What changed in this filing

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Item 1. Business

2024-02-20 compared with 2023-02-21 · 122 added, 116 removed, 307 unchanged (44% of the section changed)

19 unchanged sentences

We apply best practices in our environmental management and forest stewardship.

have the autonomy to apply our knowledge and experience to solve problems, make decisions, and implement new ideas to drive sustainable results.

We all have the autonomy to apply our knowledge and experience to solve problems, make decisions, and implement new ideas to drive sustainable results.

Segment Overview

Our two reportable segments, Wood Products and Building Materials Distribution, operate with a high degree of vertical integration.

Our two reportable segments, Wood Products and Building Materials Distribution, operate with a high degree of integration.

In our Wood Products segment, we manufacture laminated veneer lumber (LVL), I-joists, and laminated beams, which are collectively referred to as EWP.

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Our Building Materials Distribution segment (BMD) is the largest customer of our Wood Products segment and operates a nationwide network of distribution facilities that sell a broad line of building materials, including oriented strand board (OSB), plywood, and lumber (collectively referred to as commodities);

general line items such as siding, composite decking, doors, metal products, insulation, and roofing;

general line items such as siding, composite decking, doors and millwork, metal products, roofing, and insulation;

Substantially all of BMD's EWP is sourced from our Wood Products segment, with the remaining products we distribute sourced from a broad vendor base of third-party suppliers ranging from large manufacturers to small regional producers.

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In Wood Products, we are principally focused on the production of veneer-based products.

We have grown our EWP sales and thereby diverted more of our internally produced veneer away from plywood, which is a product line exposed to oriented strand board substitution and significant price volatility.

In 2022, we acquired Coastal Plywood Company (Coastal Plywood) and its plywood manufacturing locations in Havana, Florida, and Chapman, Alabama, to provide avenues for further EWP growth.

These facilities will provide incremental stress-rated veneer needed to optimize and expand our southeastern U.S.

EWP production capacity.

In addition, we have divested of assets that we considered to be non-strategic or where we believed we were unlikely to generate a sufficient return on invested capital in the future.

In BMD, our growth strategy includes adding products and services, expanding our market penetration via acquisition or the opening or expansion of locations in under-served markets, and identifying and executing upon adjacent distribution platforms that can be scaled.

Doors provide a recent example of product line expansion in BMD.

In 2020 and 2021, we expanded our door shop assembly operations with the addition of properties and related assembly equipment in Dallas and Houston, Texas.

In addition, we recently announced the purchase of a new facility in Kansas City, Missouri, to house an additional door shop assembly operation.

In 2022, we completed or announced capacity expansion projects in Albuquerque, New Mexico;

We expect to grow our EWP sales and thereby divert more of our internally produced veneer away from plywood, which is a product line exposed to oriented strand board substitution and significant price volatility.

In 2022, we acquired Coastal Plywood and its plywood manufacturing locations in Havana, Florida, and Chapman, Alabama, to provide avenues for further EWP growth.

In BMD, our growth strategy includes adding products and services, expanding our market penetration via acquisition or the opening or expansion of locations in underserved markets, and identifying and executing upon adjacent distribution platforms that can be scaled.

Doors and millwork provide a recent example of product line expansion in BMD.

In 2023, we acquired Brockway-Smith Company (BROSCO), a wholesale distributor specializing in doors and millwork.

These facilities expanded our door and millwork business into the Northeast U.S.

markets and enhance BMD's general line product mix.

In the last three years, we have also expanded our door and millwork business with new locations in Dallas and Houston, Texas;

Kansas City, Missouri;

and Denver, Colorado.

In addition to our investment in our door and millwork business, we continue to expand the capacity of our distribution centers.

In 2023, we announced or completed capacity expansion projects in West Palm Beach, Florida;

Marion, Ohio;

Cincinnati, Ohio;

and Minneapolis, Minnesota.

Furthermore, we recently purchased properties in South Carolina and Texas to build two new distribution facilities over the next two years.

and Medford, Oregon and we announced the relocation of our Lathrop, California BMD distribution center to Modesto, California.

We also made progress on greenfield distribution centers in Texas and South Carolina, which we expect will be complete in 2025 and 2026, respectively.

