Bluelinx Holdings Inc. · NYSE:BXC

Bluelinx — Q1 2014 Earnings Presentation

26 slides from Bluelinx's earnings presentation, May 8, 2014

  1. Slide 1: BlueLinx Quarterly Review 1st Quarter 2014

    BlueLinx Quarterly Review 1st Quarter 2014

  2. Slide 2: Forward-Looking Statement Safe Harbor

    Slide 2 BlueLinx Holdings Inc. ‪ 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 o

  3. Slide 3: Executive Summary

    Slide 3 Executive Summary ▪ Adjusted EBITDA for the first quarter of 2014 was $ 1 . 0 million – improvement of $ 2 . 4 million over 2013 – first positive Q 1 Adjusted EBITDA since 2007 ▪ Single family housing starts down 1 . 7 % in the first quarter year - over - year – down 12 . 6 % in Midwest regi

  4. Slide 4: Doug Goforth, Chief Financial Officer and Treasurer: Quarterly Review

    Slide 4 Doug Goforth Chief Financial Officer and Treasurer Quarterly Review

  5. Slide 5: Quarterly Same Center Revenue

    Slide 5 Quarterly Same Center Revenue Same Center Revenues ($ in millions) 316.1 305.2 274.9 218.2 260.1 236.1 215.1 185.5 256.6 263.6 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 Variance Analysis $2.6 ($20.7) ($11.7) Specialty Unit Volume 1.0% YOY $29.8 or 6.3% Structural Unit Volume (9.5%) Price/Other ($29

  6. Slide 6: Cash Flows

    Slide 6 Cash Flows BXC used $46.1 million in operating cash flow for the quarter Unaudited (in millions) ($46.1) Quarter Q1 2013 Q1 2014 ($95.8) Q1 '13 Q1 '14 Net cash (used in) provided by operating activities (95.8) (46.1) Net cash (used in) provided by investing activities (0.8) (0.5) Net cash pr

  7. Slide 7: Debt

    Slide 7 Debt U.S. Revolver Total Facility $467.5 million ▪ $87.7 million excess availability as of April 5, 2014 ▪ $447.5 million facility with additional $75 million uncommitted accordion facility – Matures April 2016 – LIBOR plus 3.50% as of March 8, 2014 ▪ $20.0 million tranche A – Matures Septem

  8. Slide 8: Cash Cycle

    Slide 8 Cash Cycle TTM Cash Cycle days at 65. Period end working capital (accounts receivable plus inventory less accounts payable / bank overdrafts) down $34 million from the first quarter of 2013 Cash Cycle Days (in days) 53 53 52 52 55 (28) (26) (26) (25) (26) 36 36 35 33 36 -40 -20 0 20 40 60 80

  9. Slide 9: Mitch Lewis, Chief Executive Officer

    Slide 9 Mitch Lewis Chief Executive Officer

  10. Slide 10: Single-Family Starts and Housing Permits

    Slide 10 Single - family Starts March Annual Rate: 635,000 0.200 0.250 0.300 0.350 0.400 0.450 0.500 0.550 0.600 0.650 0.700 0.750 Jan '10 MaySepJan '11 MaySepJan '12 MaySepJan '13 MaySepJan '14 Seasonally adjusted annual rate. - Millions Single - family Housing Permits March Annual Rate: 592,000 Se

  11. Slide 11: Census Bureau Regional Map Q1 2014 Single-Family Housing Starts

    Slide 11 Census Bureau Regional Map Q1 2014 Actual Single - Family Housing Starts South Northeast West Midwest Single Family Starts + 2.6% Single Family Starts - 12.6% Single Family Starts - 0.1% Single Family Starts - 8.0% Source: U.S. Census Bureau The Northeast and Midwest were the regions of the

  12. Slide 12: Adjusted EBITDA

    Slide 12 Adjusted EBITDA Positive Adjusted EBITDA for Quarter ($1.4) $1.0 Adjusted EBITDA Improves $2.4 million for Qtr Quarter Q1 2014 Q1 2013 Same Center Sales $ in millions (1) 1Q 2013 1Q 2014 % Inc(Dec) Total Net Sales $ 503.2 $ 443.9 (11.8%) Less: Closed Center 29.5 - (100.0%) Same Center $ 473

  13. Slide 13: Gross Margin and Revenue Mix Analysis

    Slide 13 Gross Margin and Revenue Mix Analysis Products Gross Margin Analysis 1Q13 2Q13 3Q13 4Q13 1Q14 1Q14 Variance from Year Ago Qtr Structural Products Warehouse 10.6% 4.6% 9.1% 10.1% 10.2% (0.4%) Direct 2.6% 3.1% 3.4% 3.5% 3.5% 0.9% Reload 4.9% 1.5% 2.9% 4.7% 3.9% (1.0%) Total 8.7% 4.0% 7.3% 8.2

  14. Slide 14: Key Emphasis for BlueLinx

    Slide 14 Key Emphasis Key Emphasis for BlueLinx ▪ Focus on long - term capital structure ▪ Establishing effective inventory management ▪ Engaging suppliers for strategic growth opportunities ▪ Operational regional efficiencies ▪ Margin enhancement activities

