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May 6, 2021 4:15 PM EDT

Boise Cascade CompanyExhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release
bcclogoa02a051.jpg
Investor Relations Contact - Kelly Hibbs
208 384 3638
Media Contact - Lisa Tschampl
208 384 6552

For Immediate Release: May 6, 2021

Boise Cascade Company Reports First Quarter 2021 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $149.2 million, or $3.76 per share, on sales of $1.8 billion for the first quarter ended March 31, 2021, compared with net income of $12.2 million, or $0.31 per share, on sales of $1.2 billion for the first quarter ended March 31, 2020. First quarter 2020 results included $15.0 million and $1.7 million, respectively, of pre-tax accelerated depreciation and other curtailment related costs, or $0.32 per share after-tax, due to the permanent curtailment of I-joist production at our Roxboro, North Carolina, facility.

    “I am very proud of our associates across the Company and am inspired by their tireless efforts to work safely and support the needs of our customer and supplier partners during these extraordinary market conditions. Their dedication and execution were key to delivering tremendous financial results in the first quarter,” commented Nate Jorgensen, CEO. “Our proven Values have served us incredibly well as we have navigated through the pandemic and will continue to be our foundation moving forward. We also effectively deployed our succession planning process as we start 2021, and I am confident that Jeff and Kelly, supported by their strong teams, are ready to lead in their new roles. The demand outlook for new residential construction remains strong. We are looking forward to the future and the continued execution of our strategy.”

First Quarter 2021 Highlights
1Q 20211Q 2020% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,821,316 $1,170,534 56 %
Net income149,156 12,200 1,123 %
Net income per common share - diluted3.76 0.31 1,113 %
Adjusted EBITDA 1
224,935 59,619 277 %
Segment Results
Wood Products sales$432,335 $320,061 35 %
Wood Products income97,052 3,763 2,479 %
Wood Products EBITDA 1
110,398 33,366 231 %
Building Materials Distribution sales1,634,777 1,049,997 56 %
Building Materials Distribution income120,219 29,302 310 %
Building Materials Distribution EBITDA 1
126,038 34,646 264 %
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
    
As both a manufacturer and a distributor, our first quarter 2021 financial results were favorably impacted by higher commodity wood products pricing compared to pricing in the same period last year. The momentum of robust construction activity experienced in the latter half of 2020 continued throughout first quarter 2021, with stronger than


typical demand during the winter months. Across commodity product lines, product demand in the first quarter exceeded supply, and certain producers also struggled with production due to raw material constraints or winter storms, causing significant increases in commodity products prices. While not subject to the significant price fluctuations of commodity products, demand also exceeded supply for many of the general line products and engineered wood products (EWP) distributed by Building Materials Distribution (BMD). Our BMD warehouse sales were strong throughout the first quarter as our retail lumberyard customers relied on our broad base of inventory and high service levels to minimize their working capital investment given historically high commodity product prices. In addition, we have had strong demand from our home center customers in response to elevated repair and remodel and "do-it-yourself" activity as people are spending more time at home during the pandemic.

In the first quarter 2021, total U.S. housing starts increased 10% compared to the same period in 2020. Single-family housing starts, the primary driver of our sales volumes, also increased 20%. 

Wood Products

    Wood Products' sales, including sales to BMD, increased $112.3 million, or 35%, to $432.3 million for the three months ended March 31, 2021, from $320.1 million for the three months ended March 31, 2020. The increase in sales was driven primarily by higher plywood and lumber prices, as well as higher sales volumes for I-joists. Net sales prices for I-joists and LVL (collectively referred to as EWP) also increased compared to the prior period. These increases were offset partially by lower sales volumes for LVL and plywood. The lower volume for plywood sales reflects our continued work to optimize veneer into EWP production, as well as rolling curtailments at our Elgin plywood facility as we manage environmental permits and log supply availability, periodic short-term disruptions related to COVID-19, and a significant winter storm in Louisiana during February 2021. Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
1Q 2021 vs. 1Q 20201Q 2021 vs. 4Q 2020
 Average Net Selling Prices
    LVL3%5%
    I-joists3%9%
    Plywood108%37%
 Sales Volumes
    LVL(7)%2%
    I-joists20%4%
    Plywood(5)%(1)%

