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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 20, 2025
BOISE CASCADE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
1-35805
20-1496201
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1111 West Jefferson Street, Suite 300
Boise, Idaho 83702-5389
(Address of principal executive offices) (Zip Code)
(208) 384-6161
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareBCCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On February 20, 2025, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its fourth quarter and full year 2024 financial results, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is attached hereto, includes certain statistical information related to the Company's quarterly performance.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
ExhibitDescription
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOISE CASCADE COMPANY
By/s/ Jill Twedt
Jill Twedt
Senior Vice President, General Counsel & Corporate Secretary
Date: February 20, 2025




Boise Cascade CompanyExhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release
bcclogoa02a05.jpg

Investor Relations Contact - Chris Forrey
investor@bc.com
Media Contact - Amy Evans
mediarelations@bc.com

For Immediate Release: February 20, 2025

Boise Cascade Company Reports Fourth Quarter and Full Year 2024 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported fourth quarter net income of $68.9 million, or $1.78 per share, on sales of $1.6 billion. For the full year 2024, Boise Cascade reported net income of $376.4 million, or $9.57 per share, on sales of $6.7 billion. For 2023 comparative results, see the table below.

“As we close out 2024, I first want to express my gratitude to our associates as they have shown commitment to our values and steadfast support for our customers, suppliers, and each other. We had many accomplishments during the year, which included both divisions delivering solid financial results, additional growth in our distribution business, capital investments in support of our EWP growth strategy, and meaningful capital returns to our shareholders,” stated Nate Jorgensen, CEO. “As we look forward to 2025, uncertainties surrounding the economy and residential construction activity will heavily influence the demand environment. However, our balance sheet remains strong, and we are well positioned to continue executing our reinvestment and growth strategies, while serving and supporting our customer and vendor partners.”

Fourth Quarter and Year End 2024 Highlights
4Q 20244Q 2023% change20242023% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,567,480 $1,644,256 (5)%$6,724,294 $6,838,245 (2)%
Net income68,900 97,535 (29)%376,354 483,656 (22)%
Net income per common share - diluted1.78 2.44 (27)%9.57 12.12 (21)%
Adjusted EBITDA 1
128,655 160,582 (20)%632,838 756,697 (16)%
Segment Results
Wood Products sales$419,670 $449,676 (7)%$1,832,317 $1,932,602 (5)%
Wood Products income33,583 64,128 (48)%231,454 337,132 (31)%
Wood Products EBITDA 1
56,581 92,693 (39)%324,657 435,842 (26)%
Building Materials Distribution sales1,438,785 1,492,614 (4)%6,166,493 6,178,690 — %
Building Materials Distribution income70,701 70,497 — %303,385 335,808 (10)%
Building Materials Distribution EBITDA 1
84,459 80,613 5 %352,919 368,161 (4)%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.


In fourth quarter 2024, total U.S. housing starts and single-family housing starts decreased 6% and 4%, respectively, compared to the same period in 2023. For the full year 2024, total housing starts decreased 4%, while single-family housing starts increased 7%, compared to 2023. 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 $30.0 million, or 7%, to $419.7 million for the three months ended December 31, 2024, from $449.7 million for the three months ended December 31, 2023. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP) and plywood, as well as lower I-joist sales volumes. These decreases were offset partially by higher LVL and plywood sales volumes. Wood Products' segment income decreased $30.5 million to $33.6 million for the three months ended December 31, 2024, from $64.1 million for the three months ended December 31, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices.

For the year ended December 31, 2024, sales, including sales to BMD, decreased $100.3 million, or 5%, to $1,832.3 million from $1,932.6 million in 2023. The decrease in sales was driven by lower sales prices for EWP, as well as lower plywood sales volumes and prices. Other sales related to lumber and residual byproducts also decreased. These decreases were offset partially by higher EWP sales volumes. Wood Products' segment income decreased $105.7 million to $231.5 million for the year ended December 31, 2024, from $337.1 million for the year ended December 31, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices, as well as higher wood fiber and conversion costs. These decreases in segment income were offset partially by higher EWP sales volumes.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
    
