0001328581-20-000088.txt : 20200731
0001328581-20-000088.hdr.sgml : 20200731
20200731162108
ACCESSION NUMBER:0001328581-20-000088
CONFORMED SUBMISSION TYPE:8-K
PUBLIC DOCUMENT COUNT:17
CONFORMED PERIOD OF REPORT:20200729
ITEM INFORMATION:Termination of a Material Definitive Agreement
ITEM INFORMATION:Results of Operations and Financial Condition
ITEM INFORMATION:Financial Statements and Exhibits
FILED AS OF DATE:20200731
DATE AS OF CHANGE:20200731
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:BOISE CASCADE Co
CENTRAL INDEX KEY:0001328581
STANDARD INDUSTRIAL CLASSIFICATION:WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
IRS NUMBER:201496201
STATE OF INCORPORATION:DE
FISCAL YEAR END:1231
FILING VALUES:
FORM TYPE:8-K
SEC ACT:1934 Act
SEC FILE NUMBER:001-35805
FILM NUMBER:201066225
BUSINESS ADDRESS:
STREET 1:1111 WEST JEFFERSON STREET, SUITE 300
STREET 2:P. O. BOX 50
CITY:BOISE
STATE:ID
ZIP:83702
BUSINESS PHONE:(208) 384-6161
MAIL ADDRESS:
STREET 1:1111 WEST JEFFERSON STREET, SUITE 300
STREET 2:P. O. BOX 50
CITY:BOISE
STATE:ID
ZIP:83702
FORMER COMPANY:
FORMER CONFORMED NAME:BOISE CASCADE, L.L.C.
DATE OF NAME CHANGE:20050527
8-K
1
bcc-20200729.htm
8-K
bcc-20200729
0001328581false00013285812020-07-292020-07-29
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):July 29, 2020
BOISE CASCADE COMPANY
(Exact name of registrant as specified in its charter)
Delaware1-3580520-1496201
(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))
Indicate by check mark whether the registrant is an emerging growth company as defined in 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.☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareBCCNew York Stock Exchange
Item 1.02 Termination of a Material Definitive Agreement.
5.625% Senior Notes Due 2024
On July 27, 2020, Boise Cascade Company (the "Company") gave notice to U.S. Bank National Association, as trustee (the “Notes Trustee”) of its election to redeem all of the Company’s outstanding 5.625% Senior Notes due 2024 (the “2024 Notes”) on September 1, 2020 and irrevocably instructed the Notes Trustee to give notice of such redemption to the holders of 2024 Notes on July 29, 2020, or as soon as practicable thereafter but in no event later than 30 days prior to September 1, 2020.
On July 29, 2020, the Company irrevocably deposited with the Notes Trustee, an amount sufficient to pay and discharge the entire indebtedness on the 2024 Notes for principal and accrued and unpaid interest, to September 1, 2020 and all other amounts owed under the indenture governing the 2024 Notes. The Notes Trustee acknowledged that as of July 29, 2020, the obligations of the Company and the guarantors under the indenture governing the 2024 Notes were discharged and satisfied, and the Company and the guarantors under the indenture governing the 2024 Notes generally had no further obligations to the Notes Trustee or the holders of the 2024 Notes. The Notes Trustee further acknowledged the automatic release of the guarantees of the guarantors under the indenture governing the 2024 Notes. Upon such satisfaction and discharge, the indenture governing the 2024 Notes generally ceased to be of further effect.
Term Loan Agreement
On July 31, 2020, the Company repaid in full all outstanding indebtedness under its term loan agreement dated March 30, 2016, as amended (“Term Loan Agreement”), among the Company and its principal operating subsidiaries, Boise Cascade Wood Products, L.L.C., and Boise Cascade Building Materials Distribution, L.L.C., as borrowers, and the guarantors party thereto, and American AgCredit, PCA, as administrative agent and sole lead arranger, and the other lenders from time to time party thereto. The Term Loan Agreement and related security interests were terminated in conjunction with the repayment of $45.0 million of principal plus accrued interest. The material terms of the Term Loan Agreement are described in the Company’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 7, 2020.
