Boise cascade company reports fourth quarter and full year 2022 results
Boise, idaho--(business wire)--boise cascade company ("boise cascade," the "company," "we," or "our") (nyse: bcc) today reported fourth quarter net income of $117.4 million, or $2.95 per share, on sales of $1.6 billion. for the full year 2022, boise cascade reported net income of $857.7 million, or $21.56 per share, on sales of $8.4 billion. for 2021 comparative results, see the table below. "as we close out 2022, i first want to recognize our associates for their tireless work, as they made our outstanding results possible. in addition to our financial results, we had strong performance in safety during a challenging period. i am also very pleased that we were able to take meaningful steps via acquisition and organic initiatives that will allow us to expand our ewp capacity and further grow our distribution capabilities," stated nate jorgensen, ceo. "our balance sheet remains well positioned for us to execute the growth initiatives started during 2022. in addition, we have the flexibility to further demonstrate our balanced approach to capital allocation, including the ability to pursue additional growth initiatives that align with our strategy. we recognize the industry will face challenges during 2023 given current economic uncertainties and weaker near-term demand for new residential construction; however, we remain committed to providing high service levels to our vendor and customer partners through industry cycles." fourth quarter and year end 2022 highlights 4q 2022 4q 2021 % change 2022 2021 % change (in thousands, except per-share data and percentages) consolidated results sales $ 1,628,306 $ 1,782,183 (9)% $ 8,387,307 $ 7,926,111 6 % net income 117,360 169,075 (31)% 857,658 712,486 20 % net income per common share - diluted 2.95 4.26 (31)% 21.56 17.97 20 % adjusted ebitda 1 188,174 247,899 (24)% 1,257,564 1,052,470 19 % segment results wood products sales $ 425,602 $ 446,584 (5)% $ 2,115,896 $ 1,970,804 7 % wood products income 74,978 98,366 (24)% 575,167 531,235 8 % wood products ebitda 1 99,708 112,227 (11)% 648,475 586,484 11 % building materials distribution sales 1,443,780 1,645,513 (12)% 7,643,615 7,174,278 7 % building materials distribution income 92,455 137,963 (33)% 627,091 481,085 30 % building materials distribution ebitda 1 99,396 144,221 (31)% 654,096 505,092 30 % 1 for reconciliations of non-gaap measures, see summary notes at the end of this press release. in fourth quarter 2022, total u.s. housing starts decreased 15%, driven by a decrease in single-family housing starts of 27% compared to the same period in 2021. for the full year 2022, total and single-family housing starts decreased 3% and 11%, respectively, compared to the same period in 2021. single-family housing starts are the key demand driver for our sales. wood products wood products' sales, including sales to building materials distribution (bmd), decreased $21.0 million, or 5%, to $425.6 million for the three months ended december 31, 2022, from $446.6 million for the three months ended december 31, 2021. the decrease in sales was driven primarily by lower sales volumes for i-joists and lvl (collectively referred to as ewp). ewp volumes decreased due to a decline in housing starts and significant inventory destocking through the customer channel. these decreases were offset partially by higher ewp sales prices and higher plywood sales volumes. the increase in plywood sales volumes was due to our acquisition of coastal plywood and its plywood manufacturing operations on july 25, 2022 (the acquisition). wood products' segment income decreased $23.4 million to $75.0 million for the three months ended december 31, 2022, from $98.4 million for the three months ended december 31, 2021. the decrease in segment income was due primarily to lower ewp sales volumes and higher wood fiber costs and other manufacturing costs. in addition, the acquisition was the primary driver of the increase in depreciation and amortization expense. these decreases in segment income were offset partially by higher ewp sales prices. for the year ended december 31, 2022, sales, including sales to bmd, increased $145.1 million, or 7%, to $2,115.9 million from $1,970.8 million in 2021. the increase in