4Q 2024 vs. 4Q 20232024 vs. 2023
 Average Net Selling Prices
    LVL(10)%(7)%
    I-joists(10)%(7)%
    Plywood(7)%(5)%
 Sales Volumes
    LVL11%11%
    I-joists(2)%7%
    Plywood2%(5)%
    
Building Materials Distribution

BMD's sales decreased $53.8 million, or 4%, to $1,438.8 million for the three months ended December 31, 2024, from $1,492.6 million for the three months ended December 31, 2023. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a 2% decrease in both sales price and volume. By product line, commodity sales decreased 4%, general line product sales increased 1%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 11%. BMD segment income increased $0.2 million to $70.7 million for the three months ended December 31, 2024, from $70.5 million for the three months ended December 31, 2023. General and administrative expenses decreased $3.6 million, offset by increased depreciation and amortization expense of $3.6 million. The decrease in general and administrative expenses was due primarily to acquisition-related expenses in the prior year quarter for the BROSCO acquisition. Gross margins were flat when compared to the same quarter in the prior year.

For the year ended December 31, 2024, sales decreased $12.2 million, or less than 1%, to $6,166.5 million from $6,178.7 million in 2023. The decrease in sales was driven by a sales price decrease of 3%, offset partially by a sales volume increase of 3%. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 2%. By product line, commodity sales decreased 5%, general line product sales increased 7%, and EWP sales decreased 4%. BMD segment income decreased $32.4 million to $303.4 million for the year ended December 31, 2024, from $335.8 million for the year ended December 31, 2023. The decline in segment income
2

was driven by increased selling and distribution expenses and depreciation and amortization expense of $37.4 million and $17.2 million, respectively. These decreases in segment income were offset partially by a gross margin increase of $15.1 million, resulting primarily from improved gross margins on general line products, offset partially by lower gross margins on EWP and commodity products. In addition, general and administrative expenses decreased $6.7 million, due primarily to $5.1 million of acquisition-related expenses in the prior year for the BROSCO acquisition.

Balance Sheet and Liquidity

Boise Cascade ended fourth quarter 2024 with $713.3 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,109.0 million. The Company had $450.0 million of outstanding debt at December 31, 2024.

Capital Allocation

During the year ended December 31, 2024, the Company used a combined $239.8 million of cash for capital spending and acquisitions. We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $220 million to $240 million. Our 2025 capital expenditures range includes additional spending on multi-year investments to add I-joist production capabilities at our Thorsby, Alabama EWP mill, as well as the continuation of significant modernization projects at our Oakdale, Louisiana veneer and plywood mill. Our 2025 capital expenditures range also includes continued spending on the previously announced greenfield distribution centers in Texas and South Carolina in our BMD segment. 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.
    
For the year ended December 31, 2024, the Company paid common stock dividends of $228.8 million in regular and special dividends, which was comprised of $0.82 per share in regular dividends and a $5.00 per share special dividend. On February 7, 2025, our board of directors declared a quarterly dividend of $0.21 per share on our common stock, payable on March 19, 2025, to stockholders of record on February 24, 2025.

For the year ended December 31, 2024, the Company paid $194.9 million for the repurchase of approximately 1.5 million shares of our common stock. In January 2025, the Company repurchased an additional 250,000 shares of our common stock at a cost of approximately $30 million. Subsequent to these share repurchases, approximately 1.6 million shares were available for repurchase under our existing share repurchase program.

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 U.S. Census Bureau, housing starts were 1.37 million in 2024. Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2025. Single-family starts in 2024 outpaced 2023 levels by 7%, and are expected to remain at approximately 1.0 million, despite the affordability challenges consumers are facing in the current rate environment. Multi-family starts declined sharply in 2024 and are expected to continue to face headwinds in 2025 due to prohibitive capital costs for developers, combined with elevated levels of multi-family unit completions in 2023 and 2024. We expect 2025 to reflect modest growth in home improvement spending, as the age of U.S. housing stock, elevated levels of homeowner equity, and recent improvement in existing home sales will provide a favorable backdrop for repair-and-remodel spending. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, levels of new and existing home inventory for sale, and other factors will influence the near-term demand environment for the products we manufacture and distribute.