The foregoing summary of the Term Loan Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the Term Loan Agreement, which was filed as Exhibit 10.2 to the Company’s Current Report on Form 10-Q filed with the SEC on May 3, 2016, and is incorporated herein by reference.
Item 2.02 Results of Operations and Financial Condition.
On July 31, 2020, the Company issued a press release announcing its second quarter 2020 financial results and COVID-19 business update, 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 furnished hereby, includes certain statistical information relative to the Company's quarterly performance.
The Company has reconciled all non-GAAP measures presented to the most directly comparable GAAP measure.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished as part of this Report on Form 8-K:
ExhibitDescription
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The 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
Vice President, General Counsel and Secretary
Date: July 31, 2020
EX-99.1
2
bccexhibit9916302020.htm
PRESS RELEASE
Document
Boise Cascade CompanyExhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release
Investor Relations Contact - Wayne Rancourt
208 384 6073Media Contact - Lisa Chapman
208 384 6552
For Immediate Release: July 31, 2020
Boise Cascade Company Reports Second Quarter 2020 Results and Provides COVID-19 Business Update
BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $33.6 million, or $0.85 per share, on sales of $1.2 billion for the second quarter ended June 30, 2020.
"As we navigate this pandemic, the performance of our 5,700+ associates has been nothing short of outstanding. I am humbled by how our people have led with our shared values in response to the daily challenges in front of us, while continuing to support our customers' needs," commented Nate Jorgensen, CEO. "Both of our businesses delivered strong financial results in the face of this unprecedented environment. Wood Products' continued focus on manufacturing cost improvements was especially notable given production curtailments and modifications. BMD's sales and income were robust, and our long-term strategy and commitment to consistently carry a broad base of in-stock products, supported by high service levels and a solid financial position, continues to deliver value to our vendor and customer partners in the supply chain, as well as our shareholders."
Second Quarter 2020 Highlights
2Q 20202Q 2019% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,242,760$1,230,0811%
Net income33,58627,71821%
Net income per common share - diluted0.850.7120%
Adjusted EBITDA171,77664,54411%
Segment Results
Wood Products sales$281,505$334,256(16)%
Wood Products income17,07418,908(10)%
Wood Products EBITDA131,00533,000(6)%
Building Materials Distribution sales1,134,2601,097,4213%
Building Materials Distribution income43,21033,80028%
Building Materials Distribution EBITDA148,79438,82826%
1For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In response to rapidly evolving market conditions and economic uncertainties surrounding the impact of COVID-19, our Wood Products segment implemented certain production changes early in the second quarter, including temporary curtailments and reduced operating schedules at essentially all of our manufacturing facilities, to respond to weaker anticipated demand for the products we manufacture. Activity through the building products supply chain was weak early in the second quarter in response to COVID-19 uncertainties, including shelter-in-place orders in effect in many states, guidelines limiting activity for non-essential businesses, and other rules that limited the number of trade workers that can be on a residential construction site at one time. As restrictions were loosened or rescinded, construction activity resumed mid-quarter and continued at a robust pace through the end of the quarter. Our BMD warehouse sales were particularly strong as our retail lumberyard customers are relying on our broad base of inventory and high service levels to minimize their working capital investment given COVID-19 related uncertainties and elevated commodity product prices. In addition, we have had strong demand from our home center customers in response to elevated repair and remodel and "do-it-yourself" activity as people are spending more time at home during the pandemic. For further discussion of the impacts and our continued response to COVID-19, see 'Balance Sheet and Liquidity' and 'Outlook' below.
In the second quarter 2020, total U.S. housing starts decreased 17% compared to the same period last year. Single-family housing starts, the primary driver of our sales volumes, also decreased 13%. On a year-to-date basis through June 2020, total and single-family housing starts were relatively flat compared with the same period in 2019.
