Core Insights - Boise Cascade Company (BCC) reported second-quarter 2024 results with earnings and sales exceeding the Zacks Consensus Estimate, although both metrics declined year-over-year [1][2] - The company's performance was affected by weak demand due to high mortgage rates and economic uncertainties, alongside lower volumes and prices in the Wood Products segment [1][2] - Despite current demand uncertainties, the company is optimistic about the second half of the year, focusing on providing value through its manufacturing and distribution network [1] Financial Performance - Adjusted earnings per share (EPS) for the quarter were $2.84, surpassing the Zacks Consensus Estimate of $2.65 by 7.2%, but down from $3.67 in the prior year [2] - Quarterly sales reached $1.80 billion, exceeding the consensus estimate of $1.73 billion by 4%, but reflecting a 1% decline year-over-year [2] - Adjusted EBITDA was $181.2 million, down 18% from the previous year's quarter [2] Segment Analysis - **Wood Products Segment**: Sales totaled $489.8 million, an 8% decrease from the prior year, driven by lower plywood volumes and reduced prices in engineered wood products (EWP) [3] - Adjusted EBITDA for this segment was $95 million, down 25% from $127 million a year ago, with costs as a percentage of sales increasing to 85.1% from 80.4% [3] - **Building Materials Distribution (BMD) Segment**: Sales increased 1% year-over-year to $1.66 billion, primarily due to a 2% rise in sales volume [4] - Adjusted EBITDA for the BMD segment fell 8% year-over-year to $97.1 million, with costs as a percentage of sales rising to 94.8% from 94.0% [4] Liquidity and Capital Management - Total liquidity as of June 30, 2024, was $1.32 billion, down from $1.35 billion at the end of 2023, including $395.7 million of undrawn committed bank line availability [5] - Cash and cash equivalents were $922.1 million, a decrease from $949.6 million at the end of 2023 [5] - Long-term debt slightly increased to $445.7 million from $445.3 million at the end of 2023 [5] - Net cash provided by operations was $169.2 million, down from $290.2 million in the year-ago period [5][6] Shareholder Actions - In the first half of 2024, the company repurchased 677,845 shares of its common stock for a total value of $88.9 million [6]

Boise Cascade Company (NYSE:BCC) Q2 2024 Earnings Conference Call August 6, 2024 11:00 AM ET Company Participants Chris Forrey - IR Nate Jorgensen - CEO Kelly Hibbs - SVP, CFO and Treasurer Jeff Strom - Head-Building Materials Distribution Operations Troy Little - Head-Wood Products Operations Conference Call Participants Susan Maklari - Goldman Sachs Kurt Yinger - D.A. Davidson George Staphos - Bank of America Merrill Lynch Mike Roxland - Truist Securities Reuben Garner - Benchmark Operator Good morning. M ...

Boise Cascade Company Second Quarter 2024 Earnings Webcast August 6, 2024 Forward-Looking Statements u This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our outlook. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35805 Boise Cascade Company (Exact name of registrant as specified in its charter) Delaware 20-1496201 (State or other jurisdiction of incorpora ...

