Boise Cascade Company Reports Third Quarter 2024 Results
"In what has proven to be a moderate demand environment, once again, we were able to deliver good financial results in the third quarter. We could not have done this without the tremendous efforts of our associates and our unique combination of best-in-class engineered wood products and an unmatched nationwide wholesale distribution network,” stated
Third Quarter 2024 Highlights |
||||||||
|
||||||||
|
3Q 2024 |
3Q 2023 |
% change |
|||||
|
(in thousands, except per-share data and percentages) |
|||||||
Consolidated Results |
|
|
|
|||||
Sales |
$ |
1,713,724 |
$ |
1,834,441 |
(7 |
)% |
||
Net income |
|
91,038 |
|
143,068 |
(36 |
)% |
||
Net income per common share - diluted |
|
2.33 |
|
3.58 |
(35 |
)% |
||
Adjusted EBITDA 1 |
|
154,480 |
|
216,465 |
(29 |
)% |
||
Segment Results |
|
|
|
|||||
Wood Products sales |
$ |
453,896 |
$ |
515,225 |
(12 |
)% |
||
Wood Products income |
|
53,853 |
|
99,574 |
(46 |
)% |
||
Wood Products EBITDA 1 |
|
77,404 |
|
122,924 |
(37 |
)% |
||
Building Materials Distribution sales |
|
1,567,466 |
|
1,670,296 |
(6 |
)% |
||
Building Materials Distribution income |
|
74,821 |
|
97,076 |
(23 |
)% |
||
Building Materials Distribution EBITDA 1 |
|
87,749 |
|
104,857 |
(16 |
)% |
||
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release. |
In third quarter 2024, total
Wood Products
Wood Products' sales, including sales to
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
|
3Q 2024 vs. 3Q 2023 |
3Q 2024 vs. 2Q 2024 |
|
|
|
|
|
Average Net Selling Prices |
|
|
|
LVL |
(5)% |
(2)% |
|
I-joists |
(6)% |
(2)% |
|
Plywood |
(13)% |
(8)% |
|
Sales Volumes |
|
|
|
LVL |
—% |
(2)% |
|
I-joists |
(8)% |
(10)% |
|
Plywood |
—% |
2% |
Wood Products' segment income decreased
Building Materials Distribution
BMD's sales decreased
BMD segment income decreased
Balance Sheet and Liquidity
Boise Cascade ended third quarter 2024 with
Capital Allocation
We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately
For the nine months ended
For the three and nine months ended
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. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. As reported by the
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 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 product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.
About Boise Cascade
Webcast and Conference Call
Boise Cascade will host a webcast and conference call to discuss third quarter earnings on
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
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, income 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 or segment income 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, our ability to efficiently and effectively integrate the BROSCO acquisition, 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
|
|||||||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||||||
(in thousands, except per-share data) (unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
|
|
|
|
|
||||||||||||||
Sales |
$ |
1,713,724 |
|
$ |
1,834,441 |
|
$ |
1,797,670 |
|
$ |
5,156,814 |
