Boise Cascade Company

First Quarter 2024 Earnings Webcast

May 7, 2024

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

u

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the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our outlook. 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 presentation. 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 presentation.

  • This presentation includes references to EBITDA and Adjusted EBITDA, which are non-GAAP financial measures within the meaning of the Securities and Exchange Commission's Regulation G. Reconciliations of net income to EBITDA and Adjusted EBITDA and segment income to segment EBITDA are included as an appendix.

May 7, 2024

2

Executive Summary

  • Strong operating and financial performance
    • Good execution in both businesses
    • Influenced by seasonal factors and strength of new residential construction activity
    • Reinvestment in Company and shareholder returns
  • Consolidated Results
    • 1Q24 sales were $1.6 billion, up 7% from 1Q23
    • 1Q24 net income was $104.1 million, or $2.61 per share, compared to net income of $96.7 million, or $2.43 per share, in 1Q23

May 7, 2024

3

1Q 2024 Financial Highlights

Sales

7%

$1,645.4

$1,544.3

Millions$

1,505.0

Millions$

1,379.2

468.9

437.4

(328.5)

(272.3)

1Q 2024

1Q 2023

n BMD n Wood

n Eliminations

Adjusted EBITDA

6%

$168.5

$158.7

83.6

76.8

95.6

93.2

(10.7)(11.3)

1Q 2024

1Q 2023

n BMD n Wood

Corporate

May 7, 2024

4

Wood Products EWP

(mmcf)

6.0

5.0

4.0

3.0

2.0

($/cf)

LVL

(mmelf)

I-joists

80

4.8

4.7

4.9

70

63

64

3.6

4.1

60

57

54

50

39

40

30

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

($/melf)

$36 $32

$28

$24

$20

$16

$12

5

$2,400

31.17

30.14

$2,200

29.08

29.93

28.75

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

1Q 2Q 3Q 4Q

2023 2024

2,168

2,088

2,093

2,018

2,035

1Q 2Q 3Q 4Q

May 7, 2024

Wood Products Plywood

Sales Volume

Net Sales Price

(mmsf 3/8" basis)

($/msf 3/8" basis)

450

400

350

300

250

200

150

100

440

$500

406

390

372363

$400

$300

$200

$100

1Q 2Q 3Q 4Q

367

378

382

375

365

1Q

2Q

3Q

4Q

2023 2024

May 7, 2024

6

Building Materials Distribution Sales

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

($ Millions)

1,637

1,670

1,505

1,493

1,379

1Q 2Q 3Q 4Q

2023 2024

100

80

60

40

20

0

(% of Sales)

21

23

23

23

22

39

40

40

40

41

40

37

37

37

37

1Q23

2Q23

3Q23

4Q23

1Q24

Commodity General Line EWP

May 7, 2024

7

Building Materials Distribution EBITDA

(EBITDA % of sales)

12.0%

12.0%

11.0%

10.0%

10.0%

8.2%

8.6%

8.0%

8.0%

7.6%

6.9%

6.0%

6.5%

6.3%

6.0%

6.0%

5.6%

5.4%

5.6%

5.6%

4.0%

4.0%

2.0%

2.0%

-%

-%

1Q

2Q 3Q 4Q 1Q 2Q

3Q 4Q

1Q

2022

2023

YTD Q1 2024

2022

2023

2024

May 7, 2024

8

Lumber Composite Price

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

$1,400 $1,300 $1,200 $1,100 $1,000

$900 $800 $700 $600 $500 $400 $300

1

3

5

7

9

11

13

15

17

19

21

23

25

27

29

31

33

35

37

39

41

43

45

47

49

51

Source: Random Lengths

2022 2023 2024

May 7, 2024

9

Panel Composite Price

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

$1,400 $1,300 $1,200 $1,100 $1,000

$900 $800 $700 $600 $500 $400 $300

1

3

5

7

9

11

13

15

17

19

21

23

25

27

29

31

33

35

37

39

41

43

45

47

49

51

2022 2023 2024

Source: Random Lengths

May 7, 2024

10

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Disclaimer

Boise Cascade Company published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 20:43:59 UTC.