EX-99.2 3 bccexhibit9923312019.htm QUARTERLY STATISTICAL INFORMATION Exhibit


Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
 
 
 
 
 
 
2019
 
Q1
Q2
Q3
Q4
YTD
 LVL sales volume (MCF)
4,332

 
 
 
4,332

 I-joist sales volume (MELF)
52,166

 
 
 
52,166

 Plywood sales volume (MSF 3/8")
335,989

 
 
 
335,989

 Lumber sales volume (MBF)
20,394

 
 
 
20,394

 LVL mill net sales price ($/CF)
$
18.87

 
 
 
$
18.87

 I-joist mill net sales price ($/MELF)
$
1,266

 
 
 
$
1,266

 Plywood net sales price ($/MSF 3/8")
$
287

 
 
 
$
287

 Lumber net sales price ($/MBF)
$
653

 
 
 
$
653

 Segment sales (000)
$
319,523

 
 
 
$
319,523

 Segment income
$
11,630

 
 
 
$
11,630

 Segment depreciation and amortization (000)
$
13,738

 
 
 
$
13,738

 Segment EBITDA (000)
$
25,368

 
 
 
$
25,368

 EBITDA as a percentage of sales
7.9
%
 
 
 
7.9
%
 Capital spending (000)
$
10,694

 
 
 
$
10,694

 Receivables (000)
$
65,977

 
 
 
 
 Inventories (000)
$
183,413

 
 
 
 
 Accounts payable (000)
$
45,370

 
 
 
 
 
 
 
 
 
 
 
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)3
$
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

 

1




Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
 
 
 
 
 
 
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

 
 
 
 
 
 
 
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 fourth quarter 2018 includes accelerated depreciation of $55.0 million to fully depreciate the curtailed LVL production assets at our Roxboro, North Carolina facility.

2



Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
 
 
 
 
 
2019
 
Q1
Q2
Q3
Q4
YTD
 Commodity sales
43.9
%
 
 
 
43.9
%
 General line sales
35.6
%
 
 
 
35.6
%
 EWP sales
20.5
%
 
 
 
20.5
%
 Total sales (000)
$
907,708

 
 
 
$
907,708

 Gross margin1
11.8
%
 
 
 
11.8
%
 Segment income (000)
$
17,517

 
 
 
$
17,517

 Segment depreciation and amortization (000)
$
5,132

 
 
 
$
5,132

 Segment EBITDA (000)2
$
22,649

 
 
 
$
22,649

 EBITDA as a percentage of sales
2.5
%
 
 
 
2.5
%
 Capital spending (000)
$
3,634

 
 
 
$
3,634

 Receivables (000)
$
264,867

 
 
 
 
 Inventories (000)
$
390,447

 
 
 
 
 Accounts payable (000)
$
259,368

 
 
 
 
 
 
 
 
 
 
 
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)3
$
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






3


Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
 
 
 
 
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

 
 
 
 
 
 
 
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 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.



4


Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(000)
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. The following tables reconcile net income (loss) to EBITDA and Adjusted EBITDA for the periods noted below:
 
2019
 
Q1
Q2
Q3
Q4
YTD
 
 
 
 
 
 
Net income
$
11,389

 
 
 
$
11,389

Interest expense
6,437

 
 
 
6,437

Interest income
(492
)
 
 
 
(492
)
Income tax provision
3,200

 
 
 
3,200

Depreciation and amortization
19,217

 
 
 
19,217

EBITDA
39,751

 
 
 
39,751

Change in fair value of interest rate swaps
983

 
 
 
983

Adjusted EBITDA
$
40,734

 
 
 
$
40,734

 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
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


For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our first quarter 2019 financial results, a copy of which attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on May 7, 2019.


5