Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2014 Earnings Presentation
25 slides from Bluelinx's earnings presentation, Feb 19, 2015
Slide 1: BlueLinx Quarterly Review 4th Quarter 2014
BlueLinx Quarterly Review 4th Quarter 2014
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 – Fourth Quarter and Full Year 2014 Quarterly Results
4 Executive Summary – Fourth Quarter and Full Year 2014 Quarterly Results • $60 million excess availability at end of fourth quarter 2014 ◦ $14 million dollar improvement over end of fourth quarter 2013 • Adjusted EBITDA $1.9 million for fourth quarter 2014 ◦ Improvement of $2.9 million over fiscal
Slide 5: Single-Family Housing Starts
5 Single-Family Housing Starts Single-family housing activity continued modest improvement in the fourth quarter, ending the year at highest level in last six years Source: U.S. Census Bureau
Slide 6: Price and Volume Fiscal Fourth Quarter 2014
6 Price and Volume Fiscal Fourth Quarter 2014 Average selling price for our structural wood business was up 2.8% Volumes down in roofing, paneling, insulation; up in siding, decking Volumes down in lumber and rebar Comparable Revenues down $12.9M Variance Analysis ($ millions) Price/Other Specialty
Slide 7: Quarterly Same Center Revenues
7 Quarterly Same Center Revenues (1) Immaterial rounding adjustments and differences may exist between appendix slides, press releases, and previously issued presentations. % by Product Vs. Year Ago • Mix shifted by 2% to Specialty products versus prior year Comparable Same Center Revenues Down $12.
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: Debt Restructuring
10 Debt Restructuring • Asset Backed 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 ◦ Currently evaluating refinancing options
Slide 11: Revenue and Gross Profit
11 in millions - unaudited (1) (2) Q4 2014 Q4 2013 YTD 2014 YTD 2013 Net Sales $ 454.1 $ 486.3 $ 1,979.4 $ 2,152.0 Less: closed centers — — — 85.6 Less: week of December 29, 2013 — 19.2 — 19.2 Comparable Net Sales $ 454.1 $ 467.1 $ 1,979.4 $ 2,047.2 Gross profit $ 49.8 $ 54.3 $ 229.1 $ 228.5 Less: c
Slide 12: Operating Expenses
12 in millions - unaudited(1) Q4 2014 Q4 2013 YTD 2014 YTD 2013 Logistics $ 25.4 $ 29.3 $ 110.1 $ 119.3 Sales 14.6 17.1 61.8 69.6 G&A 10.4 11.7 43.6 60.9 Total Operating Expenses $ 50.4 $ 58.1 $ 215.5 $ 249.8 Operating Expenses Fiscal 2014 operating expenses down $34.3 million, or 13.7%, from fiscal
Slide 13: GAAP Net Income (Loss) & Adjusted EBITDA
13 GAAP Net Income (Loss) & Adjusted EBITDA Adjusted EBITDA $ in millions - unaudited (1) (2) Q4 2014 Q4 2013 YTD 2014 YTD 2013 GAAP net income (loss) $(7.6) $(2.5) $(13.9) $(40.6) Adjustments: Depreciation and amortization 2.4 2.6 9.5 9.1 Interest expense 6.6 7.0 26.8 28.0 Provision for (benefit fr
Slide 14: Cash Flows
14 Cash Flows Year-to-Date Operating Cash Usage Improved $27.6 million ($39.9) ($12.3) Q4 2014 Q4 2013 YTD 2014 YTD 2013 in millions - unaudited (1) Net cash (used in) provided by operating activities $ 41.1 $ 30.9 $ (12.3 ) $ (39.9 ) Net cash (used in) provided by investing activities (1.1 ) 1.4 4.
Slide 15: Cash Cycle Days
15 Cash Cycle Days (1) Immaterial rounding adjustments and differences may exist between appendix slides, press releases, and previously issued presentations. (2) Working capital as defined by A/R plus inventory less A/P & bank overdrafts • TTM Cash Cycle at 65 days • Year end working capital(2) was
Slide 16: Appendix Topic Page
16 TOPIC PAGE Profit and Loss Statement 17 Adjusted EBITDA 18 Same Center - Revenue and Gross Profit 19 Revenue and Unit Volume 20 Gross Profit and Margin 21 Reconciliation of Debt Principal Payable to Non-GAAP Net Debt 22 Capital Structure 23 Structural Products Price Trends 24 Appendix
Slide 17: Profit and Loss Statement
17 Profit and Loss Statement Profit and Loss Statement $ in millions except per share amounts - unaudited (1) Q4 2014 Q4 2013 YTD 2014 YTD 2013 Net sales $ 454.1 $ 486.3 $ 1,979.3 $ 2,152.0 Cost of sales 404.3 432.0 1,750.2 1,923.6 Gross profit 49.8 54.3 229.1 228.4 Gross margin % 11.0% 11.2% 11.6%
Slide 18: Adjusted EBITDA
18 Adjusted EBITDA (1) Immaterial rounding adjustments and differences may exist between appendix slides, press releases, and previously issued presentations. (2) The fiscal fourth quarter and fiscal year ended January 4, 2014 included 14 and 53 weeks, respectively, compared to 13 and 52 weeks, resp
Slide 19: Same Center - Revenue and Gross Profit
19 Same Center - Revenue and Gross Profit (1) Immaterial rounding adjustments and differences may exist between appendix slides, press releases, and previously issued presentations. (2) The fiscal fourth quarter and fiscal year ended January 4, 2014 included 14 and 53 weeks, respectively, compared t
Slide 20: Same Center - Revenue and Unit Volume
20 Same Center - Revenue and Unit Volume Comparable Same Center Sales $ in millions - unaudited (1) (2) Q4 2014 Q4 2013 YTD 2014 YTD 2013 Specialty $ 263.9 $ 264.8 $ 1,168.9 $ 1,144.2 Structural 195.0 205.9 831.6 918.7 Other (3) (4.8 ) (3.6 ) (21.1 ) (15.7 ) Total $ 454.1 $ 467.1 $ 1,979.4 $ 2,047.2
Slide 21: Same Center - Gross Profit and Margin
21 Same Center - Gross Profit and Margin Comparable Same Center Gross Profit $ in millions - unaudited (1) (2) Q4 2014 Q4 2013 YTD 2014 YTD 2013 Specialty $ 35.1 $ 34.3 $ 156.1 $ 148.6 Structural 14.9 17.0 69.0 67.1 Other (0.2 ) 0.9 4.0 4.4 Total $ 49.8 $ 52.2 $ 229.1 $ 220.1 Comparable Same Center
Slide 22: Reconciliation of Debt Principal Payable to Non-GAAP Net Debt
22 Reconciliation of Debt Principal Payable to Non-GAAP Net Debt Debt $ in millions - unaudited (1) January 3, January 4, 2015 2014 Revolving credit facilities $ 229.5 $ 211.2 Mortgage 177.7 186.9 Total debt principal payable (GAAP) 407.2 398.1 Less: Cash and cash equivalents (4.5 ) (5.0 ) Mortgage
Slide 23: Capital Structure
23 Capital Structure • Asset Backed Revolving Credit Facilities •Extended until April 2017 •$59.5 million excess availability as of January 3, 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 Jun
Slide 24: Structural Products Price Trends
24 Structural Products Price Trends
Slide 25: www.BlueLinxco.com
www.BlueLinxco.com