Boise Cascade Co (BCC) 2024 Q3 法說會逐字稿

Good morning. My name is Grace, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's third quarter 2024 earnings call. (Operator Instructions)

早安.我叫葛蕾絲，今天我將擔任你們的會議主持人。此時此刻，我謹歡迎大家參加 Boise Cascade 的 2024 年第三季財報電話會議。（操作員說明）

It is now my pleasure to introduce you to Chris Forrey, Vice President, Finance and Investor Relations, Boise Cascade. Mr. Forrey, you may begin your conference.

現在我很高興向您介紹 Boise Cascade 財務與投資者關係副總裁 Chris Forrey。福里先生，您可以開始會議了。

Thank you, Grace, and good morning everyone. I would like to welcome you to Boise Cascade’s third quarter 2024 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO; Kelly Hibbs, our CFO and Treasurer; Troy Little, Head of our Wood Products Operations; and Jeff Strom, Head of our Building Materials Distribution Operations.

謝謝你，格蕾絲，大家早安。歡迎您參加 Boise Cascade 的 2024 年第三季財報電話會議和業務更新。參加今天電話會議的還有我們的執行長內特‧喬根森 (Nate Jorgensen)； Kelly Hibbs，我們的財務長兼財務主管； Troy Little，我們的木製品業務主管； Jeff Strom，我們的建築材料分銷業務主管。

Turning to slide 2, this call will contain forward-looking statements. Please review the warning statements in our press release on the presentation slides and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that the appendix includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA .

轉向投影片 2，本次電話會議將包含前瞻性陳述。請查看我們新聞稿中的簡報幻燈片以及我們向 SEC 提交的文件中關於與這些前瞻性聲明相關的風險的警告聲明。另請注意，附錄包括我們的 GAAP 淨利潤與 EBITDA 以及調整後 EBITDA 和分部收入與分部 EBITDA 的調整表。

I will now turn the call over to Nate.

我現在將把電話轉給內特。

Thanks, Chris. Good morning everyone. Thank you for joining us for our earnings call today. I'm on slide. number 3, total US housing starts and single-family housing starts decreased 3% and 1% respectively, compared to the prior year quarter.

謝謝，克里斯。大家早安。感謝您參加今天的財報電話會議。我在幻燈片上。第三，美國新屋開工總量和單戶新屋開工率與去年同期相比分別下降了 3% 和 1%。

Our consolidated third quarter sales of $1.7 billion were down 7% from third quarter, 2023. Our net income was $91 million or $2.33 per share compared to net income of $143.1 million or $3.58 per share in the year ago quarter.

我們第三季的綜合銷售額為 17 億美元，較 2023 年第三季下降 7%。我們的淨利潤為 9,100 萬美元，即每股 2.33 美元，而去年同期的淨利潤為 1.431 億美元，即每股 3.58 美元。

Both of our businesses performed well and delivered good financial results in the demand environment that continues to be constrained by home affordability challenges and economic uncertainties. I want to thank our associates across the company who continue to deliver superior value to our customer and vendor partners, no matter the demand environment.

我們的兩項業務均表現良好，在需求環境中取得了良好的財務業績，而需求環境繼續受到住房負擔能力挑戰和經濟不確定性的限制。我要感謝全公司的員工，無論需求環境如何，他們都繼續為我們的客戶和供應商合作夥伴提供卓越的價值。

In addition, we continue to deploy capital through our organic growth projects and additional returns of capital to our shareholders. Kelly will now walk through our segment financial results, give some insight on fourth quarter and then provide an update on our capital allocation in more detail. After which I'll provide an outlook before we take your questions. Kelly?

此外，我們繼續透過我們的有機成長項目和向股東提供額外資本回報來部署資本。凱利現在將介紹我們的部門財務業績，提供第四季度的一些見解，然後更詳細地提供我們資本配置的最新資訊。之後，在回答您的問題之前，我將提供展望。凱莉？

Thank you, Nate. Good morning, everyone. Wood product sales in the third quarter including sales to our distribution segment were $453.9 million down 12% compared to third quarter 2023. Wood product segment EBITDA was $77.4 million compared to EBITDA of $122.9 million reported in the year ago quarter.

謝謝你，內特。大家早安。第三季的木製品銷售額（包括分銷部門的銷售額）為 4.539 億美元，比 2023 年第三季下降 12%。木製品部門的 EBITDA 為 7,740 萬美元，而去年同期報告的 EBITDA 為 1.229 億美元。

The decrease in segment EBITDA was due primarily to lower EWP and plywood sales prices as well as higher conversion costs. Lower I-joists sales volumes also contributed to the decrease in segment EBITDA. BMD sales in the quarter were $1.6 billion down 6% from third quarter 2023.

部門 EBITDA 的下降主要是由於 EWP 和膠合板銷售價格下降以及轉換成本上升。工字托樑銷售下降也導致該部門 EBITDA 下降。本季 BMD 銷售額為 16 億美元，較 2023 年第三季下降 6%。

BMD reported segment EBITDA of $87.7 million in the third quarter compared to segment EBITDA of $104.9 million in the prior year quarter. BMD gross margin dollars decreased $7.7 million from third quarter 2023. Selling and distribution expenses increased by $10 million compared to the prior year quarter mainly due to the BROSCO acquisition.

BMD 報告第三季的部門 EBITDA 為 8,770 萬美元，而去年同期的部門 EBITDA 為 1.049 億美元。BMD 毛利率較 2023 年第三季減少 770 萬美元。銷售和分銷費用與去年同期相比增加了 1000 萬美元，主要是由於收購了 BROSCO。

Turning to slide 5, on a year-over-year and sequential basis, third quarter volumes for LVL were flat and down 2%, respectively. And I-joists volumes over the same comparative periods were down 8% and 10%. I-joists sales volumes were influenced by multiple factors including the level of housing starts, competition from other wood-based products, and an increasing proportion of concrete floor applications that limit wood floor opportunity. Sequential pricing for both LVL and I-joists was down 2% due to continued pricing pressure in the market.