  15. Slide 15: Appendix

    Slide 15 Appendix TOPIC PAGE Profit and Loss Statement by Quarter 16 Same Center Sales and Adjusted EBITDA by Quarter 17 Revenue and Unit Volume by Quarter 18 Gross Margin by Quarter 19 Operating Expense by Quarter 20 Structural Product Price Trends 21 Reconciliation of GAAP Net Loss to Non - GAAP A

  16. Slide 16: Profit & Loss Statement by Quarter

    Slide 16 Profit & Loss Statement by Quarter Profit & Loss Statement $ in millions (1) , except per share amounts 2012 2013 2014 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Sales $ 517.0 $ 496.8 $ 440.3 $ 503.2 $ 604.6 $ 558.0 $ 486.3 $ 443.9 $ 1,907.8 $ 2,152.1 $ 2,092.8 Cost of Goods Sold 453.8 436.3 388.2 446.7 5

  17. Slide 17: Same Center Sales and Adjusted EBITDA

    Slide 17 Same Center Sales and Adjusted EBITDA Same Center Sales $ in millions (1) 2012 2013 2014 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total Net Sales $ 517.0 $ 496.8 $ 440.3 $ 503.2 $ 604.6 $ 558.0 $ 486.3 $ 443.9 $ 1,907.8 $ 2,152.1 $ 2,092.8 Less: Closed Center 29.9 27.8 23.6 29.5 33.7 22.4 - - 104.7 85.6

  18. Slide 18: Revenue and Unit Volume by Quarter

    Slide 18 Revenue and Unit Volume by Quarter Sales $ in millions 2012 2013 2014 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Specialty $ 307.9 $ 288.9 $ 249.1 $ 270.9 $ 333.5 $ 320.6 $ 274.9 $ 263.6 $ 1,114.0 $ 1,199.9 $ 1,192.6 Structural 215.7 211.4 196.1 233.5 276.5 243.2 215.1 185.5 806.1 968.3 920.3 Other (1) (6

  19. Slide 19: Gross Margin by Quarter

    Slide 19 Gross Margin by Quarter Gross Margin $ in millions 2012 2013 2014 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Specialty $ 41.1 $ 38.1 $ 33.0 $ 35.3 $ 44.6 $ 39.0 $ 35.7 $ 34.2 $ 145.9 $ 154.6 $ 153.5 Structural 20.4 21.0 17.5 20.3 11.1 17.8 17.7 15.4 76.9 66.9 62.0 Other 1.7 1.4 1.6 0.9 (0.5) 5.7 0.9 3.1 7

  20. Slide 20: Operating Expense by Quarter

    Slide 20 Operating Expense by Quarter Operating Expense (1) $ in millions 2012 2013 2014 TTM Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Payroll & related $38.3 $37.2 $37.3 $38.5 $38.2 $37.1 $35.9 $33.2 $151.3 $149.7 $144.4 General maintenance 5.5 5.6 5.4 5.6 6.1 5.7 5.6 5.4 21.7 23.0 22.8 Fuel 4.1 3.6 3.6 3.3 3.8 3.6

  21. Slide 21: Structural Products Price Trend

    Slide 21 Structural Products Price Trend Source: Data from Random Lengths Publications, Inc., updated as of April 4, 2014 Plywood Price Trend 2008-2014 YTD Southern Sheathing 15/32" 4 Ply. West Zone $100 $150 $200 $250 $300 $350 $400 $450 2008Q12008Q22008Q32008Q42009Q12009Q22009Q32009Q42010Q12010Q22

  22. Slide 22: Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss

    Slide 22 Reconciliation of GAAP Net Loss to Non - GAAP Adjusted Net Loss BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net Loss to Adjusted Net Loss in thousands April 5, March 30, 2014 2013 (unaudited) (unaudited) GAAP net loss (8,608)$ (12,649)$ Loss from closed distribution centers - 21

  23. Slide 23: Reconciliation of GAAP Debt to Non-GAAP Net Debt

    Slide 23 Reconciliation of GAAP Debt to Non - GAAP Net Debt BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Debt to Non-GAAP Net Debt in millions March 30, 2013 January 4, 2014 April 5, 2014 (unaudited) (unaudited) (unaudited) Revolving Credit Facilities $ 242.4 $ 211.2 $ 261.3 Mortgage 205.

  24. Slide 24: Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA

    Slide 24 Reconciliation of GAAP Net Loss to Non - GAAP Adjusted EBITDA BlueLinx Holdings Inc. Unaudited Reconciliation of GAAP Net loss to Non-GAAP Adjusted EBITDA in thousands April 5, March 30, 2014 2013 (unaudited) (unaudited) GAAP net loss (8,608)$ (12,649)$ Adjustments: Depreciation and amortiz

  25. Slide 25: Reconciliation of GAAP to Non-GAAP Same Center

    Slide 25 Reconciliation of GAAP to Non - GAAP Same Center BlueLinx Holdings Inc. Unaudited Comparable Same Center Schedule in thousands Quarters Ended April 5, March 30, 2014 2013 (unaudited) (unaudited) Net Sales 443,944$ 503,153$ Less: Closed Center - 29,493 Same Center 443,944 473,660 Actual year

  26. Slide 26: www.BlueLinxco.com

    Slide 26 www.BlueLinxco.com

BlueLinx Holdings — Q1 2014 Earnings Presentation on 6ix