sales was driven by higher ewp sales prices and higher plywood sales volumes. plywood sales volumes increased due to the acquisition. these increases were offset partially by lower plywood sales prices and ewp sales volumes. ewp volumes decreased due to a decline in housing starts and significant inventory destocking through the customer channel. wood products' segment income increased $44.0 million to $575.2 million for the year ended december 31, 2022, from $531.2 million for the year ended december 31, 2021. the increase in segment income was due primarily to higher ewp sales prices. this increase in segment income was offset partially by lower plywood sales prices, lower ewp sales volumes, and higher wood fiber costs and other manufacturing costs. in addition, the acquisition was the primary driver of the increase in depreciation and amortization and general and administrative expenses during 2022. comparative average net selling prices and sales volume changes for ewp and plywood are as follows: 4q 2022 vs. 4q 2021 2022 vs. 2021 average net selling prices lvl 32% 41% i-joists 40% 44% plywood (1)% (14)% sales volumes lvl (30)% (3)% i-joists (55)% (21)% plywood 29% 5% building materials distribution bmd's sales decreased $201.7 million, or 12%, to $1,443.8 million for the three months ended december 31, 2022, from $1,645.5 million for the three months ended december 31, 2021. compared with the same quarter in the prior year, the overall decrease in sales was driven by a sales volume decrease of 14%, offset partially by sales price increases of 2%. by product line, commodity sales decreased 17%, general line product sales decreased 2%, and sales of ewp (substantially all of which are sourced through our wood products segment) decreased 19%. bmd segment income decreased $45.5 million to $92.5 million for the three months ended december 31, 2022, from $138.0 million in the comparative prior year quarter. the decrease in segment income was driven primarily by a gross margin decrease of $39.7 million, resulting from decreased sales volumes and declining commodity prices during fourth quarter 2022. in addition, selling and distribution expenses increased $3.6 million. for the year ended december 31, 2022, sales increased $469.3 million, or 7%, to $7,643.6 million from $7,174.3 million in 2021. the increase in sales was driven by sales price increases of 11%, offset partially by a sales volume decrease of 4%. by product line, commodity sales decreased 7%, general line product sales increased 17%, and sales of ewp increased 28%. bmd segment income increased $146.0 million to $627.1 million for the year ended december 31, 2022, from $481.1 million for the year ended december 31, 2021. the increase in segment income was driven by a gross margin increase of $215.5 million, primarily related to improved margins across our ewp and general line products. the improvement was offset partially by increased selling and distribution expenses and general and administrative expenses of $56.8 million and $7.8 million, respectively. unallocated corporate costs unallocated corporate expenses increased $3.9 million to $44.4 million for the year ended december 31, 2022, from $40.5 million for the year ended december 31, 2021. the increase was due primarily to higher employee-related expenses, offset partially by lower self-insurance losses during 2022. balance sheet and liquidity boise cascade ended fourth quarter 2022 with $998.3 million of cash and cash equivalents and $396.2 million of undrawn committed bank line availability, for total available liquidity of $1,394.5 million. the company had $444.4 million of outstanding debt at december 31, 2022. we expect capital expenditures in 2023 to total approximately $120 million to $140 million. our 2023 capital expenditures range includes funding for greenfield distribution centers in south carolina and texas, which will allow us to better serve our customers in several high-growth markets, projects at our mills in the southeast to expand our ewp capacity, and the recently announced purchase of property to house an additional door shop assembly operation in kansas city, missouri. this level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases. dividends on february 7, 2023, our board of directors declared