轉向幻燈片 5，與去年同期和環比相比，LVL 第三季的銷量分別持平和下降 2%。同期工字托樑銷量分別下降 8% 及 10%。工字形托樑銷售受到多種因素的影響，包括房屋開工水平、來自其他木質產品的競爭以及限制木地板機會的混凝土地板應用比例的增加。由於市場持續的定價壓力，LVL 和工字托樑的連續定價下降了 2%。

Turning to slide 6, our third quarter plywood sales volume was 391 million feet, flat with the year ago quarter. The $333 per 1,000 average plywood net sales price in the third quarter was down 13% year-over-year and 8% sequentially.

轉向幻燈片 6，我們第三季的膠合板銷量為 3.91 億英尺，與去年同期持平。第三季每 1,000 塊合板的平均淨售價為 333 美元，年減 13%，較上季下降 8%。

We experienced lower plywood pricing in July at approximately $320 per 1,000 before rebounding at the end of the quarter with our September average price realizations around $350 per 1,000.

7 月份，我們的膠合板價格較低，約為每 1,000 件 320 美元，然後在本季末反彈，9 月份的平均價格實現約為每 1,000 件 350 美元。

Moving to slide 7 and 8. BMD’s year-over-year third quarter sales decline of 6% was driven by sales price decreases, as sales volumes were flat. Excluding the impact of the BROSCO acquisition, BMD sales would have decreased 9% from third quarter 2023.

轉到投影片 7 和 8。BMD 第三季銷售額較去年同期下降 6%，原因是銷售價格下降，而銷售持平。排除 BROSCO 收購的影響，BMD 銷售額將較 2023 年第三季下降 9%。

By product line, commodity sales decreased 12%, general line product sales increased 4%, and sales of EWP decreased 14%. As mentioned earlier, gross margin dollars decreased $7.7 million in third quarter compared to the same quarter last year.

依產品線劃分，商品銷售額下降12%，通用產品銷售額成長4%，EWP銷售額下降14%。如前所述，第三季毛利率比去年同期減少了 770 萬美元。

As expected, lower margins on commodities and EWP were the principal drivers of the decline in margin dollars. However, BMDs gross margin percentage was 15.7%, up 50 basis points year-over-year.

正如預期的那樣，大宗商品和 EWP 的利潤率下降是保證金美元下降的主要驅動因素。然而，BMD的毛利率為15.7%，較去年同期上升50個基點。

This increase is reflective of both BMD’s ongoing growth and general line sales which represented 44% of our sales mix in the third quarter as well as year over year margin improvement in that category. BMDs EBITDA margin was 5.6% for the quarter, down from the 6.3% reported in the year ago quarter, and down 30 basis points sequentially. We're pleased with BMDs performance in the third quarter given the market landscape.

這一成長反映了 BMD 的持續成長和一般產品線銷售（佔第三季銷售組合的 44%）以及該類別利潤率的同比改善。本季 BMD 的 EBITDA 利潤率為 5.6%，低於去年同期的 6.3%，季減 30 個基點。考慮到市場格局，我們對第三季 BMD 的表現感到滿意。

I'm now on slide 9. Looking forward to the fourth quarter, October EWP and plywood volumes were resilient as they were comparable to our third quarter monthly averages. However, we expect seasonally lower volumes as we proceed through the quarter.

我現在在幻燈片 9 上。展望第四季度，10 月份的 EWP 和膠合板銷售表現強勁，因為它們與我們第三季度的月度平均值相當。然而，我們預計隨著本季的進展，銷量將出現季節性下降。

On EWP pricing, we currently expect low single digit sequential price declines in the fourth quarter. On plywood pricing, October realizations were approximately 5% above third quarter averages, but we'd expect seasonal price erosion as the quarter progresses.

就 EWP 定價而言，我們目前預期第四季價格將較上季下降幅度較低。在膠合板定價方面，10 月的實現量比第三季平均高出約 5%，但我們預計隨著季度的進展，價格會出現季節性下滑。

With regards to BMD sales expectations, seasonal factors and two fewer sales days in Q4 when compared to Q3 will be headwinds for us. Our daily sales pace through October is approximately 1% below third quarter daily sales averages and is expected to erode further in November and December.

就 BMD 銷售預期而言，季節性因素以及第四季比第三季減少兩個銷售天數將對我們構成不利因素。我們 10 月的每日銷售速度比第三季的每日銷售平均值低約 1%，預計 11 月和 12 月將進一步下滑。

I'm now on slide 10. We had capital expenditures of $136 million in the nine months ended September 2024 with $62 million of spending in wood products and $73 million of spending in BMD. Some equipment delays related to our previously disclosed multiyear projects in the Southeast US have reduced our full year 2024 capital spending range.

我現在在幻燈片 10 上。截至 2024 年 9 月的九個月中，我們的資本支出為 1.36 億美元，其中木製品支出為 6,200 萬美元，BMD 支出為 7,300 萬美元。與我們先前揭露的美國東南部多年期專案相關的一些設備延誤減少了我們 2024 年全年的資本支出範圍。

However, we anticipate these projects will still be completed on schedule and our spending pace in the fourth quarter will accelerate meaningfully as expected. Looking forward to 2025, we expect our capital spending to be between $200 million to $220 million.

然而，我們預計這些項目仍將按計劃完成，並且我們第四季度的支出步伐將按預期大幅加快。展望 2025 年，我們預期資本支出將在 2 億至 2.2 億美元之間。

Speaking to shareholder returns, we paid $220 million in combined regular and special dividends during the nine months ended September 30, 2024. Our Board of Directors also recently approved a $0.21 per share quarterly dividend on our common stock. Shareholders of record as of December 2, will see payment of this dividend on December 18.

談到股東回報，我們在截至 2024 年 9 月 30 日的九個月內支付了 2.2 億美元的定期股息和特別股息。我們的董事會最近也批准了普通股每股 0.21 美元的季度股息。截至 12 月 2 日登記在冊的股東將於 12 月 18 日看到股息支付。

During the third quarter, we also funded approximately $70 million of common stock repurchases. Through October, our year-to-date total share repurchases are approximately $165 million or nearly 1.3 million shares.