|
$ |
5,193,989 |
|
||||
|
|
|
|
|
|
||||||||||||||
Costs and expenses |
|
|
|
|
|
||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) |
|
1,375,719 |
|
|
1,442,178 |
|
|
1,440,680 |
|
|
4,123,838 |
|
|
4,099,249 |
|
||||
Depreciation and amortization |
|
36,861 |
|
|
31,474 |
|
|
34,367 |
|
|
107,078 |
|
|
93,382 |
|
||||
Selling and distribution expenses |
|
157,522 |
|
|
147,714 |
|
|
149,783 |
|
|
451,415 |
|
|
415,707 |
|
||||
General and administrative expenses |
|
26,172 |
|
|
27,583 |
|
|
25,943 |
|
|
77,232 |
|
|
84,193 |
|
||||
Other (income) expense, net |
|
94 |
|
|
(141 |
) |
|
(84 |
) |
|
(68 |
) |
|
(1,752 |
) |
||||
|
|
1,596,368 |
|
|
1,648,808 |
|
|
1,650,689 |
|
|
4,759,495 |
|
|
4,690,779 |
|
||||
|
|
|
|
|
|
||||||||||||||
Income from operations |
|
117,356 |
|
|
185,633 |
|
|
146,981 |
|
|
397,319 |
|
|
503,210 |
|
||||
|
|
|
|
|
|
||||||||||||||
Foreign currency exchange gain (loss) |
|
300 |
|
|
(602 |
) |
|
(104 |
) |
|
(103 |
) |
|
(355 |
) |
||||
Pension expense (excluding service costs) |
|
(37 |
) |
|
(40 |
) |
|
(37 |
) |
|
(111 |
) |
|
(122 |
) |
||||
Interest expense |
|
(6,082 |
) |
|
(6,351 |
) |
|
(6,105 |
) |
|
(18,257 |
) |
|
(19,051 |
) |
||||
Interest income |
|
10,168 |
|
|
13,760 |
|
|
10,543 |
|
|
31,308 |
|
|
34,964 |
|
||||
Change in fair value of interest rate swaps |
|
(866 |
) |
|
(327 |
) |
|
(487 |
) |
|
(1,573 |
) |
|
(798 |
) |
||||
|
|
3,483 |
|
|
6,440 |
|
|
3,810 |
|
|
11,264 |
|
|
14,638 |
|
||||
|
|
|
|
|
|
||||||||||||||
Income before income taxes |
|
120,839 |
|
|
192,073 |
|
|
150,791 |
|
|
408,583 |
|
|
517,848 |
|
||||
Income tax provision |
|
(29,801 |
) |
|
(49,005 |
) |
|
(38,499 |
) |
|
(101,129 |
) |
|
(131,727 |
) |
||||
Net income |
$ |
91,038 |
|
$ |
143,068 |
|
$ |
112,292 |
|
$ |
307,454 |
|
$ |
386,121 |
|
||||
|
|
|
|
|
|
||||||||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
||||||||||||||
Basic |
|
38,848 |
|
|
39,675 |
|
|
39,412 |
|
|
39,286 |
|
|
39,648 |
|
||||
Diluted |
|
39,063 |
|
|
39,983 |
|
|
39,608 |
|
|
39,521 |
|
|
39,849 |
|
||||
|
|
|
|
|
|
||||||||||||||
Net income per common share: |
|
|
|
|
|
||||||||||||||
Basic |
$ |
2.34 |
|
$ |
3.61 |
|
$ |
2.85 |
|
$ |
7.83 |
|
$ |
9.74 |
|
||||
Diluted |
$ |
2.33 |
|
$ |
3.58 |
|
$ |
2.84 |
|
$ |
7.78 |
|
$ |
9.69 |
|
||||
|
|
|
|
|
|
||||||||||||||
Dividends declared per common share |
$ |
5.21 |
|
$ |
0.20 |
|
$ |
0.20 |
|
$ |
5.61 |
|
$ |
3.50 |
|
Wood Products Segment |
|||||||||||||||||||
Statements of Operations |
|||||||||||||||||||
(in thousands, except percentages) (unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
|
|
|
|
|
||||||||||||||
Segment sales |
$ |
453,896 |
|
$ |
515,225 |
|
$ |
489,823 |
|
$ |
1,412,647 |
|
$ |
1,482,926 |
|
||||
|
|
|
|
|
|
||||||||||||||
Costs and expenses |
|
|
|
|
|
||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) |
|
361,313 |
|
|
376,754 |
|
|
378,920 |
|
|
1,097,954 |
|
|
1,091,900 |
|
||||
Depreciation and amortization |
|
23,551 |
|
|
23,350 |
|
|
22,270 |
|
|
70,205 |
|
|
70,145 |
|
||||
Selling and distribution expenses |
|
10,587 |
|
|
10,786 |
|
|
11,114 |
|
|
32,252 |
|
|
33,901 |
|
||||
