On this page of StockholderLetter.com we present the latest annual shareholder letter from BlueLinx Holdings Inc. — ticker symbol BXC. Reading current and past BXC letters to shareholders can bring important insights into the investment thesis.

 •  4/10/2025 Letter Continued (Full PDF)
 •  4/19/2023 BXC Stockholder Letter
 •  4/10/2024 BXC Stockholder Letter
 •  More "Construction Materials & Machinery" Category Stockholder Letters
 •  BXC Benford's Law Stock Score = 85

BXC Shareholder/Stockholder Letter Transcript:

BlueLinx Holdings Inc.
2024 Annual Report


Dear Shareholders,
In 2024, we delivered solid full year results despite operating in another year where rising interest rates, home affordability concerns
and macroeconomic uncertainty have adversely impacted demand in the housing and building products sector.
Our strategy continues to position us well to take advantage of the long-term potential of the housing and building products sector.
Specifically, we continue to execute our three-pronged growth strategy: growing specialty product sales, expanding our business
via greenfields, and pursuing opportunistic mergers and acquisitions. Key to this strategy will be our ongoing focus on expanding
product offerings and optimizing channel strategies to drive sustainable profitable sales growth.
Specialty products continued to have strong performance and solid volume growth, and structural products continued to perform
well. For 2024, we generated net sales of $3.0 billion with specialty products accounting for approximately 70% of net sales and
80% of our gross profit, and with specialty products also delivering gross margins of 19.4%. Structural products performed well
and continue to complement our core specialty product categories, while remaining a key component of our full product offering.
We successfully executed our local and national market share gain strategies, evidenced by multi-family growth, the expansion of
product lines with key national accounts, the introduction of branded product lines into new geographic markets, and the launches
of new product lines. Additionally, we announced our first greenfield branch in Portland, Oregon, in November 2024, and continue
to search for suitable real estate in attractive metropolitan statistical areas where we do not currently have a local market presence.
In 2024 we commenced our multi-year digital transformation journey to become the most technologically advanced two-step
distributor of building products in the United States, with phase one investments tied to the rearchitecting of our master data, the
implementation of a new transportation management system, and the launch of a pilot e-commerce solution.
Our financial position remains strong, ending the year with $506 million cash on hand, and total available liquidity of
$852 million. We also generated operating cash flow of $85 million in 2024. During 2024, we also continued to demonstrate our
commitment to returning capital to our shareholders by completing $45 million in share repurchases under our $100 million share
repurchase authorization.
I am proud of my BlueLinx teammates for their continued dedication to delivering what matters, their perseverance despite
market headwinds and their relentless efforts to meet the needs of our customers and suppliers. Our teams remain committed to
generating more profitable specialty and structural product sales, increasing our market share, producing solid returns on
working capital and positioning BlueLinx for long-term success. With strong liquidity and minimal net debt, we remain well
positioned to execute our long-term growth strategy and to return capital to you, our valued shareholders.
We look forward to a strong 2025 and appreciate your continued support of BlueLinx.
Shyam Reddy
President and CEO
BlueLinx Holdings Inc.

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 4/10/2025 Letter Continued (Full PDF)