Boise Cascade, L.L.C.

Good morning. My name is Josh, 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 2024 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 Chris Forey, Vice President, Finance and Investor Relations, Boise Cascades. Mr. Forey, you may begin your conference.

Thank you, Josh, and good morning, everyone. I'd like to welcome you to Boise Cascades' fourth quarter 2024 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO, Kelly Hibbs, our CFO and treasurer, Troy Little, head of our wood products operations, and Jeff Strum, our recently announced COO and former 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 gap net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA. I will now turn the call over to Nate.

Thanks, Chris. Good morning, everyone. Thank you for joining us for our earnings call today on slide number three. I'll start by highlighting some of our accomplishments as I reflect on our 2024 results. We reported full year net income of $376.4 million, or $9.57 per diluted share. We grew our distribution business through both our organic and acquisition initiatives, made progress on significant capital investments to support our EWP growth strategy, and provided meaningful capital returns to our shareholders. I'm grateful to our associates as they've shown commitment to our values and steadfast support for our customers, suppliers, and each other. Let me now turn to the fourth quarter results. Total U.S. housing starts and single-family housing starts decreased 6% and 4% respectively compared to the prior year quarter. Our consolidated fourth quarter sales of $1.6 billion were down 5% from fourth quarter 2023. Our net income was $68.9 million, or $1.78 per share, compared to a net income of $97.5 million, or $2.44 per share, in the year-ago quarter. Our year-ago quarter earnings per share were negatively impacted by approximately $0.18 per share from accelerated depreciation related to the Chapman, Alabama lumber facility closure and transaction expenses for the Brosco acquisition. Kelly will now walk through our segment financial results give some early insights on first quarter, and then provide an update on our capital allocation in more detail, after which I'll provide our outlook before we take your questions.