General and administrative expenses |
|
4,640 |
|
|
5,018 |
|
|
4,606 |
|
|
14,266 |
|
|
15,560 |
|
||||
Other (income) expense, net |
|
(48 |
) |
|
(257 |
) |
|
133 |
|
|
99 |
|
|
(1,584 |
) |
||||
|
|
400,043 |
|
|
415,651 |
|
|
417,043 |
|
|
1,214,776 |
|
|
1,209,922 |
|
||||
|
|
|
|
|
|
||||||||||||||
Segment income |
$ |
53,853 |
|
$ |
99,574 |
|
$ |
72,780 |
|
$ |
197,871 |
|
$ |
273,004 |
|
||||
|
|
|
|
|
|
||||||||||||||
|
(percentage of sales) |
||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
Segment sales |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Costs and expenses |
|
|
|
|
|
||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) |
|
79.6 |
% |
|
73.1 |
% |
|
77.4 |
% |
|
77.7 |
% |
|
73.6 |
% |
||||
Depreciation and amortization |
|
5.2 |
% |
|
4.5 |
% |
|
4.5 |
% |
|
5.0 |
% |
|
4.7 |
% |
||||
Selling and distribution expenses |
|
2.3 |
% |
|
2.1 |
% |
|
2.3 |
% |
|
2.3 |
% |
|
2.3 |
% |
||||
General and administrative expenses |
|
1.0 |
% |
|
1.0 |
% |
|
0.9 |
% |
|
1.0 |
% |
|
1.0 |
% |
||||
Other (income) expense, net |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(0.1 |
%) |
||||
|
|
88.1 |
% |
|
80.7 |
% |
|
85.1 |
% |
|
86.0 |
% |
|
81.6 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Segment income |
|
11.9 |
% |
|
19.3 |
% |
|
14.9 |
% |
|
14.0 |
% |
|
18.4 |
% |
Building Materials Distribution Segment |
|||||||||||||||||||
Statements of Operations |
|||||||||||||||||||
(in thousands, except percentages) (unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
|
|
|
|
|
||||||||||||||
Segment sales |
$ |
1,567,466 |
|
$ |
1,670,296 |
|
$ |
1,655,221 |
|
$ |
4,727,708 |
|
$ |
4,686,076 |
|
||||
|
|
|
|
|
|
||||||||||||||
Costs and expenses |
|
|
|
|
|
||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) |
|
1,322,001 |
|
|
1,417,153 |
|
|
1,409,510 |
|
|
4,009,932 |
|
|
3,983,718 |
|
||||
Depreciation and amortization |
|
12,928 |
|
|
7,781 |
|
|
11,741 |
|
|
35,776 |
|
|
22,237 |
|
||||
Selling and distribution expenses |
|
146,994 |
|
|
136,982 |
|
|
138,716 |
|
|
419,324 |
|
|
381,878 |
|
||||
General and administrative expenses |
|
10,580 |
|
|
11,195 |
|
|
10,070 |
|
|
30,184 |
|
|
33,314 |
|
||||
Other (income) expense, net |
|
142 |
|
|
109 |
|
|
(216 |
) |
|
(192 |
) |
|
(382 |
) |
||||
|
|
1,492,645 |
|
|
1,573,220 |
|
|
1,569,821 |
|
|
4,495,024 |
|
|
4,420,765 |
|
||||
|
|
|
|
|
|
||||||||||||||
Segment income |
$ |
74,821 |
|
$ |
97,076 |
|
$ |
85,400 |
|
$ |
232,684 |
|
$ |
265,311 |
|
||||
|
|
|
|
|
|
||||||||||||||
|
(percentage of sales) |
||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
Segment sales |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Costs and expenses |
|
|
|
|
|
||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) |
|
84.3 |
% |
|
84.8 |
% |
|
85.2 |
% |
|
84.8 |
% |
|
85.0 |
% |
||||
Depreciation and amortization |
|
0.8 |
% |
|
0.5 |
% |
|
0.7 |
% |
|
0.8 |
% |
|
0.5 |
% |
||||
Selling and distribution expenses |
|
9.4 |
% |
|
8.2 |
% |
|
8.4 |
% |
|
8.9 |
% |
|
8.1 |
% |
||||
General and administrative expenses |
|
0.7 |
% |
|
0.7 |
% |
|
0.6 |
% |
|
0.6 |
% |
|
0.7 |
% |
||||
