Boise Cascade Company Reports Second Quarter 2022 Results

BOISE, Idaho–(BUSINESS WIRE)–Boise Cascade Company (“Boise Cascade,” the “Company,” “we,” or “our”) (NYSE: BCC) today reported net income of $218.1 million, or $5.49 per share, on sales of $2.3 billion for the second quarter ended June 30, 2022, compared with net income of $302.6 million, or $7.62 per share, on sales of $2.4 billion for the second quarter ended June 30, 2021.

“We recently completed the acquisition of Coastal Plywood Company, and I am pleased to welcome our new associates to the Boise Cascade team. The acquisition represents a major step forward in supporting the growth of our EWP capacity and further leveraging our integrated business model. We are focused on successfully integrating the new operations into our system,” commented Nate Jorgensen, CEO. “Both of our businesses continued to operate well during the second quarter, and our financial results reflect that fact. Economic uncertainty and expectations of softening demand for new residential construction are a reality as we move through the balance of the year. However, our balance sheet remains strong and flexible, and I am confident in our ability to effectively adjust to the economic landscape ahead while still executing upon our organic growth plans.”

Second Quarter 2022 Highlights

 

2Q 2022

2Q 2021

% change

 

(in thousands, except per-share data and percentages)

Consolidated Results

 

 

 

Sales

$

2,278,072

$

2,443,161

(7

) %

Net income

 

218,111

 

302,556

(28

) %

Net income per common share – diluted

 

5.49

 

7.62

(28

) %

Adjusted EBITDA 1

 

317,229

 

430,323

(26

) %

Segment Results

 

 

 

Wood Products sales

$

536,030

$

594,569

(10

) %

Wood Products income

 

154,101

 

213,761

(28

) %

Wood Products EBITDA 1

 

167,754

 

227,889

(26

) %

Building Materials Distribution sales

 

2,131,200

 

2,172,744

(2

) %

Building Materials Distribution income

 

154,308

 

206,338

(25

) %

Building Materials Distribution EBITDA 1

 

161,036

 

212,255

(24

) %

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

In second quarter 2022, total U.S. housing starts increased 3% driven by an increase in multi-family housing starts compared to the same period in 2021. However, single-family housing starts decreased 3% compared to the prior year quarter. On a year-to-date basis through June 2022, total housing starts increased 6%, while single-family housing starts remained flat when compared with the same period in 2021. 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 $58.6 million, or 10%, to $536.0 million for the three months ended June 30, 2022, from $594.6 million for the three months ended June 30, 2021. The decrease in sales was driven primarily by lower sales prices and sales volumes for plywood and lower sales volumes for I-joists and LVL (collectively referred to as EWP). These decreases were offset partially by higher sales prices for EWP.

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

 

2Q 2022 vs. 2Q 2021

2Q 2022 vs. 1Q 2022

 

 

 

Average Net Selling Prices

 

 

 

LVL

45%

 

8%

I-joists

52%

 

10%

Plywood

(35)%

 

(17)%

Sales Volumes

 

 

 

LVL

(3)%

 

(1)%

I-joists

(8)%

 

6%

Plywood

(17)%

 

(11)%

Wood Products’ segment income decreased $59.7 million to $154.1 million for the three months ended June 30, 2022, from $213.8 million for the three months ended June 30, 2021. The decrease in segment income was due primarily to lower plywood sales prices and higher per-unit labor, wood fiber, and other manufacturing costs due in part to lower plywood and EWP sales volumes. These decreases in segment income were offset partially by higher EWP sales prices.

Building Materials Distribution

BMD’s sales decreased $41.5 million, or 2%, to $2,131.2 million for the three months ended June 30, 2022, from $2,172.7 million for the three months ended June 30, 2021. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a sales volume decrease of 4%, offset partially by a sales price increase of 2%. By product line, commodity sales decreased 27%, general line product sales increased 24%, and sales of EWP (substantially all of which are sourced through our Wood Products segment) increased 59%.

BMD segment income decreased $52.0 million to $154.3 million for the three months ended June 30, 2022, from $206.3 million in the comparative prior year quarter. The decrease in segment income was driven by lower sales volumes and a gross margin decrease of $44.5 million, resulting from a decline in commodity prices during the second quarter 2022. However, the negative impacts from commodity price declines were offset partially by margin improvements for both EWP and general line products. In addition, general and administrative and selling and distribution expenses increased $3.3 million and $2.0 million, respectively.

Recent Developments

On July 25, 2022, the Company completed the acquisition of Coastal Plywood Company and its plywood manufacturing operations located in Havana, Florida, and Chapman, Alabama, for a purchase price of $517 million, inclusive of estimated working capital at closing of $27 million, which is subject to post-closing adjustments. The Company funded the acquisition and related costs with cash on hand.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2022 with $1,033.0 million of cash and cash equivalents and $346.0 million of undrawn committed bank line availability, for total available liquidity of $1,379.0 million. The Company had $445.0 million of outstanding debt at June 30, 2022.

Excluding acquisitions, we expect capital expenditures in 2022 to total approximately $100 million to $120 million. Our 2022 capital expenditures range includes funding to complete our BMD organic expansions in Ohio, Kentucky, and Minnesota, replacement of a dryer at our Chester, South Carolina, veneer and plywood plant, and initial veneer equipment related spending at the Chapman, Alabama facility. This level 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.

Dividends

On July 28, 2022, our board of directors declared a quarterly dividend of $0.12 per share on our common stock, payable on September 15, 2022, to stockholders of record on September 1, 2022.

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, material cash requirements, 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.

Stock Repurchase Program

On July 28, 2022, our board of directors authorized the repurchase of an additional 1.5 million shares of our common stock. This increase is in addition to the remaining authorized shares under our prior common stock repurchase program. The total combined authorization is approximately 2.0 million shares and represents approximately 5% of shares outstanding. Share repurchases may be made on an opportunistic basis through open market transactions, privately negotiated transactions, or by other means in accordance with applicable federal securities laws. We are not obligated to purchase any shares, and there is no set date that the program will expire. Our board of directors, at its discretion, may increase or decrease the number of authorized shares or terminate the program at any time.

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. Consensus forecasts for 2022 single- and multi-family housing starts in the U.S are around 1.6 million units, or essentially flat compared to 2021. We believe that current U.S. demographics and limited new and existing home inventory support this level of housing starts. In addition, the age of U.S. housing stock and elevated levels of homeowner equity provide a favorable backdrop for repair-and-remodel spending. However, recent monetary policy shifts to increase interest rates to combat high levels of inflation have significantly increased mortgage rates and created a great deal of uncertainty broadly across the U.S. economy. As such, we expect the pace of new residential construction in second half of 2022 to slow due to home affordability constraints and a weakening economy. While potentially tempered by an economic slowdown, we anticipate the primary drivers of repair-and-remodeling activity to continue to be supportive of homeowners’ further investment in their residences.

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. We expect future commodity product pricing and commodity input costs to be volatile in response to economic uncertainties, industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. EWP and general line products have historically experienced limited price volatility, but are also subject to price erosion as economic activity slows.

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 second quarter earnings on Tuesday, August 2, 2022, at 11 a.m. Eastern.

To join the webcast, go to the Investor Relations section at www.bc.com 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. Investors are advised to dial in at least 10 minutes prior to the call.

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.

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, 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 Coastal Plywood acquisition, the effect of COVID-19 and related variants, 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

Six Months Ended

 

June 30

March 31, 2022

June 30

 

2022

2021

2022

2021

 

 

 

 

 

 

Sales

$

2,278,072

 

$

2,443,161

 

$

2,326,282

 

$

4,604,354

 

$

4,264,477

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

1,797,948

 

 

1,864,523

 

 

1,729,896

 

 

3,527,844

 

 

3,314,957

 

Depreciation and amortization

 

20,694

 

 

20,420

 

 

20,543

 

 

41,237

 

 

39,959

 

Selling and distribution expenses

 

134,279

 

 

130,736

 

 

146,651

 

 

280,930

 

 

251,653

 

General and administrative expenses

 

27,701

 

 

17,988

 

 

26,052

 

 

53,753

 

 

43,250

 

Other (income) expense, net

 

375

 

 

(281

)

 

(2,488

)

 

(2,113

)

 

(378

)

 

 

1,980,997

 

 

2,033,386

 

 

1,920,654

 

 

3,901,651

 

 

3,649,441

 

 

 

 

 

 

 

Income from operations

 

297,075

 

 

409,775

 

 

405,628

 

 

702,703

 

 

615,036

 

 

 

 

 

 

 

Foreign currency exchange gain (loss)

 

(499

)

 

147

 

 

132

 

 

(367

)

 

301

 

Pension expense (excluding service costs)

 

(41

)

 

(19

)

 

(171

)

 

(212

)

 

(38

)

Interest expense

 

(6,317

)

 

(6,347

)

 

(6,254

)

 

(12,571

)

 

(12,222

)

Interest income

 

1,385

 

 

51

 

 

65

 

 

1,450

 

 

110

 

Change in fair value of interest rate swaps

 

394

 

 

(25

)

 

2,066

 

 

2,460

 

 

999

 

 

 

(5,078

)

 

(6,193

)

 

(4,162

)

 

(9,240

)

 

(10,850

)

 

 

 

 

 

 

Income before income taxes

 

291,997

 

 

403,582

 

 

401,466

 

 

693,463

 

 

604,186

 

Income tax provision

 

(73,886

)

 

(101,026

)

 

(98,866

)

 

(172,752

)

 

(152,474

)

Net income

$

218,111

 

$

302,556

 

$

302,600

 

$

520,711

 

$

451,712

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

39,544

 

 

39,442

 

 

39,474

 

 

39,509

 

 

39,399

 

Diluted

 

39,763

 

 

39,688

 

 

39,768

 

 

39,762

 

 

39,633

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

Basic

$

5.52

 

$

7.67

 

$

7.67

 

$

13.18

 

$

11.47

 

Diluted

$

5.49

 

$

7.62

 

$

7.61

 

$

13.10

 

$

11.40

 

 

 

 

 

 

 

Dividends declared per common share

$

2.62

 

$

2.10

 

$

0.12

 

$

2.74

 

$

2.20

 

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

Three Months Ended

Six Months Ended

 

June 30

March 31, 2022

June 30

 

2022

2021

2022

2021

 

 

 

 

 

 

Segment sales

$

536,030

 

$

594,569

 

$

558,944

 

$

1,094,974

 

$

1,026,904

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

351,557

 

 

353,916

 

 

343,709

 

 

695,266

 

 

662,524

 

Depreciation and amortization

 

13,653

 

 

14,128

 

 

13,640

 

 

27,293

 

 

27,474

 

Selling and distribution expenses

 

10,349

 

 

8,835

 

 

9,230

 

 

19,579

 

 

17,834

 

General and administrative expenses

 

5,826

 

 

3,872

 

 

4,646

 

 

10,472

 

 

8,191

 

Other (income) expense, net

 

544

 

 

57

 

 

(2,397

)

 

(1,853

)

 

68

 

 

 

381,929

 

 

380,808

 

 

368,828

 

 

750,757

 

 

716,091

 

 

 

 

 

 

 

Segment income

$

154,101

 

$

213,761

 

$

190,116

 

$

344,217

 

$

310,813

 

 

 

 

 

 

 

 

(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)

 

65.6

%

 

59.5

%

 

61.5

%

 

63.5

%

 

64.5

%

Depreciation and amortization

 

2.5

%

 

2.4

%

 

2.4

%

 

2.5

%

 

2.7

%

Selling and distribution expenses

 

1.9

%

 

1.5

%

 

1.7

%

 

1.8

%

 

1.7

%

General and administrative expenses

 

1.1

%

 

0.7

%

 

0.8

%

 

1.0

%

 

0.8

%

Other (income) expense, net

 

0.1

%

 

%

 

(0.4

) %

 

(0.2

%)

 

%

 

 

71.3

%

 

64.0

%

 

66.0

%

 

68.6

%

 

69.7

%

 

 

 

 

 

 

Segment income

 

28.7

%

 

36.0

%

 

34.0

%

 

31.4

%

 

30.3

%

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

Three Months Ended

Six Months Ended

 

June 30

March 31, 2022

June 30

 

2022

2021

2022

2021

 

 

 

 

 

 

Segment sales

$

2,131,200

 

$

2,172,744

 

$

2,111,833

 

$

4,243,033

 

$

3,807,521

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

1,835,845

 

