Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2010 Earnings Presentation
22 slides from Bluelinx's earnings presentation, May 6, 2010
Slide 1: BlueLinx Quarterly Review 1st Quarter 2010
BlueLinx Quarterly Review 1st Quarter 2010
Slide 2: Forward-Looking Statement Safe Harbor
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 our management tha
Slide 3: 1st Quarter Highlights
1st Quarter Highlights 1st Quarter Highlights Housing Starts Increased 17% from the same period last year Increased 17% from the same period last year Prices Average benchmark wood-based structural prices increased 49.6% from 1Q '09 to 1Q '10 Average benchmark wood-based structural prices increased
Slide 4: Introduction and Financial Review
Doug Goforth Chief Financial Officer and Treasurer Introduction and Financial Review
Slide 5: Quarterly Revenue
Quarterly Revenue 4Q '05 1Q '06 2Q '06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 Specialty 539.5 580 603.3 553.5 460 456.5 500.8 462.9 381.5 354 402.8 375.9 278.7 233.9 250 257.9 206.2 233.1 Structural 815.2 813.4 798.7 666.6 509.2 518.9
Slide 6: 2010 Q1 Results
2010 Q1 Results revenue 1Q '09 407.111 1Q '10 431.05 YOY $23.9 or 5.9% 1Q '09 1Q '10 GM % 0.109 0.121 YOY 120 bp Operating Expense 1Q '09 62.7 1Q '10 60.3 1Q '09 1Q '10 EBITDA -13.2 -4.468 YOY $2.4 or 3.9% YOY $8.8 or 66.2%
Slide 7: Cash Flows
Cash Flows BXC used $46.6 million in operating cash flow for the quarter Unaudited Direct Method (in million's) (in million's) (in million's)
Slide 8: Debt
Debt Revolver ($500 million facility) Matures May 7, 2011 $186 million excess availability as of April 3, 2010 Dividend restrictions apply if excess availability is less than $70 million No financial performance covenants provided borrowing availability is greater than $40 million Capital Spending r
Slide 9: Cash Cycle
Cash Cycle TTM Cash Cycle days at 49, flat sequentially and down 1 day compared to the prior year quarter 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 Inv 45.8 44.7 46.3 46.3 45.3 43.9 44 44.7 45.1 43.9 43.9 A/R 34.7 32.9 34.5 35.3 34.7 32.4 33 35.6 35.9 32.6 34.4 A/P
Slide 10: Business Review
George Judd Chief Executive Officer Business Review
Slide 11: 1st Quarter focus
1st Quarter focus Gross margins Cost discipline Structural wood products Customer care Long term strategic objectives: Profitably grow specialty revenues to 60+% of total sales Profitably manage structural Profitably outgrow the market over the long term Remarks
Slide 12: Appendix
Appendix TOPIC PAGE Profit and Loss Statement by Quarter 13 Revenues by Quarter 14 Channel Mix Analysis 15 Unit Volume by Quarter 16 Gross Margin by Quarter 17 Gross Margin % Analysis 18 Operating Expense by Quarter 19 Structural Product Price Trends 20 Reconciliation of GAAP Debt to Non-GAAP Net De
Slide 13: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement by Quarter
Slide 14: Revenues by Quarter
Revenues by Quarter Revenues by Quarter
Slide 15: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis Revenue Channel Mix Analysis
Slide 16: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume by Quarter
Slide 17: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin by Quarter
Slide 18: Gross Margin % Analysis
Gross Margin % Analysis Gross Margin % Analysis
Slide 19: Operating Expense by Quarter
Operating Expense by Quarter Operating Expense by Quarter
Slide 20: Structural Products Price Trend
Structural Products Price Trend Source: Data from Random Lengths Publications, Inc., updated as of April 30, 2010 Source: Data from Random Lengths Publications, Inc., updated as of April 30, 2010 Source: Data from Random Lengths Publications, Inc., updated as of April 30, 2010 Source: Data from Rand
Slide 21: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP
Slide 22: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP