bxc-20250329

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 March 29, 2025


☐			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, former address and former fiscal year, 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 April 25, 2025, there were 8,022,223 shares of BlueLinx Holdings Inc. common stock, par value $0.01, outstanding.

BLUELINX HOLDINGS INC.

Form 10-Q

For the Quarterly Period Ended March 29, 2025

Table of Contents


			PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements — BlueLinx Holdings Inc. (Unaudited)			1
Condensed Consolidated Statements of Operations			1
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Stockholders' Equity			3
Condensed Consolidated Statements of Cash Flows			4
Notes to Condensed Consolidated Financial Statements			5
Note 1 - Basis of Presentation			5

Note 2 - In ventory			6
Note 3 - Goodwill and Intangible Assets, net			7
Note 4 - Revenue Recognition			7
Note 5 - Debt and Finance Lease Obligations			8

Note 6 - Share-Based Compensation			9
Note 7 - Leases			10
Note 8 - Commitments and Contingencies			13

Note 9 - Income Taxes			13
Note 1 0 - Earnings Per Share and Stockholders' Equity			14
Note 1 1 - Fair Value			15
Note 12 - Segment Reporting			15

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures About Market Risk			25
Item 4. Controls and Procedures			25

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			26
Item 1A. Risk Factors			26
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			26
Item 3. Defaults Upon Senior Securities			27
Item 4. Mine Safety Disclosures			27
Item 5. Other Information			27
Item 6. Exhibits			28

Signatures			29


	Three Fiscal Months Ended
	March 29, 2025		March 30, 2024
Net sales	$	709,226	$	726,244
Cost of products sold	598,097		598,563
Gross profit	111,129		127,681
Operating expenses (income):
Selling, general, and administrative	94,093		91,250
Depreciation and amortization	9,554		9,433
Amortization of deferred gains on real estate	(984)		(984)
Other, net	(2,258)		314


Total operating expenses	100,405		100,013
Operating income	10,724		27,668
Non-operating expenses:
Interest expense, net	6,580		4,624


Income before provision for income taxes	4,144		23,044
Provision for income taxes	(1,339)		(5,552)
Net income	$	2,805	$	17,492

Basic earnings per share	$	0.33	$	2.02
Diluted earnings per share	$	0.33	$	2.00


	As of
	March 29, 2025		December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	449,020	$	505,622
Receivables, less allowances of $4,842 and $4,344, respectively	275,574		225,837
Inventories, net	399,555		355,909
Other current assets	42,154		46,620
Total current assets	1,166,303		1,133,988
Property and equipment, at cost	462,344		443,628
Accumulated depreciation	(187,124)		(194,072)
Property and equipment, net	275,220		249,556
Operating lease right-of-use assets	45,115		47,221
Goodwill	55,372		55,372
Intangible assets, net	25,927		26,881
Deferred income tax asset, net	51,007		50,578
Other non-current assets	14,526		14,121
Total assets	$	1,633,470	$	1,577,717
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	213,111	$	170,202
Accrued compensation	13,598		16,706


Finance lease liabilities - current	15,503		12,541
Operating lease liabilities - current	7,863		8,478
Real estate deferred gains - current	3,935		3,935

Other current liabilities	26,564		21,862
Total current liabilities	280,574		233,724

Long-term debt	295,393		295,061
Finance lease liabilities, less current portion	301,252		280,002
Operating lease liabilities, less current portion	38,718		40,114
Real estate deferred gains, less current portion	62,313		63,296

Other non-current liabilities	19,106		19,079
Total liabilities	997,356		931,276
Commitments and Contingencies
STOCKHOLDERS’ EQUITY:
Preferred Stock, $0.01 par value, 30,000,000 shares authorized, none outstanding	—		—
Common Stock, $0.01 par value, 20,000,000 shares authorized, 8,119,735 and 8,294,798 outstanding, respectively	81		83
Additional paid-in capital	110,973		124,103

Retained earnings	525,060		522,255
Total stockholders’ equity	636,114		646,441
Total liabilities and stockholders’ equity	$	1,633,470	$	1,577,717


	Common Stock			Additional Paid-In Capital		Retained Earnings		Stockholders’ Equity Total
	Shares	Amount
Balance, December 28, 2024	8,295	$	83	$	124,103	$	522,255	$	646,441
Net income	—	—		—		2,805		2,805