第三季度，我們也資助了約 7,000 萬美元的普通股回購。截至 10 月份，我們年初至今的股票回購總額約為 1.65 億美元，近 130 萬股。

In addition, our Board of Directors recently authorized the repurchase of an additional 1.4 million shares under our common stock repurchase program. Today, we have approximately 2 million shares available for repurchase under our share repurchase program.

此外，我們的董事會最近授權根據我們的普通股回購計畫額外回購 140 萬股股票。如今，根據我們的股票回購計劃，我們有大約 200 萬股可供回購。

In summary, our capital deployment strategy continues with ongoing investments in our existing asset base, organic growth projects and returns to our shareholders. We also have the flexibility to execute M&A, if opportunities surface that align with our strategy.

總之，我們的資本部署策略持續對現有資產基礎、有機成長項目和股東回報進行持續投資。如果出現符合我們策略的機會，我們也可以靈活地執行併購。

I will now turn it back over to Nate to discuss our business outlook.

我現在將把它轉回內特來討論我們的業務前景。

Thanks, Kelly. I'm on slide number 11. Current industry forecasts for US housing starts are approximately 1.35 million for 2024 and at or modestly above 1.4 million for 2025. This compares to actual housing starts of 1.42 million in 2023 as reported by the US Census Bureau.

謝謝，凱利。我在投影片 11 上。目前產業預測 2024 年美國新屋開工量約為 135 萬套，2025 年將達到或略高於 140 萬套。相較之下，美國人口普查局報告的 2023 年實際住房開工量為 142 萬套。

As of September 2024, single family housing starts are outpacing 2023 levels by 10%, whereas multifamily starts have declined sharply from historic levels due to increased capital cost for developers and historic levels of multifamily unit completions in 2024.

截至2024 年9 月，單戶住宅開工量將比2023 年的水平高出10%，而多戶住宅開工量則較歷史水平大幅下降，原因是開發商資本成本增加以及2024 年多戶住宅竣工量達到歷史最高水準。

Home affordability remains a challenge for many consumers due to home prices and the cost of financing with mortgage rate levels limiting the supply of existing housing stock available for sale. Large homebuilders are addressing affordability challenges by reducing home sizes and plan complexity as well as offering mortgage rate buy downs. New residential construction will continue to be an important source of housing supply moving forward.

由於房價和抵押貸款利率水準的融資成本限制了現有可供出售房屋的供應，住房負擔能力仍然是許多消費者面臨的挑戰。大型住宅建築商正在透過減少房屋面積和計劃複雜性以及提供抵押貸款利率下調來應對負擔能力挑戰。新建住宅建設將繼續成為未來住房供應的重要來源。

We expect 2025 to reflect modest growth in home improvement spending as the age of US housing stock and elevated levels of homeowner equity will continue to provide a favorable backdrop for repair and remodel spending.

我們預計 2025 年房屋裝修支出將小幅增長，因為美國住房存量的老化和房主淨值水準的提高將繼續為維修和改造支出提供有利的背景。

While near term growth and demand may prove modest. The value proposition for two step distribution, particularly our ability to deliver nationwide service across leading brands in the marketplace is unmistakable and we will continue to execute in support of our supplier and customer partners each and every day.

雖然近期成長和需求可能有限。兩步驟分銷的價值主張，特別是我們為市場上的領先品牌提供全國性服務的能力是明確無誤的，我們將繼續每天為我們的供應商和客戶合作夥伴提供支援。

As we look past the near term uncertainties, we remain bullish on the medium and longer term view on housing fundamentals which affords us the ability to maintain a clear focus on our strategy and the execution of our growth initiatives. Thank you for joining us today and your continued support and interest in Boise Cascade. We welcome any questions at this time. Grace, would you please open the phone lines?

當我們審視短期的不確定性時，我們仍然看好住房基本面的中長期觀點，這使我們能夠明確關注我們的策略和執行我們的成長計畫。感謝您今天加入我們，以及您對 Boise Cascade 的持續支持和興趣。我們歡迎此時提出任何問題。格蕾絲，請打開電話線好嗎？

(Operator Instructions)

（操作員說明）

Michael Roxland, Truist Securities.

邁克爾·羅克克蘭 (Michael Roxland)，Truist 證券公司。

Yeah. Thank you, Nate, Kelly, Chris for taking my questions and congrats on a very good quarter despite the backdrop.

是的。謝謝內特、凱利、克里斯回答我的問題，並祝賀儘管有這樣的背景，但本季仍然表現出色。

Thank you, Michael. Good morning.

謝謝你，麥可。早安.

Just first off on BMD, can you talk about the progression of sales in BMD during the quarter. It seems like, September was a soft month across many paper and packaging materials and I'm wondering if you just had stronger sales earlier in the quarter that may have faded in September.

首先談談 BMD，可以談談本季 BMD 的銷售進度嗎？看起來，9 月對於許多紙張和包裝材料來說都是疲軟的月份，我想知道您是否在本季度早些時候的銷售強勁，而在 9 月可能已經消退。

Yeah. So yeah, good question, Mike. So I would say, our activity was levels on a daily sales pace we're actually fairly steady through the quarter July, August and September, there really wasn't a whole lot of deviation really just the only impact we saw was in September, we just had two fewer sales days.

是的。所以，是的，好問題，麥克。所以我想說，我們的活動是按每日銷售速度計算的，我們實際上在7 月、8 月和9 月這個季度相當穩定，確實沒有太多偏差，實際上我們看到的唯一影響是在9 月，我們只是少了兩天的銷售天數。

Perfect. Got it. And what are you hearing right now from some of your major customers in BMD by product type or the commodity general line, EWP regarding demand and inventory levels.

完美的。知道了。您現在從 BMD 的一些主要客戶那裡聽到了什麼（按產品類型或商品總線、EWP 劃分的有關需求和庫存水平的信息）。

Hey, this is Jeff. I would just say overall what we're hearing from our customers is truly it's -- the dealers are saying just proceed very cautiously. The commodity market, obviously, we've got some nice tail winds in this past month.

