BOISE CASCADE Co

For the period ended Mar 31, 2024. Filed May 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 6, 2024

BCC$70.42-3.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Consolidated Statements of Operations

	Three Months EndedMarch 31
	2024	2023
(thousands, except per-share data)
Sales	$1,645,420	$1,544,329
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,307,439	1,230,635
Depreciation and amortization	35,850	31,186
Selling and distribution expenses	144,110	128,788
General and administrative expenses	25,117	26,463
Other (income) expense, net	(78)	(345)
	1,512,438	1,416,727
Income from operations	132,982	127,602
Foreign currency exchange loss	(299)	(73)
Pension expense (excluding service costs)	(37)	(41)
Interest expense	(6,070)	(6,361)
Interest income	10,597	9,685
Change in fair value of interest rate swaps	(220)	(804)
	3,971	2,406
Income before income taxes	136,953	130,008
Income tax provision	(32,829)	(33,275)
Net income	$104,124	$96,733
Weighted average common shares outstanding:
Basic	39,608	39,593
Diluted	39,956	39,838
Net income per common share:
Basic	$2.63	$2.44
Diluted	$2.61	$2.43
Dividends declared per common share	$0.20	$0.15

Consolidated Statements of Comprehensive Income

	Three Months EndedMarch 31
	2024	2023
(thousands)
Net income	$104,124	$96,733
Other comprehensive income, net of tax
Defined benefit pension plans
Amortization of actuarial loss, net of tax of $2 and $2, respectively	8	6
Other comprehensive income, net of tax	8	6
Comprehensive income	$104,132	$96,739

Consolidated Balance Sheets

	March 31,2024	December 31,2023
(thousands)
ASSETS
Current
Cash and cash equivalents	$890,247	$949,574
Receivables
Trade, less allowances of $4,020 and $3,278	480,579	352,780
Related parties	225	181
Other	13,476	20,740
Inventories	814,596	712,369
Prepaid expenses and other	17,549	21,170
Total current assets	2,216,672	2,056,814
Property and equipment, net	934,286	932,633
Operating lease right-of-use assets	61,378	62,868
Finance lease right-of-use assets	24,172	24,003
Timber deposits	6,898	7,208
Goodwill	170,254	170,254
Intangible assets, net	185,836	190,743
Deferred income taxes	4,748	4,854
Other assets	10,184	9,269
Total assets	$3,614,428	$3,458,646

Consolidated Balance Sheets (continued)

	March 31,2024	December 31,2023
(thousands, except per-share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$460,244	$310,175
Related parties	1,281	1,501
Accrued liabilities
Compensation and benefits	69,308	149,561
Income taxes payable	21,774	—
Interest payable	5,083	9,958
Other	127,036	122,921
Total current liabilities	684,726	594,116
Debt
Long-term debt	445,502	445,280
Other
Compensation and benefits	39,223	40,189
Operating lease liabilities, net of current portion	54,850	56,425
Finance lease liabilities, net of current portion	28,347	28,084
Deferred income taxes	87,078	82,014
Other long-term liabilities	17,500	16,874
	226,998	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, 45,127 and 44,983 shares issued, respectively	451	450
Treasury stock, 5,649 and 5,443 shares at cost, respectively	(172,377)	(145,335)
Additional paid-in capital	553,821	560,697
Accumulated other comprehensive loss	(509)	(517)
Retained earnings	1,875,816	1,780,369
Total stockholders' equity	2,257,202	2,195,664
Total liabilities and stockholders' equity	$3,614,428	$3,458,646

Consolidated Statements of Cash Flows

	Three Months EndedMarch 31
	2024	2023
(thousands)
Cash provided by (used for) operations
Net income	$104,124	$96,733
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	36,621	31,853
Stock-based compensation	4,105	3,324
Pension expense	37	41
Deferred income taxes	5,062	3,393
Change in fair value of interest rate swaps	220	804
Other	55	(518)
Decrease (increase) in working capital, net of acquisitions
Receivables	(119,235)	(111,253)
Inventories	(103,331)	(41,247)
Prepaid expenses and other	(1,689)	(1,428)
Accounts payable and accrued liabilities	75,041	36,181
Income taxes payable	25,834	28,631
Other	618	1,478
Net cash provided by operations	27,462	47,992
Cash provided by (used for) investment
Expenditures for property and equipment	(34,330)	(30,063)
Acquisitions of businesses and facilities	(3,387)	—
Proceeds from sales of assets and other	559	565
Net cash used for investment	(37,158)	(29,498)
Cash provided by (used for) financing
Treasury stock purchased	(26,971)	(1,482)
Dividends paid on common stock	(11,205)	(8,258)
Tax withholding payments on stock-based awards	(10,980)	(5,926)
Other	(475)	(451)
Net cash used for financing	(49,631)	(16,117)
Net increase (decrease) in cash and cash equivalents	(59,327)	2,377
Balance at beginning of the period	949,574	998,344
Balance at end of the period	$890,247	$1,000,721

Consolidated Statements of Stockholders' Equity

Common Stock · Treasury Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Retained Earnings · Total
Shares · Amount · Shares · Amount
(thousands)
Balance at December 31, 2023	44,983	$450		5,443			$(145,335)		$560,697	$(517)		$1,780,369	$2,195,664
Net income									104,124	104,124
Other comprehensive income								8		8
Common stock issued	144	1									1
Treasury stock purchased			206		(26,971)						(26,971)
Stock-based compensation						4,105				4,105
Common stock dividends ($0.20 per share)									(8,677)	(8,677)
Tax withholding payments on stock-based awards						(10,980)				(10,980)
Other				(71)			(1)				(72)
Balance at March 31, 2024	45,127	$451		5,649			$(172,377)		$553,821	$(509)		$1,875,816	$2,257,202

Consolidated Statements of Stockholders' Equity (continued)

Common Stock · Treasury Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Retained Earnings · Total
Shares · Amount · Shares · Amount
(thousands)
Balance at December 31, 2022	44,827		$448	5,367			$(138,909)		$551,215		$(520)	$1,645,741	$2,057,975
Net income								96,733	96,733
Other comprehensive income						6			6
Common stock issued	156	2								2
Treasury stock purchased			25	(1,482)						(1,482)
Stock-based compensation					3,324				3,324
Common stock dividends ($0.15 per share)								(6,110)	(6,110)
Tax withholding payments on stock-based awards					(5,926)				(5,926)
Other					(2)				(2)
Balance at March 31, 2023	44,983		$450	5,392			$(140,391)		$548,611		$(514)	$1,736,364	$2,144,520

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.