In 2022, we completed capacity expansion projects in Minneapolis, Minnesota and Cincinnati, Ohio.

These organic growth projects allow us to further expand our product and service offerings in those markets.

The change in our sales mix by segment over time from reducing our product mix in Wood Products and expanding our BMD distribution capabilities is illustrated below.

Wood Products' change in sales mix by product line over time is illustrated below.

The chart below illustrates our growth in EWP.

The increase in our sales by segment over time from investing in our EWP growth strategy in Wood Products and expanding our BMD distribution capabilities is illustrated below.

Wood Products' sales mix by product line is illustrated below and demonstrates our principal focus on the production of veneer-based products.

Our ability to grow our EWP sales has historically been constrained by veneer supply.

The acquisition of Coastal Plywood in 2022, along with our investment in the facilities, provides incremental stress-rated veneer needed for EWP production.

We have made and intend to continue to make investments in our mills in the Southeast U.S., allowing us to grow our EWP sales.

BMD carries a broad line of building materials used in residential construction, repair and remodel, and industrial applications.

In BMD, we have grown by adding products and services, capturing additional market share in many of our existing markets, expanding our market presence via acquisition or start-up or expansion of locations, and by identifying and executing upon adjacent distribution platforms.

Over time, BMD intends to increase the proportion of its sales attributable to general line and EWP as those products carry a higher margin profile than commodities.

BMD continues to increase the proportion of its sales attributable to general line and EWP as those products carry a higher and more stable margin profile than commodities.

The chart below reflects BMD's sales mix by product for the year ended December 31, 2023.

BMD's growth in sales dollars and sales per U.S.

housing start are reflected in the chart below.

A map of BMD's distribution locations is shown below.

The red stars are BMD's locations, the size of the circles indicate the level of residential construction activity in that trade area (Core-Based Statistical Area or CBSA), and the color of the circles indicate how close our distribution centers are to each major trade area.

During 2018 and 2019, we acquired wholesale building material distribution locations in Nashville, Tennessee;

Medford, Oregon;

Cincinnati, Ohio;

and Birmingham, Alabama.

In addition, we recently purchased properties in South Carolina and Texas to build two new distribution facilities over the next two years.

These facilities will allow us to better serve customers in Charleston, South Carolina, San Antonio, Texas, and surrounding markets.

In addition, BMD's growth in sales dollars and sales per U.S.

housing start, as well as our focus on increasing sales attributable to general line and EWP, are reflected in the charts below.

Leverage our Integrated Model

We believe our vertically-integrated business model provides us with advantages over less integrated competitors and provides unique and significant value to our customers.

We believe our integrated business model provides us with advantages over less integrated competitors and provides unique and significant value to our customers.

Wood Products enjoys superior access to the market through a committed distributor, BMD benefits from a committed manufacturing partnership, and we capture margin at both levels of the supply chain.

From 2018 to 2022, Wood Products' sales volumes of EWP to BMD grew from 74% to 77%, and plywood sales volumes to BMD declined slightly from 36% to 32%.

In addition, Wood Products and BMD are collectively motivated to make the investments necessary to support our growth in the marketplace.

From 2019 to 2023, Wood Products' sales volumes of EWP to BMD increased slightly from 77% to 78%, and plywood sales volumes to BMD increased from 32% to 42%.

The chart below reflects the progress we have made in distributing internally produced products through our distribution network.

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In BMD, we believe our highly efficient logistics system allows us to deliver superior customer service and assist our customers in optimizing their working capital.

In order to assess the effectiveness and efficiency of our operations, we regularly capture and report upon a wide variety of investment, operational, and customer service metrics.

To assess the effectiveness and efficiency of our operations, we regularly capture and report on a wide variety of investment, operational, and customer service metrics.

Key learnings and best practices are then leveraged across our distribution locations.

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The Company is actively pursuing additional initiatives that we believe will provide further avenues for revenue and earnings growth:

Innovation - We are actively engaged in product development opportunities in our Wood Products segment.

These opportunities include the development of new products for new residential construction or commercial construction applications.

Innovation & Digital Technology - Like many companies, we continue to innovate with technology to search out revenue-generating, cost-reducing, and risk-mitigating opportunities.

We are also actively engaged in product development opportunities.

