828 | $ | 43,943 | $ | 31,585 | $ | 137,005 | |||||||
| EBITDA as a percentage of sales | 2.5 | % | 3.5 | % | 3.8 | % | 3.2 | % | 3.3 | % | |||||||
Capital spending (000)3 | $ | 3,634 | $ | 5,163 | $ | 10,582 | $ | 5,667 | $ | 25,046 | |||||||
| Receivables (000) | $ | 264,867 | $ | 288,032 | $ | 276,407 | $ | 204,410 | |||||||||
| Inventories (000) | $ | 390,447 | $ | 360,605 | $ | 338,787 | $ | 338,851 | |||||||||
| Accounts payable (000) | $ | 259,368 | $ | 238,932 | $ | 257,818 | $ | 177,155 | |||||||||
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Boise Cascade Company
Quarterly Statistical Information (continued)
| Building Materials Distribution Segment (continued) | |||||||||||||||||
| 2018 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Commodity sales | 49.4 | % | 49.6 | % | 47.9 | % | 45.8 | % | 48.3 | % | |||||||
| General line sales | 31.8 | % | 32.4 | % | 33.2 | % | 35.5 | % | 33.1 | % | |||||||
| EWP sales | 18.8 | % | 18.0 | % | 18.9 | % | 18.7 | % | 18.6 | % | |||||||
| Total sales (000) | $ | 992,381 | $ | 1,213,783 | $ | 1,159,304 | $ | 922,234 | $ | 4,287,702 | |||||||
Gross margin1 | 11.8 | % | 12.0 | % | 10.3 | % | 10.9 | % | 11.3 | % | |||||||
| Segment income (000) | $ | 32,388 | $ | 47,713 | $ | 23,504 | $ | 8,905 | $ | 112,510 | |||||||
| Segment depreciation and amortization (000) | $ | 4,172 | $ | 4,447 | $ | 4,755 | $ | 4,906 | $ | 18,280 | |||||||
Segment EBITDA (000)2 | $ | 36,560 | $ | 52,160 | $ | 28,259 | $ | 13,811 | $ | 130,790 | |||||||
| EBITDA as a percentage of sales | 3.7 | % | 4.3 | % | 2.4 | % | 1.5 | % | 3.1 | % | |||||||
Capital spending (000)4 | $ | 4,419 | $ | 8,716 | $ | 7,098 | $ | 5,591 | $ | 25,824 | |||||||
| Receivables (000) | $ | 294,940 | $ | 321,310 | $ | 277,928 | $ | 193,759 | |||||||||
| Inventories (000) | $ | 371,144 | $ | 403,114 | $ | 377,909 | $ | 344,669 | |||||||||
| Accounts payable (000) | $ | 282,678 | $ | 304,364 | $ | 260,083 | $ | 178,182 | |||||||||
1We 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 Building Materials Distribution segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. | |||||||||||||||||
2Segment EBITDA is calculated as segment income before depreciation and amortization. | |||||||||||||||||
3During 2019, capital spending in second quarter excludes $15.7 million of cash paid for the acquisition of businesses and facilities. | |||||||||||||||||
4During 2018, capital spending in second and fourth quarters excludes $17.6 million and $8.0 million, respectively, of cash paid for the acquisition of businesses and facilities. | |||||||||||||||||
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Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
| Total Boise Cascade Company | |||||||||||||||||
| EBITDA represents income (loss) 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 and loss on extinguishment of debt. The following tables reconcile net income (loss) to EBITDA and Adjusted EBITDA for the periods noted below: | |||||||||||||||||
| 2020 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 12,200 | $ | 33,586 | $ | 103,192 | $ | 26,001 | $ | 174,979 | |||||||
| Interest expense | 6,421 | 6,633 | 7,002 | 6,167 | 26,223 | ||||||||||||
| Interest income | (655) | (190) | (113) | (41) | (999) | ||||||||||||
| Income tax provision | 4,007 | 11,334 | 34,633 | 61,358 | 111,332 | ||||||||||||
| Depreciation and amortization | 35,332 | 19,899 | 20,029 | 19,909 | 95,169 | ||||||||||||
| EBITDA | 57,305 | 71,262 | 164,743 | 113,394 | 406,704 | ||||||||||||
| Change in fair value of interest rate swaps | 2,314 | 514 | (147) | (255) | 2,426 | ||||||||||||
| Loss on extinguishment of debt | — | — | 13,968 | — | 13,968 | ||||||||||||
| Adjusted EBITDA | $ | 59,619 | $ | 71,776 | $ | 178,564 | $ | 113,139 | $ | 423,098 | |||||||
| 2019 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 11,389 | $ | 27,718 | $ | 27,171 | $ | 14,647 | $ | 80,925 | |||||||
| Interest expense | 6,437 | 6,486 | 6,532 | 6,596 | 26,051 | ||||||||||||
| Interest income | (492) | (416) | (837) | (1,066) | (2,811) | ||||||||||||
| Income tax provision | 3,200 | 9,751 | 9,650 | 4,705 | 27,306 | ||||||||||||
| Depreciation and amortization | 19,217 | 19,454 | 20,969 | 20,501 | 80,141 | ||||||||||||
| EBITDA | 39,751 | 62,993 | 63,485 | 45,383 | 211,612 | ||||||||||||
| Change in fair value of interest rate swaps | 983 | 1,551 | 569 | (140) | 2,963 | ||||||||||||
| Adjusted EBITDA | $ | 40,734 | $ | 64,544 | $ | 64,054 | $ | 45,243 | $ | 214,575 | |||||||
| 2018 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income (loss) | $ | 37,050 | $ | 41,825 | $ | 13,848 | $ | (72,246) | $ | 20,477 | |||||||
| Interest expense | 6,362 | 6,580 | 6,585 | 6,666 | 26,193 | ||||||||||||
| Interest income | (264) | (237) | (500) | (648) | (1,649) | ||||||||||||
| Income tax provision (benefit) | 9,790 | 13,835 | (814) | (21,186) | 1,625 | ||||||||||||
| Depreciation and amortization | 22,111 | 24,296 | 23,881 | 76,549 | 146,837 | ||||||||||||
| EBITDA | 75,049 | 86,299 | 43,000 | (10,865) | 193,483 | ||||||||||||
| Change in fair value of interest rate swaps | (1,641) | (499) | (279) | 1,868 | (551) | ||||||||||||
| Adjusted EBITDA | $ | 73,408 | $ | 85,800 | $ | 42,721 | $ | (8,997) | $ | 192,932 | |||||||
For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our fourth quarter and full year 2020 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 February 22, 2021.
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