Form 8-K
8-K — BlueLinx Holdings Inc.
Accession: 0001628280-26-030601
Filed: 2026-05-05
Period: 2026-05-05
CIK: 0001301787
SIC: 5031 (WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — bxc-20260505.htm (Primary)
EX-99.1 (q12026earnings991.htm)
EX-99.2 (exhibit992q12026.htm)
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8-K
8-K (Primary)
Filename: bxc-20260505.htm · Sequence: 1
bxc-20260505
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
BlueLinx Holdings Inc.
(Exact name of registrant specified in its charter)
Delaware 001-32383 77-0627356
(State or other (Commission (I.R.S. Employer
jurisdiction of
incorporation) File Number) Identification No.)
1950 Spectrum Circle, Suite 300, Marietta, GA
30067
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 953-7000
_________________________________________________
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition
On May 5, 2026, BlueLinx Holdings Inc. ("BlueLinx" or "the Company”) issued a press release announcing its financial results for the fiscal first quarter ended April 4, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto.
On May 6, 2026, as previously announced, BlueLinx will hold a teleconference and audio webcast to discuss its financial results from the fiscal first quarter ended April 4, 2026. A copy of supplementary materials that will be referred to in the teleconference and webcast, and which will be posted to the Company's website, is furnished as Exhibit 99.2 hereto.
The information included in this Item 2.02, as well as Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
The following exhibits are attached with this Current Report on Form 8-K:
Exhibit No. Exhibit Description
99.1
Press Release dated May 5, 2026 reporting financial results for fiscal first quarter ended April 4, 2026
99.2
Supplementary materials to be used during webcast conference call on May 6, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BlueLinx Holdings Inc.
(Registrant)
Dated: May 5, 2026 By: /s/ C. Kelly Wall
C. Kelly Wall
Senior Vice President, Chief Financial Officer and Treasurer
EX-99.1
EX-99.1
Filename: q12026earnings991.htm · Sequence: 2
Document
Exhibit 99.1
BlueLinx Announces First Quarter 2026 Results
ATLANTA, May 5, 2026 – BlueLinx Holdings Inc. (NYSE: BXC), a leading U.S. wholesale distributor of building products, today reported financial results for the fiscal three months ended April 4, 2026.
FIRST QUARTER 2026 HIGHLIGHTS
•Net sales of $731 million
•Gross profit of $116 million, or 15.9% of net sales
•Net loss of $1.5 million, or $0.18 loss per share
•Adjusted net income of $1.7 million, or $0.21 adjusted diluted earnings per share
•Adjusted EBITDA of $23 million, or 3.2% of net sales
•$3 million in share repurchases
•Available liquidity of $659 million, including $319 million cash and cash equivalents on hand
“We are off to a good start in 2026, delivering net sales growth while maintaining solid gross margins in a challenging macro environment,” said Shyam Reddy, President and Chief Executive Officer of BlueLinx. “Specialty product net sales increased year-over-year, led by Disdero specialty sales and volume gains in several key strategic categories, all while maintaining our gross margins. Structural product sales were lower primarily due to price declines in lumber and panels, but we generated higher year-over-year gross profits due to strong gross margin performance and higher volumes in lumber.”
“Adjusted EBITDA of $23 million exceeded our expectations, reflecting volume growth across our strategic product categories, including the positive impact of the Disdero acquisition, as well as disciplined margin performance,” said Kelly Wall, Senior Vice President, Chief Financial Officer and Treasurer of BlueLinx. “We delivered specialty and structural gross margins of 18.1% and 10.9%, respectively, while maintaining a highly flexible balance sheet with $659 million of liquidity and a net leverage ratio of just 0.7x, excluding real property finance lease liabilities.”
FIRST QUARTER 2026 FINANCIAL PERFORMANCE
In the first quarter of fiscal 2026, net sales were $731 million, an increase of $22 million, or 3.1%, compared to the first quarter of fiscal 2025. Sales growth in the current quarter was attributable to specialty products. Gross profit was $116 million, an increase of $5.3 million, or 4.7%, year-over-year, and gross margin percentage was 15.9%, up 20 basis points from the 15.7% in the prior year period. The prior-period quarter included a net benefit of $2.4 million for import duty-related items. Excluding this benefit, gross margin would have been 15.3% for first quarter of fiscal 2025.
Net sales of specialty products, which include products such as engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products, were $512 million, an increase of $32 million, or 6.8% compared to the first quarter of fiscal 2025. This increase in net sales for specialty products in the current quarter was largely due to higher volumes in all product categories, and the positive impact of the Disdero Lumber Co., LLC (“Disdero”) acquisition, partially offset by modest price declines on a year-over-year basis. Gross profit from specialty product sales was $93 million, an increase of $2.8 million, or 3.1% when compared to the first quarter of last year. Gross margin percentage for specialty products was 18.1% compared to 18.7% in the prior year quarter, and consistent with the fourth quarter of 2025. Excluding the import duty related items, gross margin for specialty products was 18.2% for first quarter fiscal 2025.
Net sales of structural products, which include products such as lumber, panels (including plywood and oriented strand board), rebar, and remesh, decreased $10.5 million, or 4.6% when compared to the first quarter of fiscal 2025, to $219 million in the first quarter of fiscal 2026. The decrease in structural sales was largely due to price declines in lumber and panels, partially offset by volume increases in lumber. Gross profit from sales of structural products was $23.8 million, an increase of $2.5 million from the prior year period, and gross margin percentage was 10.9%, compared to 9.3% in the prior year quarter.
Selling, general and administrative (“SG&A”) expenses were $96 million in the first quarter of fiscal 2026, $2.1 million higher than the prior year quarter. The year-over-year increase in SG&A was primarily due to the addition of Disdero.
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Net loss was $1.5 million, or $0.18 loss per share, versus net income of $2.8 million, or $0.33 per diluted share, in the prior year quarter. Adjusted Net Income was $1.7 million, or $0.21 per diluted share, compared to $2.3 million, or $0.27 per diluted share in the first quarter of last year.
Adjusted EBITDA was $23.5 million, or 3.2% of net sales, for the first quarter of fiscal 2026, compared to $19.6 million, or 2.8% of net sales in the first quarter of fiscal 2025. Certain import duty-related items increased Adjusted EBITDA by $2.4 million in the prior year period. Not including these import duty-related items, Adjusted EBITDA would have been $17.1 million, or 2.4% of net sales, in the prior year period.
Net cash used in operating activities was $57 million in the first quarter of 2026 and free cash flow was $(60) million. Our first fiscal quarter typically has negative cash flows from operations due to seasonality. Net cash used in operating activities in the prior year period was $34 million. Cash generated in the current year period was lower due primarily to changes in accounts receivable and accounts payable balances.