a quarterly dividend of $0.15 per share on our common stock, payable on march 15, 2023, to stockholders of record on february 22, 2023. future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant. outlook demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. while mortgage rates have declined from peak levels in late 2022 and home price increases have moderated, home affordability remains a challenge for consumers. the federal reserve's upcoming actions in response to inflationary data and what impacts these actions have on mortgage rates and the broader economy will continue to influence the near-term demand environment. we expect a deceleration in housing starts, with various industry forecasts for 2023 single- and multi-family housing starts in the u.s generally ranging from 1.1 million to 1.3 million units, compared with actual housing starts of 1.55 million in 2022 and 1.60 million in 2021, as reported by the u.s. census bureau. as it relates to home improvement spending, the age of u.s. housing stock and elevated levels of homeowner equity provide a favorable backdrop for repair-and-remodel spending. while likely tempered by an economic slowdown, we anticipate the primary drivers of repair-and-remodeling activity to continue to be supportive of homeowners' further investment in their residences. as a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. our distribution business purchases and resells a broad mix of commodity products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. we expect future commodity product pricing and commodity input costs to be volatile in response to economic uncertainties, industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. in addition, we have experienced price erosion and reduced volumes on our ewp products due to slowing economic activity and decreased demand for new residential construction. as such, we have and will continue to manage our production levels to meet current and expected sales demand, which will result in operating some of our facilities below their capacity until demand improves. about boise cascade boise cascade company is one of the largest producers of engineered wood products and plywood in north america and a leading u.s. wholesale distributor of building products. for more information, please visit the company's website at www.bc.com. webcast and conference call boise cascade will host a webcast and conference call to discuss fourth quarter and full year earnings on wednesday, february 22, 2023, at 11 a.m. eastern. to join the webcast, go to the investor relations section at www.bc.com and select the event calendar link. analysts and investors who wish to ask questions during the q&a session can register for the call here. the archived webcast will be available in the investor relations section of boise cascade's website. use of non-gaap financial measures we refer to the terms ebitda and adjusted ebitda in this earnings release and the accompanying quarterly statistical information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the united states (gaap). we define ebitda as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. additionally, we disclose adjusted ebitda, which further adjusts ebitda to exclude the change in fair value of interest rate swaps. we believe ebitda and adjusted ebitda are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. we also believe ebitda and adjusted ebitda are useful to investors because they provide a means to evaluate the operating performance of our segments and our company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. ebitda and adjusted ebitda, however, are not measures of our liquidity or financial performance under gaap and should not be considered as alternatives to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with gaap or as alternatives to cash flow from operating activities as a measure of our liquidity. the use of ebitda and adjusted ebitda instead of net income (loss) or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. management compensates for these limitations by relying on our gaap results. our measures of ebitda and adjusted ebitda are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. forward-looking statements this press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of