Wood Products' segment income increased $93.3 million to $97.1 million for the three months ended March 31, 2021, from $3.8 million for the three months ended March 31, 2020. The increase in segment income was due primarily to higher plywood, lumber and EWP sales prices, as well as higher I-joists sales volumes. In addition, first quarter 2020 results included accelerated depreciation and amortization expense and loss on curtailment of facility of $15.0 million and $1.7 million, respectively, related to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility. These improvements were offset partially by higher wood fiber and other manufacturing costs.
    
Building Materials Distribution

    BMD's sales increased $584.8 million, or 56%, to $1,634.8 million for the three months ended March 31, 2021, from $1,050.0 million for the three months ended March 31, 2020. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales volume and sales price increases of 34% and 22%, respectively. By product line, commodity sales increased 106%, general line product sales increased 19%, and sales of EWP (substantially all of which is sourced through our Wood Products segment) increased 21%.

BMD segment income increased $90.9 million to $120.2 million for the three months ended March 31, 2021, from $29.3 million in the comparative prior year quarter. The improvement in segment income was driven by a gross margin increase of $115.3 million, resulting primarily from improved sales volumes and gross margins on
2

substantially all product lines, particularly commodity products, compared with first quarter 2020. The margin improvement was offset partially by increased selling and distribution expenses and general and administrative expenses of $20.5 million and $3.4 million, respectively.

Unallocated Corporate Costs

Unallocated corporate expenses increased $4.5 million to $12.0 million for the three months ended March 31, 2021, from $7.5 million for the same period in the prior year. The increase was due primarily to higher employee-related expenses, most of which relates to incentive compensation.

Balance Sheet and Liquidity

    Boise Cascade ended first quarter 2021 with $457.0 million of cash and cash equivalents and $345.3 million of undrawn committed bank line availability, for total available liquidity of $802.3 million. The Company had $444.0 million of outstanding debt at March 31, 2021.

We expect capital expenditures in 2021 to total approximately $90 million to $100 million. Included in our capital spending range is the completion of a log utilization center project at our Florien plywood and veneer plant, a new door assembly operation in Houston, and expansion of our distribution capabilities in the Nashville market. This level of capital expenditures could increase or decrease as a result of a number of factors, including acquisitions, efforts to 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 6, 2021, our board of directors declared a quarterly dividend of $0.10 per share on our common stock, payable on June 15, 2021, to stockholders of record on June 1, 2021.

    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, contractual obligations, 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
    
    Wood Products continues to experience periodic short-term disruptions at many locations due to COVID-19 as we continue efforts to increase production rates in response to strong end-product demand, particularly for our EWP. In addition, we have experienced COVID-19 related short-term disruptions at our BMD locations, and our activity levels across our distribution network continue to vary widely as COVID-19 or weather impacts geographies across the U.S. to differing degrees. Furthermore, supply side constraints across product lines and lean inventories throughout the supply chain have limited the industry's ability to meet underlying demand. We continue to conduct business with modifications to mill and distribution center housekeeping and cleanliness protocols, employee travel, employee work locations, and virtualization or cancellation of certain sales and marketing events, among other modifications. In addition, we continue to actively monitor evolving developments and may take actions that alter our business operations as may be required by federal, state, or local authorities, or that we determine are in the best interests of our employees, customers, suppliers, communities, and stockholders.

