8-K

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 4, 2018

BOISE CASCADE COMPANY

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation) 001-35805 (Commission File Number) 20-1496201 (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 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 o

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. o

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2018, Boise Cascade Company (the "Company") issued a press release announcing its first quarter 2018 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 furnished hereby, includes certain statistical information relative to the Company's quarterly performance.

The Company has reconciled all non-GAAP measures presented to the most directly comparable GAAP measure.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:

Exhibit	Description
Exhibit 99.1	Boise Cascade Company Earnings Release dated May 4, 2018.
Exhibit 99.2	Boise Cascade Company Quarterly Statistical Information.

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/ John T. Sahlberg
		John T. Sahlberg Senior Vice President, Human Resources and General Counsel
Date: May 4, 2018

EX-99.1

Boise Cascade	Exhibit 99.1
1111 West Jefferson Street Ste 300 PO Box 50 Boise, ID 83728

News Release

Investor Relations Contact - Wayne Rancourt 208 384 6073 Media Contact - John Sahlberg 208 384 6451

For Immediate Release: May 4, 2018

Boise Cascade Company Reports 2018First Quarter Net Income of $37.1 Million on Sales of $1.2 Billion

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $37.1 million, or $0.94 per share, on sales of $1.2 billion for the first quarter ended March 31, 2018.

First Quarter 2018 Highlights

	1Q 2018		1Q 2017		% change
	(in thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,182,841	$	974,443	21	%
Net income	37,050		10,020		270	%
Net income per common share - diluted	0.94		0.26		262	%
Adjusted EBITDA 1	73,408		40,466		81	%
Segment Results
Wood Products sales	$	397,991	$	325,657	22	%
Wood Products income	26,121		7,388		254	%
Wood Products EBITDA 1	43,665		22,539		94	%
Building Materials Distribution sales	992,381		815,683		22	%
Building Materials Distribution income	32,388		19,965		62	%
Building Materials Distribution EBITDA 1	36,560		23,691		54	%

¹ For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In the first quarter 2018, total U.S. housing starts increased 8% compared to the same period last year. Single-family starts, which are the primary demand driver of our sales, increased 7% and multi-family starts increased 10% in the first quarter 2018.

“Both of our businesses reported very strong results for the first quarter. While strong commodity prices provided notable tailwinds to our financial results, both businesses executed well to capture opportunities within the marketplace during the quarter,” commented Tom Corrick, CEO. “I’m also very pleased that we completed the acquisition of Lumberman’s Wholesale Distributors in Nashville, Tennessee, in late April. Lumberman’s enjoys an excellent reputation in the Nashville market and this acquisition represents an important step in our distribution group’s ongoing process to fill in underserved markets across the United States.”

Wood Products

Wood Products sales, including sales to Building Materials Distribution (BMD), increased $72.3 million, or 22%, to $398.0 million for the three months ended March 31, 2018, from $325.7 million for the three months ended March 31, 2017. The increase in sales was driven primarily by higher sales prices for plywood, I-joists, and LVL (I-joists and LVL are collectively referred to as EWP). Sales prices for lumber also increased compared to the prior period. In addition, increases in plywood, EWP, and lumber sales volumes contributed to improved sales.

Wood Products segment income increased $18.7 millionto $26.1 millionfor the three months ended March 31, 2018, from $7.4 millionfor the three months ended March 31, 2017. The improvement in segment income was due primarily to higher sales prices of plywood, EWP, and lumber. These improvements were offset partially by higher log costs, as well as oriented strand board (OSB) costs used in the manufacture of I-joists. In addition, depreciation and amortization expense increased $2.4 million compared to the prior year quarter.

