Boise Cascade Company Reports Second Quarter 2025 Results
BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $62.0 million, or $1.64 per share, on sales of $1.7 billion for the second quarter ended June 30, 2025, compared with net income of $112.3 million, or $2.84 per share, on sales of $1.8 billion for the second quarter ended June 30, 2024.
“During the second quarter of 2025, we experienced sequential volume growth driven by seasonally stronger activity, although underlying demand for new residential construction remained muted,” said Nate Jorgensen, CEO. “While we incurred expected costs related to the Oakdale plywood mill outage, the completion of this modernization project marks a significant milestone, enhancing operational efficiency, strengthening reliability, and reinforcing the value of self-sufficient veneer production as a key competitive advantage. As we navigate a dynamic market environment, our actions will address near-term challenges while continuing to invest in opportunities that position Boise Cascade for sustainable growth in the years ahead.”
Second Quarter 2025 Highlights
2Q 2025
2Q 2024
% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales
$
1,740,114
$
1,797,670
(3)
%
Net income
61,985
112,292
(45)
%
Net income per common share - diluted
1.64
2.84
(42)
%
Adjusted EBITDA 1
119,000
181,207
(34)
%
Segment Results
Wood Products sales
$
447,235
$
489,823
(9)
%
Wood Products income
13,976
72,780
(81)
%
Wood Products EBITDA 1
37,292
95,050
(61)
%
Building Materials Distribution sales
1,614,915
1,655,221
(2)
%
Building Materials Distribution income
78,033
85,400
(9)
%
Building Materials Distribution EBITDA 1
91,848
97,141
(5)
%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In second quarter 2025, total U.S. housing starts and single-family housing starts decreased 1% and 8%, respectively, compared to the same period in 2024. On a year-to-date basis through June 2025, total housing starts and single-family housing starts decreased 1% and 7%, respectively, compared to the same period in 2024. 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 $42.6 million, or 9%, to $447.2 million for the three months ended June 30, 2025, from $489.8 million for the three months ended June 30, 2024. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP). Lower plywood sales volumes and sales prices also contributed to the decrease in sales. In addition, lower sales volumes for I-joists resulted in decreased sales. These decreases were offset partially by increased sales volumes for LVL. Wood Products' segment income decreased $58.8 million to $14.0 million for the three months ended June 30, 2025, from $72.8 million for the three months ended June 30, 2024. The decrease in segment income was due to lower EWP and plywood sales prices, as well as higher per-unit conversion costs primarily as a result of downtime to complete the modernization projects at our Oakdale, Louisiana veneer and plywood mill. In addition, lower plywood sales volumes and an unfavorable profit in inventory adjustment contributed to the decrease in segment income. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property.
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
2Q 2025 vs. 2Q 2024
2Q 2025 vs. 1Q 2025
Average Net Selling Prices
LVL
(10)%
(3)%
I-joists
(8)%
(2)%
Plywood
(6)%
—%
Sales Volumes
LVL
8%
18%
I-joists
(5)%
14%
Plywood
(7)%
(2)%
Building Materials Distribution
BMD's sales decreased $40.3 million, or 2%, to $1,614.9 million for the three months ended June 30, 2025, from $1,655.2 million for the three months ended June 30, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by a sales price decrease of 2%, as sales volumes were flat. By product line, commodity sales decreased 5%, general line product sales increased 4%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 12%. BMD segment income decreased $7.4 million to $78.0 million for the three months ended June 30, 2025, from $85.4 million for the three months ended June 30, 2024. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $12.1 million and $2.1 million, respectively. These decreases to segment income were offset partially by a gross margin increase of $3.4 million, resulting primarily from increased margins on general line products, which were offset partially by decreased margins on commodity and EWP products. Additionally, segment income benefited from a $3.8 million gain on the sale of a non-operating property.
Balance Sheet and Liquidity
Boise Cascade ended second quarter 2025 with $481.0 million of cash and cash equivalents and $395.2 million of undrawn committed bank line availability, for total available liquidity of $876.2 million. The Company had $450.0 million of outstanding debt at June 30, 2025.
2
Capital Allocation
We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $220 million to $240 million. 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.
For the six months ended June 30, 2025, the Company paid $18.4 million in common stock dividends. On July 31, 2025, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on September 17, 2025, to stockholders of record on September 2, 2025.