Wood Products
Wood Products sales, including sales to Building Materials Distribution (BMD), decreased $52.8 million, or 16%, to $281.5 million for the three months ended June 30, 2020, from $334.3 million for the three months ended June 30, 2019. The decrease in sales was driven primarily by lower sales volumes for I-joists and LVL (I-joists and LVL are collectively referred to as EWP), as well as decreased sales volumes for plywood. In addition, lumber, LVL, and I-joists net sales prices also decreased. These decreases were offset partially by increases in sales prices for plywood.
Wood Products segment income decreased $1.8 million to $17.1 million for the three months ended June 30, 2020, from $18.9 million for the three months ended June 30, 2019. The decrease in segment income was due primarily to lower sales volumes and prices of EWP, as well as lower lumber sales prices. These decreases were offset partially by higher plywood sales prices and lower wood fiber costs.
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
2Q 2020 vs. 2Q 20192Q 2020 vs. 1Q 2020
Average Net Selling Prices
LVL(2)%(1)%
I-joists(1)%(1)%
Plywood6%7%
Sales Volumes
LVL(16)%(18)%
I-joists(18)%(17)%
Plywood(8)%(1)%
Building Materials Distribution
BMD's sales increased $36.8 million, or 3%, to $1,134.3 million for the three months ended June 30, 2020, from $1,097.4 million for the three months ended June 30, 2019. Compared with the same quarter in the prior year, the overall increase in sales was driven by a sales price increase of 4%, offset partially by a sales volume decrease of 1%. By product line, commodity sales increased 9%, general line product sales increased 4%, and sales of EWP (substantially all of which is sourced through our Wood Products segment) decreased 10%.
2
BMD segment income increased $9.4 million to $43.2 million for the three months ended June 30, 2020, from $33.8 million in the comparative prior year quarter. The increase in segment income was driven primarily by a gross margin increase of $16.3 million, resulting from improved gross margins on commodity products compared with second quarter 2019. This improvement was offset partially by increased selling and distribution expenses and general and administrative expenses of $5.0 million and $1.2 million, respectively.
Balance Sheet and Liquidity
Boise Cascade ended second quarter 2020 with $361.4 million of cash and cash equivalents and $345.4 million of undrawn committed bank line availability, for total available liquidity of $706.8 million. The Company had $440.2 million of outstanding debt at June 30, 2020.
On July 27, 2020, we issued a $400 million aggregate amount of 4.875% senior notes due July 1, 2030 (2030 Notes), to fund the repurchase of any and all of our $350 million aggregate principal amount of 5.625% senior notes due 2024 (2024 Notes) in a cash tender offer, to redeem any 2024 Notes that remain outstanding after the consummation of the tender offer, to pay off our American AgCredit Term Loan of $45.0 million, and to pay fees and expenses related to the offering of the 2030 Notes and incurred in connection with the repurchase of the 2024 Notes. In connection with the repurchase and redemption of our 2024 Notes, we expect to recognize a pre-tax loss on extinguishment of debt of approximately $14.0 million during the third quarter of 2020.
We announced to plan participants that we will freeze accrual of all benefits on our qualified defined benefit pension plan (Pension Plan) effective August 31, 2020, as well as our intention to terminate the Pension Plan (Plan Termination). As part of the Plan Termination process, we expect to repurchase two BMD locations leased from the Pension Plan for approximately $12 million, and we do not expect the Plan Termination to result in a meaningful amount of additional cash contributions to the Pension Plan. We intend to enter into an agreement with an insurance company to transfer all remaining assets and liabilities in the Pension Plan as soon as practicable.
In response to the uncertainty of the impacts of COVID-19, we have reduced our planned capital spending for 2020 from our previously expected range of $85-to-$95 million to $50-to-$70 million. We have also reduced discretionary spending and have identified other cash saving measures that may be implemented in the near term, the timing and extent of which will depend upon the depth and duration of COVID-19 and its impact on our operating results.