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
3

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. In addition, changes in laws or government regulations, such as the imposition of tariffs, could impact our product pricing and input costs.

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 fourth quarter and full year earnings on Friday, February 21, 2025, 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, Adjusted EBITDA and Segment 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 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 also disclose Segment EBITDA, which is segment income before depreciation and amortization.

We believe EBITDA, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.
    
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, 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.

5

Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months EndedYear Ended
December 31September 30, 2024December 31
2024202320242023
Sales$1,567,480 $1,644,256 $1,713,724 $6,724,294 $6,838,245 
Costs and expenses 
Materials, labor, and other operating expenses (excluding depreciation)1,269,769 1,310,062 1,375,719 5,393,607 5,409,311 
Depreciation and amortization37,035 39,085 36,861 144,113 132,467 
Selling and distribution expenses143,512 143,796 157,522 594,927 559,503 
General and administrative expenses25,085 30,241 26,172 102,317 114,434 
Other (income) expense, net(640)(104)94 (708)(1,856)
1,474,761 1,523,080 1,596,368 6,234,256 6,213,859 
Income from operations92,719 121,176 117,356 490,038 624,386 
Foreign currency exchange gain (loss)(1,061)362 300 (1,164)7 
Pension expense (excluding service costs)(38)(41)(37)(149)(163)
Interest expense(5,810)(6,445)(6,082)(24,067)(25,496)
Interest income7,831 13,142 10,168 39,139 48,106 
Change in fair value of interest rate swaps(465)(993)(866)(2,038)(1,791)
457 6,025 3,483 11,721 20,663 
Income before income taxes93,176 127,201 120,839 501,759 645,049 
Income tax provision(24,276)(29,666)(29,801)(125,405)(161,393)
Net income$68,900 $97,535 $91,038 $376,354 $483,656 
Weighted average common shares outstanding:
  Basic38,490 39,653 38,848 39,086 39,649 
  Diluted38,735 40,020 39,063 39,318 39,901 
Net income per common share:
  Basic$1.79 $2.46 $2.34 $9.63 $12.20 
  Diluted$1.78 $2.44 $2.33 $9.57 $12.12 
Dividends declared per common share$0.21 $5.20 $5.21 $5.82 $8.70 


6

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedYear Ended
December 31September 30, 2024December 31
2024202320242023
Segment sales$419,670 $449,676 $453,896 $1,832,317 $1,932,602 
Costs and expenses    
Materials, labor, and other operating expenses (excluding depreciation)348,601 340,845 361,313 1,446,555 1,432,745 
Depreciation and amortization22,998 28,565 23,551 93,203 98,710 
Selling and distribution expenses11,016 11,215 10,587 43,268 45,116 
General and administrative expenses3,394 4,844 4,640 17,660 20,404 
Other (income) expense, net78 79 (48)177 (1,505)
386,087 385,548 400,043 1,600,863 1,595,470 
Segment income$33,583 $64,128 $53,853 $231,454 $337,132 
(percentage of sales)
Segment sales100.0  %100.0  %100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)83.1 %75.8 %79.6 %78.9 %74.1 %
Depreciation and amortization5.5 %6.4 %5.2 %5.1 %5.1 %
Selling and distribution expenses2.6 %2.5 %2.3 %2.4 %2.3 %
General and administrative expenses0.8 %1.1 %1.0 %1.0 %1.1 %
Other (income) expense, net— %— %— %— %(0.1 %)
92.0 %85.7 %88.1 %87.4 %82.6 %
Segment income8.0 %14.3 %11.9 %12.6 %17.4 %

