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Boise Cascade Company Reports First Quarter 2023 Results

Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $96.7 million, or $2.43 per share, on sales of $1.5 billion for the first quarter ended March 31, 2023, compared with net income of $302.6 million, or $7.61 per share, on sales of $2.3 billion for the first quarter ended March 31, 2022.

“During the first quarter, the expected weaker environment from lower new single-family starts and commodity product prices was evident. Despite those headwinds, the strength and resilience of our business model and our associates were in clear view as the Company delivered solid financial results,” stated Nate Jorgensen, CEO. “As we look to the second quarter, economic uncertainties persist, but we remain focused on providing high service levels to our vendor and customer partners. The strength of our balance sheet also allows us to remain committed to our strategies and the continued execution of our growth initiatives. In addition, together with our Board of Directors, we again took action to reward our shareholders through our recently announced special dividend.”

First Quarter 2023 Highlights

 

 

 

1Q 2023

 

 

 

1Q 2022

 

 

% change

 

 

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

Consolidated Results

 

 

 

 

 

 

Sales

 

$

1,544,329

 

$

2,326,282

 

(34

)%

Net income

 

 

96,733

 

 

 

302,600

 

 

(68

)%

Net income per common share - diluted

 

 

2.43

 

 

 

7.61

 

 

(68

)%

Adjusted EBITDA 1

 

 

158,674

 

 

 

426,132

 

 

(63

)%

Segment Results

 

 

 

 

 

 

Wood Products sales

 

$

437,428

 

 

$

558,944

 

 

(22

)%

Wood Products income

 

 

69,395

 

 

 

190,116

 

 

(63

)%

Wood Products EBITDA 1

 

 

93,185

 

 

 

203,756

 

 

(54

)%

Building Materials Distribution sales

 

 

1,379,242

 

 

 

2,111,833

 

 

(35

)%

Building Materials Distribution income

 

 

69,685

 

 

 

225,892

 

 

(69

)%

Building Materials Distribution EBITDA 1

 

 

76,755

 

 

 

232,468

 

 

(67

)%

1

 

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

In first quarter 2023, total U.S. housing starts decreased 18%, driven by a decrease in single-family housing starts of 29% compared to the same period in 2022. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $121.5 million, or 22%, to $437.4 million for the three months ended March 31, 2023, from $558.9 million for the three months ended March 31, 2022. The decrease in sales was driven by lower plywood sales prices and lower sales volumes for I-joists and LVL (collectively referred to as EWP). These decreases were offset partially by higher plywood sales volumes and higher EWP sales prices.

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

 

 

1Q 2023 vs. 1Q 2022

 

1Q 2023 vs. 4Q 2022

 

 

 

 

 

Average Net Selling Prices

 

 

 

 

LVL

 

18%

 

(9)%

I-joists

 

16%

 

(15)%

Plywood

 

(47)%

 

(7)%

Sales Volumes

 

 

 

 

LVL

 

(22)%

 

15%

I-joists

 

(41)%

 

28%

Plywood

 

28%

 

3%

Wood Products' segment income decreased $120.7 million to $69.4 million for the three months ended March 31, 2023, from $190.1 million for the three months ended March 31, 2022. The decrease in segment income was due primarily to lower plywood sales prices and lower EWP sales volumes. In addition, segment income was negatively impacted by higher per-unit conversion costs and an increase in depreciation and amortization expense due to the acquisition of two plywood facilities on July 25, 2022. These decreases in segment income were offset partially by higher EWP sales prices and higher plywood sales volumes, as well as lower OSB costs (used in the manufacture of I-joists).

Building Materials Distribution

BMD's sales decreased $732.6 million, or 35%, to $1,379.2 million for the three months ended March 31, 2023, from $2,111.8 million for the three months ended March 31, 2022. Compared with the same quarter in the prior year, the overall decrease in sales was driven by sales price and sales volume decreases of 20% and 15%, respectively. By product line, commodity sales decreased 50%, general line product sales decreased 13%, and sales of EWP (substantially all of which are sourced through our Wood Products segment) decreased 24%.

BMD segment income decreased $156.2 million to $69.7 million for the three months ended March 31, 2023, from $225.9 million in the comparative prior year quarter. The decrease in segment income was driven by a gross margin decrease of $177.3 million, resulting primarily from lower margins on commodity products and lower sales volumes, offset partially by decreased selling and distribution expenses of $20.3 million.

