Boise Cascade, L.L.C.

Good morning. My name is Michelle, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascades' fourth quarter 2019 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during that time, simply press star and then the number one on your telephone keypad. Questions will be taken in the order they are received. If you would like to withdraw your question, press the pound key. Before we begin, I remind you that this call may contain forward-looking statements about the company's future business prospects and anticipated financial performance. These statements are not guarantees of future performance, and the company undertakes no duty to update them. Although these statements reflect management's expectations today, they are subject to a number of business risks and uncertainties. Actual results may differ materially from those expressed or implied in this call. For discussion of the factors that may actual results differ from the results anticipated, please refer to Boise Cascade's recent callings with the SEC. It is now my pleasure to introduce to you Wayne Rancourt, Executive Vice President, CFO, and Treasurer, Boise Cascade. Mr. Rancourt, you may begin your conference.

Thank you, Michelle. Good morning, everyone. I'd like to welcome you to our fourth quarter earnings column business update. Joining me on today's call are Tom Korek, our retiring CEO, Nate Jorgensen, our incoming CEO, Mike Brown, head of our wood products operations, and Nick Stokes, head of our building materials distribution operations. Turning to slide two, I would point out the information regarding our forward-looking statements. The appendix includes reconciliations from our gap net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA. I will now turn the call over to Tom Court to offer his comments on last year's performance and his upcoming retirement next week. Thanks, Wayne.

Given the pricing and demand environment we faced in 2019, I'm very pleased with our performance last year. Our ongoing strategic focus on growing distribution and EWP as well as our activities in 2018 to reduce our exposure in manufacturing to commodity products, have all played key roles in increasing the company's earning stability. The resiliency of the business we are building is most clearly demonstrated by the fact that in a very challenging market in 2019, the company was able to generate $94 million of free cash flow and return $54 million to our shareholders. all while continuing to strengthen our balance sheet and fund our full capital program. Any review of 2019 would be incomplete without recognizing the great work our associates have done to make these results possible. Thank you to the team for a job well done. After nearly 38 years with the company and exactly five years to the day serving as the CEO, I will be retiring next month. Boise Cascade is a company that is built on relationships, associates, customers, suppliers, shareholders, and communities. The power of that model has become very clear to me over the past few months as I have traveled around the country to say thank you to everyone who has helped me along the way and helped Boise Cascade achieve leadership and distribution in EWP. I want to thank our audience today, and particularly the analysts who have so thoughtfully helped investors better understand the company. for their role in this journey. It has been a pleasure to participate in the many non-deal roadshows and investor conferences you have sponsored over the past five years that have allowed us to hear the voice of the investor directly. Hopefully our approach to the business since the IPO in 2013 would prove we have been listening. It has been an honor to be able to serve a great team here at Boise Cascade. I close by saying that I'm confident that I leave the company in great hands with a strong, experienced leadership team that has a clear vision of where we need to take the company going forward. I will now turn it over to Nate in more ways than one.