Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2013 Earnings Presentation
23 slides from Bluelinx's earnings presentation, May 1, 2013
Slide 1: BlueLinx Quarterly Review 1st Quarter 2013
BlueLinx Quarterly Review 1st Quarter 2013
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: – Continued favorable trends in housing fundamentals experienced through the first quarter; March SAAR housing starts at 1,036k breaking the 1 million mark for the first time since June 2008 – Improved demand for our product
Slide 5: Quarterly Review
Quarterly Review Doug Goforth Chief Financial Officer and Treasurer Slide 5
Slide 6: Quarterly Revenue
Quarterly Revenue Specialty Structural Other Revenues ($ in millions) YOY $49.4 or 10.9% $517.0 $496.8 $453.7 $440.3 $503.2 215.7 211.4 182.9 233.5 196.1 268.1 307.9 288.9 249.1 270.9 1Q ‘12 2Q ‘12 3Q ‘12 4Q ‘12 1Q ‘13 Variance Analysis $49.4 $37.0 Price/Other Structural Unit Volume 4.5% $8.3 $4.1 S
Slide 7: 2013 Q1 Results
2013 Q1 Results Revenues ($ in millions) YOY $49.4 $503.2 or 10.9% $453.7 YTD ‘12 YTD ‘13 Gross Margin % 12.0% 11.2% YTD ‘12 YTD ‘13 Operating Expenses ($ in millions) YTD ‘12 YTD ‘13 Variance Reported Operating Expenses $58.3 $61.6 ($3.3) Significant Special Items: Facility Consolidation. & Severan
Slide 8: Cash Flows
Cash Flows Unaudited (in million’s) Q112 Q212 Q312 Q412 Q113 TTM 2013 TTM 2012 Cash flows from operating activities: Net loss $ (11.0) $ (3.7) $ 3.1 $ (11.4) $ (12.6) $ (24.6) $ (37.3) Adjustments to reconcile net loss to net cash (used in) provided by operations: Depreciation and amortization 2.4 2
Slide 9: Debt
Debt Debt $ in millions July 2, October 1, December 31, March 31, June 30, September 29, December 29, March 30, 2011 2011 2011 2012 2012 2012 2012 2013 Revolving Credit Facilities $ 188.9 $ 118.5 $ 94.5 $ 177.7 $ 206.7 $ 185.2 $ 171.4 $ 242.4 Mortgage 285.7 246.9 243.2 236.1 235.5 234.9 206.0 205.3
Slide 10: Cash Cycle
Cash Cycle Cash Cycle Days (in days) 59 59 61 57 58 36 36 A/R 36 37 34 53 INV 49 49 49 49 0 (28) (27) (26) (25) (28) A/P & OD’s 1Q ‘12 2Q ‘12 3Q ‘12 4Q ‘12 1Q ‘13 TTM Cash Cycle days at 61, up 3 days sequentially and up 4 days compared to the prior year quarter Cash cycle days equal accounts receiva
Slide 11: George Judd, Chief Executive Officer
George Judd Chief Executive Officer Slide 11
Slide 12: 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 – Expand product lines – Increase
Slide 13: Appendix
Appendix TOPIC PAGE Profit and Loss Statement by Quarter 14 Revenues by Quarter 15 Channel Mix Analysis 16 Unit Volume by Quarter 17 Gross Margin by Quarter 18 Operating Expense by Quarter 19 Structural Product Price Trends 20 Reconciliation of GAAP Debt to Non-GAAP Net Debt 21 Reconciliation of GAA
Slide 14: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement $ in millions (1) , except per share amounts 2011 2012 2013 2011 2012 2013 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Sales $ 500.8 $ 472.9 $ 391.1 $ 453.7 $ 517.0 $ 496.8 $ 440.3 $ 503.2 $ 1,755.4 $ 1,907.8 $ 1,957.3 Cost of Goods Sold 443.2 414.6 343.2 3
Slide 15: Revenues by Quarter
Revenues by Quarter Sales $ in millions 2011 2012 2013 2011 2012 2013 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Specialty $ 309.9 $ 291.1 $ 236.4 $ 268.1 $ 307.9 $ 288.9 $ 249.1 $ 270.9 $ 1,068.2 $ 1,114.0 $ 1,116.8 Structural 192.6 186.6 164.9 182.9 215.7 211.4 196.1 233.5 704.9 806.1 856.7 Other (1) (1.7) (4.8)
Slide 16: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis 1Q13 Variance from Year 1Q12 2Q12 3Q12 4Q12 1Q13 Ago Qtr Total Products Warehouse 69.4% 70.0% 71.8% 72.3% 69.9% 0.5% Direct 21.5% 19.9% 19.5% 19.7% 20.8% (0.7%) Reload 9.1% 10.1% 8.7% 8.0% 9.3% 0.2% Total 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% Slide 16
Slide 17: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume Change 2011 2012 2013 2011 2012 2013 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Specialty 10.7% 11.4% 6.6% 12.4% (2.3%) (1.0%) 5.4% 1.5% 7.4% 2.9% 0.6% Structural (18.8%) (14.0%) 2.8% 9.4% 0.4% (3.3%) (0.8%) 4.5% (15.1%) 1.4% 0.2% Total (3.5%) 0.1% 5.0% 11.2% (1.3%) (1.9%) 2.9% 2
Slide 18: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin $ in millions 2011 2012 2013 2011 2012 2013 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Specialty (1) $ 38.9 $ 38.9 $ 31.5 $ 33.7 $ 41.1 $ 38.1 $ 33.0 $ 35.3 $ 137.3 $ 145.9 $ 147.5 Structural (1) 15.6 17.8 14.6 18.0 20.4 21.0 17.5 20.3 64.8 76.9 79.2 Other (2) 3.1 1.6 1.9 2.5 1
Slide 19: Operating Expense by Quarter
Operating Expense by Quarter Operating Expense (1) $ in millions 2011 2012 2013 2011 2012 2013 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Payroll & related $38.1 $38.3 $35.5 $38.6 $38.5 $37.8 $37.7 $38.9 $149.5 $152.6 $152.9 General maintenance 5.6 5.3 5.4 5.2 5.5 5.6 5.4 5.6 21.4 21.7 22.1 Fuel 4.5 4.2 3.7 4.1 4.
Slide 20: Structural Products Price Trend
Structural Products Price Trend Plywood Price Trend 2008-2013 YTD Southern Sheathing 15/32” 4 Ply. West Zone Lumber Price Trend 2008 - 2013 YTD Western SPF 2x4 #2 & Btr Oriented Strand Board Price Trend 2008 - 2013 YTD Oriented Strand Board 7/16” North Central Zone Source: Data from Random Lengths P
Slide 21: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP December 29, March 30, 2012 2013 (unaudited) (unaudited) Revolving Credit Facilities $ 171.4 $ 242.4 Mortgage 206.0 205.3 TOTAL DEBT $ 377.4 $ 447.7 Less:Cash and Cash Equivalents (5.2) (5.3) Mortgage LCR Trap - (3.0) Net Debt $ 372.2 $ 439.4 Excess Availability $
Slide 22: Reconciliation of GAAP to Non-GAAP
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 Three Months Ended March 30, March 31, 2013 2012 GAAP net cash used in operating activities $ (95.8) $ (88.5) Adjustments: Amortization
Slide 23: www.BlueLinxco.com
www.BlueLinxco.com