Comparative average net selling prices and sales volume changes for EWP, plywood, and lumber are as follows:

	1Q 2018 vs. 1Q 2017	1Q 2018 vs. 4Q 2017
Average Net Selling Prices
LVL	4%	4%
I-joists	6%	5%
Plywood	26%	6%
Lumber	10%	—%
Sales Volumes
LVL	6%	20%
I-joists	2%	19%
Plywood	7%	4%
Lumber	13%	12%

Building Materials Distribution

BMD's sales increased $176.7 million, or 22%, to $992.4 million for the three months ended March 31, 2018, from $815.7 million for the three months ended March 31, 2017. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales price and sales volume increases of 14% and 8%, respectively. By product line, commodity sales increased 29%, general line product sales increased 14%, and sales of EWP (substantially all of which is sourced through our Wood Products segment) increased 16%.

BMD segment income increased $12.4 million to $32.4 million for the three months ended March 31, 2018, from $20.0 million in the comparative prior year quarter, driven primarily by a higher gross margin of $23.1 million generated from a sales increase of 22%. The increase in gross margin was offset partially by higher selling and distribution expenses.

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On April 25, 2018, BMD completed the acquisition of Lumberman's Wholesale Distributors, which operates a single location wholesale distribution business in Nashville, Tennessee. In addition, BMD recently announced the acquisition of Norman Distribution in Medford, Oregon and expects to complete the transaction late in the second quarter of 2018.

Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act was enacted by the U.S. government. The most significant impact to our financial statements is the reduction of the corporate federal income tax rate from 35% to 21%. For the three months ended March 31, 2018 and 2017, we recorded $9.8 million and $5.1 million, respectively, of income tax expense and had an effective rate of 20.9% and 33.6%, respectively.

Balance Sheet

Boise Cascade ended 2018 with $134.7 million of cash and cash equivalents and $395.3 million of undrawn committed bank line availability, for total available liquidity of $530.0 million. The Company had $438.6 million of outstanding debt at March 31, 2018.

On May 3, 2018, our board of directors declared a dividend of $0.07 per share of its common stock, payable on June 15, 2018, to stockholders of record on June 1, 2018.

On April 25, 2018, Boise Cascade transferred $151.8 million of its pension plan assets to The Prudential Insurance Company of America (Prudential) for the purchase of a group annuity contract. Under the arrangement, Prudential will assume ongoing responsibility of administration and benefit payments for approximately one-third of Boise Cascade’s U.S. qualified pension plan projected benefit obligations. As a result of the transaction, the Company expects to recognize a non-cash pension settlement charge of approximately $12 million before tax in the second quarter of 2018.

Outlook

As in recent years, we expect to continue to experience modest demand growth for the products we manufacture and distribute in 2018, with seasonally stronger sales volumes in the second and third quarters. The April 2018 Blue Chip consensus forecast for 2018reflects 1.29 million total U.S. housing starts, an 8% expected increase from 2017 levels. We remain optimistic that the improvement in demand for our products will continue as household formation rates and residential construction continue to recover. Future commodity product pricing and commodity input costs could be volatile in response to industry operating rates, net import and export activity, the North American softwood lumber trade dispute, transportation constraints or disruptions, inventory levels in various distribution channels, and seasonal demand patterns. Furthermore, commodity product pricing is currently above historical levels. As a wholesale distributor of a broad mix of commodity products and a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices.

We have successfully grown revenues and earnings in our distribution business as residential construction has recovered in the U.S. over the last several years. As we consider potential acquisitions, much of our activity is focused on adding to our distribution capabilities.

We expect our capital spending, excluding acquisitions, to be $75-$85 million during 2018.

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 on Friday, May 4, at 11a.m. Eastern, to review the Company's first quarter results.

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You can join the webcast through the Company's website by going to www.bc.com and clicking on the Event Calendar link under the Investor Relations heading. Please go to the website at least 15minutes before the start of the webcast to register. To join the conference call, dial 844-795-4410 (international callers should dial 661-378-9637), participant passcode 7897351, at least 10minutes before the start of the call.

The archived webcast will be available in the Investor Relations section of the Company's website. A replay of the conference call will be available from Friday, May 4, at 2p.m. Eastern through Friday, May 11, at 11p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers, and the passcode will be 7897351.

Basis of Presentation

We refer to the terms EBITDA and Adjusted EBITDA in this earnings release 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 and loss on extinguishment of debt.

