BXC - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the BlueLinx Holdings Second Quarter 2021 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Alexandra Lucas of Investor Relations. Thank you.

You may begin.

Alexandra Lucas

you. Thank Holdings results BlueLinx call. quarter second to conference XXXX Welcome and are Gibson; Janzen. Leading today President CEO, Kelly the call Officer, our Dwight Financial and Chief presentation you to our along available accordingly. & today are follow section, in Presentations encourage the Webcast The on we and we sharing website is Today's forward-looking future statements business financial expectations. discussion contains about and described due risks and SEC. uncertainties, results significantly those from with various Actual periodic projected in filed the to risks in may differ today's our reports forward-looking statements including the undertake we statements. law, obligation to by forward-looking required as no update our Except

remarks, are I open We With website. our Dwight progress, for questions. are which like using line would Gibson we presentation. remarks. today's The non-GAAP will our into call At to except for our financial percentages All measures appropriate in where GAAP our refer noted. over that, the turn financial incorporated the to on discussion the conclusion prepared to available, where his presentation in is posted year-over-year prepared of reconciliations

Dwight Gibson

and Alexandra, good you, Thank morning.

with represent our we team total joining across regions. These my day. BlueLinx of all historic branches great than part with am the accounts sites be of our CEO roughly at X more results, employees is achievement had This people to visited I, members XX% our visit for our X and have BlueLinx to multiple are along X,XXX as the the of which Since by to record weeks ago, locations business leadership sales. each opportunity I've X XX Before across team I how excited with country. every a want of say I great second a great doing team. members. quarter review work

markets, and technical accounts is serves unique our distribution focused their have was local associates' BlueLinx their each business. products hundreds own suppliers I expertise, on a customers opportunities. and impressed in their that challenges key national visits, these deep national a of building building relationships which and During best-in-class with their of spirit, competitive by business

while of new local provide an people company the for integrated, she Our and only Leroy, who's day delivering scale who over would has teams in job who put will XX like dynamics, do a that results our be handcrafted of worked an happen, team suite. and a production own out I've Minnesota size a make material manager groups to solution and for understanding up every market it and great People facilities product Diana, her XX-plus year show territory leveraging Aitkin, like handler years. in on and demand our come across the like proud people Nancy, exceptional for to member to people panel product allow BlueLinx home. in Richmond,

lead. a now to have of I'm who honored committed teammates We group

be although long, potential. me Let that are areas to clear we there is our must our address full runway that realize

make shipments Specifically, more customer in also management. to our and to to improve There status upgrade ordering our of is a efficiency our facilities invest and service. we our increase warehouse improve our invest particular in and real-time some branches. equipment our must to enable internal to must We easier operations, distribution and technology need

transition given making organization I've to is As been one from agree. that the indicated, to I investor keys recently a great. an good

a macro potential talented primary strong the I is significant for financials, well-run team. reasons join fact, company company the decided solid it balance the of to the with one echoes It's sheet In strong trends, BlueLinx. and given

meaningful capacity and capability and sustained profitable We to growth. have drive the

some preliminary premature opportunities. there While to me describe are long-term me my to call, some where thoughts clearly it plans is for this allow on around share

that the power values that but employees drive firmly culture, one people business, experience, the contributions. believe the a in culture. First, I their my let and drives in me strong say culture of

Our our will exceed customer employee experience. experience never

our we So load best information day. pick that jobs every territory managers must be to they have each that make must support things, the our our do in customers. If make key need ensure the drivers their customers people products. and ensure We the will our we're and and efficiently of most can all our raving right safely must We and we and importantly, successful our sure enabling We material must the always at handlers can to customers. right efficiently the highest products sure quality. deliver safely with to our fans create we right stakeholders, time these

we The accountability, as business productivity sure of also imbalances. supply We consistently will in excellence I and has deliver areas, period be these service in earlier, customer a satisfaction. mentioned are organization. well significant operational performed well-run demand of our world-class a can I and that increasing investments believe cornerstones