Other (income) expense, net |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
||||
|
|
95.2 |
% |
|
94.2 |
% |
|
94.8 |
% |
|
95.1 |
% |
|
94.3 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Segment income |
|
4.8 |
% |
|
5.8 |
% |
|
5.2 |
% |
|
4.9 |
% |
|
5.7 |
% |
Segment Information |
|||||||||||||||||||
(in thousands) (unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
Segment sales |
|
|
|
|
|
||||||||||||||
Wood Products |
$ |
453,896 |
|
$ |
515,225 |
|
$ |
489,823 |
|
$ |
1,412,647 |
|
$ |
1,482,926 |
|
||||
Building Materials Distribution |
|
1,567,466 |
|
|
1,670,296 |
|
|
1,655,221 |
|
|
4,727,708 |
|
|
4,686,076 |
|
||||
Intersegment eliminations |
|
(307,638 |
) |
|
(351,080 |
) |
|
(347,374 |
) |
|
(983,541 |
) |
|
(975,013 |
) |
||||
Total net sales |
$ |
1,713,724 |
|
$ |
1,834,441 |
|
$ |
1,797,670 |
|
$ |
5,156,814 |
|
$ |
5,193,989 |
|
||||
|
|
|
|
|
|
||||||||||||||
Segment income |
|
|
|
|
|
||||||||||||||
Wood Products |
$ |
53,853 |
|
$ |
99,574 |
|
$ |
72,780 |
|
$ |
197,871 |
|
$ |
273,004 |
|
||||
Building Materials Distribution |
|
74,821 |
|
|
97,076 |
|
|
85,400 |
|
|
232,684 |
|
|
265,311 |
|
||||
Total segment income |
|
128,674 |
|
|
196,650 |
|
|
158,180 |
|
|
430,555 |
|
|
538,315 |
|
||||
Unallocated corporate costs |
|
(11,318 |
) |
|
(11,017 |
) |
|
(11,199 |
) |
|
(33,236 |
) |
|
(35,105 |
) |
||||
Income from operations |
$ |
117,356 |
|
$ |
185,633 |
|
$ |
146,981 |
|
$ |
397,319 |
|
$ |
503,210 |
|
||||
|
|
|
|
|
|
||||||||||||||
Segment EBITDA |
|
|
|
|
|
||||||||||||||
Wood Products |
$ |
77,404 |
|
$ |
122,924 |
|
$ |
95,050 |
|
$ |
268,076 |
|
$ |
343,149 |
|
||||
Building Materials Distribution |
|
87,749 |
|
|
104,857 |
|
|
97,141 |
|
|
268,460 |
|
|
287,548 |
|
||||
|
|||||||||||||||||||
See accompanying summary notes to consolidated financial statements and segment information. |
|
|||||
Consolidated Balance Sheets |
|||||
(in thousands) (unaudited) |
|||||
|
|||||
|
|
|
|||
|
|
||||
ASSETS |
|
|
|||
|
|
|
|||
Current |
|
|
|||
Cash and cash equivalents |
$ |
761,599 |
$ |
949,574 |
|
Receivables |
|
|
|||
Trade, less allowances of |
|
408,487 |
|
352,780 |
|
Related parties |
|
289 |
|
181 |
|
Other |
|
17,411 |
|
20,740 |
|
Inventories |
|
792,356 |
|
712,369 |
|
Prepaid expenses and other |
|
32,024 |
|
21,170 |
|
Total current assets |
|
2,012,166 |
|
2,056,814 |
|
|
|
|
|||
Property and equipment, net |
|
985,808 |
|
932,633 |
|
Operating lease right-of-use assets |
|
50,039 |
|
62,868 |
|
Finance lease right-of-use assets |
|
22,925 |
|
24,003 |
|
Timber deposits |
|
9,078 |
|
7,208 |
|
|
|
171,945 |
|
170,254 |
|
Intangible assets, net |
|
177,028 |
|
190,743 |
|
Deferred income taxes |
|
4,605 |
|
4,854 |
|
Other assets |
|
8,033 |
|
9,269 |
|
Total assets |
$ |
3,441,627 |
$ |
3,458,646 |
|
|||||||
Consolidated Balance Sheets (continued) |
|||||||
(in thousands, except per-share data) (unaudited) |
|||||||
|
|||||||
|
|
|
|||||
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|||||
|
|
|
|||||
Current |
|
|
|||||
Accounts payable |
|
|
|||||
Trade |
$ |
372,199 |
|
$ |
310,175 |
|
|
Related parties |
|
2,216 |
|
|
1,501 |
|
|
