Boise Cascade, L.L.C.

Good morning. My name is LaTanya and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascades first quarter 2022 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 order as they are received. If you would like to withdraw your question, please press the found 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 a discussion of the factors that 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, Boise Cascade. Mr. Hibbs, you may begin your conference.

Thank you, LaTanya, and good morning, everyone. I would like to welcome you to Boise Cascades first quarter 2022 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 gap 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 for earnings call today. I'm on slide number three. 2022 is off to a tremendous start with both of our businesses delivering outstanding operating and financial results. Our consolidated first quarter sales of $2.3 billion were up 28% from the first quarter of 2021. Our net income was $302.6 million, or $7.61 per share, compared to net income of $149.2 million, or $3.76 per share in the year-ago quarter. In first quarter 2022, total U.S. housing starts increased 10% compared to the same period last year. Single-family housing starts, the primary driver of sales volumes, increased 4%. Wood products reported segment EBITDA of $203.8 million in the first quarter compared to $110.4 million in the year-ago quarter. Wood products benefited from improved EWP sales realization and plywood sales prices compared to last year's first quarter. Wood products continue to focus on manufacturing production levels in response to continued strong end product demand for our EWP during the quarter. Building materials distribution reported segment EBITDA of $232.5 million on sales of $2.1 billion for the first quarter, compared to $126 million of segment EBITDA on sales of $1.6 billion in the comparative prior year quarter. While BMD's results were favorably impacted by escalating commodity product prices during the majority of the quarter, increasing margins across EWP and general line products continued to be a consistent and key driver of BMD's outstanding results. 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.