bcc-20211101

0001328581-21-000098.txt : 20211101 0001328581-21-000098.hdr.sgml : 20211101 20211101160833 ACCESSION NUMBER: 0001328581-21-000098 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20211101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211101 DATE AS OF CHANGE: 20211101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOISE CASCADE Co CENTRAL INDEX KEY: 0001328581 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030] IRS NUMBER: 201496201 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35805 FILM NUMBER: 211367209 BUSINESS ADDRESS: STREET 1: 1111 WEST JEFFERSON STREET, SUITE 300 STREET 2: P. O. BOX 50 CITY: BOISE STATE: ID ZIP: 83702 BUSINESS PHONE: (208) 384-6161 MAIL ADDRESS: STREET 1: 1111 WEST JEFFERSON STREET, SUITE 300 STREET 2: P. O. BOX 50 CITY: BOISE STATE: ID ZIP: 83702 FORMER COMPANY: FORMER CONFORMED NAME: BOISE CASCADE, L.L.C. DATE OF NAME CHANGE: 20050527 8-K 1 bcc-20211101.htm 8-K bcc-20211101

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): November 1, 2021

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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	BCC	New York Stock Exchange

Item 2.02 Results of Operations and Financial Condition.

On November 1, 2021, Boise Cascade Company (the "Company") issued a press release announcing its third quarter 2021 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

99.1			Boise Cascade Company Earnings Release dated November 1, 2021.

99.2			Boise Cascade Company Quarterly Statistical Information.

101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

104			The 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: November 1, 2021

EX-99.1 2 bccexhibit9919302021.htm EARNINGS RELEASE Document


Boise Cascade Company			Exhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702


News Release


Investor Relations Contact - Kelly Hibbs 208 384 3638						Media Contact - Lisa Tschampl 208 384 6552

For Immediate Release: November 1, 2021

Boise Cascade Company Reports Third Quarter 2021 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $91.7 million, or $2.31 per share, on sales of $1.9 billion for the third quarter ended September 30, 2021, compared with net income of $103.2 million, or $2.61 per share, on sales of $1.6 billion for the third quarter ended September 30, 2020. Third quarter 2020 results include a $10.5 million after-tax loss on extinguishment of debt, or $0.27 per share, as the Company refinanced its senior notes.

“Strong sales of our engineered wood and general line products helped to mitigate the negative impact of historic declines in commodity products pricing during the quarter. Our associates’ performance was outstanding in the face of a very challenging backdrop," stated Nate Jorgensen, CEO. "Looking forward, we are optimistic about the demand environment for new residential construction for the balance of this year and 2022. In addition, we recently announced additional dividends to our shareholders, and our balance sheet strength provides us the ability to remain focused on the execution of our strategies, including future organic and acquisition growth opportunities."

Third Quarter 2021 Highlights


	3Q 2021		3Q 2020		% change
	(in thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,879,451	$	1,589,313	18	%
Net income	91,699		103,192		(11)	%
Net income per common share - diluted	2.31		2.61		(11)	%
Adjusted EBITDA 1	149,313		178,564		(16)	%

Segment Results
Wood Products sales	$	497,316	$	363,674	37	%
Wood Products income	122,056		66,035		85	%
Wood Products EBITDA 1	135,970		79,973		70	%

Building Materials Distribution sales	1,721,244		1,437,683		20	%
Building Materials Distribution income	16,565		107,901		(85)	%
Building Materials Distribution EBITDA 1	22,578		113,587		(80)	%

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

In the third quarter 2021, total U.S. housing starts increased 8% compared to the same period in 2020. Single-family housing starts, the primary driver of our sales volumes, also increased 5%. On a year-to-date basis through September 2021, total and single-family housing starts both increased 20% compared with the same period in 2020.

