Bluelinx Holdings, Inc. (NYSE:BXC) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET
Company Participants
Alexandra Lukacs - Manager, IR
Shyam Reddy - CEO, President & Director
Kelly Janzen - CFO, Treasurer & SVP
Conference Call Participants
Danny Eggerichs - Craig-Hallum
Kurt Yinger - D.A. Davidson & Co.
Jeffrey Stevenson - Loop Capital Markets
Reuben Garner - The Benchmark Company
Operator
Greetings, and welcome to the BlueLinx First Quarter 2023 Results Conference Call. [Operator Instructions].
It is now my pleasure to introduce your host, Alexandra Lukacs, Manager of IR. You may begin, ma'am.
Alexandra Lukacs
Thank you, operator. Good morning, everyone, and welcome to the BlueLinx Holdings First Quarter 2023 Earnings Call. Presenting today are Shyam Reddy, President and CEO of BlueLinx; and Kelly Janzen, our Chief Financial Officer.
Our first quarter news release and Form 10-Q were issued yesterday after the close of the market, along with our webcast presentation. These items are available in the Investors section of our website, bluelinxco.com. We encourage you to follow along with the detailed information on those slides during our webcast.
Today's discussion contains forward-looking statements. Actual results may differ significantly from those forward-looking statements due to various risks and uncertainties, including the risks described in our most recent SEC filings.
Today's presentation includes certain non-GAAP and adjusted financial measures that we believe provide helpful context for investors evaluating our business. Reconciliations to the closest GAAP financial measure can be found in the appendix of our presentation.
At the conclusion of our prepared remarks, we will open the line for questions.
With that, I'll turn the call over to Shyam.
Shyam Reddy
Thanks, Alexandra, and good morning, everyone. We appreciate you joining us today. I'd like to start by thanking my predecessor, Dwight Gibson. I'm grateful for his leadership and appreciative of his many contributions for and on behalf of BlueLinx and our associates.
Before I give my quarterly remarks, it's important to highlight the momentum we've gained over the last several years to generate profitable sales growth. Specifically, we took full advantage of the accelerated housing recovery that occurred during the pandemic by focusing on customer service, strategic inventory management and operational excellence. Fortunately, our efforts accelerated our specialty product strategy during this recent period of unprecedented growth.
In fact, our strong financial performance over the last 3 years has allowed us to allocate capital to support sustained profitable sales growth, reduce net leverage from 9.7x to 0.6x, invest almost $62 million in CapEx, acquire Vandermeer Forest Products for $67 million and repurchase $66 million of outstanding shares.