Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2013 Earnings Presentation
25 slides from Bluelinx's earnings presentation, Feb 20, 2014
Slide 1: BlueLinx Quarterly Review 4th Quarter 2013
BlueLinx Quarterly Review 4th Quarter 2013
Slide 2: Forward-Looking Statement Safe Harbor
Slide 2 BlueLinx Holdings Inc. Forward - Looking Statement Safe Harbor - This presentation includes "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 . All of these forward - looking statements are based on estimates and assumptions made by o
Slide 3: Executive Summary
Slide 3 Executive Summary ▪ Fourth quarter 2013 sales were $486.3 million, an increase of 10.4% over the 2012 fourth quarter – Sales were positively impacted by $19.2 million or 4.4% due to extra week ▪ Same center sales adjusted for the extra week were up $50.4 million in the quarter ▪ Adjusted EBI
Slide 4: Doug Goforth, Chief Financial Officer and Treasurer: Quarterly Review
Slide 4 Doug Goforth Chief Financial Officer and Treasurer Quarterly Review
Slide 5: Quarterly Revenue
Slide 5 Quarterly Revenue Revenues ($ in millions) 270.9 333.5 320.6 196.1 233.5 276.5 243.2 215.1 249.1 274.9 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 Variance Analysis $23.1 $16.3 $6.6 Specialty Unit Volume 9.2% YOY $46.0 or 10.4% Structural Unit Volume 8.3% Price/Other $46.0 44% 56% 4Q ‘12 4Q ‘13 56% 4
Slide 6: Cash Flows
Slide 6 Cash Flows BXC generated $30.9 million in operating cash flow for the quarter Unaudited (in millions) $12.5 $30.9 ($74.3) ($39.9) Quarter Year 2012 2013 Q412 Q413 2012 2013 Net cash (used in) provided by operating activities 12.5 30.9 (74.3) (39.9) Net cash (used in) provided by investing ac
Slide 7: Debt
Slide 7 Debt U.S. Revolver ▪ $44.5 million excess availability as of January 4, 2014 ▪ LIBOR plus 3.50% as of January 4, 2014 ▪ $447.5 million facility with additional $75 million uncommitted accordion facility – Matures April 15, 2016 Canadian Revolver ▪ $1.3 million excess availability as of Janua
Slide 8: Cash Cycle
Slide 8 Cash Cycle TTM Cash Cycle days at 60, down one day sequentially and up 2 days compared to the prior year quarter Cash Cycle Days (in days) 49 53 53 52 52 (25) (28) (26) (26) (25) 34 36 36 35 33 -40 -20 0 20 40 60 80 100 4Q '12 1Q '13 2Q '13 3Q 13 4Q 13 58 60 63 61 61 Cash cycle days equal ac
Slide 9: Mitch Lewis, Chief Executive Officer
Slide 9 Mitch Lewis Chief Executive Officer
Slide 10: End-Use Market Outlook
Slide 10 End - Use Market Outlook ▪ Builder confidence is consistent with a rapidly improving residential construction market ▪ Improving housing market; annual projections for total starts of 1.1 million and 1.3 million in 2014 and 2015 respectively ▪ Residential improvement expenditures expected t
Slide 11: Gross Margin and Revenue Mix Analysis
Slide 11 Gross Margin and Revenue Mix Analysis Products Gross Margin Analysis 4Q12 1Q13 2Q13 3Q13 4Q13 4Q13 Variance from Year Ago Qtr Structural Products Warehouse 10.8% 10.6% 4.6% 9.1% 10.1% (0.7%) Direct 3.5% 2.6% 3.1% 3.4% 3.5% 0.0% Reload 4.2% 4.9% 1.5% 2.9% 4.7% 0.5% Total 8.9% 8.7% 4.0% 7.3%
Slide 12: Adjusted EBITDA
Slide 12 Adjusted EBITDA Positive Adjusted EBITDA in 4 th Quarter and 2 nd Half of 2013 ($1.4) 0.1 $2.2 $7.3 Adjusted EBITDA Improves $1.5 million for Qtr and $5.1 million for 2 nd half of 2013 Quarter 2 nd Half Year Adjusted for 53 rd week of 2013 2012 2013 Same Center Sales $ in millions (1) 4Q 20
Slide 13: Key Initial Activities
Slide 13 Key Initial Activities Key Emphasis Early in the Year ▪ Assessing existing capital structure ▪ Anticipated end market recoveries ▪ Additional liquidity for potential expanding working capital needs ▪ Gross margin expansion ▪ Driving data oriented decisions regarding pricing ▪ Establishing e
Slide 14: Appendix
