Boise Cascade : Q1 2021 Earnings Release Slides

Boise Cascade Company

First Quarter 2021 Earnings Webcast

May 7, 2021

Forward-Looking Statements

• This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of

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the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, the effect of COVID-19, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters.

These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date of this presentation. 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 presentation.

• This presentation includes references to EBITDA and Adjusted EBITDA, which are non-GAAP financial measures within the meaning of the Securities and Exchange Commission's Regulation G. Reconciliations of net income to EBITDA and Adjusted EBITDA and segment income to segment EBITDA are included as an appendix.

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Executive Summary

• 1Q21 sales were $1.8 billion, up 56% from 1Q20.
• 1Q21 net income was $149.2 million, or $3.76 per share, compared to net income of $12.2 million, or $0.31 per share, in 1Q20.
• • 1Q20 included $15.0 million and $1.7 million of pre-tax accelerated depreciation and other closure-related costs, respectively, or $0.32 per share after-tax, due to permanent curtailment of I-joist production at Roxboro facility.
• Wood Products reported 1Q21 segment income of $97.1 million, compared to $3.8 million in 1Q20.
• • Higher plywood, lumber, and EWP sales prices, as well as higher I-joists sales volumes and lower depreciation and amortization expense, offset partially by higher wood fiber costs and other manufacturing costs.
• BMD reported 1Q21 segment income of $120.2 million, up from $29.3 million in 1Q20.
• • Gross margin increase of $115.3 million resulting from improved sales volumes and gross margins on substantially all product lines, particularly commodity products.
  • Increased selling and distribution expenses of $20.5 million.

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1Q 2021 Financial Highlights

Sales

Adjusted EBITDA

$ Millions

$1,821.3

56%

$1,170.5

1,634.8

1,050.0

$224.9

126.0

$ Millions

277%

	432.3
		320.1
	(245.8)		(199.5)

1Q 2021	1Q 2020
n BMD n Wood	n Eliminations

			$59.6
110.4
		34.6
				33.4
	(11.5)			(8.4)
	1Q 2021		1Q 2020
	n BMD n Wood	Corporate

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Wood Products EWP
(mmcf)		LVL					I-joists
6.0					80
5.0	4.7				70	72			69
	4.6	4.3
	4.4	3.8					63
4.0					59
			60
3.0					50		50
2.0	1Q	2Q	3Q	4Q	40
	1Q	2Q	3Q	4Q
($/cf)					$1,400
$20
18.5019.00	18.36				1,319
$18	18.14	18.04	$1,300	1,276	1,260	1,237
							1,212
					$1,200
$16
$14					$1,100
$12					$1,000
$10	1Q	2Q	3Q	4Q	$900	1Q	2Q	3Q	4Q
									May 7, 2021

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