Wood Products

Wood Products' sales, including sales to BMD, increased $133.6 million, or 37%, to $497.3 million for the three months ended September 30, 2021, from $363.7 million for the three months ended September 30, 2020. The increase in sales was driven primarily by higher plywood prices, as well as higher net sales prices and sales volumes for I-joists and LVL (collectively referred to as EWP). In addition, improved lumber sales prices contributed to the increase in sales. Plywood sales volumes were flat compared with the same period in the prior year. Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:


	3Q 2021 vs. 3Q 2020	3Q 2021 vs. 2Q 2021

Average Net Selling Prices
LVL	23%	14%
I-joists	27%	16%
Plywood	31%	(36)%

Sales Volumes
LVL	2%	(1)%
I-joists	21%	1%
Plywood	(1)%	(7)%

Wood Products' segment income increased $56.0 million to $122.1 million for the three months ended September 30, 2021, from $66.0 million for the three months ended September 30, 2020. The increase in segment income was due primarily to higher EWP, plywood, and lumber sales prices, as well as higher EWP sales volumes. These improvements were offset partially by higher wood fiber costs and lower margins on inventory purchased for resale through certain customer programs.

Building Materials Distribution

BMD's sales increased $283.6 million, or 20%, to $1,721.2 million for the three months ended September 30, 2021, from $1,437.7 million for the three months ended September 30, 2020. Compared with the same quarter in the prior year, the overall increase in sales was driven by a sales price increase of 23%, offset partially by a sales volume decrease of 3%. By product line, commodity sales increased 7%, general line product sales increased 20%, and sales of EWP (substantially all of which is sourced through our Wood Products segment) increased 57%.

BMD segment income decreased $91.3 million to $16.6 million for the three months ended September 30, 2021, from $107.9 million in the comparative prior year quarter. The decline in segment income was driven primarily by a gross margin decrease of $100.5 million, resulting from a sharp decline in commodity prices during third quarter 2021. The negative impacts from commodity price declines were offset partially by higher sales volumes and gross margin percentages for EWP and general line products, as well as decreased selling and distribution expenses of $7.8 million.

Unallocated Corporate Costs

Unallocated corporate expenses decreased $6.1 million to $9.2 million for the three months ended September 30, 2021, from $15.4 million for the same period in the prior year. The decrease was due primarily to lower employee-related expenses of $3.0 million, most of which relates to incentive compensation. In addition, as part of our self-insured risk retention program, corporate absorbed approximately $3.2 million of estimated business interruption losses at Wood Products facilities in third quarter 2020.

Balance Sheet and Liquidity

Boise Cascade ended third quarter 2021 with $786.9 million of cash and cash equivalents and $345.3 million of undrawn committed bank line availability, for total available liquidity of $1,132.2 million. The Company had $444.4 million of outstanding debt at September 30, 2021.

We expect capital expenditures in 2021 to total approximately $90 million to $100 million. Included in our capital spending range is the completion of a log utilization center project at our Florien plywood and veneer plant, a new door assembly operation in Houston, and expansion of our distribution capabilities in the Nashville market. We expect our capital spending, excluding acquisitions, to be approximately $100-to-$130 million in 2022. These levels of capital expenditures could increase or decrease as a result of a number of factors, including acquisitions, efforts to accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

Dividends

On October 28, 2021, our board of directors declared a quarterly dividend of $0.12 per share on our common stock, as well as a supplemental dividend of $3.00 per share on our common stock, both payable on December 15, 2021, to stockholders of record on December 1, 2021.

Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, contractual obligations, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.

Outlook

After seeing fewer pandemic-related disruptions during second quarter 2021, we experienced short-term disruptions at many locations during the third quarter as COVID-19 variants spread throughout the United States. We continue to conduct business with certain modifications to mill and distribution center housekeeping and cleanliness protocols, employee travel, employee work locations, and virtualization or cancellation of certain sales and marketing events, among other modifications. In addition, we continue to actively monitor evolving developments, including the impact of COVID-19 variants, and may take actions that alter our business operations as may be required by federal, state, or local authorities, or that we determine are in the best interests of our employees, customers, suppliers, communities, and stockholders. Furthermore, we are monitoring the development of government mandates that companies ensure workers are vaccinated or tested regularly for COVID-19. While we educate our associates on the effectiveness of vaccines and strongly encourage vaccination for its long-term health benefits, the new regulation may have the near-term effect of increasing costs, straining company resources, interrupting operations, reducing employee morale, or increasing employee turnover, which could adversely affect our business, results of operations, or financial condition.

