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Midas Edge

BOISE CASCADE Co

For the period ended Sep 30, 2024. Filed Nov 4, 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.

Sep 30, 2024 · Filed Nov 4, 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 EndedSeptember 30Nine Months EndedSeptember 30
2024202320242023
(thousands, except per-share data)
Sales$1,713,724$1,834,441$5,156,814$5,193,989
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,375,7191,442,1784,123,8384,099,249
Depreciation and amortization36,86131,474107,07893,382
Selling and distribution expenses157,522147,714451,415415,707
General and administrative expenses26,17227,58377,23284,193
Other (income) expense, net94(141)(68)(1,752)
1,596,3681,648,8084,759,4954,690,779
Income from operations117,356185,633397,319503,210
Foreign currency exchange gain (loss)300(602)(103)(355)
Pension expense (excluding service costs)(37)(40)(111)(122)
Interest expense(6,082)(6,351)(18,257)(19,051)
Interest income10,16813,76031,30834,964
Change in fair value of interest rate swaps(866)(327)(1,573)(798)
3,4836,44011,26414,638
Income before income taxes120,839192,073408,583517,848
Income tax provision(29,801)(49,005)(101,129)(131,727)
Net income$91,038$143,068$307,454$386,121
Weighted average common shares outstanding:
Basic38,84839,67539,28639,648
Diluted39,06339,98339,52139,849
Net income per common share:
Basic$2.34$3.61$7.83$9.74
Diluted$2.33$3.58$7.78$9.69
Dividends declared per common share$5.21$0.20$5.61$3.50

Consolidated Statements of Comprehensive Income

Three Months EndedSeptember 30Nine Months EndedSeptember 30
2024202320242023
(thousands)
Net income$91,038$143,068$307,454$386,121
Other comprehensive income, net of tax
Defined benefit pension plans
Amortization of actuarial loss, net of tax of $3, $2, $7, and $6, respectively762219
Other comprehensive income, net of tax762219
Comprehensive income$91,045$143,074$307,476$386,140

Consolidated Balance Sheets

September 30,2024December 31,2023
(thousands)
ASSETS
Current
Cash and cash equivalents$761,599$949,574
Receivables
Trade, less allowances of $4,979 and $3,278408,487352,780
Related parties289181
Other17,41120,740
Inventories792,356712,369
Prepaid expenses and other32,02421,170
Total current assets2,012,1662,056,814
Property and equipment, net985,808932,633
Operating lease right-of-use assets50,03962,868
Finance lease right-of-use assets22,92524,003
Timber deposits9,0787,208
Goodwill171,945170,254
Intangible assets, net177,028190,743
Deferred income taxes4,6054,854
Other assets8,0339,269
Total assets$3,441,627$3,458,646

Consolidated Balance Sheets (continued)

September 30,2024December 31,2023
(thousands, except per-share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$372,199$310,175
Related parties2,2161,501
Accrued liabilities
Compensation and benefits122,000149,561
Interest payable5,0869,958
Other141,741122,921
Total current liabilities643,242594,116
Debt
Long-term debt445,945445,280
Other
Compensation and benefits42,86440,189
Operating lease liabilities, net of current portion43,55056,425
Finance lease liabilities, net of current portion27,49228,084
Deferred income taxes96,96782,014
Other long-term liabilities18,13416,874
229,007223,586
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, 6,675 and 5,443 shares at cost, respectively(305,227)(145,335)
Additional paid-in capital561,223560,697
Accumulated other comprehensive loss(495)(517)
Retained earnings1,867,4811,780,369
Total stockholders' equity2,123,4332,195,664
Total liabilities and stockholders' equity$3,441,627$3,458,646

Consolidated Statements of Cash Flows

Nine Months EndedSeptember 30
20242023
(thousands)
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 other109,53195,516
Stock-based compensation11,66811,518
Pension expense111122
Deferred income taxes15,0964,351
Change in fair value of interest rate swaps1,573798
Other322(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 liabilities44,547152,303
Income taxes payable(3,970)23,664
Other(3,952)(172)
Net cash provided by operations343,752521,129
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 other1,1972,450
Net cash used for investment(140,144)(96,801)
Cash provided by (used for) financing
Treasury stock purchased(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 period949,574998,344
Balance at end of the period$761,599$1,272,963

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
Net income91,03891,038
Other comprehensive income77
Treasury stock purchased554(69,651)(69,651)
Stock-based compensation3,7453,745
Common stock dividends ($5.21 per share)(203,985)(203,985)
Other(697)(697)
Balance at September 30, 202445,130$4516,675$(305,227)$561,223$(495)$1,867,481$2,123,433

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
Net income143,068143,068
Other comprehensive income66
Stock-based compensation4,0004,000
Common stock dividends ($0.20 per share)(8,003)(8,003)
Balance at September 30, 202344,983$4505,393$(140,448)$556,805$(501)$1,891,289$2,307,595
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.