[Financial Performance Summary](index=1&type=section&id=Boise%20Cascade%20Company%20Reports%20Second%20Quarter%202024%20Results) Boise Cascade Company's second quarter 2024 results reflect a decline in profitability amidst a challenging demand environment [Second Quarter 2024 Highlights](index=1&type=section&id=Second%20Quarter%202024%20Highlights) Boise Cascade reported Q2 2024 net income of $112.3 million on $1.8 billion sales, a decline from Q2 2023, reflecting a challenging demand environment and focus on capital returns | Metric | 2Q 2024 | 2Q 2023 | % Change | | :--- | :--- | :--- | :--- | | **Consolidated Results** | | | | | Sales | $1,797.7M | $1,815.2M | (1)% | | Net Income | $112.3M | $146.3M | (23)% | | Diluted EPS | $2.84 | $3.67 | (23)% | | Adjusted EBITDA | $181.2M | $221.0M | (18)% | | **Segment Results** | | | | | Wood Products Sales | $489.8M | $530.3M | (8)% | | Wood Products Income | $72.8M | $104.0M | (30)% | | BMD Sales | $1,655.2M | $1,636.5M | 1% | | BMD Income | $85.4M | $98.6M | (13)% | - CEO Nate Jorgensen noted solid financial performance despite a 'somewhat tepid demand environment' and emphasized organic growth and capital returns, including a significant special dividend[4](index=4&type=chunk) - Single-family housing starts, a key demand driver, increased by **7% in Q2 2024** year-over-year and **16% year-to-date**, while total U.S. housing starts decreased by **7%** in the same quarter[6](index=6&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) Analysis of Wood Products and Building Materials Distribution segments reveals varied performance influenced by pricing, volume, and operational costs [Wood Products](index=2&type=section&id=Wood%20Products) The Wood Products segment saw an 8% sales decrease and a 30% income drop, primarily due to lower plywood volumes and reduced EWP selling prices, partially offset by higher EWP volumes | Product | Avg. Net Selling Prices (2Q24 vs 2Q23) | Sales Volumes (2Q24 vs 2Q23) | | :--- | :--- | :--- | | LVL | (7)% | 8% | | I-joists | (6)% | 5% | | Plywood | (1)% | (13)% | - The decrease in sales was primarily driven by lower plywood sales volumes and lower sales prices for LVL and I-joists (EWP)[7](index=7&type=chunk) - Segment income fell mainly due to lower EWP sales prices, coupled with higher wood fiber and conversion costs, partially mitigated by increased EWP sales volumes[8](index=8&type=chunk) [Building Materials Distribution (BMD)](index=2&type=section&id=Building%20Materials%20Distribution) The BMD segment's sales grew 1% to $1.66 billion, driven by volume increases and the BROSCO acquisition, while segment income declined 13% due to increased expenses - Sales growth was driven by a **2% increase in volume**, partially offset by a **1% decrease in prices**, with the October 2023 BROSCO acquisition being a significant factor; excluding it, sales would have decreased by **2%**[9](index=9&type=chunk) - By product line, general line product sales increased by **8%**, while commodity sales decreased by **6%** and EWP sales decreased by less than **1%**[9](index=9&type=chunk) - The decrease in segment income was primarily caused by a **$10.9 million increase** in selling and distribution expenses and a **$4.4 million increase** in depreciation and amortization[10](index=10&type=chunk) [Financial Position and Capital Allocation](index=2&type=section&id=Financial%20Position%20and%20Capital%20Allocation) Boise Cascade maintains a strong financial position with substantial liquidity and a strategic approach to capital deployment [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, Boise Cascade maintained a robust $1.32 billion liquidity, including $922.1 million in cash, with total outstanding debt at $445.7 million | Metric | Amount (as of June 30, 2024) | | :--- | :--- | | Cash and cash equivalents | $922.1 million | | Undrawn committed bank line | $395.7 million | | **Total available liquidity** | **$1,317.8 million** | | Outstanding debt | $445.7 million | [Capital Allocation](index=3&type=section&id=Capital%20Allocation) The company projects $250-$270 million in 2024 capital expenditures, declared special and regular dividends, and repurchased $99.4 million in common stock - Expected capital expenditures for 2024 are projected to be between **$250 million and $270 million**, excluding potential acquisitions[12](index=12&type=chunk) - A special dividend of **$5.00 per share** and a quarterly dividend of **$0.21 per share** were declared, both payable on September 16, 2024[12](index=12&type=chunk) - The company repurchased **677,845 shares for $88.9 million** in the first six months of 2024, and an additional **90,000 shares for $10.5 million** in July 2024, with approximately **1.2 million shares** remaining available for repurchase[12](index=12&type=chunk) [Outlook](index=3&type=section&id=Outlook) The company's outlook anticipates near-term market challenges but remains optimistic about long-term housing fundamentals [Market Outlook](index=3&type=section&id=Market%20Outlook) The company anticipates near-term demand challenges from high mortgage rates and affordability issues, but expects