BMC STOCK HOLDINGS, INC. February / March 2018 Investor Presentation BMC. All Rights Reserved.
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1 BMC STOCK HOLDINGS, INC. February / March 2018 Investor Presentation 2018 BMC. All Rights Reserved.
2 CLICK DISCLAIMER TO EDIT TITLE This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of Forward-looking statements in this document may include, without limitation, statements regarding sales growth, price changes, earnings performance, strategic direction and the demand for our products. Forward-looking statements are typically identified by words or phrases such as "may," "might," "predict," "future," "seek to," "assume," "goal," "objective," "continue," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "guidance," "possible," "predict," "propose," "potential" and "forecast," or the negative of such terms and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, many of which are outside BMC's control. BMC cautions readers that any forwardlooking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement; therefore, investors and shareholders should not place undue reliance on such statement. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors include without limitation: the state of the homebuilding industry and repair and remodeling activity, the economy and the credit markets; the impact of potential changes in our customer or product sales mix; our concentration of business in the Texas, California and Georgia markets; the potential loss of significant customers or a reduction in the quantity of products they purchase; seasonality and cyclicality of the building products supply and services industry; competitive industry pressures and competitive pricing pressure from our customers and competitors; fluctuation of commodity prices and prices of our products; our exposure to product liability, warranty, casualty, construction defect, contract, tort, employment and other claims and legal proceedings; our ability to maintain profitability; our ability to retain our key employees and to attract and retain new qualified employees, while controlling our labor costs; product shortages, loss of key suppliers or failure to develop relationships with qualified suppliers, and our dependence on third-party suppliers and manufacturers; the implementation of our supply chain and technology initiatives; the impact of long-term non-cancelable leases at our facilities; our ability to effectively manage inventory and working capital; the credit risk from our customers; the impact of pricing pressure from our customers; our ability to identify or respond effectively to consumer needs, expectations, market conditions or trends; our ability to successfully implement our growth strategy; the impact of federal, state, local and other laws and regulations; the impact of changes in legislation and government policy; the impact of unexpected changes in our tax provisions and adoption of new tax legislation; our ability to utilize our net operating loss carryforwards; natural or man-made disruptions to our distribution and manufacturing facilities; our exposure to environmental liabilities and subjection to environmental laws and regulation; the impact of health and safety laws and regulations; the impact of disruptions to our information technology systems; cybersecurity risks; our exposure to losses if our insurance coverage is insufficient; our ability to operate on multiple Enterprise Resource Planning ("ERP") information systems and convert multiple systems to a single system; the impact of our indebtedness; the various financial covenants in our secured credit agreement and senior secured notes indenture; and other factors discussed or referred to in the "Risk Factors" section of BMC's most recent Annual Report on Form 10-K to be filed with the SEC on March 1, All such factors are difficult to predict and are beyond BMC's control. All forward-looking statements attributable to BMC or persons acting on BMC's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and BMC undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Basis of Presentation On December 1, 2015, the merger (the Merger ) of Stock Building Supply Holdings, Inc. ( SBS or Legacy SBS ) with Building Materials Holding Corporation ( Legacy BMC ) was completed. Some of this presentation includes financial and operating results, plans, objectives, expectations and intentions, and other statements that are not historical facts related to the Merger. The Merger was accounted for as a reverse acquisition under the acquisition method of accounting, with Legacy SBS treated as the legal acquirer and Legacy BMC treated as the acquirer for accounting purposes. As such, the Company has accounted for the Merger by using Legacy BMC historical information and accounting policies and adding the assets and liabilities of Legacy SBS as of the completion date of the Merger at their estimated fair values. As a result, current year results reported pursuant to U.S. generally accepted accounting principles ( GAAP ) are not comparable to periods prior to the completion of the Merger. 2