CAPITAL ALLOCATION AND FINANCIAL POSITION
During the first quarter of fiscal 2026, we invested $2.6 million in property and equipment, primarily related to investments in our facility improvements, technology, and fleet. Additionally, we purchased approximately $3.0 million of the Company’s common stock through open market transactions under our previous $100 million share repurchase program announced in October 2023. At quarter-end, we had $5.7 million remaining under this authorization and an additional $50 million from our more recent authorization announced in July 2025, for a total of $55.7 million.
As of April 4, 2026, total debt and finance lease obligations, excluding real property finance lease obligations, was $377 million. This consisted of $300 million of senior secured notes that mature in 2029 and $77 million of finance lease obligations for equipment. Net debt was $58 million, which consisted of total debt and finance leases, excluding real property finance lease obligations of $377 million, less cash and cash equivalents of $319 million, resulting in a net leverage ratio of 0.7x using a trailing twelve-month Adjusted EBITDA of $86 million. Available liquidity was $659 million, which included an undrawn revolving credit facility that had $340 million of availability plus cash and cash equivalents of $319 million.
SECOND QUARTER 2026 OUTLOOK
We are expecting specialty product gross margin to be in the range of 17.5% to 18.5%, and structural product gross margin to be in the range of 9.5% to 10.5%. We also expect average daily sales volumes to be down slightly compared to the second quarter of fiscal 2025, and improved sequentially versus the first quarter of fiscal 2026 due to normal seasonal patterns.
CONFERENCE CALL INFORMATION
BlueLinx will host a conference call on May 6, 2026, at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the BlueLinx website at https://investors.bluelinxco.com, and a replay of the webcast will be available at the same site shortly after the webcast is complete.
To participate in the live teleconference:
Domestic Live: 1-888-660-6392
Passcode: 9140086
To listen to a replay of the teleconference, which will be available through May 13, 2026:
Domestic Replay: 1-800-770-2030
Passcode: 9140086
ABOUT BLUELINX
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, and industrial products. With a strong market position, broad geographic coverage footprint servicing 50 states, and the strength of a locally focused sales force, we distribute a comprehensive range of products to our customers which include national home centers,
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pro dealers, cooperatives, specialty distributors, regional and local dealers and industrial manufacturers. BlueLinx provides a wide range of value-added services and solutions to our customers and suppliers, and we operate our business through a broad network of distribution centers. To learn more about BlueLinx, please visit www.bluelinxco.com.
INVESTOR & MEDIA CONTACT
Tom Morabito
Investor Relations Officer
(470) 394-0099
investor@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,” “could,” “expect,” “estimate,” “intend,” “may,” “project,” “plan,” “should,” “will,” “will be,” “will likely continue,” “will likely result,” “would,” or words or phrases of similar meaning.
The forward-looking statements in this press release include statements about our strategy, liquidity, and debt, our long-run positioning relative to industry conditions, future share repurchases, and the information set forth under the heading “SECOND QUARTER 2026 OUTLOOK.”
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: adverse housing market conditions; consolidation among competitors, suppliers, and customers; escalating changes in retaliatory trade policies of the United States and other countries; disintermediation risk; our dependence on international suppliers and manufacturers for certain products and related exposure to risks of new or increased tariffs and other risks that could affect our financial condition; pricing and product cost variability; volumes of product sold; competition; the cyclical nature of the industry in which we operate; loss of products or key suppliers and manufacturers; information technology security risks and business interruption risks; effective inventory management relative to our sales volume or the prices of the products we produce; acquisitions and the integration and completion of such acquisitions; the ability to attract, train, and retain highly qualified associates and other key personnel while controlling related labor costs; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; natural disasters, catastrophes, fire, wars or other unexpected events; the impacts of climate change; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; the effects of epidemics, global pandemics or other widespread public health crises and governmental rules and regulations; fluctuations in our operating results; our level of indebtedness and our ability to incur additional debt to fund future needs; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating the business; the potential to incur more debt; the fact that we have consummated certain sale leaseback transactions with resulting long-term non-cancelable leases, many of which are or will be finance leases; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; inability to raise funds necessary to finance a required repurchase of our senior secured notes; a lowering or withdrawal of debt ratings; changes in our product mix; increases in fuel and other energy prices, including as a result of disruptions in international shipping of oil and gas through the Strait of Hormuz and the ongoing conflicts in the Middle East and Ukraine, or availability of third-party freight providers; changes in insurance-related deductible/retention liabilities based on actual loss development experience; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; interest rate risk, which could cause our debt service obligations to increase; and changes in, or interpretation of, accounting principles.
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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.
NON-GAAP MEASURES AND SUPPLEMENTAL FINANCIAL INFORMATION
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 in the “Reconciliation of Non-GAAP Measurements” table later in this release. The Company cautions that non-GAAP measures are not intended to present superior measures of our financial condition from those measures determined under GAAP and should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. The Company further cautions that its non-GAAP measures, as used herein, are not necessarily comparable to other similarly titled measures of other companies due to differences in methods of calculation.
Adjusted EBITDA and Adjusted EBITDA Margin. BlueLinx defines Adjusted EBITDA as an amount equal to net income (loss) 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, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items.
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.
We determine our Adjusted EBITDA Margin, which we sometimes refer to as our Adjusted EBITDA as a percentage of net sales, by dividing our Adjusted EBITDA for the applicable period by our net sales for the applicable period. We believe that this ratio is useful to investors because it more clearly defines the quality of earnings and operational efficiency of translating sales to profitability.
Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share. BlueLinx defines Adjusted Net Income (Loss) as Net Income or Loss adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, realization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items, further adjusted for the tax impacts of such reconciling items. BlueLinx defines Adjusted Earnings (Loss) Per Share (basic and/or diluted) as the Adjusted Net Income (Loss) for the period divided by the weighted average outstanding shares (basic and/or diluted) for the periods presented. However, for any period with an Adjusted Net Loss, only Adjusted Basic Loss Per Share is presented for the period. We believe that Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are useful to investors to enhance investors’ overall understanding of the financial performance of the business. Management also believes Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are helpful in highlighting operating trends.
Our Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are not presentations made in accordance with GAAP and are not intended to present superior measures of our financial condition from those measures determined under GAAP. Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic or diluted), as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. These non-GAAP measures are reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.
Free Cash Flow. BlueLinx defines free cash flow as net cash provided by operating activities less total capital expenditures. Free cash flow is a measure used by management to assess our financial performance, and we believe it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures that can be used
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for, among other things, investment in our business, strengthening our balance sheet, and repayment of our debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. Free cash flow is not a presentation made in accordance with GAAP and is not intended to present a superior measure of financial condition from those determined under GAAP. Free cash flow, 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.
Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities. BlueLinx calculates Net Debt as its total short- and long-term debt, including outstanding balances under our term loan and revolving credit facility and the total amount of its obligations under finance leases, less cash and cash equivalents. Net Debt Excluding Real Property Finance Lease Liabilities is calculated in the same manner as Net Debt, except the total amount of obligations under real estate finance leases are excluded. Although our credit agreements do not contain leverage covenants, a net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement. We believe that Net Debt and Net Debt Excluding Real Property Finance Lease Liabilities are useful to investors because our management reviews both metrics as part of its management of overall liquidity, financial flexibility, capital structure and leverage, and creditors and credit analysts monitor our net debt as part of their assessments of our business. We determine our Overall Net Leverage Ratio by dividing our Net Debt by Twelve-Month Trailing Adjusted EBITDA. Our calculation of Net Leverage Ratio Excluding Real Property Finance Lease Liabilities is determined by dividing our Net Debt Excluding Real Property Finance Lease Liabilities by Twelve-Month Trailing Adjusted EBITDA. We believe that these ratios are useful to investors because they are indicators of our ability to meet our future financial obligations. In addition, our Net Leverage Ratio is a measure that is frequently used by investors and creditors. Our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are not made in accordance with GAAP and are not intended to present a superior measure of our financial condition from measures and ratios determined under GAAP. The calculations of our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are presented in the table on the last page of this Exhibit 99.1. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities, as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
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BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(In thousands, except per share amounts)
Net sales $ 731,149 $ 709,226
Cost of products sold 614,752 598,097
Gross profit 116,397 111,129
Gross margin 15.9 % 15.7 %
Operating expenses (income):
Selling, general, and administrative 96,204 94,093
Depreciation and amortization 11,974 9,554
Realization of deferred gains on real estate (984) (984)
Other operating, net 1,875 (2,258)
Total operating expenses 109,069 100,405
Operating income 7,328 10,724
Non-operating expenses:
Interest expense, net 9,147 6,580
(Loss) income before (benefit) provision for income taxes (1,819) 4,144
(Benefit) provision for income taxes (361) 1,339
Net (loss) income $ (1,458) $ 2,805
Basic (loss) earnings per share $ (0.18) $ 0.33
Diluted (loss) earnings per share $ (0.18) $ 0.33
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BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of
April 4, 2026 January 3, 2026
(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents $ 319,087 $ 385,843
Receivables, net of allowance of $4,304 and $4,964, respectively
296,732 218,161
Inventories, net 371,676 325,998
Other current assets 57,303 54,466
Total current assets 1,044,798 984,468
Property and equipment, at cost 496,781 495,453
Accumulated depreciation (217,140) (208,693)
Property and equipment, net 279,641 286,760
Operating lease right-of-use assets 52,261 54,608
Goodwill 66,367 67,226
Intangible assets, net 84,609 86,700
Deferred income tax asset, net 51,508 50,615
Other non-current assets 18,906 18,902
Total assets $ 1,598,090 $ 1,549,279
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 195,287 $ 136,388
Accrued compensation 10,931 17,466
Finance lease liabilities - current 21,328 22,348
Operating lease liabilities - current 8,573 8,969
Real estate deferred gains - current 3,935 3,935
Other current liabilities 27,904 22,173
Total current liabilities 267,958 211,279
Long-term debt 296,874 296,660
Finance lease liabilities, less current portion 295,417 298,931
Operating lease liabilities, less current portion 45,051 47,075
Real estate deferred gains, less current portion 58,379 59,362
Other non-current liabilities 18,863 18,657
Total liabilities 982,542 931,964
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,
7,819,104 and 7,866,497 outstanding, respectively
78 79
Additional paid-in capital 94,454 94,762
Retained earnings 521,016 522,474
Total stockholders’ equity 615,548 617,315
Total liabilities and stockholders’ equity $ 1,598,090 $ 1,549,279
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BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(In thousands)
Cash flows from operating activities:
Net (loss) income $ (1,458) $ 2,805
Adjustments to reconcile net (loss) income to net cash used in operations
Depreciation and amortization 11,974 9,554
Amortization of debt discount and issuance costs 389 332
Insurance recoveries in excess of carrying values of property & equipment — (2,443)
Provision for deferred income taxes (893) (429)
Realization of deferred gains from real estate (984) (984)
Share-based compensation 3,091 2,522
Changes in operating assets and liabilities:
Accounts receivable (78,571) (49,737)
Inventories (45,678) (43,646)
Accounts payable 58,600 41,784
Other current assets (3,415) 1,620
Other assets and liabilities (281) 4,714
Net cash used in operating activities (57,226) (33,908)
Cash flows from investing activities:
Adjustment in consideration for Disdero acquisition 859 —
Disbursements for property and equipment (2,599) (5,932)
Proceeds from sales and insurance recoveries of property & equipment 21 2,540
Net cash used in investing activities (1,719) (3,392)
Cash flows from financing activities:
Common stock repurchases (2,751) (15,005)
Debt financing costs (134) —
Repurchase of shares to satisfy employee tax withholdings (358) (28)
Principal payments on finance lease liabilities (4,568) (4,269)
Net cash used in financing activities (7,811) (19,302)
Net change in cash and cash equivalents (66,756) (56,602)
Cash and cash equivalents at beginning of period 385,843 505,622
Cash and cash equivalents at end of period $ 319,087 $ 449,020
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BLUELINX HOLDINGS INC.
GROSS PROFIT AND GROSS MARGIN
(Unaudited)
The following schedule presents our revenues disaggregated by specialty and structural product category:
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(Dollar amounts in thousands)
Net sales by product category:
Specialty products $ 511,806 $ 479,387
Structural products 219,343 229,839
Total net sales $ 731,149 $ 709,226
Gross profit by product category:
Specialty products $ 92,567 $ 89,778
Structural products 23,830 21,351
Total gross profit $ 116,397 $ 111,129
Gross margin % by product category:
Specialty products 18.1 % 18.7 %
Structural products 10.9 % 9.3 %
Company gross margin % 15.9 % 15.7 %
Effects of benefit for import duty-related item:
Specialty products gross profit $ 89,778
Less: benefit of import duty-related item 2,434
Specialty products gross profit, excluding benefit of import-duty related item $ 87,344
Specialty products gross margin %, excluding benefit of import-duty related item 18.2 %
Total gross profit $ 111,129
Less: benefit of import duty-related item 2,434
Total gross profit, excluding benefit of import duty-related item $ 108,695
Company gross margin %, excluding benefit of import duty-related item 15.3 %
9
BLUELINX HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASUREMENTS
(Unaudited)
The following tables reconcile Net income (loss) to Adjusted EBITDA (non-GAAP) for the reporting periods indicated:
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(In thousands)
Net (loss) income $ (1,458) $ 2,805
Adjustments:
Depreciation and amortization 11,974 9,554
Interest expense, net 9,147 6,580
(Benefit) provision for income taxes (361) 1,339
Share-based compensation expense 3,091 2,522
Realization of deferred gains on real estate (984) (984)
Inventory step-up adjustment 200 —
Acquisition-related expenses(2)
107 142
Restructuring and other(3)
1,767 (2,400)
Adjusted EBITDA $ 23,483 $ 19,558
Trailing Twelve Fiscal Months Ended
April 4, 2026 January 3, 2026 March 29, 2025
(In thousands)
Net (loss) income $ (4,044) $ 219 $ 38,429
Adjustments:
Depreciation and amortization 42,325 39,905 38,609
Interest expense, net 34,921 32,354 21,320
(Benefit) provision for income taxes (1,790) (90) 13,358
Share-based compensation expense 11,821 11,252 7,921
Realization of deferred gains on real estate (3,934) (3,934) (3,934)
Gain from sales of property — — (272)
Pension settlement and related cost(1)
— — (2,481)
Inventory step-up adjustment 998 798 —
Acquisition-related expenses(2)
2,503 2,537 141
Restructuring and other(3)
3,694 (472) (958)
Adjusted EBITDA $ 86,494 $ 82,569 $ 112,133
The following notes relate to both of the tables presented above for Adjusted EBITDA:
(1)Reflects expenses and related adjustments to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Plan (defined benefit) in 4Q 2023.
