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Boise Cascade Company Reports First Quarter 2022 Results

Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported 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, compared with 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.

“Both businesses delivered tremendous financial results in the first quarter. I am very thankful for our associates and their continued focus on providing exceptional service to our customer and supplier partners,” commented Nate Jorgensen, CEO. “As we move into second quarter, we continue to experience steady demand across product lines and strong pricing on engineered wood and general line products. Our team has also done a great job of mitigating exposure to commodity price declines experienced early in the quarter. With the strength of our balance sheet we are intent on deploying capital to create shareholder value, including execution of our growth strategies.”

First Quarter 2022 Highlights

 

 

1Q 2022

 

1Q 2021

 

% change

 

 

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

Consolidated Results

 

 

 

 

 

 

Sales

 

$

2,326,282

 

$

1,821,316

 

28%

Net income

 

 

302,600

 

 

149,156

 

103%

Net income per common share - diluted

 

 

7.61

 

 

3.76

 

102%

Adjusted EBITDA 1

 

 

426,132

 

 

224,935

 

89%

Segment Results

 

 

 

 

 

 

Wood Products sales

 

$

558,944

 

$

432,335

 

29%

Wood Products income

 

 

190,116

 

 

97,052

 

96%

Wood Products EBITDA 1

 

 

203,756

 

 

110,398

 

85%

Building Materials Distribution sales

 

 

2,111,833

 

 

1,634,777

 

29%

Building Materials Distribution income

 

 

225,892

 

 

120,219

 

88%

Building Materials Distribution EBITDA 1

 

 

232,468

 

 

126,038

 

84%

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

In the first quarter 2022, total U.S. housing starts increased 10% compared to the same period in 2021. Single-family housing starts, the key demand driver for our sales, also increased 4%.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), increased $126.6 million, or 29%, to $558.9 million for the three months ended March 31, 2022, from $432.3 million for the three months ended March 31, 2021. The increase in sales was driven primarily by higher net sales prices for I-joists and LVL (collectively referred to as EWP) and plywood, as well as higher sales volumes for plywood and LVL. These increases were offset partially by lower sales volumes for I-joists.

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

 

 

1Q 2022 vs. 1Q 2021

 

1Q 2022 vs. 4Q 2021

 

 

 

 

 

Average Net Selling Prices

 

 

 

 

LVL

 

39%

 

2%

I-joists

 

42%

 

3%

Plywood

 

24%

 

72%

Sales Volumes

 

 

 

 

LVL

 

6%

 

3%

I-joists

 

(9)%

 

(2)%

Plywood

 

4%

 

4%

Wood Products' segment income increased $93.1 million to $190.1 million for the three months ended March 31, 2022, from $97.1 million for the three months ended March 31, 2021. The increase in segment income was due primarily to higher EWP and plywood sales prices. These improvements were offset partially by higher wood fiber costs and other manufacturing costs.

Building Materials Distribution

BMD's sales increased $477.1 million, or 29%, to $2,111.8 million for the three months ended March 31, 2022, from $1,634.8 million for the three months ended March 31, 2021. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales price increases of 29%, as sales volumes were flat. By product line, commodity sales increased 22%, general line product sales increased 30%, and sales of EWP (substantially all of which is sourced through our Wood Products segment) increased 54%.

BMD segment income increased $105.7 million to $225.9 million for the three months ended March 31, 2022, from $120.2 million in the comparative prior year quarter. The improvement in segment income was driven by a gross margin increase of $133.6 million, resulting from improved gross margins across substantially all product lines compared with first quarter 2021. The margin improvement was offset partially by increased selling and distribution expenses of $25.5 million.

Balance Sheet and Liquidity

Boise Cascade ended first quarter 2022 with $922.7 million of cash and cash equivalents and $346.0 million of undrawn committed bank line availability, for total available liquidity of $1,268.7 million. The Company had $444.8 million of outstanding debt at March 31, 2022.