7

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedYear Ended
December 31September 30, 2024December 31
2024202320242023
Segment sales$1,438,785 $1,492,614 $1,567,466 $6,166,493 $6,178,690 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,212,013 1,265,493 1,322,001 5,221,945 5,249,211 
Depreciation and amortization13,758 10,116 12,928 49,534 32,353 
Selling and distribution expenses132,550 132,635 146,994 551,874 514,513 
General and administrative expenses10,482 14,100 10,580 40,666 47,414 
Other (income) expense, net(719)(227)142 (911)(609)
1,368,084 1,422,117 1,492,645 5,863,108 5,842,882 
Segment income $70,701 $70,497 $74,821 $303,385 $335,808 
(percentage of sales)
Segment sales100.0 %100.0 %100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)84.2 %84.8 %84.3 %84.7 %85.0 %
Depreciation and amortization1.0 %0.7 %0.8 %0.8 %0.5 %
Selling and distribution expenses9.2 %8.9 %9.4 %8.9 %8.3 %
General and administrative expenses0.7 %0.9 %0.7 %0.7 %0.8 %
Other (income) expense, net— %— %— %— %— %
95.1 %95.3 %95.2 %95.1 %94.6 %
Segment income 4.9 %4.7 %4.8 %4.9 %5.4 %

8

Segment Information
(in thousands) (unaudited)
Three Months EndedYear Ended
December 31September 30, 2024December 31
2024202320242023
Segment sales
Wood Products$419,670 $449,676 $453,896 $1,832,317 $1,932,602 
Building Materials Distribution1,438,785 1,492,614 1,567,466 6,166,493 6,178,690 
Intersegment eliminations(290,975)(298,034)(307,638)(1,274,516)(1,273,047)
Total net sales$1,567,480 $1,644,256 $1,713,724 $6,724,294 $6,838,245 
Segment income
Wood Products$33,583 $64,128 $53,853 $231,454 $337,132 
Building Materials Distribution70,701 70,497 74,821 303,385 335,808 
Total segment income104,284 134,625 128,674 534,839 672,940 
Unallocated corporate costs(11,565)(13,449)(11,318)(44,801)(48,554)
Income from operations$92,719 $121,176 $117,356 $490,038 $624,386 
Segment EBITDA
Wood Products$56,581 $92,693 $77,404 $324,657 $435,842 
Building Materials Distribution84,459 80,613 87,749 352,919 368,161 

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


9

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
December 31, 2024December 31, 2023
ASSETS
Current
Cash and cash equivalents$713,260 $949,574 
Receivables 
Trade, less allowances of $5,506 and $3,278
321,820 352,780 
Related parties173 181 
Other22,772 20,740 
Inventories803,296 712,369 
Prepaid expenses and other24,747 21,170 
Total current assets1,886,068 2,056,814 
 
Property and equipment, net1,047,083 932,633 
Operating lease right-of-use assets49,673 62,868 
Finance lease right-of-use assets22,128 24,003 
Timber deposits6,916 7,208 
Goodwill171,945 170,254 
Intangible assets, net173,027 190,743 
Deferred income taxes3,705 4,854 
Other assets8,838 9,269 
Total assets$3,369,383 $3,458,646 

10

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
December 31, 2024December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$297,676 $310,175 
Related parties1,315 1,501 
Accrued liabilities 
Compensation and benefits127,415 149,561 
Interest payable9,957 9,958 
Other127,653 122,921 
Total current liabilities564,016 594,116 
Debt 
Long-term debt, net446,167 445,280 
Other 
Compensation and benefits42,006 40,189 
Operating lease liabilities, net of current portion43,174 56,425 
Finance lease liabilities, net of current portion26,883 28,084 
Deferred income taxes78,849 82,014 
Other long-term liabilities17,014 16,874 
207,926 223,586 
 
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, 45,139 and 44,983 shares issued, respectively
451 450 
Treasury stock, 6,956 and 5,443 shares at cost, respectively
(341,974)(145,335)
Additional paid-in capital
565,041 560,697 
Accumulated other comprehensive loss
(460)(517)
Retained earnings1,928,216 1,780,369 
Total stockholders' equity2,151,274 2,195,664 
Total liabilities and stockholders' equity$3,369,383 $3,458,646 