section 27a of the securities act of 1933 and section 21e of the securities exchange act of 1934, including, but not limited to, statements regarding our outlook. statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. the accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, our ability to efficiently and effectively integrate the coastal plywood acquisition, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. these and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the securities and exchange commission. forward-looking statements speak only as of the date of this press release. we undertake no obligation to revise them in light of new information. finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release. boise cascade company consolidated statements of operations (in thousands, except per-share data) (unaudited) three months ended year ended december 31 september 30, 2022 december 31 2022 2021 2022 2021 sales $ 1,628,306 $ 1,782,183 $ 2,154,647 $ 8,387,307 $ 7,926,111 costs and expenses materials, labor, and other operating expenses (excluding depreciation) 1,288,717 1,390,714 1,655,979 6,472,540 6,300,076 depreciation and amortization 31,982 20,495 28,374 101,593 80,753 selling and distribution expenses 130,145 124,897 142,176 553,251 491,016 general and administrative expenses 22,375 18,976 27,622 103,750 83,228 other (income) expense, net (689 ) (280 ) 1,126 (1,676 ) (765 ) 1,472,530 1,554,802 1,855,277 7,229,458 6,954,308 income from operations 155,776 227,381 299,370 1,157,849 971,803 foreign currency exchange gain (loss) 457 42 (1,674 ) (1,584 ) (10 ) pension expense (excluding service costs) (41 ) (19 ) (41 ) (294 ) (76 ) interest expense (6,443 ) (6,305 ) (6,398 ) (25,412 ) (24,806 ) interest income 7,575 22 3,238 12,263 195 change in fair value of interest rate swaps (35 ) 687 1,134 3,559 1,745 1,513 (5,573 ) (3,741 ) (11,468 ) (22,952 ) income before income taxes 157,289 221,808 295,629 1,146,381 948,851 income tax provision (39,929 ) (52,733 ) (76,042 ) (288,723 ) (236,365 ) net income $ 117,360 $ 169,075 $ 219,587 $ 857,658 $ 712,486 weighted average common shares outstanding: basic 39,544 39,442 39,544 39,526 39,420 diluted 39,830 39,735 39,776 39,772 39,646 net income per common share: basic $ 2.97 $ 4.29 $ 5.55 $ 21.70 $ 18.07 diluted $ 2.95 $ 4.26 $ 5.52 $ 21.56 $ 17.97 dividends declared per common share $ 1.15 $ 3.12 $ 0.12 $ 4.01 $ 5.42 wood products segment statements of operations (in thousands, except percentages) (unaudited) three months ended year ended december 31 september 30, 2022 december 31 2022 2021 2022 2021 segment sales $ 425,602 $ 446,584 $ 595,320 $ 2,115,896 $ 1,970,804 costs and expenses materials, labor, and other operating expenses (excluding depreciation) 312,143 322,215 398,008 1,405,417 1,332,906 depreciation and amortization 24,730 13,861 21,285 73,308 55,249 selling and distribution expenses 10,397 8,783 11,164 41,140 35,741 general and administrative expenses 3,751 3,414 7,717 21,940 15,628 other (income) expense, net (397 ) (55 ) 1,174 (1,076 ) 45 350,624 348,218 439,348 1,540,729 1,439,569 segment income $ 74,978 $ 98,366 $ 155,972 $ 575,167 $ 531,235 (percentage of sales) segment sales 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % costs and expenses materials, labor, and other operating expenses (excluding depreciation) 73.3 % 72.2 % 66.9 % 66.4 % 67.6 % depreciation and amortization 5.8 % 3.1 % 3.6 % 3.5 % 2.8 % selling and distribution expenses 2.4 % 2.0 % 1.9 % 1.9 % 1.8 % general and administrative expenses 0.9 % 0.8 % 1.3 % 1.0 % 0.8 % other (income) expense, net (0.1 %) — % 0.2 % (0.1 %) — % 82.4 % 78.0 % 73.8 % 72.8 % 73.0 % segment income 17.6 % 22.0 % 26.2 % 27.2 % 27.0 % building materials distribution segment statements of operations (in thousands, except percentages) (unaudited) three months ended year ended december 31 september 30, 2022 december 31 2022 2021 2022 2021 segment sales $ 1,443,780 $ 1,645,513 $ 1,956,802 $ 7,643,615 $ 7,174,278 costs and expenses materials, labor, and other operating expenses (excluding depreciation) 1,216,198 1,378,206 1,655,257 6,438,103 6,184,290 depreciation and amortization 6,941 6,258 6,760 27,005 24,007 selling and distribution expenses 119,748 116,114 131,012 512,111 455,277 general and