While there continues to be a heightened level of economic uncertainty due to the pandemic, low mortgage rates, continuation of work-from-home practices by many in the economy, and demographics in the U.S. have created a favorable demand environment for new residential construction, particularly single-family housing starts, which we expect to continue in 2021 and into next year. Furthermore, with homeowners spending more time at home, repair and remodel spending may remain elevated as homeowners invest in existing homes. As of April 2021, the Blue Chip Economic Indicators consensus forecast for 2021 and 2022 single- and multi-family housing starts in the U.S. were 1.55 million and 1.54 million units, respectively, compared with actual housing starts of 1.38 million in 2020, as reported by the U.S. Census Bureau. Although we believe that current U.S. demographics support the higher level of forecasted housing starts, and many national home builders are reporting strong near-
3

term backlogs, supply induced constraints on residential construction and repair-and-remodeling activity may continue to extend build times and limit activity.
    
Strong demand when coupled with capacity constraints in first quarter 2021 created supply/demand imbalances in the marketplace and historically high pricing levels for commodity lumber and panel products. Future commodity product pricing will be dependent on the impact of COVID-19 on residential construction, capacity restoration and industry operating rates, net import and export activity, transportation constraints or disruptions, inventory levels in various distribution channels, and seasonal demand patterns. As a wholesale distributor of a broad mix of commodity products and a manufacturer of certain commodity products, our sales and profitability are influenced by changes in commodity product prices.
    
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 7, 2021, at 11 a.m. Eastern.

    To participate in the conference call, dial 844-795-4410 and use participant passcode 5849652 (international callers should dial 661-378-9637). To join the webcast, go to the Investor Relations section at www.bc.com and select the Event Calendar link.

    A replay of the conference call will be available from Friday, May 7, 2021, at 2 p.m. Eastern through Friday, May 14, 2021, at 2 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers with a passcode of 5849652. The archived webcast will be available in the Investor Relations 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.
    
4

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. 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, 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 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.
    

5

Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months Ended
March 31December 31, 2020
20212020
Sales$1,821,316 $1,170,534 $1,472,231 
Costs and expenses 
Materials, labor, and other operating expenses (excluding depreciation)1,450,434 992,270 1,233,182 
Depreciation and amortization19,539 35,332 19,909 
Selling and distribution expenses120,917 99,463 102,366 
General and administrative expenses25,262 16,084 17,737 
Loss on curtailment of facility— 1,669 — 
Other (income) expense, net(97)169 (103)
1,616,055 1,144,987 1,373,091 
Income from operations205,261 25,547 99,140 
Foreign currency exchange gain (loss)154 (873)556 
Pension expense (excluding service costs)(19)(387)(6,466)
Interest expense(5,875)(6,421)(6,167)
Interest income59 655 41 
Change in fair value of interest rate swaps1,024 (2,314)255 
(4,657)(9,340)(11,781)
Income before income taxes200,604 16,207 87,359 
Income tax provision(51,448)(4,007)(61,358)
Net income$149,156 $12,200 $26,001 
Weighted average common shares outstanding:
  Basic39,355 39,163 39,317 
  Diluted39,630 39,405 39,587 
Net income per common share:
  Basic$3.79 $0.31 $0.66 
  Diluted$3.76 $0.31 $0.66 
Dividends declared per common share$0.10 $0.10 $0.10 


6

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended
March 31December 31, 2020
20212020
Segment sales$432,335 $320,061 $358,661 
Costs and expenses  
Materials, labor, and other operating expenses (excluding depreciation)308,608 274,034 292,425 
Depreciation and amortization13,346 29,603 13,669 
Selling and distribution expenses8,999 7,984 8,147 
General and administrative expenses4,319 3,012 3,508 
Loss on curtailment of facility— 1,669 — 
Other (income) expense, net11 (4)64 
335,283 316,298 317,813 
Segment income$97,052 $3,763 $40,848 
(percentage of sales)
Segment sales100.0  %100.0  %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)71.4 %85.6 %81.5 %
Depreciation and amortization3.1 %9.2 %3.8 %
Selling and distribution expenses2.1 %2.5 %2.3 %
General and administrative expenses1.0 %0.9 %1.0 %
Loss on curtailment of facility— %0.5 %— %
Other (income) expense, net— %— %— %
77.6 %98.8 %88.6 %
Segment income22.4 %1.2 %11.4 %

