Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2012 Earnings Presentation
26 slides from Bluelinx's earnings presentation, Feb 13, 2013
Slide 1: BlueLinx Quarterly Review 4th Quarter 2012
BlueLinx Quarterly Review 4th Quarter 2012
Slide 2: Forward-Looking Statement Safe Harbor
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 our management tha
Slide 3: Opening Remarks
Opening Remarks George Judd Chief Executive Officer Slide 3
Slide 4: Executive Summary
Executive Summary Industry and Market Conditions End use markets improving: – The credibility of the recovery in residential construction has increased – Continued favorable trends in housing fundamentals experienced through the fourth quarter; December SAAR housing starts at 954k represents faste
Slide 5: Improving Results Year-Over-Year
Improving Results Year-Over-Year Changes in Revenue and Adjusted Net Loss Improvement Towards Positive Net Earnings ($ millions) $12.2 $5.6 $158.3 $3.0 $152.4 in millions Twelve Months Ended $(49.0) December 29, January 3, January 2, January 1, December 31, December 29, 2007 2009 2010 2011 2011 2012
Slide 6: Quarterly Review
Quarterly Review Doug Goforth Chief Financial Officer and Treasurer Slide 6
Slide 7: Quarterly Revenue
Quarterly Revenue Specialty Structural Other Specialty Structural Revenues % by Product ($ in millions) YOY $49.2 56% or 12.6% 59% $517.0 $496.8 $453.7 $440.3 $391.1 215.7 211.4 41% 182.9 196.1 164.9 307.9 288.9 44% 236.4 268.1 249.1 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 4Q ‘11 4Q ‘12 Variance Analysis
Slide 8: 2012 Full Year Results
2012 Full Year Results Revenues Operating Expenses ($ in millions) ($ in millions) YOY $152.4 $1,907.8 FY ‘11 FY ‘12 Variance or 8.7% Reported Operating Expenses $218.4 $224.6 $6.2 Significant Special Items: $1,755.4 Gain on insurance settlement $1.4 $0.5 $0.9 Gain on real estate $10.6 $9.9 $0.7 Oth
Slide 9: 2012 Adjusted EBITDA Improvement
2012 Adjusted EBITDA Improvement Operating EBITDA (millions) $14.5 MILLION $3.7 YOY $14.5 IMPROVEMENT in Full Year EBITDA 14.1 1.8 after adjusting for special items (10.4) (12.6) $(10.8) EBITDA Adjustments 2011 2012 Variance EBITDA $1.8 $14.1 $12.3 Significant Special Items: Gain on insurance settle
Slide 10: Cash Flows
Cash Flows Unaudited (in million’s) Q411 Q112 Q212 Q312 Q412 2012 2011 Cash flows from operating activities: Net loss $ (10.3) $ (11.0) $ (3.7) $ 3.1 $ (11.4) $ (23.0) $ (38.6) Adjustments to reconcile net loss to net cash provided by (used in) operations: Depreciation and amortization 2.4 2.3 2.2 2
Slide 11: Debt
Debt Debt $ in millions April 2, July 2, October 1, December 31, March 31, June 30, September 29, December 29, 2011 2011 2011 2011 2012 2012 2012 2012 Revolving Credit Facilities $ 140.4 $ 188.9 $ 118.5 $ 94.5 $ 177.7 $ 206.7 $ 185.2 $ 171.4 Mortgage 285.7 285.7 246.9 243.2 236.1 235.5 234.9 206.0 T
Slide 12: Cash Cycle
Cash Cycle Cash Cycle Days (in days) 100 57 59 59 58 56 80 37 36 34 A/R 34 36 60 40 INV 48 49 49 49 49 20 0 (26) (28) (27) (26) (25) -20 A/P & OD's -40 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 TTM Cash Cycle days at 58, down 1 day sequentially and up 2 days compared to the prior year quarter Cash cycle da
Slide 13: Closing Remarks - George Judd
George Judd Chief Executive Officer Slide 13
Slide 14: Closing Remarks
Closing Remarks 2013 focus: – Revenue growth – Operating discipline – Customer care Long term strategic objectives: – Profitably grow specialty revenues to 60+% of total sales – Profitably manage structural products – Profitably outgrow the market over the long term Slide 14
Slide 15: Appendix
Appendix TOPIC PAGE Profit and Loss Statement by Quarter 16 Revenues by Quarter 17 Channel Mix Analysis 18 Unit Volume by Quarter 19 Gross Margin by Quarter 20 Operating Expense by Quarter 21 Structural Product Price Trends 22 End Use Market Estimate 23 Reconciliation of GAAP Debt to Non-GAAP Net De
Slide 16: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement $ in millions (1) , except per share amounts 2011 2012 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales $ 390.6 $ 500.8 $ 472.9 $ 391.1 $ 453.7 $ 517.0 $ 496.8 $ 440.3 $ 1,804.4 $ 1,755.4 $ 1,907.8 Cost of Goods Sold 344.3 443.2 414.6 343.2 399.
