Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q2 2016 Earnings Presentation
17 slides from Bluelinx's earnings presentation, Aug 4, 2016
Slide 1: BlueLinx Quarterly Review Second Quarter 2016
BlueLinx Quarterly Review Second Quarter 2016
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: Key Emphasis for BlueLinx
4 Key Emphasis • Continue initiatives to delever the Company ◦ Real estate monetization ◦ Close inventory management and processes • Emphasize local customer interaction to grow market share • Sales excellence initiatives Key Emphasis for BlueLinx
Slide 5: Susan O'Farrell, Chief Financial Officer and Treasurer
5 Susan O’Farrell Chief Financial Officer and Treasurer
Slide 6: Executive Summary – Second Quarter Results
6 Executive Summary – Second Quarter Results • Net Sales of $509.0 million ◦ Net sales down while same center sales up $8.3 million from Q2 2015 • Sales unit volume increased 1.7% from Q2 2015 ◦ Same center sales unit volume increased by 4.1% • Net loss of $3.1 million ◦ Inventory and facility ratio
Slide 7: Revenue
7 2016 2015 in millions Q2 Q2 Net sales $ 509.0 $ 515.7 Less: closed centers 31.1 46.1 Same center net sales $ 477.9 $ 469.6 Revenue • Net sales decreased 1.3% from Q2 2015 • Sales unit volume up 1.7% • Specialty volume increased 3.7% • Structural volume decreased 1.2% • Comparable same center sales
Slide 8: Quarterly Revenues % by Product
8 Quarterly Revenues % by Product Total Revenues in millions
Slide 9: Gross Margin
by Gross Margin BluelLinx “2 13.1% Pro Forma Gross Margin 130 bps © Impact of Strategic Initiatives @ Margin as Reported Q2 2015 Q2 2016
Slide 10: Operating Expenses
10 2016 2015 in millions Q2 Q2 Selling, general, and administrative $ 52.3 $ 50.7 Depreciation and amortization 2.4 2.4 Total operating expenses $ 54.7 $ 53.1 Operating Expenses • Selling, general, and administrative expenses were up by $1.6 million for the quarter, primarily in restructuring charge
Slide 11: Cash Cycle Days
11 Cash Cycle Days 9 day reduction • Cash cycle days for the second quarter 2016 were 54 days, a nine day improvement from second quarter 2015 and a 10 day improvement from second quarter 2014 • Net working capital improved by $64.5 million from June 2016 compared to June 2015 1 Including outstandin
Slide 12: Appendix
12 TOPIC PAGE Statements of Operations 13 Adjusted EBITDA 14 Comparable Same Center Schedule 15 Debt Principal 16 Appendix
Slide 13: Statements of Operations
13 Statements of Operations $ in millions except per share amounts 2016 2015 Q2 Q2 Net sales $ 509.0 $ 515.7 Cost of sales 451.6 455.7 Gross profit 57.4 60.0 Gross margin % 11.3 % 11.6 % Operating expenses: Selling, general, and administrative 52.3 50.7 Depreciation and amortization 2.4 2.4 Total op
Slide 14: Adjusted EBITDA
14 Adjusted EBITDA $ in millions 2016 2015 Q2 Q2 Net income (loss) $ (3.1 ) $ 2.9 Adjustments: Depreciation and amortization 2.4 2.4 Interest expense 6.3 6.7 Benefit from income taxes (0.5 ) (2.7 ) Gain from the sale of properties (0.4 ) — Share-based compensation expense, excluding restructuring 0.
Slide 15: Comparable Same Center Schedule
15 Comparable Same Center Schedule $ in millions 2016 2015 Q2 Q2 Net sales $ 509.0 $ 515.7 Less: closed centers 31.2 46.1 Same center net sales $ 477.8 $ 469.5 Actual year-over-year percentage decrease (1.3 )% Same center year-over-year percentage increase 1.8 %
Slide 16: Debt Principal
16 Debt Principal $ in millions 2016 2015 Q2 Q2 Revolving credit facilities - principal $ 246.8 $ 300.0 Mortgage - principal 158.8 169.2 Total debt principal payable $ 405.6 $ 469.2
Slide 17: www.BlueLinxco.com
www.BlueLinxco.com