For the six months ended June 30, 2025, the Company paid $86.0 million for the repurchase of 837,352 shares of our common stock. In July 2025, the Company repurchased an additional 117,000 shares of our common stock at a cost of approximately $10 million. Subsequent to these share repurchases, there were approximately 850,000 shares available for repurchase under our existing share repurchase program.
Outlook
Demand for the products we manufacture, as well as the products we purchase and distribute, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key driver of demand for the products we manufacture and distribute. During the past quarter, the operating environment reflected adjustments by large public homebuilders, who moderated their building pace to align with a demand environment shaped by affordability considerations, cautious consumer sentiment, and broader economic conditions. Evolving market conditions have led to reduced home turnover and households delaying big projects impacting repair-and-remodeling spending. Near-term end market demand has eased and will continue to be influenced by factors such as mortgage rates, home affordability, home equity levels, home sizes, new and existing home inventory levels, unemployment rates, and consumer confidence. However, long-term demand drivers for residential construction, including an undersupply of housing units, aging U.S. housing stock, and elevated levels of homeowner equity, remain strong and continue to support the industry’s fundamentals.
As a manufacturer of plywood, a commodity product, we remain subject to fluctuations in product pricing and input costs. Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products, is expected to remain dynamic, influenced by economic conditions, industry operating rates, supply disruptions, duties, tariffs, transportation constraints, inventory levels, and seasonal demand patterns. For the balance of 2025, our rates of production and inventory stocking positions, will be influenced by end market demand signals and channel inventory decisions of our customer base.
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 5, 2025, 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.
3
Use of Non-GAAP Financial Measures
We refer to the terms EBITDA, Adjusted EBITDA and Segment 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 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 also disclose Segment EBITDA, which is segment income before depreciation and amortization.
We believe EBITDA, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income 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, Adjusted EBITDA and Segment EBITDA instead of net income or segment income 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, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.
4
Forward-Looking Statements
This press release contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; the need to successfully formulate and implement succession plans for key members of our management team; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we manufacture and distribute, as well as our raw materials; cost and availability of raw materials, including wood fiber and glues and resins; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity.
It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
5
Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months Ended
Six Months Ended
June 30
March 31, 2025
June 30
2025
2024
2025
2024
Sales
$
1,740,114
$
1,797,670
$
1,536,494
$
3,276,608
$
3,443,090
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)
1,441,459
1,440,680
1,276,183
2,717,642
2,748,119
Depreciation and amortization
37,409
34,367
37,121
74,530
70,217
Selling and distribution expenses
161,815
149,783
143,648
305,463
293,893
General and administrative expenses
26,470
25,943
24,997
51,467
51,060
Other (income) expense, net
(7,569)
(84)
26
(7,543)
(162)
1,659,584
1,650,689
1,481,975
3,141,559
3,163,127
Income from operations
80,530
146,981
54,519
135,049
279,963
