Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2025 Earnings Presentation
25 slides from Bluelinx's earnings presentation, Apr 30, 2025
Slide 1: BlueLinx Q1 2025 Results
BlueLinx Q1 2025 Results Delivering What Matters April 30, 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: Strategic Priorities
STRATEGIC PRIORITIES Operational + Scale/Nationwide footprint Excellence + Cost management Business a « Excellence + Pricing, Procurement and Commercial + Engineered Wood, Siding, Industrial Core Business Products, Millwork, Outdoor Living Growth , wet + Enhancing technology and tools + Expand geogr
Slide 5: First Quarter 2025 Results
FIRST QUARTER 2025 RESULTS Explosive profitable growth with a highly engaged team ◼ Net sales of $709M, down 2% year-over-year ❑ Impacted by price deflation and lower volumes in specialty products ◼ Gross profit of $111M, down 13% year-over-year ❑ 81% of gross profit from specialty products ◼ Gross
Slide 6: U.S. Housing Industry
U.S. HOUSING INDUSTRY ◼ New housing starts remain soft ❑ March total housing starts down 11.4% from February, up 1.9% from March 2024(1) ❑ Builder's confidence was 40 in April, up 1 point from March 2025 but down from 51 in April 2024 (2) ◼ Home affordability remains challenging ❑ Mortgage rates off
Slide 7: Financial Review
Financial Review Kim DeBrock Vice President, Chief Accounting Officer and Interim Principal Financial Officer 7
Slide 8: First Quarter 2025 Results: Q1 Commentary
FIRST QUARTER 2025 RESULTS Q1 Commentary $ in millions, except per share data Q1 Q1 Variance and leverage ratios 2025 2024 ◼ Net Sales decreased 2.3% to $709M Net Sales $709 $726 (2.3)% ❑ Specialty product Net sales decreased 5% Gross Profit $111 $128 (13.0)% ❑ Structural product Net sales increased
Slide 9: Specialty Products Q1 2025 Results
SPECIALTY PRODUCTS Q1 2025 RESULTS ($ in millions) Q1 Commentary ◼ Net sales of $479M, down 5% ❑ Driven by price deflation and lower volumes vs. prior year ❑ Specialty product sales represent ~70% of total net sales ◼ Gross profit of $90M, down 14% ❑ Specialty product gross profits represent ~81% of
Slide 10: Structural Products Q1 2025 Results
STRUCTURAL PRODUCTS Q1 2025 RESULTS ($ in millions) Q1 Commentary ◼ Net sales of $230M, up 3% ❑ Driven by higher lumber pricing; higher lumber and panel volumes ❑ Mixed year-over-year industry commodity pricing: 13% increase in average price of lumber 13% decrease in average price of panels ◼ Gr
Slide 11: Balance Sheet
BALANCE SHEET ($ millions) Gross Debt Structure Debt Maturity Schedule $300 * Note: debt maturity schedule does not include finance lease obligations Net Leverage (1) ◼ At the end of Q1 2025: ▪ Cash and cash equivalents of $449M ▪ Total available liquidity of $795M ▪ Net debt of ($75M) (1) ▪ Net lev
Slide 12: Working Capital and Free Cash Flow
WORKING CAPITAL AND FREE CASH FLOW Net Working Capital Management (1) 1Q 2025 Free Cash Flow Walk * $ in millions $ in millions 1. Net Working Capital includes accounts receivable, inventory, and accounts payable; Return on net working capital is calculated by dividing trailing twelve month (TTM) Ad
Slide 13: 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 14: Q&A
Q&A BLUELINX “
Slide 15: Appendix
Appendix BLUELINX
Slide 16: Macro Trends
MACRO TRENDS Total U.S. Single Family Housing Starts (SFHS) LIRA Remodeling Activity Index Housing starts in thousands(1) 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 be slightly up in 2025- 2026 2
Slide 17: Wood-Based Commodity Price Trends
WOOD-BASED COMMODITY PRICE TRENDS Framing Lumber Composite Index $/mbf, Quarterly Average Price(1) As of March 2025 Average Q1 25 lumber prices increased 13% year- over-year and increased 6% from Q4 24 Structural Panel Composite Index $/msf, Quarterly Average Price(1) As of March 2025 Average Q1 25
Slide 18: 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 19: Supplemental Financial Information
Supplemental Financial Information Net sales, gross profit dollars, gross profit percentages, sales mix, and gross profit mix by product category by fiscal quarter, Q2 2022 – Q1 2025 (unaudited) In millions where dollars are presented. Rounded figures in this table may not agree to presentations in
Slide 20: Non-GAAP Reconciliation / Supplemental Financial Information
Non-GAAP Reconciliation / supplemental financial information Adjusted Net Income and Adjusted Diluted EPS reconciliation for fiscal quarters Q2 2022 - Q1 2025 (unaudited) In thousands, except per share amounts. Rounded figures in this table may not agree to presentations in other formats we have pub
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation The following schedule reconciles Net cash provided by operating activities to Free cash flow (non-GAAP) for Q2 2022 to Q1 2025 (unaudited) $ amounts in millions. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings
Slide 22: Non-GAAP Reconciliation: Net Working Capital
Non-GAAP Reconciliation Net Working Capital by Fiscal Quarter Q2 2022 – Q1 2025 (unaudited) $ amounts in millions Fiscal Quarter 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Receivables, less allowances $276 $226 $278 $274 $288 $228 $298 $294 $299 $
Slide 23: Adjusted EBITDA Reconciliation by Fiscal Quarter
Non-GAAP Reconciliation / supplemental financial information Adjusted EBITDA reconciliation by fiscal quarter, Q2 2022 – Q1 2025 (unaudited) In millions where dollars are presented Fiscal Quarter 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Net inco
Slide 24: Twelve-Month Trailing Adjusted EBITDA Reconciliation
Non-GAAP Reconciliation Twelve-Month Trailing Adjusted EBITDA reconciliation by Fiscal Quarter, Q2 2022 – Q1 2025 (unaudited) In millions $ Twelve-Month Trailing as of the End of Fiscal Quarter 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Net income
Slide 25: Non-GAAP Reconciliation / Supplemental Financial Information
Non-GAAP Reconciliation / Supplemental Financial Information The following schedule reconciles Total debt and finance leases to: Net debt (non-GAAP) and to Net debt excluding finance lease liabilities for real property (non-GAAP). The calculations of Net leverage ratio (non-GAAP) and Net leverage ra