Although significant uncertainty remains regarding the impact of COVID-19 on our operating results and cash flows for the remainder of 2020 and into 2021, we believe that our cash flows from operations, combined with our current cash levels and available borrowing capacity, will be adequate to fund debt service requirements and provide cash, as required, to support our ongoing operations, capital expenditures, funding of acquisitions, lease obligations, working capital, pension contributions, and to pay cash dividends to holders of our common stock over the next 12 months. We expect to fund our seasonal and intra-month working capital requirements in the remainder of 2020 from cash on hand and, if necessary, borrowings under our revolving credit facility.
Dividends
On July 30, 2020, our board of directors declared a dividend of $0.10 per share on our common stock, payable on September 15, 2020, to stockholders of record on September 1, 2020.
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, contractual restrictions, and other factors that our board of directors may deem relevant.
3
Outlook
As we begin the third quarter, Wood Products is in the process of attempting to restore production rates to pre-COVID-19 levels in response to strong end-product demand. However, we continue to experience periodic short-term disruptions at many locations due to COVID-19. In addition, we expect activity levels across our distribution network to continue to vary widely as COVID-19 impacts geographies across the U.S. to differing degrees, and federal, state, or local restrictions are implemented or rescinded. To date, we have not experienced significant supply chain disruptions that would limit our ability to meet customer delivery commitments or source the necessary raw materials and finished goods needed by our operations. We continue to conduct business with modifications to mill and distribution center housekeeping and cleanliness protocols, employee travel, employee work locations, and virtualization or cancellation of certain sales and marketing events, among other modifications. In addition, we continue to actively monitor evolving developments and may take actions that alter our business operations as may be required by federal, state, or local authorities, or that we determine are in the best interests of our employees, customers, suppliers, communities, and stockholders.
As of July 2020, the Blue Chip Economic Indicators consensus forecast for 2020 and 2021 single- and multi-family housing starts in the U.S. were 1.19 million and 1.27 million units, respectively, compared with actual housing starts of 1.29 million in 2019, as reported by the U.S. Census Bureau. Although we believe that current U.S. demographics support a higher level of housing starts, the impacts of COVID-19 on residential construction are uncertain. In particular, the economic consequences of COVID-19 may adversely affect the pace of household formation rates and residential repair-and-remodeling activity due to high unemployment rates, lower wages, reduced consumer confidence, prospective home buyers' lack of ability to view homes in person, homebuyers' access to and cost of financing, and housing affordability, as well as other factors. Beyond economic uncertainties, the pandemic may improve the demand for single-family residential construction as homeowners consider a transition to less densely populated geographies. Furthermore, with homeowners spending more time at home, repair and remodel spending may continue to strengthen as homeowners invest in existing homes.
Increased construction activity in May and June of 2020, when coupled with second quarter capacity curtailments of commodity products across the industry, have created supply/demand imbalances in the marketplace. As such, order files at the manufacturing level have extended, and composite lumber and panel prices at the end of the second quarter were 30-40% above price realizations early in the quarter. We anticipate that commodity products pricing in the third quarter of 2020 will be subject to price volatility that will be dependent on the impact of COVID-19 on residential construction, capacity restoration and industry operating rates, net import and export activity, transportation constraints or disruptions, 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 second quarter earnings and our continued response to the COVID-19 situation on Monday, August 3, 2020, at 11a.m. Eastern.
To participate in the conference call, dial 844-795-4410 and use participant passcode 3079863 (international callers should dial 661-378-9637). To join the webcast, go to the Investor Relations section at www.bc.com and select the Event Calendar link.
A replay of the conference call will be available from Monday, August 3, 2020, at 2p.m. Eastern through Monday, August 10, 2020, at 2 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers with a passcode of 3079863. The archived webcast will be available in the Investor Relations section of Boise Cascade's website.
