$BCC Managements' Good Decisions.
Boise Cascade Company has been one of the largest beneficiaries of the pandemic with shares up over 250% since the beginning. This is due to the significant increase in the price of lumber and building products in general.

Management recognized that this price inflation was temporary and set to work deploying capital to de-lever, as well as bolster balance sheet cash.

The significant jump in cash flow would indicate special conditions. And I would expect a contraction over the next few years.

Liquidity or Balance Sheet Cash has grown far faster over the last 2 years.

Net Leverage is far below the company's long-term goal of Sub-2x.

Unfortunately for $BCC, the price of random-length wood is steadily coming down.

It seems like the run was good while it lasted but I would expect with housing starting to show signs of slowing down as well as lumber prices falling the extremely good times might be coming to a close.

I do think that the management team has done a fine job these last few years and I would expect them to be able to continue to run the company well into the future.
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