嘿，這是傑夫。我只想說，總的來說，我們從客戶那裡聽到的消息確實是這樣的——經銷商說，要非常謹慎地行事。顯然，大宗商品市場在過去的一個月裡出現了一些很好的順風。

So there's a lot of direct activity there. We removed a fair amount of commodities into that market. But from here going forward with the seasonality coming, I think they're going to lean in hard on distribution. I think it would be very much a distribution friendly market.

所以那裡有很多直接活動。我們將相當數量的商品移入該市場。但從這裡開始，隨著季節性的到來，我認為他們將大力依賴分銷。我認為這將是一個非常適合分銷的市場。

Got it, Jeff. Great. And one last question before turning it over. Just on EWP, given that up until recently, lumber prices have been at cyclical lows. I mean, have you seen any shift or share shift to lumber from EWP that may be contributing to some of the volume weakness?

明白了，傑夫。偉大的。翻過來之前還有最後一個問題。就 EWP 而言，鑑於直到最近，木材價格一直處於週期性低點。我的意思是，您是否看到任何從 EWP 轉向木材的轉變或份額轉變可能會導致銷量疲軟？

Hey, Mike, it's a Nate. Yeah, I think a good question. I think in terms of how the builders look at, what products and services they use on floor systems, they're pretty resilient and kind of stay, kind of true, kind of independent of the pricing environment.

嘿，麥克，我是內特。是的，我認為這是個好問題。我認為，就建築商的看法、他們在地板系統上使用的產品和服務而言，他們非常有彈性，而且有點堅持，有點真實，有點獨立於定價環境。

So we haven't seen a lot of drift from I-joists or EWP systems to dimensional lumber. It's been a pretty steady and consistent despite the fact, obviously, lumber prices are -- have certainly come off. So that would be, I guess our view going forward as well.

因此，我們還沒有看到從工字托樑或 EWP 系統轉向規格材的大量轉變。儘管事實上，木材價格顯然已經下降，但它一直相當穩定且一致。所以，我想我們對未來的看法也是。

And part of that Mike, as we've talked in the past that as builders are looking for their challenges are not only building material cost but also cycle times. And so if they think about how do they take time out of the construction cycle, add simplicity of the cycle, EWPs are really an important part of that equation. So it remains pretty stable and we expect that going forward.

麥克的一部分，正如我們過去所談到的，建築商所面臨的挑戰不僅是建築材料成本，還有週期時間。因此，如果他們考慮如何從施工週期中節省時間，增加週期的簡單性，EWP 確實是該等式的重要組成部分。所以它仍然相當穩定，我們預計未來會如此。

Got it. Thanks very much.

知道了。非常感謝。

Thanks, Michael.

謝謝，麥可。

Susan Maklari, Goldman Sachs.

蘇珊·馬克拉里，高盛。

Thank you. Good morning, everyone.

謝謝。大家早安。

Morning, Sue.

早安，蘇。

My question is also on EWP and perhaps taking the other side of that, which is as lumber does seem to be inflating, especially over the last several weeks, and if that continues through next year. Can you talk about what that could mean for EWP pricing? How you're thinking about that flowing through? And then I guess, can you also talk to the EWP margins just given the pricing decline that you've been seeing sequentially?

我的問題也是關於 EWP，也許從另一方面來看，木材似乎確實正在膨脹，特別是在過去幾週，以及這種情況是否持續到明年。您能談談這對 EWP 定價意味著什麼嗎？你如何看待它的流動？然後我想，考慮到您連續看到的定價下降，您能否談談 EWP 利潤率？

Yeah. So Sue, this is Kelly. Good morning, I'll take that. And in terms of the first part of your question around lumber pricing and increasing and how could that potentially correlate the EWP pricing, I don't have a model in front of me, but I don't think there's a lot of statistical correlation there.

是的。蘇，這是凱利。早安，我會接受的。關於您關於木材定價和增加的問題的第一部分，以及這如何可能與 EWP 定價相關，我面前沒有模型，但我認為那裡沒有很多統計相關性。

I think really EWP pricing will fundamentally be driven by demand and operating rates and particularly single family starts. So I wouldn't draw a correlation there. And then the second part of your question around remind me what it was again, please?

我認為，EWP 定價實際上將從根本上取決於需求和開工率，尤其是單戶住宅的開工率。所以我不會在那裡畫出相關性。然後你問題的第二部分再次提醒我這是什麼，好嗎？

Yeah, the EWP margins as you saw that pricing decelerate on a sequential basis.

是的，EWP 利潤率正如您所看到的，定價連續下降。

Yeah, so we don't speak to margins specific to EWP. I would just continue to have you focus on EBITDA margin in wood products in total because of how integrated -- how integrated we are. And we've seen a little bit of degradation there because of plywood pricing remaining fairly weak still and some come off in EWP pricing as well. But we feel good about the businesses operating posture and how they're operating and executing at a pretty high level.

是的，所以我們不討論 EWP 特有的利潤。我會繼續讓你們專注於木製品的 EBITDA 利潤率，因為我們的整合程度如何。我們已經看到了一些下降，因為膠合板的定價仍然相當疲軟，而且一些 EWP 定價也有所下降。但我們對企業的營運狀況以及他們如何在相當高的水平上運作和執行感到滿意。

Okay. All right. That's helpful, Kelly. And then thinking about the BMD business, some of your key partners there are doing a lot of work in terms of expanding their product offerings, getting perhaps a bit deeper vertically in their businesses.

好的。好的。這很有幫助，凱利。然後考慮 BMD 業務，一些主要合作夥伴在擴大產品範圍方面做了很多工作，也許在垂直業務上更深入一些。

As you think about that strategy coming through. What does that mean for Boise? And I guess, as part of that, when we think about general line being, I think it's about [44%, 45%] of your sales today. How do you see that helping you to get to perhaps, a higher number? Could it become 50% over time or how will that all move through?

當你思考該策略的實施。這對博伊西意味著什麼？我想，作為其中的一部分，當我們考慮總體路線時，我認為它大約佔您今天銷售額的 [44%, 45%]。您如何看待這可以幫助您達到更高的數字？隨著時間的推移，它會變成 50%嗎？

Hey, Sue, it's Nate. Let me -- I'll start that and I'll have Jeff fill in here as well. I think in terms of your question on our vendor partners and how they're maybe approaching their business model going forward. Clearly, we are seeing a number of new products and SKUs coming into the mix.