Slide 14 Appendix TOPIC PAGE Profit and Loss Statement by Quarter 15 Same Center Sales and Adjusted EBITDA by Quarter 16 Revenue and Unit Volume by Quarter 17 Gross Margin by Quarter 18 Operating Expense by Quarter 19 Structural Product Price Trends 20 Reconciliation of GAAP Net Loss to Non - GAAP A
Slide 15: Profit & Loss Statement by Quarter
Slide 15 Profit & Loss Statement by Quarter Profit & Loss Statement $ in millions (1) , except per share amounts 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales $ 453.7 $ 517.0 $ 496.8 $ 440.3 $ 503.2 $ 604.6 $ 558.0 $ 486.3 $ 1,755.4 $ 1,907.8 $ 2,152.1 Cost of Goods Sold 399.5 453.8 436.3 388.2 446.7
Slide 16: Same Center Sales and Adjusted EBITDA
Slide 16 Same Center Sales and Adjusted EBITDA Same Center Sales $ in millions (1) 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total Net Sales $ 453.7 $ 517.0 $ 496.8 $ 440.3 $ 503.2 $ 604.6 $ 558.0 $ 486.3 $ 1,907.8 $ 2,152.1 Less: Closed Center 23.4 29.9 27.8 23.6 29.5 33.7 22.4 - 104.7 85.6 Same Center $ 4
Slide 17: Revenue and Unit Volume by Quarter
Slide 17 Revenue and Unit Volume by Quarter Sales $ in millions 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty $ 268.1 $ 307.9 $ 288.9 $ 249.1 $ 270.9 $ 333.5 $ 320.6 $ 274.9 $ 1,068.2 $ 1,114.0 $ 1,199.9 Structural 182.9 215.7 211.4 196.1 233.5 276.5 243.2 215.1 704.9 806.1 968.3 Other (1) 2.7 (6
Slide 18: Gross Margin by Quarter
Slide 18 Gross Margin by Quarter Gross Margin $ in millions 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty $ 33.7 $ 41.1 $ 38.1 $ 33.0 $ 35.3 $ 44.6 $ 39.0 $ 35.7 $ 137.3 $ 145.9 $ 154.6 Structural 18.0 20.4 21.0 17.5 20.3 11.1 17.8 17.7 64.8 76.9 66.9 Other 2.5 1.7 1.4 1.6 0.9 (0.5) 5.7 0.9 8.1 7
Slide 19: Operating Expense by Quarter
Slide 19 Operating Expense by Quarter Operating Expense (1) $ in millions 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Payroll & related $38.5 $38.3 $37.2 $37.3 $38.5 $38.2 $37.1 $35.9 $149.3 $151.3 $149.7 General maintenance 5.2 5.5 5.6 5.4 5.6 6.1 5.7 5.6 21.4 21.7 $23.0 Fuel 4.1 4.1 3.6 3.6 3.3 3.8 3.6
Slide 20: Structural Products Price Trend
Slide 20 Structural Products Price Trend Source: Data from Random Lengths Publications, Inc., updated as of January 3, 2014 Plywood Price Trend 2008-2013 YTD Southern Sheathing 15/32" 4 Ply. West Zone $100 $150 $200 $250 $300 $350 $400 $450 2008Q12008Q22008Q32008Q42009Q12009Q22009Q32009Q42010Q12010Q
Slide 21: Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Loss
Slide 21 Reconciliation of GAAP Net Loss to Non - GAAP Adjusted Loss BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net Loss to Adjusted Net Loss in thousands January 4, December 29, January 4, December 29, 2014 2012 2014 2012 (unaudited) (unaudited) (unaudited) (unaudited) GAAP net loss (2
Slide 22: Reconciliation of GAAP Debt to Non-GAAP Net Debt
Slide 22 Reconciliation of GAAP Debt to Non - GAAP Net Debt BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Debt to Non-GAAP Net Debt in millions December 29, 2012 January 4, 2014 (unaudited) (unaudited) Revolving Credit Facilities $ 171.5 $ 211.2 Mortgage 206.0 186.9 TOTAL DEBT (GAAP) $ 377
Slide 23: Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA
Slide 23 Reconciliation of GAAP Net Loss to Non - GAAP Adjusted EBITDA BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net loss to Non-GAAP Adjusted EBITDA in thousands Year Ended March 30, June 29, September 28, January 4, January 4, 2013 2013 2013 2014 2014 (unaudited) (unaudited) (unaudit
Slide 24: Reconciliation of GAAP to Non-GAAP Comparable 13/52 Week
Slide 24 Reconciliation of GAAP to Non - GAAP Comparable 13/52 Week BlueLinx Holdings Inc. Unaudited Comparable 13/52 Week vs. 13/52 Week Periods Ended in thousands Quarters Ended Years Ended January 4, December 29, January 4, December 29, 2014 2012 2014 2012 (unaudited) (unaudited) (unaudited) (una
Slide 25: www.BlueLinxco.com
Slide 25 www.BlueLinxco.com