We expect capital expenditures in 2022 to total approximately $110 million to $130 million. Our 2022 capital expenditures range includes funding to complete our BMD organic expansions in Ohio, Kentucky, and Minnesota, and a new dryer at our Chester, South Carolina, veneer and plywood plant. This level of capital expenditures could increase or decrease as a result of a number of 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 5, 2022, our board of directors declared a quarterly dividend of $0.12 per share on our common stock, as well as a supplemental dividend of $2.50 per share on our common stock, both payable on June 15, 2022, to stockholders of record on June 1, 2022.

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. Current demographics in the United States (U.S.), as well as continuation of work-from-home practices by many in the economy, continue to create a favorable demand environment for new residential construction. We expect demand to remain strong during 2022, with April 2022 Blue Chip Economic Indicators consensus forecasts for 2022 single- and multi-family housing starts in the U.S. of 1.65 million units compared with actual housing starts of 1.60 million in 2021, as reported by the U.S. Census Bureau. In addition, limited new and existing home inventory availability and the age of the U.S. housing stock will continue to provide a favorable backdrop for residential construction and repair-and-remodel spending. Although we believe that current U.S. demographics support the forecasted level of housing starts, and many national home builders are reporting strong near-term backlogs, labor shortages and supply induced constraints on residential construction activity may continue to extend build times and limit activity. In addition, the pace of residential construction and repair-and-remodeling activity may be affected by the economic impact of the cost of building materials and construction, housing affordability, increasing mortgage interest rates, wage growth, prospective home buyers' access to financing, and consumer confidence, as well as other factors.

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. Our first quarter 2022 financial results were favorably impacted by higher commodity wood products pricing compared to pricing in the same period last year, as well as rising prices for EWP and general line products. Current composite panel and lumber prices have declined by approximately 24% and 15% from levels at the end of first quarter 2022. We expect future commodity product pricing and commodity input costs to be volatile in response to capacity restoration and industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. EWP and general line products have historically experienced limited price volatility, and we expect the firm pricing environment to continue during 2022.

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 6, 2022, at 11 a.m. Eastern.

To participate in the conference call, dial 844-795-4410 and use participant passcode 4607268 (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 6, 2022, at 2 p.m. Eastern through Friday, May 13, 2022, 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 4607268. 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.

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, 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.

Boise Cascade Company

Consolidated Statements of Operations

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

 

 

Three Months Ended

 

March 31

 

December 31,

2021

 

2022

 

2021

 

 

 

 

 

 

 

Sales

$

2,326,282

 

 

$

1,821,316

 

 

$

1,782,183

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

1,729,896

 

 

 

1,450,434

 

 

 

1,390,714

 

Depreciation and amortization

 

20,543

 

 

 

19,539

 

 

 

20,495

 

Selling and distribution expenses

 

146,651

 

 

 

120,917

 

 

 

124,897

 

General and administrative expenses

 

26,052

 

 

 

25,262

 

 

 

18,976

 

Other (income) expense, net

 

(2,488

)

 

 

(97

)

 

 

(280

)

 

 

1,920,654

 

 

 

1,616,055

 

 

 

1,554,802

 

 

 

 

 

 

 

Income from operations

 

405,628

 

 

 

205,261

 

 

 

227,381

 

 

 

 

 

 

 

Foreign currency exchange gain

 

132

 

 

 

154

 

 

 

42

 

Pension expense (excluding service costs)

 

(171

)

 

 

(19

)

 

 

(19

)

Interest expense

 

(6,254

)

 

 

(5,875

)

 

 

(6,305

)

Interest income

 

65

 

 

 

59

 

 

 

22

 

Change in fair value of interest rate swaps

 

2,066

 

 

 

1,024

 

 

 

687

 

 

 

(4,162

)

 

 

(4,657

)

 

 

(5,573

)

 

 

 

 

 

 

Income before income taxes

 

401,466

 

 

 

200,604

 

 

 

221,808

 

Income tax provision

 

(98,866

)

 

 

(51,448

)

 

 

(52,733

)

Net income

$

302,600

 

 

$

149,156

 

 

$

169,075

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

39,474

 

 

 

39,355

 

 

 

39,442

 

Diluted

 

39,768

 

 

 

39,630

 

 

 

39,735

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

Basic

$

7.67

 

 

$

3.79

 

 

$

4.29

 

Diluted

$

7.61

 

 

$

3.76

 

 

$

4.26

 

 

 

 

 

 

 

Dividends declared per common share

$

0.12

 

 

$

0.10

 

 

$

3.12

 

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2021

 

2022

 

2021

 

 

 

 

 

 

 

Segment sales

$

558,944

 

 

$

432,335

 

 

$

446,584

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

343,709

 

 

 

308,608

 

 

 

322,215

 

Depreciation and amortization

 

13,640

 

 

 

13,346

 

 

 

13,861

 

Selling and distribution expenses

 

9,230

 

 

 

8,999

 

 

 

8,783

 

General and administrative expenses

 

4,646

 

 

 

4,319

 

 

 

3,414

 

Other (income) expense, net

 

(2,397

)

 

 

11

 

 

 

(55

)

 

 

368,828

 

 

 

335,283

 

 

 

348,218

 

 

 

 

 

 

 

Segment income

$

190,116

 

 

$

97,052

 

 

$

98,366

 

 

 

 

 

 

 

 

(percentage of sales)

 

 

 

 

 

 

Segment sales

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

61.5

%

 

 

71.4

%

 

 

72.2

%

Depreciation and amortization

 

2.4

%

 

 

3.1

%

 

 

3.1

%

Selling and distribution expenses

 

1.7

%

 

 

2.1

%

 

 

2.0

%

General and administrative expenses

 

0.8

%

 

 

1.0

%

 

 

0.8

%

Other (income) expense, net

 

(0.4

%)

 

 

%

 

 

%

 

 

66.0

%

 

 

77.6

%

 

 

78.0

%

 

 

 

 

 

 

Segment income

 

34.0

%

 

 

22.4

%

 

 

22.0

%

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2021

 

2022

 

2021

 

 

 

 

 

 

 

Segment sales

$

2,111,833

 

 

$

1,634,777

 

 

$

1,645,513

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

1,730,803

 

 

 

1,387,351

 

 

 

1,378,206

 

Depreciation and amortization

 

6,576

 

 

 

5,819

 

 

 

6,258

 

Selling and distribution expenses

 

137,421

 

 

 

111,920

 

 

 

116,114

 

General and administrative expenses

 

11,226

 

 

 

9,581

 

 

 

7,230

 

Other (income) expense, net

 

(85

)

 

 

(113

)

 

 

(258

)

 

 

1,885,941

 

 

 

1,514,558

 

 

 

1,507,550

 

 

 

 

 

 

 

Segment income

$

225,892

 

 

$

120,219

 

 

$

137,963

 

 

 

 

 

 

 

 

(percentage of sales)

 

 

 

 

 

 

Segment sales

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

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

 

82.0

%

 

 

84.9

%

 

 

83.8

%

Depreciation and amortization

 

0.3

%

 

 

0.4

%

 

 

0.4

%

Selling and distribution expenses

 

6.5

%

 

 

6.8

%

 

 

7.1

%

General and administrative expenses

 

0.5

%

 

 

0.6

%

 

 

0.4

%

Other (income) expense, net

 

%

 

 

%

 

 

%

 

 

89.3

%

 

 

92.6

%

 

 

91.6

%

 

 

 

 

 

 

Segment income

 

10.7

%

 

 

7.4

%

 

 

8.4

%

Segment Information

(in thousands) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2021

 

2022

 

2021

 

Segment sales

 

 

 

 

 

Wood Products

$

558,944

 

 

$

432,335

 

 

$

446,584

 

Building Materials Distribution

 

2,111,833

 

 

 

1,634,777

 

 

 

1,645,513

 

Intersegment eliminations

 

(344,495

)

 

 

(245,796

)

 

 

(309,914

)

Total net sales

$

2,326,282

 

 

$

1,821,316

 

 

$

1,782,183

 

 

 

 

 

 

 

Segment income

 

 

 

 

 

Wood Products

$

190,116

 

 

$

97,052

 

 

$

98,366

 

Building Materials Distribution

 

225,892

 

 

 

120,219

 

 

 

137,963

 

Total segment income

 

416,008

 

 

 

217,271

 

 

 

236,329

 

Unallocated corporate costs

 

(10,380

)

 

 

(12,010

)

 

 

(8,948

)

Income from operations

$

405,628

 

 

$

205,261

 