嘿，蘇，我是內特。讓我——我會開始，我也會讓傑夫在這裡填寫。我認為就您對我們的供應商合作夥伴的問題以及他們可能如何實現未來的業務模式而言。顯然，我們看到許多新產品和 SKU 正在加入其中。

And so as we look at kind of the SKU intensity, it continues to grow, which is really to me is really supportive of two step distribution. Our customers downstream are looking for simplicity in terms of how they fulfil orders. And as new products and services are introduced by our key partners, we are an important part of that equation.

因此，當我們觀察 SKU 強度時，它會繼續增長，這對我來說確實支援兩步驟分銷。我們的下游客戶正在尋求簡單的方式來履行訂單。隨著我們的主要合作夥伴推出新產品和服務，我們是這個等式的重要組成部分。

So as we think about kind of the new products, new services, we think that puts kind of more responsibility on two step distribution and we're looking forward to that. I think the other component of that is both on the customers, maybe on the supplier side, there is, I think, measured optimism in terms of where the market is on the demand side.

因此，當我們考慮新產品、新服務時，我們認為這會為兩步驟分銷帶來更多責任，我們對此充滿期待。我認為另一個組成部分既在客戶方面，也可能在供應商方面，我認為，就市場在需求方面的情況而言，存在著適度的樂觀情緒。

So I think they're going to be pretty measured in terms of their working capital footprint and that dependency on two step distribution will be there as well. So as I look at it to a combination of new products, new SKUs along with the demand environment, that's pretty tepid, really -- speaks really well to who we are. And I think the importance that we have with our supplier partners and customers obviously moving forward.

因此，我認為他們將在營運資本足跡方面進行相當衡量，並且對兩步驟分配的依賴也將存在。因此，當我綜合考慮新產品、新 SKU 以及需求環境時，我發現這非常不溫不火，這很好地說明了我們是誰。我認為我們與供應商合作夥伴和客戶的重要性顯然正在向前發展。

I think to your question on kind of the mix on 44% today and what's the upside for that. I think as you continue to look at who we are and the investments that we continue to make, we want to grow the overall franchise in BMD, but general line is really an important part of that including our door and millwork segment.

我想回答你今天關於 44% 的組合的問題以及這樣做的好處是什麼。我認為，當你繼續關注我們是誰以及我們繼續進行的投資時，我們希望擴大 BMD 的整體特許經營權，但總線確實是其中的重要組成部分，包括我們的門和木製品部門。

So we think that represents a continued really good opportunity, both for our customers and our suppliers and growing that segment. And we want to continue to kind of grow that as we have here over the last couple of years.

因此，我們認為這對於我們的客戶和供應商以及發展該細分市場來說都是一個持續的真正的好機會。我們希望像過去幾年一樣繼續發展這一點。

Okay. That's very helpful color. And then if I could just squeeze one more in which is, you've picked up the share buybacks really nicely this quarter. Can you talk a bit about how you're thinking about capital allocation and shareholder returns from here? And just any thoughts on how that may come through over the next couple quarters?

好的。這是非常有用的顏色。然後，如果我能再擠出一點的話，你本季的股票回購確實很好。您能談談您對資本配置和股東回報的看法嗎？對未來幾季如何實現這一目標有什麼想法嗎？

Yeah. Sue, this is Kelly again. So yeah, I'd say the narrative in the script is very much the same. We got some big capital spending ahead of us, as you know in terms of organic growth, as well as some needed replacement in certain facilities across the Southeast.

是的。蘇，這又是凱利。所以是的，我想說劇本中的敘述非常相似。如你所知，在有機成長方面，我們面臨一些巨額資本支出，以及東南部某些設施需要更換。

So big spending ahead there that we're excited to continue to execute upon and we're a little behind in some regards, just because of timing in terms of equipment availability, but still very much staying the course there.

那裡的支出如此之大，我們很高興能夠繼續執行，但在某些方面我們有點落後，只是因為設備可用性方面的時間安排，但仍然非常堅持那裡的路線。

And then beyond that, we have the flexibility to do M&A if something shows up that makes sense. And then as we demonstrated, we've kind of got the quarterly dividend as well as the two special components around either special dividends or share repurchases.

除此之外，如果出現有意義的事情，我們可以靈活地進行併購。然後，正如我們所展示的，我們獲得了季度股息以及圍繞特別股息或股票回購的兩個特殊組成部分。

We did do the special dividend in September, the $5 per share. We did buy some more shares here in the third quarter. Near term, not going to put a share number or a dollar value on it, but I expect we'll look to continue to be opportunistic as it relates to share repurchases.

我們確實在 9 月派發了特別股息，每股 5 美元。我們在第三季確實購買了更多股票。短期內，不會公佈股票數量或美元價值，但我預計我們將繼續在股票回購方面保持機會主義。

Okay. All right. Thank you for all the color, guys and good luck with everything.

好的。好的。謝謝你們所有的顏色，夥伴們，祝一切順利。

Thank you, Sue.

謝謝你，蘇。

Thank you.

謝謝。

Kurt Yinger, DA Davidson.

庫爾特·英格，DA​​ 戴維森。

Jeffrey Stevenson, Loop Capital.

傑弗裡·史蒂文森，Loop Capital。

Hi. Thanks for taking my questions today.

你好。感謝您今天回答我的問題。

Hi, good morning, Jeff.

嗨，早安，傑夫。

I just wanted to follow up on -- hey, good morning. I just wanted to follow up on Susan's question on general line sales, they continue to hold in well and partially offsetting some of the commodity pricing headwinds you're seeing. Is this really being driven by the product and geographic expansion you've had with key suppliers over the last several years, driving the relative outperformance of your general line category?