Economic uncertainty due to the pandemic continues. However, low mortgage rates, continuation of work-from-home practices by many in the economy, and demographics in the U.S. have created a favorable demand environment for new residential construction, particularly single-family housing starts, which we expect to continue in 2021 and into next year. As of October 2021, the Blue Chip Economic Indicators consensus forecast for 2021 and 2022 single- and multi-family housing starts in the U.S. were 1.59 million and 1.57 million units, respectively, compared with actual housing starts of 1.38 million in 2020, as reported by the U.S. Census Bureau. In addition, the age of the U.S. housing stock and limited home inventory availability will continue to provide a favorable backdrop for repair-and-remodel spending. Although we believe that current U.S. demographics support a higher level of forecasted housing starts, and many national home builders are reporting strong near-term backlogs, labor shortages and supply induced constraints on residential construction activity may continue to extend build times and limit activity. In addition, the pace of residential construction and repair-and-remodeling activity may be affected by the economic impact of the cost of building materials and construction, housing affordability, mortgage interest rates, wage growth, prospective home buyers' access to financing, consumer confidence, as well as other factors.

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

commodity 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. Reflected in our operating results, lumber and panel pricing was very volatile during second and third quarters 2021, with rapidly rising prices in April and most of May followed by sharp price declines through the month of August before stabilizing in September. Future commodity product pricing and commodity input costs could be volatile in response to capacity restoration and industry operating rates, the impact of COVID-19 on residential construction, net import and export activity, transportation constraints or disruptions, 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 third quarter earnings on Tuesday, November 2, 2021, at 11 a.m. Eastern.

To participate in the conference call, dial 844-795-4410 and use participant passcode 1675748 (international callers should dial 661-378-9637). To join the webcast, go to the Investor Relations section at www.bc.com and select the Event Calendar link.

A replay of the conference call will be available from Tuesday, November 2, 2021, at 2 p.m. Eastern through Tuesday, November 9, 2021, at 2 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers with a passcode of 1675748. The archived webcast will be available in the Investor Relations 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 (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.

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 (loss), income (loss) 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 (loss) 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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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, the effect of COVID-19 and related state or federal vaccine mandates, 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.

Boise Cascade Company

Consolidated Statements of Operations

(in thousands, except per-share data) (unaudited)


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2021		September 30
	2021		2020				2021		2020

Sales	$	1,879,451	$	1,589,313	$	2,443,161	$	6,143,928	$	4,002,607

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,594,405		1,261,697		1,864,523		4,909,362		3,302,869
Depreciation and amortization	20,299		20,029		20,420		60,258		75,260
Selling and distribution expenses	114,466		122,884		130,736		366,119		325,913
General and administrative expenses	21,002		26,060		17,988		64,252		60,899
Loss on curtailment of facility	—		—		—		—		1,707
Other (income) expense, net	(107)		71		(281)		(485)		70
	1,750,065		1,430,741		2,033,386		5,399,506		3,766,718

Income from operations	129,386		158,572		409,775		744,422		235,889

Foreign currency exchange gain (loss)	(353)		265		147		(52)		(199)
Pension expense (excluding service costs)	(19)		(302)		(19)		(57)		(991)
Interest expense	(6,279)		(7,002)		(6,347)		(18,501)		(20,056)
Interest income	63		113		51		173		958
Change in fair value of interest rate swaps	59		147		(25)		1,058		(2,681)
Loss on extinguishment of debt	—		(13,968)		—		—		(13,968)
	(6,529)		(20,747)		(6,193)		(17,379)		(36,937)

