Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2015 Earnings Presentation
23 slides from Bluelinx's earnings presentation, May 7, 2015
Slide 1: BlueLinx Quarterly Review 1st Quarter 2015
BlueLinx Quarterly Review 1st 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 – First Quarter 2015
4 Executive Summary – First Quarter 2015 • Revenue of $455 million dollars, up $11 million, or 2.5%, from first quarter 2014 • Driven by unit volume increases in both structural and specialty products • Gross margin of 11.0% • Maintained specialty gross margins year-over-year • Structural margins im
Slide 5: U.S. Single-Family Housing Permits and Starts
5 U.S. Single-Family Housing Permits and Starts Single-family housing activity compared to last year decelerated in the quarter, however solid growth is expected for the year Source: U.S. Census Bureau
Slide 6: Price and Volume First Quarter 2015
6 Price and Volume First Quarter 2015
Slide 7: Quarterly Revenues
7 Quarterly Revenues (1) Excludes Service Revenue and accounting adjustments. Immaterial rounding adjustments and differences may exist between slides, press releases, and previously issued presentations. vs. Year Ago • Mix consistent with prior year Revenue Up $11M or 2.5% vs. Year Ago • Specialty
Slide 8: Key Emphasis for BlueLinx
8 Key Emphasis • Focus on opportunities in the local markets • Drive operational improvements across the organization • Supplier engagement to create mutual success • Continue margin enhancement activities • Closely manage working capital and liquidity Key Emphasis for BlueLinx
Slide 9: Susan O’Farrell, Chief Financial Officer and Treasurer
9 Susan O’Farrell Chief Financial Officer and Treasurer
Slide 10: Revenue and Gross Margins
10 in millions - unaudited (1) Q1 2015 Q1 2014 Net Sales $ 454.9 $ 443.9 Gross Profit $ 50.2 $ 52.7 Gross Margin 11.0 % 11.9 % Revenue and Gross Margins • Sales up $11 million, or 2.5% from prior year • Specialty margins of 13% remain consistent year over year • Margin decrease primarily due to stru
Slide 11: Operating Expenses
11 in millions - unaudited(1) Q1 2015 Q1 2014 Change Selling, General and Administrative $ 50.0 $ 52.0 $ (2.0 ) Depreciation and Amortization 2.3 2.3 — Total Operating Expenses $ 52.3 $ 54.3 $ (2.0 ) Operating Expenses First quarter 2015 operating expenses were down $2 million, or 3.7%, from prior p
Slide 12: Debt Structure
12 Debt Structure • Asset Based Revolving Credit Facilities • Successful extension of $447.5 million U.S. revolving credit facility until April 2017 • FILO • Successful extension of $20 million Tranche A loan to full maturity of June 2016 • Mortgage • Assessing opportunities at this time to unlock t
Slide 13: Cash Flows
13 Cash Flows Year-to-Date Operating Cash Usage Improved $8.6 million ($46.1) ($37.5) Q1 2015 Q1 2014 in millions - unaudited (1) Net cash (used in) provided by operating activities $ (37.5 ) $ (46.1 ) Net cash (used in) provided by investing activities (0.3 ) (0.5 ) Net cash (used in) provided by f
Slide 14: Cash Cycle Days
14 Cash Cycle Days (1) Working capital as defined by A/R plus inventory less A/P & bank overdrafts • TTM Cash Cycle at 64 days • Period end working capital(1) was down $6 million versus end of first quarter 2014
Slide 15: Appendix Topic Page
15 TOPIC PAGE Profit and Loss Statement 16 Adjusted EBITDA 17 Revenue and Unit Volume 18 Gross Profit and Margin 19 Reconciliation of Debt Principal Payable to Non-GAAP Net Debt 20 Capital Structure 21 Structural Products Price Trends 22 Appendix
Slide 16: Profit and Loss Statement
16 Profit and Loss Statement Profit and Loss Statement $ in millions except per share amounts - unaudited (1) Q1 2015 Q1 2014 Net sales $ 455.0 $ 443.9 Cost of sales 404.8 391.2 Gross profit 50.2 52.7 Gross margin % 11.0% 11.9% Operating expenses: Selling, general, and administrative 50.0 52.0 Depre
Slide 17: Adjusted EBITDA
17 Adjusted EBITDA (1) Immaterial rounding adjustments and differences may exist between slides, press releases, and previously issued presentations. Adjusted EBITDA in millions - unaudited (1) Q1 2015 Q1 2014 Net income (loss) $ (8.9 ) $ (8.6 ) Adjustments: Depreciation and amortization 2.3 2.3 Int
Slide 18: Revenue and Unit Volume
18 Revenue and Unit Volume Sales $ in millions - unaudited (1) Q1 2015 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Specialty $ 273.6 $ 264.0 $ 316.6 $ 324.4 $ 263.9 Structural 187.7 185.1 219.3 232.1 195.0 Other (2) (6.4 ) (5.2 ) (4.4 ) (6.7 ) (4.8 ) Total $ 454.9 $ 443.9 $ 531.5 $ 549.8 $ 454.1 Sales Mix % - u
Slide 19: Gross Profit and Margin
19 Gross Profit and Margin Gross Profit $ in millions - unaudited (1) Q1 2015 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Specialty $ 35.5 $ 34.3 $ 43.7 $ 43.0 $ 35.1 Structural 13.8 15.4 18.0 20.8 14.9 Other 0.9 3.0 0.3 0.8 (0.2 ) Total $ 50.2 $ 52.7 $ 62.0 $ 64.6 $ 49.8 Gross Margin % - unaudited (1) Specialt
Slide 20: Reconciliation of Debt Principal Payable to Non-GAAP Net Debt
20 Reconciliation of Debt Principal Payable to Non-GAAP Net Debt Debt $ in millions - unaudited (1) April 4, January 4, 2015 2015 Revolving credit facilities $ 275.7 $ 229.5 Mortgage 169.8 177.7 Total debt principal payable (GAAP) 445.5 407.2 Less: Cash (6.0 ) (4.5 ) Mortgage LCR trap (1.0 ) (6.1 )
Slide 21: Capital Structure
21 Capital Structure • Asset Based Revolving Credit Facilities • Extended until April 2017 • $78.4 million excess availability as of April 4, 2015 • $447.5 million U.S. facility with additional $75.0 million uncommitted accordion facility • LIBOR + 3.5% • $20 million Tranche A loan – extended until
Slide 22: Structural Products Price Trends
22 Structural Products Price Trends
Slide 23: www.BlueLinxco.com
www.BlueLinxco.com