BlueLinx Holdings Inc. (NYSE:BXC), a leading U.S.
wholesale distributor of building products, today reported
financial results for the three and twelve months ended January 2,
2021.
Fourth Quarter 2020 Results
(all comparisons versus the prior-year period unless otherwise
noted)
- Net sales increased $252 million, or 41%, to $865 million
- Gross margin 14.4%, an increase of 90 basis points
- Net income of $20 million was $30 million higher than prior
period
- Adjusted EBITDA was $39 million, compared to $11 million
- Excess availability and cash on hand $184 million, an increase
of $104 million
Full-Year 2020 Results(all
comparisons versus the prior-year period unless otherwise
noted)
- Net sales increased $460 million, or 17%, to $3.1 billion
- Gross margin increased 190 basis points, to 15.4%
- Net income of $81 million, an increase of $99 million
- Adjusted EBITDA of $170 million improved by $99 million
- Reduced total bank debt by $142 million, or 30%
“The fourth quarter was a fantastic conclusion
to a historic year for BlueLinx, one where improved execution,
pricing discipline, effective inventory management and market
tailwinds resulted in record financial performance for the Company
and significant debt reduction,” said Mitch Lewis, President and
CEO. “We again recorded significant increases in net sales along
with strong margins as current market conditions remain favorable,
supported by strong demand for new residential construction and
increased home renovation activity. Our operational
improvements that began in 2019 continued to yield significant
benefits as they led to excellent customer service, sales growth,
margin expansion and disciplined working capital management. We are
enthusiastic about the year as we are motivated to take advantage
of our greater financial flexibility and build on our success in
2020.”
Supply-demand imbalances within the commodity
wood markets have continued to persist into the first quarter of
2021, resulting in elevated prices for commodity lumber and
panels,” continued Lewis. “While higher commodity wood prices have
benefited our business over the near-term, we capitalized on
initiatives to enhance margins and profitability while taking
preemptive actions to mitigate potential downside commodity price
risk. As supply conditions normalize, we anticipate commodity wood
prices reverting back toward long-term market averages.”
“Our 2020 financial performance was exceptional,
and the transformation of our balance sheet provides the
opportunity to increasingly invest in and support the growth of the
Company,” stated Kelly Janzen, Chief Financial Officer. “We ended
the fourth quarter with $104 million more excess availability under
our revolving credit facility compared to last year and a net
leverage ratio of 3.5x. On March 1, 2021, we reduced outstanding
indebtedness under our term loan by an additional $25 million,
leaving a remaining term loan balance of approximately $18
million.”
Fourth Quarter 2020 Results
The Company reported net sales of $865 million
in the fourth quarter, compared to $613 million in the prior year
period and gross profit of $124 million, compared to $83 million in
the prior year period. Fourth quarter net sales for specialty
products, which includes products such as engineered wood, cedar,
moulding, siding, metal products and insulation, accounted for $498
million of net sales in the period with a related gross margin of
17.4% which increased 130 basis points compared to the fourth
quarter of 2019. Net sales of structural products, which includes
products such as lumber, plywood, oriented strand board, rebar, and
remesh, were $367 million, which we believe was a result of
continued wood-based commodity price inflation. The impact of
wood-based commodity price inflation is estimated to have increased
structural product net sales by approximately $105 million to $115
million for the quarter. Structural product gross margin increased
by 150 basis points year over year to 10.2% for the fourth
quarter.
The Company reported net income of $20 million
in the fourth quarter, or $2.04 per diluted share, compared to a
net loss of $10 million, or $(1.09) per diluted share, in the
prior-year period. Excluding the impact of non-recurring items,
including approximately $4 million of integration and restructuring
expenses in 2019, net income increased by $24 million, or $2.53 per
diluted share, on a year-over-year basis. In addition, the fourth
quarter 2020 effective tax rate was 0%, due primarily to the
release of valuation allowances associated with state net operating
losses.
