PART I—FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported a significant decrease in net income for the second quarter and first half of 2025 compared to the same periods in 2024 Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $1,740.1M | $1,797.7M | $3,276.6M | $3,443.1M | | **Income from operations** | $80.5M | $147.0M | $135.0M | $280.0M | | **Net income** | $62.0M | $112.3M | $102.3M | $216.4M | | **Diluted EPS** | $1.64 | $2.84 | $2.69 | $5.44 | Consolidated Balance Sheet Highlights (Unaudited) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $481.0M | $713.3M | | **Total current assets** | $1,911.1M | $1,886.1M | | **Total assets** | $3,445.5M | $3,369.4M | | **Long-term debt, net** | $444.9M | $446.2M | | **Total stockholders' equity** | $2,152.1M | $2,151.3M | Consolidated Statements of Cash Flows Highlights (Unaudited, Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operations** | $4.7M | $169.2M | | **Net cash used for investment** | ($122.1M) | ($76.7M) | | **Net cash used for financing** | ($114.8M) | ($120.0M) | | **Net decrease in cash** | ($232.2M) | ($27.5M) | [Nature of Operations and Consolidation](index=11&type=section&id=1.%20Nature%20of%20Operations%20and%20Consolidation) Boise Cascade is a major North American producer of engineered wood products and plywood, and a leading U.S. building products distributor - The company is one of the largest producers of EWP and plywood in North America[29](index=29&type=chunk) - Business is structured into two primary segments: Wood Products (manufacturing) and Building Materials Distribution (wholesale distribution)[30](index=30&type=chunk) [Debt](index=18&type=section&id=6.%20Debt) In April 2025, the company secured a new $450 million revolving credit facility maturing in 2030, replacing its prior asset-based facility - On April 14, 2025, the company entered into a new Credit Agreement providing a **$450 million** revolving credit facility (the Revolver) maturing in 2030[64](index=64&type=chunk) - Proceeds from the new Revolver were used to repay the **$50.0 million** term loan under the prior credit agreement, which was terminated[68](index=68&type=chunk) Long-Term Debt Composition (in millions) | Debt Instrument | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Revolving credit facility due 2030 | $50.0 | $0.0 | | 4.875% senior notes due 2030 | $400.0 | $400.0 | | Asset-based credit facility term loan due 2027 | $0.0 | $50.0 | | **Total Long-term debt** | **$444.9** | **$446.2** | [Stockholders' Equity](index=23&type=section&id=9.%20Stockholders%27%20Equity) The company continued its capital return program through dividends and stock repurchases - During the first six months of 2025, the company repurchased **837,352 shares** for **$86.0 million** at an average price of **$102.72 per share**[95](index=95&type=chunk) - As of June 30, 2025, **970,864 shares** remained available for repurchase under the authorized program[95](index=95&type=chunk) - On July 31, 2025, the board of directors declared a quarterly dividend of **$0.22 per share**, payable on September 17, 2025[91](index=91&type=chunk) [Segment Information](index=25&type=section&id=11.%20Segment%20Information) For Q2 2025, Wood Products segment income fell sharply to $14.0 million from $72.8 million in Q2 2024 due to lower prices and volumes Segment Income from Operations (in millions) | Segment | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Wood Products** | $14.0 | $72.8 | $31.7 | $144.0 | | **Building Materials Distribution** | $78.0 | $85.4 | $126.5 | $157.9 | | **Total Income from operations** | **$80.5** | **$147.0** | **$135.0** | **$280.0** | Sales to External Customers by Segment (in millions) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Wood Products** | $125.2 | $142.5 | $254.6 | $282.9 | | **Building Materials Distribution** | $1,614.9 | $1,655.2 | $3,022.0 | $3,160.2 | | **Total Sales** | **$1,740.1** | **$1,797.7** | **$3,276.6** | **$3,443.1** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q2 2025 income decline to lower EWP and plywood prices and higher Wood Products conversion costs, partly from mill modernization [Executive Overview](index=30&type=section&id=Executive%20Overview) Income from operations for Q2 2025 was $80.5 million, a sharp decline from $147.0 million in Q2 2024 - Q2 2025 income from operations was **$80.5 million**, compared to **$147.0 million** in Q2 2024[113](index=113&type=chunk) - The Wood Products segment income decreased by **$58.8 million**, primarily due to lower EWP and plywood sales prices and higher conversion costs related to mill modernization projects[113](index=113&type=chunk) - The BMD segment income decreased by **$7.4 million**, driven by increased selling, distribution, and depreciation expenses[113](index=113&type=chunk) - The