In Wood Products, these opportunities include the development of new products for commercial construction applications.

The commercial construction segment is a particular area of focus for us, given we have limited penetration in that space today, and recent changes in building codes that allow for the use of mass timber in tall wood structures provide further opportunity.

Innovation efforts within our Wood Products segment are also focused on identifying process and cost efficiency improvement opportunities, some of which will include further automation within our manufacturing operations.

To support our innovation initiatives, we have added dedicated resources and are also leveraging tools to capture ideas from employees across our organization.

Digital Technology - Like many companies, we use multiple systems to manage our business.

This can mean that critical business data is not in one central and easily accessible location.

As such, we have undertaken a project that has brought much of our primary business data into a single repository.

That data, combined with a robust reporting engine, is allowing us to quickly access and analyze the information.

This project has resulted in the development of business use cases that are expected to provide revenue-generating, cost-reducing, and risk-mitigating opportunities.

This journey is ongoing, and we expect to continue to leverage this digital investment to further develop value-generating analytics and business insights.

Diversity, Equity & Inclusion (DEI) - At Boise Cascade, we are pursuing excellence by embracing the power of our differences.

Innovation efforts within our Wood Products segment are also focused on identifying process and cost efficiency improvement opportunities, some of which include automated packaging, asset monitoring applications for predictive

maintenance, and the use of artificial intelligence to classify and identify opportunities in safety.

In BMD, our focus is to increase the quality of decision-making at all levels using data-driven digital technologies.

This includes leveraging business intelligence software to build mission-critical dashboards and reports for many areas of our business.

We are also increasing the robustness of our data analytics methods used for forecasting, evaluating opportunities, and solving problems.

Our success with innovating digital technology and analytical methods is opening the door to more use cases for improving the way we do business.

We are also utilizing large, fast, and mastered datasets more than ever.

In addition, we are investing in robotics equipment and configuration technologies for our door and millwork business.

To support our innovation initiatives at Boise Cascade, we have added dedicated resources and are also leveraging tools to capture ideas from employees across our organization.

The journey is ongoing, and we expect to continue leveraging our investments to further develop value-generating opportunities at Boise Cascade to support our vendor and customer partners.

Diversity, Equity & Inclusion (DEI) - At Boise Cascade, we are pursuing excellence by embracing our differences.

We are committed to fostering an inclusive culture that values diversity and creates connection where everyone feels seen, heard, and valued.

We recognize both the compelling business case for DEI to drive business impact and the role this work plays in living our core values of integrity, safety, respect, and the pursuit of excellence.

Our strategy drives our work to build diverse and inclusive teams by putting initiatives in place that welcome diversity, build community, and grow our people and our business.

Our DEI Director works in partnership with an employee DEI Steering Committee that informs and guides our work and an employee DEI Action Council that integrates DEI into our systems and processes to operationalize the strategy.

Our commitment starts at the top with our executive leadership team and engages employees at all levels with training, webinars, and other tools, resources, and activities that celebrate our differences, increase our awareness, diversify our talent pipelines, and foster a culture of inclusion for all employees.

We recognize both the compelling business case for DEI to drive business impact and the role this work plays in living our core values.

Consistent with our values, we are invested in our work to welcome diversity, build community, and grow our people and our business.

This work is led by our DEI Director and starts at the top with our board of directors and executive leadership team.

Our DEI Action Council is a group of business leaders working to operationalize our DEI strategy across our businesses, taking valuable input and thought leadership from the DEI Steering Committee.

All employees are welcome to participate in any of six Business Inclusion Groups, which provide a foundation for building communities of belonging while driving business impact.

Employees are also invited to participate in monthly DEI webinars and complete DEI learning curricula to be part of our journey and drive meaningful outcomes.

Segment Detail

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(d) 2022 includes 505 million square feet of plywood capacity related to the two plywood manufacturing facilities in Chapman, Alabama, and Havana, Florida, that were purchased in July 2022.

2018 includes 135 million square feet of plywood capacity related to the Moncure, North Carolina, facility that was sold in March 2019.

(e) Excludes LVL produced and used as flange stock in the manufacture of I-joists.

(f) Excludes PLV produced and used in the manufacture of LVL.