long-term support from favorable housing fundamentals and healthy repair-and-remodel spending - Demand is primarily driven by new residential construction, especially single-family, and repair-and-remodeling activity[13](index=13&type=chunk) - Near-term challenges include home affordability issues, elevated mortgage rates, and consumer uncertainty, which have softened renovation spending[13](index=13&type=chunk) - Positive long-term drivers include low unemployment, an undersupply of existing housing stock, and favorable demographic trends, which are expected to keep new construction as an important source of housing supply[13](index=13&type=chunk) - The company faces risks from volatile commodity product prices and input costs, which can impact sales and profitability in both its manufacturing and distribution businesses[14](index=14&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, including operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2024, the company reported $1.80 billion in sales and $112.3 million in net income, with six-month figures showing decreased profitability year-over-year | (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Sales | $1,797,670 | $1,815,219 | | Income from operations | $146,981 | $189,975 | | **Net income** | **$112,292** | **$146,320** | | Diluted EPS | $2.84 | $3.67 | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to $3.67 billion and total stockholders' equity grew to $2.30 billion from year-end 2023 | (in thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $922,076 | $949,574 | | Total current assets | $2,267,806 | $2,056,814 | | **Total assets** | **$3,671,964** | **$3,458,646** | | Total current liabilities | $691,506 | $594,116 | | Long-term debt | $445,723 | $445,280 | | **Total stockholders' equity** | **$2,302,976** | **$2,195,664** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, net cash from operations decreased to $169.2 million, with significant cash used in investing and financing activities | (in thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operations | $169,165 | $290,218 | | Net cash used for investment | ($76,667) | ($66,369) | | Net cash used for financing | ($119,996) | ($141,336) | | **Net (decrease) in cash** | **($27,498)** | **$82,513** | [Reconciliation of Non-GAAP Financial Measures](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides reconciliations of non-GAAP financial measures, including EBITDA and Adjusted EBITDA, to their most directly comparable GAAP measures [Reconciliation of Net Income to EBITDA and Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDA%20and%20Adjusted%20EBITDA) This section reconciles Q2 2024 Net Income of $112.3 million to Adjusted EBITDA of $181.2 million, providing non-GAAP financial insights | (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net income | $112,292 | $146,320 | | Adjustments (Interest, Taxes, D&A) | $68,428 | $75,089 | | EBITDA | $180,720 | $221,309 | | Change in fair value of interest rate swaps | $487 | ($333) | | **Adjusted EBITDA** | **$181,207** | **$220,976** | [Reconciliation of Segment Income to EBITDA](index=13&type=section&id=Reconciliation%20of%20Segment%20Income%20to%20EBITDA) This table reconciles Q2 2024 segment income to EBITDA for Wood Products ($72.8M to $95.1M) and Building Materials Distribution ($85.4M to $97.1M) | (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Wood Products** | | | | Segment income | $72,780 | $104,035 | | Depreciation and amortization | $22,270 | $23,005 | | **EBITDA** | **$95,050** | **$127,040** | | **Building Materials Distribution** | | | | Segment income | $85,400 | $98,550 | | Depreciation and amortization | $11,741 | $7,386 | | **EBITDA** | **$97,141** | **$105,936** |

The market expects Boise Cascade (BCC) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, th ...

A month has gone by since the last earnings report for Boise Cascade (BCC) . Shares have added about 1.1% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Boise Cascade due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Boise Cascade Q1 Earnings & Sales Top Estimates, ...

Boise Cascade Company (NYSE:BCC) Q1 2024 Results Conference Call May 7, 2024 11:00 AM ET Company Participants Chris Forrey - IR Nate Jorgensen - Chief Executive Officer Kelly Hibbs - Senior Vice President, Chief Financial Officer and Treasurer Troy Little - Head-Wood Products Operations Jeff Strom - Head-Building Materials Distribution Operations Conference Call Participants Charles Perron - Goldman Sachs Mike Roxland - Truist Lucas Hudson - Bank of America Securities Ketan Mamtora - BMO Kurt Yinger - D.A. ...

Boise Cascade Company (BCC) reported splendid first-quarter 2024 results, wherein earnings and sales topped the Zacks Consensus Estimate and increased year over year.The uptrend in the company’s results was attributable to the seasonal tailwinds and strength in new single-family housing starts, resulting in sales volume growth. These factors aided the increased contributions from BCC’s two reportable segments.The company remains optimistic about the increasing trajectory of single-family housing starts, giv ...

