Boise Cascade, L.L.C.

Good morning. My name is Lisa, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascades' fourth quarter and full year 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. It is now my pleasure to introduce you to Kelly Hibbs, Senior Vice President, CFO, and Treasurer of Boise Cascades. Mr. Hicks, you may begin your conference.

Thank you, Lisa, and good morning, everyone. I would like to welcome you to Boise Cascade's fourth quarter 2023 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO, Jeff Strum, head of our building materials distributions operations, and Mike Brown, head of our wood products operations, who will be retiring May 1st after an outstanding 25 years of service to Boise Cascade. 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 Ernie's call today. I'm on slide number three. A few highlights as I reflect on our 2023 results. We reported a full year net income of $483.7 million, or $12.12 per diluted share, on sales of $6.8 billion. We further executed our growth strategies through organic and acquisition initiatives, and we also provided meaningful returns to our shareholders through share price gains and dividends. I want to thank our associates across the company who continue to execute our strategy that positioned us to serve and support our vendor and customer partners. Let me now turn to fourth quarter results. Total US housing starts increased a modest 4%. However, the rebound in single family housing starts was evident, reflecting a 23% increase compared to the prior year quarter. Both of our businesses, again, delivered strong operating and financial results. Our consolidated fourth quarter sales of 1.6 billion were up 1% from fourth quarter 2022. Our net income was 97.5 million, or $2.44 per share, compared to that income of $117.4 million, or $2.95 per share, in the year-ago quarter. Fourth quarter 2023 results included $6.2 million of pre-tax accelerated depreciation related to the curtailment of lumber production in Chapman, Alabama, and approximately $3 million of transaction expenses related to the Brosco acquisition. I'm pleased with the status of our Brosco integration efforts and the financial results thus far delivered by our new teammates. As we start 2024, our balance sheet remains very strong and remain committed to our balanced approach to capital allocation. We look forward to executing our reinvestment and growth projects included in our expanded capital plan. Kelly will now walk through our segment financial results and provide an update on our capital allocation in more detail, after which I'll provide an outlook before we take your questions. Kelly?