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 Boise Cascades second 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. To ask a question during this session, you will need to press star one one on your telephone. You will then hear an automated message advising you that your hand is raised. To withdraw your question, please press star one one again. 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, Michelle. Good morning, everyone. I would like to welcome you to Boise Cascade's second 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 Strom, 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 us for our earnings call today on slide number three. Both of our businesses, again, delivered strong financial results as associates across the company continued to execute at a very high level, and the market proved to be resilient despite ongoing economic uncertainties. Our consolidated second quarter sales of $1.8 billion were down 20% from second quarter 2022. Our net income was $146.3 million, or $3.67 per share compared to a net income of $218.1 million, or $5.49 per share in the year-ago quarter. Total U.S. housing starts and single-family housing starts declined 11% and 14% respectively compared to the prior year quarter. Wood products reported segment EBITDA of $127 million in the second quarter compared to $167.8 million in the year-ago quarter. The wood products team delivered very good financial results as EWP volumes rebounded sharply from first quarter levels. Building materials distribution reported segment EBITDA of $105.9 million on sales of $1.6 billion for the second quarter compared to $161 million of segment EBITDA on sales of $2.1 billion in comparative prior year quarter. Substantially lower commodity product pricing negatively impacted B&B's year-over-year revenue comparison. However, EMD's volume results compared quite favorably to headline housing starts and gross profit EBITDA margins were again strong. Kelly will now walk through our 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?