Balance Sheet and Liquidity

Boise Cascade ended first quarter 2023 with $1,000.7 million of cash and cash equivalents and $395.9 million of undrawn committed bank line availability, for total available liquidity of $1,396.7 million. The Company had $444.6 million of outstanding debt at March 31, 2023.

We expect capital expenditures in 2023 to total approximately $120 million to $140 million. Our 2023 capital expenditures range includes funding for greenfield distribution centers in South Carolina and Texas, projects at our mills in the southeast to expand our EWP capacity, and the purchase of property to house an additional door shop assembly operation in Kansas City, Missouri. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

Dividends

On May 4, 2023, our board of directors declared a quarterly dividend of $0.15 per share on our common stock, as well as a special dividend of $3.00 per share on our common stock, both payable on June 15, 2023, to stockholders of record on June 1, 2023.

Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. U.S. housing starts in March 2023 were approximately 1.42 million on a seasonally adjusted annual rate basis, as reported by the U.S. Census Bureau. In addition, mortgage rates have declined from peak levels in late 2022, and measures of builder sentiment have improved from fourth quarter 2022 levels. However, home affordability remains a challenge for consumers, and the Federal Reserve's ongoing actions in response to inflationary data and what impacts these actions have on future mortgage rates and the broader economy will influence the near-term demand environment. As such, the full year outlook for 2023 is uncertain and is reflected in various industry forecasts for 2023 U.S housing starts that generally range from 1.2 million to 1.4 million units, compared with actual housing starts of 1.55 million in 2022, as reported by the U.S. Census Bureau. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. However, industry forecasts project continued moderation of year-over-year growth in renovation spending, and economic uncertainty may also negatively impact homeowners' further investment in their residences.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of commodity products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future commodity product pricing and commodity input costs may be volatile in response to economic uncertainties, industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. In addition, EWP volumes will continue to be influenced by demand for new residential construction, particularly single-family housing starts and we expect further EWP price erosion in the second quarter.

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 first quarter earnings on Friday, May 5, 2023, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors section of Boise Cascade's website.

Use of Non-GAAP Financial Measures

We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income (loss) or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.

Boise Cascade Company

Consolidated Statements of Operations

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

 

 

Three Months Ended

 

March 31

 

December 31,

2022

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

Sales

$

1,544,329

 

 

$

2,326,282

 

 

$

1,628,306

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

1,230,635

 

 

 

1,729,896

 

 

 

1,288,717

 

Depreciation and amortization

 

31,186

 

 

 

20,543

 

 

 

31,982

 

Selling and distribution expenses

 

128,788

 

 

 

146,651

 

 

 

130,145

 

General and administrative expenses

 

26,463

 

 

 

26,052

 

 

 

22,375

 

Other (income) expense, net

 

(345

)

 

 

(2,488

)

 

 

(689

)

 

 

1,416,727

 

 

 

1,920,654

 

 

 

1,472,530

 

 

 

 

 

 

 

Income from operations

 

127,602

 

 

 

405,628

 

 

 

155,776

 

 

 

 

 

 

 

Foreign currency exchange gain (loss)

 

(73

)

 

 

132

 

 

 

457

 

Pension expense (excluding service costs)

 

(41

)

 

 

(171

)

 

 

(41

)

Interest expense

 

(6,361

)

 

 

(6,254

)

 

 

(6,443

)

Interest income

 

9,685

 

 

 

65

 

 

 

7,575

 

Change in fair value of interest rate swaps

 

(804

)

 

 

2,066

 

 

 

(35

)

 

 

2,406

 

 

 

(4,162

)

 

 

1,513

 

 

 

 

 

 

 

Income before income taxes

 

130,008

 

 

 

401,466

 

 

 

157,289

 

Income tax provision

 

(33,275

)

 

 

(98,866

)

 

 

(39,929

)

Net income

$

96,733

 

 

$

302,600

 

 

$

117,360

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

39,593

 

 

 

39,474

 

 

 

39,544

 

Diluted

 

39,838

 

 

 

39,768

 

 

 

39,830

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

Basic

$

2.44

 

 

