Form 8-K - Current report

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 4, 2024

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))

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

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2024, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its third quarter 2024 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 attached hereto, includes certain statistical information related to the Company's quarterly performance.

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 4, 2024.

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 4, 2024


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


News Release


Investor Relations Contact - Chris Forrey investor@bc.com						Media Contact - Amy Evans mediarelations@bc.com

For Immediate Release: November 4, 2024

Boise Cascade Company Reports Third Quarter 2024 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024, compared with net income of $143.1 million, or $3.58 per share, on sales of $1.8 billion for the third quarter ended September 30, 2023.

"In what has proven to be a moderate demand environment, once again, we were able to deliver good financial results in the third quarter. We could not have done this without the tremendous efforts of our associates and our unique combination of best-in-class engineered wood products and an unmatched nationwide wholesale distribution network,” stated Nate Jorgensen, CEO. “In addition, we continue to progress on our key strategic investment initiatives and thoughtfully deploy capital to shareholders. Looking forward, we expect normal seasonality through the winter months, and are well positioned to serve and support our customer and vendor partners as changes in demand dictate."

Third Quarter 2024 Highlights


	3Q 2024		3Q 2023		% change
	(in thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,713,724	$	1,834,441	(7)	%
Net income	91,038		143,068		(36)	%
Net income per common share - diluted	2.33		3.58		(35)	%
Adjusted EBITDA 1	154,480		216,465		(29)	%

Segment Results
Wood Products sales	$	453,896	$	515,225	(12)	%
Wood Products income	53,853		99,574		(46)	%
Wood Products EBITDA 1	77,404		122,924		(37)	%

Building Materials Distribution sales	1,567,466		1,670,296		(6)	%
Building Materials Distribution income	74,821		97,076		(23)	%
Building Materials Distribution EBITDA 1	87,749		104,857		(16)	%

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

In third quarter 2024, total U.S. housing starts and single-family housing starts decreased 3% and 1%, respectively, compared to the same period in 2023. On a year-to-date basis through September 2024, total housing starts decreased 3%, while single-family housing starts increased 10%, compared to the same period in 2023. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $61.3 million, or 12%, to $453.9 million for the three months ended September 30, 2024, from $515.2 million for the three months ended September 30, 2023. The decrease in sales was driven by lower plywood sales prices, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP). In addition, lower sales volumes for I-joists decreased sales, while sales volumes for LVL and plywood were flat. Other sales related to lumber and residual byproducts also decreased.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:


	3Q 2024 vs. 3Q 2023	3Q 2024 vs. 2Q 2024

Average Net Selling Prices
LVL	(5)%	(2)%
I-joists	(6)%	(2)%
Plywood	(13)%	(8)%

Sales Volumes
LVL	—%	(2)%
I-joists	(8)%	(10)%
Plywood	—%	2%

Wood Products' segment income decreased $45.7 million to $53.9 million for the three months ended September 30, 2024, from $99.6 million for the three months ended September 30, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices, as well as higher conversion costs. In addition, lower I-joist sales volumes contributed to the decrease in segment income.

Building Materials Distribution

BMD's sales decreased $102.8 million, or 6%, to $1,567.5 million for the three months ended September 30, 2024, from $1,670.3 million for the three months ended September 30, 2023. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a sales price decrease of 6%, as sales volumes were flat. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 9%. By product line, commodity sales decreased 12%, general line product sales increased 4%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 14%.

BMD segment income decreased $22.3 million to $74.8 million for the three months ended September 30, 2024, from $97.1 million for the three months ended September 30, 2023. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.0 million and $5.1 million, respectively. In addition, gross margin decreased $7.7 million, driven by lower margins on commodity products and EWP, offset partially by improved margins on general line products.

Balance Sheet and Liquidity

Boise Cascade ended third quarter 2024 with $761.6 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,157.3 million. The Company had $450.0 million of outstanding debt at September 30, 2024.

Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $220 million to $240 million. In addition, we expect capital expenditures in 2025 to total approximately $200 million to $220 million. These levels of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further 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.

For the nine months ended September 30, 2024, the Company paid $220.5 million in common stock dividends. On October 30, 2024, our board of directors declared a quarterly dividend of $0.21 per share on our common stock, payable on December 18, 2024, to stockholders of record on December 2, 2024.

