EX-99.2 3 bccexhibit99212312022.htm QUARTERLY STATISTICAL INFORMATION Document

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2022
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,641 4,586 5,190 3,176 17,593 
 I-joist sales volume (MELF)65,362 69,467 64,421 30,130 229,380 
 Plywood sales volume (MSF 3/8")316,941 280,594 328,586 392,975 1,319,096 
 Lumber sales volume (MBF)17,139 16,935 24,045 24,985 83,104 
 LVL mill net sales price ($/CF)$26.40 $28.47 $33.82 $34.36 $30.56 
 I-joist mill net sales price ($/MELF)$1,877 $2,066 $2,429 $2,553 $2,178 
 Plywood net sales price ($/MSF 3/8")$689 $569 $477 $396 $523 
 Lumber net sales price ($/MBF)$1,011 $1,214 $880 $720 $927 
 Segment sales (000)$558,944 $536,030 $595,320 $425,602 $2,115,896 
 Segment income (000)$190,116 $154,101 $155,972 $74,978 $575,167 
 Segment depreciation and amortization (000)$13,640 $13,653 $21,285 $24,730 $73,308 
 Segment EBITDA (000)1
$203,756 $167,754 $177,257 $99,708 $648,475 
 EBITDA as a percentage of sales36.5 %31.3 %29.8 %23.4 %30.6 %
 Capital spending (000)2
$8,986 $12,861 $12,949 $17,138 $51,934 
 Receivables (000)$120,960 $113,395 $94,017 $43,406 
 Inventories (000)$181,810 $191,411 $214,576 $229,361 
 Accounts payable (000)$53,797 $65,272 $72,877 $44,202 
2021
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,359 4,705 4,647 4,518 18,229 
 I-joist sales volume (MELF)71,586 75,697 76,218 66,983 290,484 
 Plywood sales volume (MSF 3/8")303,302 337,593 313,759 304,285 1,258,939 
 Lumber sales volume (MBF)19,273 21,138 17,658 18,935 77,004 
 LVL mill net sales price ($/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 


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Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
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)3
$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 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Capital spending in third quarter 2022 excludes $516.9 million of cash paid for the acquisition of businesses and facilities.
3Segment 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
2022
Q1Q2Q3Q4YTD
 Commodity sales52.2 %44.9 %39.6 %41.5 %44.9 %
 General line sales29.1 %32.9 %35.3 %37.1 %33.3 %
 EWP sales18.7 %22.2 %25.1 %21.4 %21.8 %
 Total sales (000)$2,111,833 $2,131,200 $1,956,802 $1,443,780 $7,643,615 
 Gross margin1
18.0 %13.9 %15.4 %15.8 %15.8 %
 Segment income (000)$225,892 $154,308 $154,436 $92,455 $627,091 
 Segment depreciation and amortization (000)$6,576 $6,728 $6,760 $6,941 $27,005 
 Segment EBITDA (000)2
$232,468 $161,036 $161,196 $99,396 $654,096 
 EBITDA as a percentage of sales11.0 %7.6 %8.2 %6.9 %8.6 %
 Capital spending (000)3
$7,892 $10,009 $7,938 $34,624 $60,463 
 Receivables (000)$616,040 $540,167 $479,876 $286,789 
 Inventories (000)$622,858 $612,196 $552,610 $468,189 
 Accounts payable (000)$479,584 $413,235 $355,170 $215,308 
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)4
$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 

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Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
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 
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 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.
4During 2021, capital spending in fourth quarter includes approximately $15 million to purchase a BMD property in Walton, Kentucky to expand our service capabilities in Cincinnati and the surrounding markets.


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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:
2022
Q1Q2Q3Q4YTD
Net income$302,600 $218,111 $219,587 $117,360 $857,658 
Interest expense6,254 6,317 6,398 6,443 25,412 
Interest income(65)(1,385)(3,238)(7,575)(12,263)
Income tax provision98,866 73,886 76,042 39,929 288,723 
Depreciation and amortization20,543 20,694 28,374 31,982 101,593 
EBITDA428,198 317,623 327,163 188,139 1,261,123 
Change in fair value of interest rate swaps(2,066)(394)(1,134)35 (3,559)
Adjusted EBITDA$426,132 $317,229 $326,029 $188,174 $1,257,564 
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 

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 2022 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 21, 2023.

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