BOISE CASCADE Co 10-K

ITEM 1. BUSINESS Boise Cascade is one of the largest producers of engineered wood products (EWP) and plywood in North America and a leading U.S. wholesale distributor of building products. As used in this Form 10-K, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. As a leading manufacturer and distributor of building materials, we bring people, products, and services together to build strong homes, businesses, and communities that stand the test of time. Segment Overview 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. In addition, we manufacture structural, appearance, and industrial grade plywood panels, and ponderosa pine lumber. 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 and millwork, metal products, roofing, and insulation; and EWP. 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. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and industrial applications. We have a broad base of national and local customers, which includes a diverse mix of dealers, home improvement centers, leading wholesalers, specialty distributors, and industrial converters. Drivers of new residential construction, residential repair-and-remodeling activity, and light commercial construction include new household formation, the age of the housing stock, availability of credit and other macroeconomic factors, such as GDP growth, population growth and migration, interest rates, employment, and consumer sentiment. 2 Table of Contents The map below presents our network of manufacturing and distribution facilities. Our Business Strategies Increase Both Our Earnings and Earnings Stability We intend to increase both our earnings and earnings stability by growing our EWP sales and expanding our distribution capabilities. In Wood Products, we are principally focused on the production of veneer-based products. 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. Value-added EWP provides higher margins and pricing is not subject to the auction-based volatility of commodity markets. To provide access to additional veneer for EWP production, we acquired Coastal Plywood and its plywood manufacturing locations in Havana, Florida, and Chapman, Alabama, in 2022. 3 Table of Contents Wood Products' sales mix by product line is illustrated below and demonstrates our principal focus on the production of veneer-based products. In addition to the acquisition of Coastal Plywood in 2022, 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. 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 2024, we acquired assets of door and millwork facilities in Boise, Idaho and Lakeland, Florida. Furthermore, in 2023, we acquired Brockway-Smith Company (BROSCO), a wholesale distributor specializing in doors and millwork. In the last several 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 2024, we made progress on greenfield distribution centers in Hondo, Texas, and Walterboro, South Carolina, which we expect to be complete in 2025 and 2026, respectively. In 2023, we announced or completed capacity expansion projects in West Palm Beach, Florida; Marion, Ohio; and Medford, Oregon and we announced the relocation of our Lathrop, California distribution center to Modesto, California. 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. 4 Table of Contents BMD carries a broad line of building materials used in residential construction, repair and remodel, and industrial applications. 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, 2024. BMD's sales 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. In addition, BMD's sales in 2021 and 2022 were impacted by historically high composite panel and lumber prices. 5 Table of Contents Leverage the Integrated Model 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. In addition, Wood Products and BMD are collectively motivated to make the investments necessary to support our growth in the marketplace. In 2024, approximately 75% of Wood Products' EWP sales volumes and approximately 50% of Wood Products' plywood sales volumes were to BMD. The chart below reflects the progress we have made in distributing internally produced products through our distribution network. 6 Table of Contents Leverage 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 of the market 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 include automated packaging, asset monitoring applications for predictive maintenance, and the use of artificial intelligence to classify and identify opportunities in safety. We use process improvement and machine reliability methodologies to continuously refine and improve our operations and processes. We believe there are opportunities to further apply these process improvement programs in our manufacturing operations and apply similar techniques and methods to different functional areas to realize efficiencies in those areas. 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. 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. 