 

1,832,929

 

 

1,730,803

 

 

3,566,648

 

 

3,220,280

 

Depreciation and amortization

 

6,728

 

 

5,917

 

 

6,576

 

 

13,304

 

 

11,736

 

Selling and distribution expenses

 

123,930

 

 

121,901

 

 

137,421

 

 

261,351

 

 

233,821

 

General and administrative expenses

 

10,558

 

 

7,230

 

 

11,226

 

 

21,784

 

 

16,811

 

Other (income) expense, net

 

(169

)

 

(1,571

)

 

(85

)

 

(254

)

 

(1,684

)

 

 

1,976,892

 

 

1,966,406

 

 

1,885,941

 

 

3,862,833

 

 

3,480,964

 

 

 

 

 

 

 

Segment income

$

154,308

 

$

206,338

 

$

225,892

 

$

380,200

 

$

326,557

 

 

 

 

 

 

 

 

(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)

 

86.1

%

 

84.4

%

 

82.0

%

 

84.1

%

 

84.6

%

Depreciation and amortization

 

0.3

%

 

0.3

%

 

0.3

%

 

0.3

%

 

0.3

%

Selling and distribution expenses

 

5.8

%

 

5.6

%

 

6.5

%

 

6.2

%

 

6.1

%

General and administrative expenses

 

0.5

%

 

0.3

%

 

0.5

%

 

0.5

%

 

0.4

%

Other (income) expense, net

 

%

 

(0.1

) %

 

%

 

%

 

%

 

 

92.8

%

 

90.5

%

 

89.3

%

 

91.0

%

 

91.4

%

 

 

 

 

 

 

Segment income

 

7.2

%

 

9.5

%

 

10.7

%

 

9.0

%

 

8.6

%

Segment Information

(in thousands) (unaudited)

 

Three Months Ended

Six Months Ended

 

June 30

March 31, 2022

June 30

 

2022

2021

2022

2021

Segment sales

 

 

 

 

 

Wood Products

$

536,030

 

$

594,569

 

$

558,944

 

$

1,094,974

 

$

1,026,904

 

Building Materials Distribution

 

2,131,200

 

 

2,172,744

 

 

2,111,833

 

 

4,243,033

 

 

3,807,521

 

Intersegment eliminations

 

(389,158

)

 

(324,152

)

 

(344,495

)

 

(733,653

)

 

(569,948

)

Total net sales

$

2,278,072

 

$

2,443,161

 

$

2,326,282

 

$

4,604,354

 

$

4,264,477

 

 

 

 

 

 

 

Segment income

 

 

 

 

 

Wood Products

$

154,101

 

$

213,761

 

$

190,116

 

$

344,217

 

$

310,813

 

Building Materials Distribution

 

154,308

 

 

206,338

 

 

225,892

 

 

380,200

 

 

326,557

 

Total segment income

 

308,409

 

 

420,099

 

 

416,008

 

 

724,417

 

 

637,370

 

Unallocated corporate costs

 

(11,334

)

 

(10,324

)

 

(10,380

)

 

(21,714

)

 

(22,334

)

Income from operations

$

297,075

 

$

409,775

 

$

405,628

 

$

702,703

 

$

615,036

 

 

 

 

 

 

 

Segment EBITDA (a)

 

 

 

 

 

Wood Products

$

167,754

 

$

227,889

 

$

203,756

 

$

371,510

 

$

338,287

 

Building Materials Distribution

 

161,036

 

 

212,255

 

 

232,468

 

 

393,504

 

 

338,293

 

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

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

 

June 30, 2022

December 31, 2021

 

 

ASSETS

 

 

 

 

 

Current

 

 

Cash and cash equivalents

$

1,032,987

$

748,907

Receivables

 

 

Trade, less allowances of $2,047 and $2,054

 

575,601

 

444,325

Related parties

 

149

 

211

Other

 

16,471

 

17,692

Inventories

 

803,607

 

660,671

Prepaid expenses and other

 

19,645

 

14,072

Total current assets

 

2,448,460

 

1,885,878

 

 

 

Property and equipment, net

 

493,817

 

495,240

Operating lease right-of-use assets

 

62,302

 

62,663

Finance lease right-of-use assets

 

