Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2020 Earnings Presentation
19 slides from Bluelinx's earnings presentation, Mar 3, 2021
Slide 1: Fourth Quarter & Full-Year 2020 Results Conference Call
Divider slide 29 September, 2020 Fourth Quarter & Full-Year 2020 Results Conference Call March 4, 2021
Slide 2: Safe Harbor Statement
1 Safe Harbor Statement -1- Note to Our Investors 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
Slide 3: Executive Summary
2 -2- Executive Summary Fourth Quarter and Full-Year 2020 Performance Market Conditions Highlights 4Q20 Highlights Full-Year 2020 Highlights Single-family residential remains strong SFHS at highest levels since 2007, fueled by low mortgage rates, shortages in housing inventory, deurbanization trend,
Slide 4: Key Areas of Management Focus
3 Key Areas of Management Focus Roadmap to sustained, profitable growth -3- • National account growth, utilizing extensive product assortment and excellent supply chain capabilities • Product category emphasis; drive growth with strategic supplier partners and marquee brands • Local market strategic
Slide 5: - 1,000 1,200 1,400 1,600 1,800 2,000 0 0 2 0 0 1 2
4 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 E 2 0 2 2 E 2 0 2 3 E 0 5 10 15 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0
Slide 6: (1) Source: HIRL Research (2) Source: Historical data is from the U.S. Census Bureau;
5 (1) Source: HIRL Research (2) Source: Historical data is from the U.S. Census Bureau; The Value of Construction Put in Place Survey (VIP) provides monthly estimates of the total dollar value of construction work done in the U.S. The survey covers construction work done each month on new structures
Slide 7: Commodity Price Environment a Key Growth Driver
6 (1) Source: Random Lengths, company analysis; Feb-21 data thru 2/26/21 (2) Source: Random Lengths; company analysis; Feb-21 data thru 2/26/21 Commodity Price Environment a Key Growth Driver Strong residential demand driving lumber and panel prices toward multi-year highs -6- Framing Lumber Composi
Slide 8: 4Q20 & Full-Year 2020 Performance Indicators
7 4Q20 & Full-Year 2020 Performance Indicators Significant year-over-year growth in Net Sales, Gross Profit, Net Income and Adjusted EBITDA -7- Total Net Sales Dollars in millions Total Gross Profit Dollars in millions Total Adjusted EBITDA Dollars in millions Total Net Income Dollars in millions ex
Slide 9: 4Q20 & Full-Year 2020 Performance Indicators
8 -8- 4Q20 & Full-Year 2020 Performance Indicators Margin expansion driven by improved operating leverage and cost reductions Gross Margin Gross Profit / Net Sales Adjusted EBITDA Margin Adjusted EBITDA / Net Sales Operating Margin Operating Income / Net Sales SG&A Margin SG&A / Net Sales 13.5% 14.4
Slide 10: Specialty Products and Structural Products Performance
9 Specialty Products and Structural Products Performance Net sales growth and margin expansion across both specialty and structural products in 2020 -9- Specialty Products Sales and Gross Margin Dollars in Millions, Margin in Percent Structural Products Sales and Gross Margin Dollars in Millions, Ma
Slide 11: Effective Operating Working Capital Management
10 Effective Operating Working Capital Management Disciplined operating working capital management supports improved financial strength -10- Days Sales of Inventory (DSI) Number of Days Days Sales Outstanding (DSO) Number of Days (1) Operating working capital includes accounts receivable, inventory,
Slide 12: Significant Balance Sheet Improvement
11 $114 $101 $98 $80 $97 $138 $202 $184 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Significant Balance Sheet Improvement Increased liquidity and improved total net leverage to 3.5x provide balance sheet optionality -11- Excess Availability and Cash on Hand Dollars in millions(1) (1) Includes excess ava
Slide 13: Significant Reduction In Bank Debt Outstanding
12 Significant Reduction In Bank Debt Outstanding Reduced bank debt outstanding by $142 million in 2020, supported by strong free cash flow generation -12- Free Cash Flow Generation Dollars in millions(2) Bank Debt Reduction Dollars in millions(1) 14 asset sales Estimated Annual Cash Commitments, ex
Slide 14: Appendix
Divider slide 29 September, 2020App ndix
Slide 15: Non-GAAP Measures
14 Non-GAAP Measures -14- BlueLinx reports its financial results in accordance with GAAP, but we also believe that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported G
Slide 16: SG&A Expense Bridge
15 Q4 2019 to Q4 2020 SG&A Expense Bridge Dollars in Millions -15- Supplementary Information FY 2019 to FY 2020 SG&A Expense Bridge Dollars in Millions
Slide 17: Non-GAAP Reconciliation
16 Non-GAAP Reconciliation -16-
Slide 18: Non-GAAP Reconciliation
17 Non-GAAP Reconciliation -17-
Slide 19: Non-GAAP Reconciliation
18 Non-GAAP Reconciliation -18-