Boise Cascade, L.L.C.

Good morning. My name is Kevin, and I'll be your conference facilitator today. At this time, I'd like to welcome everyone to the Boise Cascade fourth quarter 2021 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer period. If you'd like to ask a question during that time, simply press star then the number one on your telephone keypad. Questions will be taken in the order they are received. If you'd like to withdraw your question, press the pound key. Before we begin, I'll 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 from those expressed or implied in this call. For a discussion of the factors that may cause the 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, Boise Cascade. Mr. Hibbs, you may begin your conference.

Thanks, Kevin, and good morning, everyone. I would like to welcome you to Boise Cascades' fourth 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 want to start off by expressing my appreciation for the tireless work of our associates. While the uncertainty experienced in the last year has presented us with many challenges, I'm proud of our associates and their unwavering focus on supporting each other and our vendor and customer partners. I'm now in slide number three. Our fourth quarter sales of $1.8 billion were up 21% from fourth quarter 2020. Our net income of $169.1 million, or $4.26 per share, compared to net income of $26 million, or $0.66 per share, in the year-go-round quarter. As further described in our earnings release, fourth quarter 2020 results included non-cash items related to the termination of our qualified defined benefit pension plan that negatively affected earnings by $1.10 per share. In fourth quarter 2021, total U.S. housing starts increased 6% year over year. Multifamily starts drove the increase as single family housing decreased 5% compared to the prior year quarter. Irrespective of the headline starts data, the pace of activity in the fourth quarter was unseasonably strong. Housing fundamentals finished the year on firm footing with total U.S. housing starts and permits at approximately 1.7 million and 1.8 million units respectively on a seasonally adjusted basis in the fourth quarter. Our wood products manufacturing business reported segment income of $98.4 million in the fourth quarter compared to $40.8 million in the year-ago quarter. Wood products benefited from improved EWP sales realizations compared to the last year's fourth quarter. Wood products continue to focus on manufacturing production levels in response to continued strong end product demand for EWP during the quarter. Our building materials distribution business reported segment income of $138 million on sales of $1.6 billion for the fourth quarter, compared to $67.1 million of segment income on sales of $1.3 billion in a comparative prior year quarter. B&D results were favorably impacted by a steady increase in commodity prices during the quarter, as well as continued strength in our EWP and general line products. Kelly will walk through the financial results in more detail, and I'll come back and provide our outlook before we take your questions. Kelly?