EX-99.2 3 bccexhibit99212312021.htm QUARTERLY STATISTICAL INFORMATION Document

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2021
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,359 4,705 4,647 4,518 18,229 
 I-joist sales volume (MELF)71,586 75,697 76,218 66,983 290,484 
 Plywood sales volume (MSF 3/8")303,302 337,593 313,759 304,285 1,258,939 
 Lumber sales volume (MBF)19,273 21,138 17,658 18,935 77,004 
 LVL mill net sales price ($/CF)$19.00 $19.63 $22.30 $25.96 $21.73 
 I-joist mill net sales price ($/MELF)$1,319 $1,363 $1,575 $1,822 $1,514 
 Plywood net sales price ($/MSF 3/8")$556 $878 $561 $401 $606 
 Lumber net sales price ($/MBF)$975 $1,200 $1,184 $804 $1,043 
 Segment sales (000)$432,335 $594,569 $497,316 $446,584 $1,970,804 
 Segment income (000)$97,052 $213,761 $122,056 $98,366 $531,235 
 Segment depreciation and amortization (000)$13,346 $14,128 $13,914 $13,861 $55,249 
 Segment EBITDA (000)1
$110,398 $227,889 $135,970 $112,227 $586,484 
 EBITDA as a percentage of sales25.5 %38.3 %27.3 %25.1 %29.8 %
 Capital spending (000)$7,047 $7,673 $11,422 $22,138 $48,280 
 Receivables (000)$100,595 $124,757 $95,307 $164,373 
 Inventories (000)$167,618 $182,465 $173,854 $169,451 
 Accounts payable (000)$47,515 $69,939 $57,129 $45,662 
2020
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,673 3,847 4,560 4,262 17,342 
 I-joist sales volume (MELF)59,487 49,514 63,000 68,784 240,785 
 Plywood sales volume (MSF 3/8")317,843 313,995 315,950 305,159 1,252,947 
 Lumber sales volume (MBF)22,807 21,901 21,592 19,794 86,094 
 LVL mill net sales price ($/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 sales10.4 %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 


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Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2019
Q1Q2Q3Q4YTD
 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 sales7.9 %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.

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Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2021
Q1Q2Q3Q4YTD
 Commodity sales55.4 %60.2 %44.8 %43.7 %51.6 %
 General line sales28.9 %26.1 %33.7 %33.1 %30.2 %
 EWP sales15.7 %13.7 %21.5 %23.2 %18.2 %
 Total sales (000)$1,634,777 $2,172,744 $1,721,244 $1,645,513 $7,174,278 
 Gross margin1
15.1 %15.6 %7.9 %16.2 %13.8 %
 Segment income (000)$120,219 $206,338 $16,565 $137,963 $481,085 
 Segment depreciation and amortization (000)$5,819 $5,917 $6,013 $6,258 $24,007 
 Segment EBITDA (000)2
$126,038 $212,255 $22,578 $144,221 $505,092 
 EBITDA as a percentage of sales7.7 %9.8 %1.3 %8.8 %7.0 %
 Capital spending (000)3
$6,247 $10,499 $7,978 $32,833 $57,557 
 Receivables (000)$497,466 $542,524 $445,542 $408,948 
 Inventories (000)$444,082 $544,739 $470,516 $491,220 
 Accounts payable (000)$438,562 $474,906 $391,742 $377,563 
2020
Q1Q2Q3Q4YTD
 Commodity sales41.9 %43.2 %50.0 %49.7 %46.6 %
 General line sales37.9 %39.5 %33.6 %32.6 %35.6 %
 EWP sales20.2 %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 sales3.3 %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 

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Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2019
Q1Q2Q3Q4YTD
 Commodity sales43.9 %41.0 %40.8 %41.4 %41.7 %
 General line sales35.6 %39.2 %39.7 %37.8 %38.2 %
 EWP sales20.5 %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 sales2.5 %3.5 %3.8 %3.2 %3.3 %
 Capital spending (000)4
$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 2021, capital spending in fourth quarter includes approximately $15 million to purchase a BMD property in Walton, Kentucky to expand our service capabilities in the Cincinnati and surrounding markets.
4During 2019, capital spending in second quarter excludes $15.7 million of cash paid for the acquisition of businesses and facilities.


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Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
Total Boise Cascade Company
EBITDA represents income 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
Q1Q2Q3Q4YTD
Net income$149,156 $302,556 $91,699 169,075 $712,486 
Interest expense5,875 6,347 6,279 6,305 24,806 
Interest income(59)(51)(63)(22)(195)
Income tax provision51,448 101,026 31,158 52,733 236,365 
Depreciation and amortization19,539 20,420 20,299 20,495 80,753 
EBITDA225,959 430,298 149,372 248,586 1,054,215 
Change in fair value of interest rate swaps(1,024)25 (59)(687)(1,745)
Adjusted EBITDA$224,935 $430,323 $149,313 247,899 $1,052,470 
2020
Q1Q2Q3Q4YTD
Net income$12,200 $33,586 $103,192 $26,001 $174,979 
Interest expense6,421 6,633 7,002 6,167 26,223 
Interest income(655)(190)(113)(41)(999)
Income tax provision4,007 11,334 34,633 61,358 111,332 
Depreciation and amortization35,332 19,899 20,029 19,909 95,169 
EBITDA57,305 71,262 164,743 113,394 406,704 
Change in fair value of interest rate swaps2,314 514 (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
Q1Q2Q3Q4YTD
Net income$11,389 $27,718 $27,171 $14,647 $80,925 
Interest expense6,437 6,486 6,532 6,596 26,051 
Interest income(492)(416)(837)(1,066)(2,811)
Income tax provision3,200 9,751 9,650 4,705 27,306 
Depreciation and amortization19,217 19,454 20,969 20,501 80,141 
EBITDA39,751 62,993 63,485 45,383 211,612 
Change in fair value of interest rate swaps983 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 fourth quarter and full year 2021 financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on February 22, 2022.

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