Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2016 Earnings Presentation
15 slides from Bluelinx's earnings presentation, May 12, 2016
Slide 1: BlueLinx Quarterly Review First Quarter 2016
BlueLinx Quarterly Review First Quarter 2016
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: Susan O'Farrell, Chief Financial Officer and Treasurer
3 Susan O’Farrell Chief Financial Officer and Treasurer
Slide 4: Executive Summary – First Quarter 2016
4 Executive Summary – First Quarter 2016 • Adjusted EBITDA of $7.0 million, up $6.6 million from first quarter 2015; best first quarter of Adjusted EBITDA since 2007 • Revenue of $474.3 million, an increase of 4.3% from 2015 levels • Unit volumes up 10% in Q1 2016 compared to 2.9% in Q1 2015 • Gross
Slide 5: Revenue and Gross Margin
5 2016 2015 in millions Q1 Q1 Net sales $ 474.3 $ 454.9 Gross profit $ 57.6 $ 50.2 Gross margin 12.14 % 11.04 % Revenue and Gross Margin • Sales increased 4.3% from Q1 2015 • Specialty sales led the increase with sales up 6.6% or $18.0 million • Structural sales remained flat • Unit volumes increase
Slide 6: Operating Expenses
6 2016 2015 Q1 Q1 Selling, general, and administrative $ 54.8 $ 50.0 Depreciation and amortization 2.5 2.3 Total operating expenses $ 57.3 $ 52.3 Operating Expenses • Selling, General & Administrative expenses up by $4.8 million for the quarter primarily in direct sales related incentives and refina
Slide 7: Cash Cycle Days
7 Cash Cycle Days 10 day reduction • First quarter 2016 Cash Cycle1 days 59, a seven day improvement from first quarter 2015 and a 10 day improvement from first quarter 2014 • Working capital improved by $21.2 million compared to first quarter 2015, mainly driven by a reduction in inventory of $28.6
Slide 8: Mitch Lewis, Chief Executive Officer
8 Mitch Lewis Chief Executive Officer
Slide 9: Key Emphasis for BlueLinx
9 Key Emphasis • Focus on facility and real estate monetization • Improve inventory management and planning, including strategic product assortment • Continue margin enhancement activities • Capitalize on current market conditions • Emphasize local customer interaction to enhance market share Key Em
Slide 10: Appendix
10 TOPIC PAGE Statements of Operations 11 Adjusted EBITDA 12 Net Debt 13 Gross Profit and Margin 14 Appendix
Slide 11: Statements of Operations
11 Statements of Operations $ in millions except per share amounts 2016 2015 Q1 Q1 Net sales $ 474.3 $ 454.9 Cost of sales 416.7 404.8 Gross profit 57.6 50.2 Gross margin % 12.1 % 11.0 % Operating expenses: Selling, general, and administrative 54.8 50.0 Depreciation and amortization 2.5 2.3 Total op
Slide 12: Adjusted EBITDA
12 Adjusted EBITDA $ in millions 2016 2015 Q1 Q1 Net loss $ (6.1 ) $ (8.9 ) Adjustments: Depreciation and amortization 2.5 2.3 Interest expense 7.2 6.6 Benefit from income taxes (0.4 ) (0.1 ) Gain from the sale of properties (0.4 ) — Share-based compensation expense, excluding restructuring 0.4 0.6
Slide 13: Net Debt
13 Net Debt $ in millions 2016 2015 Q1 Q1 Revolving credit facilities - principal $ 272.5 $ 275.7 Mortgage - principal 159.4 169.8 Total debt principal payable 431.9 445.5 Less: Cash (7.1 ) (6.0 ) LCR cash trap — (1.0 ) Non-GAAP net debt 424.8 438.5
Slide 14: Gross Profit and Margin
14 Gross Profit and Margin 2016 2015 Q1 Q1 Structural products $ 17 $ 14 Specialty products 40 35 Other (1) — 1 Total gross profit $ 57 $ 50 Structural products 9.2 % 7.3 % Specialty products 13.6 % 13.0 % Total gross margin % 12.1 % 11.0 % (1) "Other" includes unallocated allowances and discounts.
Slide 15: www.BlueLinxco.com
www.BlueLinxco.com