Boise Cascade Company Reports Second Quarter 2023 Results

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BOISE, Idaho, July 31, 2023--(BUSINESS WIRE)--Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $146.3 million, or $3.67 per share, on sales of $1.8 billion for the second quarter ended June 30, 2023, compared with net income of $218.1 million, or $5.49 per share, on sales of $2.3 billion for the second quarter ended June 30, 2022.

"Both businesses again delivered solid financial performance during the second quarter as we continued to execute our integrated business model in support of our customer and supplier partners. Our associates' consistent focus, grit, and hard work remain key to driving our operating and financial results," stated Nate Jorgensen, CEO. "As we close out the first half of 2023, we are encouraged by the resiliency of market demand despite ongoing economic uncertainties, and our long-term view of the strength of residential construction remains. The focus on working capital performance is a priority as the channel looks to manage inventory risk and reward, and we are uniquely positioned on a national scale to deliver the service levels in support of those efforts. Lastly, our balance sheet remains well positioned for continued investment in our associates, key strategies and growth initiatives in our distribution and EWP businesses, and further shareholder returns."

Second Quarter 2023 Highlights

2Q 2023

2Q 2022

% change

(in thousands, except per-share data and percentages)

Consolidated Results

Sales

$

1,815,219

$

2,278,072

(20)%

Net income

146,320

218,111

(33)%

Net income per common share - diluted

3.67

5.49

(33)%

Adjusted EBITDA 1

220,976

317,229

(30)%

Segment Results

Wood Products sales

$

530,273

$

536,030

(1)%

Wood Products income

104,035

154,101

(32)%

Wood Products EBITDA 1

127,040

167,754

(24)%

Building Materials Distribution sales

1,636,538

2,131,200

(23)%

Building Materials Distribution income

98,550

154,308

(36)%

Building Materials Distribution EBITDA 1

105,936

161,036

(34)%

1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In second quarter 2023, total U.S. housing starts and single-family housing starts decreased 11% and 14%, respectively, compared to the same period in 2022. On a year-to-date basis through June 2023, total housing starts decreased 15%, driven by a decrease in single-family housing starts of 21% compared to the same period in 2022. 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 $5.7 million, or 1%, to $530.3 million for the three months ended June 30, 2023, from $536.0 million for the three months ended June 30, 2022. The decrease in sales was driven by lower plywood sales prices and lower I-joists sales volumes. These decreases were offset partially by higher plywood sales volumes, higher sales prices for LVL and I-joists (collectively referred to as EWP), and higher LVL sales volumes.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

2Q 2023 vs. 2Q 2022

2Q 2023 vs. 1Q 2023

Average Net Selling Prices

LVL

6%

(3)%

I-joists

1%

(4)%

Plywood

(36)%

(1)%

Sales Volumes

LVL

2%

29%

I-joists

(9)%

63%

Plywood

57%

8%

Wood Products' segment income decreased $50.1 million to $104.0 million for the three months ended June 30, 2023, from $154.1 million for the three months ended June 30, 2022. The decrease in segment income was due primarily to lower plywood sales prices. In addition, segment income was negatively impacted by an increase in depreciation and amortization expense due to the acquisition of two plywood facilities on July 25, 2022. These decreases in segment income were offset partially by higher plywood sales volumes, higher EWP sales prices, as well as lower wood fiber costs.

Building Materials Distribution

BMD's sales decreased $494.7 million, or 23%, to $1,636.5 million for the three months ended June 30, 2023, from $2,131.2 million for the three months ended June 30, 2022. Compared with the same quarter in the prior year, the overall decrease in sales was driven by sales price and sales volume decreases of 22% and 1%, respectively. By product line, commodity sales decreased 36%, general line product sales decreased 8%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 21%.

BMD segment income decreased $55.7 million to $98.6 million for the three months ended June 30, 2023, from $154.3 million in the comparative prior year quarter. The decline in segment income was driven by a gross margin decrease of $49.8 million, resulting from lower margins on EWP and general line products, offset partially by margin improvements on commodity products. In addition, selling and distribution expenses increased $3.9 million.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2023 with $1,080.9 million of cash and cash equivalents and $395.9 million of undrawn committed bank line availability, for total available liquidity of $1,476.8 million. The Company had $444.8 million of outstanding debt at June 30, 2023.