(2)Reflects primarily legal, professional, technology and other integration expenses. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other.
(3)For fiscal first quarter of 2026, composed mainly of severance expenses and professional services fees related to our business and digital transformation initiatives. For the fiscal first quarter of 2025, composed mainly of insurance recoveries received that exceeded the carrying values of property and equipment damaged or destroyed at our Erwin, Tennessee owned facility by Hurricane Helene in 2024. The trailing-twelve-fiscal-months periods also include legal fees, professional fees, technology expenses, and other one-time nonoperating expenses. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other.
10
BLUELINX HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASUREMENTS (continued)
(Unaudited)
The following tables reconcile Net income (loss) and earnings (loss) per share to Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP):
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(In thousands, except per share data)
Net (loss) income $ (1,458) $ 2,805
Adjustments:
Share-based compensation expense 3,091 2,522
Amortization of deferred gains on real estate (984) (984)
Inventory step-up adjustment 200 —
Acquisition-related costs 107 142
Restructuring and other 1,767 (2,400)
Estimated tax impacts of reconciling items (1)
(1,045) 233
Adjusted net income $ 1,678 $ 2,318
Basic (loss) earnings per share $ (0.18) $ 0.33
Diluted (loss) earnings per share $ (0.18) $ 0.33
Weighted average shares outstanding - Basic 7,861 8,257
Weighted average shares outstanding - Diluted 7,943 8,328
Non-GAAP Adjusted Basic EPS $ 0.21 $ 0.28
Non-GAAP Adjusted Diluted EPS $ 0.21 $ 0.27
(1) For the current period, applied a normalized income tax rate of 25%. For the prior period, applied the Company’s effective income tax rate for the reporting period.
11
In the following table, our Adjusted EBITDA margin (non-GAAP) is calculated and compared to Net income (loss) as a percentage of Net sales, with and without the benefit of the import duty-related item:
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(Dollar amounts in thousands)
Net sales $ 731,149 $ 709,226
Net (loss) income $ (1,458) $ 2,805
Net (loss) income as a percentage of Net sales (0.2) % 0.4 %
Net sales $ 731,149 $ 709,226
Adjusted EBITDA - non-GAAP(1)
$ 23,483 $ 19,558
Adjusted EBITDA margin - non-GAAP 3.2 % 2.8 %
Excluding benefit for import duty-related item:
Adjusted EBITDA - non-GAAP(1)
$ 19,558
Less: benefit of import duty-related item 2,434
Adjusted EBITDA - non-GAAP(1), excluding benefit of import duty-related item
$ 17,124
Adjusted EBITDA margin - non-GAAP, excluding benefit of import duty-related item 2.4 %
(1)See the table that reconciles Net income (loss) to Adjusted EBITDA (non-GAAP).
12
BLUELINX HOLDINGS INC.
LIQUIDITY MEASURES
(Unaudited)
The following schedule reconciles Total debt and finance leases to: Net debt (non-GAAP) and to Net debt excluding finance lease liabilities for real property (non-GAAP). The calculations of Net leverage ratio (non-GAAP) and Net leverage ratio excluding real property finance leases liabilities (non-GAAP) are also presented.
As of
April 4, 2026 January 3, 2026 March 29, 2025
($ amounts in thousands)
Long term debt(1)
$ 300,000 $ 300,000 $ 300,000
Finance lease liabilities for equipment and vehicles 76,744 80,635 74,365
Finance lease liabilities for real property 240,001 240,644 242,390
Total debt and finance leases 616,745 621,279 616,755
Less: available cash and cash equivalents 319,087 385,843 449,020
Net debt (non-GAAP) $ 297,658 $ 235,436 $ 167,735
Net debt, excluding finance lease liabilities for real property (non-GAAP) $ 57,657 $ (5,208) $ (74,655)
Trailing twelve-month adjusted EBITDA (non-GAAP, see above reconciliations) $ 86,494 $ 82,569 $ 112,133
Net leverage ratio 3.4x 2.9x 1.5x
Net leverage ratio excluding real property finance lease liabilities(2)
0.7x (0.1.x) (0.7x)
(1) As of April 4, 2026, January 3, 2026, and March 29, 2025, our long-term debt is comprised of $300 million of senior-secured notes. These notes are presented under the long-term debt caption of our unaudited condensed consolidated balance sheets at $296.9 million, $296.7 million, and $295.4 million as of April 4, 2026, January 3, 2026, and March 29, 2025, respectively. This presentation is net of their unamortized issuance costs and discount. Our senior secured notes are presented in this table at their face value for the purpose of calculating our net leverage ratio.
(2) Net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement.