Adjusted EBITDA, a non-GAAP measure, was $39
million in the fourth quarter, compared to $11 million in the
prior-year period. Investments in key strategic inventory
categories such as cedar, siding and millwork contributed to cash
used in operating activities of $19 million in the fourth quarter,
while cash provided by operating activities during the prior year
period was $27 million.
Full-Year 2020 Results
The Company recorded net sales of $3.1 billion
and gross profit of $478 million for 2020 compared to $2.6 billion
of net sales and $357 million of gross profit in the prior year
period. Full-year specialty products net sales, which includes
products such as engineered wood, cedar, moulding, siding, metal
products and insulation, accounted for $1.9 billion for the year
and specialty gross margin was 17.1%, an increase of 120 basis
points when compared to last year. Net sales for structural
products, which includes products such as lumber, plywood, oriented
strand board, rebar, and remesh, were $1.2 billion and the impact
of the record wood-based commodity price inflation occurring in the
second half of the year is estimated to have increased net sales by
approximately $210 million to $230 million. Structural product
gross margin increased 410 basis points year over year, also as a
result of the wood-based commodity inflation, from 8.7% to
12.8%.
The Company reported net income of $81 million
in the 2020 fiscal year, or $8.55 per diluted share, compared to a
net loss of $18 million, or $(1.89) per diluted share, in the
prior-year period. 2020 net income benefited from $3 million, or
$0.32 per diluted share, of non-recurring items, versus a negative
impact from $10 million of non-recurring items, or ($1.06) per
diluted share in the prior year period. Excluding these
non-recurring items, net income increased by $86 million, or $9.05
per diluted share, on a year-over-year basis, when compared to the
fiscal year 2019.
Adjusted EBITDA, a non-GAAP measure, was $170
million for the 2020 fiscal year, an increase of $99 million
compared to $71 million in the prior-year period. Cash provided by
operating activities was $55 million for 2020, compared to cash
used in operating activities of $10 million in the prior-year
period. The increase was primarily attributable to the
year-over-year increase in Adjusted EBITDA offset by an increase in
accounts receivable attributable to a significant increase in
December sales compared to the prior year period.
Business Update
The Company remains committed to strategic
priorities that include sales growth, margin expansion, improved
operating efficiency, and a disciplined approach for capital
allocation.
- Sales growth and margin
expansion. The Company increased the full year total net
sales by nearly 10% year over year, excluding the estimated impact
of wood-based commodity inflation, due mainly to improved pricing
discipline. In addition, the Company expanded its national sales
leadership, and added new resources to the product category
management team, including general manager roles with overall
responsibility for high growth categories including cedar and
outdoor living during 2020.
- Improved operating
efficiency. The Company reduced fourth quarter selling,
general and administrative as a percent of net sales by 160 basis
points on a year over year basis to 10.3% of net sales. 30 basis
points of that improvement are attributable to cost out actions,
primarily labor reductions occurring earlier in the year. Actual
selling, general and administrative costs for the fourth quarter
increased year over year as a result of $12 million in variable
incentives that were a direct result of the strong financial
performance as well as the inclusion of an additional fiscal week
in 2020. The Company continues to contain its selling, general and
administrative costs while increasing its investments in its fleet,
facilities, and technologies to improve productivity. The Company
also made improvements in working capital management throughout the
year, reducing Days Sales of Inventory (DSI) by 18 days in the
fourth quarter when compared to the prior year period.
- Disciplined capital
allocation. During the twelve months ended January 2,
2021, the Company meaningfully reduced net leverage from 9.2x to
3.5x and expanded excess availability on its revolving credit
facility to $184 million. The Company
reduced bank debt by $142 million, which was made possible through
the Company’s strong performance and by completing 15 sale
leaseback transactions for net proceeds of approximately $80
million during the year. On March 1, 2021, the Company reduced
outstanding indebtedness under its term loan by an additional $25
million, leaving a remaining term loan balance of approximately $18
million.
Market and Business Outlook
Domestic new residential construction and
residential home renovation markets were robust during the fourth
quarter 2020 and remain strong into the first quarter 2021.