7

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended
March 31December 31, 2020
20212020
Segment sales$1,634,777 $1,049,997 $1,330,078 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,387,351 917,841 1,156,836 
Depreciation and amortization5,819 5,344 5,846 
Selling and distribution expenses111,920 91,423 94,162 
General and administrative expenses9,581 6,135 6,322 
Other (income) expense, net(113)(48)(169)
1,514,558 1,020,695 1,262,997 
Segment income $120,219 $29,302 $67,081 
(percentage of sales)
Segment sales100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)84.9 %87.4 %87.0 %
Depreciation and amortization0.4 %0.5 %0.4 %
Selling and distribution expenses6.8 %8.7 %7.1 %
General and administrative expenses0.6 %0.6 %0.5 %
Other (income) expense, net— %— %— %
92.6 %97.2 %95.0 %
Segment income 7.4 %2.8 %5.0 %

8

Segment Information
(in thousands) (unaudited)
Three Months Ended
March 31December 31, 2020
20212020
Segment sales
Wood Products$432,335 $320,061 $358,661 
Building Materials Distribution1,634,777 1,049,997 1,330,078 
Intersegment eliminations(245,796)(199,524)(216,508)
Total net sales$1,821,316 $1,170,534 $1,472,231 
Segment income
Wood Products$97,052 $3,763 $40,848 
Building Materials Distribution120,219 29,302 67,081 
Total segment income217,271 33,065 107,929 
Unallocated corporate costs(12,010)(7,518)(8,789)
Income from operations$205,261 $25,547 $99,140 
Segment EBITDA (a)
Wood Products$110,398 $33,366 $54,517 
Building Materials Distribution126,038 34,646 72,927 

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


9

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
March 31, 2021December 31, 2020
ASSETS
Current
Cash and cash equivalents$456,982 $405,382 
Receivables 
Trade, less allowances of $1,840 and $1,111
540,197 375,865 
Related parties416 201 
Other12,261 15,067 
Inventories611,700 503,480 
Prepaid expenses and other11,304 8,860 
Total current assets1,632,860 1,308,855 
 
Property and equipment, net456,067 461,456 
Operating lease right-of-use assets60,065 62,447 
Finance lease right-of-use assets28,744 29,523 
Timber deposits10,025 11,761 
Goodwill60,382 60,382 
Intangible assets, net16,268 16,574 
Deferred income taxes7,329 7,460 
Other assets6,997 7,260 
Total assets$2,278,737 $1,965,718 

10

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
March 31, 2021December 31, 2020
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$457,132 $307,653 
Related parties1,026 1,199 
Accrued liabilities 
Compensation and benefits87,907 118,400 
Income taxes payable60,677 8,101 
Interest payable5,011 8,477 
Other84,761 80,172 
Total current liabilities696,514 524,002 
Debt 
Long-term debt444,001 443,792 
Other 
Compensation and benefits27,176 25,951 
Operating lease liabilities, net of current portion53,437 56,001 
Finance lease liabilities, net of current portion31,059 31,607 
Deferred income taxes15,783 18,263 
Other long-term liabilities15,506 15,303 
142,961 147,125 
 
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, 44,698 and 44,568 shares issued, respectively
447 446 
Treasury stock, 5,367 shares at cost
(138,909)(138,909)
Additional paid-in capital
537,431 538,006 
Accumulated other comprehensive loss
(1,082)(1,078)
Retained earnings597,374 452,334 
Total stockholders' equity995,261 850,799 
Total liabilities and stockholders' equity$2,278,737 $1,965,718 