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 (loss) 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 the Private Securities Litigation Reform Act of 1995. 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, commodity input costs, the effect of general economic conditions, 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.

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Boise Cascade Company

Consolidated Statements of Operations

(in thousands, except per-share data)

	Three Months Ended
	March 31						December 31, 2017
	2018			2017
Sales	$	1,182,841		$	974,443		$	1,091,965
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,009,778			846,759			946,864
Depreciation and amortization	22,111			19,344			21,748
Selling and distribution expenses	83,356			73,679			83,711
General and administrative expenses	15,886			13,571			17,439
Other (income) expense, net	(94		)	(35		)	512
	1,131,037			953,318			1,070,274
Income from operations	51,804			21,125			21,691
Foreign currency exchange gain (loss)	(263		)	28			589
Pension expense (excluding service costs)	(244		)	(31		)	(89		)
Interest expense	(6,362		)	(6,364		)	(6,220		)
Interest income	264			33			293
Change in fair value of interest rate swaps	1,641			295			1,000
	(4,964		)	(6,039		)	(4,427		)
Income before income taxes	46,840			15,086			17,264
Income tax (provision) benefit	(9,790		)	(5,066		)	1,858
Net income	$	37,050		$	10,020		$	19,122
Weighted average common shares outstanding:
Basic	38,778			38,500			38,688
Diluted	39,396			38,901			39,351
Net income per common share:
Basic	$	0.96		$	0.26		$	0.49
Diluted	$	0.94		$	0.26		$	0.49

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

5

Wood Products Segment

Statements of Operations

(in thousands, except percentages)

	Three Months Ended
	March 31						December 31, 2017
	2018			2017
Segment sales	$	397,991		$	325,657		$	330,906
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	342,559			292,460			293,780
Depreciation and amortization	17,544			15,151			17,363
Selling and distribution expenses	8,113			7,736			8,381
General and administrative expenses	3,692			2,870			3,991
Other (income) expense, net	(38		)	52			572
	371,870			318,269			324,087
Segment income	$	26,121		$	7,388		$	6,819
	(percentage of sales)
Segment sales	100.0		%	100.0		%	100.0		%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	86.1		%	89.8		%	88.8		%
Depreciation and amortization	4.4		%	4.7		%	5.2		%
Selling and distribution expenses	2.0		%	2.4		%	2.5		%
General and administrative expenses	0.9		%	0.9		%	1.2		%
Other (income) expense, net	—		%	—		%	0.2		%
	93.4		%	97.7		%	97.9		%
Segment income	6.6		%	2.3		%	2.1		%

6

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages)

	Three Months Ended
	March 31						December 31, 2017
	2018			2017
Segment sales	$	992,381		$	815,683		$	931,775
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	874,859			721,299			823,645
Depreciation and amortization	4,172			3,726			4,012
Selling and distribution expenses	75,181			65,848			75,234
General and administrative expenses	5,830			4,994			6,039
Other (income) expense, net	(49		)	(149		)	(62		)
	959,993			795,718			908,868
Segment income	$	32,388		$	19,965		$	22,907
	(percentage of sales)
Segment sales	100.0		%	100.0		%	100.0		%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	88.2		%	88.4		%	88.4		%
Depreciation and amortization	0.4		%	0.5		%	0.4		%
Selling and distribution expenses	7.6		%	8.1		%	8.1		%
General and administrative expenses	0.6		%	0.6		%	0.6		%
Other (income) expense, net	—		%	—		%	—		%
	96.7		%	97.6		%	97.5		%
Segment income	3.3		%	2.4		%	2.5		%

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Segment Information

(in thousands)