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, projects at our mills in the southeast to expand our EWP capacity, and the 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 July 27, 2023, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on September 15, 2023, to stockholders of record on September 1, 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. U.S. housing starts in June 2023 were approximately 1.4 million on a seasonally adjusted annual rate basis, as reported by the U.S. Census Bureau. However, home affordability remains a challenge for consumers, and the Federal Reserve's ongoing actions in response to inflationary data and what impacts these actions have on future mortgage rates and the broader economy will influence the near-term demand environment. As such, the outlook for the back half of 2023 remains uncertain and is reflected in various industry forecasts for 2023 U.S. housing starts that generally range from 1.3 million to 1.4 million units, compared with actual housing starts of 1.55 million in 2022, as reported by the U.S. Census Bureau. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. However, industry forecasts project continued moderation of year-over-year growth in renovation spending, and economic uncertainty may also negatively impact 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. Future commodity product pricing and commodity input costs may 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, EWP volumes will continue to be influenced by demand for new residential construction, particularly single-family housing starts, and we expect modest EWP price erosion in the third quarter.

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 second quarter earnings on Tuesday, August 1, 2023, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors 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 Investors 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, 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

Six Months Ended

June 30

March 31,
2023

June 30

2023

2022

2023

2022

Sales

$

1,815,219

$

2,278,072

$

1,544,329

$

3,359,548

$

4,604,354

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

1,426,436

1,797,948

1,230,635

2,657,071

3,527,844

Depreciation and amortization

30,722

20,694

31,186

61,908

41,237

Selling and distribution expenses

139,205

134,279

128,788

267,993

280,930

General and administrative expenses

30,147

27,701

26,463

56,610

53,753

Other (income) expense, net

(1,266

)

375

(345

)

(1,611

)

(2,113

)

1,625,244

1,980,997

1,416,727

3,041,971

3,901,651

Income from operations

189,975

297,075

127,602

317,577

702,703

Foreign currency exchange gain (loss)

320

(499

)

(73

)

247

(367

)

Pension expense (excluding service costs)

(41

)

(41

)

(41

)

(82

)

(212

)

Interest expense

(6,339

)

(6,317

)

(6,361

)

(12,700

)

(12,571

)

Interest income

11,519

1,385

9,685

21,204

1,450

Change in fair value of interest rate swaps

333

394

(804

)

(471

)

2,460

5,792

(5,078

)

2,406

8,198

(9,240

)

Income before income taxes

195,767

291,997

130,008

325,775

693,463

Income tax provision

(49,447

)

(73,886

)

(33,275

)

(82,722

)

(172,752

)

Net income

$

146,320

$

218,111

$

96,733

$

243,053

$

520,711

Weighted average common shares outstanding:

Basic

39,675

39,544

39,593

39,634

39,509

Diluted

39,834

39,763

39,838

39,818

39,762

Net income per common share:

Basic

$

3.69

$

5.52

$

2.44

$

6.13

$

13.18

Diluted

$

3.67

$

5.49

$

2.43

$

6.10

$

13.10

Dividends declared per common share

$

3.15

$

2.62

$

0.15

$

3.30

$

2.74

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

Three Months Ended

Six Months Ended

June 30

March 31,
2023

June 30

2023

2022

2023

2022

Segment sales

$

530,273

$

536,030

$

437,428

$

967,701

$

1,094,974

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

387,407

351,557

327,739

715,146

695,266

Depreciation and amortization

23,005

13,653

23,790

46,795

27,293

Selling and distribution expenses

11,437

10,349

11,678

23,115

19,579

General and administrative expenses

5,364

5,826

5,178

10,542

10,472

Other (income) expense, net

(975

)

544

(352

)

(1,327

)

(1,853

)

426,238

381,929

368,033

794,271

750,757

Segment income

$

104,035

$

154,101

$

69,395

$

173,430

$

344,217

(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)

73.1

%

65.6

%

74.9

%

73.9

%

63.5

%

Depreciation and amortization

4.3

%

2.5

%

5.4

%

4.8

%

2.5

%

Selling and distribution expenses

2.2

%

1.9

%

2.7

%

2.4

%

1.8

%

General and administrative expenses

1.0

%

1.1

%

1.2

%

1.1

%

1.0

%

Other (income) expense, net

(0.2

%)

0.1

%

(0.1

)%

(0.1

%)

(0.2

%)