3 CLICK NON-GAAP TO EDIT (ADJUSTED) TITLE FINANCIAL MEASURES Adjusted net sales, Adjusted gross profit, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per diluted share are intended as supplemental measures of the Company s performance that are not required by, or presented in accordance with, GAAP. The Company believes that Adjusted net sales, Adjusted gross profit, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per diluted share provide useful information to management and investors regarding certain financial and business trends relating to the Company s financial condition and operating results. Adjusted net sales is defined as BMC net sales plus pre-merger SBS net sales. Adjusted gross profit is defined as BMC gross profit plus pre-merger SBS gross profit and inventory step-up charges. Adjusted EBITDA is defined as BMC net income (loss) adjusted for pre-merger SBS (loss) income from continuing operations, interest expense, income tax expense (benefit), depreciation and amortization, Merger and integration costs, restructuring expense, inventory step-up charges, non-cash stock compensation expense, loss on debt extinguishment, headquarters relocation expense, insurance deductible reserve adjustment and fire casualty loss, loss on portfolio transfer, acquisition costs and other items and impairment of assets. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net sales or, for 2015 and prior periods, Adjusted net sales. Adjusted net income is defined as BMC net income adjusted for merger and integration costs, non-cash stock compensation expense, impairment of assets, acquisition costs, other items and after-tax effecting those items, adjusted for the one-time benefit from the Tax Cuts and Jobs Act of 2017 ( 2017 Tax Act ). Adjusted net income per diluted share is defined as Adjusted net income divided by diluted weighted average shares. Company management uses Adjusted net sales, Adjusted gross profit, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per diluted share for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. Adjusted net sales and Adjusted EBITDA are used in monthly financial reports prepared for management and the board of directors. The Company believes that the use of Adjusted net sales, Adjusted gross profit, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per diluted share provide additional tools for investors to use in evaluating ongoing operating results and trends and in comparing the Company s financial measures with other distribution and retail companies, which may present similar non-gaap financial measures to investors. However, the Company s calculation of Adjusted net sales, Adjusted gross profit, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per diluted share are not necessarily comparable to similarly titled measures reported by other companies. Company management does not consider Adjusted net sales, Adjusted gross profit, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per diluted share in isolation or as alternatives to financial measures determined in accordance with GAAP. The principal limitation of Adjusted EBITDA and Adjusted net income is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company s financial statements. Some of these limitations are: (i) Adjusted EBITDA and Adjusted net income do not reflect changes in, or cash requirements for, working capital needs; (ii) Adjusted EBITDA does not reflect interest expense, or the requirements necessary to service interest or principal payments on debt; (iii) Adjusted EBITDA does not reflect income tax expenses or the cash requirements to pay taxes; (iv) Adjusted net income and Adjusted EBITDA do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; (v) although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA and Adjusted net income do not reflect any cash requirements for such replacements and (vi) Adjusted net income and Adjusted EBITDA do not consider the potentially dilutive impact of issuing non-cash stock-based compensation. In order to compensate for these limitations, management considers Adjusted net sales, Adjusted EBITDA and Adjusted net income in conjunction with GAAP results. Readers should review the reconciliations of net sales to Adjusted net sales, gross profit to Adjusted gross profit, net income (loss) to Adjusted EBITDA and Adjusted net income, included in the Appendix, and should not rely on any single financial measure to evaluate the Company s business. 3
4 1 COMPANY OVERVIEW 2018 BMC. All Rights Reserved.
5 CLICK BMC COMPANY TO EDIT TITLE SNAPSHOT PROVIDING INNOVATIVE SOLUTIONS NASDAQ LISTED: BMCH A leading national building products solutions provider with $3.4 billion of net sales and $200 million of Adjusted EBITDA (1) for 2017 Locations in 18 states representing 65% of 2017 singlefamily building permits Significant market presence in 43 attractive metropolitan areas Focus on differentiated, value-added products and services that meet critical industry needs Proven growth track record (~24% Adjusted EBITDA 1 CAGR since 2015) with significant future opportunities as housing market expands 2017 Product & Service Mix Other Bldg. Products & Services, 24% Millwork, Windows & Doors, 27% Structural Components, 16% Lumber & Sheet Goods, 33% Product categories are shown a % of 2017 net sales Distribution Services Component Manufacturing Millwork Manufacturing Turnkey Solutions Design Services ebusiness Platform 101 Distribution Yards 51 Ready-Frame, EWP, Truss & Panel Manufacturing 48 Millwork Operations Installation Services Design Centers & Showrooms Logistics, Services & ecommerce 5 1. See Non-GAAP (Adjusted) Financial Measures page of this presentation for definition of Adjusted EBITDA and a reconciliation thereof to net income, the most directly comparable GAAP measure..