company ended Q2 2025 with **$481.0 million** in cash and **$395.2 million** in undrawn credit, totaling **$876.2 million** in available liquidity[114](index=114&type=chunk) [Our Operating Results](index=32&type=section&id=Our%20Operating%20Results) Total sales for Q2 2025 decreased 3% year-over-year to $1.74 billion, driven by lower prices and volumes in the Wood Products segment - Total sales decreased by **3%** in Q2 2025 and **5%** in the first six months of 2025 compared to the prior year periods, primarily due to changes in sales prices and volumes[122](index=122&type=chunk) - Wood Products sales (including intersegment) fell **9%** in Q2 2025, driven by lower sales prices for EWP (LVL **-10%**, I-joists **-8%**) and decreased plywood sales volumes (**-7%**) and prices (**-6%**)[123](index=123&type=chunk) - BMD sales decreased **2%** in Q2 2025, with commodity sales down **5%** and EWP sales down **12%**, partially offset by a **4%** increase in general line product sales[126](index=126&type=chunk) - Selling and distribution expenses increased by **8%** in Q2 2025, mainly due to higher employee-related expenses[132](index=132&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q2 2025 with $481.0 million in cash, a decrease of $232.2 million since year-end 2024 - Ended Q2 2025 with **$481.0 million** of cash and cash equivalents and **$876.2 million** of total available liquidity[146](index=146&type=chunk) - Net cash provided by operations for the first six months of 2025 was only **$4.7 million**, a significant decrease from **$169.2 million** in the same period of 2024, primarily due to lower income and a larger increase in working capital[150](index=150&type=chunk) - Capital expenditures for the first six months of 2025 were **$132.3 million**, up from **$74.1 million** in the prior year period. Full-year 2025 capital expenditures are projected to be between **$220 million** and **$240 million**[152](index=152&type=chunk)[153](index=153&type=chunk) - Financing activities in the first half of 2025 used **$114.8 million**, including **$86.0 million** for share repurchases and **$18.4 million** for dividends[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk exposure, including commodity prices, interest rates, and foreign currency, from its 2024 Form 10-K disclosures - As of June 30, 2025, there have been no material changes in the company's exposure to market risk from the disclosures in the 2024 Form 10-K[167](index=167&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's CEO and CFO concluded that as of June 30, 2025, the disclosure controls and procedures were effective - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[168](index=168&type=chunk) - No changes occurred during Q2 2025 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[169](index=169&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, but expects no material adverse effect on its financial position or results - The company does not expect any current legal proceedings to have a material adverse effect on its financial condition or results of operations[171](index=171&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section refers to risk factors in the 2024 Form 10-K, noting no material changes or new significant risks this quarter - The report refers to the risk factors previously disclosed in the company's 2024 Form 10-K[173](index=173&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, Boise Cascade repurchased 354,652 shares for $32.1 million at an average price of $90.59 per share under its authorized program Share Repurchases in Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | April 2025 | 179,445 | $94.10 | 1,146,071 | | May 2025 | 63,756 | $88.22 | 1,082,315 | | June 2025 | 111,451 | $86.29 | 970,864 | | **Q2 Total** | **354,652** | **$90.59** | **970,864** |

[Q2 2025 Financial & Operational Overview](index=1&type=section&id=Boise%20Cascade%20Company%20Reports%20Second%20Quarter%202025%20Results) [Consolidated Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Boise Cascade's Q2 2025 profitability significantly declined, with net income falling 45% to $62.0 million and sales dropping 3% to $1.7 billion | Metric | 2Q 2025 | 2Q 2024 | % Change | | :--- | :--- | :--- | :--- | | Sales | $1,740.1M | $1,797.7M | (3)% | | Net Income | $62.0M | $112.3M | (45)% | | Diluted EPS | $1.64 | $2.84 | (42)% | | Adjusted EBITDA | $119.0M | $181.2M | (34)% | [Management Commentary & Market Context](index=1&type=section&id=Management%20Commentary%20%26%20Market%20Context) Management noted subdued new residential construction demand and completed the Oakdale mill modernization, as U.S. housing starts declined - CEO Nate Jorgensen highlighted that underlying demand for new residential construction was muted, despite seasonal volume growth[2](index=2&type=chunk) - The