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For Q1 2024, Boise Cascade reported a 6.5% sales increase to $1.65 billion and a 7.6% net income increase to $104.1 million, with diluted EPS of $2.61, while operating cash flow decreased to $27.5 million due to increased working capital [Nature of Operations and Consolidation](index=10&type=section&id=1.%20Nature%20of%20Operations%20and%20Consolidation) Boise Cascade operates through two segments: Wood Products (EWP and plywood manufacturing) and Building Materials Distribution (wholesale distribution) - The company operates through two primary segments: Wood Products, which manufactures EWP and plywood, and Building Materials Distribution (BMD), a wholesale distributor[27](index=27&type=chunk) [Summary of Significant Accounting Policies](index=10&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) The company's accounting policies involve significant estimates for valuations and contingencies, with revenue recognized upon transfer of control and a notable concentration of credit risk from two major customers - The preparation of financial statements requires management to make significant estimates and assumptions regarding valuations, contingencies, and rebates[30](index=30&type=chunk) - As of March 31, 2024, two customers represented a significant concentration of credit risk, accounting for **19%** and **11%** of total receivables[48](index=48&type=chunk) [Income Taxes](index=14&type=section&id=3.%20Income%20Taxes) The company recorded an income tax provision of $32.8 million for Q1 2024, with an effective tax rate of 24.0%, primarily influenced by state taxes Income Tax Provision and Effective Rate | Period | Income Tax Expense (millions) | Effective Tax Rate | | :--- | :--- | :--- | | Q1 2024 | $32.8 | 24.0% | | Q1 2023 | $33.3 | 25.6% | [Net Income Per Common Share](index=14&type=section&id=4.%20Net%20Income%20Per%20Common%20Share) For Q1 2024, basic net income per share was $2.63 and diluted net income per share was $2.61, an increase from Q1 2023 Net Income Per Common Share | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Basic EPS | $2.63 | $2.44 | | Diluted EPS | $2.61 | $2.43 | [Acquisition](index=15&type=section&id=5.%20Acquisition) On October 2, 2023, the company's BMD subsidiary acquired Brockway-Smith Company (BROSCO) for $166.2 million in cash, adding $32.3 million in goodwill and $47.0 million in intangible assets - Completed the acquisition of Brockway-Smith Company (BROSCO) on October 2, 2023, for a net purchase price of **$166.2 million**, funded with cash on hand[56](index=56&type=chunk) BROSCO Acquisition - Preliminary Fair Value Allocation | Asset/Liability Category | Fair Value (thousands) | | :--- | :--- | | Inventories | $36,000 | | Property and equipment | $57,331 | | Intangible assets | $47,000 | | Goodwill | $32,296 | | **Net assets acquired** | **$170,170** | [Goodwill and Intangible Assets](index=16&type=section&id=6.%20Goodwill%20and%20Intangible%20Assets) As of March 31, 2024, goodwill remained stable at $170.3 million, with net intangible assets at $185.8 million, and amortization expense for Q1 2024 was $4.9 million - The total goodwill balance remained unchanged at **$170.3 million** as of March 31, 2024[63](index=63&type=chunk) - Amortization expense for intangible assets was **$4.9 million** for Q1 2024, compared to **$4.3 million** for Q1 2023[63](index=63&type=chunk) [Debt](index=17&type=section&id=7.%20Debt) Total long-term debt as of March 31, 2024, was $445.5 million, comprising a $50.0 million term loan and $400.0 million in senior notes, with $395.7 million available under its revolving credit facility Long-Term Debt Composition (March 31, 2024) | Component | Amount (thousands) | | :--- | :--- | | Asset-based credit facility term loan due 2027 | $50,000 | | 4.875% senior notes due 2030 | $400,000 | | Deferred financing costs | ($4,498) | | **Total Long-term debt** | **$445,502** | - At March 31, 2024, there were no borrowings outstanding under the Revolving Credit Facility, and availability was **$395.7 million**[68](index=68&type=chunk)[71](index=71&type=chunk) [Leases](index=19&type=section&id=8.%20Leases) Total lease cost for Q1 2024 was $7.6 million, with future minimum lease payment obligations of $84.4 million for operating leases and $48.2 million for finance leases as of March 31, 2024 Lease Costs (Q1 2024 vs Q1 2023) | Component | Q1 2024 (thousands) | Q1 2023 (thousands) | | :--- | :--- | :--- | | Operating lease cost | $3,475 | $3,317 | | Finance lease cost | $1,158 | $1,178 | | Variable & Short-term lease cost | $3,041 | $2,936 | | **Total lease cost** | **$7,627** | **$7,378** | - As of March 31, 2024, long-term lease obligations totaled **$54.9 million** for operating leases and **$28.3 million** for finance leases[83](index=83&type=chunk) [Stock-Based Compensation](index=21&type=section&id=9.