6 CLICK STRATEGIC TO EDIT FOOTPRINT TITLE IN HIGHLY ATTRACTIVE, LONG-TERM GROWTH MARKETS Company Footprint 2017 Sales by U.S. Census Division 101 Distribution locations in 18 states 65% of 2017 single-family building permits Ready-Frame, EWP, Millwork Truss & Panel operations Manufacturing Facilities Pacific 18% Mid & South Atlantic 26% WA MT Mountain 23% West South Central 33% ID CA NV UT CO WV VA PA Regional categories are shown a % of 2017 net sales NM AR TX GA FL 6
7 CLICK HIGHLY TO DIVERSIFIED EDIT TITLE AND GROWING CUSTOMER BASE Diverse base of customers ranging from wellknown national builders to small regional and local players Single-Family Homebuilders 75% 2017 Customer Mix No single customer greater than 6% of total net sales Enhanced capabilities to serve attractive professional repair and remodeling contractor segment Repair & Remodel Contractors 11% Multi-Family & Commercial Contractors 14% Select Customers Customer categories are shown as a % of 2017 net sales National Homebuilders Regional Homebuilders Multi-family (millwork) 7
8 CLICK VALUE-ADDED TO EDIT SERVICES TITLE SUPPORT JOB SITE EXCELLENCE ONE-STEP VALUE CHAIN SHOWROOM TO JOB-SITE CONTRACTOR TO CLIENT Providing differentiated solutions and proprietary services that support our unique value proposition Design and showroom services Driving enhanced productivity and customer satisfaction Installation management Project planning One-step distributor for premier building products manufacturers; critical link in building supply chain for customers Job-site distribution services Unique Service Platform ebusiness platform Keen understanding of unique construction codes, regional product preferences and local distribution infrastructure Ready-Frame and trusses Custom millwork, doors, windows 8
9 CLICK DIVERSITY TO EDIT OF SUPPLIER TITLE BASE STRATEGIC AGREEMENTS IN PLACE WITH LEADING BUILDING PRODUCT SUPPLIERS Diverse base of leading building products manufacturers One-step value-added distributor providing direct access to thousands of customers BMC Provides Strategic Go-to-Market Options for Suppliers 9
10 2 FOCUSED GROWTH STRATEGY 2018 BMC. All Rights Reserved.
11 KEY ACTIVITIES Service Improvement Optimize Profitability Value-Added Capabilities Communication PILLARS GOAL SHARPENING THE FOCUS ON OUR GROWTH STRATEGIES STRATEGIC PRIORITIES Achieve Industry-Leading Financial Performance through Customer Service Leadership and Operational Excellence Organic Growth of Value Added Products and Segments Deliver Operational Excellence with the BMC Operating System Build High Performing Culture Pursue Strategic Expansion Balance Customer Portfolio: Maximize Single Family Potential Grow Multi-Family in select markets Grow Pro Remodeling Segment Increase Mix of Value Added Products: Millwork Windows Doors Components Best in Class Customer Service Optimize Profitability: Profitable Pricing Purchasing Rigor SG&A Optimization Drive Continuous Improvement Performance Management BMC Leadership Academy: Talent Development Recruiting College Graduate Management Training Program Areas of Focus for Tuck-In Acquisitions: Value Added Products Pro Remodel Improved Local Scale Expand Geographically Solid Balance Sheet Provides Foundation for Growth 11
12 CLICK READY-FRAME TO EDIT TITLE - SIGNIFICANT GROWTH POTENTIAL OPPORTUNITY TO TRANSITION COMMODITY LUMBER SALES TO VALUE-ADDED Less Risk. Less Labor. Less Cost $171.2 Ready-Frame Sales (dollars in millions) $29.2 FY 2013 FY 2014 FY 2015 FY 2016 FY READY-FRAME video:
13 CLICK WHY READY-FRAME? TO EDIT TITLE A WIN-WIN OFFERING FOR BMC AND FOR CUSTOMERS For Builders For Framers For BMC Shortens cash conversion cycle time; Less framing time needed Less labor needed (particularly helpful given the current labor shortages) Safer less cutting on the jobsite; likely means fewer worker s compensation claims Greener and Cleaner less waste and additional savings on disposal costs Entire house package guaranteed to 1/16 th of an inch, which should result in fewer warranty claims Benefits of READY-FRAME: Can frame 20 30% more homes in same amount of time (Note: framers are typically paid by the square foot.) Safer, cleaner jobsite Potential reduction in jobsite injuries Framing becomes easier with each subsequent Ready-Frame package Promotes accuracy; Architectural errors are generally caught prior to framing Higher margin offering than traditional dimensional lumber packages Helps to solidify the Company s position as a solutions provider Fewer trips to jobsite (No last minute orders or extra lumber returns) Opportunity to cross-sell / up-sell products CA WA ID NV UT MT CO NM TX GA PA NC Washington, DC 13 Ready-Frame location
14 CLICK BMC S TO LEAN EDIT EBUSINESS TITLE EVOLUTION BUILDING A TECHNOLOGY PLATFORM TO ENABLE AND LEVERAGE PROFITABLE GROWTH Integrating Value-Added Solutions Around a Single ERP E-Commerce 2 Logistics Solutions Driver Productivity Customer Satisfaction Asset Utilization Product Costs 1 Ease of Accessibility Customer Productivity Associate Productivity New Customer Leads Installation Services Resource Management Communication & Document Management Completion Performance Single ERP 3 >92% Reduced product costs from Photo Proof of Delivery, which has reduced Claims, including Returns, Damages and Missing Product 2. As of 12/31/17, transactional capabilities are available in 16 markets; rollout expected to continue following ERP conversions. 3. ERP Conversions scheduled to be nearly complete by 12/31/18
15 CLICK 24X7 TRANSACTIONAL TO EDIT TITLE FRONT-END TO ERP ENHANCES CUSTOMER EXPERIENCE / PRODUCTIVITY Easy, Fast, Convenient Intuitive interface Accessible 24x7 Mobile based platform Full breadth of products Customer specific pricing Product availability and lead times Professional Resources Robust building science content: articles, videos, project management tools How-to articles Product search with photos, specs, comparison tools Idea gallery with room scenes Interactive design tools Work More Efficiently Order Management Tools: place orders, check order status, create reorder lists Account management Tools: Pay invoices, assign users and admin permissions, view history Configure custom millwork Manage business digitally Introducing a Brand New Tool for our Customer s Belt 15 Note: Transactional capabilities are not yet available in all markets. As of 12/31/17, transactional capabilities are available in 16 markets; rollout expected to continue following ERP conversions.
16 CLICK OPERATIONAL TO EDIT EXCELLENCE TITLE TO DRIVE CONTINUOUS IMPROVEMENT Best-in-Class Customer Service Gain Efficiencies Using Lean Principles Reduce Cost Structure Increase Productivity Drive Continuous Improvement Using Lean principles to identify opportunities and create best practices to improve service, increase efficiencies and remove costs from the business. 16
17 CLICK CONTINUING TO EDIT TO TITLE BUILD A HIGH PERFORMANCE CULTURE Performance Management Action-oriented operating reviews Regular employee feedback Improvement based incentives Bi-Annual calibration of talent and succession planning Leadership Development Multi-phased approach to developing BMC leaders Focused on developing strong location, sales, and market leaders Heavy emphasis on developing High Potentials and future Leaders Trainee Program Recruiting and developing for succession Focus on Sales, Leadership, and Design Programs timing, 6-9 months Targeted recruiting in key geographic areas and schools that fit BMC culture 17
