Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q2 2015 Earnings Presentation
20 slides from Bluelinx's earnings presentation, Aug 13, 2015
Slide 1: BlueLinx Quarterly Review 2nd Quarter 2015
BlueLinx Quarterly Review 2nd Quarter 2015
Slide 2: Forward-Looking Statement Safe Harbor
2 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 our management that, although believed
Slide 3: Mitch Lewis, Chief Executive Officer
3 Mitch Lewis Chief Executive Officer
Slide 4: Executive Summary – Second Quarter 2015
4 Executive Summary – Second Quarter 2015 • Net income of $2.9 million; $0.03 basic and diluted earnings per share • Adjusted EBITDA of $9.8 million • Revenue of $516 million • Selling, general and administrative expenses down $4.3 million, or 7.7% from second quarter 2014
Slide 5: Price and Volume Second Quarter 2015
5 Price and Volume Second Quarter 2015
Slide 6: Quarterly Revenues
6 Quarterly Revenues (1) Excludes Service Revenue and accounting adjustments.
Slide 7: Key Emphasis for BlueLinx
7 Key Emphasis • Focus on opportunities in the local markets • Inventory management and planning improvements • Supplier engagement to create mutual success • Continue margin enhancement activities • Closely manage working capital and liquidity Key Emphasis for BlueLinx
Slide 8: Susan O’Farrell, Chief Financial Officer and Treasurer
8 Susan O’Farrell Chief Financial Officer and Treasurer
Slide 9: Revenue and Gross Margins
9 2015 2014 2015 2014 in millions Q2 Q2 YTD YTD Net sales $ 515.7 $ 531.5 $ 970.6 $ 975.4 Gross profit $ 60.0 $ 62.0 $ 110.2 $ 114.7 Gross margin 11.63 % 11.67 % 11.35 % 11.76 % Revenue and Gross Margins • Sales ◦ Down $16.0 million, or 3.0%, compared to 2Q 2014 ◦ Impacted by structural volume incre
Slide 10: Operating Expenses
10 2015 2014 2015 2014 Q2 Q2 YTD YTD Selling, general, and administrative $ 50.7 $ 54.9 $ 100.7 $ 107.1 Gains from sales of property — (5.0 ) — (5.3 ) Depreciation and amortization 2.4 2.4 4.7 4.8 Total operating expenses $ 53.1 $ 52.3 $ 105.4 $ 106.6 Operating Expenses Selling, General & Administra
Slide 11: Debt Structure
11 Debt Structure • Asset Based Revolving Credit Facilities • U.S. revolving credit facility $447.5 million matures April 2017 • FILO • Tranche A loan of $20.0 million final maturity of June 2016 • Mortgage • Assessing opportunities to unlock the value of our mortgage • Weighing timing with pre-paym
Slide 12: Cash Flows
12 Cash Flows Year-to-Date Operating Cash Usage Improved $22.1 million $68.3 Q2 2015 Q2 2014 YTD 2015 YTD 2014 in millions - unaudited (1) Net cash used in operating activities $ (8.7 ) $ (22.2 ) $ (46.2 ) $ (68.3 ) Net cash (used in) provided by investing activities (0.4 ) 6.4 (0.7 ) 6.0 Net cash p
Slide 13: Cash Cycle Days
13 Cash Cycle Days (1) Working capital as defined by A/R plus inventory less A/P & bank overdrafts • Trailing twelve months cash cycle at 65 days • Trailing twelve months' working capital(1) was down $4 million
Slide 14: Appendix Topic Page
14 TOPIC PAGE Statements of Operations 15 Adjusted EBITDA 16 Revenue and Unit Volume 17 Gross Profit and Margin 18 Capital Structure 19 Appendix
Slide 15: Statements of Operations
15 Statements of Operations $ in millions except per share amounts 2015 2014 2015 2014 Q2 Q2 YTD YTD Net sales $ 515.7 $ 531.5 $ 970.6 $ 975.4 Cost of sales 455.7 469.5 860.4 860.7 Gross profit 60.0 62.0 110.2 114.7 Gross margin % 11.6% 11.7% 11.4% 11.8% Operating expenses: Selling, general, and adm
Slide 16: Adjusted EBITDA
16 Adjusted EBITDA $ in millions 2015 2014 2015 2014 Q2 Q2 YTD YTD Net income (loss) $ 2.9 $ 3.2 $ (6.1 ) $ (5.4 ) Adjustments: Depreciation and amortization 2.4 2.4 4.7 4.8 Interest expense 6.7 6.9 13.2 13.3 Provision for (benefit from) income taxes (2.7 ) (0.3 ) (2.8 ) — Gain from the sale of prop
Slide 17: Revenue and Unit Volume
17 Revenue and Unit Volume Sales $ - in millions 2015 2014 2015 2014 Q1 Q2 Q1 Q2 Q3 Q4 YTD YTD Specialty $ 273.6 $ 313.0 $ 264.0 $ 316.6 $ 324.4 $ 263.9 $ 586.6 $ 580.6 Structural 187.7 207.1 185.1 219.3 232.1 195.0 394.8 404.4 Other (1) (6.4 ) (4.4 ) (5.2 ) (4.4 ) (6.7 ) (4.8 ) (10.8 ) (9.6 ) Total
Slide 18: Gross Profit and Margin
18 Gross Profit and Margin Gross Profit (in millions) 2015 2014 2015 2014 Q2 Q2 YTD YTD Structural products $ 17 $ 18 $ 30 $ 33 Specialty products 42 44 78 78 Other (1) 1 — 2 4 Total gross profit $ 60 $ 62 $ 110 $ 115 Gross Margin % Structural products 7.97 % 8.17 % 7.67 % 8.24 % Specialty products
Slide 19: Capital Structure
19 Capital Structure • Asset Based Revolving Credit Facilities • Matures April 2017 • $65.0 million excess availability as of July 4, 2015 • $447.5 million U.S. facility with additional $75.0 million uncommitted accordion facility • LIBOR + 3.5% • $20 million Tranche A loan – final maturity June 201
Slide 20: www.BlueLinxco.com
www.BlueLinxco.com