Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q2 2017 Earnings Presentation
21 slides from Bluelinx's earnings presentation, Aug 10, 2017
Slide 1: Second Quarter 2017 Earnings Webcast
BlueLinx Second Quarter 2017 Earnings Webcast
Slide 2: Forward-Looking Statements
2 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 our management that, although believed by us to be reasonable, are inherently u
Slide 3: Non-GAAP Financial Measures
3 BlueLinx reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company also believes that presentation of certain non-GAAP measures may be useful to investors. Any non-GAAP measures used herein are reconciled in the financial t
Slide 4: Key Emphasis for BlueLinx
4 Key Emphasis for BlueLinx • Focus on sales excellence • Emphasize local customer interaction to grow market share • Focus on margin enhancement opportunities • Initiatives to delever the Company • Real estate optimization
Slide 5: Future Growth Opportunities
5 Future Growth Opportunities • The continued rebound in U.S. single-family housing construction can provide a stable base of demand for the Company’s products Source: Population data from United States Census
Slide 6: Financial Overview
BlueLinx Financial Overview
Slide 7: Executive Summary – Second Quarter 2017 Highlights
7 Executive Summary – Second Quarter 2017 Highlights • Net Sales of $474.0 million • Adjusted same-center net sales increased $23.2 million or 5.1% from Q2 2016 • Gross Profit of $60.5 million, up $3.2 million from Q2 2016 • Adjusted same-center gross profit increased $3.4 million • Gross Margin of
Slide 8: Executive Summary – First Half 2017 Highlights
8 Executive Summary – First Half 2017 Highlights • Net Sales of $902.6 million • Adjusted same-center net sales increased $32.2 million or 3.7% from first half of 2016 • Gross Profit of $115.0 million • Adjusted same-center gross profit increased $6.0 million from first half of 2016 • Gross Margin o
Slide 9: Historical Second Quarter Gross Margin
9 Historical Second Quarter Gross Margin • Gross margin increased 370 basis points since Q2 2013 • Structural up 470 bps • Specialty up 190 bps
Slide 10: Adjusted Same-Center Net Sales
10 Adjusted Same-Center Net Sales • As a result of our operational efficiency initiatives, the impact on adjusted same-center sales has been favorable for the quarter and first half of 2017 increasing by $23 million or 5.1% and $32 million or 3.7%, respectively from same period last year • Sam-cente
Slide 11: Real Estate Valuation
11 Real Estate Valuation • Property sales in 2016 and YTD 2017 generated gross sales of $68 million • Our previous valuations are substantiated by sales in the past 18 months • Collective value of properties sold is consistent with 2015 desktop valuation; $68 million in property sales had a desktop
Slide 12: Delevering the Business
12 Delevering the Business • Mortgage and revolving credit facility decreased by $60.9 million and $15.5 million, respectively from this period last year
Slide 13: Appendix
Appendix just in Time ery Deliv
Slide 14: Statements of Operations
14 Statements of Operations $ in thousands except per share amounts (unaudited) 2017 2016 2017 2016 Q2 Q2 Q2 YTD Q2 YTD Net sales $ 474,001 $ 509,011 $ 902,609 $ 983,337 Cost of sales 413,455 451,624 787,629 868,354 Gross profit 60,546 57,387 114,980 114,983 Operating expenses (income): Selling, gen
Slide 15: Balance Sheets
15 Balance Sheets $ in thousands (unaudited) July 1, 2017 December 31, 2016 Assets: Current assets: Cash $ 4,777 $ 5,540 Receivables, less allowances of $2,701 and $2,733, respectively 167,570 125,857 Inventories, net 220,677 191,287 Other current assets 20,228 23,126 Total current assets 413,252 34
Slide 16: Statements of Cash Flows
16 Statements of Cash Flows $ in thousands (unaudited) 2017 2016 Q2 Q2 Net cash used in operating activities $ (54,491 ) $ (25,943 ) Cash flows from investing activities: Property and equipment investments (189 ) (344 ) Proceeds from sale of assets 27,598 2,197 Net cash provided by investing activit
Slide 17: Adjusted EBITDA
17 Adjusted EBITDA $ in thousands 2017 2016 2017 2016 Q2 Q2 Q2 YTD Q2 YTD Net income (loss) $ 3,238 $ (3,144 ) $ 3,822 $ (9,289 ) Adjustments: Depreciation and amortization 2,253 2,396 4,616 4,871 Interest expense 5,367 6,250 10,610 13,457 Provision for (benefit from) income taxes 676 (544 ) 709 (91
Slide 18: Comparable Same-Center Schedule
18 Comparable Same-Center Schedule $ in thousands 2017 2016 2017 2016 Q2 Q2 Q2 YTD Q2 YTD Net sales $ 474,001 $ 509,011 $ 902,609 $ 983,337 Less: non-GAAP adjustments — 58,222 — 112,893 Adjusted same-center net sales $ 474,001 $ 450,789 $ 902,609 $ 870,444 Adjusted year-over-year percentage increase
Slide 19: Debt Principal
19 Debt Principal $ in thousands 2017 2016 Q2 Q2 Change Revolving credit facilities - principal $ 231,335 $ 246,858 $ (15,523 ) Mortgage - principal 97,847 158,769 (60,922 ) Total $ 329,182 $ 405,627 $ (76,445 )
Slide 20: Operating Working Capital
20 Operating Working Capital $ in thousands 2017 2016 Q2 Q2 Change Current assets: Cash $ 4,777 $ 5,240 $ (463 ) Receivables, less allowance for doubtful accounts 167,570 181,623 (14,053 ) Inventories, net 220,677 214,802 5,875 Other current assets 20,228 28,562 (8,334 ) Total current assets $ 413,2
Slide 21: ) For financial schedules, please reference our
) For financial schedules, please reference our qo Earnings Release and 10-Q available on our website “_ www.BlueLinxCo.com