18 CLICK POSITIONED TO EDIT TO TITLE UTILIZE M&A TO DRIVE FUTURE GROWTH FRAGMENTED MARKET COMBINED WITH PROVEN AND DISCIPLINED M&A PROCESS LBM Dealer Market Fragmentation (1) Builders FirstSource 7% BMC 3% 84 Lumber 3% US LBM 3% Carter Lumber 1% M&A Opportunity Leverage profile provides financial flexibility to pursue accretive tuck-in acquisitions to enhance our value added offerings, customer base and/or geographic presence Recent acquisitions: Others 83% Shone Lumber (to close Q118) solid customer base in DE & Southeast PA, including strong Custom Builder and Professional Remodeling relationships TexPly (Apr 17) leading supplier of millwork and doors for single-family production builders in the DFW area LBM Dealers 2016 Total Net Sales (1) Code Plus (Mar 17) DC area truss manufacturer Public LBM Dealers Leverage Profile ($m) $6, x (2) 4.6x (3) $3,094 $2,900 $2,873 $1,242 $494 Average of Top 100 LBM Dealers 1.7x (4) 18 As of 9/30/17 As of 9/30/17 As of 12/31/17 Fragmentation Presents Significant Consolidation Opportunities 1. Source: 2017 ProSales 100 rankings of pro dealers with manufacturing capabilities; Market Size based on Census Bureau data 2. US LBM is not yet public but has filed their S-1 indicating their intention to go public; Leverage for US LBM was calculated using data provided for the Successor Company in their S-1/A filing filed on 12/14/17; The leverage calculation used was Total Debt of the Successor Company at 9/30/17 divided by TTM Adjusted EBITDA at 9/30/17 of the Successor Company as defined in their S-1 filing 3. Leverage for BLDR is the ratio of net debt at Sep 30, 2017 to Adjusted EBITDA for the twelve months ended Sep 30, 2017 as reported in BLDR s Investor Presentation on Nov. 9, BMC s calculation of leverage is the ratio of Long Term Debt to LTM Adjusted EBITDA as of Dec 31, 2017.
19 3 FINANCIAL OVERVIEW & Q417 RESULTS 2018 BMC. All Rights Reserved.
20 CLICK HISTORICAL EDIT FINANCIAL TITLE PERFORMANCE Adjusted Net Sales (1) ($mm) Adjusted Gross Profit (1) ($mm) $3,500 $2,800 $2,407 $2,607 $2,801 $3,094 $3,366 $800 $640 $531 $603 $670 $745 $796 $2,100 $480 $1,400 $700 $320 $ % 23.1% 23.9% 24.1% 23.6% $ $ Adjusted EBITDA (1) ($mm) Capital Expenditures (2) ($mm) $250 $200 $194 $200 $80 $60 $62 (3) $59 $53 $66 $150 $100 $50 $93 3.8% $ % $ % 6.3% 5.9% $40 $20 $34 $ $ See Non-GAAP (Adjusted) Financial Measures page of this presentation for definition of Adjusted net sales, Adjusted gross profit and Adjusted EBITDA. 2. Pro Forma Capital Expenditures including both legacy BMC and legacy Stock Building Supply; Also includes capital leases. 3. Excludes $15mm of capital expenditures related to the purchase of a facility which was sold shortly thereafter as part of a sale-lease back.
21 CLICK FOURTH TO QUARTER EDIT TITLE& FULL YEAR 2017 HIGHLIGHTS Achieved Growth Top line sales growth of 12.5% for Q4 and 8.8% for the full year Structural Components growth of 19.5% for Q4 and 13.2% for the full year Improved Net Income, EPS, Adjusted EBITDA 1 Ready-Frame Success Delivered $45 million in Q417 Ready-Frame net sales Grew full year Ready-Frame sales to $171 million for 2017 Continue to expect Ready-Frame sales to exceed $300 million by 2020 Improved Leverage and Cost Savings Improved SG&A leverage year-over-year Achieved approximately $48 million in total annual run rate cost savings from synergies from the Dec merger of Stock Building Supply and BMC 21 Enhanced Value-Added Offerings Thru M&A Q1 17 Added truss manufacturing capabilities in the DC market through the acquisition of Code Plus Q2 17 Enhanced product offering and increased customer base for Dallas Millwork & Doors through the acquisition of TexPly Q1 18 (expected) Diversified customer base and improved geographic coverage in our Mid Atlantic Division with the acquisition of Shone Lumber 1. Adjusted EBITDA is a non-gaap financial measure. See Non-GAAP (Adjusted) Financial Measures pages of this presentation for definition of Adjusted EBITDA and a reconciliation to net income, the most directly comparable GAAP measure.