- Single-family housing starts, a key economic indicator with a
high historical correlation to the Company’s business, continue to
show strength and increased nearly 30% on a quarter-over-quarter
basis, and on an annual basis, were at the highest level since
2007.
- Annualized single-family housing starts for 2020 are
approximately 42% below the peak cyclical levels and remain below
the last 50-year average. Total U.S. monthly supply of homes
remained constrained, with housing inventory at the end of the
fourth quarter at approximately 26% below the 20-year average.
- February 2021 Builders’ Confidence Index, according to the
National Association of Home Builders (NAHB), while down slightly
from the all-time highs experienced in November, remains positive,
which indicates a likelihood of a strong first half of 2021.
- Existing home sales and remodeling expenditures continued to
increase on a quarter-over-quarter basis. According to the NAHB,
the Remodeling Market Index (RMI) remains strong with the fourth
quarter 2020 index equal to 79, an increase of 65% when compared to
the first quarter RMI of 48.
Fourth Quarter 2020 Conference Call
Details
BlueLinx will host a conference call on March 4,
2021, at 10:00 a.m. Eastern Time, accompanied by a supporting slide
presentation. Participants can access the live conference call via
telephone at (877) 873-5864, using Conference ID # 7526639.
Investors will also be able to access an archived audio recording
of the conference call for one week following the live call by
dialing (404) 537-3406, Conference ID # 7526639.
Investors can also listen to the live audio of
the conference call and view the accompanying slide presentation by
visiting the BlueLinx website, www.BlueLinxCo.com, and
selecting the conference link on the Investor Relations page. After
the conference call has concluded, an archived recording will be
available on the BlueLinx website.
Use of Non-GAAP Measures
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 affecting the business than using reported GAAP results
alone. Any non-GAAP measures used herein are reconciled to their
most directly comparable GAAP measures herein or in the financial
tables accompanying this news release. The Company cautions that
non-GAAP measures should be considered in addition to, but not as a
substitute for, the Company’s reported GAAP results.
Adjusted EBITDA
BlueLinx defines Adjusted EBITDA as an amount
equal to net income plus interest expense and all interest expense
related items, income taxes, depreciation and amortization, and
further adjusted for certain non-cash items and other special
items, including compensation expense from share-based
compensation, one-time charges associated with the legal and
professional fees and integration costs related to the Cedar Creek
acquisition, and gains on sales of properties including
amortization of deferred gains.
The Company presents Adjusted EBITDA because it
is a primary measure used by management to evaluate operating
performance. Management believes this metric helps to enhance
investors’ overall understanding of the financial performance and
cash flows of the business. Management also believes Adjusted
EBITDA is helpful in highlighting operating trends. Adjusted
EBITDA is frequently used by securities analysts, investors, and
other interested parties in their evaluation of companies, many of
which present an Adjusted EBITDA measure when reporting their
results. However, Adjusted EBITDA is not a presentation made in
accordance with GAAP and is not intended to present a superior
measure of our financial condition from those measures determined
under GAAP. Adjusted EBITDA, as used herein, is not necessarily
comparable to other similarly titled captions of other companies
due to differences in methods of calculation. This non-GAAP measure
is reconciled in the “Reconciliation of Non-GAAP Measurements”
table later in this release.
ABOUT BLUELINX HOLDINGS
BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of
residential and commercial building products with both branded and
private-label SKUs across product categories such as lumber,
panels, engineered wood, siding, millwork, metal building products,
and other construction materials. With a strong market position,
broad geographic coverage footprint servicing 40 states, and the
strength of a locally focused sales force, we distribute our
comprehensive range of products to over 15,000 national, regional,
and local dealers, specialty distributors, national home centers,
and manufactured housing customers. BlueLinx is able to provide a
wide range of value added services and solutions to our customers
and suppliers. We are headquartered in Georgia, with executive
offices located at 1950 Spectrum Circle, Marietta, Georgia, and we
operate our distribution business through a broad network of
distribution centers. BlueLinx encourages investors to visit its
website, www.BlueLinxCo.com, which is updated regularly with
financial and other important information about BlueLinx.