Income before income taxes	122,857		137,825		403,582		727,043		198,952
Income tax provision	(31,158)		(34,633)		(101,026)		(183,632)		(49,974)
Net income	$	91,699	$	103,192	$	302,556	$	543,411	$	148,978

Weighted average common shares outstanding:
Basic	39,442		39,315		39,442		39,413		39,264
Diluted	39,661		39,526		39,688		39,623		39,396

Net income per common share:
Basic	$	2.32	$	2.62	$	7.67	$	13.79	$	3.79
Diluted	$	2.31	$	2.61	$	7.62	$	13.71	$	3.78

Dividends declared per common share	$	0.10	$	1.70	$	2.10	$	2.30	$	1.90

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)


	Three Months Ended									Nine Months Ended
	September 30						June 30, 2021			September 30
	2021			2020						2021			2020

Segment sales	$	497,316		$	363,674		$	594,569		$	1,524,220		$	965,240

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	348,167			268,930			353,916			1,010,691			782,590
Depreciation and amortization	13,914			13,938			14,128			41,388			57,472
Selling and distribution expenses	9,124			9,684			8,835			26,958			25,220
General and administrative expenses	4,023			5,084			3,872			12,214			11,547
Loss on curtailment of facility	—			—			—			—			1,707
Other (income) expense, net	32			3			57			100			(168)
	375,260			297,639			380,808			1,091,351			878,368

Segment income	$	122,056		$	66,035		$	213,761		$	432,869		$	86,872

	(percentage of sales)

Segment sales	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	70.0		%	73.9		%	59.5		%	66.3		%	81.1		%
Depreciation and amortization	2.8		%	3.8		%	2.4		%	2.7		%	6.0		%
Selling and distribution expenses	1.8		%	2.7		%	1.5		%	1.8		%	2.6		%
General and administrative expenses	0.8		%	1.4		%	0.7		%	0.8		%	1.2		%
Loss on curtailment of facility	—		%	—		%	—		%	—		%	0.2		%
Other (income) expense, net	—		%	—		%	—		%	—		%	—		%
	75.5		%	81.8		%	64.0		%	71.6		%	91.0		%

Segment income	24.5		%	18.2		%	36.0		%	28.4		%	9.0		%

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)


	Three Months Ended									Nine Months Ended
	September 30						June 30, 2021			September 30
	2021			2020						2021			2020

Segment sales	$	1,721,244		$	1,437,683		$	2,172,744		$	5,528,765		$	3,621,940

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,585,804			1,201,722			1,832,929			4,806,084			3,101,948
Depreciation and amortization	6,013			5,686			5,917			17,749			16,614
Selling and distribution expenses	105,342			113,146			121,901			339,163			300,527
General and administrative expenses	7,816			9,282			7,230			24,627			22,623
Other (income) expense, net	(296)			(54)			(1,571)			(1,980)			(185)
	1,704,679			1,329,782			1,966,406			5,185,643			3,441,527

Segment income	$	16,565		$	107,901		$	206,338		$	343,122		$	180,413

	(percentage of sales)

Segment sales	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	92.1		%	83.6		%	84.4		%	86.9		%	85.6		%
Depreciation and amortization	0.3		%	0.4		%	0.3		%	0.3		%	0.5		%
Selling and distribution expenses	6.1		%	7.9		%	5.6		%	6.1		%	8.3		%
General and administrative expenses	0.5		%	0.6		%	0.3		%	0.4		%	0.6		%
Other (income) expense, net	—		%	—		%	(0.1)		%	—		%	—		%
	99.0		%	92.5		%	90.5		%	93.8		%	95.0		%

Segment income	1.0		%	7.5		%	9.5		%	6.2		%	5.0		%

Segment Information

(in thousands) (unaudited)


