Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2024 Earnings Presentation
27 slides from Bluelinx's earnings presentation, Feb 19, 2025
Slide 1: BlueLinx Q4 and Full Year 2024 Results
BlueLinx Q4 and Full Year 2024 Results Delivering What Matters February 19, 2025 © BlueLinx 2025. All Rights Reserved. 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 words “believe,” “antic
Slide 3: Opening Remarks
Opening Remarks Shyam Reddy President & CEO 3
Slide 4: BlueLinx Strategic Priorities
BLUELINX STRATEGIC PRIORITIES BlueLinx: Delivering What Matters 4
Slide 5: Delivering What Matters
DELIVERING WHAT MATTERS ▪ FY 2024 Net sales of $3.0B q solid ✓ Delivered Delivered full yearstrong fullgiven 2024 results yearthe2022 results challenging environment ▪ FY 2024 Adjusted EBITDA of $131M (1) ▪ Q4 2024 Net Sales of $711M ✓ Solid Q4 results highlighted by strong gross margins ▪ Adjusted
Slide 6: Full Year 2024 Results
FULL YEAR 2024 RESULTS Explosive profitable growth with a highly engaged team ◼ Net sales of $3.0B, down 5.9% year-over-year ❑ Full year volume increases offset by market-related pricing pressures ◼ Gross profit of $489M, down 7.2% year-over-year ❑ 16.6% of net sales ❑ 81% of gross profit from speci
Slide 7: U.S. Housing Industry
U.S. HOUSING INDUSTRY ◼ New home starts continue to be volatile ❑ Single-family housing starts expected to be flat to down in 2025 ❑ Multi-family starts expected to decline but at a lower rate than 2024 levels ◼ Home affordability remains challenging ❑ Mortgage rates off historic highs, but still el
Slide 8: Financial Review
Financial Review Kim DeBrock Vice President, Chief Accounting Officer and Interim Principal Financial Officer 8
Slide 9: Fourth Quarter 2024 Results
FOURTH QUARTER 2024 RESULTS $ millions, except per share data and Q4 Q4 Variance leverage ratios 2024 2023 Net Sales $711 $713 (0.3)% Q4 Commentary Gross Profit $113 118 (4.3)% ◼ Net Sales decreased 0.3% to $711M Gross Margin % 15.9% 16.6% (70) bps ❑ Specialty product sales down 1% ❑ Structural prod
Slide 10: Specialty Products Q4 2024 Results
SPECIALTY PRODUCTS Q4 2024 RESULTS $ in millions Q4 Commentary ◼ Net sales of $484M, down 1% ❑ Driven mainly by price deflation ❑ Specialty is approximately 70% of total net sales ◼ Gross profit of $89M, down 6% ❑ Specialty gross profit 78% of total gross profit ◼ Gross margin of 18.4%, down 100 bps
Slide 11: Structural Products Q4 2024 Results
STRUCTURAL PRODUCTS Q4 2024 RESULTS $ in millions Q4 Commentary ◼ Net sales of $227M, up 0.5% ❑ Driven mainly by framing lumber pricing ❑ Year-over-year average pricing for commodities was mixed: 12% increase in average price of lumber 6% decrease in average price of panels ◼ Gross profit of $25
Slide 12: Full Year 2024 Results
FULL YEAR 2024 RESULTS $ in millions, except per share data, FY FY Variance leverage ratios, and Net Sales 2024 2023 Net Sales $3.0 $3.1 (6)% ($ billions) FY 24 Commentary Gross Profit $489 $527 (7)% ◼ Net Sales decreased 6% to $3.0B Gross Margin % 16.6% 16.8% (20) bps ❑ Specialty product sales down
Slide 13: Balance Sheet
BALANCE SHEET ($ millions) Gross Debt Structure (in millions) Debt Maturity Schedule (In millions) $300 undrawn revolver Note: debt maturity schedule does not include finance lease obligations Net Leverage Ratio (1) ◼ At the end of Q4 2024: ▪ Cash/Cash Equivalents on hand of $506M ▪ Total available
Slide 14: Working Capital and Free Cash Flow
WORKING CAPITAL AND FREE CASH FLOW Net Working Capital Management(1) FY 24 Free Cash Flow Walk $ in millions $ in millions 1. Net working capital includes accounts receivable, inventory, and accounts payable; Return on Working Capital is calculated by dividing trailing twelve month (TTM) Adjusted EB