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 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. Key learnings and best practices are then leveraged across our distribution locations. In addition, we are investing in robotics equipment and configuration technologies for our door and millwork business. Segment Detail Wood Products Products LVL and laminated beams are structural products used in applications where extra strength and consistent quality are required, such as headers and beams. LVL is also used in the manufacture of I-joists, which are assembled by combining a vertical web of OSB with top and bottom LVL or solid wood flanges. I-joists, which are used primarily in residential and commercial flooring and roofing systems and other structural applications, are stronger, lighter, and straighter than conventional lumber products. We believe EWP has favorable characteristics when compared to competing products, as it reduces labor and 7 Table of Contents installed costs, provides cycle time advantages, and results in less material usage and waste. Plywood is used in a wide range of structural, interior, and exterior applications within the residential, industrial, and repair and remodel sectors. We also produce ponderosa pine shop lumber, which is sold primarily to industrial converters, and ponderosa pine appearance grade boards that are sold to home centers and dealers. The following table sets forth the annual capacity, production volumes, and sales volumes of our principal products for the periods indicated: Year Ended December 31 2024 2023 2022 2021 2020 (millions) Capacity (a) LVL (cubic feet) (b) 36.3 34.6 34.6 34.0 34.0 Plywood and Parallel Laminated Veneer (PLV) (sq. ft.) (3/8" basis) (c)(d) 2,725 2,735 2,735 2,230 2,230 Production Volumes LVL (cubic feet) (b) 29.1 25.2 26.7 29.3 26.0 I‑joists (equivalent lineal feet) (b) 234 215 233 295 237 Plywood and PLV (sq. ft.) (3/8" basis) (c) 1,988 1,945 1,753 1,727 1,637 Sales Volumes LVL (cubic feet) (e) 19.4 17.4 17.6 18.2 17.3 I-joists (equivalent lineal feet) 234 220 229 290 241 Plywood (sq. ft.) (3/8" basis) (f) 1,517 1,599 1,319 1,259 1,253 _______________________________________ (a) Estimated annual capacity at the end of each year based on machinery capabilities. (b) During the years presented above, approximately one-third of the LVL we produced was utilized internally to produce I-joists. Capacity is based on LVL production only. (c) During the years presented above, approximately one-fourth of production was for PLV panels that are utilized internally to produce LVL. (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. (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, depreciation and amortization, and EBITDA (a non-GAAP measure) for the periods indicated: Year Ended December 31 2024 2023 2022 2021 2020 (millions) Segment sales (a) $ 1,832.3 $ 1,932.6 $ 2,115.9 $ 1,970.8 $ 1,323.9 Segment income (b) $ 231.5 $ 337.1 $ 575.2 $ 531.2 $ 127.7 Segment depreciation and amortization (b) 93.2 98.7 73.3 55.2 71.1 Segment EBITDA (c) $ 324.7 $ 435.8 $ 648.5 $ 586.5 $ 198.9 _______________________________________ (a) Segment sales are calculated before elimination of sales to our BMD segment. (b) The years ended December 31, 2024 and 2023 include $2.2 million and $6.2 million, respectively, 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. 8 Table of Contents (c) Segment EBITDA is calculated as segment income before depreciation and amortization. See "Item 7. 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. Facilities Our Wood Products segment operates five EWP facilities. Our two most significant EWP facilities are located in Louisiana and Oregon and have a high degree of raw material and manufacturing integration with our neighboring plywood and veneer facilities. We also operate eleven plywood and veneer plants, as well as two sawmills. Raw Materials and Input Costs Wood fiber. Wood fiber is the primary raw material used in our Wood Products operations, and our primary source of wood fiber is logs. For the year ended December 31, 2024, wood fiber accounted for approximately 39% of materials, labor, and other operating expenses (excluding depreciation) in our Wood Products segment. Our EWP facilities use PLV panels and veneer sheets produced by our facilities, as well as lumber, OSB, and veneer sheets purchased from third parties, to manufacture LVL, I-joists, and laminated beams. Our EWP, plywood, and veneer facilities use Douglas fir, white woods, and pine logs as raw materials. Our manufacturing facilities are located in close proximity to active wood fiber markets. Logs comprised approximately 78% of our wood fiber costs during 2024, and we satisfy our log requirements through a combination of purchases under supply agreements, open-market purchases, and purchases pursuant to contracts awarded under public auctions. Approximately 89% of our log supply in 2024 was supplied through purchases from private landowners or through dealers. 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. Per-unit log costs in the western U.S. are higher than per-unit log costs in the southern U.S. due to higher harvest and delivery costs, as well as various supply-side constraints, including seasonal weather-related restrictions, slower growth cycles, and a higher proportion of federal and state timberland ownership. Our aggregate cost of obtaining logs is also affected by fuel costs and the distance of the log source from our facilities, as we are often required to arrange for harvesting and delivery of the logs we purchase from the source to our facilities. For a discussion of contractual commitments relating to log supply agreements, see "Liquidity and Capital Resources" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K. We also purchase OSB, which is used as the vertical web to assemble I-joists. OSB accounted for approximately 6% of the aggregate amount of materials, labor, and other operating expenses (excluding depreciation) for our Wood Products segment in 2024. OSB is a commodity, and prices