completion of the Oakdale plywood mill modernization project is a key milestone expected to improve operational efficiency and strengthen veneer production capabilities[2](index=2&type=chunk) Housing Starts (2Q 2025 vs 2Q 2024) | Housing Starts (2Q 2025 vs 2Q 2024) | % Change | | :--- | :--- | | Total U.S. Housing Starts | (1)% | | Single-Family Housing Starts | (8)% | [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) [Wood Products](index=2&type=section&id=Wood%20Products) The Wood Products segment experienced a significant Q2 2025 downturn, with sales down 9% to $447.2 million and income down 81% to $14.0 million - Segment income fell sharply by **$58.8 million**, driven by lower EWP and plywood sales prices and higher per-unit conversion costs from the Oakdale mill downtime[5](index=5&type=chunk) Price & Volume Changes (2Q 2025 vs. 2Q 2024) | Price & Volume Changes | 2Q 2025 vs. 2Q 2024 | | :--- | :--- | | **Average Net Selling Prices** | | | LVL | (10)% | | I-joists | (8)% | | Plywood | (6)% | | **Sales Volumes** | | | LVL | 8% | | I-joists | (5)% | | Plywood | (7)% | [Building Materials Distribution (BMD)](index=2&type=section&id=Building%20Materials%20Distribution) The Building Materials Distribution segment saw Q2 2025 sales decrease 2% to $1.61 billion and income decrease 9% to $78.0 million, mainly due to higher expenses - By product line, commodity sales fell **5%**, general line product sales grew **4%**, and EWP sales dropped **12%** compared to Q2 2024[7](index=7&type=chunk) - The decrease in segment income was primarily driven by higher selling and distribution expenses, which more than offset an increase in gross margin from general line products[7](index=7&type=chunk) [Financial Position and Capital Allocation](index=2&type=section&id=Financial%20Position%20and%20Capital%20Allocation) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, Boise Cascade maintained strong liquidity of $876.2 million, with $481.0 million in cash and $450.0 million in outstanding debt Liquidity Position (as of June 30, 2025) | Liquidity Position (as of June 30, 2025) | Amount | | :--- | :--- | | Cash and cash equivalents | $481.0 million | | Undrawn committed bank line | $395.2 million | | **Total available liquidity** | **$876.2 million** | | Outstanding debt | $450.0 million | [Capital Allocation](index=3&type=section&id=Capital%20Allocation) The company plans 2025 capital expenditures of $220-240 million and returned capital via $18.4 million in dividends and $86.0 million in share repurchases in H1 2025 - Projected capital expenditures for 2025 are estimated to be between **$220 million** and **$240 million**[9](index=9&type=chunk) - A quarterly dividend of **$0.22 per share** was declared, payable on September 17, 2025[10](index=10&type=chunk) - The company repurchased **837,352 shares** for **$86.0 million** in the first six months of 2025 and an additional **117,000 shares** for approximately **$10 million** in July 2025[11](index=11&type=chunk) [Business Outlook](index=3&type=section&id=Outlook) [Market Outlook](index=3&type=section&id=Market%20Outlook) Near-term demand is expected to be soft due to affordability and sentiment, while long-term residential construction fundamentals remain strong due to undersupply and aging stock - Near-term demand is expected to be soft due to factors like mortgage rates, home affordability, and cautious consumer sentiment[12](index=12&type=chunk) - Long-term demand drivers for residential construction, such as housing undersupply and an aging U.S. housing stock, remain robust[12](index=12&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) Boise Cascade anticipates dynamic commodity pricing and distribution margin pressure, with 2025 production and inventory guided by end-market demand and customer decisions - Future product pricing, especially for commodities like plywood, is expected to remain dynamic and subject to market fluctuations[13](index=13&type=chunk) - Production and inventory strategies for the rest of 2025 will be responsive to end-market demand and customer inventory levels[13](index=13&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, Boise Cascade's sales decreased to $1.74 billion, with income from operations falling to $80.5 million and net income declining to $62.0 million Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Sales (in millions) | $1,740.1 | $1,797.7 | | Income from operations (in millions) | $80.5 | $147.0 | | Net income (in millions) | $62.0 | $112.3 | | Diluted EPS | $1.64 | $2.84 | [Segment Statements of Operations](index=7&type=section&id=Segment%20Statements%20of%20Operations) In Q2 2025, Wood Products' income margin significantly compressed to 3.1% from 14.9%, and Building Materials Distribution's income margin slightly decreased to 4.8% from 