Slide 15: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK GUIDING PRINCIPLES ◼ Maintain strong balance sheet and OPERATING CASH FLOW FREE CASH FLOW financial stability ◼ Long-term net leverage could increase to at or around 2.0x when EXPAND INVEST IN THE SHARE considering growth BUSINESS GEOGRAPHIC REPURCHASES FOOTPRINT ◼ Inves
Slide 16: Q&A
Q&A BLUELINX 6
Slide 17: Appendix
Appendix BLUELINX ”
Slide 18: Macro Trends
MACRO TRENDS Total U.S. Single Family Housing Starts (SFHS) Housing starts in thousands(1) LIRA Remodeling Activity Index TTM Moving Total - Dollars in billions(2) Starts expected to be around 20-year average and well above 2009-2011 levels Remodeling spend expected to improve slightly in 2025 20-ye
Slide 19: Wood-Based Commodity Price Trends
WOOD-BASED COMMODITY PRICE TRENDS Framing Lumber Composite Index $/mbf, Quarterly Average Price(1) As of December 2024 Average Q4 24 lumber prices increased 12% year- over-year and increased 12% from Q3 24 Structural Panel Composite Index $/msf, Quarterly Average Price(1) As of December 2024 Average
Slide 20: Non-GAAP Measures and Supplemental Financial Information
Non-GAAP Measures and Supplemental Financial Information The Company reports its financial results in accordance with GAAP. The Company also believes that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affe
Slide 21: Supplementary Financial Information
Supplementary Financial Information Net sales, gross profit dollars, gross profit percentages, sales mix, and gross profit mix by product category by fiscal quarter, Q4 2021 – Q42024 In millions where dollars are presented Quarter Ended December September June March December September June March Dec
Slide 22: Non-GAAP Reconciliation: Adjusted EBITDA by Quarter
Non-GAAP Reconciliation / supplementary financial information (unaudited) Adjusted EBITDA reconciliation by fiscal quarter, Q1 2022 – Q4 2024 In millions where dollars are presented Fiscal Quarter 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 1Q2022 Net inco
Slide 23: Non-GAAP Reconciliation: Trailing 12-Month Adjusted EBITDA
Non-GAAP Reconciliation (unaudited) Trailing 12-Months Adjusted EBITDA through the end of each fiscal quarter, Q1 2022 – Q4 2024 In millions where dollars are presented Trailing Twelve Months as of the End of Fiscal Quarter 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 Net
Slide 24: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation (unaudited) Free Cash Flow for fiscal year 2024, 2023 and 2022 In millions Fiscal Year Ended December 28, 2024 December 30, 2023 December 31, 2022 Net cash provided by operating activities $ 85.2 $ 306.3 $ 400.3 Less: Property and equipment investments (40.1) (27.5) (35.9) Fr
Slide 25: Non-GAAP Reconciliation: Working Capital
Non-GAAP Reconciliation (unaudited) Working capital by fiscal quarter, Q4 2022 – Q4 2024 $ in millions As of the End of Fiscal Quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Accounts Receivable, net $226 $278 $274 $288 $228 $298 $294 $299 $252 Inventories, net 356 34
Slide 26: Non-GAAP Reconciliation: Adjusted Net Income and EPS
Non-GAAP Reconciliation / supplementary financial information (unaudited) Adjusted Net Income and Adjusted Diluted Income per Share reconciliation for the Q4 2024, Q4 2023, FY 2024 and FY 2023 In thousands, except per share amounts For the Fiscal Quarter Ended For the Fiscal Year Ended December 28,
Slide 27: Non-GAAP Reconciliation: Net Debt and Net Leverage
Non-GAAP Reconciliation / supplementary financial information (unaudited) The following table presents Net Debt, Net Debt excluding real property finance lease liabilities, Net Leverage Ratio, and Net Leverage Ratio excluding real property finance lease liabilities, for the fiscal year indicated: Fi