%20Stock-Based%20Compensation) The company recognized $4.1 million in stock-based compensation expense in Q1 2024, with $32.5 million of unrecognized expense remaining for nonvested awards Stock-Based Compensation Expense | Period | Expense (thousands) | | :--- | :--- | | Q1 2024 | $4,105 | | Q1 2023 | $3,324 | - As of March 31, 2024, total unrecognized compensation expense was **$32.5 million**, to be recognized over a weighted-average of **2.2 years**[91](index=91&type=chunk) [Stockholders' Equity](index=22&type=section&id=10.%20Stockholders%27%20Equity) The board declared a quarterly dividend of $0.20 per share, and the company repurchased 205,938 shares for $27.0 million in Q1 2024, with 1.72 million shares remaining for repurchase - A quarterly dividend of **$0.20 per share** was declared, payable on June 17, 2024[92](index=92&type=chunk) - In Q1 2024, the company repurchased **205,938 shares** for **$27.0 million**, at an average price of **$130.97 per share**[94](index=94&type=chunk) [Transactions With Related Party](index=23&type=section&id=11.%20Transactions%20With%20Related%20Party) The company conducts transactions with Louisiana Timber Procurement Company, L.L.C. (LTP), a 50%-owned unconsolidated entity, including $2.6 million in sales to LTP and $19.8 million in wood fiber purchases from LTP in Q1 2024 - The company holds a **50%** interest in Louisiana Timber Procurement Company, L.L.C. (LTP), an unconsolidated variable-interest entity[95](index=95&type=chunk) Related Party Transactions with LTP (Q1 2024) | Transaction Type | Amount (millions) | | :--- | :--- | | Sales to LTP | $2.6 | | Wood fiber purchases from LTP | $19.8 | [Segment Information](index=24&type=section&id=12.%20Segment%20Information) In Q1 2024, the Building Materials Distribution (BMD) segment led with $1.51 billion in sales and $72.5 million in operating income, while the Wood Products segment contributed $468.9 million in sales and $71.2 million in operating income, with both segments showing improved operating income year-over-year Segment Performance (Q1 2024 vs Q1 2023) | Segment | Net Sales (thousands) | Operating Income (thousands) | | :--- | :--- | :--- | | **Q1 2024** | | | | Wood Products | $468,928 | $71,238 | | Building Materials Distribution | $1,505,021 | $72,463 | | **Q1 2023** | | | | Wood Products | $437,428 | $69,395 | | Building Materials Distribution | $1,379,242 | $69,685 | [Commitments, Legal Proceedings and Contingencies, and Guarantees](index=25&type=section&id=13.%20Commitments%2C%20Legal%20Proceedings%20and%20Contingencies%2C%20and%20Guarantees) The company reports no material changes to its commitments, legal proceedings, contingencies, or guarantees as disclosed in its 2023 Form 10-K, and is not party to any legal action expected to have a material adverse effect on its financial position - As of March 31, 2024, there have been no material changes to commitments, legal proceedings, or guarantees from those disclosed in the 2023 Form 10-K[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a 7% year-over-year sales increase in Q1 2024, driven by strong demand in single-family residential construction, with operating income rising to $133.0 million as improved BMD margins offset Wood Products' lower EWP pricing and higher input costs, maintaining a strong liquidity position of $1.29 billion [Executive Overview](index=27&type=section&id=Executive%20Overview) Q1 2024 operating income increased to $133.0 million, driven by higher EWP sales volumes in Wood Products and increased gross margin from higher volumes and better product margins in BMD, with the company ending the quarter with $1.29 billion in liquidity - Income from operations was **$133.0 million** in Q1 2024, an increase from **$127.6 million** in Q1 2023[113](index=113&type=chunk) - The company ended Q1 2024 with total available liquidity of **$1.29 billion**, comprising **$890.2 million** in cash and **$395.7 million** in undrawn bank line availability[114](index=114&type=chunk) - Management notes that while home affordability remains a challenge, new residential construction is expected to be a key source of supply for homebuyers in 2024, supporting demand[115](index=115&type=chunk) [Our Operating Results](index=30&type=section&id=Our%20Operating%20Results) Total sales for Q1 2024 increased by 7% to $1.65 billion, driven by a 27% rise in single-family housing starts, with Wood Products sales growing 7% due to higher EWP volumes despite price declines, and BMD sales rising 9% on a 12% volume increase Key Performance Indicators (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | U.S. Single-family Starts (thousands) | 239.1 | 188.2 | +27% | | Wood Products LVL Volume (Mcf) | 4.8 | 3.6 | +33% | | Wood Products I-joist Volume (Mlf) | 57 | 39 | +46% | | Wood Products LVL Price ($/cf) | $28.75 | $31.17 | -8% | | Wood Products I-joist Price ($/Mlf) | $2,018 | $2,168 | -7% | | BMD Gross Margin % | 15.1% | 14.8% | +30 bps | - Wood Products sales increased by **$31.5 million (7%)** due to higher