Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
| | | | | | | | | | | | | | | | | |
| Wood Products Segment | | | | | |
| 2024 |
| Q1 | Q2 | Q3 | Q4 | YTD |
| LVL sales volume (MCF) | 4,777 | | 5,074 | | 4,952 | | | 14,803 | |
| I-joist sales volume (MELF) | 56,587 | | 65,788 | | 58,884 | | | 181,259 | |
| Plywood sales volume (MSF 3/8") | 371,699 | | 383,092 | | 390,978 | | | 1,145,769 | |
| Lumber sales volume (MBF) | 22,772 | | 17,619 | | 19,390 | | | 59,781 | |
| LVL mill net sales price ($/CF) | $ | 28.75 | | $ | 28.12 | | $ | 27.62 | | | $ | 28.15 | |
| I-joist mill net sales price ($/MELF) | $ | 2,018 | | $ | 1,961 | | $ | 1,921 | | | $ | 1,966 | |
| Plywood net sales price ($/MSF 3/8") | $ | 378 | | $ | 362 | | $ | 333 | | | $ | 357 | |
| Lumber net sales price ($/MBF) | $ | 650 | | $ | 751 | | $ | 705 | | | $ | 698 | |
| Segment sales (000) | $ | 468,928 | | $ | 489,823 | | $ | 453,896 | | | $ | 1,412,647 | |
| Segment income (000) | $ | 71,238 | | $ | 72,780 | | $ | 53,853 | | | $ | 197,871 | |
Segment depreciation and amortization (000)2 | $ | 24,384 | | $ | 22,270 | | $ | 23,551 | | | $ | 70,205 | |
Segment EBITDA (000)1 | $ | 95,622 | | $ | 95,050 | | $ | 77,404 | | | $ | 268,076 | |
| EBITDA as a percentage of sales | 20.4 | % | 19.4 | % | 17.1 | % | | 19.0 | % |
| Capital spending (000) | $ | 19,643 | | $ | 17,793 | | $ | 24,771 | | | $ | 62,207 | |
| Receivables (000) | $ | 84,892 | | $ | 83,445 | | $ | 77,244 | | | |
| Inventories (000) | $ | 213,050 | | $ | 206,198 | | $ | 226,300 | | | |
| Accounts payable (000) | $ | 61,834 | | $ | 66,374 | | $ | 73,922 | | | |
| | | | | |
| 2023 |
| Q1 | Q2 | Q3 | Q4 | YTD |
| LVL sales volume (MCF) | 3,639 | | 4,682 | | 4,945 | | 4,109 | | 17,375 | |
| I-joist sales volume (MELF) | 38,711 | | 62,950 | | 64,125 | | 54,015 | | 219,801 | |
| Plywood sales volume (MSF 3/8") | 405,960 | | 439,963 | | 389,827 | | 363,008 | | 1,598,758 | |
| Lumber sales volume (MBF) | 31,560 | | 32,528 | | 31,729 | | 29,221 | | 125,038 | |
| LVL mill net sales price ($/CF) | $ | 31.17 | | $ | 30.14 | | $ | 29.08 | | $ | 29.93 | | $ | 30.01 | |
| I-joist mill net sales price ($/MELF) | $ | 2,168 | | $ | 2,088 | | $ | 2,035 | | $ | 2,093 | | $ | 2,088 | |
| Plywood net sales price ($/MSF 3/8") | $ | 367 | | $ | 365 | | $ | 382 | | $ | 375 | | $ | 372 | |
| Lumber net sales price ($/MBF) | $ | 724 | | $ | 707 | | $ | 641 | | $ | 588 | | $ | 667 | |
| Segment sales (000) | $ | 437,428 | | $ | 530,273 | | $ | 515,225 | | $ | 449,676 | | $ | 1,932,602 | |
| Segment income (000) | $ | 69,395 | | $ | 104,035 | | $ | 99,574 | | $ | 64,128 | | $ | 337,132 | |
Segment depreciation and amortization (000)2 | $ | 23,790 | | $ | 23,005 | | $ | 23,350 | | $ | 28,565 | | $ | 98,710 | |
Segment EBITDA (000)1 | $ | 93,185 | | $ | 127,040 | | $ | 122,924 | | $ | 92,693 | | $ | 435,842 | |
| EBITDA as a percentage of sales | 21.3 | % | 24.0 | % | 23.9 | % | 20.6 | % | 22.6 | % |
| Capital spending (000) | $ | 7,262 | | $ | 12,106 | | $ | 11,807 | | $ | 28,185 | | $ | 59,360 | |
