Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2021 Earnings Presentation
18 slides from Bluelinx's earnings presentation, May 5, 2021
Slide 1: First Quarter Results Conference Call
First Quarter Results Divider slide Conference Call 29 September, 2020 May 5, 2021
Slide 2: Safe Harbor Statement
Safe Harbor Statement Note to Our Investors This presentation contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the w
Slide 3: Executive Summary: First Quarter 2021 Performance
Executive Summary First Quarter 2021 Performance Market Conditions Company Performance • Single-family residential housing remains strong. Q1 single-family housing starts • Record first quarter results. Record operating income, net income and Adjusted continue to be well below prior cyclical peak in
Slide 4: Single-Family Housing Demand
Single-Family Housing Demand Our business is correlated to single-family housing starts (SFHS) Total U.S. Single Family Housing Starts Total U.S. Monthly Single-Family Residential Home Supply Housing starts in thousands(1) Months of inventory(2) 2,000 • 2021 SFHS forecasted at 1.2 million 14 Single-
Slide 5: Residential Repair & Remodel Activity Remains Healthy
Residential Repair & Remodel Activity Remains Healthy U.S. Installed base of more than 125 million homes expected by the end of 2021 Total Installed Base of U.S. Homes, Including Renter and U.S. Private Residential Construction Put-In-Place (CPP) Owner-Occupied Homes Dollars in millions(2) • U.S. Ho
Slide 6: Commodity Price Environment a Key Growth Driver
Commodity Price Environment a Key Growth Driver Strong residential demand and supply constraints driving lumber and panel prices to all-time highs Framing Lumber Composite Index As of April 2021(1) • Supply-demand imbalances 1,400 Index Price TTM Avg. Index Price continue to impact wood-based 1,200
Slide 7: Key Areas of Management Focus
Key Areas of Management Focus Continuing to execute on strategic imperatives 1 2 3 4 Organic Margin Organizational Disciplined Sales Growth Expansion Efficiencies Capital Allocation • National account growth, • Focus on specialized, higher- • Local sales execution • Generate cash flow to utilizing e
Slide 8: 1Q21 & TTM Performance Indicators
1Q21 & TTM Performance Indicators Significant year-over-year growth in Net Sales, Gross Profit, Net Income and Adjusted EBITDA Total Net Sales Total Gross Profit Dollars in millions +30% Dollars in millions +55% $3,461 $565 $2,661 $364 +94% +55% $180 $1,025 $93 $662 1Q20 1Q21 1Q20 TTM 1Q21 TTM 1Q20
Slide 9: 1Q21 & TTM Performance Indicators: Margins
1Q21 & TTM Performance Indicators Margin expansion through capitalizing on strong market dynamics Gross Margin SG&A Percentage of Net Sales Gross Profit / Net Sales SG&A / Net Sales -200 bps +350 bps +260 bps -390 bps 17.6% 11.3% 11.1% 16.3% 9.1% 14.1% 13.7% 7.4% 1Q20 1Q21 1Q20 TTM 1Q21 TTM 1Q20 1Q2
Slide 10: Specialty Products and Structural Products Performance
Specialty Products and Structural Products Performance Record net sales growth and margin expansion across both specialty and structural products in Q1 2021 Specialty Products Sales and Gross Margin Structural Products Sales and Gross Margin Dollars in Millions Dollars in Millions TTM Q1 2020 TTM Q1
Slide 11: Effective Operating Working Capital Management
Effective Operating Working Capital Management Improvement in operating working capital metrics year over year and sequentially • 45% return on working capital for Q1 2021 TTM, up significantly; 16% Disciplined Operating Working Days Sales of Inventory (DSI) in the prior year period Capital Manageme
Slide 12: Significant Reduction In Bank Debt Outstanding
Significant Reduction In Bank Debt Outstanding Reduced bank debt outstanding by $101 million year over year, supported by strong free cash flow generation Excess Availability and Net Leverage Ratio (includes finance leases) Bank Debt Reduction • Term Loan paid off in full in 1Q21 Dollars in millions
Slide 13: Appendix
Divider slide Appendix 29 September, 2020
Slide 14: Non-GAAP Measures
Non-GAAP Measures BlueLinx reports its financial results in accordance with GAAP, but we also believe that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP resu
Slide 15: Supplementary Information: SG&A Expense Bridge
Supplementary Information Q1 2020 to Q1 2021 SG&A Expense Bridge Dollars in Millions $3.6 $75.6 $74.6 -$2.6 14 -14-
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation 15 -15-
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation 16 -16-
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation 17 -17-