我只是想跟進——嘿，早安。我只是想跟進蘇珊關於總線銷售的問題，它們繼續保持良好狀態，並部分抵消了您所看到的一些商品定價阻力。這真的是由過去幾年您與主要供應商進行的產品和地理擴張推動的，從而推動了您的一般產品線類別的相對優異表現嗎？

I'd say it's a combination of things, Jeff, it's some purposeful things we've done around our door and millwork strategy to not just do acquisitions there like we did with BROSCO, but also do some start-ups like we've done in Dallas, Houston, Denver, Kansas City and then the small Boise acquisition recently. So some of that's very purposeful.

我想說這是多種因素的結合，傑夫，這是我們圍繞我們的門和工廠戰略所做的一些有目的的事情，不僅像我們對BROSCO 那樣在那裡進行收購，而且還像我們所做的那樣建立一些新創企業達拉斯、休士頓、丹佛、堪薩斯城以及最近的小博伊西收購。所以其中一些是非常有目的的。

And then in other regards, we benefit from part of the question earlier around suppliers continue to add SKUs in our ability to get those into the marketplace. So I'd say it's a combination of things just driving that.

然後在其他方面，我們受益於先前圍繞供應商繼續添加 SKU 的部分問題，以幫助我們將這些產品推向市場。所以我想說這是由多種因素共同推動的。

Okay. No, that's great to hear. And then I'm just wondering how you're approaching inventories in your distribution business over the next six months given, you continue to face with commodity and EWP pricing headwinds while at the same time, you'll likely see some improvement on the single family housing starts as we kind of move into next year's spring selling season. So I'm just wondering how you're balancing those two things.

好的。不，很高興聽到這個消息。然後我只是想知道在接下來的六個月裡，您將如何處理分銷業務中的庫存，您將繼續面臨商品和 EWP 定價的逆風，同時，您可能會看到單一產品的一些改善隨著我們進入明年春季銷售季節，家庭住宅開始動工。所以我只是想知道你是如何平衡這兩件事的。

Hey, Jeff, this is Jeff. I would tell you it is a balancing act is what it is right now. We -- it is a distribution friendly market. We know we need to be there to serve our customers who want to have the right amount of inventory.

嘿，傑夫，這是傑夫。我想告訴你，現在的情況是一種平衡行為。我們－這是一個分銷友好的市場。我們知道我們需要為那些想要擁有適量庫存的客戶提供服務。

But at the same time, you do have a seasonal slowdowns coming right now. So we're looking at the two, if we're going to err on one side that we're going to err on the side of having inventory to serve our customers.

但同時，現在確實會出現季節性放緩。因此，我們正在考慮這兩點，如果我們要在一方面犯錯，那麼我們就會在擁有庫存來為客戶服務的方面犯錯。

Okay, great. That makes sense. And if I missed this, I apologize. I got on late. But just the timeline for the Oakdale Louisiana plant modernization. And are you expecting to largely offset the loss plant capacity at other facilities during that time period?

好的，太好了。這是有道理的。如果我錯過了這一點，我深表歉意。我來晚了。但這只是路易斯安那州奧克代爾工廠現代化的時間表。您是否期望在很大程度上抵消這段時間內其他工廠產能的損失？

Good Jeff. Good morning. This is Troy Little. Yeah, the timing on the project is actually this week, we'll start demolition on two dryers and then go through the fourth quarter at about a 50% capacity, be down during the first quarter, and then starting back up in the second quarter.

好傑夫。早安.這是特洛伊·利特爾。是的，這個項目的時間實際上是在本週，我們將開始拆除兩台烘乾機，然後以大約 50% 的容量經歷第四季度，第一季下降，然後第二季度開始恢復。

In addition to that, we're also working on our log utilization center so that work is well underway right now, that'll parallel that. And then we also have some activity going on at Thorsby on just some prespending for the [I line] project next year.

除此之外，我們也致力於日誌利用中心的建設，因此工作目前正在順利進行，這將與此並行。然後我們也在 Thorsby 進行了一些活動，為明年的 [I line] 項目做一些準備。

But in terms of your question around being prepared. Yes, we accumulated veneers, we did have kind of some spending at the other facilities to make sure they were in order. And we don't expect any impact in terms of inventory available to our customers during this time. So we're well prepared going into it.

但就你關於準備的問題而言。是的，我們累積了單板，我們確實在其他設施上進行了一些支出，以確保它們井然有序。我們預計在此期間我們的客戶可用庫存不會受到任何影響。所以我們已經做好了充分的準備。

Great to hear. Thank you.

很高興聽到。謝謝。

Thank you, Jeff.

謝謝你，傑夫。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Good morning. And thanks for taking my question. Perhaps just to start with, this is sort of, as we think about Q4, both on EWP volumes and just, sort of activity levels and in BMD sounds like October has held in quite well, but you are pointing to sort of seasonal slowdown in demand.

早安.感謝您提出我的問題。也許首先，正如我們對第四季度的看法，無論是在 EWP 數量上，還是在活動水平上，在 BMD 上，聽起來 10 月份都保持得很好，但你指出的是，在要求。

How would you have us sort of think about that piece given there are, quite a bit of cross currents going on in the market. And sort of cyclically are you think -- are you seeing things stabilized, getting better or taking a step down? What is the right way to think about it?

鑑於市場上存在相當多的分歧，你會讓我們如何看待這件作品。你認為情況是有週期性的──你看到事情是穩定、好轉還是下降？正確的思考方式是什麼？

Yeah, those are all the right questions. Good questions, Ketan. So yes, October held up well, I think 23 sales days, good strong month, really happy with the results in October come November and December, certainly fewer sales days, could be impacted by weather and then, just kind of the continued kind of uncertainty and narrative around mortgage rates and other factors out there in the environment.

是的，這些都是正確的問題。好問題，科坦。所以，是的，10 月表現良好，我認為23 個銷售日，強勁的一個月，對10 月、11 月和12 月的結果非常滿意，當然銷售天數會減少，可能會受到天氣的影響，然後，只是持續的那種圍繞抵押貸款利率和環境中其他因素的不確定性和敘述。

So I would suspect, I think our EWP volumes will -- they will trend largely with single family housing starts. And so we'd expect them to trend down like we saw last year -- than last year fourth quarter. And I think in BMD again, a nice sales pace as I alluded to in October, but we would expect to see that come off in November and December.