11

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Three Months Ended March 31
20212020
Cash provided by (used for) operations
Net income$149,156 $12,200 
Items in net income not using (providing) cash 
Depreciation and amortization, including deferred financing costs and other
19,950 35,859 
Stock-based compensation2,092 1,674 
Pension expense19 555 
Deferred income taxes(2,244)1,197 
Change in fair value of interest rate swaps(1,024)2,314 
Loss on curtailment of facility (excluding severance)— 1,438 
Other4 155 
Decrease (increase) in working capital 
Receivables(161,833)(108,229)
Inventories(108,220)(39,045)
Prepaid expenses and other(2,444)(3,205)
Accounts payable and accrued liabilities125,064 55,629 
Pension contributions(78)(726)
Income taxes payable52,565 (2,111)
Other(756)(172)
Net cash provided by (used for) operations72,251 (42,467)
Cash provided by (used for) investment
Expenditures for property and equipment(13,301)(18,563)
Proceeds from sales of assets and other136 103 
Net cash used for investment(13,165)(18,460)
Cash provided by (used for) financing
Dividends paid on common stock(4,440)(4,645)
Tax withholding payments on stock-based awards(2,729)(3,309)
Other(317)(1,364)
Net cash used for financing(7,486)(9,318)
Net increase (decrease) in cash and cash equivalents51,600 (70,245)
Balance at beginning of the period405,382 285,237 
Balance at end of the period$456,982 $214,992 
12

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 2020 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.
(a)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, 2021 and 2020, and December 31, 2020:
Three Months Ended
March 31December 31, 2020
20212020
(in thousands)
Net income$149,156 $12,200 $26,001 
Interest expense5,875 6,421 6,167 
Interest income(59)(655)(41)
Income tax provision51,448 4,007 61,358 
Depreciation and amortization19,539 35,332 19,909 
EBITDA225,959 57,305 113,394 
Change in fair value of interest rate swaps(1,024)2,314 (255)
Adjusted EBITDA$224,935 $59,619 $113,139 
13

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2021 and 2020, and December 31, 2020:
Three Months Ended
March 31December 31, 2020
20212020
(in thousands)
Wood Products
Segment income$97,052 $3,763 $40,848 
Depreciation and amortization13,346 29,603 13,669 
EBITDA$110,398 $33,366 $54,517 
Building Materials Distribution
Segment income$120,219 $29,302 $67,081 
Depreciation and amortization5,819 5,344 5,846 
EBITDA$126,038 $34,646 $72,927 
Corporate
Unallocated corporate costs$(12,010)$(7,518)$(8,789)
Foreign currency exchange gain (loss)154 (873)556 
Pension expense (excluding service costs)(19)(387)(6,466)
Change in fair value of interest rate swaps1,024 (2,314)255 
Depreciation and amortization374 385 394 
EBITDA(10,477)(10,707)(14,050)
Change in fair value of interest rate swaps(1,024)2,314 (255)
Corporate adjusted EBITDA$(11,501)$(8,393)$(14,305)
Total Company adjusted EBITDA$224,935 $59,619 $113,139 