CONTACT
Mary MollInvestor Relations(866)
671-5138investor@bluelinxco.com
FORWARD-LOOKING STATEMENTS
This press release 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,” “anticipate,” “expect,” “estimate,”
“intend,” “project,” “plan,” “will be,” “will likely continue,”
“will likely result” or words or phrases of similar meaning. The
forward-looking statements in this press release include statements
about our strategic imperatives and priorities, and our focus
thereon; our ability to capitalize on our geographic footprint to
grow our national dealer and home center customer markets; our
local entrepreneurial initiatives; our focus on reducing
non-essential costs and our ability to, and the potential success
of, investing in resources to support strategic sales growth; our
market and business outlook, including the outlook for the
residential housing construction markets, and trends in wood-based
commodity prices; our efforts to manage commodity price volatility
and the potential success thereof; and the COVID-19 pandemic and
our response thereto, including statements about the potential
trajectory of the pandemic and its potential effects.
Forward-looking statements in this press release
are based on estimates and assumptions made by our management that,
although believed by us to be reasonable, are inherently uncertain.
Forward-looking statements involve risks and uncertainties that may
cause our business, strategy, or actual results to differ
materially from the forward-looking statements. These risks and
uncertainties include those discussed in greater detail in our
filings with the Securities and Exchange Commission. We operate in
a changing environment in which new risks can emerge from time to
time. It is not possible for management to predict all of these
risks, nor can it assess the extent to which any factor, or a
combination of factors, may cause our business, strategy, or actual
results to differ materially from those contained in
forward-looking statements. Factors that may cause these
differences include, among other things: fluctuations in commodity
prices; inventory management; changes in the prices, supply and/or
demand for products that we distribute; adverse housing market
conditions; levels of new residential housing starts and
residential repair and remodeling activity; the COVID-19 pandemic
and other contagious illness outbreaks and their potential effects
on our industry, suppliers and supply chain, and customers, and our
business, results of operations, cash flows, financial condition,
and future prospects; our ability to integrate and realize
anticipated synergies from acquisitions; loss of material
customers, suppliers, or product lines in connection with
acquisitions; operational disruption in connection with the
integration of acquisitions; our indebtedness and its related
limitations; sufficiency of cash flows and capital resources; our
ability to monetize real estate assets; disintermediation by
customers and suppliers; competitive industry pressures; industry
consolidation; product shortages; loss of and dependence on key
suppliers and manufacturers; import taxes and costs, including new
or increased tariffs, anti-dumping duties, countervailing duties,
or similar duties; our ability to successfully implement our
strategic initiatives; fluctuations in operating results;
sale-leaseback transactions and their effects; real estate leases;
changes in interest rates; exposure to product liability claims;
our ability to complete offerings under our shelf registration
statement on favorable terms, or at all; changes in our product
mix; petroleum prices; information technology security and business
interruption risks; litigation and legal proceedings; natural
disasters and unexpected events; activities of activist
stockholders; labor and union matters; limits on net operating loss
carryovers; pension plan assumptions and liabilities; risks related
to our internal controls; retention of associates and key
personnel; federal, state, local and other regulations, including
environmental laws and regulations; and changes in accounting
principles. Given these risks and uncertainties, we caution you not
to place undue reliance on forward-looking statements. We expressly
disclaim any obligation to update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as required by law.