$

7.67

 

 

$

2.97

 

Diluted

$

2.43

 

 

$

7.61

 

 

$

2.95

 

 

 

 

 

 

 

Dividends declared per common share

$

0.15

 

 

$

0.12

 

 

$

1.15

 

 

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2022

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

Segment sales

$

437,428

 

 

$

558,944

 

 

$

425,602

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

327,739

 

 

 

343,709

 

 

 

312,143

 

Depreciation and amortization

 

23,790

 

 

 

13,640

 

 

 

24,730

 

Selling and distribution expenses

 

11,678

 

 

 

9,230

 

 

 

10,397

 

General and administrative expenses

 

5,178

 

 

 

4,646

 

 

 

3,751

 

Other (income) expense, net

 

(352

)

 

 

(2,397

)

 

 

(397

)

 

 

368,033

 

 

 

368,828

 

 

 

350,624

 

 

 

 

 

 

 

Segment income

$

69,395

 

 

$

190,116

 

 

$

74,978

 

 

 

 

 

 

 

 

(percentage of sales)

 

 

 

 

 

 

Segment sales

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

74.9

%

 

 

61.5

%

 

 

73.3

%

Depreciation and amortization

 

5.4

%

 

 

2.4

%

 

 

5.8

%

Selling and distribution expenses

 

2.7

%

 

 

1.7

%

 

 

2.4

%

General and administrative expenses

 

1.2

%

 

 

0.8

%

 

 

0.9

%

Other (income) expense, net

 

(0.1

)%

 

 

(0.4

)%

 

 

(0.1

)%

 

 

84.1

%

 

 

66.0

%

 

 

82.4

%

 

 

 

 

 

 

Segment income

 

15.9

%

 

 

34.0

%

 

 

17.6

%

 

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2022

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

Segment sales

$

1,379,242

 

 

$

2,111,833

 

 

$

1,443,780

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

1,175,550

 

 

 

1,730,803

 

 

 

1,216,198

 

Depreciation and amortization

 

7,070

 

 

 

6,576

 

 

 

6,941

 

Selling and distribution expenses

 

117,110

 

 

 

137,421

 

 

 

119,748

 

General and administrative expenses

 

10,030

 

 

 

11,226

 

 

 

8,387

 

Other (income) expense, net

 

(203

)

 

 

(85

)

 

 

51

 

 

 

1,309,557

 

 

 

1,885,941

 

 

 

1,351,325

 

 

 

 

 

 

 

Segment income

$

69,685

 

 

$

225,892

 

 

$

92,455

 

 

 

 

 

 

 

 

(percentage of sales)

 

 

 

 

 

 

Segment sales

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

85.2

%

 

 

82.0

%

 

 

84.2

%

Depreciation and amortization

 

0.5

%

 

 

0.3

%

 

 

0.5

%

Selling and distribution expenses

 

8.5

%

 

 

6.5

%

 

 

8.3

%

General and administrative expenses

 

0.7

%

 

 

0.5

%

 

 

0.6

%

Other (income) expense, net

 

%

 

 

%

 

 

%

 

 

94.9

%

 

 

89.3

%

 

 

93.6

%

 

 

 

 

 

 

Segment income

 

5.1

%

 

 

10.7

%

 

 

6.4

%

 

Segment Information

(in thousands) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2022

 

 

2023

 

 

 

2022

 

 

Segment sales

 

 

 

 

 

Wood Products

$

437,428

 

 

$

558,944

 

 

$

425,602

 

Building Materials Distribution

 

1,379,242

 

 

 

2,111,833

 

 

 

1,443,780

 

Intersegment eliminations

 

(272,341

)

 

 

(344,495

)

 

 

(241,076

)

Total net sales

$

1,544,329

 

 

$

2,326,282

 

 

$

1,628,306

 

 

 

 

 

 

 

Segment income

 

 

 

 

 

Wood Products

$

69,395

 

 

$

190,116

 

 

$

74,978

 

Building Materials Distribution

 

69,685

 

 

 

225,892

 

 

 

92,455

 

Total segment income

 

139,080

 

 

 

416,008

 

 

 

167,433

 

Unallocated corporate costs

 

(11,478

)

 

 

(10,380

)

 

 

(11,657

)

Income from operations

$

127,602

 