The following table sets forth segment sales, segment income (loss), depreciation and amortization, and EBITDA (a non-GAAP measure) for the periods indicated:

The following table sets forth segment sales, segment income, depreciation and amortization, and EBITDA (a non-GAAP measure) for the periods indicated:

Year Ended December 31

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Segment sales (a) $ 1,932.6 $ 2,115.9 $ 1,970.8 $ 1,323.9 $ 1,275.2

Segment income (loss) (b) (c) $ 575.2 $ 531.2 $ 127.7 $ 54.2 $ (10.0)

Segment depreciation and amortization (c) 73.3 55.2 71.1 57.7 127.0

Segment EBITDA (b) (d) $ 648.5 $ 586.5 $ 198.9 $ 111.9 $ 117.0

Segment income (b) $ 337.1 $ 575.2 $ 531.2 $ 127.7 $ 54.2

Segment depreciation and amortization (b) 98.7 73.3 55.2 71.1 57.7

Segment EBITDA (c) $ 435.8 $ 648.5 $ 586.5 $ 198.9 $ 111.9

_______________________________________

(a) Segment sales are calculated before elimination of sales to our BMD segment.

(b) During the year ended December 31, 2018, we recorded a pre-tax loss of $11.5 million related to the sale of two lumber mills and a particleboard plant in Northeast Oregon, as well as a pre-tax impairment loss of $24.0 million on the Moncure plywood facility upon being classified as held for sale.

(c) The year ended December 31, 2018 includes $55.0 million of accelerated depreciation, $2.6 million of construction in progress and spare parts write-offs, and $0.2 million of severance expenses related to the Roxboro LVL curtailment in November 2018.

(b) The year ended December 31, 2023 includes $6.2 million of accelerated depreciation related to the indefinite curtailment of lumber production at our Chapman, Alabama facility.

The year ended December 31, 2020 includes $15.0 million of accelerated depreciation and $1.7 million of other closure costs related to the Roxboro I-joist curtailment in March 2020.

For additional information regarding the Roxboro I-joist production curtailment, see Note 6, Curtailment of Manufacturing Facility, of the Notes to Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" of this Form 10-K.

(d) Segment EBITDA is calculated as segment income before depreciation and amortization.

Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K for a description of our reasons for using EBITDA and for a discussion of the limitations of such a non-GAAP measure.

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We also bid in auctions conducted by federal, state, and local authorities for the purchase of logs, generally at fixed prices, under contracts with terms of generally one to three years.

Our log requirements and our access to supply, as well as the cost of obtaining logs, are subject to change based on, among other things, the availability of logs in each of our operating areas, our operating schedules, competition from other manufacturers, the effect of governmental laws and regulations, impacts of weather or fire on log availability, and the status of environmental appeals.

environmental appeals.

Per-unit log costs in the western U.S.

25 unchanged sentences

Building Materials Distribution

We sell a broad line of building materials;

including OSB, plywood, and lumber (collectively commodities), general line items such as siding, composite decking, doors, metal products, insulation, and roofing, and EWP.

Except for EWP, we purchase most of these building materials from a broad base of third-party suppliers ranging from large manufacturers, such as Huber Engineered Woods, James Hardie Building Products, Louisiana-Pacific Corporation, Trex Company, and Therma-Tru Corporation, to small regional producers.

We sell a broad line of building materials, including OSB, plywood, and lumber (collectively commodities);

general line items such as siding, composite decking, doors and millwork, metal products, roofing, and insulation;

Except for EWP, we purchase most of these building materials from a broad base of third-party suppliers ranging from large manufacturers, such as Canfor, Commercial Metals Company, Hampton Lumber, Huber Engineered Woods, James Hardie Building Products, Louisiana-Pacific, Therma-Tru Doors, Trex Company and West Fraser, to small regional producers.

Substantially all of our EWP is sourced from our Wood Products segment.

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Our BMD segment operates a nationwide network of 38 building materials distribution facilities throughout the U.S.

and also operates a single component manufacturing plant.

Our BMD segment operates a nationwide network of 40 building materials distribution facilities throughout the U.S., including door and millwork facilities in 13 markets, as well as one component manufacturing plant.

Our broad geographic presence reduces our exposure to market factors in any single region.