11

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Year Ended December 31
20242023
Cash provided by (used for) operations
Net income$376,354 $483,656 
Items in net income not using (providing) cash 
Depreciation and amortization, including deferred financing costs and other
147,402 135,414 
Stock-based compensation15,486 15,410 
Pension expense149 163 
Deferred income taxes(2,416)(180)
Change in fair value of interest rate swaps2,038 1,791 
Other(379)(1,898)
Decrease (increase) in working capital, net of acquisitions 
Receivables31,068 (35,024)
Inventories(89,266)22,286 
Prepaid expenses and other(1,029)(824)
Accounts payable and accrued liabilities(35,595)37,146 
Income taxes payable(2,405)28,590 
Other(3,087)928 
Net cash provided by operations438,320 687,458 
Cash provided by (used for) investment
Expenditures for property and equipment(229,569)(215,438)
Acquisitions of businesses and facilities, net of cash acquired(10,221)(162,774)
Proceeds from sales of assets and other1,970 2,660 
Net cash used for investment(237,820)(375,552)
Cash provided by (used for) financing
Treasury stock purchased(194,904)(6,426)
Dividends paid on common stock(228,814)(346,493)
Tax withholding payments on stock-based awards(11,141)(5,926)
Other(1,955)(1,831)
Net cash used for financing(436,814)(360,676)
Net decrease in cash and cash equivalents(236,314)(48,770)
Balance at beginning of the period949,574 998,344 
Balance at end of the period$713,260 $949,574 
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 2024 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 (i) three months ended December 31, 2024 and 2023, (ii) three months ended September 30, 2024, and (iii) year ended December 31, 2024 and 2023:
Three Months EndedYear Ended
December 31September 30, 2024December 31
2024202320242023
(in thousands)
Net income$68,900 $97,535 $91,038 $376,354 $483,656 
Interest expense5,810 6,445 6,082 24,067 25,496 
Interest income(7,831)(13,142)(10,168)(39,139)(48,106)
Income tax provision24,276 29,666 29,801 125,405 161,393 
Depreciation and amortization37,035 39,085 36,861 144,113 132,467 
EBITDA128,190 159,589 153,614 630,800 754,906 
Change in fair value of interest rate swaps465 993 866 2,038 1,791 
Adjusted EBITDA$128,655 $160,582 $154,480 $632,838 $756,697 
13

The following table reconciles segment income and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended December 31, 2024 and 2023, (ii) three months ended September 30, 2024, and (iii) year ended December 31, 2024 and 2023:
Three Months EndedYear Ended
December 31September 30, 2024December 31
2024202320242023
(in thousands)
Wood Products
Segment income$33,583 $64,128 $53,853 $231,454 $337,132 
Depreciation and amortization22,998 28,565 23,551 93,203 98,710 
Segment EBITDA$56,581 $92,693 $77,404 $324,657 $435,842 
Building Materials Distribution
Segment income$70,701 $70,497 $74,821 $303,385 $335,808 
Depreciation and amortization13,758 10,116 12,928 49,534 32,353 
Segment EBITDA$84,459 $80,613 $87,749 $352,919 $368,161 
Corporate
Unallocated corporate costs$(11,565)$(13,449)$(11,318)$(44,801)$(48,554)
Foreign currency exchange gain (loss)(1,061)362 300 (1,164)7 
Pension expense (excluding service costs)(38)(41)(37)(149)(163)
Change in fair value of interest rate swaps(465)(993)(866)(2,038)(1,791)
Depreciation and amortization279 404 382 1,376 1,404 
EBITDA(12,850)(13,717)(11,539)(46,776)(49,097)
Change in fair value of interest rate swaps465 993 866 2,038 1,791 
Corporate Adjusted EBITDA$(12,385)$(12,724)$(10,673)$(44,738)$(47,306)
Total Company Adjusted EBITDA$128,655 $160,582 $154,480 $632,838 $756,697 