27,768

 

29,057

Timber deposits

 

7,828

 

9,461

Goodwill

 

60,382

 

60,382

Intangible assets, net

 

14,743

 

15,351

Deferred income taxes

 

8,760

 

6,589

Other assets

 

11,112

 

8,019

Total assets

$

3,135,172

$

2,572,640

Boise Cascade Company

Consolidated Balance Sheets (continued)

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

 

June 30, 2022

December 31, 2021

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current

 

 

Accounts payable

 

 

Trade

$

435,843

 

$

334,985

 

Related parties

 

1,382

 

 

1,498

 

Accrued liabilities

 

 

Compensation and benefits

 

123,222

 

 

128,518

 

Interest payable

 

9,890

 

 

9,886

 

Other

 

198,740

 

 

165,859

 

Total current liabilities

 

769,077

 

 

640,746

 

 

 

 

Debt

 

 

Long-term debt

 

445,045

 

 

444,628

 

 

 

 

Other

 

 

Compensation and benefits

 

30,031

 

 

28,365

 

Operating lease liabilities, net of current portion

 

54,867

 

 

55,263

 

Finance lease liabilities, net of current portion

 

31,000

 

 

31,898

 

Deferred income taxes

 

25,262

 

 

3,641

 

Other long-term liabilities

 

14,905

 

 

15,480

 

 

 

156,065

 

 

134,647

 

 

 

 

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, 44,815 and 44,698 shares issued, respectively

 

448

 

 

447

 

Treasury stock, 5,367 shares at cost

 

(138,909

)

 

(138,909

)

Additional paid-in capital

 

544,748

 

 

543,249

 

Accumulated other comprehensive loss

 

(917

)

 

(1,047

)

Retained earnings

 

1,359,615

 

 

948,879

 

Total stockholders’ equity

 

1,764,985

 

 

1,352,619

 

Total liabilities and stockholders’ equity

$

3,135,172

 

$

2,572,640

 

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

Six Months Ended June 30

 

2022

2021

Cash provided by (used for) operations

 

 

Net income

$

520,711

 

$

451,712

 

Items in net income not using (providing) cash

 

 

Depreciation and amortization, including deferred financing costs and other

 

42,240

 

 

40,826

 

Stock-based compensation

 

5,403

 

 

3,503

 

Pension expense

 

212

 

 

38

 

Deferred income taxes

 

19,287

 

 

(10,481

)

Change in fair value of interest rate swaps

 

(2,460

)

 

(999

)

Other

 

(1,987

)

 

1,017

 

Decrease (increase) in working capital

 

 

Receivables

 

(129,993

)

 

(219,112

)

Inventories

 

(142,936

)

 

(225,006

)

Prepaid expenses and other

 

(7,602

)

 

(7,448

)

Accounts payable and accrued liabilities

 

127,935

 

 

248,139

 

Pension contributions

 

(794

)

 

(153

)

Income taxes payable

 

4,507

 

 

7,253

 

Other

 

1,533

 

 

1,890

 

Net cash provided by operations

 

436,056

 

 

291,179

 

 

 

 

Cash provided by (used for) investment

 

 

Expenditures for property and equipment

 

(40,808

)

 

(31,502

)

Proceeds from sales of assets and other

 

2,864

 

 

500

 

Net cash used for investment

 

(37,944

)

 

(31,002

)

 

 

 

Cash provided by (used for) financing

 

 

Borrowings of long-term debt, including revolving credit facility

 

 

 

28,000

 

Payments of long-term debt, including revolving credit facility

 

 

 

(28,000

)

Dividends paid on common stock

 

(109,291

)

 

(8,373

)

Tax withholding payments on stock-based awards

 

(3,930

)

 

(2,729

)

Other

 

(811

)

 

(690

)

Net cash used for financing

 

(114,032

)

 

(11,792

)

 

 

 

Net increase in cash and cash equivalents

 

284,080

 

 

248,385

 

 

 

 

Balance at beginning of the period

 

748,907

 

 

405,382

 

 

 

 

Balance at end of the period

$

1,032,987

 

$

653,767

 

Contacts

Investor Relations Contact – Kelly Hibbs
208 384 3638

Media Contact – Lisa Tschampl
208 384 6552

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