During 2018 and 2019, we acquired wholesale building material distribution locations in Nashville,

Medford, Oregon;

Cincinnati, Ohio;

and Birmingham, Alabama.

These locations complemented our existing distribution business and strengthened our nationwide presence, and we have been able to broaden our product and service offerings within each of these markets.

In 2023, we acquired BROSCO, a wholesale distributor specializing in doors and millwork.

These facilities expanded our door and millwork business into the Northeast U.S.

markets and enhance BMD's general line product mix.

Sales, Marketing, and Distribution

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We have a large, decentralized sales force to support our suppliers and customers.

Our sales force and product managers have local product knowledge and decision-making authority, which we believe enables them to optimize stocking, pricing, and product assortment decisions.

Our sales force and product managers have local product knowledge and decision-making authority, which we believe enables them to optimize stocking,

pricing, and product assortment decisions.

Our sales force has access to centralized information technology systems, an extensive vendor base, and corporate-level working capital support, which we believe complements our localized sales model.

We regularly evaluate opportunities to introduce new products.

Our national presence allows us to act as a vehicle for our suppliers' new innovative products and the ability to introduce new building products to our customers.

Broadening our product offering helps us serve as a one-stop resource for building materials, which we believe improves our customers' purchasing and operating efficiencies.

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and Canada, although we also compete with manufacturers in other countries, particularly when the U.S.

dollar and economy are stronger relative to other countries, encouraging foreign producers to sell more of their plywood into the U.S.

dollar and economy are stronger relative to other countries, encouraging foreign producers to sell more of their products into the U.S.

Building Materials Distribution.

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We believe that our focus on leading indicators helps to prevent future incidents and injuries.

Living our values means driving the expectation that each of our employees has ownership in safety and the authority to stop work if there is a safety concern.

Our safety commitment extends to minimizing the spread and reducing the severity of COVID-19.

Our cross-functional crisis team continues to monitor and adjust our protocols as infection rates fluctuate and we continue to follow the Centers for Disease Control’s guidance and communicate regularly to our employees.

Living our values means driving the expectation that each of our employees has ownership of safety and the authority to stop work if there is a safety concern.

Our Code of Ethics guides the actions and behaviors of anyone working for, representing, or partnering with Boise Cascade.

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The initial launch updated our Core HR, payroll, benefits, onboarding and recruiting processes.

Additional modules are planned for 2023, which includes a Learning Management System.

In 2023, we launched our learning management system and updated our compensation process.

Additional modules planned for 2024 will enhance our performance management, self-service and document management processes.

Environmental

Boise Cascade recognizes the weight of scientific evidence indicates a changing climate associated with increasing carbon dioxide in the atmosphere, and uses the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) for guidance in tracking and communicating our position and performance relative to climate.

To further enhance our ability to track and report on climate-related issues, we formed an Environmental, Social, and Governance (ESG) working group in 2022, made up of members from several departments across the company.

The working group evaluated material sources of Scope 1 and 2 greenhouse gas (GHG) emissions and undertook a review and selection of technology tools that will allow us to begin tracking GHG emissions and energy metrics.

Boise Cascade recognizes that the weight of scientific evidence indicates a changing climate associated with increasing carbon dioxide in the atmosphere, and uses the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) for guidance in tracking and communicating our position and performance on climate-related matters.

In 2023, we began implementation of technology tools to collect material Scope 1 and Scope 2 greenhouse gas (GHG) emissions data, which will further enhance our ability to track and report on climate-related issues.

This is an important step in understanding the emissions impact of our operations and allows for future enhancement of reporting metrics in the TCFD framework.

A discussion of general and industry-specific environmental laws and regulations, climate change, and energy uses are presented under the caption "Environmental" in "Item 7.

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Available Information

Our filings under the Exchange Act, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all amendments to these filings, are available free of charge on the investor relations portion of our website at www.bc.com.

These reports are available as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (SEC).

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Kelly Hibbs 57 Senior Vice President, Chief Financial Officer, and Treasurer

Mike Brown 61 Executive Vice President, Wood Products

Mike Brown 62 Executive Vice President, Wood Products (retiring effective May 3, 2024)

Jeff Strom 56 Executive Vice President, Building Materials Distribution

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Key Management:

Tom Hoffmann 64 Senior Vice President of Purchasing, Building Materials Distribution

Joanna Barney 50 Senior Vice President, Western Operations, Building Materials Distribution

Tom Hoffmann 65 Senior Vice President of Purchasing, Building Materials Distribution (retiring effective March 1, 2024)

Robert Johnson 59 Senior Vice President, Engineered Wood Products Sales and Marketing, Wood Products

Erin Nuxoll 62 Senior Vice President, Human Resources

Troy Little 56 Senior Vice President, Finance and Commodity Sales, Wood Products (Executive Vice President, Wood Products, effective February 19, 2024)

Erin Nuxoll 64 Senior Vice President, Human Resources (retiring effective May 3, 2024)

Chris Seymour 52 Senior Vice President, Manufacturing Operations, Wood Products

Rich Viola 65 Senior Vice President of Sales and Marketing, Building Materials Distribution (retiring March 1, 2023)

Joanna Barney 49 Vice President, Western Operations, Building Materials Distribution

Troy Little 55 Vice President, Finance and Commodity Sales, Wood Products

Jim Wickham 57 Vice President, Eastern Operations, Building Materials Distribution

Jim Wickham 58 Senior Vice President, Eastern Operations, Building Materials Distribution

Nathan Sikes 43 Vice President, Sales and Marketing, Building Materials Distribution

Nate Jorgensen, Chief Executive Officer

Jorgensen was elected the company's chief executive officer in March 2020.

Jorgensen was appointed the company's chief executive officer in March 2020.

His previous positions include:

6 unchanged sentences

Kelly Hibbs, Senior Vice President, Chief Financial Officer, and Treasurer

Hibbs was elected the company's senior vice president, chief financial officer, and treasurer in May 2021.

Hibbs was appointed the company's senior vice president, chief financial officer, and treasurer in May 2021.

His previous positions with the company include:

4 unchanged sentences

Mike Brown, Executive Vice President, Wood Products

Brown was elected the company's executive vice president, Wood Products, in January 2019.

Brown, our executive vice president, Wood Products, has elected to retire from the company effective May 3, 2024.

He was appointed to the position in January 2019.

His previous positions with the company include:

4 unchanged sentences

Jeff Strom, Executive Vice President, Building Materials Distribution

Strom was elected the company's executive vice president, Building Materials Distribution, in March 2021.

Strom was appointed the company's executive vice president, Building Materials Distribution, in March 2021.

His previous positions with the company include:

5 unchanged sentences

Jill Twedt, Senior Vice President, General Counsel, and Secretary

Twedt was elected the company's senior vice president, general counsel, and secretary in October 2020.

Twedt was appointed the company's senior vice president, general counsel, and secretary in October 2020.

Her previous positions include:

3 unchanged sentences

Twedt received a bachelor's degree in Political Science from the College of Idaho, Caldwell, ID and a law degree from the University of Idaho, Moscow, ID.

Joanna Barney, Senior Vice President, Western Operations, Building Materials Distribution

Barney was appointed the company’s senior vice president of western operations, Building Materials Distribution, in October 2023.

Her previous positions with the company include:

• Vice President, Western Operations, Building Materials Distribution, May 2022 - October 2023

• General Manager, Western Operations, Building Materials Distribution, September 2021 - May 2022

• Branch Manager, Building Materials Distribution, September 2015 - September 2021

Barney received a bachelor’s degree in Business Finance from the University of Utah, Salt Lake City, UT.

Tom Hoffmann, Senior Vice President of Purchasing, Buildings Materials Distribution

Hoffmann was elected the company's senior vice president of purchasing, Building Materials Distribution, in July 2021.

Hoffmann, our senior vice president of purchasing, Building Materials Distribution, has elected to retire from the company effective March 1, 2024.

He was appointed to the position in July 2021.

His previous positions with the company include:

5 unchanged sentences

Robert Johnson, Senior Vice President, Engineered Wood Products Sales & Marketing, Wood Products

Johnson was elected the company's senior vice president of engineered wood products sales and marketing, Wood Products, in February 2022.

Johnson was appointed the company's senior vice president of engineered wood products sales and marketing, Wood Products, in February 2022.