14

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2024
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,777 5,074 4,952 4,561 19,364 
 I-joist sales volume (MELF)56,587 65,788 58,884 53,081 234,340 
 Plywood sales volume (MSF 3/8")371,699 383,092 390,978 371,263 1,517,032 
 Lumber sales volume (MBF)22,772 17,619 19,390 18,429 78,210 
 LVL mill net sales price ($/CF)$28.75 $28.12 $27.62 $26.93 $27.87 
 I-joist mill net sales price ($/MELF)$2,018 $1,961 $1,921 $1,894 $1,949 
 Plywood net sales price ($/MSF 3/8")$378 $362 $333 $350 $355 
 Lumber net sales price ($/MBF)$650 $751 $705 $632 $682 
 Segment sales (000)$468,928 $489,823 $453,896 $419,670 $1,832,317 
 Segment income (000)$71,238 $72,780 $53,853 $33,583 $231,454 
 Segment depreciation and amortization (000)2
$24,384 $22,270 $23,551 $22,998 $93,203 
 Segment EBITDA (000)1
$95,622 $95,050 $77,404 $56,581 $324,657 
 EBITDA as a percentage of sales20.4 %19.4 %17.1 %13.5 %17.7 %
 Capital spending (000)$19,643 $17,793 $24,771 $59,663 $121,870 
 Receivables (000)$84,892 $83,445 $77,244 $55,719 
 Inventories (000)$213,050 $206,198 $226,300 $245,320 
 Accounts payable (000)$61,834 $66,374 $73,922 $61,800 
2023
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)3,639 4,682 4,945 4,109 17,375 
 I-joist sales volume (MELF)38,711 62,950 64,125 54,015 219,801 
 Plywood sales volume (MSF 3/8")405,960 439,963 389,827 363,008 1,598,758 
 Lumber sales volume (MBF)31,560 32,528 31,729 29,221 125,038 
 LVL mill net sales price ($/CF)$31.17 $30.14 $29.08 $29.93 $30.01 
 I-joist mill net sales price ($/MELF)$2,168 $2,088 $2,035 $2,093 $2,088 
 Plywood net sales price ($/MSF 3/8")$367 $365 $382 $375 $372 
 Lumber net sales price ($/MBF)$724 $707 $641 $588 $667 
 Segment sales (000)$437,428 $530,273 $515,225 $449,676 $1,932,602 
 Segment income (000)$69,395 $104,035 $99,574 $64,128 $337,132 
 Segment depreciation and amortization (000)2
$23,790 $23,005 $23,350 $28,565 $98,710 
 Segment EBITDA (000)1
$93,185 $127,040 $122,924 $92,693 $435,842 
 EBITDA as a percentage of sales21.3 %24.0 %23.9 %20.6 %22.6 %
 Capital spending (000)$7,262 $12,106 $11,807 $28,185 $59,360 
 Receivables (000)$77,318 $97,229 $88,688 $56,882 
 Inventories (000)$232,136 $200,948 $205,111 $218,861 
 Accounts payable (000)$63,275 $60,656 $69,023 $60,196 


1

Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2022
Q1Q2Q3Q4YTD
 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 sales36.5 %31.3 %29.8 %23.4 %30.6 %
 Capital spending (000)3
$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 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment depreciation and amortization in first quarter 2024 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility.
3Capital spending in 2022 excludes $515.2 million of cash paid for the acquisition of businesses and facilities.

2

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2024
Q1Q2Q3Q4YTD
 Commodity sales1
36.7 %35.0 %34.9 %36.7 %35.8 %
 General line sales1
41.0 %42.4 %43.8 %42.4 %42.4 %
 EWP sales1
22.3 %22.6 %21.3 %20.9 %21.8 %
 Total sales (000)$1,505,021 $1,655,221 $1,567,466 $1,438,785 $6,166,493 
 Gross margin2
15.1 %14.8 %15.7 %15.8 %15.3 %
 Segment income (000)$72,463 $85,400 $74,821 $70,701 $303,385 
 Segment depreciation and amortization (000)$11,107 $11,741 $12,928 $13,758 $49,534 
 Segment EBITDA (000)3
$83,570 $97,141 $87,749 $84,459 $352,919 
 EBITDA as a percentage of sales5.6 %5.9 %5.6 %5.9 %5.7 %
 Capital spending (000)4
$14,672 $21,904 $36,902 $34,115 $107,593 
 Receivables (000)$453,083 $436,992 $386,303 $315,698 
 Inventories (000)$601,546 $626,044 $566,056 $557,977 
 Accounts payable (000)$412,919 $392,798 $300,978 $226,236 
2023
Q1Q2Q3Q4YTD
 Commodity sales1
39.7 %37.5 %37.4 %36.9 %37.8 %
 General line sales1
38.7 %39.6 %39.4 %40.4 %39.5 %
 EWP sales1
21.6 %22.9 %23.2 %22.7 %22.7 %
 Total sales (000)$1,379,242 $1,636,538 $1,670,296 $1,492,614 $6,178,690 
 Gross margin2
14.8 %15.0 %15.2 %15.2 %15.0 %
 Segment income (000)$69,685 $98,550 $97,076 $70,497 $335,808 
 Segment depreciation and amortization (000)$7,070 $7,386 $7,781 $10,116 $32,353 
 Segment EBITDA (000)3
$76,755 $105,936 $104,857 $80,613 $368,161 
 EBITDA as a percentage of sales5.6 %6.5 %6.3 %5.4 %6.0 %
 Capital spending (000)5
$22,659 $25,929 $19,135 $88,001 $155,724 
 Receivables (000)$393,338 $445,991 $434,755 $344,978 
 Inventories (000)$506,663 $502,085 $478,295 $493,509 
 Accounts payable (000)$363,163 $390,840 $362,196 $252,144 