administrative expenses 8,387 7,230 9,480 39,651 31,857 other (income) expense, net 51 (258 ) (143 ) (346 ) (2,238 ) 1,351,325 1,507,550 1,802,366 7,016,524 6,693,193 segment income $ 92,455 $ 137,963 $ 154,436 $ 627,091 $ 481,085 (percentage of sales) segment sales 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % costs and expenses materials, labor, and other operating expenses (excluding depreciation) 84.2 % 83.8 % 84.6 % 84.2 % 86.2 % depreciation and amortization 0.5 % 0.4 % 0.3 % 0.4 % 0.3 % selling and distribution expenses 8.3 % 7.1 % 6.7 % 6.7 % 6.3 % general and administrative expenses 0.6 % 0.4 % 0.5 % 0.5 % 0.4 % other (income) expense, net — % — % — % — % — % 93.6 % 91.6 % 92.1 % 91.8 % 93.3 % segment income 6.4 % 8.4 % 7.9 % 8.2 % 6.7 % segment information (in thousands) (unaudited) three months ended year ended december 31 september 30, 2022 december 31 2022 2021 2022 2021 segment sales wood products $ 425,602 $ 446,584 $ 595,320 $ 2,115,896 $ 1,970,804 building materials distribution 1,443,780 1,645,513 1,956,802 7,643,615 7,174,278 intersegment eliminations (241,076 ) (309,914 ) (397,475 ) (1,372,204 ) (1,218,971 ) total net sales $ 1,628,306 $ 1,782,183 $ 2,154,647 $ 8,387,307 $ 7,926,111 segment income wood products $ 74,978 $ 98,366 $ 155,972 $ 575,167 $ 531,235 building materials distribution 92,455 137,963 154,436 627,091 481,085 total segment income 167,433 236,329 310,408 1,202,258 1,012,320 unallocated corporate costs (11,657 ) (8,948 ) (11,038 ) (44,409 ) (40,517 ) income from operations $ 155,776 $ 227,381 $ 299,370 $ 1,157,849 $ 971,803 segment ebitda wood products $ 99,708 $ 112,227 $ 177,257 $ 648,475 $ 586,484 building materials distribution 99,396 144,221 161,196 654,096 505,092 see accompanying summary notes to consolidated financial statements and segment information. boise cascade company consolidated balance sheets (in thousands) (unaudited) december 31, 2022 december 31, 2021 assets current cash and cash equivalents $ 998,344 $ 748,907 receivables trade, less allowances of $3,264 and $2,054 297,237 444,325 related parties 19 211 other 23,023 17,692 inventories 697,551 660,671 prepaid expenses and other 47,878 14,072 total current assets 2,064,052 1,885,878 property and equipment, net 770,023 495,240 operating lease right-of-use assets 55,582 62,663 finance lease right-of-use assets 26,501 29,057 timber deposits 7,519 9,461 goodwill 137,958 60,382 intangible assets, net 161,433 15,351 deferred income taxes 6,116 6,589 other assets 11,330 8,019 total assets $ 3,240,514 $ 2,572,640 boise cascade company consolidated balance sheets (continued) (in thousands, except per-share data) (unaudited) december 31, 2022 december 31, 2021 liabilities and stockholders' equity current accounts payable trade $ 269,785 $ 334,985 related parties 1,019 1,498 accrued liabilities compensation and benefits 142,463 128,518 interest payable 9,955 9,886 other 122,606 165,859 total current liabilities 545,828 640,746 debt long-term debt 444,392 444,628 other compensation and benefits 33,226 28,365 operating lease liabilities, net of current portion 48,668 55,263 finance lease liabilities, net of current portion 30,022 31,898 deferred income taxes 63,454 3,641 other long-term liabilities 16,949 15,480 192,319 134,647 commitments and contingent liabilities stockholders' equity preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding — — common stock, $0.01 par value per share; 300,000 shares authorized, 44,827 and 44,698 shares issued, respectively 448 447 treasury stock, 5,367 shares at cost (138,909 ) (138,909 ) additional paid-in capital 551,215 543,249 accumulated other comprehensive loss (520 ) (1,047 ) retained earnings 1,645,741 948,879 total stockholders' equity 2,057,975 1,352,619 total liabilities and stockholders' equity $ 3,240,514 $ 2,572,640 boise cascade company consolidated statements of cash flows (in thousands) (unaudited) year ended december 31 2022 2021 cash provided by (used for) operations net income $ 857,658 $ 712,486 items in net income not using (providing) cash depreciation and amortization, including deferred financing costs and other 103,879 82,489 stock-based compensation 11,870 7,911 pension expense 294 76 deferred income taxes 59,666 (13,704 ) change in fair value of interest rate swaps (3,559 ) (1,745 ) other (1,043 ) 712 decrease (increase) in working capital, net of acquisitions receivables 158,073 (71,190 ) inventories (13,903 ) (158,472 ) prepaid expenses and other (2,834 ) (3,238 ) accounts payable and accrued liabilities (100,354 ) 123,670 pension contributions (1,058 ) (470 ) income taxes payable (30,561 ) (10,057 ) other 3,091 (1,484 ) net cash provided by operations 1,041,219 666,984 cash provided by (used for) investment expenditures for property and equipment (114,117 ) (106,518 ) acquisitions of businesses and facilities (515,237 ) — proceeds from sales of assets and other 3,898 932 net cash used for investment (625,456 ) (105,586 ) cash provided by (used for) financing borrowings of long-term debt, including revolving credit facility — 28,000 payments of long-term debt, including revolving credit facility — (28,000 ) payments of deferring financing costs (1,174 ) — dividends paid on common stock (159,564 ) (213,681 ) tax withholding payments on stock-based awards (3,930 ) (2,729 ) other (1,658 ) (1,463 ) net cash used for financing (166,326 ) (217,873 ) net increase in cash and cash equivalents 249,437 343,525 balance at beginning of the period 748,907 405,382 balance at end of the period $ 998,344 $ 748,907 summary notes to consolidated financial statements and segment information the consolidated statements of operations, segment statements of operations, consolidated balance sheets, consolidated statements of cash flows, and segment information presented herein do not include the notes accompanying the company's consolidated financial statements and should be read in conjunction with the company’s 2022 form 10-k and the company's other filings with the securities and exchange commission. net income for all periods presented involved estimates and accruals. ebitda represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. additionally, we disclose adjusted ebitda, which further adjusts ebitda to exclude the change in fair value of interest rate swaps. the following table reconciles net income to ebitda and adjusted ebitda for (i) the three months ended december 31, 2022 and 2021, (ii) the three months ended september 30, 2022, and (iii) the year ended december 31, 2022 and 2021: three months ended year ended december 31 september 30, 2022 december 31 2022 2021 2022 2021 (in thousands) net income $ 117,360 $ 169,075 $ 219,587 $ 857,658 $ 712,486 interest expense 6,443 6,305 6,398 25,412 24,806 interest income (7,575 ) (22 ) (3,238 ) (12,263 ) (195 ) income tax provision 39,929 52,733 76,042 288,723 236,365 depreciation and amortization 31,982 20,495 28,374 101,593 80,753 ebitda 188,139 248,586 327,163 1,261,123 1,054,215 change in fair value of interest rate swaps 35 (687 ) (1,134 ) (3,559 ) (1,745 ) adjusted ebitda $ 188,174 $ 247,899 $ 326,029 $ 1,257,564 $ 1,052,470 the following table reconciles segment income and unallocated corporate costs to ebitda and adjusted ebitda for the (i) three months ended december 31, 2022 and 2021, (ii) three months ended september 30, 2022, and (iii) the year ended december 31, 2022 and 2021: three months ended year ended december 31 september 30, 2022 december 31 2022 2021 2022 2021 (in thousands) wood products segment income $ 74,978 $ 98,366 $ 155,972 $ 575,167 $ 531,235 depreciation and amortization 24,730 13,861 21,285 73,308 55,249 ebitda $ 99,708 $ 112,227 $ 177,257 $ 648,475 $ 586,484 building materials distribution segment income $ 92,455 $ 137,963 $ 154,436 $ 627,091 $ 481,085 depreciation and amortization 6,941 6,258 6,760 27,005 24,007 ebitda $ 99,396 $ 144,221 $ 161,196 $ 654,096 $ 505,092 corporate unallocated corporate costs $ (11,657 ) $ (8,948 ) $ (11,038 ) $ (44,409 ) $ (40,517 ) foreign currency exchange gain (loss) 457 42 (1,674 ) (1,584 ) (10 ) pension expense (excluding service costs) (41 ) (19 ) (41 ) (294 ) (76 ) change in fair value of interest rate swaps (35 ) 687 1,134 3,559 1,745 depreciation and amortization 311 376 329 1,280 1,497 ebitda (10,965 ) (7,862 ) (11,290 ) (41,448 ) (37,361 ) change in fair value of interest rate swaps 35 (687 ) (1,134 ) (3,559 ) (1,745 ) corporate adjusted ebitda $ (10,930 ) $ (8,549 ) $ (12,424 ) $ (45,007 ) $ (39,106 ) total company adjusted ebitda $ 188,174 $ 247,899 $ 326,029 $ 1,257,564 $ 1,052,470