	Three Months Ended
	March 31						December 31, 2017
	2018			2017
Segment sales
Wood Products	$	397,991		$	325,657		$	330,906
Building Materials Distribution	992,381			815,683			931,775
Intersegment eliminations and other	(207,531		)	(166,897		)	(170,716		)
Total net sales	$	1,182,841		$	974,443		$	1,091,965
Segment income
Wood Products	$	26,121		$	7,388		$	6,819
Building Materials Distribution	32,388			19,965			22,907
Total segment income	58,509			27,353			29,726
Unallocated corporate	(6,705		)	(6,228		)	(8,035		)
Income from operations	$	51,804		$	21,125		$	21,691
Segment EBITDA (a)
Wood Products	$	43,665		$	22,539		$	24,182
Building Materials Distribution	36,560			23,691			26,919

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

8

Boise Cascade Company

Consolidated Balance Sheets

(in thousands)

	March 31, 2018		December 31, 2017
ASSETS
Current
Cash and cash equivalents	$	134,684	$	177,140
Receivables
Trade, less allowances of $1,275 and $945	339,299		246,452
Related parties	428		345
Other	9,310		9,380
Inventories	538,723		476,673
Prepaid expenses and other	10,616		22,582
Total current assets	1,033,060		932,572
Property and equipment, net	568,254		565,792
Timber deposits	12,708		13,503
Goodwill	55,433		55,433
Intangible assets, net	14,881		15,066
Deferred income taxes	8,677		9,064
Other assets	15,839		15,763
Total assets	$	1,708,852	$	1,607,193

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Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data)

	March 31, 2018			December 31, 2017
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	312,882		$	233,562
Related parties	1,376			1,225
Accrued liabilities
Compensation and benefits	52,755			84,246
Interest payable	1,837			6,742
Other	63,780			55,786
Total current liabilities	432,630			381,561
Debt
Long-term debt	438,591			438,312
Other
Compensation and benefits	77,268			75,439
Deferred income taxes	17,629			16,454
Other long-term liabilities	35,682			20,878
	130,579			112,771
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, 44,040 and 43,748 shares issued, respectively	440			437
Treasury stock, 5,167 shares at cost	(133,979		)	(133,979		)
Additional paid-in capital	521,180			523,550
Accumulated other comprehensive loss	(76,089		)	(76,702		)
Retained earnings	395,500			361,243
Total stockholders' equity	707,052			674,549
Total liabilities and stockholders' equity	$	1,708,852		$	1,607,193

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Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands)

	Three Months Ended March 31
	2018			2017
Cash provided by (used for) operations
Net income	$	37,050		$	10,020
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	22,595			19,825
Stock-based compensation	2,286			2,002
Pension expense	449			332
Deferred income taxes	1,125			1,282
Change in fair value of interest rate swaps	(1,641		)	(295		)
Other	(96		)	(16		)
Decrease (increase) in working capital
Receivables	(91,252		)	(90,512		)
Inventories	(62,050		)	(48,915		)
Prepaid expenses and other	(1,949		)	(1,876		)
Accounts payable and accrued liabilities	48,571			65,943
Pension contributions	(517		)	(630		)
Income taxes payable	20,751			3,358
Other	2,919			(1,604		)
Net cash used for operations	(21,759		)	(41,086		)
Cash provided by (used for) investment
Expenditures for property and equipment	(13,272		)	(17,002		)
Proceeds from sales of assets and other	93			652
Net cash used for investment	(13,179		)	(16,350		)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility	2,800			149,600
Payments of long-term debt, including revolving credit facility	(2,800		)	(149,600		)
Tax withholding payments on stock-based awards	(5,117		)	(2,884		)
Dividends paid on common stock	(2,758		)	—
Proceeds from exercise of stock options	464			—
Other	(107		)	(89		)
Net cash used for financing	(7,518		)	(2,973		)
Net decrease in cash and cash equivalents	(42,456		)	(60,409		)
Balance at beginning of the period	177,140			103,978
Balance at end of the period	$	134,684		$	43,569

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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 other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.

