Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q3 2015 Earnings Presentation
16 slides from Bluelinx's earnings presentation, Nov 12, 2015
Slide 1: BlueLinx Quarterly Review Third Quarter 2015
BlueLinx Quarterly Review Third Quarter 2015
Slide 2: Forward-Looking Statement Safe Harbor
2 Forward-Looking Statement Safe Harbor - 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
Slide 3: Mitch Lewis, Chief Executive Officer
3 Mitch Lewis Chief Executive Officer
Slide 4: Executive Summary – Third Quarter 2015
4 Executive Summary – Third Quarter 2015 • Net income $0.6 million, up $1.4 million from prior year • Net operating income $8.5 million, up $2.4 million from prior year • Adjusted EBITDA of $10.5 million • Revenue of $517.8 million • Selling, general and administrative expenses down $6.2 million, or
Slide 5: Quarterly Revenues
5 Quarterly Revenues (1) Excludes Service Revenue and accounting adjustments.
Slide 6: Key Emphasis for BlueLinx
6 Key Emphasis • Sales excellence • Focus on opportunities in the local markets ◦ Structural alignment ◦ Industrial opportunities • Inventory management and planning improvements • Supplier engagement to create mutual success • Continue margin enhancement activities Key Emphasis for BlueLinx
Slide 7: Susan O’Farrell, Chief Financial Officer and Treasurer
7 Susan O’Farrell Chief Financial Officer and Treasurer
Slide 8: Revenue and Gross Margin
8 2015 2014 2015 2014 in millions Q3 Q3 YTD YTD Net sales $ 517.8 $ 549.8 $ 1,488.4 $ 1,525.3 Gross profit $ 60.8 $ 64.6 $ 171.0 $ 179.3 Gross margin (1) 11.75 % 11.75 % 11.49 % 11.75 % Revenue and Gross Margin • Sales ◦ Both sales and unit volumes were up in structural siding, specialty lumber, and
Slide 9: Operating Expenses
9 2015 2014 2015 2014 Q3 Q3 YTD YTD Selling, general, and administrative $ 49.9 $ 56.1 $ 150.6 $ 163.3 Gains from sales of property — — — (5.3 ) Depreciation and amortization 2.4 2.4 7.2 7.2 Total operating expenses $ 52.3 $ 58.5 $ 157.8 $ 165.2 Operating Expenses Selling, General & Administrative e
Slide 10: Debt Structure
10 Debt Structure • Asset Based Revolving Credit Facilities • U.S. revolving credit facility $447.5 million matures April 2017 • FILO • Tranche A loan of $20.0 million final maturity of June 2016 • Mortgage • Assessing opportunities to unlock the value of our mortgage • Weighing timing with pre-paym
Slide 11: Cash Flows
11 Cash Flows Year-to-Date Operating Cash Usage Improved $25.2 million(1) $53.4 $28.3 • Period end working capital (A/R plus inventory less A/P & bank overdrafts) was down $23.2 million versus end of third quarter 2014 • TTM Cash Cycle at 65 days (1) Immaterial rounding adjustments and differences m
Slide 12: Appendix
12 TOPIC PAGE Statements of Operations 13 Adjusted EBITDA 14 Gross Profit and Margin 15 Appendix
Slide 13: Statements of Operations
13 Statements of Operations $ in millions except per share amounts 2015 2014 2015 2014 Q3 Q3 YTD YTD Net sales $ 517.8 $ 549.8 $ 1,488.4 $ 1,525.3 Cost of sales 457.0 485.3 1,317.4 1,346.0 Gross profit 60.8 64.6 171.0 179.3 Gross margin % 11.75 % 11.75 % 11.49 % 11.75 % Operating expenses: Selling,
Slide 14: Adjusted EBITDA
14 Adjusted EBITDA $ in millions 2015 2014 2015 2014 Q3 Q3 YTD YTD Net income (loss) $ 0.6 $ (0.9 ) $ (5.5 ) $ (6.2 ) Adjustments: Depreciation and amortization 2.4 2.4 7.2 7.2 Interest expense 7.1 6.8 20.4 20.1 Provision for (benefit from) income taxes 0.5 (0.1 ) (2.3 ) (0.1 ) Gain from the sale of
Slide 15: Gross Profit and Margin
15 Gross Profit and Margin Gross Profit and Margin (in millions) 2015 2014 2015 2014 Q3 Q3 YTD YTD Structural products $ 17.1 $ 20.8 $ 47.3 $ 54.2 Specialty products 43.0 43.0 121.0 120.9 Other (1) 0.7 0.8 2.7 4.2 Total gross profit $ 60.8 $ 64.6 $ 171.0 $ 179.3 Gross Margin % Structural products 8.
Slide 16: www.BlueLinxco.com
www.BlueLinxco.com