For the three and nine months ended September 30, 2024, the Company paid $69.7 million and $158.5 million, respectively, for the repurchase of 554,500 and 1,232,345 shares of our common stock, respectively. Furthermore, in October 2024, the Company repurchased an additional 50,000 shares of our common stock at a cost of $6.9 million. On October 30, 2024, our board of directors authorized the repurchase of an additional 1.4 million shares of our common stock. This increase is in addition to the remaining authorized shares under our prior common stock repurchase program. As of October 31, 2024, approximately 2 million shares were available for repurchase under our existing share repurchase program.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. As reported by the U.S. Census Bureau, housing starts were 1.42 million in 2023. Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2024 followed by 2025 starts at or modestly above 1.40 million. For the nine months ended September 2024, single-family starts are outpacing 2023 levels by 10% whereas multi-family starts have declined sharply from historic levels due to increased capital costs for developers, combined with historic levels of multi-family unit completions in 2024. Home affordability remains a challenge for many consumers due to home prices and the cost of financing, with the level of mortgage rates also limiting the supply of existing housing stock available for sale. Large homebuilders are addressing affordability challenges by reducing home sizes and plan complexity, as well as offering mortgage rate buydowns. New residential construction will continue to be an important source of supply for the demand created by undersupplied housing, favorable demographic trends, and low unemployment. We expect 2025 to reflect modest growth in home improvement spending, as the age of U.S. housing stock and elevated levels of homeowner equity will continue to provide a favorable backdrop for repair-and-remodel spending. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, and other factors will influence the near-term demand environment for the products we manufacture and distribute.

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 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. Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, 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 5, 2024, at 10 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors 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 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.

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, income 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 or segment income 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, including, but not limited to, statements regarding our outlook. 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, our ability to efficiently and effectively integrate the BROSCO acquisition, 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, 2024		September 30
	2024		2023				2024		2023

Sales	$	1,713,724	$	1,834,441	$	1,797,670	$	5,156,814	$	5,193,989

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,375,719		1,442,178		1,440,680		4,123,838		4,099,249
Depreciation and amortization	36,861		31,474		34,367		107,078		93,382
Selling and distribution expenses	157,522		147,714		149,783		451,415		415,707
General and administrative expenses	26,172		27,583		25,943		77,232		84,193

Other (income) expense, net	94		(141)		(84)		(68)		(1,752)
	1,596,368		1,648,808		1,650,689		4,759,495		4,690,779

Income from operations	117,356		185,633		146,981		397,319		503,210

Foreign currency exchange gain (loss)	300		(602)		(104)		(103)		(355)
Pension expense (excluding service costs)	(37)		(40)		(37)		(111)		(122)
Interest expense	(6,082)		(6,351)		(6,105)		(18,257)		(19,051)
Interest income	10,168		13,760		10,543		31,308		34,964
Change in fair value of interest rate swaps	(866)		(327)		(487)		(1,573)		(798)

	3,483		6,440		3,810		11,264		14,638

Income before income taxes	120,839		192,073		150,791		408,583		517,848
Income tax provision	(29,801)		(49,005)		(38,499)		(101,129)		(131,727)
Net income	$	91,038	$	143,068	$	112,292	$	307,454	$	386,121

Weighted average common shares outstanding:
Basic	38,848		39,675		39,412		39,286		39,648
Diluted	39,063		39,983		39,608		39,521		39,849

Net income per common share:
Basic	$	2.34	$	3.61	$	2.85	$	7.83	$	9.74
Diluted	$	2.33	$	3.58	$	2.84	$	7.78	$	9.69

Dividends declared per common share	$	5.21	$	0.20	$	0.20	$	5.61	$	3.50

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)


	Three Months Ended									Nine Months Ended
	September 30						June 30, 2024			September 30
	2024			2023						2024			2023

Segment sales	$	453,896		$	515,225		$	489,823		$	1,412,647		$	1,482,926

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	361,313			376,754			378,920			1,097,954			1,091,900
Depreciation and amortization	23,551			23,350			22,270			70,205			70,145
Selling and distribution expenses	10,587			10,786			11,114			32,252			33,901
General and administrative expenses	4,640			5,018			4,606			14,266			15,560

Other (income) expense, net	(48)			(257)			133			99			(1,584)
	400,043			415,651			417,043			1,214,776			1,209,922

Segment income	$	53,853		$	99,574		$	72,780		$	197,871		$	273,004

	(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)	79.6		%	73.1		%	77.4		%	77.7		%	73.6		%
Depreciation and amortization	5.2		%	4.5		%	4.5		%	5.0		%	4.7		%
Selling and distribution expenses	2.3		%	2.1		%	2.3		%	2.3		%	2.3		%
General and administrative expenses	1.0		%	1.0		%	0.9		%	1.0		%	1.0		%