5.2% Segment Income (Q2 2025 vs Q2 2024) | Segment Income (Q2 2025 vs Q2 2024) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Wood Products** | | | | Segment Sales | $447.2M | $489.8M | | Segment Income | $14.0M | $72.8M | | **Building Materials Distribution** | | | | Segment Sales | $1,614.9M | $1,655.2M | | Segment Income | $78.0M | $85.4M | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased slightly to $3.45 billion, driven by higher receivables and inventories, while cash decreased to $481.0 million Consolidated Balance Sheets | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents (in millions) | $481.0 | $713.3 | | Inventories (in millions) | $919.0 | $803.3 | | Total current assets (in millions) | $1,911.1 | $1,886.1 | | Total assets (in millions) | $3,445.5 | $3,369.4 | | Long-term debt, net (in millions) | $444.9 | $446.2 | | Total stockholders' equity (in millions) | $2,152.1 | $2,151.3 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash from operations significantly declined to $4.7 million, leading to a $232.2 million net cash decrease due to increased investment and financing outflows Consolidated Statements of Cash Flows | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operations (in millions) | $4.7 | $169.2 | | Net cash used for investment (in millions) | ($122.1) | ($76.7) | | Net cash used for financing (in millions) | ($114.8) | ($120.0) | | **Net decrease in cash (in millions)** | **($232.2)** | **($27.5)** | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) [Definition and Use of Non-GAAP Measures](index=4&type=section&id=Definition%20and%20Use%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like EBITDA and Adjusted EBITDA to assess recurring operating performance, with EBITDA defined as income before interest, taxes, depreciation, and amortization - The company uses EBITDA, Adjusted EBITDA, and Segment EBITDA as supplemental measures to evaluate recurring operating performance, which are not presented in accordance with GAAP[17](index=17&type=chunk) - Management acknowledges limitations of these non-GAAP measures, such as the exclusion of interest, taxes, and depreciation, and compensates by also relying on GAAP results[18](index=18&type=chunk) [Reconciliation of Non-GAAP Measures](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) In Q2 2025, net income of $62.0 million reconciled to Adjusted EBITDA of $119.0 million, compared to $112.3 million and $181.2 million in Q2 2024, with segment EBITDA also presented Reconciliation | Reconciliation | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income (in millions) | $62.0 | $112.3 | | (+) Interest, Taxes, D&A (in millions) | $56.6 | $68.4 | | EBITDA (in millions) | $118.6 | $180.7 | | (+) Change in fair value of interest rate swaps (in millions) | $0.4 | $0.5 | | **Adjusted EBITDA (in millions)** | **$119.0** | **$181.2** | Segment EBITDA | Segment EBITDA | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Wood Products (in millions) | $37.3 | $95.1 | | Building Materials Distribution (in millions) | $91.8 | $97.1 |

Group 1 - The article discusses a significant downturn in the market, characterized as one of the steepest in history, driven by high valuations and trade uncertainties [1] - There is an emphasis on the unpredictability of trade impacts, highlighting concerns about the extent of potential negative outcomes [1] Group 2 - The content does not provide specific company or industry insights, focusing instead on general market conditions and analyst disclosures [2]

Financial Performance - The company's total shareholder return was 347% in the five years ending December 2024[4] - The company's last twelve months (LTM) revenue was $6.6 billion[4] - The company's revenue compound annual growth rate (CAGR) from 2019 to LTM is 7%[4] - The Wood Products division's LTM revenue was $1.78 billion with a 15.1% LTM EBITDA margin, up from 8.8% in 2019[40] - The Building Materials Distribution (BMD) division's LTM revenue was $6.1 billion, with an 8.8% CAGR from IPO in 2013 to LTM[49] Capital Allocation and Share Growth - The company has invested $1.58 billion in the company via M&A/Capex and $1.35 billion in shareholder returns since 2019[4] - The company's sales per housing start have grown at a 5% CAGR[32] - The company's laminated veneer lumber (LVL) market share is 40% of industry production, and I-joist market share is 37% of industry production[41] Market Position and Strategy - Independent pro dealers account for 49% of the company's customer segments[36] - Engineered Wood Products (EWP) account for 62% of the Wood Products division's LTM sales[41] - General line products account for 43% of the Building Materials Distribution (BMD) division's LTM sales[50]