The following schedule reconciles Net cash used in operating activities to Free cash flow (non-GAAP):
Fiscal Three Months Ended
April 4, 2026 March 29, 2025
(In thousands)
Net cash used in operating activities $ (57,226) $ (33,908)
Less: Cash disbursements for property and equipment (2,599) (5,932)
Free cash flow - non-GAAP $ (59,825) $ (39,840)
13
EX-99.2
EX-99.2
Filename: exhibit992q12026.htm · Sequence: 3
exhibit992q12026
BlueLinx Q1 2026 Results Delivering What Matters May 6, 2026 © BlueLinx 2026. All Rights Reserved. 1 EXHIBIT 99.2
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,” “could,” “expect,” “estimate,” “intend,” “may,” “project,” “plan,” “should,” “will,” “will be,” “will likely continue,” “will likely result,” “would,” or words or phrases of similar meaning. The forward-looking statements in this presentation include statements about our strategy, liquidity, and debt, our long-run positioning relative to industry conditions, future share repurchases, acquisitions and integrations, and our fiscal second quarter 2026 outlook. 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: adverse housing market conditions; consolidation among competitors, suppliers, and customers; escalating changes in retaliatory trade policies of the United States and other countries; disintermediation risk; our dependence on international suppliers and manufacturers for certain products and related exposure to risks of new or increased tariffs and other risks that could affect our financial condition; pricing and product cost variability; volumes of product sold; competition; the cyclical nature of the industry in which we operate; loss of products or key suppliers and manufacturers; information technology security risks and business interruption risks; effective inventory management relative to our sales volume or the prices of the products we produce; acquisitions and the integration and completion of such acquisitions; the ability to attract, train, and retain highly qualified associates and other key personnel while controlling related labor costs; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; natural disasters, catastrophes, fire, wars or other unexpected events; the impacts of climate change; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; the effects of epidemics, global pandemics or other widespread public health crises and governmental rules and regulations; fluctuations in our operating results; our level of indebtedness and our ability to incur additional debt to fund future needs; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating the business; the potential to incur more debt; the fact that we have consummated certain sale leaseback transactions with resulting long-term non-cancelable leases, many of which are or will be finance leases; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; inability to raise funds necessary to finance a required repurchase of our senior secured notes; a lowering or withdrawal of debt ratings; changes in our product mix; increases in fuel and other energy prices, including as a result of disruptions in international shipping of oil and gas through the Strait of Hormuz and the ongoing conflicts in the Middle East and Ukraine, or availability of third-party freight providers; changes in insurance-related deductible/retention liabilities based on actual loss development experience; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; interest rate risk, which could cause our debt service obligations to increase; and changes in, or interpretation of, 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. Immaterial Rounding Differences. Immaterial rounding adjustments and differences may exist between slides, press releases, and previously issued presentations. This presentation and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together. 2 Safe Harbor Statement
Opening Remarks 3 Shyam Reddy President & CEO
n Net sales of $731M, up 3.1% year-over-year q Due to the addition of Disdero, higher volumes in specialty and structural products n Gross profit of $116M, up 5% year-over-year q 80% of gross profit from specialty products n Gross margin of 15.9%, up 20 bps year-over-year q 18.1% specialty gross margin. q 10.9% structural gross margin n Net loss of $1.5M and Loss Per Share of $0.18 n Adjusted net income(1) of $1.7M and Adjusted Diluted EPS(1) of $0.21 n Adjusted EBITDA(1) of $23.5M, or 3.2% of Net sales. n Cash used in operations of ($57)M q Free cash flow(1) of ($60)M q Net leverage(1) of 0.7x (2) (1) See appendix for reconciliations for non-GAAP measures (2) Does not include finance leases for real property, per the terms of our credit agreement Explosive profitable growth with a highly engaged team 4 FIRST QUARTER 2026 RESULTS 1Q 2026 Sales by Product Category Specialty Products 70% Structural Products 30% 1Q 2026 Gross Profit by Product Category Specialty Products 80% Structural Products 20%
Financial Review 5 Kelly Wall SVP, Chief Financial Officer and Treasurer
n Net Sales increased 3.1% to $731M q Specialty product Net sales increased 7% q Structural product Net sales decreased 5% n Gross Margin of 15.9%, up 20 bps n Adjusted Diluted EPS of $0.21 (1) n Adjusted EBITDA of $23.5M (1) q Adjusted EBITDA margin of 3.2% n Free Cash Flow of ($60)M (1) q Cash Flow used in in Operations $57M q Capital Investments of $2.6M 6 FIRST QUARTER 2026 RESULTS (1) See Appendix for reconciliations for non-GAAP figures (2) Does not include finance leases for real property, per terms of our credit agreement Q1 Commentary$ in millions, except per share data and leverage ratios Q1 2026 Q1 2025 Variance Net Sales $731 $709 3.1% Gross Profit $116 $111 4.7% Gross Margin % 15.9% 15.7% 20 bps Adjusted Net Income(1) $1.7 $2.3 (28)% Adjusted Diluted EPS(1) $0.21 $0.27 (22)% Adjusted EBITDA(1) $23.5 $19.6 20% Adjusted EBITDA(1) as a % of Net Sales 3.2% 2.8% 40 bps Free Cash Flow(1) ($60) ($40) ($20) Net Leverage Ratio (1) 3.4x 1.5x (1.9x) Net Leverage Ratio per Credit Agreement(2) 0.7x (0.7x) 1.4x
($ in millions) n Net sales of $512M, up 7% q Driven by Disdero and higher volumes in most product categories q Specialty product sales represent ~70% of total net sales n Gross profit of $93M, up 3% q Specialty product gross profits represent ~80% of total gross profit n Gross margin of 18.1%, down 60 bps q Compared to 18.7% in 1Q25 q Gross margin in 1Q25 of 18.2% not including duty related benefit Q1 Commentary 7 SPECIALTY PRODUCTS Q1 2026 RESULTS $504 $539 $519 $484 $479 $543 $525 $505 $512 20.7% 19.3% 19.4% 18.4% 18.7% 18.5% 16.6% 18.1% 18.1% Net Sales GM Rate 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
($ in millions) n Net sales of $219M, down 5% q Driven by lower pricing for lumber and panels q Lower year-over-year industry commodity pricing: Ÿ 4% decrease in average price of lumber Ÿ 14% decrease in average price of panels n Gross profit of $24M, up 12% q Structural product gross profit represents ~20% of total gross profit n Gross margin of 10.9%, up 160 bps Q1 Commentary 8 STRUCTURAL PRODUCTS Q1 2026 RESULTS $222 $229 $228 $227 $230 $237 $223 $211 $219 10.6% 7.9% 11.0% 10.8% 9.3% 8.2% 9.3% 10.0% 10.9% Net Sales GM Rate 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