22 CLICK Q TO FINANCIAL EDIT TITLERESULTS Q Net Sales Bridge Q Commentary 1 $850 $825 $800 $775 $750 $725 $700 $16.3 $840.9 $30.1 $46.9 $747.6 Q416 Sales Commodity Inflation Volume Growth Acquisitions Q417 Sales Q Adjusted EBITDA 1 Bridge Total Q417 net sales growth of 12.5%: 6.3% from commodity price inflation 4.0% from volume growth 2.2% from acquisitions Strong 19.5% growth in Structural Components Millwork, Doors & Windows sales up 6.3% Gross profit up 8.5% to $196.1 million, but gross margin percentage declines due to: Increased sales mix from lower-margin lumber and lumber sheet goods category 110 bps gross margin decline within the lumber & sheet goods category as a result of significant commodity price inflation Adjusted EBITDA 1 improves to $47.6 million Approximately $7.4 million in benefits from volume growth, operational improvements and acquisitions Partially offset primarily by higher medical costs and an increase in the provision for workers compensation claims Adjusted EBITDA is a non-gaap financial measure. See Non-GAAP (Adjusted) Financial Measures pages of this presentation for definition of Adjusted EBITDA and a reconciliation to net income, the most directly comparable GAAP measure.
23 CLICK TIGHTLY TO MANAGED EDIT TITLEINTEGRATION PLAN TO EXTRACT SYNERGIES AND LEVERAGE UNIQUE CAPABILITIES Synergy Category Sales, General & Administrative and Other Costs Sourcing and Supply Chain (Cost of Goods Sold) Description of Benefit Rationalization of corporate and branch support costs Common casualty insurance and employee benefit programs Fleet and indirect spend programs Select consolidation of branches in overlapping markets Alignment of suppliers to optimize purchase quantities Extend one-step supplier sourcing relationships across combined company Improve supplier rebates and discounts by leveraging combined larger purchase volume Cumulative Cost Savings Recorded through Dec 31, 2017 YE 2017 Annual Run Rate Synergy Expectations (1) $17m $20m $25m $28m Total $42m $48m Pivoting Now Beyond Integration to Accelerate Our Growth Strategies Estimated run-rate cost savings represents annualized savings at the end of 2017.
24 CLICK OUTLOOK TO EDIT FOR TITLE CONTINUED GROWTH Fundamentals Support Continued Improvement 2018 Year Over Year End Market Growth Assumptions 2017 BMC Customer Mix Single-Family Starts Median Size of New Home Professional Remodeling 5% - 8% 1% - 2% 3% - 5% Single-Family Homebuilders Repair & Remodel Contractors Multi-Family & Commercial Contractors 14% 11% 75% Multi-Family Starts 8% - 12% BMC Year-Over-Year Growth Expectations 2018 organic volume growth 2018 commodity inflation 2018 sales growth from completed or announced acquisitions Incremental Operating Margins 2 Longer-Term Incremental Operating Margins 2 2% - 5% 4% - 6% in Q1; deceleration in Q2 Q Incremental Operating Margins 2 constrained by inflated commodity mix and fixed cost base of acquired operations; Longer-term outlook benefits from improved mix and BMC Operating System initiatives 2% 8% - 10% 10% - 15% Includes Code Plus, TexPly and Shone Lumber acquisitions 2. Incremental operating margin is defined as the change in operating income divided by the change in net sales.
