BlueLinx (BXC) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 net sales were $711 million, a decrease of $1.9 million, or 0.3% year-over-year[5] - Gross profit for the fourth quarter was $113 million, down $5.1 million, or 4.3%, with a gross margin of 15.9%[5] - Full year 2024 net sales were $3.0 billion, a decrease of $183.8 million, or 5.9% year-over-year[11] - Full year gross profit was $489.1 million, down $37.9 million, or 7.2%, with a gross margin of 16.6%[11] - Net sales for the fiscal quarter ended December 28, 2024, were $710,637,000, a decrease of 0.1% compared to $712,529,000 for the same quarter in the previous year[41] - Total net sales for the fiscal quarter ended December 28, 2024, were $710,637,000, a slight decrease of 0.3% compared to $712,529,000 for the same quarter in 2023[48] - Specialty products net sales for the fiscal year ended December 28, 2024, were $2,045,910,000, a decrease of 6.3% from $2,184,240,000 in 2023[48] Profitability - Net income for the fourth quarter was $5.3 million, or $0.62 per diluted share, compared to a net loss of $18.1 million in the prior year[9] - Adjusted EBITDA for the fourth quarter was $22 million, or 3.0% of net sales[5] - Operating income decreased to $12,030,000 for the fiscal quarter, compared to $27,185,000 in the same quarter last year[41] - Net income for the fiscal quarter was $5,272,000, a significant recovery from a net loss of $18,124,000 in the prior year[41] - Adjusted EBITDA for the fiscal year ended December 28, 2024, was $131,356,000, down from $182,804,000 in the previous year[50] - Adjusted net income (non-GAAP) for the fiscal year ended December 28, 2024, was $55,232 thousand, down from $102,627 thousand in the previous year[52] - Adjusted EBITDA margin (non-GAAP) for the fiscal quarter ended December 28, 2024, was 3.0%, compared to 5.1% for the same quarter in the previous year[52] Expenses and Cash Flow - Total operating expenses increased to $101,315,000 for the fiscal quarter, up from $91,244,000 in the previous year[41] - Interest expense for the fiscal quarter was $5,320,000, compared to $4,171,000 in the same quarter last year[41] - The company reported a cash flow from operating activities of $18,744,000 for the fiscal quarter ended December 28, 2024, compared to $75,861,000 in the same quarter of 2023[46] - Free cash flow (non-GAAP) for the fiscal year ended December 28, 2024, was $45,069 thousand, down from $278,765 thousand in the previous year[54] Liquidity and Debt - Available liquidity as of December 28, 2024, was $852 million, including $506 million in cash and cash equivalents[19] - The company’s long-term debt stood at $295,061,000 as of December 28, 2024, slightly up from $293,743,000 in the previous year[44] - Net Debt as of December 28, 2024, was $86,921 thousand, an increase from $63,683 thousand as of December 30, 2023[54] - Net Leverage Ratio as of December 28, 2024, was 0.7x, compared to 0.3x as of December 30, 2023[54] Shareholder Actions - The company plans to continue opportunistic share repurchases, with $46.5 million remaining under its $100 million authorization[18] - Basic earnings per share for the fiscal quarter ended December 28, 2024, were $0.63, compared to a loss of $2.08 in the same quarter last year[52] - Weighted average shares outstanding - Basic for the fiscal year ended December 28, 2024, were 8,531 thousand, down from 8,987 thousand in the previous year[52] Asset and Liability Overview - Total assets increased to $1,577,717,000 as of December 28, 2024, compared to $1,537,601,000 as of December 30, 2023[44] - Total liabilities rose to $931,276,000, up from $903,315,000 in the previous year[44] Operational Efficiency - The company emphasizes the importance of non-GAAP measures like Adjusted EBITDA and Free Cash Flow to provide a clearer picture of financial performance[29] - The company reported an Adjusted EBITDA margin of 4.9% for the fiscal quarter, reflecting operational efficiency challenges[33] - Cash and cash equivalents at the end of the period were $505,622,000, a decrease from $521,743,000 at the end of the previous fiscal year[46] - The company reported a pension settlement and withdrawal cost adjustment of $(2,481) thousand for the fiscal year ended December 28, 2024[52]