have historically been volatile in response to industry capacity and operating rates, inventory levels in various distribution channels, and seasonal demand patterns. Wood fiber also includes, to a lesser extent than OSB, lumber purchased from third parties for I-joist production at our Canadian EWP facility and for production at our laminated beam plant in Idaho. Lumber input costs are subject to similar commodity-based volatility characteristics noted above for OSB. Other raw materials and energy costs. We use a significant quantity of various resins and glues in our manufacturing processes. Resin and glue product costs are influenced by changes in the prices of raw material input costs, primarily fossil fuel products. We purchase resins and glues, other raw materials, and energy used to manufacture our products in both the open market and through supply contracts. The contracts are generally with regional suppliers who agree to supply all of our needs for a certain raw material or energy within the applicable region. These contracts have terms of various lengths and typically contain price adjustment mechanisms that take into account changes in market prices. 9 Table of Contents Sales, Marketing, and Distribution Our EWP sales force is managed centrally through a main office that oversees regional sales teams. Our sales force spends a significant amount of time working with end customers who purchase our EWP. Our sales force provides a variety of technical support services, including integrated design, engineering, product specification software, distributor inventory management software, and job-pack preparation systems. Sales of plywood are handled in multiple locations, with management located centrally at headquarters. In 2024, EWP and plywood accounted for 62% and 30%, respectively, of our Wood Products sales. The majority of our wood products are sold to leading wholesalers (including our BMD segment), home improvement centers, dealers, and industrial converters in North America. Our BMD segment is our Wood Products segment's largest customer, representing approximately 70% of our Wood Products segment's overall sales in 2024. In 2024, approximately 75% and 50% of our Wood Products segment's EWP and plywood sales volumes, respectively, were to our BMD segment. Building Materials Distribution Products 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; 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 Canfor, Commercial Metals Company, Hampton Lumber, Hoover Treated Wood Products, Huber Engineered Woods, James Hardie Building Products, JELD-WEN, Louisiana-Pacific, Steves & Sons, Therma-Tru Doors, Trex Company and West Fraser, to small regional producers. Substantially all of our EWP is sourced from our Wood Products segment. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and other industrial applications. The following table lists our product line sales mix for the periods indicated: Year Ended December 31 2024 2023 2022 2021 2020 (percentage of Building Materials Distribution sales) Commodity 35.8 % 37.8 % 44.9 % 51.6 % 46.6 % General line 42.4 % 39.5 % 33.3 % 30.2 % 35.6 % Engineered wood products 21.8 % 22.7 % 21.8 % 18.2 % 17.8 % The following table sets forth segment sales, income, depreciation and amortization, and EBITDA (a non-GAAP measure) for the periods indicated: Year Ended December 31 2024 2023 2022 2021 2020 (millions) Segment sales $ 6,166.5 $ 6,178.7 $ 7,643.6 $ 7,174.3 $ 4,952.0 Segment income $ 303.4 $ 335.8 $ 627.1 $ 481.1 $ 247.5 Segment depreciation and amortization 49.5 32.4 27.0 24.0 22.5 Segment EBITDA (a) $ 352.9 $ 368.2 $ 654.1 $ 505.1 $ 270.0 _______________________________________ (a) Segment EBITDA is calculated as segment income before depreciation and amortization. See "Item 7. 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. 10 Table of Contents Facilities Our BMD segment operates a nationwide network of 38 building materials distribution facilities throughout the U.S., including door and millwork facilities in 14 markets, as well as one component manufacturing plant. Our broad geographic presence reduces our exposure to market factors in any single region. In 2024, we acquired assets of door and millwork facilities in Boise, Idaho and Lakeland, Florida. Sales, Marketing, and Distribution We market our building materials primarily to dealers, home improvement centers, and specialty distributors that then sell the products to end customers, who are typically homebuilders, independent contractors, and homeowners engaged in residential construction and repair-and-remodeling projects. We also market our products to a wide variety of industrial accounts, which use our products to assemble cabinets, doors, agricultural bins, crating, and other products used in industrial and construction applications. We believe that our national presence and long-standing relationships with many of our key suppliers allow us to obtain favorable price, terms, and supply arrangements on leading brands in the building materials industry. We also believe our broad product line provides our customers with an efficient, one-stop resource for their building materials needs. We also have expertise in special-order sourcing and merchandising support, which is a key service for our home improvement center customers that choose not to stock certain items in inventory. We sell products through two primary distribution channels: warehouse sales and direct sales. Warehouse sales are delivered from our distribution centers to our customers, and direct sales are shipped from the manufacturer to the customer without us taking physical possession of inventory. Each of our distribution centers implements its own distribution and logistics model using centralized information systems. We use internal and external trucking resources to deliver materials on a regularly scheduled basis. Our highly efficient logistics system allows us to deliver superior customer service and assist our customers in optimizing their working capital. 