80.4

%

71.3

%

84.1

%

82.1

%

68.6

%

Segment income

19.6

%

28.7

%

15.9

%

17.9

%

31.4

%

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

Three Months Ended

Six Months Ended

June 30

March 31,
2023

June 30

2023

2022

2023

2022

Segment sales

$

1,636,538

$

2,131,200

$

1,379,242

$

3,015,780

$

4,243,033

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

1,391,015

1,835,845

1,175,550

2,566,565

3,566,648

Depreciation and amortization

7,386

6,728

7,070

14,456

13,304

Selling and distribution expenses

127,786

123,930

117,110

244,896

261,351

General and administrative expenses

12,089

10,558

10,030

22,119

21,784

Other (income) expense, net

(288

)

(169

)

(203

)

(491

)

(254

)

1,537,988

1,976,892

1,309,557

2,847,545

3,862,833

Segment income

$

98,550

$

154,308

$

69,685

$

168,235

$

380,200

(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)

85.0

%

86.1

%

85.2

%

85.1

%

84.1

%

Depreciation and amortization

0.5

%

0.3

%

0.5

%

0.5

%

0.3

%

Selling and distribution expenses

7.8

%

5.8

%

8.5

%

8.1

%

6.2

%

General and administrative expenses

0.7

%

0.5

%

0.7

%

0.7

%

0.5

%

Other (income) expense, net

—

%

...

—

%

—

%

—

%

—

%

94.0

%

92.8

%

94.9

%

94.4

%

91.0

%

Segment income

6.0

%

7.2

%

5.1

%

5.6

%

9.0

%

Segment Information

(in thousands) (unaudited)

Three Months Ended

Six Months Ended

June 30

March 31,
2023

June 30

2023

2022

2023

2022

Segment sales

Wood Products

$

530,273

$

536,030

$

437,428

$

967,701

$

1,094,974

Building Materials Distribution

1,636,538

2,131,200

1,379,242

3,015,780

4,243,033

Intersegment eliminations

(351,592

)

(389,158

)

(272,341

)

(623,933

)

(733,653

)

Total net sales

$

1,815,219

$

2,278,072

$

1,544,329

$

3,359,548

$

4,604,354

Segment income

Wood Products

$

104,035

$

154,101

$

69,395

$

173,430

$

344,217

Building Materials Distribution

98,550

154,308

69,685

168,235

380,200

Total segment income

202,585

308,409

139,080

341,665

724,417

Unallocated corporate costs

(12,610

)

(11,334

)

(11,478

)

(24,088

)

(21,714

)

Income from operations

$

189,975

$

297,075

$

127,602

$

317,577

$

702,703

Segment EBITDA

Wood Products

$

127,040

$

167,754

$

93,185

$

220,225

$

371,510

Building Materials Distribution

105,936

161,036

76,755

182,691

393,504

See accompanying summary notes to consolidated financial statements and segment information.

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

June 30, 2023

December 31, 2022

ASSETS

Current

Cash and cash equivalents

$

1,080,857

$

998,344

Receivables

Trade, less allowances of $3,212 and $3,264

478,655

297,237

Related parties

174

19

Other

13,244

23,023

Inventories

703,033

697,551

Prepaid expenses and other

22,682

47,878

Total current assets

2,298,645

2,064,052

Property and equipment, net

784,562

770,023

Operating lease right-of-use assets

53,270

55,582

Finance lease right-of-use assets

25,264

26,501

Timber deposits

7,613

7,519

Goodwill

137,958

137,958

Intangible assets, net

152,834

161,433

Deferred income taxes

5,977

6,116

Other assets

10,265

11,330

Total assets

$

3,476,388

$

3,240,514

Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data) (unaudited)

June 30, 2023

December 31, 2022

LIABILITIES AND STOCKHOLDERS' EQUITY

Current

Accounts payable

Trade

$

415,387

$

269,785

Related parties

1,596

1,019

Accrued liabilities

Compensation and benefits

106,980

142,463

Interest payable

9,961

9,955

Other

133,420

122,606

Total current liabilities

667,344

545,828

Debt

Long-term debt

444,836

444,392

Other

Compensation and benefits

35,731

33,226

Operating lease liabilities, net of current portion

46,784

48,668

Finance lease liabilities, net of current portion

29,073

30,022

Deferred income taxes

65,944

63,454

Other long-term liabilities

18,152

16,949

195,684

192,319

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, 44,983 and 44,827 shares issued, respectively

450

448

Treasury stock, 5,393 and 5,367 shares at cost, respectively

(140,448

)

(138,909

)

Additional paid-in capital

552,805

551,215

Accumulated other comprehensive loss

(507

)

(520

)

