Boise Cascade Co

Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products (EWP) and plywood in North America. As used in this Form 10-K, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. As a leading distributor and manufacturer of building materials, we bring people, products, and services together to build strong homes, businesses, and communities that stand the test of time.

Our two reportable segments, Building Materials Distribution and Wood Products, operate with a high degree of integration. Our Building Materials Distribution segment (BMD) operates a nationwide network of distribution facilities that sell a broad line of building materials, including oriented strand board (OSB), plywood, and lumber (collectively referred to as commodities); general line items such as siding, composite decking, doors and millwork, metal products, roofing, and insulation; and EWP. In our Wood Products segment, we manufacture laminated veneer lumber (LVL), I-joists, and laminated beams, which are collectively referred to as EWP. In addition, we manufacture structural, appearance, and industrial grade plywood panels, and ponderosa pine lumber. BMD is the largest customer of our Wood Products segment. Substantially all of BMD's EWP is sourced from our Wood Products segment, with the remaining products we distribute sourced from a broad vendor base of third-party suppliers ranging from large manufacturers to small regional producers.

Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and other industrial applications. We have a broad base of national and local customers, which includes a diverse mix of dealers, home improvement centers, leading wholesalers, specialty distributors, and industrial converters. Drivers of new residential construction, residential repair-and-remodeling activity, and light commercial construction include new household formation, the age of the housing stock, availability of credit and other macroeconomic factors, such as GDP growth, population growth and migration, interest rates, employment, and consumers' financial health.

We believe our integrated business model provides us with advantages over less integrated competitors and provides unique and significant value to our customers. BMD benefits from a committed manufacturing partnership, Wood Products enjoys superior access to the market through a committed distributor, and we capture margin at both levels of the supply chain. In addition, BMD and Wood Products are collectively motivated to make the investments necessary to support our growth in the marketplace. Substantially all of BMD's EWP is sourced from our Wood Products segment, with BMD consuming approximately 75% of the volumes that Wood Products produces. In addition, Wood Products and BMD have made significant progress in recent years to leverage the integrated model to increase the proportion of plywood sold through our distribution network. From 2021 to 2025, Wood Products' sales volumes of plywood to BMD increased from 28% to 51%.