Company Overview - Boise Cascade (BCC) shares have increased by approximately 0.1% since the last earnings report, underperforming the S&P 500 [1] Earnings Estimates - Recent estimates for Boise Cascade have trended downward, with the consensus estimate shifting by -17.76% [2] - The stock currently holds a Zacks Rank of 5 (Strong Sell), indicating expectations of below-average returns in the coming months [4] VGM Scores - Boise Cascade has a poor Growth Score of F, a Momentum Score of D, and a Value Score of C, resulting in an aggregate VGM Score of D [3] Industry Comparison - Boise Cascade is part of the Zacks Building Products - Wood industry, where Rayonier (RYN) has gained 1.8% over the past month [5] - Rayonier reported revenues of $82.9 million for the last quarter, reflecting a year-over-year decline of -50.7% [5] - Rayonier's expected earnings for the current quarter are $0.03 per share, indicating a +50% change from the previous year, but the Zacks Consensus Estimate has decreased by -11.1% over the last 30 days [6]

Core Insights - Medicus Pharma Ltd. has received approval from the UAE Department of Health to commence a Phase 2 clinical study (SKNJCT-004) for the non-invasive treatment of Basal Cell Carcinoma (BCC) of the skin [1][2] - The study will involve 36 participants across four clinical sites in the UAE, including Cleveland Clinic Abu Dhabi [2][3] - The clinical trial is designed as a randomized, double-blind, placebo-controlled study to evaluate the efficacy of two dose levels of D-MNA compared to a placebo [3][4] Clinical Study Details - The SKNJCT-004 study will randomize participants into three groups: a placebo group, a low-dose group receiving 100μg of D-MNA, and a high-dose group receiving 200μg of D-MNA [3] - The high-dose of 200μg D-MNA is the maximum dose used in the previous Phase 1 study (SKNJCT-001), which met its primary objective of safety and tolerability [4][5] - In the Phase 1 study, D-MNA was well tolerated with no serious adverse events, and six participants achieved complete responses [5] Ongoing and Future Studies - The company is also conducting the SKNJCT-003 Phase 2 clinical study in the United States, which began randomizing patients in August 2024 and has shown a positive interim analysis with over 60% clinical clearance [6][7] - The number of participants in the SKNJCT-003 study has been increased to 90, and the company is expanding clinical trial sites in Europe [7] Strategic Developments - Medicus Pharma has entered into a binding letter of intent to acquire Antev Ltd., a UK-based biotech company developing a next-generation GnRH antagonist for prostate cancer patients [8][11] - The acquisition is subject to due diligence and regulatory approvals, with no guarantees on the completion of the transaction [11] Company Overview - Medicus Pharma Ltd. is focused on accelerating the clinical development of novel therapeutics and has a subsidiary, SkinJect Inc., dedicated to non-invasive treatments for basal cell skin cancer [9][10]

Core Viewpoint - Boise Cascade Company (BCC) reported mixed first-quarter 2025 results, with earnings missing estimates while sales exceeded expectations, reflecting a decline in both metrics year-over-year due to lower selling prices and sales volumes, alongside operational challenges [1][3]. Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were $1.06, missing the Zacks Consensus Estimate of $1.36 by 22.1%, and down from $2.61 in the same quarter last year [3]. - Quarterly sales reached $1.54 billion, surpassing the consensus mark of $1.45 billion by 5.7%, but decreased by 7% year-over-year [3]. - Adjusted EBITDA was $91.6 million, a significant decline of 46% from the prior-year quarter [3]. Segment Analysis - **Wood Products**: Sales totaled $415.8 million, down 11% year-over-year due to lower engineered wood products and sales prices. Adjusted EBITDA fell to $40.2 million, down 11% from $95.6 million a year ago [4]. - **Building Materials Distribution (BMD)**: Sales decreased by 7% year-over-year to $1.41 billion, attributed to lower plywood sales prices and reduced sales volumes. Adjusted EBITDA dropped 25% year-over-year to $62.8 million [5]. Liquidity and Debt - As of March 31, 2025, total liquidity was $957.5 million, down from $1.109 billion at the end of 2024, with cash and cash equivalents at $561.8 million [6]. - Net long-term debt slightly increased to $446.4 million from $446.2 million at the end of 2024 [6]. Share Repurchase Activity - In Q1 2025, the company repurchased 482,700 shares for a total value of $53.9 million, followed by an additional repurchase of 179,445 shares for approximately $17 million in April 2025 [7][8]. Market Outlook - The company plans to remain flexible in response to evolving market conditions in the second quarter, supported by a strong balance sheet for continued investments in residential construction trends [2].