(a) 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 and loss on extinguishment of debt. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2018 and 2017, and December 31, 2017:

	Three Months Ended
	March 31						December 31, 2017
	2018			2017
	(in thousands)
Net income	$	37,050		$	10,020		$	19,122
Interest expense	6,362			6,364			6,220
Interest income	(264		)	(33		)	(293		)
Income tax provision (benefit)	9,790			5,066			(1,858		)
Depreciation and amortization	22,111			19,344			21,748
EBITDA	75,049			40,761			44,939
Change in fair value of interest rate swaps	(1,641		)	(295		)	(1,000		)
Adjusted EBITDA	$	73,408		$	40,466		$	43,939

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The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2018 and 2017, and December 31, 2017:

	Three Months Ended
	March 31						December 31, 2017
	2018			2017
	(in thousands)
Wood Products
Segment income	$	26,121		$	7,388		$	6,819
Depreciation and amortization	17,544			15,151			17,363
EBITDA	$	43,665		$	22,539		$	24,182
Building Materials Distribution
Segment income	$	32,388		$	19,965		$	22,907
Depreciation and amortization	4,172			3,726			4,012
EBITDA	$	36,560		$	23,691		$	26,919
Corporate
Unallocated corporate expenses	$	(6,705	)	$	(6,228	)	$	(8,035	)
Foreign currency exchange gain (loss)	(263		)	28			589
Pension expense (excluding service costs)	(244		)	(31		)	(89		)
Change in fair value of interest rate swaps	1,641			295			1,000
Depreciation and amortization	395			467			373
EBITDA	(5,176		)	(5,469		)	(6,162		)
Change in fair value of interest rate swaps	(1,641		)	(295		)	(1,000		)
Corporate adjusted EBITDA	$	(6,817	)	$	(5,764	)	$	(7,162	)
Total company adjusted EBITDA	$	73,408		$	40,466		$	43,939

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EX-99.2

Exhibit 99.2

Boise Cascade Company

Quarterly Statistical Information

Wood Products Segment
	2018
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	4,813												4,813
I-joist sales volume (MELF)	62,525												62,525
Plywood sales volume (MSF 3/8")	359,911												359,911
Lumber sales volume (MBF)	47,353												47,353
LVL mill net sales price ($/CF)	$	17.30											$	17.30
I-joist mill net sales price ($/MELF)	$	1,179											$	1,179
Plywood net sales price ($/MSF 3/8")	$	356											$	356
Lumber net sales price ($/MBF)	$	556											$	556
Segment sales (000)	$	397,991											$	397,991
Segment income (000)	$	26,121											$	26,121
Segment depreciation and amortization (000)	$	17,544											$	17,544
Segment EBITDA (000)1	$	43,665											$	43,665
EBITDA as a percentage of sales	11.0		%										11.0		%
Capital spending (000)	$	8,656											$	8,656
Receivables (000)	$	91,190
Inventories (000)	$	167,579
Accounts payable (000)	$	54,774
	2017
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	4,544			4,669			4,100			3,997			17,310
I-joist sales volume (MELF)	61,349			64,520			56,932			52,662			235,463
Plywood sales volume (MSF 3/8")	336,473			368,974			404,960			347,096			1,457,503
Lumber sales volume (MBF)	41,999			42,840			44,127			42,451			171,417
LVL mill net sales price ($/CF)	$	16.63		$	16.65		$	17.22		$	16.69		$	16.79
I-joist mill net sales price ($/MELF)	$	1,116		$	1,091		$	1,157		$	1,124		$	1,121
Plywood net sales price ($/MSF 3/8")	$	282		$	301		$	324		$	337		$	312
Lumber net sales price ($/MBF)	$	504		$	546		$	553		$	557		$	540
Segment sales (000)	$	325,657		$	350,277		$	366,920		$	330,906		$	1,373,760
Segment income (000)	$	7,388		$	15,395		$	24,027		$	6,819		$	53,629
Segment depreciation and amortization (000)	$	15,151		$	15,264		$	15,337		$	17,363		$	63,115
Segment EBITDA (000)1	$	22,539		$	30,659		$	39,364		$	24,182		$	116,744
EBITDA as a percentage of sales	6.9		%	8.8		%	10.7		%	7.3		%	8.5		%
Capital spending (000)	$	12,337		$	8,594		$	12,096		$	21,573		$	54,600
Receivables (000)	$	73,644		$	75,679		$	78,888		56,488
Inventories (000)	$	171,133		$	169,100		$	175,276		183,157
Accounts payable (000)	$	50,177		$	58,163		$	58,136		51,898