所以我懷疑，我認為我們的 EWP 數量將主要隨著單戶住宅的開工而變化。因此，我們預計它們會像去年一樣呈下降趨勢——比去年第四季要低。我認為 BMD 的銷售速度再次不錯，正如我在 10 月提到的那樣，但我們預計 11 月和 12 月會出現這種情況。

And again, there's fewer sales days. We're getting a little bit of goodness right now from the margin profiles that relates to commodities. But again, the top line will be a big driver of BMD's bottom line results in terms of how much margin dollars can we generate in the fourth quarter. And then Nate, I think had a follow on here, Ketan.

而且，銷售天數也減少了。我們現在從與大宗商品相關的利潤狀況中獲得了一些好處。但同樣，就第四季我們能產生多少利潤而言，營收將成為 BMD 利潤的重要推動因素。然後是內特（Nate），我認為這裡有一個追隨者，科坦（Ketan）。

Yeah, Ketan, it's Nate. Just the other thing I would have add is, as you kind of described, it's a pretty, the volatile marketplace just in terms of what's happening on a range of items both in our industry and outside of it. And I think what's most important for us is to make sure we've got capability to pivot quickly. And so to respond to the marketplace, whatever that might be.

是的，科坦，我是內特。我要補充的另一件事是，正如您所描述的那樣，就我們行業內外的一系列產品所發生的情況而言，這是一個相當不穩定的市場。我認為對我們來說最重要的是確保我們有能力快速轉型。因此，要對市場做出反應，無論市場是什麼。

And so as Kelly described that, October has been pretty resilient in terms of what's happened and some of the supply decisions on commodities in terms of reduced supply has created a reasonable backdrop here, short term.

因此，正如凱利所描述的那樣，就所發生的情況而言，10 月份相當有彈性，並且在供應減少方面的一些大宗商品供應決策在這裡創造了一個合理的短期背景。

So our commitment and promise both to our customers and suppliers is to be in a position to serve. And so we're in an environment where it's not overly predictable, but we're going to be, again, be in a really good spot to make sure we can pivot appropriately.

因此，我們對客戶和供應商的承諾和承諾是能夠提供服務。因此，我們所處的環境不太可預測，但我們將再次處於非常好的位置，以確保我們能夠適當地進行調整。

Understood that's helpful. And just a couple of quick ones, curious how the BROSCO business is performing.

明白了，很有幫助。只是簡單的幾個問題，好奇 BROSCO 業務的表現如何。

BROSCO business so far is -- it's been rock solid. It's everything we hope to be and a little bit more and it has really performed well.

到目前為止，BROSCO 的業務一直堅如磐石。這就是我們所希望的一切，甚至更多，而且它確實表現得很好。

Got it. And then, Kelly, maybe your operating rates in EWP in the third quarter?

知道了。然後，凱利，也許您第三季 EWP 的開工率？

Yeah, they were right around 80% in the third quarter. Volumes are pretty, pretty consistent with the second quarter and our operating rates were around 80%.

是的，第三季的正確率約為 80%。銷量與第二季相當一致，我們的開工率約為 80%。

Understood. Very helpful. I'll jump back in the queue. Thank you.

明白了。非常有幫助。我會跳回到隊列中。謝謝。

Thanks, Ketan.

謝謝，科坦。

(Operator Instructions)

（操作員說明）

Kurt Yinger, D.A. Davidson.

庫爾特·英格，D.A.戴維森。

Great. Thank you. Can you hear me?

偉大的。謝謝。你聽得到我嗎？

Yeah, you're good. Kurt, go right ahead.

是的，你很好。庫爾特，繼續吧。

Okay, sorry about that earlier. Just wanted to start off on EWP. Clearly, just one quarter, but in terms of the stability in year over year LVL volumes versus I-joists, would you mostly just chalk that up to kind of geographic mix and kind of slab?

好吧，很抱歉之前的事。只是想開始 EWP。顯然，只有四分之一，但就 LVL 數量與工字托樑的逐年穩定性而言，您是否主要將其歸因於地理組合和板類型？

Yeah, Ketan -- sorry Kurt, it's Nate. Yeah, I would say when you look at the mix on I-joists are probably more influenced by that than LVL headers as an example. So to your point if there's a lot of slab on grade construction, it still represents an opportunity for LVL.

是的，Ketan——對不起，Kurt，我是 Nate。是的，我想說的是，當您查看工字托樑上的組合時，可能比 LVL 接頭的影響更大。因此，就您的觀點而言，如果等級建築上有大量板坯，它仍然代表 LVL 的機會。

And obviously, and not so -- especially if it's only a single story construction for slab on grade. So we view it as very much a geographic mix statement and that's again consistent with expectations.

顯然，事實並非如此——尤其是如果它只是一個單層樓板建築的話。因此，我們將其視為地理組合聲明，這再次符合預期。

Got it. And over the last two quarters now, I mean, one of your big customers has kind of talked about, a shift maybe back towards I-joists versus floor trusses. I'm curious whether, you're hearing that sentiment broadly and whether that's something at this stage that you think could be a relative driver of outperformance potentially next year, relative to underlying single family starts demand.

知道了。我的意思是，在過去的兩個季度裡，您的一位大客戶談到了可能會轉向工字托樑而不是地板桁架。我很好奇，您是否廣泛聽到了這種情緒，以及您是否認為現階段相對於潛在的單戶開工需求而言，這可能是明年表現優異的相對驅動力。

Yeah, Kurt, it's Nate again. I would say, when it comes to competitive floor systems open web plated floor trusses versus I-joists. And again, as I made a comment earlier, just in terms of how the builders are thinking about what success has to be for them, they're looking at cycle times and they're looking at how do they create speed and simplicity on the job site. And I-joists EWP represents that.