Financial Data and Key Metrics Changes - Consolidated first quarter sales were $1.5 billion, down 7% from Q1 2024 [7] - Net income was $40.3 million or $1.06 per share, compared to $104.1 million or $2.61 per share in the prior year quarter [7] - Wood Products sales were $415.8 million, down 11% year-over-year [9] - Wood Products segment EBITDA decreased to $40.2 million from $95.6 million in the previous year [9] - BMD sales were $1.4 billion, down 7% from Q1 2024, with segment EBITDA of $62.8 million compared to $83.6 million [10] Business Line Data and Key Metrics Changes - Wood Products segment saw lower EWP and plywood sales prices and volumes, with a significant impact from the Oakdale outage [9] - BMD's gross margin was 14.7%, a decline of 40 basis points year-over-year [10] - LVL and I joists volumes were down 3%, better than the 6% decline in single-family housing starts [10] - Plywood sales volume was 363 million feet, down from 372 million feet in Q1 2024 [11] Market Data and Key Metrics Changes - U.S. housing starts decreased 26% year-over-year, impacting demand [7] - Daily sales pace in BMD improved in April, approximately 13% higher than Q1 2025 [15] - Weather significantly influenced sales activity, with January and February below $21.5 million daily, rebounding in March [12] Company Strategy and Development Direction - The company is focused on strategic investments and capital returns to shareholders, supported by a strong balance sheet [8] - Continued emphasis on two-step distribution model to support customer inventory management [26] - Ongoing modernization projects at Oakdale are expected to enhance EWP production capabilities [17] Management's Comments on Operating Environment and Future Outlook - The management expressed uncertainty regarding 2025 end market demand, with forecasts ranging from flat to mid-single digit declines [21] - Long-term demand drivers remain strong, characterized by housing undersupply and aging housing stock [22] - The company remains agile and prepared to respond to economic changes while focusing on customer service [22] Other Important Information - Capital expenditures in Q1 were $53 million, with a range of $220 million to $240 million expected for 2025 [17] - The company repurchased $71 million of common stock in the first four months of 2025 [19] - The Oakdale facility is expected to be fully operational by the end of Q2 2025 [17] Q&A Session Summary Question: Thoughts on general line side of the business and inventory positions - Management noted that customers are relying on two-step distribution for inventory management and new product introductions [26] Question: Update on Oakdale project and ramp-up - The Oakdale facility is expected to shift veneer back into EWP production as it comes back online [29] Question: Capital allocation priorities and M&A pipeline - Management indicated a quiet M&A pipeline but remains open to opportunities while focusing on organic growth and share repurchases [30] Question: EWP pricing expectations for Q2 - Management expects low single-digit sequential pricing declines, with competitive pressures remaining [40] Question: Competitive pressures in EWP - Competitive challenges are primarily from existing EWP producers rather than dimensional lumber or open web trusses [52] Question: Impact of recent transactions in the industry - Management emphasized the importance of executing at a high level amidst ongoing industry consolidation [82]

Financial Data and Key Metrics Changes - Consolidated first quarter sales were $1.5 billion, down 7% from Q1 2024 [6] - Net income was $40.3 million or $1.06 per share, compared to $104.1 million or $2.61 per share in the prior year quarter [6] - Wood Products sales were $415.8 million, down 11% year-over-year [8] - BMD sales were $1.4 billion, down 7% from Q1 2024 [9] - Overall EBITDA for Wood Products was $40.2 million, significantly lower than $95.6 million in the previous year [8] Business Line Data and Key Metrics Changes - Wood Products segment EBITDA decreased primarily due to lower EWP and plywood sales prices and volumes [8] - BMD's gross margin was 14.7%, a decline of 40 basis points year-over-year [10] - EWP volumes were down 3%, which was