We our customers. focus critical and strategic have had the on to that matter things categories most, product people,

are sell, customers our we products to In our component to market. will a a categories. these addition to products will on the in focus our we and we the of on Structural focus position and ensure vendors continue that key in partner are culture, key we

and products. portion We our mix to in increase higher entry shifting toward specialty growth value to be way our links. categories. a price higher-value volatile exposed revenue line, These on will to will larger seek specialty buyers of product sharpen value-added I top and shareholder are to carry believe our best grow to value focus less proposition, however, margin-enhancing the driving while

needs. this capacity satisfy ensuring all customers' and of capability do product to will our while sufficient We

at has allocate of Next, intention balance for The now we reduction and a develop believe profitability debt opportunities. let's outstanding to driving growth we Net talk adjusted leverage in strategy team long-term allocation to shareholders. job high-impact and EBITDA, all-time value to targeted is our and strengthening about generate more an that an a capital done bit our toward low will have flexibility the sheet. due capital

in meaningfully fleet our in and well our product in deepening earlier, this, acquisitions we target customer and/or toward with expanding generate mentioned will direct our growth on that Along organic our I to categories, facilities such investments, including geographies. capabilities As as strategic productivity translates business, footprint the more capital growing high-value projects. for investing spending as as this evaluating value exposure

early have I'm growth organization. this to team a point. initial and that's honored that a our lead value be privilege great strengthens story, my culture of in the at that capital Once will strategy strategy multiyear one innings Mitch So this that of getting we job also that and part a deploys considered position, us deepens for our done the market of. confident and a where are creation focus delivers I I'm developing a a be tremendous again, shareholders. to

spend few before it over minutes to like a second would I performance. our turning to Kelly Now discuss to quarter

have the to organization. period deep leverage supplier a demand During scale, elevated across relationships, competitive profitable and spirit within our growth markets, customer we of drive residential our home renovation and and technical to construction continued expertise domestic

well proposition focus combined a accounts a as as markets, national what in national fragmented the solutions both continues local and to market. with durable Our attractive represent products on by remains value when platform offered

mix. products driven specialty and almost for specialty expanded Our demand quarter XX.X% record business and million supplier second $XXX specialty volume ever billion sales growth across This our succession improved of specialty gross in EBITDA sales, within adjusted $X.X second persist supported of escalations, price XX.X% and to in performance, the the during an in our product in is the Supply experienced. an company and continued price specialty all by of margin quarter, continue the has increases was margin imbalances period. categories a resulting highest overall which of margin resulted net

$XXX In and an sales million of products addition to incredible XX.X%. a structural net performance, margin gross also we of recorded specialty excellent results, including

Our providing of supplier navigate the inventory levels along company the disciplined inventory approach is extreme in while wood-based keeping excellent continuing service, commodities to resiliency as of customer maximizing with recent consigned deflation lean, market. levels the available provide we

was framing XX% late believe very Friday, which And The the all-time X-year its panel in XX% to of peak was below peak, lengths below close while As is its random average. June. predict the mid-May last historical composite now. And its coming composite lumber lumber signs do, further prices have can commodity are weeks. prices deflation what there panel in prices will is for stabilization potential relative we never in for achieved we may there that

to which have short-term dynamics, lean may a impact volume. we market continue levels, maintain these Given structural inventory on will

approach achieving benchmark of This building our recordable for keeping structural of is X. believe this incident December levels we team from risk. recordable reduced is below inventory materials ever. in total safety of inflation right incident the mitigate for June I'd X,XXX rate the results lower rates, to X.X industry to the best is We've As to X.X acknowledge like total also above in our significantly year. which

over call lead discussion second to of will to associates area. more to results. With a that, the of for financial look continue hand We of all I'll the our emphasize in this Kelly our quarter detailed safety and

Kelly Janzen

Thank you, Dwight.

reduced on to specialty excess for expanded wood, and week, elevated strategic increase Dwight when As we increases. increase another an our sales $XXX siding with record quarter period. the we of our approximately billion, broad-based reported mentioned, greater both $XXX period, increase growth hand $X.X XXX sales reflecting structural to investments. also product realization in gross growth price the of year million availability net favorable compared prior this across was diluted price year in million Within net engineered volume, to increase specialty more in companies by of basis quarterly year-over-year year-over-year EBITDA a and and share of overall increased years. income XX.X%. points a XX% total This both continuing result million basis lines. year $X.XX and escalations basis an period, Specialty primarily margin ABL by to nearly amended We the obtained a and by ended fueled per and million We in period. points we under Gross on industrial year-over-year of and over margin XXX And quarter driven basis acquire in we our product costs specialty to reported attributable improved or our points line, our demand ABL our increased a and second the ever $XXX another per $XXX sequentially an million diluted a so, prior the million, $XXX extended was with million reported second We share mix. flexibility prior by interest the recorded the doing $XXX adjusted $XXX sales $XX.XX This of basis X quarter, in on versus and products to sales and most product cash the and $X price we've XXX an period. $XXX million year and XX.X%, million, quarter versus net prior of categories. earlier supply-driven or in quarterly fees of make