Vesting of restricted stock units	18	(a)		(a)		—		—
Compensation related to share-based grants	—	—		2,522		—		2,522
Repurchase of shares to satisfy employee tax withholdings	(7)	(a)		(507)		—		(507)
Common stock repurchase and retirement	(186)	(2)		(15,145)		—		(15,147)

Balance, March 29, 2025	8,120	$	81	$	110,973	$	525,060	$	636,114


	Three Fiscal Months Ended
Product type	March 29, 2025		March 30, 2024
	(In thousands)
Specialty products	$	479,387	$	503,834
Structural products	229,839		222,410
Total net sales	$	709,226	$	726,244


	Three Fiscal Months Ended
Sales channel	March 29, 2025		March 30, 2024
	(In thousands)
Warehouse and reload	$	581,793	$	591,768
Direct	142,492		149,750
Customer discounts and rebates	(15,059)		(15,274)
Total net sales	$	709,226	$	726,244


		As of
Lease Assets and Liabilities		March 29, 2025		December 28, 2024
		(In thousands)
Assets	Classification
Operating lease right-of-use assets	Operating lease right-of-use assets	$	45,115	$	47,221
Finance lease right-of-use assets (1)	Property and equipment, net	160,738		134,319
Total lease right-of-use assets		$	205,853	$	181,540

Liabilities
Current portion:
Operating lease liabilities	Operating lease liabilities - current	$	7,863	$	8,478
Finance lease liabilities	Finance lease liabilities - current	15,503		12,541
Non-current portion:
Operating lease liabilities	Operating lease liabilities - noncurrent	38,718		40,114
Finance lease liabilities	Finance lease liabilities - noncurrent	301,252		280,002
Total lease liabilities		$	363,336	$	341,135


	Three Fiscal Months Ended
Components of lease expense	March 29, 2025		March 30, 2024
	(In thousands)
Operating lease expense:
Operating lease expense before sublease income	$	3,040	$	2,446
Sublease income	(928)		(861)
Operating lease expense	$	2,112	$	1,585

Finance lease expense:
Amortization of right-of-use assets	$	4,624	$	4,736
Interest on lease liabilities	6,873		6,291
Total finance lease expense	$	11,497	$	11,027


	Three Fiscal Months Ended
Non-cash information	March 29, 2025		March 30, 2024
	(In thousands)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	—
Finance leases	$	28,086	$	8,177


	As of
Balance Sheet Information	March 29, 2025			December 28, 2024
	($ in thousands)
Finance leases
Property and equipment	$	264,389		$	246,635
Accumulated depreciation	(103,651)			(112,316)
Property and equipment, net	$	160,738		$	134,319
Weighted Average Remaining Lease Term (in years)
Operating leases	8.32			8.34
Finance leases	16.65			17.68
Weighted Average Discount Rate
Operating leases	8.19		%	8.15		%
Finance leases	8.74		%	8.88		%


Fiscal Year:	Operating Leases		Finance Leases
	(In thousands)
2025 (remainder of fiscal year)	$	8,442	$	31,907
2026	8,709		46,012
2027	7,781		40,423
2028	7,493		40,638
2029	6,522		37,388
Thereafter	26,764		482,669
Total lease payments	$	65,711	$	679,037
Less: imputed interest	(19,130)		(362,282)
Total	$	46,581	$	316,755


	Three Fiscal Months Ended March 29, 2025		% of Net Sales	Three Fiscal Months Ended March 30, 2024		% of Net Sales
	($ amounts in thousands)
Net sales	$	709,226		$	726,244

Gross profit	111,129		15.7%	127,681		17.6%
Less:
Selling, general, and administrative	94,093		13.3%	91,250		12.6%
Depreciation and amortization	9,554		1.3%	9,433		1.3%
Amortization of deferred gains on real estate	(984)		(0.1)%	(984)		(0.1)%
Other, net	(2,258)		(0.3)%	314		—%

Operating income	10,724		1.5%	27,668		3.8%
Interest expense, net	6,580		0.9%	4,624		0.6%


Income before provision for income taxes	4,144		0.6%	23,044		3.2%
Provision for income taxes	1,339		0.2%	5,552		0.8%
Net income	$	2,805	0.4%	$	17,492	2.4%

SEC Form 10-Q filed by Bluelinx Holdings Inc.