EWP sales volumes, partially offset by lower EWP sales prices and decreased plywood volumes[128](index=128&type=chunk) - BMD sales increased by **$125.8 million (9%)**, driven by a **12%** sales volume increase across all product lines, partially offset by a **3%** price decrease[129](index=129&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company's cash position decreased by $59.3 million in Q1 2024 to $890.2 million, with net cash from operations at $27.5 million due to increased working capital, and projected 2024 capital expenditures are $250 million to $270 million Summary of Cash Flows (Q1 2024) | Activity | Cash Flow (thousands) | | :--- | :--- | | Net cash provided by operations | $27,462 | | Net cash used for investment | ($37,158) | | Net cash used for financing | ($49,631) | - The decrease in operating cash flow was primarily due to a **$149.2 million** increase in working capital in Q1 2024, compared to a **$117.7 million** increase in the prior-year period[142](index=142&type=chunk) - The company expects capital expenditures for 2024 to be approximately **$250 million to $270 million**, including spending on I-joist production expansion and greenfield distribution centers[145](index=145&type=chunk) [Seasonal Influences](index=35&type=section&id=Seasonal%20Influences) The company's business is subject to seasonal factors, with sales volumes typically lower in the first and fourth quarters due to weather impacting construction, and higher in the second and third quarters - Sales volumes are typically lower in Q1 and Q4 and higher in Q2 and Q3 due to seasonal weather patterns affecting construction activity[150](index=150&type=chunk) [Employees](index=36&type=section&id=Employees) As of April 28, 2024, Boise Cascade had approximately 7,310 employees, with 18% covered by collective bargaining agreements, and five agreements covering about 460 employees were set to expire on May 31, 2024 - As of April 28, 2024, the company had approximately **7,310 employees**, with **18%** unionized[152](index=152&type=chunk) - Five collective bargaining agreements covering approximately **460 employees** were set to expire on May 31, 2024, presenting a near-term negotiation risk[152](index=152&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As of March 31, 2024, the company reports no material changes in its exposure to market risks, including commodity prices, interest rates, and foreign currency exchange rates, from those disclosed in its 2023 Form 10-K - There have been no material changes in the company's exposure to market risk since the 2023 Form 10-K[157](index=157&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the first quarter - The CEO and CFO concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[159](index=159&type=chunk) - No changes occurred in internal control over financial reporting during Q1 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[160](index=160&type=chunk) [PART II—OTHER INFORMATION](index=38&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings but does not anticipate any current actions will have a material adverse effect on its financial position, results, or cash flows - The company does not believe it is party to any legal action that could reasonably be expected to have a material adverse effect on its financial position, results of operations, or cash flows[162](index=162&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The report refers to the risk factors detailed in the company's 2023 Form 10-K and other SEC filings, with no new or updated risk factors presented in this quarterly report - The report directs readers to review the risk factors listed in the company's 2023 Form 10-K[163](index=163&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2024, Boise Cascade repurchased 205,938 shares of its common stock for $27.0 million at an average price of $130.97 per share under its board-authorized program - During Q1 2024, the company repurchased **205,938 shares** under its authorized program at a cost of **$27.0 million**[164](index=164&type=chunk) Share Repurchases (Q1 2024) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | Jan 2024 | — | — | 1,921,311 | | Feb 2024 | 85,711 | $131.12 | 1,835,600 | | Mar 2024 | 120,227 | $130.86 | 1,715,373 | | **Total** | **205,938** | **$130.97** | **1,715,373** | [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) The company disclosed that during the first quarter of 2024, none of its directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during Q1 2024[167](index=167&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) The report lists several exhibits filed with the Form 10-Q, including forms of stock unit agreements, CEO and CFO certifications pursuant to the Sarbanes-Oxley Act, and Inline XBRL data files - Exhibits filed include CEO/CFO certifications (**31.1, 31.2, 32.1, 32.2**) and various stock unit agreements (**10.1, 10.2, 10.3**)[168](index=168&type=chunk)