| Receivables (000) | $ | 77,318 | | $ | 97,229 | | $ | 88,688 | | $ | 56,882 | | |
| Inventories (000) | $ | 232,136 | | $ | 200,948 | | $ | 205,111 | | $ | 218,861 | | |
| Accounts payable (000) | $ | 63,275 | | $ | 60,656 | | $ | 69,023 | | $ | 60,196 | | |
Boise Cascade Company
Quarterly Statistical Information (continued)
| | | | | | | | | | | | | | | | | |
| Wood Products Segment (continued) | | | | | |
| 2022 |
| Q1 | Q2 | Q3 | Q4 | YTD |
| LVL sales volume (MCF) | 4,641 | | 4,586 | | 5,190 | | 3,176 | | 17,593 | |
| I-joist sales volume (MELF) | 65,362 | | 69,467 | | 64,421 | | 30,130 | | 229,380 | |
| Plywood sales volume (MSF 3/8") | 316,941 | | 280,594 | | 328,586 | | 392,975 | | 1,319,096 | |
| Lumber sales volume (MBF) | 17,139 | | 16,935 | | 24,045 | | 24,985 | | 83,104 | |
| LVL mill net sales price ($/CF) | $ | 26.40 | | $ | 28.47 | | $ | 33.82 | | $ | 34.36 | | $ | 30.56 | |
| I-joist mill net sales price ($/MELF) | $ | 1,877 | | $ | 2,066 | | $ | 2,429 | | $ | 2,553 | | $ | 2,178 | |
| Plywood net sales price ($/MSF 3/8") | $ | 689 | | $ | 569 | | $ | 477 | | $ | 396 | | $ | 523 | |
| Lumber net sales price ($/MBF) | $ | 1,011 | | $ | 1,214 | | $ | 880 | | $ | 720 | | $ | 927 | |
| Segment sales (000) | $ | 558,944 | | $ | 536,030 | | $ | 595,320 | | $ | 425,602 | | $ | 2,115,896 | |
| Segment income (000) | $ | 190,116 | | $ | 154,101 | | $ | 155,972 | | $ | 74,978 | | $ | 575,167 | |
| Segment depreciation and amortization (000) | $ | 13,640 | | $ | 13,653 | | $ | 21,285 | | $ | 24,730 | | $ | 73,308 | |
Segment EBITDA (000)1 | $ | 203,756 | | $ | 167,754 | | $ | 177,257 | | $ | 99,708 | | $ | 648,475 | |
| EBITDA as a percentage of sales | 36.5 | % | 31.3 | % | 29.8 | % | 23.4 | % | 30.6 | % |
Capital spending (000)3 | $ | 8,986 | | $ | 12,861 | | $ | 12,949 | | $ | 17,138 | | $ | 51,934 | |
| Receivables (000) | $ | 120,960 | | $ | 113,395 | | $ | 94,017 | | $ | 43,406 | | |
| Inventories (000) | $ | 181,810 | | $ | 191,411 | | $ | 214,576 | | $ | 229,361 | | |
| Accounts payable (000) | $ | 53,797 | | $ | 65,272 | | $ | 72,877 | | $ | 44,202 | | |
| | | | | |
1Segment EBITDA is calculated as segment income before depreciation and amortization. |
2Segment depreciation and amortization in first quarter 2024 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility. |
3Capital spending in 2022 excludes $515.2 million of cash paid for the acquisition of businesses and facilities. |
Boise Cascade Company
Quarterly Statistical Information (continued)
| | | | | | | | | | | | | | | | | |
| Building Materials Distribution Segment | | | | |
| 2024 |
| Q1 | Q2 | Q3 | Q4 | YTD |
Commodity sales1 | 36.7 | % | 35.0 | % | 34.9 | % | | 35.5 | % |
General line sales1 | 41.0 | % | 42.4 | % | 43.8 | % | | 42.4 | % |
EWP sales1 | 22.3 | % | 22.6 | % | 21.3 | % | | 22.1 | % |
| Total sales (000) | $ | 1,505,021 | | $ | 1,655,221 | | $ | 1,567,466 | | | $ | 4,727,708 | |
Gross margin2 | 15.1 | % | 14.8 | % | 15.7 | % | | 15.2 | % |
| Segment income (000) | $ | 72,463 | | $ | 85,400 | | $ | 74,821 | | | $ | 232,684 | |