Other (income) expense, net	—		%	—		%	—		%	—		%	(0.1		%)
	88.1		%	80.7		%	85.1		%	86.0		%	81.6		%

Segment income	11.9		%	19.3		%	14.9		%	14.0		%	18.4		%

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)


	Three Months Ended									Nine Months Ended
	September 30						June 30, 2024			September 30
	2024			2023						2024			2023

Segment sales	$	1,567,466		$	1,670,296		$	1,655,221		$	4,727,708		$	4,686,076

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,322,001			1,417,153			1,409,510			4,009,932			3,983,718
Depreciation and amortization	12,928			7,781			11,741			35,776			22,237
Selling and distribution expenses	146,994			136,982			138,716			419,324			381,878
General and administrative expenses	10,580			11,195			10,070			30,184			33,314
Other (income) expense, net	142			109			(216)			(192)			(382)
	1,492,645			1,573,220			1,569,821			4,495,024			4,420,765

Segment income	$	74,821		$	97,076		$	85,400		$	232,684		$	265,311

	(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)	84.3		%	84.8		%	85.2		%	84.8		%	85.0		%
Depreciation and amortization	0.8		%	0.5		%	0.7		%	0.8		%	0.5		%
Selling and distribution expenses	9.4		%	8.2		%	8.4		%	8.9		%	8.1		%
General and administrative expenses	0.7		%	0.7		%	0.6		%	0.6		%	0.7		%
Other (income) expense, net	—		%	—		%	—		%	—		%	—		%
	95.2		%	94.2		%	94.8		%	95.1		%	94.3		%

Segment income	4.8		%	5.8		%	5.2		%	4.9		%	5.7		%

Segment Information

(in thousands) (unaudited)


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2024		September 30
	2024		2023				2024		2023
Segment sales
Wood Products	$	453,896	$	515,225	$	489,823	$	1,412,647	$	1,482,926
Building Materials Distribution	1,567,466		1,670,296		1,655,221		4,727,708		4,686,076

Intersegment eliminations	(307,638)		(351,080)		(347,374)		(983,541)		(975,013)
Total net sales	$	1,713,724	$	1,834,441	$	1,797,670	$	5,156,814	$	5,193,989

Segment income
Wood Products	$	53,853	$	99,574	$	72,780	$	197,871	$	273,004
Building Materials Distribution	74,821		97,076		85,400		232,684		265,311
Total segment income	128,674		196,650		158,180		430,555		538,315
Unallocated corporate costs	(11,318)		(11,017)		(11,199)		(33,236)		(35,105)
Income from operations	$	117,356	$	185,633	$	146,981	$	397,319	$	503,210

Segment EBITDA
Wood Products	$	77,404	$	122,924	$	95,050	$	268,076	$	343,149
Building Materials Distribution	87,749		104,857		97,141		268,460		287,548

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

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)


	September 30, 2024		December 31, 2023

ASSETS

Current
Cash and cash equivalents	$	761,599	$	949,574
Receivables
Trade, less allowances of $4,979 and $3,278	408,487		352,780
Related parties	289		181
Other	17,411		20,740
Inventories	792,356		712,369
Prepaid expenses and other	32,024		21,170
Total current assets	2,012,166		2,056,814

Property and equipment, net	985,808		932,633
Operating lease right-of-use assets	50,039		62,868
Finance lease right-of-use assets	22,925		24,003
Timber deposits	9,078		7,208
Goodwill	171,945		170,254
Intangible assets, net	177,028		190,743
Deferred income taxes	4,605		4,854
Other assets	8,033		9,269
Total assets	$	3,441,627	$	3,458,646

Boise Cascade Company

Consolidated Balance Sheets (continued)

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


	September 30, 2024		December 31, 2023

LIABILITIES AND STOCKHOLDERS' EQUITY

Current
Accounts payable
Trade	$	372,199	$	310,175
Related parties	2,216		1,501
Accrued liabilities
Compensation and benefits	122,000		149,561

Interest payable	5,086		9,958

Other	141,741		122,921
Total current liabilities	643,242		594,116

Debt
Long-term debt	445,945		445,280

Other
Compensation and benefits	42,864		40,189
Operating lease liabilities, net of current portion	43,550		56,425
Finance lease liabilities, net of current portion	27,492		28,084
Deferred income taxes	96,967		82,014
Other long-term liabilities	18,134		16,874
	229,007		223,586

