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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended	March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35805

Boise Cascade Company

(Exact name of registrant as specified in its charter)


Delaware			20-1496201
(State or other jurisdiction of incorporation or organization)			(I.R.S. 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)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	BCC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company ☐

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No x

There were 37,629,680 shares of the registrant's common stock, $0.01 par value per share, outstanding on April 30, 2025.

Table of Contents


PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements	1
	Condensed Notes to Unaudited Quarterly Consolidated Financial Statements	8
	1. Nature of Operations and Consolidation	8
	2. Summary of Significant Accounting Policies	8
	3. Income Taxes	12
	4. Net Income Per Common Share	12
	5. Goodwill and Intangible Assets	13
	6. Debt	13
	7. Leases	16
	8. Stock-Based Compensation	17
	9. Stockholders' Equity	19
	10. Transactions With Related Party	19
	11. Segment Information	20
	12. Commitments, Legal Proceedings and Contingencies, and Guarantees	22
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
	Understanding Our Financial Information	24
	Executive Overview	25
	Factors That Affect Our Operating Results and Trends	25
	Our Operating Results	27
	Liquidity and Capital Resources	30
	Guarantees	32
	Seasonal Influences	32
	Employees	33
	Disclosures of Financial Market Risks	33
	Environmental	33
	Critical Accounting Estimates	33
	New and Recently Adopted Accounting Standards	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	36
Item 6.	Exhibits	36
	Signatures	37

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Boise Cascade Company

Consolidated Statements of Operations

(unaudited)


	Three Months Ended March 31
	2025		2024
	(thousands, except per-share data)
Sales	$	1,536,494	$	1,645,420

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,276,183		1,307,439
Depreciation and amortization	37,121		35,850
Selling and distribution expenses	143,648		144,110
General and administrative expenses	24,997		25,117

Other (income) expense, net	26		(78)
	1,481,975		1,512,438

Income from operations	54,519		132,982

Foreign currency exchange loss	—		(299)
Pension expense (excluding service costs)	(33)		(37)
Interest expense	(5,312)		(6,070)
Interest income	5,510		10,597
Change in fair value of interest rate swaps	(490)		(220)

	(325)		3,971

Income before income taxes	54,194		136,953
Income tax provision	(13,846)		(32,829)
Net income	$	40,348	$	104,124

Weighted average common shares outstanding:
Basic	38,017		39,608
Diluted	38,215		39,956

Net income per common share:
Basic	$	1.06	$	2.63
Diluted	$	1.06	$	2.61

Dividends declared per common share	$	0.21	$	0.20

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

Table of Contents

Boise Cascade Company

Consolidated Statements of Comprehensive Income

(unaudited)


	Three Months Ended March 31
	2025		2024
	(thousands)
Net income	$	40,348	$	104,124
Other comprehensive income, net of tax
Defined benefit pension plans

Amortization of actuarial loss, net of tax of $2 and $2, respectively	6		8

Other comprehensive income, net of tax	6		8
Comprehensive income	$	40,354	$	104,132

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

Table of Contents

Boise Cascade Company

Consolidated Balance Sheets

(unaudited)


	March 31, 2025		December 31, 2024
	(thousands)
ASSETS
Current
Cash and cash equivalents	$	561,781	$	713,260

Receivables
Trade, less allowances of $3,335 and $5,506	450,664		321,820
Related parties	174		173
Other	23,379		22,772
Inventories	921,434		803,296

Prepaid expenses and other	22,092		24,747
Total current assets	1,979,524		1,886,068

Property and equipment, net	1,075,466		1,047,083
Operating lease right-of-use assets	47,412		49,673
Finance lease right-of-use assets	21,528		22,128
Timber deposits	6,865		6,916

Goodwill	171,945		171,945
Intangible assets, net	167,941		173,027
Deferred income taxes	3,561		3,705
Other assets	7,402		8,838
Total assets	$	3,481,644	$	3,369,383