|
|
BLUELINX HOLDINGS INC.CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
January 2,2021 |
|
December 28, 2019 |
|
January 2,2021 |
|
December 28, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
Net sales |
$ |
865,419 |
|
|
$ |
613,454 |
|
|
$ |
3,097,328 |
|
|
$ |
2,637,268 |
|
Cost of sales |
741,174 |
|
|
530,464 |
|
|
2,619,594 |
|
|
2,280,353 |
|
Gross profit |
124,245 |
|
|
82,990 |
|
|
477,734 |
|
|
356,915 |
|
Gross margin |
14.4 |
% |
|
13.5 |
% |
|
15.4 |
% |
|
13.5 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative |
88,971 |
|
|
73,224 |
|
|
314,228 |
|
|
291,526 |
|
Depreciation and amortization |
7,116 |
|
|
7,824 |
|
|
28,901 |
|
|
30,232 |
|
Amortization of deferred gains on real estate |
(1,057 |
) |
|
(988 |
) |
|
(4,008 |
) |
|
(3,960 |
) |
Gains from sales of property |
(1,320 |
) |
|
(3,284 |
) |
|
(10,529 |
) |
|
(13,082 |
) |
Other operating expenses |
165 |
|
|
3,983 |
|
|
6,901 |
|
|
17,045 |
|
Total operating expenses |
93,875 |
|
|
80,759 |
|
|
335,493 |
|
|
321,761 |
|
Operating income |
30,370 |
|
|
2,231 |
|
|
142,241 |
|
|
35,154 |
|
Non-operating expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
10,723 |
|
|
13,691 |
|
|
47,414 |
|
|
54,218 |
|
Other (income) expense, net |
(196 |
) |
|
2,756 |
|
|
(254 |
) |
|
2,544 |
|
Income (loss) before provision
for (benefit from) income taxes |
19,843 |
|
|
(14,216 |
) |
|
95,081 |
|
|
(21,608 |
) |
Provision for (benefit from)
income taxes |
(15 |
) |
|
(4,021 |
) |
|
14,199 |
|
|
(3,952 |
) |
Net income (loss) |
$ |
19,858 |
|
|
$ |
(10,195 |
) |
|
$ |
80,882 |
|
|
$ |
(17,656 |
) |
|
|
|
|
|
|
|
|
Basic income (loss) per
share |
$ |
2.10 |
|
|
$ |
(1.09 |
) |
|
$ |
8.58 |
|
|
$ |
(1.89 |
) |
Diluted income (loss) per
share |
$ |
2.04 |
|
|
$ |
(1.09 |
) |
|
$ |
8.55 |
|
|
$ |
(1.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC.CONSOLIDATED BALANCE
SHEETS |
|
|
January 2, 2021 |
|
December 28, 2019 |
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
ASSETS |
Current assets: |
|
|
|
Cash |
$ |
82 |
|
|
$ |
11,643 |
|
Receivables, less allowances of $4,123 and $3,236,
respectively |
293,643 |
|
|
192,872 |
|
Inventories, net |
342,108 |
|
|
345,806 |
|
Other current assets |
32,581 |
|
|
27,718 |
|
Total current assets |
668,414 |
|
|
578,039 |
|
|
|
|
|
Property and equipment,
net |
178,712 |
|
|
195,768 |
|
Operating lease right-of-use
assets |
51,142 |
|
|
54,408 |
|
Goodwill |
47,772 |
|
|
47,772 |
|
Intangible assets, net |
18,889 |
|
|
26,384 |
|
Deferred tax assets |
62,899 |
|
|
53,993 |
|
Other non-current assets |
20,302 |
|
|
15,061 |
|
Total assets |
$ |
1,048,130 |
|
|
$ |
971,425 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) |
Current liabilities: |
|
|
|
Accounts payable |
$ |
165,163 |
|
|
$ |
132,348 |
|
Accrued compensation |
24,751 |
|
|
7,639 |
|
Current maturities of long-term debt, net of debt issuance costs of
$74 and $74, respectively |
1,171 |
|
|
2,176 |
|
Finance lease liabilities - short-term |
5,675 |
|
|
6,486 |
|
Operating lease liabilities - short-term |
6,076 |
|
|
7,317 |
|
Real estate deferred gains - short-term |
