Boise Cascade, L.L.C.

My name is Chris, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascades' third quarter 2021 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 received. If you would like to withdraw your question, please 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 reasons. Actual results may differ materially from those expressed or implied in this call. For discussion of the fact that this may cause actual results to differ from the results anticipated, please refer to Boise Cascade's recent filings with the SEC. It is now my pleasure to introduce you to Kelly Hibbs, Senior Vice President, CFO, and Treasurer of Boise Cascade. Mr. Hibbs, you may begin your conference.

Thank you, Chris, and good morning, everyone. I would like to welcome you to Boise Cascades third quarter 2021 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO, Mike Brown, head of our wood products operations, and Jeff Strom, 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 GAAP net income to EBITDA and adjusted EBITDA, and segment income to segment EBITDA. I will now turn the call over to Nate.

Thanks, Kelly. Good morning, everyone. Thank you for joining us on our earnings call today. I'm on slide number three. Our third quarter sales of $1.9 billion were up 18% from third quarter 2020. Our net income was $91.7 million, or $2.31 per share, compared to net income of $103.2 million, or $2.61 per share in a year-ago quarter. Third quarter 2020 results included a $10.5 million after-tax loss on extinguishment of debt, or 27 cents per share, as we refinanced our senior notes. In third quarter 2021, total U.S. housing starts increased 8% compared to the same period last year. Single-family housing starts, the primary driver of our sales volumes, increased 5%. Our associates' performance was simply outstanding during the quarter in face of historic declines in commodity prices and ongoing challenges related to COVID-19. Our wood products manufacturing business reported segment income of $122.1 million in the third quarter compared to $66 million in the year-ago quarter. Wood products benefited from higher plywood pricing levels and improved EWP sales realizations and volumes compared to last year's third quarter. Sequentially, sharp plywood price decreases were offset partially by continued EWP price increases resulting from prior period pricing actions. Our building materials distribution business reported segment income of $16.6 million on sales of $1.7 billion for the third quarter compared to $107.9 million of segment income on sales of $1.4 billion in the comparative prior year quarter. B&B's results were negatively impacted by historic declines in commodity wood products pricing. Higher sales volumes and gross margin on our engineer wood and general line products helped to mitigate the negative impacts from the commodity price declines. Kelly will walk through the financial results in more detail, and then I'll come back and provide our outlook before we take your questions. Kelly?