Boise Cascade, L.L.C.

good morning my name is michelle and i will be your conference facilitator today at this time i would like to welcome everyone to the boise test page first quarter 2023 earnings 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 1-1 on your telephone keypad. If you would like to withdraw your question, please press star 1-1 again. It is now my pleasure to introduce you to Kelly Hibbs, Senior Vice President, CFO and Treasurer, OEC Cascade. Mr. Hibbs, you may begin your conference.

Thank you, Michelle, and good morning, everyone. I would like to welcome you to Boise Cascades first quarter 2023 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 Strum, head of our building materials distribution operations. Turning to slide two. This call will contain forward-looking statements. Please review the warning statements in our press release on the presentation slides and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that 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 Ernie's call today. I'm on slide number three. Both of our businesses delivered solid financial results despite the expected weaker environment from lower single-family housing starts and commodity product pricing. Total U.S. housing starts declined 18%, driven by a decrease in single-family housing starts at 29% compared to the prior year quarter. Our consolidated first quarter sales of $1.5 billion were down 34% from first quarter 2022. Our net income was $96.7 million, or $2.43 per share, compared to net income of $302.6 million or $7.61 per share in the year-ago quarter. Wood Products reported segment EBITDA of $93.2 million in the first quarter compared to $203.8 million in the year-ago quarter. The Wood Products team delivered very good financial results in an environment that required thoughtful management of production levels given the uncertainties relative to demand. Building Materials Distribution reported segment EBITDA of $76.8 million on sales of $1.4 billion for the first quarter compared to $232.5 million of segment EBITDA on sales of $2.1 billion in a comparative prior year quarter. BMD was negatively impacted by significantly lower commodity pricing and also experienced lower sales volumes compared to the prior quarter due to the decline in housing starts. However, demand for two-step distribution remains healthy. Our ability to provide next-day service on a range of products and services provides value to our customers as we collectively partner to manage volume and price risk during periods of market uncertainty. Kelly will now walk through the financial results in more detail and provide an update on capital allocation, after which I'll provide our outlook before we take your questions. Kelly?