| Segment depreciation and amortization (000) | $ | 11,107 | | $ | 11,741 | | $ | 12,928 | | | $ | 35,776 | |
Segment EBITDA (000)3 | $ | 83,570 | | $ | 97,141 | | $ | 87,749 | | | $ | 268,460 | |
| EBITDA as a percentage of sales | 5.6 | % | 5.9 | % | 5.6 | % | | 5.7 | % |
Capital spending (000)4 | $ | 14,672 | | $ | 21,904 | | $ | 36,902 | | | $ | 73,478 | |
| Receivables (000) | $ | 453,083 | | $ | 436,992 | | $ | 386,303 | | | |
| Inventories (000) | $ | 601,546 | | $ | 626,044 | | $ | 566,056 | | | |
| Accounts payable (000) | $ | 412,919 | | $ | 392,798 | | $ | 300,978 | | | |
| | | | | |
| 2023 |
| Q1 | Q2 | Q3 | Q4 | YTD |
Commodity sales1 | 39.7 | % | 37.5 | % | 37.4 | % | 36.9 | % | 37.8 | % |
General line sales1 | 38.7 | % | 39.6 | % | 39.4 | % | 40.4 | % | 39.5 | % |
EWP sales1 | 21.6 | % | 22.9 | % | 23.2 | % | 22.7 | % | 22.7 | % |
| Total sales (000) | $ | 1,379,242 | | $ | 1,636,538 | | $ | 1,670,296 | | $ | 1,492,614 | | $ | 6,178,690 | |
Gross margin2 | 14.8 | % | 15.0 | % | 15.2 | % | 15.2 | % | 15.0 | % |
| Segment income (000) | $ | 69,685 | | $ | 98,550 | | $ | 97,076 | | $ | 70,497 | | $ | 335,808 | |
| Segment depreciation and amortization (000) | $ | 7,070 | | $ | 7,386 | | $ | 7,781 | | $ | 10,116 | | $ | 32,353 | |
Segment EBITDA (000)3 | $ | 76,755 | | $ | 105,936 | | $ | 104,857 | | $ | 80,613 | | $ | 368,161 | |
| EBITDA as a percentage of sales | 5.6 | % | 6.5 | % | 6.3 | % | 5.4 | % | 6.0 | % |
Capital spending (000)5 | $ | 22,659 | | $ | 25,929 | | $ | 19,135 | | $ | 88,001 | | $ | 155,724 | |
| Receivables (000) | $ | 393,338 | | $ | 445,991 | | $ | 434,755 | | $ | 344,978 | | |
| Inventories (000) | $ | 506,663 | | $ | 502,085 | | $ | 478,295 | | $ | 493,509 | | |
| Accounts payable (000) | $ | 363,163 | | $ | 390,840 | | $ | 362,196 | | $ | 252,144 | | |
Boise Cascade Company
Quarterly Statistical Information (continued)
| | | | | | | | | | | | | | | | | |
| Building Materials Distribution Segment (continued) | | | |
| 2022 |
| Q1 | Q2 | Q3 | Q4 | YTD |
Commodity sales1 | 52.2 | % | 44.9 | % | 39.6 | % | 41.5 | % | 44.9 | % |
General line sales1 | 29.1 | % | 32.9 | % | 35.3 | % | 37.1 | % | 33.3 | % |
EWP sales1 | 18.7 | % | 22.2 | % | 25.1 | % | 21.4 | % | 21.8 | % |
| Total sales (000) | $ | 2,111,833 | | $ | 2,131,200 | | $ | 1,956,802 | | $ | 1,443,780 | | $ | 7,643,615 | |
Gross margin2 | 18.0 | % | 13.9 | % | 15.4 | % | 15.8 | % | 15.8 | % |
| Segment income (000) | $ | 225,892 | | $ | 154,308 | | $ | 154,436 | | $ | 92,455 | | $ | 627,091 | |
| Segment depreciation and amortization (000) | $ | 6,576 | | $ | 6,728 | | $ | 6,760 | | $ | 6,941 | | $ | 27,005 | |
Segment EBITDA (000)3 | $ | 232,468 | | $ | 161,036 | | $ | 161,196 | | $ | 99,396 | | $ | 654,096 | |
| EBITDA as a percentage of sales | 11.0 | % | 7.6 | % | 8.2 | % | 6.9 | % | 8.6 | % |
Capital spending (000)6 | $ | 7,892 | | $ | 10,009 | | $ | 7,938 | | $ | 34,624 | | $ | 60,463 | |
| Receivables (000) | $ | 616,040 | | $ | 540,167 | | $ | 479,876 | | $ | 286,789 | | |
| Inventories (000) | $ | 622,858 | | $ | 612,196 | | $ | 552,610 | | $ | 468,189 | | |