4,040 |
|
|
3,935 |
|
Other current liabilities |
22,156 |
|
|
11,222 |
|
Total current liabilities |
229,032 |
|
|
171,123 |
|
Non-current liabilities: |
|
|
|
Long-term debt, net of debt issuance costs of $8,936 and $12,481,
respectively |
321,270 |
|
|
458,439 |
|
Finance lease liabilities - long-term |
267,443 |
|
|
191,525 |
|
Operating lease liabilities - long-term |
44,965 |
|
|
47,091 |
|
Real estate deferred gains - long-term |
78,009 |
|
|
81,886 |
|
Pension benefit obligation |
22,684 |
|
|
23,420 |
|
Other non-current liabilities |
25,635 |
|
|
24,024 |
|
Total liabilities |
989,038 |
|
|
997,508 |
|
Commitments and
contingencies |
|
|
|
STOCKHOLDERS' EQUITY (DEFICIT): |
Common Stock, $0.01 par value, 20,000,000 shares authorized, |
|
|
|
|
|
9,462,774 and 9,365,768 outstanding on January 2, 2021
and December 28, 2019, respectively |
95 |
|
|
94 |
|
Additional paid-in capital |
266,695 |
|
|
260,974 |
|
Accumulated other comprehensive loss |
(35,992 |
) |
|
(34,563 |
) |
Accumulated stockholders’ deficit |
(171,706 |
) |
|
(252,588 |
) |
Total stockholders’ equity
(deficit) |
59,092 |
|
|
(26,083 |
) |
Total liabilities and
stockholders’ equity (deficit) |
$ |
1,048,130 |
|
|
$ |
971,425 |
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited) |
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
January 2, 2021 |
|
December 28, 2019 |
|
January 2, 2021 |
|
December 28, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
19,858 |
|
|
$ |
(10,195 |
) |
|
$ |
80,882 |
|
|
$ |
(17,656 |
) |
Adjustments to reconcile net
income (loss) to cash (used in) provided by operations: |
|
|
|
|
|
|
|
Provision for (benefit from) income taxes |
(15 |
) |
|
(4,021 |
) |
|
14,199 |
|
|
(3,952 |
) |
Depreciation and amortization |
7,116 |
|
|
7,824 |
|
|
28,901 |
|
|
30,232 |
|
Amortization of debt issuance costs |
993 |
|
|
858 |
|
|
3,881 |
|
|
3,323 |
|
Gains from sales of property |
(1,320 |
) |
|
(3,284 |
) |
|
(10,529 |
) |
|
(13,082 |
) |
Pension expense |
197 |
|
|
2,851 |
|
|
896 |
|
|
3,011 |
|
Share-based compensation |
3,077 |
|
|
95 |
|
|
5,992 |
|
|
2,592 |
|
Amortization of deferred gain from real estate |
(1,057 |
) |
|
(988 |
) |
|
(4,008 |
) |
|
(3,960 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
14,941 |
|
|
51,033 |
|
|
(100,771 |
) |
|
15,562 |
|
Inventories |
(36,078 |
) |
|
16,583 |
|
|
3,698 |
|
|
(3,955 |
) |
Accounts payable |
(13,785 |
) |
|
(47,028 |
) |
|
32,815 |
|
|
(16,840 |
) |
Prepaid and other current assets |
(8,166 |
) |
|
14,357 |
|
|
(9,546 |
) |
|
6,282 |
|
Pension contributions |
(613 |
) |
|
(539 |
) |
|
(755 |
) |
|
(1,791 |
) |
Other assets and liabilities |
(4,525 |
) |
|
(227 |
) |
|
9,364 |
|
|
(10,070 |
) |
Net cash (used in) provided by
operating activities |
(19,377 |
) |
|
27,319 |
|
|
55,019 |
|
|
(10,304 |
) |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Acquisition of business, net
of cash acquired |
— |
|
|
— |
|
|
— |
|
|
6,009 |
|
Proceeds from sale of
assets |
2,107 |
|
|
6,232 |
|
|
12,849 |
|
|
19,931 |
|
Property and equipment
investments |
(1,746 |
) |
|
(1,470 |
) |
|
(3,689 |
) |
|