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2021		September 30
	2021		2020				2021		2020
Segment sales
Wood Products	$	497,316	$	363,674	$	594,569	$	1,524,220	$	965,240
Building Materials Distribution	1,721,244		1,437,683		2,172,744		5,528,765		3,621,940

Intersegment eliminations	(339,109)		(212,044)		(324,152)		(909,057)		(584,573)
Total net sales	$	1,879,451	$	1,589,313	$	2,443,161	$	6,143,928	$	4,002,607

Segment income
Wood Products	$	122,056	$	66,035	$	213,761	$	432,869	$	86,872
Building Materials Distribution	16,565		107,901		206,338		343,122		180,413
Total segment income	138,621		173,936		420,099		775,991		267,285
Unallocated corporate costs	(9,235)		(15,364)		(10,324)		(31,569)		(31,396)
Income from operations	$	129,386	$	158,572	$	409,775	$	744,422	$	235,889

Segment EBITDA (a)
Wood Products	$	135,970	$	79,973	$	227,889	$	474,257	$	144,344
Building Materials Distribution	22,578		113,587		212,255		360,871		197,027

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

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)


	September 30, 2021		December 31, 2020

ASSETS

Current
Cash and cash equivalents	$	786,886	$	405,382
Receivables
Trade, less allowances of $3,393 and $1,111	473,727		375,865
Related parties	180		201
Other	17,016		15,067
Inventories	644,370		503,480
Prepaid expenses and other	15,812		8,860
Total current assets	1,937,991		1,308,855

Property and equipment, net	459,254		461,456
Operating lease right-of-use assets	64,678		62,447
Finance lease right-of-use assets	27,549		29,523
Timber deposits	9,333		11,761
Goodwill	60,382		60,382
Intangible assets, net	15,657		16,574
Deferred income taxes	6,969		7,460
Other assets	6,552		7,260
Total assets	$	2,588,365	$	1,965,718

Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data) (unaudited)


	September 30, 2021		December 31, 2020

LIABILITIES AND STOCKHOLDERS' EQUITY

Current
Accounts payable
Trade	$	412,097	$	307,653
Related parties	1,184		1,199
Accrued liabilities
Compensation and benefits	118,926		118,400
Income taxes payable	109		8,101
Interest payable	5,004		8,477

Other	162,975		80,172
Total current liabilities	700,295		524,002

Debt
Long-term debt	444,419		443,792

Other
Compensation and benefits	28,600		25,951
Operating lease liabilities, net of current portion	57,468		56,001
Finance lease liabilities, net of current portion	30,263		31,607
Deferred income taxes	5,720		18,263
Other long-term liabilities	15,995		15,303
	138,046		147,125

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, 44,698 and 44,568 shares issued, respectively	447		446
Treasury stock, 5,367 shares at cost	(138,909)		(138,909)
Additional paid-in capital	541,022		538,006
Accumulated other comprehensive loss	(1,088)		(1,078)
Retained earnings	904,133		452,334
Total stockholders' equity	1,305,605		850,799
Total liabilities and stockholders' equity	$	2,588,365	$	1,965,718

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)


	Nine Months Ended September 30
	2021		2020
Cash provided by (used for) operations
Net income	$	543,411	$	148,978
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	61,559		76,784
Stock-based compensation	5,684		5,839
Pension expense	57		1,492
Deferred income taxes	(12,017)		(2,460)
Change in fair value of interest rate swaps	(1,058)		2,681
Loss on curtailment of facility (excluding severance)	—		1,476
Other	928		205
Loss on extinguishment of debt	—		13,968
Decrease (increase) in working capital
Receivables	(99,881)		(205,995)
Inventories	(142,171)		42,904
Prepaid expenses and other	(7,007)		(9,641)
Accounts payable and accrued liabilities	186,090		213,935
Pension contributions	(229)		(12,659)
Income taxes payable	(7,927)		17,121
Other	(348)		(857)
Net cash provided by operations	527,091		293,771

