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Midas Edge

BOISE CASCADE Co

For the period ended Jun 30, 2024. Filed Aug 5, 2024.

View on SEC.gov

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.

Jun 30, 2024 · Filed Aug 5, 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 EndedJune 30Six Months EndedJune 30
2024202320242023
(thousands, except per-share data)
Sales$1,797,670$1,815,219$3,443,090$3,359,548
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,440,6801,426,4362,748,1192,657,071
Depreciation and amortization34,36730,72270,21761,908
Selling and distribution expenses149,783139,205293,893267,993
General and administrative expenses25,94330,14751,06056,610
Other (income) expense, net(84)(1,266)(162)(1,611)
1,650,6891,625,2443,163,1273,041,971
Income from operations146,981189,975279,963317,577
Foreign currency exchange gain (loss)(104)320(403)247
Pension expense (excluding service costs)(37)(41)(74)(82)
Interest expense(6,105)(6,339)(12,175)(12,700)
Interest income10,54311,51921,14021,204
Change in fair value of interest rate swaps(487)333(707)(471)
3,8105,7927,7818,198
Income before income taxes150,791195,767287,744325,775
Income tax provision(38,499)(49,447)(71,328)(82,722)
Net income$112,292$146,320$216,416$243,053
Weighted average common shares outstanding:
Basic39,41239,67539,51039,634
Diluted39,60839,83439,76639,818
Net income per common share:
Basic$2.85$3.69$5.48$6.13
Diluted$2.84$3.67$5.44$6.10
Dividends declared per common share$0.20$3.15$0.40$3.30

Consolidated Statements of Comprehensive Income

Three Months EndedJune 30Six Months EndedJune 30
2024202320242023
(thousands)
Net income$112,292$146,320$216,416$243,053
Other comprehensive income, net of tax
Defined benefit pension plans
Amortization of actuarial loss, net of tax of $2, $2, $4, and $4, respectively771513
Other comprehensive income, net of tax771513
Comprehensive income$112,299$146,327$216,431$243,066

Consolidated Balance Sheets

June 30,2024December 31,2023
(thousands)
ASSETS
Current
Cash and cash equivalents$922,076$949,574
Receivables
Trade, less allowances of $4,520 and $3,278459,772352,780
Related parties249181
Other17,12020,740
Inventories832,241712,369
Prepaid expenses and other36,34821,170
Total current assets2,267,8062,056,814
Property and equipment, net948,841932,633
Operating lease right-of-use assets59,81262,868
Finance lease right-of-use assets23,54824,003
Timber deposits7,6757,208
Goodwill170,254170,254
Intangible assets, net180,928190,743
Deferred income taxes4,6554,854
Other assets8,4459,269
Total assets$3,671,964$3,458,646

Consolidated Balance Sheets (continued)

June 30,2024December 31,2023
(thousands, except per-share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$438,235$310,175
Related parties2,1461,501
Accrued liabilities
Compensation and benefits96,414149,561
Interest payable9,9569,958
Other144,755122,921
Total current liabilities691,506594,116
Debt
Long-term debt445,723445,280
Other
Compensation and benefits39,64840,189
Operating lease liabilities, net of current portion53,17056,425
Finance lease liabilities, net of current portion27,89128,084
Deferred income taxes93,06282,014
Other long-term liabilities17,98816,874
231,759223,586
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, 45,130 and 44,983 shares issued, respectively451450
Treasury stock, 6,121 and 5,443 shares at cost, respectively(234,879)(145,335)
Additional paid-in capital557,478560,697
Accumulated other comprehensive loss(502)(517)
Retained earnings1,980,4281,780,369
Total stockholders' equity2,302,9762,195,664
Total liabilities and stockholders' equity$3,671,964$3,458,646

Consolidated Statements of Cash Flows

Six Months EndedJune 30
20242023
(thousands)
Cash provided by (used for) operations
Net income$216,416$243,053
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other71,83263,293
Stock-based compensation7,9237,518
Pension expense7482
Deferred income taxes11,0882,749
Change in fair value of interest rate swaps707471
Other115(1,798)
Decrease (increase) in working capital, net of acquisitions
Receivables(102,096)(171,794)
Inventories(120,976)(5,482)
Prepaid expenses and other(7,870)(7,805)
Accounts payable and accrued liabilities99,354124,910
Income taxes payable(6,251)33,220
Other(1,151)1,801
Net cash provided by operations169,165290,218
Cash provided by (used for) investment
Expenditures for property and equipment(74,099)(68,287)
Acquisitions of businesses and facilities(3,387)—
Proceeds from sales of assets and other8191,918
Net cash used for investment(76,667)(66,369)
Cash provided by (used for) financing
Treasury stock purchased(88,858)(1,539)
Dividends paid on common stock(19,069)(132,967)
Tax withholding payments on stock-based awards(11,117)(5,926)
Other(952)(904)
Net cash used for financing(119,996)(141,336)
Net increase (decrease) in cash and cash equivalents(27,498)82,513
Balance at beginning of the period949,574998,344
Balance at end of the period$922,076$1,080,857

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, 202344,983$4505,443$(145,335)$560,697$(517)$1,780,369$2,195,664
Net income104,124104,124
Other comprehensive income88
Common stock issued14411
Treasury stock purchased206(26,971)(26,971)
Stock-based compensation4,1054,105
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, 202445,127$4515,649$(172,377)$553,821$(509)$1,875,816$2,257,202
Net income112,292112,292
Other comprehensive income77
Common stock issued3——
Treasury stock purchased472(61,887)(61,887)
Stock-based compensation3,8183,818
Common stock dividends ($0.20 per share)(7,680)(7,680)
Tax withholding payments on stock-based awards(160)(160)
Other(615)(1)(616)
Balance at June 30, 202445,130$4516,121$(234,879)$557,478$(502)$1,980,428$2,302,976

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, 202244,827$4485,367$(138,909)$551,215$(520)$1,645,741$2,057,975
Net income96,73396,733
Other comprehensive income66
Common stock issued15622
Treasury stock purchased25(1,482)(1,482)
Stock-based compensation3,3243,324
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, 202344,983$4505,392$(140,391)$548,611$(514)$1,736,364$2,144,520
Net income146,320146,320
Other comprehensive income77
Treasury stock purchased1(57)(57)
Stock-based compensation4,1944,194
Common stock dividends ($3.15 per share)(126,460)(126,460)
Balance at June 30, 202344,983$4505,393$(140,448)$552,805$(507)$1,756,224$2,168,524
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.