4
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.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, the effect of COVID-19, 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 including the risk of impairment of long-lived assets and goodwill due to the severity of the COVID-19 impact on the economy should it continue unabated. 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.
5
Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data)
Three Months EndedSix Months Ended
June 30March 31, 2020June 30
2020201920202019
Sales$1,242,760$1,230,081$1,170,534$2,413,294$2,272,167
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,048,9021,049,655992,2702,041,1721,947,477
Depreciation and amortization19,89919,45435,33255,23138,671
Selling and distribution expenses103,56698,86699,463203,029185,892
General and administrative expenses18,75516,78616,08434,83933,461
Loss on curtailment of facility38—1,6691,707—
Other (income) expense, net(170)188169(1)(120)
1,190,9901,184,9491,144,9872,335,9772,205,381
Income from operations51,77045,13225,54777,31766,786
Foreign currency exchange gain (loss)409248(873)(464)410
Pension expense (excluding service costs)(302)(290)(387)(689)(589)
Interest expense(6,633)(6,486)(6,421)(13,054)(12,923)
Interest income190416655845908
Change in fair value of interest rate swaps(514)(1,551)(2,314)(2,828)(2,534)
(6,850)(7,663)(9,340)(16,190)(14,728)
Income before income taxes44,92037,46916,20761,12752,058
Income tax provision(11,334)(9,751)(4,007)(15,341)(12,951)
Net income$33,586$27,718$12,200$45,786$39,107
Weighted average common shares outstanding:
Basic39,31239,08739,16339,23838,986
Diluted39,38739,19939,40539,38139,185
Net income per common share:
Basic$0.85$0.71$0.31$1.17$1.00
Diluted$0.85$0.71$0.31$1.16$1.00
Dividends declared per common share$0.10$0.09$0.10$0.20$0.18
See accompanying summary notes to consolidated financial statements and segment information.
6
Wood Products Segment
Statements of Operations
(in thousands, except percentages)
Three Months EndedSix Months Ended
June 30March 31, 2020June 30
2020201920202019
Segment sales$281,505$334,256$320,061$601,566$653,779
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)239,626289,545274,034513,660572,575
Depreciation and amortization13,93114,09229,60343,53427,830
Selling and distribution expenses7,5527,8617,98415,53615,566
General and administrative expenses3,4513,4733,0126,4637,101
Loss on curtailment of facility38—1,6691,707—
Other (income) expense, net(167)377(4)(171)169
264,431315,348316,298580,729623,241
Segment income$17,074$18,908$3,763$20,837$30,538
(percentage of sales)
Segment sales100.0%100.0%100.0%100.0%100.0%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)85.1%86.6%85.6%85.4%87.6%
Depreciation and amortization4.9%4.2%9.2%7.2%4.3%
Selling and distribution expenses2.7%2.4%2.5%2.6%2.4%
General and administrative expenses1.2%1.0%0.9%1.1%1.1%
Loss on curtailment of facility—%—%0.5%0.3%—%
Other (income) expense, net(0.1%)0.1%—%—%—%
93.9%94.3%98.8%96.5%95.3%
Segment income6.1%5.7%1.2%3.5%4.7%
7
Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages)
Three Months EndedSix Months Ended
June 30March 31, 2020June 30
2020201920202019
Segment sales$1,134,260$1,097,421$1,049,997$2,184,257$2,005,129
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)982,385961,862917,8411,900,2261,762,062
Depreciation and amortization5,5845,0285,34410,92810,160
Selling and distribution expenses95,95890,95091,423187,381170,215
General and administrative expenses7,2065,9676,13513,34111,661
Other (income) expense, net(83)(186)(48)(131)(286)
1,091,0501,063,6211,020,6952,111,7451,953,812
Segment income$43,210$33,800$29,302$72,512$51,317
(percentage of sales)
Segment sales100.0%100.0%100.0%100.0%100.0%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)86.6%87.6%87.4%87.0%87.9%
Depreciation and amortization0.5%0.5%0.5%0.5%0.5%
Selling and distribution expenses8.5%8.3%8.7%8.6%8.5%
General and administrative expenses0.6%0.5%0.6%0.6%0.6%
Other (income) expense, net—%—%—%—%—%
96.2%96.9%97.2%96.7%97.4%
Segment income3.8%3.1%2.8%3.3%2.6%
8
Segment Information
(in thousands)
Three Months EndedSix Months Ended
