EX-99.2 3 bccexhibit99212312018.htm QUARTERLY STATISTICAL INFORMATION Exhibit


Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
 
 
 
 
 
 
2018
 
Q1
Q2
Q3
Q4
YTD
 LVL sales volume (MCF)
4,813

4,816

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)3
$
26,121

$
36,482

$
13,929

$
(86,554
)
$
(10,022
)
 Segment depreciation and amortization (000)4
$
17,544

$
19,453

$
18,727

$
71,265

$
126,989

 Segment EBITDA (000)1,3
$
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

 
 
 
 
 
 
 
 
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.
3Segment 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.
4Segment 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
 
 
 
 
 
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

 
 
 
 
 
 
 
 
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.
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 and loss on extinguishment of debt. The following tables reconcile net income (loss) to EBITDA and Adjusted EBITDA for the periods noted below:
 
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

 
 
 
 
 
 
 
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


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 2018 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 February 26, 2019.


5