Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q2 2014 Earnings Presentation
24 slides from Bluelinx's earnings presentation, Aug 7, 2014
Slide 1: BlueLinx Quarterly Review 2nd Quarter 2014
BlueLinx Quarterly Review 2nd Quarter 2014
Slide 2: Forward-Looking Statement Safe Harbor
Slide 2 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 o
Slide 3: Mitch Lewis, Chief Executive Officer
Slide 3 Mitch Lewis Chief Executive Officer
Slide 4: Executive Summary – Second Quarter 2014
Slide 4 Executive Summary – Second Quarter 2014 ▪ Adjusted EBITDA was $ 10 . 6 million – Improvement of $ 14 . 1 million over second quarter 2013 – Best quarterly adjusted EBITDA in 5 years ▪ Net income $ 3 . 2 million ▪ Revenues were $ 531 . 5 million, a 6 . 9 % decline over the 2013 second quarter
Slide 5: Single-Family Housing Starts and Permits
Slide 5 Single - family Starts June Annual Rate: 575,000 0.200 0.250 0.300 0.350 0.400 0.450 0.500 0.550 0.600 0.650 0.700 0.750 Seasonally adjusted annual rate. - Millions Single - family Housing Permits June Annual Rate: 631,000 Seasonally adjusted annual rate. - Millions Single - Family Housing S
Slide 6: Segment Price and Volume Second Quarter 2014
Slide 6 Segment Price and Volume Second Quarter 2014 • Volumes up in Engineered Lumber, Structural Siding, Decking, Moulding • Volumes down in Roofing, Hardwood Plywood • Volumes down in Plywood, Rebar • Average selling price down 28% in OSB; down 4% in Plywood • Average selling price up 4% in Speci
Slide 7: Quarterly Same Center Revenues
Slide 7 Quarterly Same Center Revenues 41% 59% 2Q ‘13 2Q ‘14 55% 45% Vs. Year Ago ▪ Specialty product mix improves to 59% year - over - year % by Product Revenues ($ in millions) 233.1 286.0 264.3 171.0 203.7 265.4 213.9 154.8 206.2 221.4 4Q '09 1Q '10 2Q '10 3Q '10 4Q '10 Specialty Structural Other
Slide 8: Key Emphasis for BlueLinx
Slide 8 Key Emphasis Key Emphasis for BlueLinx ▪ Establishing effective inventory management ▪ Engaging suppliers for strategic growth opportunities ▪ Operational regional efficiencies ▪ Margin enhancement activities
Slide 9: Susan O’Farrell, Chief Financial Officer and Treasurer
Slide 9 Susan O’Farrell Chief Financial Officer and Treasurer
Slide 10: Net Income & Adjusted EBITDA
Slide 10 Net Income & Adjusted EBITDA Net Income $3.2 million, up $25.5 million versus second quarter last year. Adjusted EBITDA $10.6 million, up $14.1 million versus second quarter last year. Adjusted EBITDA $ in millions (1) 2013 2014 TTM Q1 Q2 Q3 Q4 Q1 Q2 GAAP net (loss)/income (12.6)$ (22.3)$ (
Slide 11: Cash Flows
Slide 11 Cash Flows Seasonal 2Q Cash Usage Improved $15.6 million in a Cash Intensive Quarter Unaudited (in millions) ($22.2) Q2 2013 Q2 2014 ($37.8) Q2 '13 Q2 '14 Net cash (used in) provided by operating activities (37.8) (22.2) Net cash (used in) provided by investing activities (1.8) 6.5 Net cash
Slide 12: Cash Cycle
Slide 12 Cash Cycle TTM Cash Cycle at 66 days Period ending working capital (accounts receivable plus inventory less accounts payable / bank overdrafts) was down $53 million from the second quarter of 2013 Cash Cycle Days (in days) 53 52 52 55 55 (26) (26) (25) (26) (25) 36 35 33 36 36 -40 -20 0 20
Slide 13: Debt
Debt ▪ Asset Backed Revolvers – $82 million excess availability as of July 5, 2014 – $447.5 million U.S. facility with additional $75 million uncommitted accordion facility – $20.0 million Tranche A loan – $10.0 million Canadian facility with additional $5 million uncommitted accordion facility ▪ Mo