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, 45,130 and 44,983 shares issued, respectively	451		450
Treasury stock, 6,675 and 5,443 shares at cost, respectively	(305,227)		(145,335)
Additional paid-in capital	561,223		560,697
Accumulated other comprehensive loss	(495)		(517)
Retained earnings	1,867,481		1,780,369
Total stockholders' equity	2,123,433		2,195,664
Total liabilities and stockholders' equity	$	3,441,627	$	3,458,646

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)


	Nine Months Ended September 30
	2024		2023
Cash provided by (used for) operations
Net income	$	307,454	$	386,121
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	109,531		95,516
Stock-based compensation	11,668		11,518
Pension expense	111		122
Deferred income taxes	15,096		4,351
Change in fair value of interest rate swaps	1,573		798

Other	322		(1,877)

Decrease (increase) in working capital, net of acquisitions
Receivables	(51,192)		(158,756)
Inventories	(80,739)		14,145
Prepaid expenses and other	(6,697)		(6,604)
Accounts payable and accrued liabilities	44,547		152,303

Income taxes payable	(3,970)		23,664
Other	(3,952)		(172)
Net cash provided by operations	343,752		521,129

Cash provided by (used for) investment
Expenditures for property and equipment	(135,760)		(99,251)
Acquisitions of businesses and facilities	(5,581)		—

Proceeds from sales of assets and other	1,197		2,450
Net cash used for investment	(140,144)		(96,801)

Cash provided by (used for) financing



Treasury stock purchased	(158,509)		(1,539)
Dividends paid on common stock	(220,485)		(140,885)
Tax withholding payments on stock-based awards	(11,141)		(5,926)


Other	(1,448)		(1,359)
Net cash used for financing	(391,583)		(149,709)

Net increase (decrease) in cash and cash equivalents	(187,975)		274,619

Balance at beginning of the period	949,574		998,344

Balance at end of the period	$	761,599	$	1,272,963

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 2023 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.

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. The following table reconciles net income to EBITDA and Adjusted EBITDA for the (i) three months ended September 30, 2024 and 2023, (ii) three months ended June 30, 2024, and (iii) nine months ended September 30, 2024 and 2023:


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2024		September 30
	2024		2023				2024		2023
	(in thousands)
Net income	$	91,038	$	143,068	$	112,292	$	307,454	$	386,121
Interest expense	6,082		6,351		6,105		18,257		19,051
Interest income	(10,168)		(13,760)		(10,543)		(31,308)		(34,964)
Income tax provision	29,801		49,005		38,499		101,129		131,727
Depreciation and amortization	36,861		31,474		34,367		107,078		93,382
EBITDA	153,614		216,138		180,720		502,610		595,317
Change in fair value of interest rate swaps	866		327		487		1,573		798

Adjusted EBITDA	$	154,480	$	216,465	$	181,207	$	504,183	$	596,115

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended September 30, 2024 and 2023, (ii) three months ended June 30, 2024, and (iii) nine months ended September 30, 2024 and 2023:


	Three Months Ended						Nine Months Ended
	September 30				June 30, 2024		September 30
	2024		2023				2024		2023
	(in thousands)
Wood Products
Segment income	$	53,853	$	99,574	$	72,780	$	197,871	$	273,004
Depreciation and amortization	23,551		23,350		22,270		70,205		70,145
EBITDA	$	77,404	$	122,924	$	95,050	$	268,076	$	343,149

Building Materials Distribution
Segment income	$	74,821	$	97,076	$	85,400	$	232,684	$	265,311
Depreciation and amortization	12,928		7,781		11,741		35,776		22,237
EBITDA	$	87,749	$	104,857	$	97,141	$	268,460	$	287,548

Corporate
Unallocated corporate costs	$	(11,318)	$	(11,017)	$	(11,199)	$	(33,236)	$	(35,105)
Foreign currency exchange gain (loss)	300		(602)		(104)		(103)		(355)
Pension expense (excluding service costs)	(37)		(40)		(37)		(111)		(122)
Change in fair value of interest rate swaps	(866)		(327)		(487)		(1,573)		(798)

Depreciation and amortization	382		343		356		1,097		1,000
EBITDA	(11,539)		(11,643)		(11,471)		(33,926)		(35,380)
Change in fair value of interest rate swaps	866		327		487		1,573		798

Corporate adjusted EBITDA	$	(10,673)	$	(11,316)	$	(10,984)	$	(32,353)	$	(34,582)