better than the 6% decline in single-family housing starts [10] - Plywood sales volume was 363 million feet, down from 372 million feet in Q1 2024 [11] Market Data and Key Metrics Changes - U.S. housing starts decreased by 26% year-over-year, impacting demand [6] - Daily sales pace in BMD improved in March, exceeding $24 million per day [12] - April's daily sales pace was approximately 13% higher than Q1 2025, indicating a rebound in demand [15] Company Strategy and Development Direction - The company is focused on strategic investments and returning capital to shareholders, supported by a strong balance sheet [7] - Capital expenditures for 2025 are projected between $220 million and $240 million, with significant investments in EWP production capabilities [16] - The company is prepared to respond to economic changes while maintaining a focus on long-term demand drivers in residential construction [20] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 end market demand expectations are difficult to predict, with forecasts ranging from flat to mid-single-digit declines [20] - The company remains confident in its ability to execute across all market conditions, emphasizing the strength of its team [21] - Long-term demand drivers remain strong, characterized by an undersupply of housing units and aging housing stock [22] Other Important Information - The Oakdale facility's modernization is expected to be completed by the end of Q2, which will enhance EWP production [7] - The company repurchased $71 million of common stock in the first four months of 2025 [18] - A quarterly dividend of $10 million was paid during the quarter, with plans for future dividends [17] Q&A Session Summary Question: Thoughts on general line side of the business and inventory positions - Management noted that customers are relying heavily on two-step distribution for inventory management and just-in-time services [25] Question: Update on the Oakdale project and macro environment - The Oakdale facility is expected to resume operations, with veneer supply shifting back to EWP production [29] Question: Capital allocation priorities and M&A pipeline - Management indicated a quiet M&A pipeline but remains open to opportunities that align with growth strategy [30] Question: EWP pricing expectations for Q2 - Management expects low single-digit sequential pricing declines, similar to Q1 [38] Question: Competitive pressures in EWP - Competitive challenges are primarily from existing EWP producers rather than dimensional lumber or open web trusses [49] Question: Update on LVL volumes and share gains - LVL volumes are starting to outpace production, indicating a positive trend [62] Question: Inventory levels and market conditions - Management feels confident about inventory levels, which are aligned with market demands [76] Question: Impact of recent transactions in the industry - Management believes they are well-positioned amidst ongoing industry consolidation and will focus on high-level execution [78]

Financial Performance - Boise Cascade's Q1 2025 sales were $1.5 billion, a decrease of 7% compared to Q1 2024[4] - Net income for Q1 2025 was $40.3 million, or $1.06 per share, significantly lower than the $104.1 million, or $2.61 per share, in Q1 2024[4] - Adjusted EBITDA decreased by 46%, from $168.5 million in 1Q 2024 to $91.6 million in 1Q 2025[6] Segment Performance - Building Materials Distribution (BMD) sales were $1.4071 billion in 1Q 2025, down from $1.505 billion in 1Q 2024[6] - Wood Products sales were $415.8 million in 1Q 2025, down from $468.9 million in 1Q 2024[6] - BMD segment EBITDA was $62.8 million in 1Q25, compared to $83.6 million in 1Q24[28] - Wood Products segment EBITDA was $40.2 million in 1Q25, compared to $95.6 million in 1Q24[28] Capital Allocation - Capital expenditures totaled $53 million in 1Q 2025, with $31 million allocated to Wood Products and $22 million to BMD[23] - Share repurchases amounted to $54 million in 1Q 2025, with a total of $71 million repurchased year-to-date through April[23] - $10 million in dividends were paid in 1Q 2025[23] Outlook - The company anticipates that most housing starts forecasts ranging between flat to mid-single digit year-over-year declines[24]