Slide 14: Appendix
Slide 14 Appendix TOPIC PAGE Profit and Loss Statement by Quarter 15 Same Center Sales and Adjusted EBITDA by Quarter 16 Revenue and Unit Volume by Quarter 17 Gross Margin by Quarter 18 Operating Expense by Quarter 19 Structural Product Price Trends 20 Reconciliation of GAAP Net Income to Non - GAAP
Slide 15: Profit & Loss Statement by Quarter
Slide 15 Profit & Loss Statement by Quarter Profit & Loss Statement $ in millions (1), except per share amounts 2012 2013 2014 TTM Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Sales 496.8$ 440.3$ 503.2$ 604.6$ 558.0$ 486.3$ 443.9$ 531.5$ 1,907.8$ 2,152.1$ 2,019.7$ Cost of Goods Sold 436.3 388.2 446.7 549.5 495.5 432.0 3
Slide 16: Same Center Sales and Adjusted EBITDA
Slide 16 Same Center Sales and Adjusted EBITDA Same Center Sales $ in millions (1) 2012 2013 2014 TTM Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total Net Sales 496.8$ 440.3$ 503.2$ 604.6$ 558.0$ 486.3$ 443.9$ 531.5$ 1,907.8$ 2,152.1$ 2,019.7$ Less: Closed Center 27.8 23.6 29.5 33.7 22.4 - - - 104.7 85.6 22.4$ Same Ce
Slide 17: Revenue and Unit Volume by Quarter
Slide 17 Revenue and Unit Volume by Quarter Sales $ in millions 2012 2013 2014 TTM Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Specialty 288.9$ 249.1$ 270.9$ 333.5$ 320.6$ 274.9$ 263.6$ 316.1$ 1,114.0 1,199.9$ 1,175.2$ Structural 211.4 196.1 233.5 276.5 243.2 215.1 185.5 219.9 806.1 968.3 863.7$ Other (1) (3.5) (4.8) (
Slide 18: Gross Margin by Quarter
Slide 18 Gross Margin by Quarter Gross Margin $ in millions 2012 2013 2014 TTM Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Specialty $38.1 $33.0 $35.3 $44.6 $39.0 $35.7 $34.2 $43.7 $145.9 $154.6 $152.6 Structural 21.0 17.5 20.3 11.1 17.8 17.7 15.4 18.0 76.9 66.9 68.9$ Other 1.4 1.6 0.9 (0.5) 5.7 0.9 3.1 0.3 7.2 7.0 10.
Slide 19: Operating Expense by Quarter
Slide 19 Operating Expense by Quarter 2012 2013 2014 TTM Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Payroll & related $37.2 $37.3 $38.5 $38.2 $37.1 $35.9 $33.2 $33.8 $151.3 $149.7 $140.0 General maintenance 5.6 5.4 5.6 6.1 5.7 5.6 5.4 5.5 21.7 23.0 22.2 Fuel 3.6 3.6 3.3 3.8 3.6 3.4 3.8 3.5 15.4 14.1 14.3 Depreciation
Slide 20: Structural Products Price Trend
Slide 20 Structural Products Price Trend Source: Random Lengths Publications Plywood Price Trend 2008-2014 YTD Southern Sheathing 15/32" 4 Ply. West Zone $100 $150 $200 $250 $300 $350 $400 $450 2008Q12008Q22008Q32008Q42009Q12009Q22009Q32009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012
Slide 21: Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
Slide 21 Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss) July 5, June 29, July 5, June 29, in thousands 2014 2013 2014 2013 (unaudited) (unaudited) (unaudited) (unaudited) GAAP
Slide 22: Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA
Slide 22 Reconciliation of GAAP Net Income to Non - GAAP Adjusted EBITDA BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA in thousands July 5, June 29, July 5, June 29, 2014 2013 2014 2013 (unaudited) (unaudited) (unaudited) (unaudited) GAAP net i
Slide 23: Reconciliation of GAAP Debt to Non-GAAP Net Debt
Slide 23 Reconciliation of GAAP Debt to Non - GAAP Net Debt September 29, 2012 December 29, 2012 March 30, 2013 June 29, 2013September 28, 2013 January 4, 2014 April 5, 2014 July 5, 2014 Revolving Credit Facilities $185.2 $171.5 $242.4 $300.0 $239.5 $211.2 $261.3 $284.7 Mortgage 234.9 206.0 205.3 20
Slide 24: www.BlueLinxco.com
Slide 24 www.BlueLinxco.com