Slide 17: Revenues by Quarter
Revenues by Quarter Sales $ in millions 2011 2012 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty $ 230.7 $ 309.9 $ 291.1 $ 236.4 $ 268.1 $ 307.9 $ 288.9 $ 249.1 $ 985.4 $ 1,068.2 $ 1,114.0 Structural 160.8 192.6 186.6 164.9 182.9 215.7 211.4 196.1 834.8 704.9 806.1 Other (1) (0.9) (1.7) (4.8) (10.
Slide 18: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis 4Q12 Variance from Year 4Q11 1Q12 2Q12 3Q12 4Q12 Ago Qtr Structural Products Warehouse 70.5% 71.9% 71.8% 73.2% 73.1% 2.6% Direct 19.2% 18.6% 17.1% 17.6% 18.4% (0.8%) Reload 10.3% 9.5% 11.1% 9.2% 8.5% (1.8%) Total 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% Specialty Products
Slide 19: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume Change 2011 2012 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty (0.2%) 10.7% 11.4% 6.6% 12.4% (2.3%) (1.0%) 5.4% 5.7% 7.4% 2.9% Structural (25.2%) (18.8%) (14.0%) 2.8% 9.4% 0.4% (3.3%) (0.8%) (2.5%) (15.1%) 1.4% Total (11.8%) (3.5%) 0.1% 5.0% 11.2% (1.3%) (1.9%)
Slide 20: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin $ in millions 2011 2012 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty (1) $ 28.1 $ 38.9 $ 38.9 $ 31.5 $ 33.7 $ 41.1 $ 38.1 $ 33.0 $ 129.2 $ 137.3 $ 145.9 Structural (1) 16.8 15.6 17.8 14.6 18.0 20.4 21.0 17.5 73.5 64.8 76.9 Other (2) 1.5 3.1 1.6 1.9 2.5 1.7 1.
Slide 21: Operating Expense by Quarter
Operating Expense by Quarter Operating Expense (1) $ in millions 2011 2012 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Payroll & related $37.6 $38.1 $38.3 $35.5 $38.6 $38.5 $37.8 $37.7 $151.8 $149.5 $152.6 General maintenance 5.1 5.6 5.3 5.4 5.2 5.5 5.6 5.4 20.6 21.4 21.7 Fuel 3.4 4.5 4.2 3.7 4.1 4.1 3.6
Slide 22: Structural Products Price Trend
($/mbf) ($/msf - 3/8”) $100 $150 $200 $250 $300 $350 $400 $450 20 $100 $150 $200 $250 $300 $350 $400 $450 2008Q 1 08 Q 1 2 2008Q 2 0 08 Q2 2008Q3 200 2 8 Q3 008 2 Q 4 0 08Q4 20 2009Q 1 09 Q1 20 09 Q 2 200 9 Q2 20 2009Q3 2 09Q 3 00 2 9Q 4 009 Q 4 010Q1 20 10 Q1 2 2010Q 2 0 10Q2 2010Q3 20 10Q 3 20 201
Slide 23: Estimated End-Use Markets
12Q 3 20 12 Q4 Estimated End-Use Markets Fiscal Weight 2012 Single Family Actual Housing Starts (thousands) 39% 536 Percentage change 24.4% Industrial Production 17% 1.09 Percentage change 3.6% Residential Improvements ($ billion)* 37% 91 Percentage change 5.8% Actual Mobile Homes (thousands) 3% 58
Slide 24: Reconciliation of GAAP Debt to Non-GAAP Net Debt
Reconciliation of GAAP to Non-GAAP BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Debt to Non-GAAP Net Debt in millions December 31, December 29, 2011 2012 (unaudited) (unaudited) Revolving Credit Facilities $ 94.5 $ 171.4 Mortgage 243.2 206.0 TOTAL DEBT $ 337.7 $ 377.4 Less:Cash and Cash E
Slide 25: Reconciliation of GAAP Net Cash to Non-GAAP EBITDA
Reconciliation of GAAP to Non-GAAP BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net cash used in operating activities to Non-GAAP EBITDA (1) in millions Twelve Months Ended December 29, December 31, 2012 2011 GAAP net cash used in operating activities $ (74.3) $ (50.3) Adjustments: Amorti
Slide 26: www.BlueLinxco.com
www.BlueLinxco.com