of continuing reversal capability. is some is to several commodities, nearly Our third current be quarter-to-date be starts any the the quarter. recently remain And recent become range. that given to margin as decline margins expect supply will hard If practices is pricing and in current believe structural in outpace we as XX% we've constrained, expansion. demand specialty that categories, not when there specialty we XX% and the we dynamics, to experienced predict, swift expect strong of the product what less supply market throughout increasing given with investment specialty And margin will to elevated pricing will that magnitude our while and where

Within thousand The composite second recent million on square averaged panel in feet the categories than is of a from per we second ramp off the index of XXXX. revenue unlike mill of averaged quarter strong up random typically $X,XXX wood-based the pricing lumber, quarter, maintained lengths up within basis index the in board around within more have from $XXX our $XXX lengths foot per $XXX in framing foot than quarter. than The XXXX. structural per $XXX in fell holding XXX% Panels, currently quarter total of $X,XXX has quarter, much structural Additionally, product weeks, production as higher. most product a to through prices. commodity the more second than continued second result lumber higher line, And materially, board more however, composite products. the at as random composite seen year-over-year specialty by pricing stickier increased our our to

while in And $XXX However, a the index time. composites, shows lumber late panel currently panels thousand is there at has X decline align feet, panel composite typically over will that history and June. been in pricing pricing since per square the

adjusted we as to steep June, of a our in prices, During pricing. the decline result lumber reflect inventory lumber framing market

panels we to approach. same that, and primarily the the approximately end approximately structural the consignment to And date, products, was of XX% XX% on total As were year, our structural high inventory volumes of XX% the quarter, due the seeing lumber, period when XX% of second third of last sheet quarter-to-date, July balance digits. single with inventory approximately lean lower to And sales in which remesh. XX% inventory. our rebar excludes structural compared margins are and

having margins structural decline to million could delivery and anticipate additional the the however, are decreases of our pause XXXX. further well million we due our areas in of QX, second range result $XX higher in quarter, tax a this spending exhausted to normal by pandemic. during NOLs SG&A which XX.X%. year-over-year year as warehouse, rate and Total return to that quarter, probable. as on increased commissions as in and expect time much a in given a rate in the a of as We federal put to short-term such third rest costs, XX% panel of $XX In general administrative was the basis incentives prices XX% We levels remaining tax on the last

days We on on receivables the towards XX XXXX. XXXX's toward was approach working while the in and year the in QX days a XX%. the maintain sales Higher versus that rate June significant, XXXX more X XX% a significant expected first period versus prior And capital that in sales deflation continue capital of second levels. investment by our million the to inflationary the of was this started We working increase quarter quarter the half at cash inventory flow to year-over-year. of working of the end is year. second $XXX to currency than improved June growth drove in disciplined Days capital. of there result estimate approximately compared end is generation

opportunities. As million provided and the safety the toward side expect $X Dwight performance of million allocate mentioned we end, to year, the the a including another To financial business in curtain advanced flexibility high-impact investment in that earlier, excellent to half facilities has during with invest capital $X second fleet trailers features. of

areas organic invest continue in growth will that to improve We support efficiency. and

sheet $XXX borrowings by total quarter. debt $XXX as including million lower on in the basis, a first end transformation leverage a in Interest reduced extended $XXX and expense for favorable improved $XXX Liquidity our resulting X million mentioned the XXXX for our ABL. million level Bank declined effective $X.X of outstanding company. to and $XX quarter million quarter bank of ABL from ABL with QX balance second the improved earlier, the by I during period million and debt a million availability cost the our million rate. obligations compared improved by excess balance the at And years under at Our we amended average given $XX and by year-over-year interest lower in history another net to terms. debt more the year, we lease quarter-over-quarter, continued ratio, outstanding X.Xx, under over end quarter, of compared the our of second of to were last at lowest

partnership to with our BlueLinx continue One of performance short across well whom now key quarter performance supported most bank highlighted financial financial all improvement indicators. In strong We our group, a of by nothing our over second was appreciate summary, for exceptional. decade. have

efficiency. to we as continue capital current as environment on our the deflationary remain cost as well managing We maneuver highly focused working

and the flexibility provides strong is for sheet balance future. Our significant financial

back over Dwight. Now to I like to would turn it

Dwight Gibson

Thanks, Kelly.