14

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2021
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,359 4,359 
 I-joist sales volume (MELF)71,586 71,586 
 Plywood sales volume (MSF 3/8")303,302 303,302 
 Lumber sales volume (MBF)19,273 19,273 
 LVL mill net sales price ($/CF)$19.00 $19.00 
 I-joist mill net sales price ($/MELF)$1,319 $1,319 
 Plywood net sales price ($/MSF 3/8")$556 $556 
 Lumber net sales price ($/MBF)$975 $975 
 Segment sales (000)$432,335 $432,335 
 Segment income$97,052 $97,052 
 Segment depreciation and amortization (000)$13,346 $13,346 
 Segment EBITDA (000)1
$110,398 $110,398 
 EBITDA as a percentage of sales25.5 %25.5 %
 Capital spending (000)$7,047 $7,047 
 Receivables (000)$100,595 
 Inventories (000)$167,618 
 Accounts payable (000)$47,515 
2020
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,673 3,847 4,560 4,262 17,342 
 I-joist sales volume (MELF)59,487 49,514 63,000 68,784 240,785 
 Plywood sales volume (MSF 3/8")317,843 313,995 315,950 305,159 1,252,947 
 Lumber sales volume (MBF)22,807 21,901 21,592 19,794 86,094 
 LVL mill net sales price ($/CF)$18.50 $18.36 $18.14 $18.04 $18.26 
 I-joist mill net sales price ($/MELF)$1,276 $1,260 $1,237 $1,212 $1,244 
 Plywood net sales price ($/MSF 3/8")$267 $287 $428 $407 $347 
 Lumber net sales price ($/MBF)$520 $535 $596 $820 $612 
 Segment sales (000)$320,061 $281,505 $363,674 $358,661 $1,323,901 
 Segment income$3,763 $17,074 $66,035 $40,848 $127,720 
 Segment depreciation and amortization (000)2
$29,603 $13,931 $13,938 $13,669 $71,141 
 Segment EBITDA (000)1
$33,366 $31,005 $79,973 $54,517 $198,861 
 EBITDA as a percentage of sales10.4 %11.0 %22.0 %15.2 %15.0 %
 Capital spending (000)$11,341 $5,644 $6,316 $14,929 $38,230 
 Receivables (000)$69,136 $67,674 $86,892 $62,994 
 Inventories (000)$164,230 $140,120 $136,681 $149,374 
 Accounts payable (000)$44,315 $38,898 $48,194 $44,593 


1

Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2019
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,332 4,594 4,632 4,343 17,901 
 I-joist sales volume (MELF)52,166 60,402 60,018 53,966 226,552 
 Plywood sales volume (MSF 3/8")335,989 343,035 343,422 314,769 1,337,215 
 Lumber sales volume (MBF)20,394 22,059 22,001 20,816 85,270 
 LVL mill net sales price ($/CF)$18.87 $18.70 $18.59 $18.51 $18.66 
 I-joist mill net sales price ($/MELF)$1,266 $1,279 $1,268 $1,266 $1,270 
 Plywood net sales price ($/MSF 3/8")$287 $272 $254 $251 $266 
 Lumber net sales price ($/MBF)$653 $637 $601 $552 $611 
 Segment sales (000)$319,523 $334,256 $325,102 $296,286 $1,275,167 
 Segment income (000)$11,630 $18,908 $15,597 $8,062 $54,197 
 Segment depreciation and amortization (000)$13,738 $14,092 $15,252 $14,589 $57,671 
 Segment EBITDA (000)1
$25,368 $33,000 $30,849 $22,651 $111,868 
 EBITDA as a percentage of sales7.9 %9.9 %9.5 %7.6 %8.8 %
 Capital spending (000)$10,694 $10,883 $9,045 $22,838 $53,460 
 Receivables (000)$65,977 $69,742 $65,340 $46,712 
 Inventories (000)$183,413 $163,846 $153,801 $158,746 
 Accounts payable (000)$45,370 $50,589 $46,238 $44,356 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment depreciation and amortization in first quarter 2020 includes accelerated depreciation of $15.0 million to fully depreciate the curtailed I-joist production assets at our Roxboro, North Carolina facility.

2

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2021
Q1Q2Q3Q4YTD
 Commodity sales55.4 %55.4 %
 General line sales28.9 %28.9 %
 EWP sales15.7 %15.7 %
 Total sales (000)$1,634,777 $1,634,777 
 Gross margin1
15.1 %15.1 %
 Segment income (000)$120,219 $120,219 
 Segment depreciation and amortization (000)$5,819 $5,819 
 Segment EBITDA (000)2
$126,038 $126,038 
 EBITDA as a percentage of sales7.7 %7.7 %
 Capital spending (000)$6,247 $6,247 
 Receivables (000)$497,466 
 Inventories (000)$444,082 
 Accounts payable (000)$438,562 
2020
Q1Q2Q3Q4YTD
 Commodity sales41.9 %43.2 %50.0 %49.7 %46.6 %
 General line sales37.9 %39.5 %33.6 %32.6 %35.6 %
 EWP sales20.2 %17.3 %16.4 %17.7 %17.8 %
 Total sales (000)$1,049,997 $1,134,260 $1,437,683 $1,330,078 $4,952,018 
 Gross margin1
12.6 %13.4 %16.4 %13.0 %14.0 %
 Segment income (000)$29,302 $43,210 $107,901 $67,081 $247,494 
 Segment depreciation and amortization (000)$5,344 $5,584 $5,686 $5,846 $22,460 
 Segment EBITDA (000)2
$34,646 $48,794 $113,587 $72,927 $269,954 
 EBITDA as a percentage of sales3.3 %4.3 %7.9 %5.5 %5.5 %
 Capital spending (000)$6,528 $4,358 $11,708 $17,382 $39,976 
 Receivables (000)$304,082 $322,430 $386,236 $349,628 
 Inventories (000)$372,084 $316,008 $317,646 $354,106 
 Accounts payable (000)$282,886 $297,147 $357,381 $269,650 