Foreign currency exchange gain (loss)
1,093
(104)
—
1,093
(403)
Pension expense (excluding service costs)
(32)
(37)
(33)
(65)
(74)
Interest expense
(5,183)
(6,105)
(5,312)
(10,495)
(12,175)
Interest income
4,623
10,543
5,510
10,133
21,140
Change in fair value of interest rate swaps
(435)
(487)
(490)
(925)
(707)
66
3,810
(325)
(259)
7,781
Income before income taxes
80,596
150,791
54,194
134,790
287,744
Income tax provision
(18,611)
(38,499)
(13,846)
(32,457)
(71,328)
Net income
$
61,985
$
112,292
$
40,348
$
102,333
$
216,416
Weighted average common shares outstanding:
Basic
37,682
39,412
38,017
37,848
39,510
Diluted
37,795
39,608
38,215
37,999
39,766
Net income per common share:
Basic
$
1.64
$
2.85
$
1.06
$
2.70
$
5.48
Diluted
$
1.64
$
2.84
$
1.06
$
2.69
$
5.44
Dividends declared per common share
$
0.21
$
0.20
$
0.21
$
0.42
$
0.40
6
Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended
Six Months Ended
June 30
March 31, 2025
June 30
2025
2024
2025
2024
Segment sales
$
447,235
$
489,823
$
415,845
$
863,080
$
958,751
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)
398,451
378,920
362,246
760,697
736,641
Depreciation and amortization
23,316
22,270
22,486
45,802
46,654
Selling and distribution expenses
11,004
11,114
10,603
21,607
21,665
General and administrative expenses
3,816
4,606
3,313
7,129
9,626
Other (income) expense, net
(3,328)
133
(512)
(3,840)
147
433,259
417,043
398,136
831,395
814,733
Segment income
$
13,976
$
72,780
$
17,709
$
31,685
$
144,018
(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)
89.1
%
77.4
%
87.1
%
88.1
%
76.8
%
Depreciation and amortization
5.2
%
4.5
%
5.4
%
5.3
%
4.9
%
Selling and distribution expenses
2.5
%
2.3
%
2.5
%
2.5
%
2.3
%
General and administrative expenses
0.9
%
0.9
%
0.8
%
0.8
%
1.0
%
Other (income) expense, net
(0.7
%)
—
%
(0.1)
%
(0.4
%)
—
%
96.9
%
85.1
%
95.7
%
96.3
%
85.0
%
Segment income
3.1
%
14.9
%
4.3
%
3.7
%
15.0
%
7
Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months Ended
Six Months Ended
June 30
March 31, 2025
June 30
2025
2024
2025
2024
Segment sales
$
1,614,915
$
1,655,221
$
1,407,116
$
3,022,031
$
3,160,242
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)
1,365,755
1,409,510
1,200,940
2,566,695
2,687,931
Depreciation and amortization
13,815
11,741
14,362
28,177
22,848
Selling and distribution expenses
150,865
138,716
133,099
283,964
272,330
General and administrative expenses
10,689
10,070
9,765
20,454
19,604
Other (income) expense, net
(4,242)
(216)
533
(3,709)
(334)
1,536,882
1,569,821
1,358,699
2,895,581
3,002,379
Segment income
$
78,033
$
85,400
$
48,417
$
126,450
$
157,863
(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)
84.6
%
85.2
%
85.3
%
84.9
%
85.1
%
Depreciation and amortization
0.9
%
0.7
%
1.0
%
0.9
%
0.7
%
Selling and distribution expenses
9.3
%
8.4
%
9.5
%
9.4
%
8.6
%
General and administrative expenses
0.7
%
0.6
%
0.7
%
0.7
%
0.6
%
Other (income) expense, net
(0.3)
%
—
%
—
%
(0.1)
%
—
%
95.2
%
94.8
%
96.6
%
95.8
%
95.0
%
Segment income
4.8
%
5.2
%
3.4
%
4.2
%
5.0
%
8
Segment Information
(in thousands) (unaudited)
Three Months Ended
Six Months Ended
June 30
March 31, 2025
June 30
2025
2024
2025
2024
Segment sales
Wood Products
$
447,235
$
489,823
$
415,845
$
863,080
$
958,751
Building Materials Distribution
1,614,915
1,655,221
1,407,116
3,022,031
3,160,242
Intersegment eliminations
(322,036)
(347,374)
(286,467)
(608,503)
(675,903)
Total net sales
$
1,740,114
$
1,797,670
$
1,536,494
$
3,276,608
$
3,443,090
Segment income
Wood Products
$
13,976
$
72,780
$
17,709
$
31,685
$
144,018
Building Materials Distribution
78,033
85,400
48,417
126,450
157,863
Total segment income
92,009
158,180
66,126
158,135
301,881
Unallocated corporate costs
(11,479)
(11,199)
(11,607)
(23,086)
(21,918)
Income from operations
$
80,530
$
146,981
$
54,519
$
135,049
$
279,963
Segment EBITDA
Wood Products
$
37,292
$
95,050
$
40,195
$
77,487
$
190,672
Building Materials Distribution
91,848
97,141
62,779
154,627
180,711
See accompanying summary notes to consolidated financial statements and segment information.