Cash provided by (used for) investment
Expenditures for property and equipment	(51,460)		(46,994)


Proceeds from sales of assets and other	636		563
Net cash used for investment	(50,824)		(46,431)

Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility	28,000		400,000
Payments of long-term debt, including revolving credit facility	(28,000)		(405,774)


Payments of deferring financing costs	—		(6,222)
Dividends paid on common stock	(90,969)		(12,553)
Tax withholding payments on stock-based awards	(2,729)		(3,309)

Other	(1,065)		(784)
Net cash used for financing	(94,763)		(28,642)

Net increase in cash and cash equivalents	381,504		218,698

Balance at beginning of the period	405,382		285,237

Balance at end of the period	$	786,886	$	503,935

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 2020 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.

(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 September 30, 2021 and 2020, and June 30, 2021, and the nine months ended September 30, 2021 and 2020:


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2021		September 30
	2021		2020				2021		2020
	(in thousands)
Net income	$	91,699	$	103,192	$	302,556	$	543,411	$	148,978
Interest expense	6,279		7,002		6,347		18,501		20,056
Interest income	(63)		(113)		(51)		(173)		(958)
Income tax provision	31,158		34,633		101,026		183,632		49,974
Depreciation and amortization	20,299		20,029		20,420		60,258		75,260
EBITDA	149,372		164,743		430,298		805,629		293,310
Change in fair value of interest rate swaps	(59)		(147)		25		(1,058)		2,681
Loss on extinguishment of debt	—		13,968		—		—		13,968
Adjusted EBITDA	$	149,313	$	178,564	$	430,323	$	804,571	$	309,959

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended September 30, 2021 and 2020, and June 30, 2021, and the nine months ended September 30, 2021 and 2020:


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2021		September 30
	2021		2020				2021		2020
	(in thousands)
Wood Products
Segment income	$	122,056	$	66,035	$	213,761	$	432,869	$	86,872
Depreciation and amortization	13,914		13,938		14,128		41,388		57,472
EBITDA	$	135,970	$	79,973	$	227,889	$	474,257	$	144,344

Building Materials Distribution
Segment income	$	16,565	$	107,901	$	206,338	$	343,122	$	180,413
Depreciation and amortization	6,013		5,686		5,917		17,749		16,614
EBITDA	$	22,578	$	113,587	$	212,255	$	360,871	$	197,027

Corporate
Unallocated corporate costs	$	(9,235)	$	(15,364)	$	(10,324)	$	(31,569)	$	(31,396)
Foreign currency exchange gain (loss)	(353)		265		147		(52)		(199)
Pension expense (excluding service costs)	(19)		(302)		(19)		(57)		(991)
Change in fair value of interest rate swaps	59		147		(25)		1,058		(2,681)
Loss on extinguishment of debt	—		(13,968)		—		—		(13,968)
Depreciation and amortization	372		405		375		1,121		1,174
EBITDA	(9,176)		(28,817)		(9,846)		(29,499)		(48,061)
Change in fair value of interest rate swaps	(59)		(147)		25		(1,058)		2,681
Loss on extinguishment of debt	—		13,968		—		—		13,968
Corporate adjusted EBITDA	$	(9,235)	$	(14,996)	$	(9,821)	$	(30,557)	$	(31,412)