25 CLICK STRONG TO BALANCE EDIT TITLESHEET TO SUPPORT GROWTH FLEXIBILITY FOR CONTINUED INVESTMENTS AND DISCIPLINED, ACCRETIVE M&A Attractive Cash Flow Dynamics Balance Sheet Positioned to Invest Improving Adjusted EBITDA 1 trends Working capital usage ~12-13% of sales 2018 Expectations: Capital expenditures: $55 to $65 million 2 Depreciation expense: $55 to $60 million Amortization expense: $15 to $16 million Interest expense: $24 to $26 million Effective tax rate: 25% 12/31/2017 Long-Term Debt $349.1 million Long-Term Debt/ LTM 12/31/2017 Adjusted EBITDA (1) 1.7x $375 million revolving ABL facility with extended maturity; $4.5 million outstanding borrowings at 12/31/2017 $308 million of availability for strategic investments and seasonal working capital needs $350 million 5.5% Senior Secured Notes maturing 2024 Leverage target of 2.0x to 2.5x allows flexibility to make strategic investments but remains prudent Adjusted EBITDA is a non-gaap financial measure. See Non-GAAP (Adjusted) Financial Measures pages of this presentation for definition of Adjusted EBITDA. 2. We are still evaluating the impact of the 2017 Tax Act on our level of capital expenditures, which may incentivize us to increase our level of capital spending during 2018.
26 26 CLICK DRIVING TO LONG-TERM EDIT TITLE SHAREHOLDER VALUE -- LEVERAGING STRONG FOUNDATION AND CORE CAPABILITIES TO ACCELERATE PROFITABLE GROWTH PROFITABLE GROWTH Favorable Macro Trends Job & Wage Growth Consumer Confidence Low Interest Rates Low Levels of Inventory Favorable demographics (1) Source: United States Census Bureau. (1) Differentiated Value- Added Solutions Ready-Frame - Revolutionary framing solution, helping builders navigate labor shortage E-Business Suite Providing customers what they want when and how they want it Wide Breadth of Value- Added Offerings: Structural Components, including EWP, trusses, wall panels, etc. Millwork, Doors & Windows Solid Balance Sheet Provides Foundation for Growth Growth Strategies to Drive Profitable Growth Expand Value-Added Categories: Structural Components Millwork, Doors & Windows Execute with Culture of Operational Excellence, Customer Service and Innovation Strategic Tuck-In Acquisitions Gain Market Share in Professional Remodeling
27 2018 BMC. All Rights Reserved. APPENDIX
28 BMC STOCK HOLDINGS REPORTED (GAAP) INCOME STATEMENT ($ths) FY 2015 Q1 16 Q2 16 Q3 16 Q4 16 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Net sales 1,576, , , , ,574 3,093, , , , ,881 3,365,968 Cost of sales 1,215, , , , ,847 2,351, , , , ,795 2,570,453 Gross profit 361, , , , , , , , , , ,515 SG&A 306, , , , , , , , , , ,546 Depreciation expense 15,700 8,792 9,290 9,784 10,575 38,441 10,561 10,941 11,053 10,467 43,022 Amortization expense 3,626 5,245 5,288 5,349 4,839 20,721 3,821 4,100 4,026 4,056 16,003 Impairment of assets - 11, , Merger and integration costs Income (loss) from operations 22,993 2,836 3,597 4,655 4,252 15,340 4,441 6,324 2,574 1,997 15,336 12,248 (3,920) 33,583 33,680 20,393 83,736 10,486 32,507 33,290 24, ,173 Interest expense (27,552) (8,231) (8,121) (7,668) (6,111) (30,131) (6,088) (6,495) (6,377) (6,076) (25,036) Loss on debt extinguishment Other income (expense), net (Loss) income before income taxes Income tax (benefit) expense (12,529) - (12,529) ,455 1, , ,083 3,324 5,690 (14,520) (10,696) 26,873 14,218 14,751 45,146 4,717 26,976 27,996 22,138 81,827 (9,689) (3,940) 8,891 4,982 4,333 14, ,380 9,553 4,496 24,402 28Net (loss) income (4,831) (6,756) 17,982 9,236 10,418 30,880 3,744 17,596 18,443 17,642 57,425