and to Our the of QX illustration efforts performance the is the X,XXX a business. foundation approximately strong of our testament outstanding an of teammates

value. that excited. capital categories strategic that excited, on our forward building you. deploying and and customer a strengthening to great team our doing in look product together. deep enables we ways prioritizes I'm focused and create things The is position market culture are people We shareholder in relationships, great Thank

Alexandra Lucas

That concludes open Operator, for our please questions. line prepared the remarks.

Operator

line [Operator Craig-Hallum. of Instructions] Palm Our first questions the come from with Greg

Greg Palm

Dwight, impressive And pretty quarter.

First of X gate. the out

So congrats the welcome again, and on onboard again quarter.

results off about talking a So guess, wanted a And I to bit. lot start little segment I to unpack.

happened think in range, forward-looking of structural and what single-digit lumber panel were terms margins in was the the are in with most July comments that what's markets So of high even surprising I quarter-to-date recently. kind

thinking historically, company So I know impacted has been back the more.

I changed others you that able recently? the to what's market? how of And are guess, have weakness been seeing in So some the bypass

Kelly Janzen

as a definitely we that Sure, the decision. structural we're year-over-year One, result had couple volume that. - how I of reiterate details through of in we I to a But deck, we reasons that And have inventory this. the we kept Greg. low. that was of the And managing in continue believe you'll right see our in lower think mentioned the

risk. lower And able do we've inventory, that's you have one it. main you the have to so that's reason lower been when And -

We also with market the a our to into quarter bit adjusting did inventories down go lumber pricing.

that we're so we're on line execute, on we on we're And prices. holding making good maintaining sacrificing lower and margin - price, the decisions focused over we how volume finally, And as helps at margin around well. focused we're how and

Greg Palm

Makes Yes. sense.

I'm of terms side, what attribute do like volume And driven specialty, to? feel some versus the In curious that's versus much growth price? was of market? gaining that how share the case, you're just the do you you And volume the if on by

Kelly Janzen

Yes. Well, most it was of price.

We've hopefully, - really, And of that we've the kind years. it's we've price increases in last we the per we few sometimes week weeks that inflation we've had think the escalations pretty had that on seen seen. in more well specialty laid side. than price out I previous

that, had key our that's in like industrial we doing but significant volume and we've the wood, in supply-constrained have are more said, driving in expansion. passed That used that products engineered overall, increase bulk the siding, being well. categories worked we did definitely our And some increase volume we've very price along, we've as of environment. and kind what's we've - through really a that So of maintained

I are those gains that. about by we'll further, of share So especially see that hopefully, but we're in year-over-year. focus and categories. those we'll And I'm continue here, market encouraged definitely where seeing definitely very think talk And to area is some areas for growth us, specialty

Dwight Gibson

in wood add growth our thing them products. gain. which can needs. help use to job a One on engineered they I'll increasing is good to side, We're particular, some services of Yes. share fast capabilities, of design in to the making supportive We the has really to that investments customers' there provide apply done services team the more terms respond in and how really and

that really of, driving abate as us particularly like things hopefully, supportive are bit. So share, constraints a supply

Greg Palm

you And did be weeks? further Interesting. quarter-to-date, saw you've even taken recent versus what price in of Kelly, clear, so to say you And QX? that increases in a even number

Kelly Janzen

We some that and the to year. further - of to are rest to continue few price increases, actually expect the a continuing experience we'll get into

Greg Palm

And I about this on, reverse talked inflationary investment capital. cash million mentioned just working half? Does mean the flow potential. know completely moving then $XXX in you I second free significant you that in

to Just flow generated wanted some to free you around relative magnitude QX. sense get in cash the maybe level the of

Kelly Janzen

certainly to we the is Well, are the significant see but deflation, deflation cash second total our working primarily half some relates coming relates on as in commodity capital. it side. And going Yes. the in, to to that number

of to the So what's it's full there. not going be amount in

earnings be that significant. with cash could However, we're whole, business when and a couple seeing that strength as business, in as the you specialty our strong especially good

Greg Palm

Yes.