June 30March 31, 2020June 30
2020201920202019
Segment sales
Wood Products$281,505$334,256$320,061$601,566$653,779
Building Materials Distribution1,134,2601,097,4211,049,9972,184,2572,005,129
Intersegment eliminations(173,005)(201,596)(199,524)(372,529)(386,741)
Total net sales$1,242,760$1,230,081$1,170,534$2,413,294$2,272,167
Segment income
Wood Products$17,074$18,908$3,763$20,837$30,538
Building Materials Distribution43,21033,80029,30272,51251,317
Total segment income60,28452,70833,06593,34981,855
Unallocated corporate costs(8,514)(7,576)(7,518)(16,032)(15,069)
Income from operations$51,770$45,132$25,547$77,317$66,786
Segment EBITDA (a)
Wood Products$31,005$33,000$33,366$64,371$58,368
Building Materials Distribution48,79438,82834,64683,44061,477
See accompanying summary notes to consolidated financial statements and segment information.
9
Boise Cascade Company
Consolidated Balance Sheets
(in thousands)
June 30, 2020December 31, 2019
ASSETS
Current
Cash and cash equivalents$361,436$285,237
Receivables
Trade, less allowances of $890 and $591350,673215,894
Related parties417568
Other9,77215,184
Inventories456,129497,596
Prepaid expenses and other14,7168,285
Total current assets1,193,1431,022,764
Property and equipment, net446,773476,949
Operating lease right-of-use assets64,67664,228
Finance lease right-of-use assets30,10121,798
Timber deposits14,21212,287
Goodwill60,38260,382
Intangible assets, net17,18617,797
Deferred income taxes7,6207,952
Other assets6,9829,194
Total assets$1,841,075$1,693,351
10
Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data)
June 30, 2020December 31, 2019
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$320,839$222,930
Related parties1,8351,624
Accrued liabilities
Compensation and benefits78,38683,943
Income taxes payable7,391—
Interest payable6,6966,723
Other70,14069,772
Total current liabilities485,287384,992
Debt
Long-term debt440,178440,544
Other
Compensation and benefits42,20545,586
Operating lease liabilities, net of current portion58,91358,029
Finance lease liabilities, net of current portion31,81623,419
Deferred income taxes25,33326,694
Other long-term liabilities17,63512,757
175,902166,485
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, 44,564 and 44,353 shares issued, respectively446444
Treasury stock, 5,367 shares at cost(138,909)(138,909)
Additional paid-in capital533,406533,345
Accumulated other comprehensive loss(49,883)(50,248)
Retained earnings394,648356,698
Total stockholders' equity739,708701,330
Total liabilities and stockholders' equity$1,841,075$1,693,351
11
Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended June 30
20202019
Cash provided by (used for) operations
Net income$45,786$39,107
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other56,29539,821
Stock-based compensation3,3454,069
Pension expense1,023911
Deferred income taxes(1,501)5,629
Change in fair value of interest rate swaps2,8282,534
Loss on curtailment of facility (excluding severance)1,476—
Other164(33)
Decrease (increase) in working capital, net of acquisitions
Receivables(129,532)(93,977)
Inventories41,10213,324
Prepaid expenses and other(6,989)(4,773)
Accounts payable and accrued liabilities95,50545,355
Pension contributions(1,062)(927)
Income taxes payable8,61616,735
Other1,220(923)
Net cash provided by operations118,27666,852
Cash provided by (used for) investment
Expenditures for property and equipment(28,849)(32,824)
Acquisitions of businesses and facilities—(15,675)
Proceeds from sales of facilities—2,493
Proceeds from sales of assets and other4061,395
Net cash used for investment(28,443)(44,611)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility—5,500
Payments of long-term debt, including revolving credit facility—(5,500)
Dividends paid on common stock(8,562)(7,562)
Tax withholding payments on stock-based awards(3,309)(3,574)
Other(1,763)(369)
Net cash used for financing(13,634)(11,505)
Net increase in cash and cash equivalents76,19910,736
Balance at beginning of the period285,237191,671
Balance at end of the period$361,436$202,407
12
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 2019 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.