Accrued liabilities |
|
|
|||||
Compensation and benefits |
|
122,000 |
|
|
149,561 |
|
|
Interest payable |
|
5,086 |
|
|
9,958 |
|
|
Other |
|
141,741 |
|
|
122,921 |
|
|
Total current liabilities |
|
643,242 |
|
|
594,116 |
|
|
|
|
|
|||||
Debt |
|
|
|||||
Long-term debt |
|
445,945 |
|
|
445,280 |
|
|
|
|
|
|||||
Other |
|
|
|||||
Compensation and benefits |
|
42,864 |
|
|
40,189 |
|
|
Operating lease liabilities, net of current portion |
|
43,550 |
|
|
56,425 |
|
|
Finance lease liabilities, net of current portion |
|
27,492 |
|
|
28,084 |
|
|
Deferred income taxes |
|
96,967 |
|
|
82,014 |
|
|
Other long-term liabilities |
|
18,134 |
|
|
16,874 |
|
|
|
|
229,007 |
|
|
223,586 |
|
|
|
|
|
|||||
Commitments and contingent liabilities |
|
|
|||||
|
|
|
|||||
Stockholders' equity |
|
|
|||||
Preferred stock, |
|
— |
|
|
— |
|
|
Common stock, |
|
451 |
|
|
450 |
|
|
|
|
(305,227 |
) |
|
(145,335 |
) |
|
Additional paid-in capital |
|
561,223 |
|
|
560,697 |
|
|
Accumulated other comprehensive loss |
|
(495 |
) |
|
(517 |
) |
|
Retained earnings |
|
1,867,481 |
|
|
1,780,369 |
|
|
Total stockholders' equity |
|
2,123,433 |
|
|
2,195,664 |
|
|
Total liabilities and stockholders' equity |
$ |
3,441,627 |
|
$ |
3,458,646 |
|
|
|||||||
Consolidated Statements of Cash Flows |
|||||||
(in thousands) (unaudited) |
|||||||
|
|||||||
|
Nine Months Ended |
||||||
|
2024 |
2023 |
|||||
Cash provided by (used for) operations |
|
|
|||||
Net income |
$ |
307,454 |
|
$ |
386,121 |
|
|
Items in net income not using (providing) cash |
|
|
|||||
Depreciation and amortization, including deferred financing costs and other |
|
109,531 |
|
|
95,516 |
|
|
Stock-based compensation |
|
11,668 |
|
|
11,518 |
|
|
Pension expense |
|
111 |
|
|
122 |
|
|
Deferred income taxes |
|
15,096 |
|
|
4,351 |
|
|
Change in fair value of interest rate swaps |
|
1,573 |
|
|
798 |
|
|
Other |
|
322 |
|
|
(1,877 |
) |
|
Decrease (increase) in working capital, net of acquisitions |
|
|
|||||
Receivables |
|
(51,192 |
) |
|
(158,756 |
) |
|
Inventories |
|
(80,739 |
) |
|
14,145 |
|
|
Prepaid expenses and other |
|
(6,697 |
) |
|
(6,604 |
) |
|
Accounts payable and accrued liabilities |
|
44,547 |
|
|
152,303 |
|
|
Income taxes payable |
|
(3,970 |
) |
|
23,664 |
|
|
Other |
|
(3,952 |
) |
|
(172 |
) |
|
Net cash provided by operations |
|
343,752 |
|
|
521,129 |
|
|
|
|
|
|||||
Cash provided by (used for) investment |
|
|
|||||
Expenditures for property and equipment |
|
(135,760 |
) |
|
(99,251 |
) |
|
Acquisitions of businesses and facilities |
|
(5,581 |
) |
|
— |
|
|
Proceeds from sales of assets and other |
|
1,197 |
|
|
2,450 |
|
|
Net cash used for investment |
|
(140,144 |
) |
|
(96,801 |
) |
|
|
|
|
|||||
Cash provided by (used for) financing |
|
|
|||||
|
|
(158,509 |
) |
|
(1,539 |
) |
|
Dividends paid on common stock |
|
(220,485 |
) |
|
(140,885 |
) |
|
Tax withholding payments on stock-based awards |
|
(11,141 |
) |
|
(5,926 |
) |
|
Other |
|
(1,448 |
) |
|
(1,359 |
) |
|
Net cash used for financing |
|
(391,583 |
) |
|
(149,709 |
) |
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
|
(187,975 |
) |
|
274,619 |
|
|
|
|
|
|||||