(1) Net Leverage including real property financing leases was 0.6x, 1.5x, and 3.4x in Q1 2024, Q1 2025, and Q1 2026 respectively. Net leverage ratio excluding finance lease obligations for real property, as presented above, is included within the terms of our revolving credit agreement. See Appendix for reconciliations of non-GAAP measures n At the end of Q1 2026: § Cash and cash equivalents of $319M § Total available liquidity of $659M § Net debt of ($58M) (1) § Net leverage of 0.7x (1) n No material outstanding debt maturities until 2029 ($ millions) Debt Maturity Schedule * Note: debt maturity schedule does not include finance lease obligations Net Leverage (1) 9 BALANCE SHEET $300$292 $317 $317 $300 $300 $300 Finance Leases Senior Notes Q1 2024 Q1 2025 Q1 2026 (0.8x) (0.7x) 0.7x Net Leverage Q1 2024 Q1 2025 Q1 2026 Outstanding Debt and Finance Leases
1Q 2026 Free Cash Flow Walk (2) $ in millions Net Working Capital Management (1) $ in millions (1) Net Working Capital includes accounts receivable, inventory, and accounts payable; Return on net working capital is calculated by dividing trailing twelve month (TTM) Adjusted EBITDA by net working capital as of the end of the period presented or discussed. (2) See Appendix for reconciliations for non-GAAP measures. 10 WORKING CAPITAL AND FREE CASH FLOW $487 $452 $432 $412 $462 $492 $446 $408 $473 Total Net Working Capital Return on Net Working Capital 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 $200 $300 $400 $500 —% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
INVEST IN THE BUSINESS EXPAND GEOGRAPHIC FOOTPRINT SHARE REPURCHASES OPERATING CASH FLOW GUIDING PRINCIPLES n Maintain strong balance sheet and financial stability n Long-term net leverage could increase to ~ 2.0x when considering growth n Invest in business through fluctuating economic cycles n Acquisitions aligned to strategy n Opportunistic share repurchases FREE CASH FLOW RETURN TO SHAREHOLDERSGROWTH AND MARGIN EXPANSION 11 CAPITAL ALLOCATION FRAMEWORK
Q&A 12
Appendix 13
20-year average (1) Source: Historical data is U.S. Census Bureau; Forecast from John Burns Real Estate Consulting, LLC subject limitations and disclaimers – not for redistribution (2) Source: Joint Center for Housing Studies at Harvard University. The Leading Indicator of Remodeling Activity (LIRA) provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. (3) Source: Historical data is Freddie Mac; Forecast: John Burns Real Estate Consulting, LLC subject limitations and disclaimers – not for redistribution. Mortgage rates expected to remain above 20-year average Starts expected to be around 20-year average and well above 2009-2011 levels 14 MACRO TRENDS Remodeling spend expected to be slightly up in 2026 20-year average 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 E 20 27 E 20 28 E 20 29 E — 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Total U.S. Single Family Housing Starts (SFHS) Housing starts in thousands(1) 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 LIRA Remodeling Activity Index TTM Moving Total - Dollars in billions(2) 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 P 20 27 P 20 28 P 20 29 P —% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 30 Year Fixed Mortgage Rates As of April 2026(3)
Average Q1 26 lumber prices decreased 4% year- over-year and increased 16% from Q4 25 (1) Source: Random Lengths and company analysis 15 WOOD-BASED COMMODITY PRICE TRENDS Average Q1 26 panel prices declined 14% year- over-year and increased 4% from Q4 25 357344357368400411 762687 987 1,243 466 702 1,244 797 587 449413408437383403383385430456451409378440 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 20 22 Q 4 20 23 Q 1 20 23 Q 2 20 23 Q 3 20 23 Q 4 20 24 Q 1 20 24 Q 2 20 24 Q 3 20 24 Q 4 20 25 Q 1 20 25 Q 2 20 25 Q 3 20 25 Q 4 20 26 Q 1 — 200 400 600 800 1,000 1,200 1,400 373350337343387401 682713 1,003 1,566 766715 1,232 874 671 528499532636585615599515549534487443438457 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 20 22 Q 4 20 23 Q 1 20 23 Q 2 20 23 Q 3 20 23 Q 4 20 24 Q 1 20 24 Q 2 20 24 Q 3 20 24 Q 4 20 25 Q 1 20 25 Q 2 20 25 Q 3 20 25 Q 4 20 26 Q 1 — 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Framing Lumber Composite Index $/mbf, Quarterly Average Price(1) As of March 2026 Structural Panel Composite Index $/msf, Quarterly Average Price(1) As of March 2026
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 presentation. The Company cautions that non-GAAP measures are not presentations made in accordance with GAAP and are not intended to present superior measures of our financial condition from those measures determined under GAAP. Non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. The Company further cautions that its non-GAAP measures, as used herein, are not necessarily comparable to other similarly titled measures of other companies due to differences in methods of calculation. Adjusted EBITDA and Adjusted EBITDA Margin. BlueLinx defines Adjusted EBITDA as an amount equal to net income (loss) 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 expenses from share-based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items. 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. We determine our Adjusted EBITDA Margin, which we sometimes refer to as our Adjusted EBITDA as a percentage of net sales, by dividing our Adjusted EBITDA for the applicable period by our net sales for the applicable period. We believe that this ratio is useful to investors because it more clearly defines the quality of earnings and operational efficiency of translating sales to profitability. Adjusted Net Income and Adjusted Earnings Per Share. BlueLinx defines Adjusted Net Income as net income adjusted for certain non-cash items and other special items, including expense from share-based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items, further adjusted for the tax impacts of such reconciling items. BlueLinx defines Adjusted Earnings Per Share (basic and/or diluted) as the Adjusted Net Income for the period divided by the weighted average outstanding shares (basic and/or diluted) for the periods presented. We believe that Adjusted Net Income and Adjusted Earnings Per Share (basic and/or diluted) are useful to investors to enhance investors’ overall understanding of the financial performance of the business. Management also believes Adjusted Net Income and Adjusted Earnings Per Share (basic and/or diluted) are helpful in highlighting operating trends. Free Cash Flow. BlueLinx defines free cash flow as net cash provided by operating activities less total capital expenditures. Free cash flow is a measure used by management to assess our financial performance, and we believe it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures that can be used for, among other things, investment in our business, strengthening our balance sheet, and repayment of our debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities. BlueLinx calculates Net Debt as its total short- and long-term debt, including outstanding balances under our term loan and revolving credit facility and the total amount of its obligations under finance leases, less cash and cash equivalents. Net Debt Excluding Real Property Finance Lease Liabilities is calculated in the same manner as Net Debt, except the total amount of obligations under real estate finance leases are excluded. Although our credit agreements do not contain leverage covenants, a net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement. We believe that Net Debt and Net Debt Excluding Real Property Finance Lease