(a)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 three months ended June 30, 2020 and 2019, and March 31, 2020, and the six months ended June 30, 2020 and 2019:
Three Months EndedSix Months Ended
June 30March 31, 2020June 30
2020201920202019
(in thousands)
Net income$33,586$27,718$12,200$45,786$39,107
Interest expense6,6336,4866,42113,05412,923
Interest income(190)(416)(655)(845)(908)
Income tax provision11,3349,7514,00715,34112,951
Depreciation and amortization19,89919,45435,33255,23138,671
EBITDA71,26262,99357,305128,567102,744
Change in fair value of interest rate swaps5141,5512,3142,8282,534
Adjusted EBITDA$71,776$64,544$59,619$131,395$105,278
13
The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended June 30, 2020 and 2019, and March 31, 2020, and the six months ended June 30, 2020 and 2019:
Three Months EndedSix Months Ended
June 30March 31, 2020June 30
2020201920202019
(in thousands)
Wood Products
Segment income$17,074$18,908$3,763$20,837$30,538
Depreciation and amortization13,93114,09229,60343,53427,830
EBITDA$31,005$33,000$33,366$64,371$58,368
Building Materials Distribution
Segment income$43,210$33,800$29,302$72,512$51,317
Depreciation and amortization5,5845,0285,34410,92810,160
EBITDA$48,794$38,828$34,646$83,440$61,477
Corporate
Unallocated corporate costs$(8,514)$(7,576)$(7,518)$(16,032)$(15,069)
Foreign currency exchange gain (loss)409248(873)(464)410
Pension expense (excluding service costs)(302)(290)(387)(689)(589)
Change in fair value of interest rate swaps(514)(1,551)(2,314)(2,828)(2,534)
Depreciation and amortization384334385769681
EBITDA(8,537)(8,835)(10,707)(19,244)(17,101)
Change in fair value of interest rate swaps5141,5512,3142,8282,534
Corporate adjusted EBITDA$(8,023)$(7,284)$(8,393)$(16,416)$(14,567)
Total company adjusted EBITDA$71,776$64,544$59,619$131,395$105,278
14
EX-99.2
3
bccexhibit9926302020.htm
QUARTERLY STATISTICAL INFORMATION
Document
Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2020
Q1Q2Q3Q4YTD
LVL sales volume (MCF)4,6733,8478,520
I-joist sales volume (MELF)59,48749,514109,001
Plywood sales volume (MSF 3/8")317,843313,995631,838
Lumber sales volume (MBF)22,80721,90144,708
LVL mill net sales price ($/CF)$18.50$18.36$18.44
I-joist mill net sales price ($/MELF)$1,276$1,260$1,268
Plywood net sales price ($/MSF 3/8")$267$287$277
Lumber net sales price ($/MBF)$520$535$528
Segment sales (000)$320,061$281,505$601,566
Segment income$3,763$17,074$20,837
Segment depreciation and amortization (000)3$29,603$13,931$43,534
Segment EBITDA (000)1$33,366$31,005$64,371
EBITDA as a percentage of sales10.4%11.0%10.7%
Capital spending (000)$11,341$5,644$16,985
Receivables (000)$69,136$67,674
Inventories (000)$164,230$140,120
Accounts payable (000)$44,315$38,898
2019
Q1Q2Q3Q4YTD
LVL sales volume (MCF)4,3324,5944,6324,34317,901
I-joist sales volume (MELF)52,16660,40260,01853,966226,552
Plywood sales volume (MSF 3/8")335,989343,035343,422314,7691,337,215
Lumber sales volume (MBF)20,39422,05922,00120,81685,270
LVL mill net sales price ($/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$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$44,356
1
Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2018
Q1Q2Q3Q4YTD
LVL sales volume (MCF)4,8134,8164,4633,57717,669
I-joist sales volume (MELF)62,52568,06061,43444,995237,014
Plywood sales volume (MSF 3/8")359,911368,897368,046325,8701,422,724
Lumber sales volume (MBF)47,35345,91333,91125,378152,555
LVL mill net sales price ($/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)2$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)1,2$43,665$55,935$32,656$(15,289)$116,967
EBITDA as a percentage of sales11.0%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
1Segment EBITDA is calculated as segment income (loss) before depreciation and amortization.
