Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2018 Earnings Presentation
20 slides from Bluelinx's earnings presentation, May 3, 2018
Slide 1: BlueLinx First Quarter 2018 Earnings Webcast
BlueLinx First Quarter 2018 Earnings Webcast
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 our management that, although believed by us to be rea
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures BlueLinx reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company also believes that presentation of certain non-GAAP measures may be useful to investors. Any non-GAAP measures used herein are rec
Slide 4: Key Highlights
Key Highlights BlueLinx *e America's Building Products Distributor First Quarter 2018 * Executed $110M of sale leaseback transactions on four locations * Announced entering into an agreement to acquire Cedar Creek on March 12, 2018; Successfully closed Cedar Creek acquisition on April 13, 2018, crea
Slide 5: Cedar Creek Acquisition Highlights
Cedar Creek Acquisition Highlights 5
Slide 6: Significant Cost Savings Potential
Significant Cost Savings Potential 6
Slide 7: A Complementary Combination Poised for Growth
A Complementary Combination Poised for Growth 7
Slide 8: Accelerating Market Demand Drivers Creates a Long Runway for Ongoing Value Creation
Accelerating Market Demand Drivers Creates a Long Runway for Ongoing Value Creation 8
Slide 9: Strategic Initiatives
Strategic Initiatives ty +8 wee “ %» BlueLinx *e America’s Building Products Distributor e BlueLinx America's Building Products Distributor Successful Integration of Two Companies = Over $3 billion of addressable spend for cost savings opportunities = Identifiable and achievable cost savings of at l
Slide 10: Financial Overview
BlueLinx Financial Overview
Slide 11: Executive Summary – First Quarter 2018 Highlights
Executive Summary – First Quarter 2018 Highlights • Net Sales of $437.5 million, up $8.9 million from Q1 2017 • Gross Profit of $55.3 million, up $0.9 million from Q1 2017 • Gross Margin of 12.7% • Specialty Product Margin of 15.0%, up 50 basis points from Q1 2017 • Structural Product Margin of 9.9%
Slide 12: Net Sales and Gross Margin
Net Sales and Gross Margin e "o.% 'e e e BlueLinx “e America’s Building Products Distributor In millions Net Sales Net Sales Q1'17 Net Sales Q1'18 * Net sales increased by $8.9 million or 2.1% from the same quarter last year ¢ Led by our structural sales benefiting from strong commodity markets Gros
Slide 13: BlueLinx / Cedar Creek Acquisition
BlueLinx / Cedar Creek Acquisition 13
Slide 14: Appendix
BlueLinx Appendix
Slide 15: Adjusted EBITDA
Adjusted EBITDA (In thousands) (Unaudited) 2018 2017 Q1 Q1 Net (loss) income $ (13,427) $ 584 Adjustments: Depreciation and amortization 2,665 2,363 Interest expense 8,480 5,242 (Benefit from) provision for income taxes (1,539) 33 Gain from sales of property — (6,700) Share-based compensation expens
Slide 16: Debt Principal
Debt Principal (In thousands) (Unaudited) 2018 2017 Q1 Q1 Change Revolving credit facility - principal $ 223,336 $ 221,228 $ 2,108 Mortgage - principal — 99,435 (99,435) Total $ 223,336 $ 320,663 $ (97,327) 16
Slide 17: Operating Working Capital
Operating Working Capital (In thousands) (Unaudited) 2018 2017 Q1 Q1 Change Current assets: Cash $ 7,069 $ 5,185 $ 1,884 Receivables, less allowance for doubtful accounts 162,904 160,068 2,836 Inventories, net 228,849 214,658 14,191 Other current assets 18,911 18,271 640 Total current assets $ 417,7
Slide 18: Reconciliation of GAAP to Adjusted Measures
Reconciliation of GAAP to Adjusted Measures 2017 Adjusted EBITDA Reconciliation (In millions) (Unaudited) BlueLinx Cedar Creek Combined Net income $ 63 $ 18 $ 81 Adjustments: Depreciation and amortization 9 17 26 Interest expense 21 10 31 Provision for (benefit from) income taxes (53) 12 (41) Other
Slide 19: Remaining Net Operating Losses (NOLs)
Remaining Net Operating Losses1 (NOLs) 19
Slide 20: BlueLinx
BlueLinx America’s Building Products Distributor a0 a Please reference our =4 ; = Earnings Release and 10-Q - ‘em El available on our website ‘ PY "See www.BlueLinxCo.com