 

$

405,628

 

 

$

155,776

 

 

 

 

 

 

 

Segment EBITDA

 

 

 

 

 

Wood Products

$

93,185

 

 

$

203,756

 

 

$

99,708

 

Building Materials Distribution

 

76,755

 

 

 

232,468

 

 

 

99,396

 

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

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

 

 

March 31, 2023

 

December 31, 2022

 

 

ASSETS

 

 

 

 

 

 

 

Current

 

 

 

Cash and cash equivalents

$

1,000,721

 

$

998,344

Receivables

 

 

 

Trade, less allowances of $4,341 and $3,264

 

417,515

 

 

 

297,237

 

Related parties

 

196

 

 

 

19

 

Other

 

13,821

 

 

 

23,023

 

Inventories

 

738,798

 

 

 

697,551

 

Prepaid expenses and other

 

20,666

 

 

 

47,878

 

Total current assets

 

2,191,717

 

 

 

2,064,052

 

 

 

 

 

Property and equipment, net

 

772,734

 

 

 

770,023

 

Operating lease right-of-use assets

 

52,441

 

 

 

55,582

 

Finance lease right-of-use assets

 

25,883

 

 

 

26,501

 

Timber deposits

 

8,299

 

 

 

7,519

 

Goodwill

 

137,958

 

 

 

137,958

 

Intangible assets, net

 

157,133

 

 

 

161,433

 

Deferred income taxes

 

6,135

 

 

 

6,116

 

Other assets

 

9,887

 

 

 

11,330

 

Total assets

$

3,362,187

 

 

$

3,240,514

 

 

Boise Cascade Company

Consolidated Balance Sheets (continued)

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

 

 

March 31, 2023

 

December 31, 2022

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current

 

 

 

Accounts payable

 

 

 

Trade

$

400,455

 

 

$

269,785

 

Related parties

 

1,420

 

 

 

1,019

 

Accrued liabilities

 

 

 

Compensation and benefits

 

79,606

 

 

 

142,463

 

Interest payable

 

5,088

 

 

 

9,955

 

Other

 

93,579

 

 

 

122,606

 

Total current liabilities

 

580,148

 

 

 

545,828

 

 

 

 

 

Debt

 

 

 

Long-term debt

 

444,614

 

 

 

444,392

 

 

 

 

 

Other

 

 

 

Compensation and benefits

 

33,280

 

 

 

33,226

 

Operating lease liabilities, net of current portion

 

45,681

 

 

 

48,668

 

Finance lease liabilities, net of current portion

 

29,549

 

 

 

30,022

 

Deferred income taxes

 

66,855

 

 

 

63,454

 

Other long-term liabilities

 

17,540

 

 

 

16,949

 

 

 

192,905

 

 

 

192,319

 

 

 

 

 

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, 44,983 and 44,827 shares issued, respectively

 

450

 

 

 

448

 

Treasury stock, 5,392 and 5,367 shares at cost, respectively

 

(140,391

)

 

 

(138,909

)

Additional paid-in capital

 

548,611

 

 

 

551,215

 

Accumulated other comprehensive loss

 

(514

)

 

 

(520

)

Retained earnings

 

1,736,364

 

 

 

1,645,741

 

Total stockholders' equity

 

2,144,520

 

 

 

2,057,975

 

Total liabilities and stockholders' equity

$

3,362,187

 

 

$

3,240,514

 

 

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

 

Three Months Ended March 31

 

 

2023

 

 

 

2022

 

Cash provided by (used for) operations

 

 

 

Net income

$

96,733

 

 

$

302,600

 

Items in net income not using (providing) cash

 

 

 

Depreciation and amortization, including deferred financing costs and other

 

31,853

 

 

 

20,993

 

Stock-based compensation

 

3,324

 

 

 

2,392

 

Pension expense

 

41

 

 

 

171

 

Deferred income taxes

 

3,393

 

 

 

(729

)

Change in fair value of interest rate swaps

 

804

 

 

 

(2,066

)

Other

 

(518

)

 

 

(2,412

)

Decrease (increase) in working capital

 

 

 

Receivables

 

(111,253

)

 

 

(218,018

)

Inventories

 

(41,247

)

 

 

(143,997

)

Prepaid expenses and other

 