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

Table of Contents

Boise Cascade Company

Consolidated Balance Sheets (continued)

(unaudited)


	March 31, 2025		December 31, 2024
	(thousands, except per-share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current

Accounts payable
Trade	$	511,292	$	297,676
Related parties	1,406		1,315
Accrued liabilities
Compensation and benefits	71,187		127,415
Income taxes payable	5,469		—
Interest payable	5,072		9,957

Other	108,033		127,653
Total current liabilities	702,459		564,016

Debt
Long-term debt, net	446,389		446,167

Other
Compensation and benefits	39,016		42,006
Operating lease liabilities, net of current portion	41,164		43,174
Finance lease liabilities, net of current portion	26,473		26,883
Deferred income taxes	79,450		78,849
Other long-term liabilities	19,616		17,014
	205,719		207,926

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, 45,248 and 45,139 shares issued, respectively	452		451
Treasury stock, 7,439 and 6,956 shares at cost, respectively	(396,284)		(341,974)
Additional paid-in capital	562,859		565,041
Accumulated other comprehensive loss	(454)		(460)
Retained earnings	1,960,504		1,928,216
Total stockholders' equity	2,127,077		2,151,274
Total liabilities and stockholders' equity	$	3,481,644	$	3,369,383

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

Table of Contents

Boise Cascade Company

Consolidated Statements of Cash Flows

(unaudited)


	Three Months Ended March 31
	2025		2024
	(thousands)
Cash provided by (used for) operations
Net income	$	40,348	$	104,124
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	37,960		36,621
Stock-based compensation	3,757		4,105
Pension expense	33		37
Deferred income taxes	741		5,062
Change in fair value of interest rate swaps	490		220

Other	(821)		55

Decrease (increase) in working capital, net of acquisitions
Receivables	(129,683)		(119,235)
Inventories	(118,138)		(103,331)
Prepaid expenses and other	(3,786)		(1,689)
Accounts payable and accrued liabilities	127,935		75,041

Income taxes payable	11,654		25,834

Other	1,034		618
Net cash provided by (used for) operations	(28,476)		27,462

Cash provided by (used for) investment
Expenditures for property and equipment	(53,205)		(34,330)
Acquisitions of businesses and facilities	—		(3,387)

Proceeds from sales of assets and other	980		559
Net cash used for investment	(52,225)		(37,158)

Cash provided by (used for) financing



Treasury stock purchased	(53,884)		(26,971)
Dividends paid on common stock	(10,485)		(11,205)
Tax withholding payments on stock-based awards	(5,907)		(10,980)



Other	(502)		(475)
Net cash used for financing	(70,778)		(49,631)

Net decrease in cash and cash equivalents	(151,479)		(59,327)

Balance at beginning of the period	713,260		949,574

Balance at end of the period	$	561,781	$	890,247

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

Table of Contents

Boise Cascade Company

Consolidated Statements of Stockholders' Equity

(unaudited)


	Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total
	Shares	Amount		Shares	Amount
	(thousands)
Balance at December 31, 2024	45,139	$	451	6,956	$	(341,974)	$	565,041	$	(460)	$	1,928,216	$	2,151,274
Net income											40,348		40,348
Other comprehensive income									6				6
Common stock issued	109	1											1
Treasury stock purchased				483	(53,884)								(53,884)
Stock-based compensation							3,757						3,757
Common stock dividends ($0.21 per share)											(8,060)		(8,060)
Tax withholding payments on stock-based awards							(5,938)						(5,938)

Other					(426)		(1)						(427)
Balance at March 31, 2025	45,248	$	452	7,439	$	(396,284)	$	562,859	$	(454)	$	1,960,504	$	2,127,077

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

Table of Contents

Boise Cascade Company

Consolidated Statements of Stockholders' Equity (continued)

(unaudited)


	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

SEC Form 10-Q filed by Boise Cascade L.L.C.