 

$

227,381

 

 

 

 

 

 

 

Segment EBITDA (a)

 

 

 

 

 

Wood Products

$

203,756

 

 

$

110,398

 

 

$

112,227

 

Building Materials Distribution

 

232,468

 

 

 

126,038

 

 

 

144,221

 

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

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

 

 

March 31, 2022

 

December 31, 2021

 

 

ASSETS

 

 

 

 

 

 

 

Current

 

 

 

Cash and cash equivalents

$

922,721

 

$

748,907

Receivables

 

 

 

Trade, less allowances of $3,110 and $2,054

 

665,136

 

 

444,325

Related parties

 

184

 

 

211

Other

 

14,926

 

 

17,692

Inventories

 

804,668

 

 

660,671

Prepaid expenses and other

 

15,270

 

 

14,072

Total current assets

 

2,422,905

 

 

1,885,878

 

 

 

 

Property and equipment, net

 

491,395

 

 

495,240

Operating lease right-of-use assets

 

60,007

 

 

62,663

Finance lease right-of-use assets

 

28,409

 

 

29,057

Timber deposits

 

8,954

 

 

9,461

Goodwill

 

60,382

 

 

60,382

Intangible assets, net

 

15,045

 

 

15,351

Deferred income taxes

 

8,822

 

 

6,589

Other assets

 

10,008

 

 

8,019

Total assets

$

3,105,927

 

$

2,572,640

Boise Cascade Company

Consolidated Balance Sheets (continued)

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

 

 

March 31, 2022

 

December 31, 2021

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current

 

 

 

Accounts payable

 

 

 

Trade

$

493,732

 

 

$

334,985

 

Related parties

 

1,557

 

 

 

1,498

 

Accrued liabilities

 

 

 

Compensation and benefits

 

103,778

 

 

 

128,518

 

Income taxes payable

 

93,393

 

 

 

 

Interest payable

 

4,998

 

 

 

9,886

 

Other

 

182,705

 

 

 

165,859

 

Total current liabilities

 

880,163

 

 

 

640,746

 

 

 

 

 

Debt

 

 

 

Long-term debt

 

444,836

 

 

 

444,628

 

 

 

 

 

Other

 

 

 

Compensation and benefits

 

28,062

 

 

 

28,365

 

Operating lease liabilities, net of current portion

 

52,449

 

 

 

55,263

 

Finance lease liabilities, net of current portion

 

31,451

 

 

 

31,898

 

Deferred income taxes

 

5,112

 

 

 

3,641

 

Other long-term liabilities

 

15,165

 

 

 

15,480

 

 

 

132,239

 

 

 

134,647

 

 

 

 

 

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, 44,815 and 44,698 shares issued, respectively

 

448

 

 

 

447

 

Treasury stock, 5,367 shares at cost

 

(138,909

)

 

 

(138,909

)

Additional paid-in capital

 

541,737

 

 

 

543,249

 

Accumulated other comprehensive loss

 

(933

)

 

 

(1,047

)

Retained earnings

 

1,246,346

 

 

 

948,879

 

Total stockholders' equity

 

1,648,689

 

 

 

1,352,619

 

Total liabilities and stockholders' equity

$

3,105,927

 

 

$

2,572,640

 

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

 

Three Months Ended March 31

 

2022

 

2021

Cash provided by (used for) operations

 

 

 

Net income

$

302,600

 

 

$

149,156

 

Items in net income not using (providing) cash

 

 

 

Depreciation and amortization, including deferred financing costs and other

 

20,993

 

 

 

19,950

 

Stock-based compensation

 

2,392

 

 

 

2,092

 

Pension expense

 

171

 

 

 

19

 

Deferred income taxes

 

(729

)

 

 

(2,244

)

Change in fair value of interest rate swaps

 

(2,066

)

 

 

(1,024

)

Other

 

(2,412

)

 

 

4

 

Decrease (increase) in working capital

 

 

 

Receivables

 

(218,018

)

 

 

(161,833

)

Inventories

 

(143,997

)

 

 

(108,220

)

Prepaid expenses and other

 

(3,227

)

 

 

(2,444

)

Accounts payable and accrued liabilities

 

147,425

 