Liabilities are useful to investors because our management reviews both metrics as part of its management of overall liquidity, financial flexibility, capital structure and leverage, and creditors and credit analysts monitor our net debt as part of their assessments of our business. We determine our Overall Net Leverage Ratio by dividing our Net Debt by Twelve-Month Trailing Adjusted EBITDA. Our calculation of Net Leverage Ratio Excluding Real Property Finance Lease Liabilities is determined by dividing our Net Debt Excluding Real Property Finance Lease Liabilities by Twelve-Month Trailing Adjusted EBITDA. We believe that these ratios are useful to investors because they are indicators of our ability to meet our future financial obligations. In addition, our Net Leverage Ratio is a measure that is frequently used by investors and creditors. Our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are not made in accordance with GAAP and are not intended to present a superior measure of our financial condition from measures and ratios determined under GAAP. The calculations of our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are presented in the table on page 21. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities, as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. 16 Non-GAAP Measures and Supplemental Financial Information
Supplemental Financial Information Net sales, gross profit dollars, gross profit percentages, sales mix, and gross profit mix by product category by fiscal quarter, Q2 2023 – Q1 2026 (unaudited) In millions where dollars are presented. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other similar materials presented elsewhere. 17 Supplementary Financial Information Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Net sales by category: Specialty products $ 512 $ 505 $ 525 $ 543 $ 479 $ 484 $ 519 $ 539 $ 504 $ 487 $ 559 $ 571 Structural products 219 211 223 237 230 227 228 229 222 226 251 245 Net sales $ 731 $ 716 $ 749 $ 780 $ 709 $ 711 $ 747 $ 768 $ 726 $ 713 $ 810 $ 816 Net sales mix by category: Specialty products 70 % 71 % 70 % 70 % 68 % 68 % 69 % 70 % 69 % 68 % 69 % 70 % Structural products 30 % 29 % 30 % 30 % 32 % 32 % 31 % 30 % 31 % 32 % 31 % 30 % Gross profit $ by category: Specialty products $ 93 $ 92 $ 87 $ 100 $ 90 $ 89 $ 100 $ 104 $ 104 $ 95 $ 111 $ 109 Structural products 24 21 21 19 21 25 25 18 24 24 28 27 Gross profit $ 116 $ 113 $ 108 $ 120 $ 111 $ 113 $ 126 $ 122 $ 128 $ 119 $ 139 $ 136 Gross margin percentage by category: Specialty products 18 % 18 % 17 % 18 % 19 % 18 % 19 % 19 % 21 % 19 % 20 % 19 % Structural products 11 % 10 % 9 % 8 % 9 % 11 % 11 % 8 % 11 % 11 % 11 % 11 % Company gross margin % 16 % 16 % 14 % 15 % 16 % 16 % 17 % 16 % 18 % 17 % 17 % 17 % Gross profit mix by category: Specialty products 80 % 81 % 81 % 84 % 81 % 78 % 80 % 85 % 81 % 80 % 80 % 80 % Structural products 20 % 19 % 19 % 16 % 19 % 22 % 20 % 15 % 19 % 20 % 20 % 20 %
Adjusted Net Income (Loss) and Adjusted EPS reconciliation for fiscal quarters Q2 2023 - Q1 2026 (unaudited) In thousands, except EPS amounts. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other similar materials presented elsewhere. 18 Non-GAAP Reconciliation / supplemental financial information (1) Reflects expenses and related adjustments to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Plan (defined benefit) in 4Q 2023. (2) Reflects primarily legal, professional, technology and other integration costs. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other. (3) Represents severance expenses, fees related to our business and digital transformation initiatives, gains from property insurance recoveries in 1Q 2025 from Hurricane Helene, net losses related to Hurricane Helene in 3Q 2024, certain professional and legal fees, technology expenses, and other one-time nonoperating expenses. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other, net. (4) Income tax effect based on either a normalized income tax rate or the effective income tax rate. Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Net income (loss) $ (1,458) $ (8,551) $ 1,655 $ 4,310 $ 2,805 $ 5,272 $ 16,016 $ 14,336 $ 17,492 $ (18,124) $ 24,382 $ 24,466 Adjustments: Share-based compensation expense 3,091 2,937 3,452 2,341 2,522 808 3,186 1,405 2,350 2,580 2,980 1,926 Realization of deferred gains on real estate (984) (983) (984) (983) (984) (982) (984) (984) (984) (982) (984) (984) Gain from sale of property — — — — — — (272) — — — — — Pension settlement and related expenses(1) — — — — — (255) (2,226) — — 31,034 594 594 Acquisition-related costs(2) 107 2,074 126 196 142 — — — — 186 75 — Restructuring and other, net(3) 1,767 1,486 56 385 (2,400) 274 1,160 7 314 (784) 606 993 Inventory step-up adjustment 200 798 — — — — — — — — — — Estimated tax impacts of reconciling items(4) (1,045) (1,494) (651) (643) 233 38 (224) (106) (405) 11,891 (889) (607) Adjusted net income (loss) - non-GAAP $ 1,678 $ (3,733) $ 3,654 $ 5,606 $ 2,318 $ 5,155 $ 16,656 $ 14,658 $ 18,767 $ 25,801 $ 26,764 $ 26,388 Basic earnings (loss) per share $ (0.18) $ (1.08) $ 0.20 $ 0.54 $ 0.33 $ 0.63 $ 1.88 $ 1.65 $ 2.02 $ (2.08) $ 2.72 $ 2.70 Diluted earnings (loss) per share $ (0.18) $ (1.08) $ 0.20 $ 0.54 $ 0.33 $ 0.62 $ 1.87 $ 1.65 $ 2.00 $ (2.08) $ 2.71 $ 2.70 Weighted average shares outstanding - Basic 7,861 7,865 7,888 7,935 8,257 8,356 8,496 8,645 8,653 8,704 8,936 9,040 Weighted average shares outstanding - Diluted 7,943 7,913 7,946 7,977 8,328 8,431 8,528 8,686 8,741 8,757 8,970 9,057 Non-GAAP Adjusted Basic EPS - non-GAAP $ 0.21 $ (0.47) $ 0.46 $ 0.70 $ 0.28 $ 0.61 $ 1.96 $ 1.69 $ 2.16 $ 2.96 $ 2.99 $ 2.92 Non-GAAP Adjusted Diluted EPS - non-GAAP $ 0.21 $ (0.47) $ 0.45 $ 0.70 $ 0.27 $ 0.61 $ 1.95 $ 1.68 $ 2.14 $ 2.94 $ 2.98 $ 2.91
The following schedule reconciles Net cash provided by (used in) operating activities to Free cash flow (non-GAAP) for Q2 2023 to Q1 2026 (unaudited) In millions. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other similar materials presented elsewhere. 19 Non-GAAP Reconciliation Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Net cash provided by (used in) operating activities $ (57) $ 62 $ 59 $ (27) $ (34) $ 19 $ 62 $ 36 $ (31) $ 76 $ 78 $ 64 Less: Property and equipment disbursements (3) (5) (6) (10) (6) (20) (8) (6) (5) (9) (5) (5) Free cash flow - non-GAAP $ (60) $ 56 $ 53 $ (36) $ (40) $ (2) $ 54 $ 30 $ (36) $ 67 $ 73 $ 59
Non-GAAP Reconciliation Net Working Capital by Fiscal Quarter Q2 2023 – Q1 2026 (unaudited) $ amounts in millions 20 Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Receivables, net $297 $218 $269 $279 $276 $226 $278 $274 $288 $228 $298 $294 Inventories, net 372 326 346 391 400 356 341 358 371 344 364 379 668 544 615 670 675 582 619 632 659 572 662 674 Accounts payable 195 136 169 178 213 170 186 179 172 158 202 190 Net Working Capital $473 $408 $446 $492 $462 $412 $432 $453 $487 $414 $460 $484 Trailing 12 months Adjusted EBITDA $86 $83 $90 $105 $112 $131 $146 $160 $174 $183 $209 $259 Return on Working Capital 18% 20% 20% 21% 24% 32% 34% 35% 36% 44% 45% 54% Each component used to compute Net Working Capital in this table is determined in accordance with GAAP and reported in our consolidated balance sheets. Rounded figures in this presentation may not agree to presentation in other formats we've published such as earnings news releases, other earnings decks, or other similar materials presented elsewhere.
