bcc-20230504


Boise Cascade Company			Exhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702


News Release


Investor Relations Contact - Kelly Hibbs 208 384 3638						Media Contact - Lisa Tschampl 208 384 6552

For Immediate Release: May 4, 2023

Boise Cascade Company Reports First Quarter 2023 Results

BOISE, Idaho - 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

Exhibit 99.2

Boise Cascade Company

Quarterly Statistical Information


Wood Products Segment
	2023
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	3,639												3,639
I-joist sales volume (MELF)	38,711												38,711
Plywood sales volume (MSF 3/8")	405,960												405,960
Lumber sales volume (MBF)	31,560												31,560
LVL mill net sales price ($/CF)	$	31.17											$	31.17
I-joist mill net sales price ($/MELF)	$	2,168											$	2,168
Plywood net sales price ($/MSF 3/8")	$	367											$	367
Lumber net sales price ($/MBF)	$	724											$	724
Segment sales (000)	$	437,428											$	437,428
Segment income (000)	$	69,395											$	69,395
Segment depreciation and amortization (000)	$	23,790											$	23,790
Segment EBITDA (000)1	$	93,185											$	93,185
EBITDA as a percentage of sales	21.3		%										21.3		%
Capital spending (000)	$	7,262											$	7,262
Receivables (000)	$	77,318
Inventories (000)	$	232,136
Accounts payable (000)	$	63,275

	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)2	$	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

Boise Cascade Company

Quarterly Statistical Information (continued)


Wood Products Segment (continued)
	2021
	Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)	4,359			4,705			4,647			4,518			18,229
I-joist sales volume (MELF)	71,586			75,697			76,218			66,983			290,484
Plywood sales volume (MSF 3/8")	303,302			337,593			313,759			304,285			1,258,939
Lumber sales volume (MBF)	19,273			21,138			17,658			18,935			77,004
LVL mill net sales price ($/CF)	$	19.00		$	19.63		$	22.30		$	25.96		$	21.73
I-joist mill net sales price ($/MELF)	$	1,319		$	1,363		$	1,575		$	1,822		$	1,514
Plywood net sales price ($/MSF 3/8")	$	556		$	878		$	561		$	401		$	606
Lumber net sales price ($/MBF)	$	975		$	1,200		$	1,184		$	804		$	1,043
Segment sales (000)	$	432,335		$	594,569		$	497,316		$	446,584		$	1,970,804
Segment income (000)	$	97,052		$	213,761		$	122,056		$	98,366		$	531,235
Segment depreciation and amortization (000)	$	13,346		$	14,128		$	13,914		$	13,861		$	55,249
Segment EBITDA (000)1	$	110,398		$	227,889		$	135,970		$	112,227		$	586,484
EBITDA as a percentage of sales	25.5		%	38.3		%	27.3		%	25.1		%	29.8		%
Capital spending (000)	$	7,047		$	7,673		$	11,422		$	22,138		$	48,280
Receivables (000)	$	100,595		$	124,757		$	95,307		$	164,373
Inventories (000)	$	167,618		$	182,465		$	173,854		$	169,451
Accounts payable (000)	$	47,515		$	69,939		$	57,129		$	45,662

1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Capital 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
	2023
	Q1			Q2			Q3			Q4			YTD
Commodity sales	39.7		%										39.7		%
General line sales	38.7		%										38.7		%
EWP sales	21.6		%										21.6		%
Total sales (000)	$	1,379,242											$	1,379,242
Gross margin1	14.8		%										14.8		%
Segment income (000)	$	69,685											$	69,685
Segment depreciation and amortization (000)	$	7,070											$	7,070
Segment EBITDA (000)2	$	76,755											$	76,755
EBITDA as a percentage of sales	5.6		%										5.6		%
Capital spending (000)3	$	22,659											$	22,659
Receivables (000)	$	393,338
Inventories (000)	$	506,663
Accounts payable (000)	$	363,163