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 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. 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. The introduction of new products is primarily driven by customer demand or product extensions originating from our vendors. We believe our long-standing customer and vendor relationships allow us to respond to customer feedback and introduce new products more rapidly. Broadening our product offering also helps us drive additional products through our distribution system, thereby increasing our scale and efficiency. Customers Our customer relationships range from locally owned single-location facilities to large national dealers and home improvement centers across the U.S. and Canada, with Builders FirstSource and Home Depot being our largest customers. Substantially all sales to Builders FirstSource were recorded in our BMD segment, and sales to Home Depot were recorded in our BMD and Wood Products segments. For additional information related to customers of our Wood Products and BMD segments, see the "Sales, Marketing, and Distribution" sections above. 11 Table of Contents Competition Wood Products. The wood products manufacturing markets in which we operate are large and highly competitive. In EWP, we compete against several major North American EWP producers, such as Weyerhaeuser Company, Pacific Woodtech Corporation, and Roseburg Forest Products, as well as several other smaller firms. Our EWP products also face competition because EWP may be substituted by dimension lumber and truss products in many building applications. In plywood, we compete with Georgia-Pacific, the largest manufacturer in North America, other large producers such as Roseburg Forest Products, foreign imports produced principally in South America, and several smaller domestic producers. Our plywood products also face competition from OSB producers, because OSB can be substituted for plywood in many building and industrial applications. We have leading market positions in the manufacture of EWP and plywood. In the wood products manufacturing markets, we compete primarily on the basis of price, quality, availability, and particularly with respect to EWP, customer service, product support, and performance features offered. Most of our competitors are located in the U.S. 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 products into the U.S. Building Materials Distribution. The building materials distribution markets in which we operate are fragmented, and we compete in each of our geographic and product markets with national, regional, and local distributors. Our wholesale distribution competitors include BlueLinx Holdings Inc., Specialty Building Products Inc., Weyerhaeuser Company, Dixie Plywood and Lumber, OrePac, Woodgrain Inc., and Capital Lumber, among others. We also compete with wholesale brokers, specialty distributors, and certain buying cooperatives. We compete on the basis of pricing and availability of product, service and delivery capabilities, ability to assist customers with problem-solving, extension of credit terms, customer relationships, geographic coverage, and breadth of product offerings. We distribute products for some manufacturers that also engage in direct sales to our distribution customers. Proximity to customers is also an important factor in minimizing shipping costs and facilitating quick order turnaround and on-time delivery. We believe our partnership with leading building materials suppliers, the scale and efficiency of our national footprint, and our focus on customer service are our primary competitive advantages in this segment. Also, financial stability is important to suppliers and customers when choosing distributors. Having a sound financial position is important to our suppliers and allows for favorable terms on which to procure products. In addition, our financial condition is also important to customers who rely on us for timely delivery across a broad range of products that are consistently in stock. We also present information pertaining to our segments, including product sales and customer concentration, in Note 15, Segment Information, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K. Human Capital Management Human capital management and our ability to attract, develop and retain talent that embraces our shared values of integrity, safety, respect, and pursuit of excellence have been and will continue to be critical to executing our previously described strategic objectives. At Boise Cascade, the health and safety of our 7,560 employees is core to how we do business. We collect and report common lagging indicators of safety performance, and our safety programs include tools, training, and resources that allow us to collect, analyze, and share leading indicators of safety-related hazards broadly across our organization. 