1

Boise Cascade Company

Quarterly Statistical Information (continued)

Wood Products Segment (continued)
	2016
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	3,566			4,626			4,421			3,698			16,311
I-joist sales volume (MELF)	50,172			64,765			61,602			49,521			226,060
Plywood sales volume (MSF 3/8")	379,631			377,934			385,398			364,018			1,506,981
Lumber sales volume (MBF)	47,919			49,398			45,925			43,650			186,892
LVL mill net sales price ($/CF)	$	16.74		$	16.79		$	16.57		$	16.21		$	16.59
I-joist mill net sales price ($/MELF)	$	1,138		$	1,136		$	1,102		$	1,077		$	1,114
Plywood net sales price ($/MSF 3/8")	$	261		$	271		$	288		$	268		$	272
Lumber net sales price ($/MBF)	$	451		$	464		$	481		$	497		$	472
Segment sales (000)	$	303,457		$	346,358		$	340,928		$	289,672		$	1,280,415
Segment income (loss) (000)	$	5,885		$	16,309		$	11,564		$	(7,829	)	$	25,929
Segment depreciation and amortization (000)	$	11,634		$	14,769		$	15,625		$	15,493		$	57,521
Segment EBITDA (000)1	$	17,519		$	31,078		$	27,189		$	7,664		$	83,450
EBITDA as a percentage of sales	5.8		%	9.0		%	8.0		%	2.6		%	6.5		%
Capital spending (000)2	$	11,870		$	15,862		$	15,275		$	23,496		$	66,503
Receivables (000)	$	111,008		$	78,174		$	70,233		$	48,503
Inventories (000)	$	175,842		$	190,692		$	186,563		$	178,138
Accounts payable (000)	$	44,686		$	53,806		$	53,275		$	50,672
1Segment EBITDA is calculated as segment income (loss) before depreciation and amortization.
2 Capital spending in second quarter 2016 and first quarter 2016 excludes $0.3 million and $215.6 million, respectively, of cash paid for the acquisition of businesses and facilities.

2

Boise Cascade Company

Quarterly Statistical Information (continued)

Building Materials Distribution Segment
	2018
	Q1			Q2			Q3			Q4			YTD
Commodity sales	49.4		%										49.4		%
General line sales	31.8		%										31.8		%
EWP sales	18.8		%										18.8		%
Total sales (000)	$	992,381											$	992,381
Gross margin1	11.8		%										11.8		%
Segment income (000)	$	32,388											$	32,388
Segment depreciation and amortization (000)	$	4,172											$	4,172
Segment EBITDA (000)2	$	36,560											$	36,560
EBITDA as a percentage of sales	3.7		%										3.7		%
Capital spending (000)	$	4,419											$	4,419
Receivables (000)	$	294,940
Inventories (000)	$	371,144
Accounts payable (000)	$	282,678
	2017
	Q1			Q2			Q3			Q4			YTD
Commodity sales	46.5		%	46.3		%	48.3		%	50.4		%	47.9		%
General line sales	33.8		%	34.8		%	33.9		%	32.0		%	33.6		%
EWP sales	19.7		%	18.9		%	17.8		%	17.6		%	18.5		%
Total sales (000)	$	815,683		$	980,706		$	1,045,646		$	931,775		$	3,773,810
Gross margin1	11.6		%	12.1		%	12.4		%	11.6		%	11.9		%
Segment income (000)	$	19,965		$	34,509		$	39,379		$	22,907		$	116,760
Segment depreciation and amortization (000)	$	3,726		$	3,856		$	3,910		$	4,012		$	15,504
Segment EBITDA (000)2	$	23,691		$	38,365		$	43,289		$	26,919		$	132,264
EBITDA as a percentage of sales	2.9		%	3.9		%	4.1		%	2.9		%	3.5		%
Capital spending (000)	$	3,966		$	3,903		$	6,240		$	5,192		$	19,301
Receivables (000)	$	255,716		$	276,079		$	272,127		$	217,519
Inventories (000)	$	311,233		$	321,611		$	284,587		$	293,516
Accounts payable (000)	$	255,415		$	255,342		$	240,987		$	183,354