	2022
	Q1			Q2			Q3			Q4			YTD
Commodity sales	52.2		%	44.9		%	39.6		%	41.5		%	44.9		%
General line sales	29.1		%	32.9		%	35.3		%	37.1		%	33.3		%
EWP sales	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 margin1	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)2	$	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)4	$	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

Boise Cascade Company

Quarterly Statistical Information (continued)


Building Materials Distribution Segment (continued)
	2021
	Q1			Q2			Q3			Q4			YTD
Commodity sales	55.4		%	60.2		%	44.8		%	43.7		%	51.6		%
General line sales	28.9		%	26.1		%	33.7		%	33.1		%	30.2		%
EWP sales	15.7		%	13.7		%	21.5		%	23.2		%	18.2		%
Total sales (000)	$	1,634,777		$	2,172,744		$	1,721,244		$	1,645,513		$	7,174,278
Gross margin1	15.1		%	15.6		%	7.9		%	16.2		%	13.8		%
Segment income (000)	$	120,219		$	206,338		$	16,565		$	137,963		$	481,085
Segment depreciation and amortization (000)	$	5,819		$	5,917		$	6,013		$	6,258		$	24,007
Segment EBITDA (000)2	$	126,038		$	212,255		$	22,578		$	144,221		$	505,092
EBITDA as a percentage of sales	7.7		%	9.8		%	1.3		%	8.8		%	7.0		%
Capital spending (000)5	$	6,247		$	10,499		$	7,978		$	32,833		$	57,557
Receivables (000)	$	497,466		$	542,524		$	445,542		$	408,948
Inventories (000)	$	444,082		$	544,739		$	470,516		$	491,220
Accounts payable (000)	$	438,562		$	474,906		$	391,742		$	377,563

1We 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 Building Materials Distribution segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
2Segment EBITDA is calculated as segment income before depreciation and amortization.
3During 2023, capital spending in first quarter includes approximately $11 million to purchase a new facility in Kansas City, Missouri, to house an additional door shop assembly operation.
4During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.
5During 2021, capital spending in fourth quarter includes approximately $15 million to purchase a BMD property in Walton, Kentucky to expand our service capabilities in Cincinnati and the surrounding markets.

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:
	2023
	Q1		Q2		Q3		Q4		YTD

Net income	$	96,733							$	96,733
Interest expense	6,361								6,361
Interest income	(9,685)								(9,685)
Income tax provision	33,275								33,275
Depreciation and amortization	31,186								31,186
EBITDA	157,870								157,870
Change in fair value of interest rate swaps	804								804

Adjusted EBITDA	$	158,674							$	158,674

	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

	2021
	Q1		Q2		Q3		Q4		YTD

Net income	$	149,156	$	302,556	$	91,699	$	169,075	$	712,486
Interest expense	5,875		6,347		6,279		6,305		24,806
Interest income	(59)		(51)		(63)		(22)		(195)
Income tax provision	51,448		101,026		31,158		52,733		236,365
Depreciation and amortization	19,539		20,420		20,299		20,495		80,753
EBITDA	225,959		430,298		149,372		248,586		1,054,215
Change in fair value of interest rate swaps	(1,024)		25		(59)		(687)		(1,745)

Adjusted EBITDA	$	224,935	$	430,323	$	149,313	$	247,899	$	1,052,470

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our first quarter 2023 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 May 4, 2023.


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	BCC	New York Stock Exchange


Exhibit			Description

99.1			Boise Cascade Company Earnings Release dated May 4, 2023.

99.2			Boise Cascade Company Quarterly Statistical Information.

99.3			Press Release, dated May 4, 2023 issued by the Company.

101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

104			The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.



	BOISE CASCADE COMPANY

	By	/s/ Jill Twedt
		Jill Twedt Senior Vice President, General Counsel and Secretary
Date: May 4, 2023


Investor Relations Contact Kelly Hibbs Office 208-384-3638						Media Contact Lisa Tschampl Office 208-384-6552