Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2019 Earnings Presentation
16 slides from Bluelinx's earnings presentation, Mar 10, 2020
Slide 1: Fourth Quarter 2019 Earnings Call Presentation
BlueLinx (NYSE: BXC) Fourth Quarter 2019 Earnings Call Presentation March 11, 2020
Slide 2: Notes to Investors – Forward-Looking Statements
Notes to Investors Forward-Looking Statements. 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 th
Slide 3: Fourth Quarter and Full Year 2019 – Overview
Fourth Quarter and Full Year 2019 – Overview • Fourth Quarter and Full Year Net Sales were $613 million and $2.64 billion, respectively • Fourth Quarter and Full Year Adjusted EBITDA of $10.9 million and $71.4 million, respectively • Closed series of real estate transactions in 2019 and 2020 that re
Slide 4: Service Improvement Trends
Service Improvement Trends • Our investment in enhancing customer service and operational performance is paying off • Sales volume trends since August have improved dramatically • Priority for 2020 is to grow sales by gaining back market share • Strong volumes to start off the year for overlap and n
Slide 5: End-Use Market Outlook
End-Use Market Outlook MARKET OUTLOOK • 2019 SFHS were 1.5% higher in comparison to 2018 • February 2020 Builders Confidence Index of 74 is the highest February figure since 1985 • The Federal Reserve lowered the Fed Funds rate by 50 bps on March 2, 2020 • February 30-year fixed rate mortgage rates
Slide 6: Financial Overview
Bluetinx AS ‘America's Building Products Distributor Financial Overview ————
Slide 7: Financial Summary – Fourth Quarter 2019
Financial Summary – Fourth Quarter 2019 • Net Sales of $613 million, compared to $673 million • Gross Profit of $83 million, compared to $81 million • Gross Margin of 13.5%, up 140 basis points • Net Loss of $10.2 million, compared to Net Loss of $16.2 million • Pro Forma Net Loss of $8.0 million co
Slide 8: Financial Summary – Full Year 2019
Financial Summary – Full Year 2019 • Net Sales of $2.64 billion, compared to $2.86 billion • Pro Forma 2018 Net Sales of $3.26 billion • Gross Profit of $357 million, compared to $332 million • Pro Forma 2018 Gross Profit of $394 million • Gross Margin of 13.5%, up 190 basis points • Prior year peri
Slide 9: Commodity Lumber and Panel Prices
Commodity Lumber and Panel Prices FRAMING LUMBER COMPOSITE PRICE STRUCTURAL PANEL COMPOSITE PRICE Source: Random Lengths Source: Random Lengths $550 $550 $450 $450 5YR AVG $400 2020 2020 5YR AVG $381 2019 2018 $350 $350 2018 2019 $250 $250 Mar Jun Sep Dec Mar Jun Sep Dec FOURTH QUARTER HIGHLIGHTS •
Slide 10: Sales and Gross Margin by Product Q4'18 vs. Q4'19
Sales and Gross Margin by Product Q4’18 vs. Q4’19 SALES BY PRODUCT HISTORICAL GROSS MARGIN 16.2% 16.1% Q4’18 Q4’19 15.9% 15.2% 14.8% Specialty Structural Structural 31% 35% 9.5% 8.9% 8.7% 7.7% Specialty Specialty 69% 65% 3.6% Structural Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 FOURTH QUARTER HIGHLIGHTS • Gross
Slide 11: Reduction in Term Loan
Reduction in Term Loan TERM LOAN REDUCTION $ in millions • Debt under the Term Loan reduced by $102 million • Reduced by $33 million in 2019 • Further reduced by $69 million in 2020 $179 • 13 remaining owned properties valued at approximately $40 million $146 $77 Q4'18 Q4'19 2/28/2020 11
Slide 12: Appendix
Biuetinx AS ‘America's Building Products Distributor Appendix SS
Slide 13: Non-GAAP and Supplemental Financial Measures
Non-GAAP and Supplemental Financial Measures BlueLinx reports its financial results in accordance with GAAP, but we also believe that presentation of certain non-GAAP measures, as well as GAAP-based and non-GAAP supplemental financial measures, may be useful to investors and may provide a more compl
Slide 14: Adjusted EBITDA
Adjusted EBITDA (In millions) (Unaudited) 2019 2018 2019 2018 Q4 Q4 Q4 YTD Q4 YTD Net income (loss) $ (10.2) $ (16.2) $ (17.7) $ (48.1) Adjustments: Depreciation and amortization 7.8 7.6 30.2 25.8 Interest expense 13.7 13.4 54.2 47.3 Provision for (Benefit from) income taxes (4.0) (4.3) (4.0) (12.2)
Slide 15: Pro Forma Adjusted EBITDA
Pro Forma Adjusted EBITDA (In millions) (Unaudited) 2019 2018 2019 2018 Q4 Q4 Q4 YTD Q4 YTD Net income (loss) $ (8.0) $ (11.4) $ (7.1) $ (18.1) Adjustments: Depreciation and amortization 7.8 7.6 30.2 31.2 Interest expense 13.7 13.4 54.2 53.2 Provision for (Benefit from) income taxes (3.3) (2.6) (0.3
Slide 16: Please reference the Earnings Release and 10-K on our website
Please reference the Earnings Release and 10-K available on our website www.BlueLinxCo.com 16