Retained earnings

1,756,224

1,645,741

Total stockholders' equity

2,168,524

2,057,975

Total liabilities and stockholders' equity

$

3,476,388

$

3,240,514

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

Six Months Ended June 30

2023

2022

Cash provided by (used for) operations

Net income

$

243,053

$

520,711

Items in net income not using (providing) cash

Depreciation and amortization, including deferred financing costs and other

63,293

42,240

Stock-based compensation

7,518

5,403

Pension expense

82

212

Deferred income taxes

2,749

19,287

Change in fair value of interest rate swaps

471

(2,460

)

Other

(1,798

)

(1,987

)

Decrease (increase) in working capital

Receivables

(171,794

)

(129,993

)

Inventories

(5,482

)

(142,936

)

Prepaid expenses and other

(7,805

)

(7,602

)

Accounts payable and accrued liabilities

124,910

127,935

Pension contributions

(268

)

(794

)

Income taxes payable

33,220

4,507

Other

2,069

1,533

Net cash provided by operations

290,218

436,056

Cash provided by (used for) investment

Expenditures for property and equipment

(68,287

)

(40,808

)

Proceeds from sales of assets and other

1,918

2,864

Net cash used for investment

(66,369

)

(37,944

)

Cash provided by (used for) financing

Dividends paid on common stock

(132,967

)

(109,291

)

Tax withholding payments on stock-based awards

(5,926

)

(3,930

)

Treasury stock purchased

(1,539

)

—

Other

(904

)

(811

)

Net cash used for financing

(141,336

)

(114,032

)

Net increase in cash and cash equivalents

82,513

284,080

Balance at beginning of the period

998,344

748,907

Balance at end of the period

$

1,080,857

$

1,032,987

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 June 30, 2023 and 2022, (ii) the three months ended March 31, 2023, and (iii) the six months ended June 30, 2023 and 2022:

Three Months Ended

Six Months Ended

June 30

March 31,
2023

June 30

2023

2022

2023

2022

(in thousands)

Net income

$

146,320

$

218,111

$

96,733

$

243,053

$

520,711

Interest expense

6,339

6,317

6,361

12,700

12,571

Interest income

(11,519

)

(1,385

)

(9,685

)

(21,204

)

(1,450

)

Income tax provision

49,447

73,886

33,275

82,722

172,752

Depreciation and amortization

30,722

20,694

31,186

61,908

41,237

EBITDA

221,309

317,623

157,870

379,179

745,821

Change in fair value of interest rate swaps

(333

)

(394

)

804

471

(2,460

)

Adjusted EBITDA

$

220,976

$

317,229

$

158,674

$

379,650

$

743,361

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended June 30, 2023 and 2022, (ii) three months ended March 31, 2023, and (iii) six months ended June 30, 2023 and 2022:

Three Months Ended

Six Months Ended

June 30

March 31,
2023

June 30

2023

2022

2023

2022

(in thousands)

Wood Products

Segment income

$

104,035

$

154,101

$

69,395

$

173,430

$

344,217

Depreciation and amortization

23,005

13,653

23,790

46,795

27,293

EBITDA

$

127,040

$

167,754

$

93,185

$

220,225

$

371,510

Building Materials Distribution

Segment income

$

98,550

$

154,308

$

69,685

$

168,235

$

380,200

Depreciation and amortization

7,386

6,728

7,070

14,456

13,304

EBITDA

$

105,936

$

161,036

$

76,755

$

182,691

$

393,504

Corporate

Unallocated corporate costs

$

(12,610

)

$

(11,334

)

$

(11,478

)

$

(24,088

)

$

(21,714

)

Foreign currency exchange gain (loss)

320

(499

)

(73

)

247

(367

)

Pension expense (excluding service costs)

(41

)

(41

)

(41

)

(82

)

(212

)

Change in fair value of interest rate swaps

333

394

(804

)

(471

)

2,460

Depreciation and amortization

331

313

326

657

640

EBITDA

(11,667

)

(11,167

)

(12,070

)

(23,737

)

(19,193

)

Change in fair value of interest rate swaps

(333

)

(394

)

804

471

(2,460

)

Corporate adjusted EBITDA

$

(12,000

)

$

(11,561

)

$

(11,266

)

$

(23,266

)

$

(21,653

)

Total Company adjusted EBITDA

$

220,976

$

317,229

$

158,674

$

379,650

$

743,361

View source version on businesswire.com: https://www.businesswire.com/news/home/20230731313362/en/

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