Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2011 Earnings Presentation
22 slides from Bluelinx's earnings presentation, Feb 15, 2012
Slide 1: BlueLinx Quarterly Review 4th Quarter 2011
Exhibit 99.2 BlueLinx Quarterly Review 4th Quarter 2011
Slide 2: Forward-Looking Statement Safe Harbor
BlueLinx Holdings Inc. Forward-Looking Statement Safe Harbor - This presentationincludes "forward-lookingstatements" within the meaning of the Private Securities Litigation Reform Act of 1995. All of these forward-lookingstatements are based on estimates and assumptions made by our management that,
Slide 3: Quarterly Highlights
Quarterly Highlights 4 th Quarter Highlights Revenue Up 6.3% to $391.1 million Housing Starts Total starts increased 22.6% from the same period last year; Single family starts increased 2.4% from the same period last year Prices Average 4Q ’11 benchmark wood-based structural prices were up approxima
Slide 4: Introduction and Quarterly Review
Introduction and Quarterly Review Doug Goforth Chief Financial Officer and Treasurer 4
Slide 5: Quarterly Revenue
Quarterly Revenue Specialty Structural Other Structural Specialty Revenues % by Product ($ in millions) YOY $23.2 59% or 6.3% 59% $500.8 $472.9 $390.6 $391.1 $367.9 193.6 187.4 154.8 161.3 165.7 41% 316.6 297.1 41% 221.4 235.0 240.7 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 4Q ‘10 4Q ‘11 Variance Analysis
Slide 6: 2011 Full Year Results
2011 Full Year Results Revenues Operating Expenses ($ in millions) ($ in millions) $1,804.4 $1,755.4 FY '10 $234.5 FY '11 $218.4 FY '10 FY '11 Significant Special Items FY‘10 FY‘11 Chg OSB lawsuit settlement $5.2 $- $5.2 Tender offer expenses ($3.0) $- ($3.0) Gain on lease modification $- $2.0 ($2.0
Slide 7: Cash Flows
Cash Flows Unaudited (in million’s) Q410 Q111 Q211 Q311 Q411 FY 2011 FY 2010 Cash flows from operating activities: Net loss $ (20.2) $ (12.3) $ (9.8) $ (6.2) $ (10.3) $ (38.6) $ (53.2) Adjustments to reconcile net loss to net cash provided by (used in) operations: Depreciation and amortization 3.1 2
Slide 8: Debt
Debt U.S. Revolver $115.7 million excess availability as of December 31, 2011 LIBOR plus 3.75% as of December 31, 2011 $400 million facility with additional $100 million uncommitted accordion facility – Matures January 7, 2014 – No financial performance covenants provided Excess Availability is more
Slide 9: Cash Cycle
Cash Cycle Cash Cycle Days (in days) 100 55 58 58 56 52 80 36 36 34 60 32 35 A/R 40 20 45 48 50 49 48 Inv 0 (25) (28) (28) (27) (26) -20 A/P & OD's -40 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 TTM Cash Cycle days at 56, down 2 days sequentially and up 4 days compared to the prior year quarter Cash cycle d
Slide 10: Closing Remarks
Closing Remarks 4 th Quarter focus – Specialty growth – Customer care – Gross margin Long term strategic objectives: – Profitably grow specialty revenues to 60+% of total sales – Profitably manage structural – Profitably outgrow the market over the long term 10
Slide 11: Appendix
Appendix TOPIC PAGE Profit and Loss Statement by Quarter 12 Revenues by Quarter 13 Channel Mix Analysis 14 Unit Volume by Quarter 15 Gross Margin by Quarter 16 Gross Margin % Analysis 17 Operating Expense by Quarter 18 Structural Product Price Trends 19 Reconciliation of GAAP Debt to Non-GAAP Net De
Slide 12: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement $ in millions(1), except per share amounts 2010 2011 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales $ 431.1 $ 540.8 $ 464.7 $ 367.9 $ 390.6 $ 500.8 $ 472.9 $ 391.1 $ 1,646.1 $ 1,804.4 $ 1,755.4 Cost of Goods Sold 378.8 476.7 414.8 323.6 344.3
Slide 13: Revenues by Quarter
Revenues by Quarter ‘Sales $ in millions 2010 2011 2009 2010 2011 at [oH a3 a4 at az foe} a4 Specialty $2334 $ 286.0 $2643 $2214 $235.0 $3166 $287.1 $240.7 $348.0 $ 1,004.8 $ 1,069.4 ‘Structural 2037 205.4 2139 154.8 161.3, 193.6 187.4 165.7 738.6 037.8 708.0 Other” (57) (10.6) (135) (8.3) (5.7) (9.
Slide 14: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis 4Q11 Variance from Year 4Q10 1Q11 2Q11 3Q11 4Q11 Ago Qtr Structural Products Warehouse 65.8% 64.5% 67.5% 68.5% 70.6% 4.8% Direct 22.8% 22.2% 19.9% 19.7% 19.1% (3.7%) Reload 11.4% 13.3% 12.6% 11.8% 10.3% (1.1%) Total 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% Specialty Produ
Slide 15: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume Change 2010 2011 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty 2.2% 13.5% 1.3% 5.9% (0.2%) 10.7% 11.4% 6.6% (32.8%) 5.7% 7.4% Structural 0.3% 9.7% (4.3%) (16.5%) (25.2%) (18.8%) (14.0%) 2.8% (40.3%) (2.5%) (15.1%) Total 1.4% 11.9% (1.2%) (4.3%) (11.8%) (3.5%) 0.
Slide 16: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin $ in millions 2010 2011 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Specialty (1) $ 33.5 $ 44.3 $ 37.9 $ 32.5 $ 32.4 $ 45.6 $ 44.8 $ 35.8 $ 132.9 $ 148.2 $ 158.6 (1) Structural 21.7 24.2 15.9 14.7 17.3 16.6 18.7 15.4 73.1 76.5 68.0 (2) Other (2.9) (4.4) (3.9) (2.9) (3
Slide 17: Gross Margin % Analysis
Gross Margin % Analysis 4Q11 Variance from Year 4Q10 1Q11 2Q11 3Q11 4Q11 Ago Qtr Structural Products (1) Warehouse 12.0% 13.7% 11.0% 12.6% 11.5% (0.5%) Direct 4.1% 3.3% 3.6% 3.7% 3.6% (0.5%) Reload 5.5% 8.3% 3.5% 5.1% 4.8% (0.7%) Total 9.5% 10.7% 8.6% 10.0% 9.3% (0.2%) Specialty Products (1) Warehou
Slide 18: Operating Expense by Quarter
Operating Expense by Quarter Operating Expense (1) $ in millions 2010 2011 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Payroll & related $38.2 $38.8 $38.2 $36.6 $37.8 $37.9 $38.1 $35.5 $147.9 $151.8 $149.3 General maintenance 5.1 5.3 5.2 5.0 5.1 5.6 5.3 5.4 19.3 20.6 21.4 Depreciation and amortization 3.
Slide 19: Structural Products Price Trend
Structural Products Price Trend Source: Data from Random Lengths Publications, Inc., updated as of December 30, 2011 19
Slide 20: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Debt to Non-GAAP Net Debt in millions January 1, December 31, 2011 2011 Revolving Credit Facilities $ 97.2 $ 94.5 Mortgage 285.7 243.2 TOTAL DEBT $ 382.9 $ 337.7 Less:Cash and Cash Equivalents (14.3) (4.9) Mor
Slide 21: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP
Slide 22: www.BlueLinxco.com
www.BlueLinxco.com