Boise Cascade Company (NYSE:BCC) Q3 2023 Earnings Call Transcript

Kelly Hibbs: Yes. Sure, Kurt. So I think we think in terms of a normalized spend, we’re probably in the range given our growth of kind of $125 million, give or take, but it’s going to be a few years probably before we expect to moderate down to that level, given some good opportunities that we have ahead of us.

Kurt Yinger: Got it. And is that pretty evenly split between Wood Products and BMD?

Kelly Hibbs: No. I’d say it’s probably a little bit heavier to Wood Products than it is BMD once we kind of normalize.

Kurt Yinger: Okay. Great. And then just lastly, I mean, the stock has pulled back here a little bit. Does that change your appetite at all around share repurchase activity, and what would you need to see for that to maybe move up in terms of capital allocation priorities?

Kelly Hibbs: Yes. No, good question. So I’ll hit it like this, Kurt, which is stock repurchases are still very much in our toolkit for capital allocation options. And as I think you all know, we – there’s many times where you have restrictions on stock repurchases. If you’re evaluating transactions, and fortunately we’ve been able to do several nice transactions in the last couple of years. So our opportunity set has been somewhat restricted at times. And so I guess, at this point and assuming there’s no restrictions, we will buy shares. If doing so, we view that as being an attractive use of cash at that time relative to our other capital allocation opportunities.

Kurt Yinger: Got it. Okay. Thanks for the color, Kelly. Appreciate it.

Nate Jorgensen: Thank you, Kurt.

Kelly Hibbs: Thanks Kurt.

Operator: Thank you. And I see no further questions in the queue. I would now like to turn the conference back to Nate Jorgensen for closing remarks.

Nate Jorgensen: Thanks Chris. We appreciate everyone joining us on the call this morning for the update, and thank you for your continued interest and support of Boise Cascade. With that, please be safe and be well. Thank you.

Operator: This concludes today’s conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.