Total Company adjusted EBITDA	$	154,480	$	216,465	$	181,207	$	504,183	$	596,115

Exhibit 99.2

Boise Cascade Company

Quarterly Statistical Information


Wood Products Segment
	2024
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	4,777			5,074			4,952						14,803
I-joist sales volume (MELF)	56,587			65,788			58,884						181,259
Plywood sales volume (MSF 3/8")	371,699			383,092			390,978						1,145,769
Lumber sales volume (MBF)	22,772			17,619			19,390						59,781
LVL mill net sales price ($/CF)	$	28.75		$	28.12		$	27.62					$	28.15
I-joist mill net sales price ($/MELF)	$	2,018		$	1,961		$	1,921					$	1,966
Plywood net sales price ($/MSF 3/8")	$	378		$	362		$	333					$	357
Lumber net sales price ($/MBF)	$	650		$	751		$	705					$	698
Segment sales (000)	$	468,928		$	489,823		$	453,896					$	1,412,647
Segment income (000)	$	71,238		$	72,780		$	53,853					$	197,871
Segment depreciation and amortization (000)2	$	24,384		$	22,270		$	23,551					$	70,205
Segment EBITDA (000)1	$	95,622		$	95,050		$	77,404					$	268,076
EBITDA as a percentage of sales	20.4		%	19.4		%	17.1		%				19.0		%
Capital spending (000)	$	19,643		$	17,793		$	24,771					$	62,207
Receivables (000)	$	84,892		$	83,445		$	77,244
Inventories (000)	$	213,050		$	206,198		$	226,300
Accounts payable (000)	$	61,834		$	66,374		$	73,922

	2023
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	3,639			4,682			4,945			4,109			17,375
I-joist sales volume (MELF)	38,711			62,950			64,125			54,015			219,801
Plywood sales volume (MSF 3/8")	405,960			439,963			389,827			363,008			1,598,758
Lumber sales volume (MBF)	31,560			32,528			31,729			29,221			125,038
LVL mill net sales price ($/CF)	$	31.17		$	30.14		$	29.08		$	29.93		$	30.01
I-joist mill net sales price ($/MELF)	$	2,168		$	2,088		$	2,035		$	2,093		$	2,088
Plywood net sales price ($/MSF 3/8")	$	367		$	365		$	382		$	375		$	372
Lumber net sales price ($/MBF)	$	724		$	707		$	641		$	588		$	667
Segment sales (000)	$	437,428		$	530,273		$	515,225		$	449,676		$	1,932,602
Segment income (000)	$	69,395		$	104,035		$	99,574		$	64,128		$	337,132
Segment depreciation and amortization (000)2	$	23,790		$	23,005		$	23,350		$	28,565		$	98,710
Segment EBITDA (000)1	$	93,185		$	127,040		$	122,924		$	92,693		$	435,842
EBITDA as a percentage of sales	21.3		%	24.0		%	23.9		%	20.6		%	22.6		%
Capital spending (000)	$	7,262		$	12,106		$	11,807		$	28,185		$	59,360
Receivables (000)	$	77,318		$	97,229		$	88,688		$	56,882
Inventories (000)	$	232,136		$	200,948		$	205,111		$	218,861
Accounts payable (000)	$	63,275		$	60,656		$	69,023		$	60,196

Boise Cascade Company

Quarterly Statistical Information (continued)


Wood Products Segment (continued)
	2022
	Q1			Q2			Q3			Q4			YTD
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 sales	36.5		%	31.3		%	29.8		%	23.4		%	30.6		%
Capital spending (000)3	$	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

1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment depreciation and amortization in first quarter 2024 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility.
3Capital spending in 2022 excludes $515.2 million of cash paid for the acquisition of businesses and facilities.

Boise Cascade Company

Quarterly Statistical Information (continued)


Building Materials Distribution Segment
	2024
	Q1			Q2			Q3			Q4			YTD
Commodity sales1	36.7		%	35.0		%	34.9		%				35.5		%
General line sales1	41.0		%	42.4		%	43.8		%				42.4		%
EWP sales1	22.3		%	22.6		%	21.3		%				22.1		%
Total sales (000)	$	1,505,021		$	1,655,221		$	1,567,466					$	4,727,708
Gross margin2	15.1		%	14.8		%	15.7		%				15.2		%
Segment income (000)	$	72,463		$	85,400		$	74,821					$	232,684
Segment depreciation and amortization (000)	$	11,107		$	11,741		$	12,928					$	35,776
Segment EBITDA (000)3	$	83,570		$	97,141		$	87,749					$	268,460
EBITDA as a percentage of sales	5.6		%	5.9		%	5.6		%				5.7		%
Capital spending (000)4	$	14,672		$	21,904		$	36,902					$	73,478
Receivables (000)	$	453,083		$	436,992		$	386,303
Inventories (000)	$	601,546		$	626,044		$	566,056
Accounts payable (000)	$	412,919		$	392,798		$	300,978