| Accounts payable (000) | $ | 479,584 | | $ | 413,235 | | $ | 355,170 | | $ | 215,308 | | |
| | | | | |
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales. |
2We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. |
3Segment EBITDA is calculated as segment income before depreciation and amortization. |
4During 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts. |
5During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired. |
6During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida. |
Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
| | | | | | | | | | | | | | | | | |
| Total Boise Cascade Company |
| | | | | |
| EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below: |
| 2024 |
| Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | |
| Net income | $ | 104,124 | | $ | 112,292 | | $ | 91,038 | | | $ | 307,454 | |
| Interest expense | 6,070 | | 6,105 | | 6,082 | | | 18,257 | |
| Interest income | (10,597) | | (10,543) | | (10,168) | | | (31,308) | |
| Income tax provision | 32,829 | | 38,499 | | 29,801 | | | 101,129 | |
| Depreciation and amortization | 35,850 | | 34,367 | | 36,861 | | | 107,078 | |
| EBITDA | 168,276 | | 180,720 | | 153,614 | | | 502,610 | |
| Change in fair value of interest rate swaps | 220 | | 487 | | 866 | | | 1,573 | |
| | | | | |
| Adjusted EBITDA | $ | 168,496 | | $ | 181,207 | | $ | 154,480 | | | $ | 504,183 | |
| | | | | |
| 2023 |
| Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | |
| Net income | $ | 96,733 | | $ | 146,320 | | $ | 143,068 | | $ | 97,535 | | $ | 483,656 | |
| Interest expense | 6,361 | | 6,339 | | 6,351 | | 6,445 | | 25,496 | |
| Interest income | (9,685) | | (11,519) | | (13,760) | | (13,142) | | (48,106) | |
| Income tax provision | 33,275 | | 49,447 | | 49,005 | | 29,666 | | 161,393 | |
| Depreciation and amortization | 31,186 | | 30,722 | | 31,474 | | 39,085 | | 132,467 | |
| EBITDA | 157,870 | | 221,309 | | 216,138 | | 159,589 | | 754,906 | |
| Change in fair value of interest rate swaps | 804 | | (333) | | 327 | | 993 | | 1,791 | |
| | | | | |
| Adjusted EBITDA | $ | 158,674 | | $ | 220,976 | | $ | 216,465 | | $ | 160,582 | | $ | 756,697 | |
| | | | | |
| 2022 |
| Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | |
| Net income | $ | 302,600 | | $ | 218,111 | | $ | 219,587 | | $ | 117,360 | | $ | 857,658 | |
| Interest expense | 6,254 | | 6,317 | | 6,398 | | 6,443 | | 25,412 | |
| Interest income | (65) | | (1,385) | | (3,238) | | (7,575) | | (12,263) | |
| Income tax provision | 98,866 | | 73,886 | | 76,042 | | 39,929 | | 288,723 | |
| Depreciation and amortization | 20,543 | | 20,694 | | 28,374 | | 31,982 | | 101,593 | |
| EBITDA | 428,198 | | 317,623 | | 327,163 | | 188,139 | | 1,261,123 | |
| Change in fair value of interest rate swaps | (2,066) | | (394) | | (1,134) | | 35 | | (3,559) | |
| | | | | |
| Adjusted EBITDA | $ | 426,132 | | $ | 317,229 | | $ | 326,029 | | $ | 188,174 | | $ | 1,257,564 | |
For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our third quarter 2024 financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on November 4, 2024.