 

 

125,064

 

Pension contributions

 

(655

)

 

 

(78

)

Income taxes payable

 

95,352

 

 

 

52,565

 

Other

 

1,116

 

 

 

(756

)

Net cash provided by operations

 

198,945

 

 

 

72,251

 

 

 

 

 

Cash provided by (used for) investment

 

 

 

Expenditures for property and equipment

 

(17,448

)

 

 

(13,301

)

Proceeds from sales of assets and other

 

2,581

 

 

 

136

 

Net cash used for investment

 

(14,867

)

 

 

(13,165

)

 

 

 

 

Cash provided by (used for) financing

 

 

 

Dividends paid on common stock

 

(5,939

)

 

 

(4,440

)

Tax withholding payments on stock-based awards

 

(3,930

)

 

 

(2,729

)

Other

 

(395

)

 

 

(317

)

Net cash used for financing

 

(10,264

)

 

 

(7,486

)

 

 

 

 

Net increase in cash and cash equivalents

 

173,814

 

 

 

51,600

 

 

 

 

 

Balance at beginning of the period

 

748,907

 

 

 

405,382

 

 

 

 

 

Balance at end of the period

$

922,721

 

 

$

456,982

 

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 2021 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, 2022 and 2021, and December 31, 2021:

 

 

Three Months Ended

 

 

March 31

 

December 31,

2021

 

 

2022

 

2021

 

 

 

(in thousands)

Net income

 

$

302,600

 

 

$

149,156

 

 

$

169,075

 

Interest expense

 

 

6,254

 

 

 

5,875

 

 

 

6,305

 

Interest income

 

 

(65

)

 

 

(59

)

 

 

(22

)

Income tax provision

 

 

98,866

 

 

 

51,448

 

 

 

52,733

 

Depreciation and amortization

 

 

20,543

 

 

 

19,539

 

 

 

20,495

 

EBITDA

 

 

428,198

 

 

 

225,959

 

 

 

248,586

 

Change in fair value of interest rate swaps

 

 

(2,066

)

 

 

(1,024

)

 

 

(687

)

Adjusted EBITDA

 

$

426,132

 

 

$

224,935

 

 

$

247,899

 

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2022 and 2021, and December 31, 2021:

 

 

Three Months Ended

 

 

March 31

 

December 31,

2021

 

 

2022

 

2021

 

 

 

(in thousands)

Wood Products

 

 

 

 

 

 

Segment income

 

$

190,116

 

 

$

97,052

 

 

$

98,366

 

Depreciation and amortization

 

 

13,640

 

 

 

13,346

 

 

 

13,861

 

EBITDA

 

$

203,756

 

 

$

110,398

 

 

$

112,227

 

 

 

 

 

 

 

 

Building Materials Distribution

 

 

 

 

 

 

Segment income

 

$

225,892

 

 

$

120,219

 

 

$

137,963

 

Depreciation and amortization

 

 

6,576

 

 

 

5,819

 

 

 

6,258

 

EBITDA

 

$

232,468

 

 

$

126,038

 

 

$

144,221

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

Unallocated corporate costs

 

$

(10,380

)

 

$

(12,010

)

 

$

(8,948

)

Foreign currency exchange gain

 

 

132

 

 

 

154

 

 

 

42

 

Pension expense (excluding service costs)

 

 

(171

)

 

 

(19

)

 

 

(19

)

Change in fair value of interest rate swaps

 

 

2,066

 

 

 

1,024

 

 

 

687

 

Depreciation and amortization

 

 

327

 

 

 

374

 

 

 

376

 

EBITDA

 

 

(8,026

)

 

 

(10,477

)

 

 

(7,862

)

Change in fair value of interest rate swaps

 

 

(2,066

)

 

 

(1,024

)

 

 

(687

)

Corporate adjusted EBITDA

 

$

(10,092

)

 

$

(11,501

)

 

$

(8,549

)

 

 

 

 

 

 

 

Total Company adjusted EBITDA

 

$

426,132

 

 

$

224,935

 

 

$

247,899

 

 

Contacts

Investor Relations Contact - Kelly Hibbs

208 384 3638

Media Contact - Lisa Tschampl

208 384 6552

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