Adjusted EBITDA reconciliation by fiscal quarter, Q2 2023 – Q1 2026 (unaudited) In millions where dollars are presented. Some dollar amounts round to less than $1 million and therefore no amount is presented in the table below. 21 (1) Reflects expenses and adjustments related to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Plan (defined benefit) in 4Q 2023. (2) Reflects primarily legal, professional, technology and other integration costs. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other. Amounts for certain fiscal quarters round to less than $1 million. (3) Represents severance expenses, fees related to our business and digital transformation initiatives, gains from property insurance recoveries in 1Q 2025 from Hurricane Helene, net losses related to Hurricane Helene in 3Q 2024, certain professional and legal fees, technology expenses, and other one-time nonoperating expenses. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other, net. Amounts for certain fiscal quarters round to less than $1 million. Note: Figures are rounded in this presentation to align with figures as presented in the deck. As a result, the rounded figures in this presentation may not agree to presentation in other formats we have published such as earnings releases, other earnings decks, or other similar materials presented elsewhere. Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Net income (loss) $ (1) $ (9) $ 2 $ 4 $ 3 $ 5 $ 16 $ 14 $ 17 $ (18) $ 24 $ 24 Adjustments: Depreciation and amortization 12 11 10 10 10 9 10 10 9 8 8 8 Interest expense, net 9 9 9 8 7 5 5 5 5 4 6 6 Provision (benefit) for income taxes — (3) — 2 1 2 6 5 6 10 9 8 Share-based compensation expense 3 3 3 2 3 1 3 1 2 3 3 2 Realization of deferred gains on real estate (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) Pension settlement and related expenses(1) — — — — — — (2) — — 31 1 1 Inventory step-up adjustment — 1 — — — — — — — — — — Acquisition-related costs(2) — 2 — — — — — — — — — — Restructuring and other, net (3) 2 1 — 1 (2) — 1 — 1 (1) 1 1 Adjusted EBITDA - non-GAAP $ 23 $ 14 $ 22 $ 27 $ 20 $ 22 $ 37 $ 34 $ 39 $ 36 $ 50 $ 49 Net Sales $ 731 $ 716 $ 749 $ 780 $ 709 $ 711 $ 747 $ 768 $ 726 $ 713 $ 810 $ 816 Adjusted EBITDA Margin - non-GAAP 3.2 % 1.9 % 3.0 % 3.4 % 2.8 % 3.0 % 4.9 % 4.5 % 5.4 % 5.1 % 6.2 % 6.0 % Non-GAAP Reconciliation / supplemental financial information
Twelve-Month Trailing Adjusted EBITDA reconciliation by Fiscal Quarter, Q2 2023 – Q1 2026 (unaudited) In millions $. Some dollar amounts round to less than $1 million and therefore no amount is presented in the table below. 22 Non-GAAP Reconciliation (1) Reflects expenses related to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Plan in 4Q 2023. (2) Reflects primarily legal, professional, technology and other integration costs. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other. Amounts for certain fiscal quarters round to less than $1 million. (3) Represents severance expenses, fees related to our business and digital transformation initiatives, gains from property insurance recoveries in 1Q 2025 from Hurricane Helene, net losses related to Hurricane Helene in 3Q 2024, certain professional and legal fees, technology expenses, and other one-time nonoperating expenses. Certain amounts for prior periods have been reclassified for Acquisition-related costs and Restructuring and other, net. Amounts for certain fiscal quarters round to less than $1 million. Note: Figures are rounded in this presentation to align with figures as presented in the deck. As a result, the rounded figures in this presentation may not agree to presentation in other formats we have published such as earnings releases, other earnings decks, or other similar materials presented elsewhere. Twelve-Month Trailing as of the End of Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Net income (loss) $ (4) $ — $ 14 $ 28 $ 38 $ 53 $ 30 $ 38 $ 48 $ 49 $ 99 $ 134 Adjustments: Depreciation and amortization 42 40 38 38 39 38 37 36 34 32 31 30 Interest expense, net 35 32 29 25 21 19 18 19 21 24 29 34 Provision (benefit) for income taxes (2) — 5 11 13 18 26 29 32 33 32 44 Share-based compensation expense 12 11 9 9 8 8 10 9 10 12 13 12 Realization of deferred gains on real estate (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) Pension settlement and related expenses(1) — — — (2) (2) (2) 29 32 32 33 2 1 Inventory step-up adjustment 1 1 — — — — — — — — — — Acquisition-related costs(2) 3 3 — — — — — — — — 1 1 Restructuring and other, net (3) 4 — (2) — (1) 2 1 — 1 4 6 7 Adjusted EBITDA - non-GAAP $ 86 $ 83 $ 90 $ 105 $ 112 $ 131 $ 146 $ 160 $ 174 $ 183 $ 209 $ 259
Fiscal Quarter 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 ($ amounts in thousands) Long term debt(1) $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 Finance lease liabilities for equipment and vehicles 76,744 80,635 80,264 75,570 74,365 49,785 50,752 47,979 48,445 42,252 34,008 27,743 Finance lease liabilities for real property 240,001 240,644 241,540 241,987 242,390 242,758 243,058 243,359 243,622 243,174 243,335 243,445 Total debt and finance leases 616,745 621,279 621,804 617,557 616,755 592,543 593,810 591,338 592,067 585,426 577,343 571,188 Less: available cash and cash equivalents 319,087 385,843 429,360 386,765 449,020 505,622 526,281 491,392 481,309 521,743 469,783 418,325 Net debt (non-GAAP) $ 297,658 $ 235,436 $ 192,444 $ 230,792 $ 167,735 $ 86,921 $ 67,529 $ 99,946 $ 110,758 $ 63,683 $ 107,560 $ 152,863 Net debt, excluding finance lease liabilities for real property (non-GAAP) $ 57,657 $ (5,208) $ (49,096) $ (11,195) $ (74,655) $ (155,837) $ (175,529) $ (143,413) $ (132,864) $ (179,491) $ (135,775) $ (90,582) Trailing twelve-month adjusted EBITDA (non-GAAP, see above reconciliations) $ 86,494 $ 82,569 $ 90,215 $ 104,502 $ 112,133 $ 131,356 $ 146,290 $ 160,067 $ 174,651 $ 182,804 $ 209,435 $ 259,163 Net leverage ratio 3.4x 2.9x 2.1x 2.2x 1.5x 0.7x 0.5x 0.6x 0.6x 0.3x 0.5x 0.6x Net leverage ratio excluding real property finance lease liabilities(2) 0.7x (0.1x) (0.5x) (0.1x) (0.7x) (1.2x) (1.2x) (0.9x) (0.8x) (1.0x) (0.6x) (0.3x) Non-GAAP Reconciliation / Supplemental Financial Information (1) For the periods presented above, our long-term debt is comprised of $300 million of senior-secured notes. These notes are presented under the long-term debt caption of our consolidated balance sheet net of unamortized discount and unamortized debt issuance costs. Our senior secured notes are presented in this table at their face value for the purposes of calculating our net leverage ratio. (2) Net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement. 23 The following schedule reconciles Total debt and finance leases to: Net debt (non-GAAP) and to Net debt excluding finance lease liabilities for real property (non-GAAP). The calculations of Net leverage ratio (non-GAAP) and Net leverage ratio excluding real property finance leases liabilities (non-GAAP) are also presented (unaudited).
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May 05, 2026
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Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Trading symbol of an instrument as listed on an exchange.
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No definition available.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Securities Act
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