Balance at beginning of the period |
|
949,574 |
|
|
998,344 |
|
|
|
|
|
|||||
Balance at end of the period |
$ |
761,599 |
|
$ |
1,272,963 |
|
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 2023 Form 10-K and the Company's other filings with the
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 (i) three months ended
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
(in thousands) |
||||||||||||||||||
Net income |
$ |
91,038 |
|
$ |
143,068 |
|
$ |
112,292 |
|
$ |
307,454 |
|
$ |
386,121 |
|
||||
Interest expense |
|
6,082 |
|
|
6,351 |
|
|
6,105 |
|
|
18,257 |
|
|
19,051 |
|
||||
Interest income |
|
(10,168 |
) |
|
(13,760 |
) |
|
(10,543 |
) |
|
(31,308 |
) |
|
(34,964 |
) |
||||
Income tax provision |
|
29,801 |
|
|
49,005 |
|
|
38,499 |
|
|
101,129 |
|
|
131,727 |
|
||||
Depreciation and amortization |
|
36,861 |
|
|
31,474 |
|
|
34,367 |
|
|
107,078 |
|
|
93,382 |
|
||||
EBITDA |
|
153,614 |
|
|
216,138 |
|
|
180,720 |
|
|
502,610 |
|
|
595,317 |
|
||||
Change in fair value of interest rate swaps |
|
866 |
|
|
327 |
|
|
487 |
|
|
1,573 |
|
|
798 |
|
||||
Adjusted EBITDA |
$ |
154,480 |
|
$ |
216,465 |
|
$ |
181,207 |
|
$ |
504,183 |
|
$ |
596,115 |
|
The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
(in thousands) |
||||||||||||||||||
Wood Products |
|
|
|
|
|
||||||||||||||
Segment income |
$ |
53,853 |
|
$ |
99,574 |
|
$ |
72,780 |
|
$ |
197,871 |
|
$ |
273,004 |
|
||||
Depreciation and amortization |
|
23,551 |
|
|
23,350 |
|
|
22,270 |
|
|
70,205 |
|
|
70,145 |
|
||||
EBITDA |
$ |
77,404 |
|
$ |
122,924 |
|
$ |
95,050 |
|
$ |
268,076 |
|
$ |
343,149 |
|
||||
|
|
|
|
|
|
||||||||||||||
Building Materials Distribution |
|
|
|
|
|
||||||||||||||
Segment income |
$ |
74,821 |
|
$ |
97,076 |
|
$ |
85,400 |
|
$ |
232,684 |
|
$ |
265,311 |
|
||||
Depreciation and amortization |
|
12,928 |
|
|
7,781 |
|
|
11,741 |
|
|
35,776 |
|
|
22,237 |
|
||||
EBITDA |
$ |
87,749 |
|
$ |
104,857 |
|
$ |
97,141 |
|
$ |
268,460 |
|
$ |
287,548 |
|
||||
|
|
|
|
|
|
||||||||||||||
Corporate |
|
|
|
|
|
||||||||||||||
Unallocated corporate costs |
$ |
(11,318 |
) |
$ |
(11,017 |
) |
$ |
(11,199 |
) |
$ |
(33,236 |
) |
$ |
(35,105 |
) |
||||
Foreign currency exchange gain (loss) |
|
300 |
|
|
(602 |
) |
|
(104 |
) |
|
(103 |
) |
|
(355 |
) |
||||
Pension expense (excluding service costs) |
|
(37 |
) |
|
(40 |
) |
|
(37 |
) |
|
(111 |
) |
|
(122 |
) |
||||
Change in fair value of interest rate swaps |
|
(866 |
) |
|
(327 |
) |
|
(487 |
) |
|
(1,573 |
) |
|
(798 |
) |
||||
Depreciation and amortization |
|
382 |
|
|
343 |
|
|
356 |
|
|
1,097 |
|
|
1,000 |
|
||||
EBITDA |
|
(11,539 |
) |
|
(11,643 |
) |
|
(11,471 |
) |
|
(33,926 |
) |
|
(35,380 |
) |
||||
Change in fair value of interest rate swaps |
|
866 |
|
|
327 |
|
|
487 |
|
|
1,573 |
|
|
798 |
|
||||
Corporate adjusted EBITDA |
$ |
(10,673 |
) |
$ |
(11,316 |
) |
$ |
(10,984 |
) |
$ |
(32,353 |
) |
$ |
(34,582 |
) |
||||
|
|
|
|
|
|
||||||||||||||
|
$ |
154,480 |
|
$ |
216,465 |
|
$ |
181,207 |
|
$ |
504,183 |
|
$ |
596,115 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104417522/en/
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