是的，庫爾特，又是內特。我想說，當談到具有競爭力的地板系統時，開放式網板地板桁架與工字托樑。再次，正如我之前發表的評論，就建構者如何思考他們的成功必須是什麼而言，他們正在考慮週期時間，他們正在考慮如何在專案上創造速度和簡單性。工字托樑 EWP 就代表了這一點。

So as we think about the backdrop and competing against the plated floor trusses, against the engineered wood, we feel good about that environment. And in part given, what the builder is trying to get accomplished, which is how do they reduce cycle times.

因此，當我們考慮背景並與電鍍地板桁架、工程木材競爭時，我們對這種環境感覺很好。在某種程度上，建築商想要實現的目標是他們如何減少週期時間。

Got it. Okay. Thanks for that, Nate. And then appreciate Troy kind of outlining the timeline with Oakdale. Kelly, is there any way to think about kind of temporary P&L impacts related to the downtime? Obviously, it doesn't sound like it's going to impact volumes but any discrete cost headwinds we should kind of be aware of over the next couple quarters.

知道了。好的。謝謝你，內特。然後欣賞特洛伊與奧克代爾概述的時間表。凱利，有什麼方法可以考慮與停機相關的臨時損益影響嗎？顯然，這聽起來不會影響銷量，但我們應該在接下來的幾個季度中意識到任何離散的成本阻力。

Yeah. Nothing I'd probably have you built in specifically just yet, Kurt. I mean, our fourth quarter is typically we usually take some maintenance and downtime during that quarter anyway. So wouldn't expect to see a lot of year over year impact from that.

是的。庫爾特，我可能還沒有專門讓你內建任何東西。我的意思是，我們的第四季通常會在該季度進行一些維護和停機。因此，預計不會產生很大的逐年影響。

We'll continue to assess as we move into 2025. And if we have anything meaningful to speak of, we'll share that. But at this point, I don't think we share anything meaningful. To Troy's point, the team in the Southeast did a great job of making sure we have plenty of veneer to support EWP in that marketplace because Oakdale is a very important veneer supplier to Alexandria, Louisiana. So we've done a good job of building inventory there.

進入 2025 年，我們將繼續評估。如果我們有什麼有意義的事情要說，我們就會分享。但目前，我認為我們沒有分享任何有意義的東西。就 Troy 而言，東南部團隊做得很好，確保我們有足夠的單板來支持該市場的 EWP，因為奧克代爾是路易斯安那州亞歷山大市非常重要的單板供應商。所以我們在那裡建立庫存做得很好。

Might we have a little bit of volume impact on plywood into the first and second quarter, yes, we will. But Oakdale, it's a big veneer supplier. It is much more meaningful impact to Alex EWP than it does to our plywood volumes.

我們可能會對第一季和第二季的膠合板銷售產生一些影響，是的，我們會的。但奧克代爾是一家大型木皮供應商。這對 Alex EWP 的影響比對我們的膠合板產量的影響要大得多。

Got it. Okay. That's great. And then finally just on BMD gross margins, we'll see what November and December bring on the commodity pricing front. But is it fair to say that what you've seen in October, would still be a little bit better than even what was a pretty strong Q3 gross margin performance?

知道了。好的。那太棒了。最後，就 BMD 毛利率而言，我們將看到 11 月和 12 月大宗商品定價方面的情況。但可以公平地說，您在 10 月看到的情況仍然會比相當強勁的第三季毛利率表現好一點嗎？

Yeah, I mean October was good. Again, the sales pace is good. The margin was solid, a little bit of energy and commodities and as you know, we'll see -- I think that's -- in my view that the energy and commodities has been much more supply driven phenomenon than demand. So we'll see what happens here in November and December.

是的，我的意思是十月很好。再次，銷售速度良好。利潤是穩定的，有一點能源和大宗商品，正如你所知，我們會看到——我認為是——在我看來，能源和大宗商品更多地是由供應驅動的現象，而不是需求。所以我們將看看 11 月和 12 月會發生什麼。

Okay, perfect. And then just last one in terms of EWP kind of installed capacity, obviously, a lot of runway for growth there. I'm curious how you're positioning going into next year, given some of the uncertainty around kind of labor in the facilities and the flexibility to ramp up or ramp down, depending on kind of what ultimately materializes on the demand front.

好的，完美。最後一個是 EWP 類型的裝置容量，顯然，那裡有很多成長空間。我很好奇你們對明年的定位如何，考慮到設施中勞動力類型的一些不確定性以及增加或減少的靈活性，這取決於需求方面最終實現的情況。

Yeah, this is Troy. I mean that kind of speaks to our integrated model. And so in terms of keeping employees, we've got the ability to shift veneer and or some production time over to the plywood side. If we have any need to do that.

是的，這就是特洛伊。我的意思是，這與我們的整合模型有關。因此，在留住員工方面，我們有能力將單板和/或一些生產時間轉移到膠合板方面。如果我們有任何需要這樣做的話。

And so I don't think we have a huge risk there in terms of expansion. I mean, there's easing on the labor side a little bit. And so it's a matter of -- we always have turnover, but to the degree that we need to ramp up for that, that's -- we're prepared in advance relative to any additional shifts that we would add. So I think we're good.

因此，我認為我們在擴張方面沒有巨大的風險。我的意思是，勞動力方面有所放鬆。所以這是一個問題——我們總是有人員流動，但就我們需要增加的程度而言，那就是——我們提前做好了相對於我們將增加的任何額外班次的準備。所以我認為我們很好。

Okay. Sounds good. Appreciate the color guys. Thank you.

好的。聽起來不錯。欣賞顏色的傢伙。謝謝。

Thanks, Kurt.

謝謝，庫爾特。

I'm showing no further questions at this time. This concludes the question-and-answer session. And I would now like to turn it back to Nate Jorgensen for closing remarks. Go ahead.

我目前沒有提出任何進一步的問題。問答環節到此結束。現在我想請內特·喬根森（Nate Jorgensen）發表結束語。前進。

Great, thanks, Grace. We appreciate everyone joining us this morning for our update, and thank you for your continued interest and support of Boise Cascade. Please be safe and be well. Thank you.

太好了，謝謝，格蕾絲。我們感謝今天早上大家加入我們的更新，並感謝您對 Boise Cascade 的持續關注和支持。請注意安全並身體健康。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。