Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q3 2014 Earnings Presentation
22 slides from Bluelinx's earnings presentation, Nov 6, 2014
Slide 1: BlueLinx Quarterly Review 3rd Quarter 2014
BlueLinx Quarterly Review 3rd 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 – Fiscal Third Quarter 2014
4 Executive Summary – Fiscal Third Quarter 2014 • Adjusted EBITDA was $11.1 million for the third quarter 2014 ◦ Improvement of $3.9 million over the year ago period ◦ Best quarterly Adjusted EBITDA since 2008 • YTD Adjusted EBITDA of $22.7 million compared to 2013 YTD Adjusted EBITDA of $2.3 millio
Slide 5: Single-Family Housing Permits and Starts
5 Single-Family Housing Permits and Starts Single-family housing activity continued to recover during the third quarter Source: U.S. Census Bureau
Slide 6: Segment Price and Volume Fiscal Third Quarter 2014
6 Segment Price and Volume Fiscal Third Quarter 2014 Average selling price for our structural wood business was up 6.3% Volumes up in siding, specialty lumber Volumes down in lumber and plywood Same Center Revenues up $14.3M
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 • Specialty and structural product mix consistent YoY Same Center Revenues Up $14.3M or 3% ($ million
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: Same Center - Revenue and Gross Profit
10 Same Center - Revenue and Gross Profit • Same Center Revenue up $14.3 million, or 3%, from year ago period • Same Center Gross Profit of $64.6 million, up 5% from $61.6 million in fiscal third quarter 2013 (1) Immaterial rounding adjustments and differences may exist between appendix slides, pres
Slide 11: GAAP Net Income (Loss) & Adjusted EBITDA
11 GAAP Net Income (Loss) & Adjusted EBITDA Adjusted EBITDA $ in millions - unaudited (1) 2013 2014 Fiscal Fiscal Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 YTD 2014 YTD GAAP net income (loss) $(12.6) $(22.3) $(3.2) $(2.5) $(8.6) $3.2 $(0.9) $(38.2) $(6.3) Adjustments: Depreciation and amortization 2.2 2.2 2.1 2.6 2
Slide 12: Cash Flows
12 Cash Flows Year-to-Date Operating Cash Usage Improved $17.4 million ($70.8) ($53.4) Fiscal Fiscal Fiscal Fiscal Q3 2013 Q3 2014 2013 YTD 2014 YTD in millions - unaudited (1) Net cash (used in) provided by operating activities $ 62.9 $ 14.9 $ (70.8 ) $ (53.4 ) Net cash (used in) provided by invest
Slide 13: Working Capital
13 Working Capital Working Capital in millions- unaudited (1) October 4, September 28, Change over 2014 2013 Prior Year Receivables $ 205.8 $ 207.9 $ (2.1 ) (1.0 )% Inventory 264.9 259.7 5.2 2.0 % Other current assets 32.9 36.6 (3.7 ) (10.1 )% Total current assets 503.6 504.2 (0.6 ) (0.1 )% Accounts
Slide 14: Debt
14 Debt • Asset Backed Revolving Credit Facilities ◦ $88 million excess availability as of October 4, 2014 ◦ $447.5 million U.S. facility with additional $75.0 million uncommitted accordion facility ◦ $20 million Tranche A loan ◦ $10 million Canadian facility with additional $5.0 million uncommitted
Slide 15: Appendix Topic Page
15 TOPIC PAGE Profit and Loss Statement by Quarter 16 Same Center Sales and Adjusted EBITDA 17 Revenue and Unit Volume by Quarter 18 Gross Margin by Quarter 19 Reconciliation of Debt Principal Payable to Non-GAAP Net Debt 20 Structural Products Price Trends 21 Appendix
Slide 16: Profit and Loss Statement by Quarter
16 Profit and Loss Statement by Quarter Profit and Loss Statement $ in millions except per share amounts - unaudited (1) 2013 2014 Fiscal Fiscal Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 YTD 2014 YTD Net sales $ 503.2 $ 604.6 $ 557.9 $ 486.3 $ 443.9 $ 531.5 $ 549.8 $ 1,665.7 $ 1,525.2 Cost of sales 446.7 549.5 495.
Slide 17: Same Center Sales and Adjusted EBITDA
17 Same Center Sales and Adjusted EBITDA Same Center Sales $ in millions - unaudited (1) 2013 2014 Fiscal Fiscal Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 YTD 2014 YTD Total net sales $ 503.2 $ 604.6 $ 557.9 $ 486.3 $ 443.9 $ 531.5 $ 549.8 $ 1,665.7 $ 1,525.2 Less: closed centers 29.5 33.7 22.4 — — — — 85.6 — Same
Slide 18: Revenue and Unit Volume by Quarter
18 Revenue and Unit Volume by Quarter Sales $ in millions - unaudited (1) 2013 2014 Fiscal Fiscal Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 YTD 2014 YTD Specialty $ 270.9 $ 333.5 $ 320.6 $ 274.9 $ 263.6 $ 316.1 $ 324.2 $ 925.0 $ 903.9 Structural 233.5 276.5 243.2 215.1 185.5 219.9 232.3 753.2 637.7 Other (2) (1.2 )
Slide 19: Gross Margin by Quarter
19 Gross Margin by Quarter Gross Margin $ in millions - unaudited (1) 2013 2014 Fiscal Fiscal Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 YTD 2014 YTD Specialty $ 35.3 $ 44.6 $ 39.0 $ 35.7 $ 34.2 $ 43.7 $ 43.0 $ 118.9 $ 120.9 Structural 20.3 11.1 17.8 17.7 15.4 18.0 20.8 49.2 54.2 Other 0.9 (0.5 ) 5.7 0.9 3.1 0.3 0.8
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) Quarters Ended Quarters Ended March 30, June 29, September 28, January, 4 April 5, July 5, October 4, 2013 2013 2013 2013 2014 2014 2014 Revolving credit facilities $ 242.4 $ 300.0 $ 239.5 $ 211.2 $ 2
Slide 21: Structural Products Price Trends
21 Structural Products Price Trends
Slide 22: www.BlueLinxco.com
www.BlueLinxco.com