His previous positions with the company include:

6 unchanged sentences

Johnson received a bachelor’s degree in Finance from the University of Oregon, Eugene, OR.

Troy Little, Senior Vice President, Finance and Commodity Sales, Wood Products

Little will become the company's executive vice president, Wood Products, effective February 19, 2024.

He is currently the company’s senior vice president of finance and commodity sales, Wood Products, to which position he was appointed in October 2023.

His previous positions with the company include:

• Vice President, Finance & Commodity Sales, Wood Products, May 2022 - October 2023

• Director of Finance & Commodity Sales, Wood Products, May 2020 - May 2022

• Financial Manager, Wood Products, May 2018 - May 2020

• Division Controller, Wood Products, October 2016 - May 2018

Little received a bachelor’s degree in Business Administration from the College of Idaho, Caldwell, ID.

Erin Nuxoll, Senior Vice President, Human Resources

Nuxoll was elected the company's senior vice president, human resources in January 2019.

Nuxoll, our senior vice president of human resources, has elected to retire from the company effective May 3, 2024.

She was appointed to the position in January 2019.

Her previous positions include:

8 unchanged sentences

Chris Seymour, Senior Vice President, Manufacturing Operations, Wood Products

Seymour was elected the company's senior vice president of manufacturing operations, Wood Products, in February 2022.

Seymour was appointed the company's senior vice president of manufacturing operations, Wood Products, in February 2022.

His previous positions with the company include:

4 unchanged sentences

Seymour received a bachelor’s degree in Business Administration and a master’s degree in Wood Science from West Virginia University, Morgantown, WV.

Rich Viola, Senior Vice President of Sales and Marketing, Building Materials Distribution

Viola, our senior vice president of sales and marketing, Building Materials Distribution, has elected to retire from the company effective March 1, 2023.

He was elected to the position in February 2016.

His previous positions with the company include:

• Vice President, Sales and Marketing, Building Materials Distribution, October 2013 - February 2016

Viola received a bachelor's degree in Marketing from Northeastern University, Boston, MA.

Joanna Barney, Vice President, Western Operations, Building Materials Distribution

Barney was elected the company’s vice president of western operations, Building Materials Distribution, in May 2022.

Her previous positions with the company include:

• General Manager, Western Operations, Building Materials Distribution, September 2021 – May 2022

• Branch Manager, Building Materials Distribution, September 2015 – September 2021

Barney received a bachelor’s degree in Business Finance from the University of Utah, Salt Lake City, UT.

Troy Little, Vice President, Finance and Commodity Sales, Wood Products

Little was elected the company’s vice president, finance and commodity sales, Wood Products, in May 2022.

His previous positions with the company include:

• Director of Finance & Commodity Sales, Wood Products, May 2020 – May 2022

• Financial Manager, Wood Products, May 2018 - May 2020

• Division Controller, Wood Products, October 2016 – May 2018

Little received a bachelor’s degree in Business Administration from the College of Idaho, Caldwell, ID.

Jim Wickham, Vice President, Eastern Operations, Building Materials Distribution

Wickham was elected the company's vice president of eastern operations, Building Materials Distribution, in February 2022.

Jim Wickham, Senior Vice President, Eastern Operations, Building Materials Distribution

Wickham was appointed the company's senior vice president of eastern operations, Building Materials Distribution, in October 2023.

His previous positions with the company include:

• Vice President, Eastern Operations, Building Materials Distribution, February 2022 - October 2023

• General Manager, Eastern Operations, Building Materials Distribution, February 2021 - February 2022

2 unchanged sentences

Wickham received a bachelor’s degree in Business from Missouri State University, Springfield, MO.

Nathan Sikes, Vice President, Sales and Marketing, Building Materials Distribution

Sikes was appointed the company's vice president of sales and marketing, Building Materials Distribution, in October 2023.

His previous positions with the company include:

• Director of Sales and Marketing, Building Materials Distribution, December 2022 - October 2023

• Region Manager, Building Materials Distribution, January 2022 - December 2022

• Branch Manager, Building Materials Distribution, February 2019 - January 2022

• Sales Manager, Building Materials Distribution, January 2014 - February 2019

Sikes received a bachelor’s degree in Business Administration from the University of Texas Arlington, Arlington, TX.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business