	2023
	Q1			Q2			Q3			Q4			YTD
Commodity sales1	39.7		%	37.5		%	37.4		%	36.9		%	37.8		%
General line sales1	38.7		%	39.6		%	39.4		%	40.4		%	39.5		%
EWP sales1	21.6		%	22.9		%	23.2		%	22.7		%	22.7		%
Total sales (000)	$	1,379,242		$	1,636,538		$	1,670,296		$	1,492,614		$	6,178,690
Gross margin2	14.8		%	15.0		%	15.2		%	15.2		%	15.0		%
Segment income (000)	$	69,685		$	98,550		$	97,076		$	70,497		$	335,808
Segment depreciation and amortization (000)	$	7,070		$	7,386		$	7,781		$	10,116		$	32,353
Segment EBITDA (000)3	$	76,755		$	105,936		$	104,857		$	80,613		$	368,161
EBITDA as a percentage of sales	5.6		%	6.5		%	6.3		%	5.4		%	6.0		%
Capital spending (000)5	$	22,659		$	25,929		$	19,135		$	88,001		$	155,724
Receivables (000)	$	393,338		$	445,991		$	434,755		$	344,978
Inventories (000)	$	506,663		$	502,085		$	478,295		$	493,509
Accounts payable (000)	$	363,163		$	390,840		$	362,196		$	252,144

Boise Cascade Company

Quarterly Statistical Information (continued)


Building Materials Distribution Segment (continued)
	2022
	Q1			Q2			Q3			Q4			YTD
Commodity sales1	52.2		%	44.9		%	39.6		%	41.5		%	44.9		%
General line sales1	29.1		%	32.9		%	35.3		%	37.1		%	33.3		%
EWP sales1	18.7		%	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 margin2	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)3	$	232,468		$	161,036		$	161,196		$	99,396		$	654,096
EBITDA as a percentage of sales	11.0		%	7.6		%	8.2		%	6.9		%	8.6		%
Capital spending (000)6	$	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

1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales.
2We 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 BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
3Segment EBITDA is calculated as segment income before depreciation and amortization.
4During 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts.
5During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired.
6During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.

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. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
	2024
	Q1		Q2		Q3		Q4		YTD

Net income	$	104,124	$	112,292	$	91,038			$	307,454
Interest expense	6,070		6,105		6,082				18,257
Interest income	(10,597)		(10,543)		(10,168)				(31,308)
Income tax provision	32,829		38,499		29,801				101,129
Depreciation and amortization	35,850		34,367		36,861				107,078
EBITDA	168,276		180,720		153,614				502,610
Change in fair value of interest rate swaps	220		487		866				1,573

Adjusted EBITDA	$	168,496	$	181,207	$	154,480			$	504,183

	2023
	Q1		Q2		Q3		Q4		YTD

Net income	$	96,733	$	146,320	$	143,068	$	97,535	$	483,656
Interest expense	6,361		6,339		6,351		6,445		25,496
Interest income	(9,685)		(11,519)		(13,760)		(13,142)		(48,106)
Income tax provision	33,275		49,447		49,005		29,666		161,393
Depreciation and amortization	31,186		30,722		31,474		39,085		132,467
EBITDA	157,870		221,309		216,138		159,589		754,906
Change in fair value of interest rate swaps	804		(333)		327		993		1,791

Adjusted EBITDA	$	158,674	$	220,976	$	216,465	$	160,582	$	756,697

	2022
	Q1		Q2		Q3		Q4		YTD

Net income	$	302,600	$	218,111	$	219,587	$	117,360	$	857,658
Interest expense	6,254		6,317		6,398		6,443		25,412
Interest income	(65)		(1,385)		(3,238)		(7,575)		(12,263)
Income tax provision	98,866		73,886		76,042		39,929		288,723
Depreciation and amortization	20,543		20,694		28,374		31,982		101,593
EBITDA	428,198		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

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our third quarter 2024 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 4, 2024.

Document and Entity Information	Nov. 04, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 04, 2024
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