2Segment 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.
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.
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
2020
Q1Q2Q3Q4YTD
Commodity sales41.9%43.2%42.6%
General line sales37.9%39.5%38.7%
EWP sales20.2%17.3%18.8%
Total sales (000)$1,049,997$1,134,260$2,184,257
Gross margin112.6%13.4%13.0%
Segment income (000)$29,302$43,210$72,512
Segment depreciation and amortization (000)$5,344$5,584$10,928
Segment EBITDA (000)2$34,646$48,794$83,440
EBITDA as a percentage of sales3.3%4.3%3.8%
Capital spending (000)$6,528$4,358$10,886
Receivables (000)$304,082$322,430
Inventories (000)$372,084$316,008
Accounts payable (000)$282,886$297,147
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 margin111.8%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)3$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
3
Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2018
Q1Q2Q3Q4YTD
Commodity sales49.4%49.6%47.9%45.8%48.3%
General line sales31.8%32.4%33.2%35.5%33.1%
EWP sales18.8%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 margin111.8%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 sales3.7%4.3%2.4%1.5%3.1%
Capital spending (000)4$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
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 2019, capital spending in second quarter excludes $15.7 million of cash paid for the acquisition of businesses and facilities.
4During 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. The following tables reconcile net income (loss) to EBITDA and Adjusted EBITDA for the periods noted below:
2020
Q1Q2Q3Q4YTD
Net income$12,200$33,586$45,786
Interest expense6,4216,63313,054
Interest income(655)(190)(845)
Income tax provision4,00711,33415,341
Depreciation and amortization35,33219,89955,231
EBITDA57,30571,262128,567
Change in fair value of interest rate swaps2,3145142,828
Adjusted EBITDA$59,619$71,776$131,395
2019
Q1Q2Q3Q4YTD
Net income$11,389$27,718$27,171$14,647$80,925
Interest expense6,4376,4866,5326,59626,051
Interest income(492)(416)(837)(1,066)(2,811)
Income tax provision3,2009,7519,6504,70527,306
Depreciation and amortization19,21719,45420,96920,50180,141
EBITDA39,75162,99363,48545,383211,612
Change in fair value of interest rate swaps9831,551569(140)2,963
Adjusted EBITDA$40,734$64,544$64,054$45,243$214,575
2018
Q1Q2Q3Q4YTD
Net income (loss)$37,050$41,825$13,848$(72,246)$20,477
Interest expense6,3626,5806,5856,66626,193
Interest income(264)(237)(500)(648)(1,649)
Income tax provision (benefit)9,79013,835(814)(21,186)1,625
Depreciation and amortization22,11124,29623,88176,549146,837
EBITDA75,04986,29943,000(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
For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our second quarter 2020 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 July 31, 2020.
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