9
Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
June 30, 2025
December 31, 2024
ASSETS
Current
Cash and cash equivalents
$
481,019
$
713,260
Receivables
Trade, less allowances of $4,102 and $5,506
462,312
321,820
Related parties
282
173
Other
18,059
22,772
Inventories
918,957
803,296
Prepaid expenses and other
30,428
24,747
Total current assets
1,911,057
1,886,068
Property and equipment, net
1,116,343
1,047,083
Operating lease right-of-use assets
53,175
49,673
Finance lease right-of-use assets
12,549
22,128
Timber deposits
7,201
6,916
Goodwill
171,945
171,945
Intangible assets, net
162,856
173,027
Deferred income taxes
3,464
3,705
Other assets
6,921
8,838
Total assets
$
3,445,511
$
3,369,383
10
Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
June 30, 2025
December 31, 2024
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade
$
414,966
$
297,676
Related parties
2,173
1,315
Accrued liabilities
Compensation and benefits
98,865
127,415
Interest payable
10,145
9,957
Other
119,039
127,653
Total current liabilities
645,188
564,016
Debt
Long-term debt, net
444,884
446,167
Other
Compensation and benefits
38,031
42,006
Operating lease liabilities, net of current portion
46,847
43,174
Finance lease liabilities, net of current portion
16,180
26,883
Deferred income taxes
81,181
78,849
Other long-term liabilities
21,143
17,014
203,382
207,926
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, 45,248 and 45,139 shares issued, respectively
452
451
Treasury stock, 7,793 and 6,956 shares at cost, respectively
(428,732)
(341,974)
Additional paid-in capital
566,111
565,041
Accumulated other comprehensive loss
(448)
(460)
Retained earnings
2,014,674
1,928,216
Total stockholders' equity
2,152,057
2,151,274
Total liabilities and stockholders' equity
$
3,445,511
$
3,369,383
11
Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Six Months Ended June 30
2025
2024
Cash provided by (used for) operations
Net income
$
102,333
$
216,416
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other
76,341
71,832
Stock-based compensation
7,010
7,923
Pension expense
65
74
Deferred income taxes
2,778
11,088
Change in fair value of interest rate swaps
925
707
Other
(11,181)
115
Decrease (increase) in working capital, net of acquisitions
Receivables
(133,103)
(102,096)
Inventories
(115,661)
(120,976)
Prepaid expenses and other
(7,750)
(7,870)
Accounts payable and accrued liabilities
86,242
99,354
Income taxes payable
(2,677)
(6,251)
Other
(628)
(1,151)
Net cash provided by operations
4,694
169,165
Cash provided by (used for) investment
Expenditures for property and equipment
(132,257)
(74,099)
Acquisitions of businesses and facilities, net of cash acquired
—
(3,387)
Proceeds from sales of assets and other
10,152
819
Net cash used for investment
(122,105)
(76,667)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility
50,000
—
Payments of long-term debt, including revolving credit facility
(50,000)
—
Treasury stock purchased
(87,746)
(88,858)
Dividends paid on common stock
(18,383)
(19,069)
Tax withholding payments on stock-based awards
(5,939)
(11,117)
Payments of deferring financing costs
(1,819)
—
Other
(943)
(952)
Net cash used for financing
(114,830)
(119,996)
Net decrease in cash and cash equivalents
(232,241)
(27,498)
Balance at beginning of the period
713,260
949,574
Balance at end of the period
$
481,019
$
922,076
12
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 2024 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 the (i) three months ended June 30, 2025 and 2024, (ii) three months ended March 31, 2025, and (iii) six months ended June 30, 2025 and 2024:
Three Months Ended
Six Months Ended
June 30
March 31, 2025
June 30
2025
2024
2025
2024
(in thousands)
Net income
$
61,985
$
112,292
$
40,348
$
102,333
$
216,416
Interest expense
5,183
6,105
5,312
10,495
12,175
Interest income
(4,623)
(10,543)
(5,510)
(10,133)
(21,140)
Income tax provision
18,611
38,499
13,846
32,457
71,328
Depreciation and amortization
37,409
34,367
37,121
74,530
70,217
EBITDA
118,565
180,720
91,117
209,682
348,996
Change in fair value of interest rate swaps
435
487
490
925
707
Adjusted EBITDA
$
119,000
$
181,207
$
91,607
$
210,607
$
349,703
13
The following table reconciles segment income and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended June 30, 2025 and 2024, (ii) three months ended March 31, 2025, and (iii) six months ended June 30, 2025 and 2024:
