Bluelinx Holdings Inc. · NYSE:BXC

Bluelinx — Q3 2013 Earnings Presentation

25 slides from Bluelinx's earnings presentation, Oct 30, 2013

  1. Slide 1: BlueLinx Quarterly Review 3rd Quarter 2013

    BlueLinx Quarterly Review 3rd Quarter 2013

  2. 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

  3. Slide 3: Executive Summary

    Slide 3 Executive Summary Industry and Market Conditions ▪ End use markets improving: – Continued favorable trends in housing fundamentals experienced through the third quarter – Improved demand for our products and services compared to the year - ago quarter – Third quarter nonseasonally adjusted s

  4. Slide 4: Doug Goforth, Chief Financial Officer and Treasurer: Quarterly Review

    Slide 4 Doug Goforth Chief Financial Officer and Treasurer Quarterly Review

  5. Slide 5: Quarterly Revenue

    Slide 5 Quarterly Revenue Revenues ($ in millions) 249.1 270.9 333.5 211.4 196.1 233.5 276.5 243.2 288.9 320.6 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 Variance Analysis $29.8 $30.0 $1.3 Specialty Unit Volume 10.2% YOY $61.1 or 12.3% Structural Unit Volume 14.2% Price/Other $61.1 43% 57% 3Q ‘12 3Q ‘13 58%

  6. Slide 6: Adjusted Net Loss

    Slide 6 Adjusted Net Loss Adjusted Pre-Tax Loss in millions, except for per share amounts September 28, September 29, September 28, September 29, 2013 2012 2013 2012 (unaudited) (unaudited) (unaudited) (unaudited) Pretax (loss) income (3.8)$ 3.0$ (38.9)$ (11.3)$ Gain from sale of certain properties

  7. Slide 7: Cash Flows

    Slide 7 Cash Flows BXC generated $64.7 million in operating cash flow for the quarter Unaudited (in million’s) Q312 Q412 Q113 Q213 Q313 TTM 2013 TTM 2012 Cash flows from operating activities: Net loss 3.1$ (11.4)$ (12.6)$ (22.3)$ (3.2)$ (49.5)$ (21.9)$ Adjustments to reconcile net loss to net cash p

  8. Slide 8: Debt

    Slide 8 Debt U.S. Revolver ▪ $91.3 million excess availability as of September 28, 2013 ▪ LIBOR plus 3.50% as of September 28, 2013 ▪ $447.5 million facility with additional $75 million uncommitted accordion facility – Matures April 15, 2016 – Secured by Accounts Receivable and Inventory of Operatin

  9. Slide 9: Cash Cycle

    Slide 9 Cash Cycle TTM Cash Cycle days at 61, down 2 days sequentially and up 2 days compared to the prior year quarter Cash Cycle Days (in days) 49 49 53 53 52 (26) (25) (28) (26) (26) 36 34 36 36 35 -40 -20 0 20 40 60 80 100 3Q '12 4Q '12 1Q '13 2Q '13 3Q 13 58 59 63 61 61 Cash cycle days equal ac

  10. Slide 10: Howard Cohen, Executive Chairman

    Slide 10 Howard Cohen Executive Chairman

  11. Slide 11: Roadmap: Path to Profitability Progress Report

    Slide 11 Roadmap: “Path to Profitability” Progress Report: Gaining Traction New CEO • Expect to have a permanent CEO in place by early January 2014 • Requires seasoned executive with strong sales and operational experience 3Q Restructuring • Closed 5 underperforming DC’s in the West • Same center sa

  12. Slide 12: Same Center Results

    Slide 12 Same Center Results BlueLinx Holdings Inc. Same Center Sales and Adjusted EBITDA in millions September 28, September 29, September 28, September 29, 2013 2012 2013 2012 (unaudited) (unaudited) (unaudited) (unaudited) Sales: Same Center 535.6$ 469.0$ 1,580.1$ 1,386.4$ Closed Center 22.4 27.8

  13. Slide 13: Closing Remarks

    Slide 13 Closing Remarks 2013 focus: – Specialty revenue growth – Gross margin improvement – Aggressive execution of objectives – Strategic restructuring and aggressive cost improvement Long term strategic objectives: – Profitably grow specialty revenues to 60+% of total sales while improving our gr

  14. Slide 14: Appendix

    Slide 14 Appendix TOPIC PAGE Profit and Loss Statement by Quarter 15 Revenues by Quarter 16 Channel Mix Analysis 17 Unit Volume by Quarter 18 Gross Margin by Quarter 19 Operating Expense by Quarter 20 Structural Product Price Trends 21 Reconciliation of GAAP Debt to Non - GAAP Net Debt 22 Reconcilia

  15. 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 TTM Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Sales $ 391.1 $ 453.7 $ 517.0 $ 496.8 $ 440.3 $ 503.2 $ 604.6 $ 558.0 $ 1,755.4 $ 1,907.8 $ 2,106.1 Cost of Goods Sold 343.2 399.5 453.8 436.3 3

  16. Slide 16: Revenues by Quarter

    Slide 16 Revenues by Quarter Sales $ in millions 2011 2012 2013 TTM Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Specialty $ 236.4 $ 268.1 $ 307.9 $ 288.9 $ 249.1 $ 270.9 $ 333.5 $ 320.6 $ 1,068.2 $ 1,114.0 $ 1,174.1 Structural 164.9 182.9 215.7 211.4 196.1 233.5 276.5 243.2 704.9 806.1 949.3 Other (1) (10.2) 2.7 (6.6)

  17. Slide 17: Revenue Channel Mix Analysis

    Slide 17 Revenue Channel Mix Analysis 3Q12 4Q12 1Q13 2Q13 3Q13 3Q13 Variance from Year Ago Qtr Total Products Warehouse 71.8% 72.3% 69.9% 71.0% 71.5% (0.3%) Direct 19.5% 19.7% 20.8% 18.2% 18.0% (1.5%) Reload 8.7% 8.0% 9.3% 10.8% 10.5% 1.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 0.0%

  18. Slide 18: Unit Volume by Quarter

    Slide 18 Unit Volume by Quarter 2011 2012 2013 TTM Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Specialty 6.6% 12.4% (2.3%) (1.0%) 5.4% 1.5% 7.4% 10.2% 7.4% 2.9% 6.3% Structural 2.8% 9.4% 0.4% (3.3%) (0.8%) 4.5% 12.6% 14.2% (15.1%) 1.4% 8.2% Total 5.0% 11.2% (1.3%) (1.9%) 2.9% 2.7% 9.5% 11.9% (2.8%) 2.3% 7.1% 2011 Unit

  19. Slide 19: Gross Margin by Quarter

    Slide 19 Gross Margin by Quarter Gross Margin $ in millions 2011 2012 2013 TTM Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Specialty (1) $ 31.5 $ 33.7 $ 41.1 $ 38.1 $ 33.0 $ 35.3 $ 44.6 $ 39.0 $ 137.3 $ 145.9 $ 151.9 Structural (1) (2) 14.6 18.0 20.4 21.0 17.5 20.3 11.1 17.8 64.8 76.9 66.7 Other (3) 1.9 2.5 1.7 1.4 1.6

  20. Slide 20: Operating Expense by Quarter

    Slide 20 Operating Expense by Quarter Operating Expense (1) $ in millions 2011 2012 2013 TTM Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Payroll & related $35.5 $38.6 $38.5 $37.8 $37.7 $38.9 $38.8 $37.1 $149.5 $152.6 $152.5 General maintenance 5.4 5.2 5.5 5.6 5.4 5.6 6.1 5.7 21.4 21.7 22.8 Fuel 3.7 4.1 4.1 3.6 3.6 3.3

  21. Slide 21: Structural Products Price Trend

    Slide 21 Structural Products Price Trend Source: Data from Random Lengths Publications, Inc., updated as of September 27, 2013 Plywood Price Trend 2008-2013 YTD Southern Sheathing 15/32" 4 Ply. West Zone $100 $150 $200 $250 $300 $350 $400 $450 2008Q12008Q22008Q32008Q42009Q12009Q22009Q32009Q42010Q120

  22. Slide 22: Reconciliation of GAAP Debt to Non-GAAP Net Debt

    Slide 22 Reconciliation of GAAP to Non - GAAP BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Debt to Non-GAAP Net Debt in millions September 29, 2012 December 29, 2012 September 28, 2013 (unaudited) (unaudited) (unaudited) Revolving Credit Facilities $ 185.2 $ 171.4 $ 239.5 Mortgage 234.9 2

  23. Slide 23: Reconciliation of Operating Cash Flow to Non-GAAP EBITDA

    Slide 23 Reconciliation of GAAP to Non - GAAP BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net cash provided by (used in) operating activities to Non-GAAP EBITDA (1) in millions Quarters Ended Nine Months Ended September 28, September 29, September 28, September 29, 2013 2012 2013 2012 GA

  24. Slide 24: Reconciliation of GAAP Net Loss to Adjusted Net Loss

    Slide 24 Reconciliation of GAAP to Non - GAAP BlueLinx Holdings Inc. Reconciliation of GAAP Net (Loss) Income to Adjusted Net Loss in millions September 28, September 29, September 28, September 29, 2013 2012 2013 2012 (unaudited) (unaudited) (unaudited) (unaudited) GAAP net (loss) income (3.2)$ 3.1

  25. Slide 25: www.BlueLinxco.com

    Slide 25 www.BlueLinxco.com

BlueLinx Holdings — Q3 2013 Earnings Presentation on 6ix