(4,791 |
) |
Net cash provided by investing
activities |
361 |
|
|
4,762 |
|
|
9,160 |
|
|
21,149 |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Borrowings on revolving credit
facilities |
302,205 |
|
|
137,409 |
|
|
843,905 |
|
|
649,788 |
|
Repayments on revolving credit
facilities |
(276,934 |
) |
|
(165,754 |
) |
|
(882,155 |
) |
|
(656,596 |
) |
Repayments on term loan |
(14,609 |
) |
|
(527 |
) |
|
(103,470 |
) |
|
(32,426 |
) |
Proceeds from real estate
financing transactions |
— |
|
|
189 |
|
|
78,263 |
|
|
44,914 |
|
Debt financing costs |
(367 |
) |
|
(1,259 |
) |
|
(3,350 |
) |
|
(3,618 |
) |
Repurchase of shares to
satisfy employee tax withholdings |
(16 |
) |
|
(3 |
) |
|
(271 |
) |
|
(211 |
) |
Principal payments on finance
lease liabilities |
(1,335 |
) |
|
(3,340 |
) |
|
(8,662 |
) |
|
(9,992 |
) |
Net cash provided by (used in)
financing activities |
8,944 |
|
|
(33,285 |
) |
|
(75,740 |
) |
|
(8,141 |
) |
|
|
|
|
|
|
|
|
Net change in cash |
(10,072 |
) |
|
(1,204 |
) |
|
(11,561 |
) |
|
2,704 |
|
Cash at beginning of
period |
10,154 |
|
|
12,847 |
|
|
11,643 |
|
|
8,939 |
|
Cash at end of period |
$ |
82 |
|
|
$ |
11,643 |
|
|
$ |
82 |
|
|
$ |
11,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC.RECONCILIATION OF
NON-GAAP MEASUREMENTS(Unaudited) |
|
The
following schedule reconciles net income (loss) to Adjusted
EBITDA: |
|
|
Quarter Ended |
|
Fiscal Year Ended |
|
January 2,2021 |
|
December 28, 2019 |
|
January 2,2021 |
|
December 28, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Net income (loss) |
$ |
19,858 |
|
|
$ |
(10,195 |
) |
|
$ |
80,882 |
|
|
$ |
(17,656 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
7,116 |
|
|
7,824 |
|
|
28,901 |
|
|
30,232 |
|
Interest expense, net |
10,723 |
|
|
13,691 |
|
|
47,414 |
|
|
54,218 |
|
Provision for (benefit from) income taxes |
(15 |
) |
|
(4,021 |
) |
|
14,199 |
|
|
(3,952 |
) |
Share-based compensation expense |
3,077 |
|
|
95 |
|
|
5,992 |
|
|
2,592 |
|
Amortization of deferred gain on real estate |
(1,057 |
) |
|
(988 |
) |
|
(4,008 |
) |
|
(3,960 |
) |
Gain from sales of property(1) |
(1,320 |
) |
|
(3,284 |
) |
|
(10,529 |
) |
|
(13,082 |
) |
Pension settlement and withdrawal costs(1) |
(115 |
) |
|
3,529 |
|
|
(115 |
) |
|
4,483 |
|
Merger and acquisition costs (1)(2) |
106 |
|
|
2,970 |
|
|
1,924 |
|
|
14,224 |
|
Restructuring and other (1)(3) |
173 |
|
|
1,298 |
|
|
5,734 |
|
|
4,331 |
|
Adjusted EBITDA |
$ |
38,546 |
|
|
$ |
10,919 |
|
|
$ |
170,394 |
|
|
$ |
71,430 |
|
|
|
|
|
|
|
|
|
(1) Reflects non-recurring items of approximately $1 million in
benefit to the current quarter, $5 million in non-beneficial items
to the same quarterly period of the prior year, $3 million in
benefit to current fiscal year period, and $10 million
non-beneficial items to the prior fiscal year period.
(2) Reflects primarily legal, professional, technology and other
integration costs related to the Cedar Creek acquisition
(3) Reflects costs related to our restructuring
efforts, such as severance, net of other one-time non-operating
items
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