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 of safety and the authority to stop work if there is a safety concern. In addition, selecting and developing talent is a vital aspect of our human capital strategy because we believe our employees are at the heart of our purpose and fulfillment of our promise to our stakeholders. We focus on developing talent from within our businesses and supplement that talent with finding the right external hires to support key strategic objectives. Individual development includes annual performance reviews with development plans, access to a variety of resources, including self-help resources, and continuing education opportunities. Our employees are able to participate in training through a combination of online platforms and in-person learning. We work towards business continuity and personal leadership growth by developing our employees as individuals through targeted leadership programs, coaching, and focused experiences. 12 Table of Contents Our Code of Ethics guides the actions and behaviors of anyone working for, representing, or partnering with Boise Cascade. The code establishes the expectations for ensuring we have an inclusive and harassment-free work environment. We have an open-door policy that encourages employees to speak up about any work-related issues, suggestions, or ideas. We also provide a confidential CARE Line, which offers an additional way to report behavior or activity that may be unsafe, unethical, or illegal. Environmental Boise Cascade recognizes that the weight of scientific evidence indicates a changing climate associated with increasing carbon dioxide in the atmosphere and uses the Task Force on Climate-Related Financial Disclosures (TCFD) framework for communicating our position and performance on climate-related matters. We have implemented technology tools to collect material Scope 1 and Scope 2 greenhouse gas (GHG) emissions data, which further enhances 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. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 3. Legal Proceedings" of this Form 10-K. Capital Investment Information concerning our capital expenditures is presented in "Investment Activities" under "Liquidity and Capital Resources" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K. Seasonal Influences We are exposed to fluctuations in quarterly sales volumes and expenses due to seasonal factors. These seasonal factors are common in the building products industry. For further information, see "Seasonal Influences" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K. Trademarks We maintain many trademarks for our manufactured wood products, particularly EWP. Our key registered trademarks include BOISE CASCADE® and the TREE-IN-A-CIRCLE® logo, which are perpetual in duration as long as we continue to timely file all post registration maintenance documents related thereto. We believe these key trademarks to be of significant importance to our business. 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 investors 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). The reference to our website address does not constitute incorporation by reference of the information contained on the website, and the information contained on the website is not part of this document. 13 Table of Contents Information About Our Executive Officers and Key Management Below is a list of names, ages, and a brief description of the business experience of our executive officers and key members of management, each as of February 17, 2025. Name Age Position Executive Officers: Nate Jorgensen 60 Chief Executive Officer Jeff Strom 57 Chief Operating Officer Kelly Hibbs 58 Senior Vice President, Chief Financial Officer, and Treasurer Joanna Barney 51 Executive Vice President, Building Materials Distribution Troy Little 57 Executive Vice President, Wood Products Jill Twedt 45 Senior Vice President, General Counsel and Corporate Secretary Key Management: Robert Johnson 60 Senior Vice President, Engineered Wood Products Sales and Marketing, Wood Products Chris Seymour 53 Senior Vice President, Manufacturing Operations, Wood Products Jim Wickham 59 Senior Vice President, Eastern Operations, Building Materials Distribution Angella Broesch 48 Vice President, Human Resources Chris Forrey 49 Vice President, Finance and Investor Relations Nathan Sikes 44 Vice President, Sales and Marketing, Building Materials Distribution Nate Jorgensen, Chief Executive Officer Mr. Jorgensen was appointed the company's chief executive officer in March 2020. His previous positions include: • Chief Operating Officer, January 2019 - March 2020 • Senior Vice President of Engineered Wood Products, Wood Products, November 2017 - January 2019 • Vice President of Engineered Wood Products, Wood Products, February 2016 - November 2017 • Engineered Wood Products Marketing Manager, Wood Products, Boise Cascade Company, June 2015 - February 2016 • Prior employment with Weyerhaeuser Company, a New York Stock Exchange-listed timberlands and wood products company, as Vice President of Weyerhaeuser Distribution, February 2011 - June 2015 Mr. Jorgensen received a bachelor's degree in Civil and Environmental Engineering from the University of Wisconsin and also attended the Tuck School of Business Executive Education Program, Dartmouth College, Hanover, NH. Jeff Strom, Chief Operating Officer Mr. Strom was appointed the company's chief operating officer in January 2025. His previous positions with the company include: • Executive Vice President, Building Materials Distribution, March 2021 - January 2025 • Vice President, General Manager Eastern