Total Company adjusted EBITDA	$	149,313	$	178,564	$	430,323	$	804,571	$	309,959

EX-99.2 3 bccexhibit9929302021.htm QUARTERLY STATISTICAL INFORMATION Document

Exhibit 99.2

Boise Cascade Company

Quarterly Statistical Information


Wood Products Segment
	2021
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	4,359			4,705			4,647						13,711
I-joist sales volume (MELF)	71,586			75,697			76,218						223,501
Plywood sales volume (MSF 3/8")	303,302			337,593			313,759						954,654
Lumber sales volume (MBF)	19,273			21,138			17,658						58,069
LVL mill net sales price ($/CF)	$	19.00		$	19.63		$	22.30					$	20.33
I-joist mill net sales price ($/MELF)	$	1,319		$	1,363		$	1,575					$	1,421
Plywood net sales price ($/MSF 3/8")	$	556		$	878		$	561					$	672
Lumber net sales price ($/MBF)	$	975		$	1,200		$	1,184					$	1,120
Segment sales (000)	$	432,335		$	594,569		$	497,316					$	1,524,220
Segment income (000)	$	97,052		$	213,761		$	122,056					$	432,869
Segment depreciation and amortization (000)	$	13,346		$	14,128		$	13,914					$	41,388
Segment EBITDA (000)1	$	110,398		$	227,889		$	135,970					$	474,257
EBITDA as a percentage of sales	25.5		%	38.3		%	27.3		%				31.1		%
Capital spending (000)	$	7,047		$	7,673		$	11,422					$	26,142
Receivables (000)	$	100,595		$	124,757		$	95,307
Inventories (000)	$	167,618		$	182,465		$	173,854
Accounts payable (000)	$	47,515		$	69,939		$	57,129

	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 (000)	$	3,763		$	17,074		$	66,035		$	40,848		$	127,720
Segment depreciation and amortization (000)2	$	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

Boise Cascade Company

Quarterly Statistical Information (continued)


Wood Products Segment (continued)
	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 (000)	$	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

1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment 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.

Boise Cascade Company

Quarterly Statistical Information (continued)


Building Materials Distribution Segment
	2021
	Q1			Q2			Q3			Q4			YTD
Commodity sales	55.4		%	60.2		%	44.8		%				54.0		%
General line sales	28.9		%	26.1		%	33.7		%				29.3		%
EWP sales	15.7		%	13.7		%	21.5		%				16.7		%
Total sales (000)	$	1,634,777		$	2,172,744		$	1,721,244					$	5,528,765
Gross margin1	15.1		%	15.6		%	7.9		%				13.1		%
Segment income (000)	$	120,219		$	206,338		$	16,565					$	343,122
Segment depreciation and amortization (000)	$	5,819		$	5,917		$	6,013					$	17,749
Segment EBITDA (000)2	$	126,038		$	212,255		$	22,578					$	360,871
EBITDA as a percentage of sales	7.7		%	9.8		%	1.3		%				6.5		%
Capital spending (000)	$	6,247		$	10,499		$	7,978					$	24,724
Receivables (000)	$	497,466		$	542,524		$	445,542
Inventories (000)	$	444,082		$	544,739		$	470,516
Accounts payable (000)	$	438,562		$	474,906		$	391,742

	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

Boise Cascade Company

Quarterly Statistical Information (continued)


Building Materials Distribution Segment (continued)
	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

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.

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 and loss on extinguishment of debt. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
	2021
	Q1		Q2		Q3		Q4		YTD

Net income	$	149,156	$	302,556	$	91,699			$	543,411
Interest expense	5,875		6,347		6,279				18,501
Interest income	(59)		(51)		(63)				(173)
Income tax provision	51,448		101,026		31,158				183,632
Depreciation and amortization	19,539		20,420		20,299				60,258
EBITDA	225,959		430,298		149,372				805,629
Change in fair value of interest rate swaps	(1,024)		25		(59)				(1,058)

Adjusted EBITDA	$	224,935	$	430,323	$	149,313			$	804,571

	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

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our third quarter 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 November 1, 2021.

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"_]D! end XML 8 bcc-20211101_htm.xml IDEA: XBRL DOCUMENT 0001328581 2021-11-01 2021-11-01 0001328581 false 8-K 2021-11-01 BOISE CASCADE COMPANY DE 1-35805 20-1496201 1111 West Jefferson Street, Suite 300 Boise ID 83702-5389 208 384-6161 false false false false false Common Stock, $0.01 par value per share BCC NYSE XML 9 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information Document Document and Entity Information Document	Nov. 01, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 01, 2021
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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