3

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2019
Q1Q2Q3Q4YTD
 Commodity sales43.9 %41.0 %40.8 %41.4 %41.7 %
 General line sales35.6 %39.2 %39.7 %37.8 %38.2 %
 EWP sales20.5 %19.8 %19.5 %20.8 %20.1 %
 Total sales (000)$907,708 $1,097,421 $1,145,621 $986,969 $4,137,719 
 Gross margin1
11.8 %12.4 %13.0 %13.0 %12.6 %
 Segment income (000)$17,517 $33,800 $38,665 $26,254 $116,236 
 Segment depreciation and amortization (000)$5,132 $5,028 $5,278 $5,331 $20,769 
 Segment EBITDA (000)2
$22,649 $38,828 $43,943 $31,585 $137,005 
 EBITDA as a percentage of sales2.5 %3.5 %3.8 %3.2 %3.3 %
 Capital spending (000)3
$3,634 $5,163 $10,582 $5,667 $25,046 
 Receivables (000)$264,867 $288,032 $276,407 $204,410 
 Inventories (000)$390,447 $360,605 $338,787 $338,851 
 Accounts payable (000)$259,368 $238,932 $257,818 $177,155 
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 2019, capital spending in second quarter excludes $15.7 million of cash paid for the acquisition of businesses and facilities.


4

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 and loss on extinguishment of debt. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
2021
Q1Q2Q3Q4YTD
Net income$149,156 $149,156 
Interest expense5,875 5,875 
Interest income(59)(59)
Income tax provision51,448 51,448 
Depreciation and amortization19,539 19,539 
EBITDA225,959 225,959 
Change in fair value of interest rate swaps(1,024)(1,024)
Adjusted EBITDA$224,935 $224,935 
2020
Q1Q2Q3Q4YTD
Net income$12,200 $33,586 $103,192 $26,001 $174,979 
Interest expense6,421 6,633 7,002 6,167 26,223 
Interest income(655)(190)(113)(41)(999)
Income tax provision4,007 11,334 34,633 61,358 111,332 
Depreciation and amortization35,332 19,899 20,029 19,909 95,169 
EBITDA57,305 71,262 164,743 113,394 406,704 
Change in fair value of interest rate swaps2,314 514 (147)(255)2,426 
Loss on extinguishment of debt— — 13,968 — 13,968 
Adjusted EBITDA$59,619 $71,776 $178,564 $113,139 $423,098 
2019
Q1Q2Q3Q4YTD
Net income$11,389 $27,718 $27,171 $14,647 $80,925 
Interest expense6,437 6,486 6,532 6,596 26,051 
Interest income(492)(416)(837)(1,066)(2,811)
Income tax provision3,200 9,751 9,650 4,705 27,306 
Depreciation and amortization19,217 19,454 20,969 20,501 80,141 
EBITDA39,751 62,993 63,485 45,383 211,612 
Change in fair value of interest rate swaps983 1,551 569 (140)2,963 
Adjusted EBITDA$40,734 $64,544 $64,054 $45,243 $214,575 

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our first quarter 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 6, 2021.

5

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