(1,428

)

 

 

(3,227

)

Accounts payable and accrued liabilities

 

36,181

 

 

 

147,425

 

Pension contributions

 

(136

)

 

 

(655

)

Income taxes payable

 

28,631

 

 

 

95,352

 

Other

 

1,614

 

 

 

1,116

 

Net cash provided by operations

 

47,992

 

 

 

198,945

 

 

 

 

 

Cash provided by (used for) investment

 

 

 

Expenditures for property and equipment

 

(30,063

)

 

 

(17,448

)

Proceeds from sales of assets and other

 

565

 

 

 

2,581

 

Net cash used for investment

 

(29,498

)

 

 

(14,867

)

 

 

 

 

Cash provided by (used for) financing

 

 

 

Dividends paid on common stock

 

(8,258

)

 

 

(5,939

)

Tax withholding payments on stock-based awards

 

(5,926

)

 

 

(3,930

)

Treasury stock purchased

 

(1,482

)

 

 

 

Other

 

(451

)

 

 

(395

)

Net cash used for financing

 

(16,117

)

 

 

(10,264

)

 

 

 

 

Net increase in cash and cash equivalents

 

2,377

 

 

 

173,814

 

 

 

 

 

Balance at beginning of the period

 

998,344

 

 

 

748,907

 

 

 

 

 

Balance at end of the period

$

1,000,721

 

 

$

922,721

 

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 2022 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.

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 March 31, 2023 and 2022, and December 31, 2022:

 

Three Months Ended

 

March 31

 

December 31,

2022

 

 

2023

 

 

 

2022

 

 

 

(in thousands)

Net income

$

96,733

 

 

$

302,600

 

 

$

117,360

 

Interest expense

 

6,361

 

 

 

6,254

 

 

 

6,443

 

Interest income

 

(9,685

)

 

 

(65

)

 

 

(7,575

)

Income tax provision

 

33,275

 

 

 

98,866

 

 

 

39,929

 

Depreciation and amortization

 

31,186

 

 

 

20,543

 

 

 

31,982

 

EBITDA

 

157,870

 

 

 

428,198

 

 

 

188,139

 

Change in fair value of interest rate swaps

 

804

 

 

 

(2,066

)

 

 

35

 

Adjusted EBITDA

$

158,674

 

 

$

426,132

 

 

$

188,174

 

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2023 and 2022, and December 31, 2022:

 

Three Months Ended

 

March 31

 

December 31,

2022

 

 

2023

 

 

 

2022

 

 

 

(in thousands)

Wood Products

 

 

 

 

 

Segment income

$

69,395

 

 

$

190,116

 

 

$

74,978

 

Depreciation and amortization

 

23,790

 

 

 

13,640

 

 

 

24,730

 

EBITDA

$

93,185

 

 

$

203,756

 

 

$

99,708

 

 

 

 

 

 

 

Building Materials Distribution

 

 

 

 

 

Segment income

$

69,685

 

 

$

225,892

 

 

$

92,455

 

Depreciation and amortization

 

7,070

 

 

 

6,576

 

 

 

6,941

 

EBITDA

$

76,755

 

 

$

232,468

 

 

$

99,396

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

Unallocated corporate costs

$

(11,478

)

 

$

(10,380

)

 

$

(11,657

)

Foreign currency exchange gain (loss)

 

(73

)

 

 

132

 

 

 

457

 

Pension expense (excluding service costs)

 

(41

)

 

 

(171

)

 

 

(41

)

Change in fair value of interest rate swaps

 

(804

)

 

 

2,066

 

 

 

(35

)

Depreciation and amortization

 

326

 

 

 

327

 

 

 

311

 

EBITDA

 

(12,070

)

 

 

(8,026

)

 

 

(10,965

)

Change in fair value of interest rate swaps

 

804

 

 

 

(2,066

)

 

 

35

 

Corporate adjusted EBITDA

$

(11,266

)

 

$

(10,092

)

 

$

(10,930

)

 

 

 

 

 

 

Total Company adjusted EBITDA

$

158,674

 

 

$

426,132

 

 

$

188,174

 

 

Contacts

Investor Relations Contact - Kelly Hibbs

208 384 3638

Media Contact - Lisa Tschampl

208 384 6552

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