29 BMC STOCK HOLDINGS RECONCILIATION OF NON-GAAP ITEMS ADJUSTED NET SALES ($ths) FY 2013 FY 2014 FY 2015 Q1 16 Q2 16 Q3 16 Q4 16 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Net sales 1,210,156 1,311,498 1,576, , , , ,574 3,093, , , , ,881 3,365,968 Pre-merger SBS net sales 1,197,037 1,295,716 1,223, Adjusted net sales 2,407,193 2,607,214 2,800, , , , ,574 3,093, , , , ,881 3,365,968 Structural components 420, , , , , , , , , , ,619 Lumber & sheet goods 864, , , , , , , , , ,585 1,114,219 Millwork, doors & windows 794, , , , , , , , , , ,377 Other building prods & svcs 720, , , , , , , , , , ,753 Adjusted net sales by product category 2,800, , , , ,574 3,093, , , , ,881 3,365,968 Gross profit 256, , , , ,515 Pre-merger SBS gross profit 274, , , Inventory step-up charges ,285 2,884 - Adjusted gross profit 530, , , , ,515 Adjusted gross margin % 22.1% 23.1% 23.9% 24.1% 23.6% 29
30 BMC STOCK HOLDINGS RECONCILIATION OF NON-GAAP ITEMS ADJUSTED EBITDA ($ths) FY 2013 FY 2014 FY 2015 Q1 16 Q2 16 Q3 16 Q4 16 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Net income (loss) 21,655 94,032 (4,831) (6,756) 17,982 9,236 10,418 30,880 3,744 17,596 18,443 17,642 57,425 Pre-merger SBS (loss) income from continuing operations (5,036) 10,087 6, Interest expense 22,579 29,774 30,189 8,231 8,121 7,668 6,111 30,131 6,088 6,495 6,377 6,076 25,036 Income tax expense (benefit) Depreciation and amortization Merger and integration costs 9,147 (59,237) (9,974) (3,940) 8,891 4,982 4,333 14, ,380 9,553 4,496 24,402 25,827 28,799 39,251 16,682 17,139 17,276 17,583 68,680 16,813 17,558 17,625 17,221 69, ,998 2,836 3,597 4,655 4,252 15,340 4,441 6,324 2,574 1,997 15,336 Restructuring expense Inventory step-up charges Non-cash stock compensation expense Loss on debt extinguishment ,285 2, , ,474 6,079 5,452 1,889 1,804 1,851 1,708 7,252 1,231 2,154 1,366 2,018 6, ,529-12, Headquarters relocation - 2,054 3, Insurance deductible reserve adj. and fire casualty loss 1, , Loss on portfolio transfer - - 2, Acquisition costs and other items 12,995 1,828 4, ,950 (1,884) 1,383 Impairment of assets , , Adjusted EBITDA 92, , ,528 33,709 57,534 58,197 44, ,890 33,563 59,577 59,297 47, ,003 Adjusted EBITDA 30 margin 3.8% 4.4% 4.6% 4.6% 7.2% 7.1% 5.9% 6.3% 4.4% 6.7% 6.7% 5.7% 5.9%
31 BMC STOCK HOLDINGS RECONCILIATION OF NON-GAAP ITEMS ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (in $ths, except per share amounts) Q Q Net income 17,642 10,418 Merger and integration costs 1,997 4,252 Non-cash stock compensation expense 2,018 1,708 Impairment of assets - 45 Acquisition Costs (a) Other Items (b) (1,991) - Tax effect of adjustments to net income (c) (817) (2,153) One-time benefit of the 2017 Tax Act (d) (3,622) - Adjusted net income 15,334 14,270 Diluted weighted avg. shares used to calculate Adjusted net income per diluted share 67,589 67,065 Adjusted net income per diluted share $0.23 $0.21 (a) Represents costs incurred related to the acquisitions of Code Plus Components, LLC, Texas Plywood and Lumber Company, Inc. and W.E. Shone Co. ( Shone Lumber ) (b) Represents income related to the final settlement of insurance claims made by the Company for a fire at one of the Company s facilities during (c) The tax effect of adjustments to net income was based on the respective transactions income tax rate, which was 38.3% and 38.0% for the three months ended December 31, 2017 and 2016, respectively. The tax effect of adjustments to net income for the three months ended December 31, 2017 and 2016 exclude approximately $0.0 million and $0.3 million, respectively, of non-deductible Merger costs. (d) Represents a one-time benefit related to the revaluation of deferred taxes as a result of the 2017 Tax Act. 31
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