Operations, Building Materials Distribution, January 2020 - March 2021 • General Manager, Eastern Region, Building Materials Distribution, May 2019 - January 2020 • Region Manager, Building Materials Distribution, November 2015 - May 2019 • Branch Manager, Building Materials Distribution, September 2008 - November 2015 Mr. Strom received a bachelor’s degree in Management from the Georgia Institute of Technology, Atlanta, GA. 14 Table of Contents Kelly Hibbs, Senior Vice President, Chief Financial Officer, and Treasurer Mr. Hibbs was appointed the company's senior vice president, chief financial officer, and treasurer in May 2021. His previous positions with the company include: • Vice President and Controller, February 2011 - May 2021 • Director of Strategic Planning and Internal Audit, February 2008 - February 2011 Mr. Hibbs received a bachelor's degree in Accounting from Boise State University, Boise, ID. He is a certified public accountant. Joanna Barney, Executive Vice President, Building Materials Distribution Ms. Barney was appointed the company’s executive vice president, Building Materials Distribution, in February 2025. Her previous positions with the company include: • Senior Vice President, Western Operations, Building Materials Distribution, October 2023 - February 2025 • 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 Ms. Barney received a bachelor’s degree in Business Finance from the University of Utah, Salt Lake City, UT. Troy Little, Executive Vice President, Wood Products Mr. Little was appointed the company's executive vice president, Wood Products, in February 2024. His previous positions with the company include: • Senior Vice President, Finance & Commodity Sales, Wood Products, October 2023 - February 2024 • 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 Mr. Little received a bachelor’s degree in Business Administration from the College of Idaho, Caldwell, ID. Jill Twedt, Senior Vice President, General Counsel, and Corporate Secretary Ms. Twedt was appointed the company's senior vice president, general counsel, and corporate secretary in October 2020. Her previous positions include: • Vice President, General Counsel, and Corporate Secretary, January 2019 - October 2020 • Vice President, Legal and Corporate Secretary, August 2017 - January 2019 • Associate General Counsel, July 2007 - August 2017 Ms. 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. Robert Johnson, Senior Vice President, Engineered Wood Products Sales & Marketing, Wood Products Mr. 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: • Vice President of Engineered Wood Products Sales and Marketing, Wood Products, January 2020 - February 2022 • Director of Engineered Wood Products, March 2019 - January 2020 • Business Optimization Manager, Wood Products, May 2017 - March 2019 • Region Manager, Wood Products, February 2016 - May 2017 • Business Optimization Manager, Wood Products, March 2015 - February 2016 15 Table of Contents • Business Optimization Engineer, Wood Products, October 2014 - March 2015 Mr. Johnson received a bachelor’s degree in Finance from the University of Oregon, Eugene, OR. Chris Seymour, Senior Vice President, Manufacturing Operations, Wood Products Mr. Seymour was appointed the company's senior vice president of manufacturing operations, Wood Products, in February 2022. His previous positions with the company include: • Vice President of Manufacturing Operations, Wood Products, January 2020 - February 2022 • Director of Operations, Wood Products, February 2019 - January 2020 • Operations Manager, Wood Products, November 2017 - February 2019 • Area Manager, Wood Products, February 2015 - November 2017 Mr. Seymour received a bachelor’s degree in Business Administration and a master’s degree in Wood Science from West Virginia University, Morgantown, WV. Jim Wickham, Senior Vice President, Eastern Operations, Building Materials Distribution Mr. 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 • Northeastern Region Manager, Building Materials Distribution, May 2016 - February 2021 • Branch Manager, Building Materials Distribution, March 2008 - May 2016 Mr. Wickham received a bachelor’s degree in Business from Missouri State University, Springfield, MO. Angella Broesch, Vice President, Human Resources Ms. Broesch was appointed the company's vice president of human resources in February 2024. Her previous positions with the company include: • Senior Human Resources Director, July 2023 - February 2024 • Director of Total Rewards, November 2020 - July 2023 • Director of Internal Audit, October 2013 - November 2020 Ms. Broesch received a bachelor's degree in Accounting from the University of Idaho, Moscow, ID. Chris Forrey, Vice President, Finance and Investor Relations Mr. Forrey was appointed the company's vice president of finance and investor relations in May 2024. His previous positions with the company include: • Senior Director of Finance, March 2022 - May 2024 • Director of Tax, March 2015 - March 2022 Mr. Forrey received a bachelor's degree in Accounting and a master's degree in Taxation from Boise State University, Boise, ID. He is a certified public accountant. Nathan Sikes, Vice President, Sales and Marketing, Building Materials Distribution Mr. 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 16 Table of Contents • Sales Manager, Building Materials Distribution, January 2014 - February 2019 Mr. Sikes received a bachelor’s degree in Business Administration from the University of Texas at Arlington, Arlington, TX.