3

Boise Cascade Company

Quarterly Statistical Information (continued)

Building Materials Distribution Segment (continued)
	2016
	Q1			Q2			Q3			Q4			YTD
Commodity sales	47.2		%	45.5		%	46.9		%	46.9		%	46.6		%
General line sales	34.4		%	36.5		%	35.1		%	35.3		%	35.4		%
EWP sales	18.4		%	18.0		%	18.0		%	17.8		%	18.0		%
Total sales (000)	$	717,254		$	850,042		$	889,026		$	770,885		$	3,227,207
Gross margin1	11.4		%	12.5		%	12.0		%	11.7		%	11.9		%
Segment income (000)	$	13,373		$	29,117		$	26,415		$	15,454		$	84,359
Segment depreciation and amortization (000)	$	3,235		$	3,354		$	3,514		$	3,659		$	13,762
Segment EBITDA (000)2	$	16,608		$	32,471		$	29,929		$	19,113		$	98,121
EBITDA as a percentage of sales	2.3		%	3.8		%	3.4		%	2.5		%	3.0		%
Capital spending (000)	$	2,896		$	3,599		$	4,933		$	4,418		$	15,846
Receivables (000)	$	229,673		$	236,954		$	227,206		$	175,972
Inventories (000)	$	264,721		$	271,306		$	264,493		$	255,312
Accounts payable (000)	$	248,170		$	217,149		$	210,892		$	151,232
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.

4

Boise Cascade Company

Quarterly Statistical Information (continued)

Reconciliation of Non-GAAP Financial Measures

(000)

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 and loss on extinguishment of debt. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
	2018
	Q1			Q2			Q3			Q4			YTD
Net income	$	37,050											$	37,050
Interest expense	6,362												6,362
Interest income	(264		)										(264		)
Income tax provision (benefit)	9,790												9,790
Depreciation and amortization	22,111												22,111
EBITDA	75,049												75,049
Change in fair value of interest rate swaps	(1,641		)										(1,641		)
Adjusted EBITDA	$	73,408											$	73,408
	2017
	Q1			Q2			Q3			Q4			YTD
Net income	$	10,020		$	22,154		$	31,661		$	19,122		$	82,957
Interest expense	6,364			6,491			6,295			6,220			25,370
Interest income	(33		)	(54		)	(167		)	(293		)	(547		)
Income tax provision (benefit)	5,066			13,147			18,276			(1,858		)	34,631
Depreciation and amortization	19,344			19,601			19,686			21,748			80,379
EBITDA	40,761			61,339			75,751			44,939			222,790
Change in fair value of interest rate swaps	(295		)	724			33			(1,000		)	(538		)
Adjusted EBITDA	$	40,466		$	62,063		$	75,784		$	43,939		$	222,252
	2016
	Q1			Q2			Q3			Q4			YTD
Net income	$	4,950		$	19,228		$	9,981		$	4,095		$	38,254
Interest expense	5,802			6,427			7,135			7,328			26,692
Interest income	(149		)	(27		)	(60		)	(154		)	(390		)
Income tax provision (benefit)	2,931			10,735			5,522			(14,141		)	5,047
Depreciation and amortization	15,238			18,552			19,459			19,598			72,847
EBITDA	28,772			54,915			42,037			16,726			142,450
Change in fair value of interest rate swaps	69			1,532			(836		)	(4,975		)	(4,210		)
Loss on extinguishment of debt	—			—			9,525			4,779			14,304
Adjusted EBITDA	$	28,841		$	56,447		$	50,726		$	16,530		$	152,544

5