bxc-20221001

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 1, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-32383


			BlueLinx Holdings Inc.
			(Exact name of registrant as specified in its charter)


Delaware		77-0627356
(State of Incorporation)		(I.R.S. Employer Identification No.)

1950 Spectrum Circle, Suite 300
Marietta	GA	30067
(Address of principal executive offices)		(Zip Code)

(770) 953-7000

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BXC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically (Section 232.405 of this chapter) every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☑

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 28, 2022, there were 9,035,469 shares of BlueLinx Holdings Inc. common stock, par value $0.01, outstanding.

BLUELINX HOLDINGS INC.

Form 10-Q

For the Quarterly Period Ended October 1, 2022

INDEX


			PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements — BlueLinx Holdings Inc. (Unaudited)			1
Condensed Consolidated Statements of Operations and Comprehensive Income			1
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Stockholders' Equity			3
Condensed Consolidated Statements of Cash Flows			5
Notes to Condensed Consolidated Financial Statements			6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			32
Item 4. Controls and Procedures			32

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
Item 3. Defaults Upon Senior Securities			34
Item 4. Mine Safety Disclosures			34
Item 5. Other Information			34
Item 6. Exhibits			35

Signature			36

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net sales	$	1,060,761	$	970,842	$	3,602,445	$	3,304,224
Cost of sales	871,385		817,515		2,920,610		2,719,333
Gross profit	189,376		153,327		681,835		584,891
Operating expenses (income):
Selling, general, and administrative	91,678		76,176		274,305		238,746
Depreciation and amortization	6,688		6,884		19,952		21,429
Amortization of deferred gains on real estate	(983)		(984)		(2,951)		(2,951)
Gains from sales of property	—		—		(144)		(1,287)
Other operating expenses	1,267		212		2,731		1,197
Total operating expenses	98,650		82,288		293,893		257,134
Operating income	90,726		71,039		387,942		327,757
Non-operating expenses (income):
Interest expense, net	10,444		8,313		32,992		33,690
Other expense (income), net	(361)		(704)		916		(1,335)
Income before provision for income taxes	80,643		63,430		354,034		295,402
Provision for income taxes	21,134		16,232		89,844		72,886
Net income	$	59,509	$	47,198	$	264,190	$	222,516

Basic income per share	$	6.44	$	4.85	$	28.03	$	23.23
Diluted income per share	$	6.38	$	4.74	$	27.82	$	22.91

Comprehensive income:
Net income	$	59,509	$	47,198	$	264,190	$	222,516
Other comprehensive income:
Amortization of unrecognized pension gain, net of tax	156		238		468		723
Other	(24)		7		(24)		24
Total other comprehensive income	132		245		444		747
Comprehensive income	$	59,641	$	47,443	$	264,634	$	223,263

See accompanying Notes.

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	October 1, 2022		January 1, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	229,364	$	85,203
Receivables, less allowances of $4,365 and $4,024, respectively	360,535		339,637
Inventories, net	535,979		488,458
Other current assets	32,309		31,869
Total current assets	1,158,187		945,167
Property and equipment, at cost	339,914		318,253
Accumulated depreciation	(151,358)		(137,099)

SEC Form 10-Q filed by Bluelinx Holdings Inc.