3

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2022
Q1Q2Q3Q4YTD
 Commodity sales1
52.2 %44.9 %39.6 %41.5 %44.9 %
 General line sales1
29.1 %32.9 %35.3 %37.1 %33.3 %
 EWP sales1
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 margin2
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)3
$232,468 $161,036 $161,196 $99,396 $654,096 
 EBITDA as a percentage of sales11.0 %7.6 %8.2 %6.9 %8.6 %
 Capital spending (000)6
$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 
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales.
2We 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 BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
3Segment EBITDA is calculated as segment income before depreciation and amortization.
4During 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts.
5During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired.
6During 2022, capital spending in fourth quarter includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida.


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. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
2024
Q1Q2Q3Q4YTD
Net income$104,124 $112,292 $91,038 $68,900 $376,354 
Interest expense6,070 6,105 6,082 5,810 24,067 
Interest income(10,597)(10,543)(10,168)(7,831)(39,139)
Income tax provision32,829 38,499 29,801 24,276 125,405 
Depreciation and amortization35,850 34,367 36,861 37,035 144,113 
EBITDA168,276 180,720 153,614 128,190 630,800 
Change in fair value of interest rate swaps220 487 866 465 2,038 
Adjusted EBITDA$168,496 $181,207 $154,480 $128,655 $632,838 
2023
Q1Q2Q3Q4YTD
Net income$96,733 $146,320 $143,068 $97,535 $483,656 
Interest expense6,361 6,339 6,351 6,445 25,496 
Interest income(9,685)(11,519)(13,760)(13,142)(48,106)
Income tax provision33,275 49,447 49,005 29,666 161,393 
Depreciation and amortization31,186 30,722 31,474 39,085 132,467 
EBITDA157,870 221,309 216,138 159,589 754,906 
Change in fair value of interest rate swaps804 (333)327 993 1,791 
Adjusted EBITDA$158,674 $220,976 $216,465 $160,582 $756,697 
2022
Q1Q2Q3Q4YTD
Net income$302,600 $218,111 $219,587 $117,360 $857,658 
Interest expense6,254 6,317 6,398 6,443 25,412 
Interest income(65)(1,385)(3,238)(7,575)(12,263)
Income tax provision98,866 73,886 76,042 39,929 288,723 
Depreciation and amortization20,543 20,694 28,374 31,982 101,593 
EBITDA428,198 317,623 327,163 188,139 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 

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our fourth quarter and full year 2024 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 February 20, 2025.

5
v3.25.0.1
Document and Entity Information
Feb. 20, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 20, 2025
Entity Registrant Name BOISE CASCADE COMPANY
Entity Incorporation, State or Country Code DE
Entity File Number 1-35805
Entity Tax Identification Number 20-1496201
Entity Address, Address Line One 1111 West Jefferson Street, Suite 300
Entity Address, City or Town Boise
Entity Address, State or Province ID
Entity Address, Postal Zip Code 83702-5389
City Area Code 208
Local Phone Number 384-6161
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol BCC
Security Exchange Name NYSE
Entity Central Index Key 0001328581
Amendment Flag false
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