of bigger terms that alluded, in last one, net you items maybe assume updating expected sort few sort about do I think Okay. of capital in to Or it we and free I maybe just transformation of complete light a allocation, thinking of how thinking us is you cash a balance about. tell? all of this of on M&A think flow leverage? you're And just for early guess Dwight, then ahead, And normalized focus But that becomes too you? a the should sheet, generation

Dwight Gibson

Yes.

choice. smartly a So that it's in days. where deploy and sure to position some in creates a be that great way to going capital thoughtfully flexibility and always we Still have make we value. early We're

in before, my customer sharing ample you us thing growth, particularly there's of relates the opportunities business kind organically long-term for I've mentioned But drive allocation this I'll as on it defer capital to I'll as is, strategy. to So invest to best-in-class delivering tell service.

think as we look there I at our branches, we equipment. look technologies, there's we some our look our at at as opportunities

of we us So specialty that's we're right are complementary it's conducive be M&A, to deploy and to to believe things But environment strength that a right? business deeper And to allow move customers this better, that got going our there. the do capital provides is forward. service the categories our in kinds

excited with heading really in. the to direction really about we're But the out. team good about So that feel bottom working

Kelly Janzen

a believe to And very little cycle. then leverage a do how or to Greg, to goal stay Yes. it's - could given would numbers. We we say low is if normalized reasonable ratio. lower higher for particular is time, for environment, on It now, that our it's that do translates a TTM But the just deals the X%. add if of would Obviously, be into we right depending a range, period around we what on net be that in us. in

Operator

Our line Company. of come from is Benchmark next with the Garner Reuben question

Reuben Garner

talk us predominantly coming to it this of drivers? what sustainable there level a to on performance, apologies detail Maybe seeing can the be more it or questions, supply specific seeing are I'm you're - how scenario more what, sort Is margin Greg's would Or that? still about rolling - sustainable? my Is I just missed if exactly that products dynamic I capacity you Is it you're structural online? selling? But it and engineered then maybe so the preface I advance. off, all with wood over? part is? to require What start margin the lead you're what in What - And comments Would products of there? demand favorable? guess, what so kicked better into repetitive, other not just here. go got would to just demand

Kelly Janzen

Yes, sure, Reuben.

you quick Just Are a to referring clarifying specialty margins? question.

Reuben Garner

Yes. yes. Specialty,

Kelly Janzen

Yes. Okay.

driver of demand some what continued pricing growth Clearly, seen in siding beyond We're as constraints, historically. seen I really primary that like totally mentioned we're margins. expanded earlier go not specialty on have have increases products, of inputs such cognizant the supply engineered some comments we've we there we've sustainable, areas And that the my out So way certainly and given there things into that resin specialty that in also wood, impact and to industrial products. market see very could are the of make others. starting as that certain in some

have that commodity specialty lumber You eventually. there some comes has in that impact

supply also over We that could less time. be constrained know

those that months. So certain we that's factors little bit next timing a few say that would margins north time QX, in it is over - reverse we of And But probably that, be did generally, to - I or could what experienced unknown. mentioned something would elevated why we in we believe the extent. The frame. QX some say would specialty

Reuben Garner

being label that the maybe that products you you confusion - it as going this? to products. discipline distributors, that something in Or of distributors leads other know just in else anything you past, relative private to to bit margin your think you that about about to mean, get model me this sort periods you more thing. gives your little more I wondering And pricing and like why is sell some talked the maybe if there's up is, is environment? and there to about you're I for the there of in guess like leads margins typically, upside mentioned a costs in volatile resin maybe I'm I

Kelly Janzen

that just we're demonstrate to supply the constraint. experienced ultimately that market and same thing we leveraging it's we've able the to to strategy. bring to a that think the demand there's to drives products, And and As just you believe And do really and then after constrained supply pricing hone [less that, think improve I it I leads inputs, have that to on business, in rise] that just been I imbalance. all issues, do the continued then that pricing quarter-over-quarter. job If good we've dynamics good relates

Dwight Gibson

we we solution right? markets is hard their our and the what had have understand local kind national out to we that and and the add create having our customers design that of in a for go both are the we I'll accounts, the our time spend and value point the some Yes. other work needs underestimate to relationships really value addresses make So with team, thing sure parties. with opportunity those And to needs Kelly's deliver also and truly with of can't

things those great work strategy, think has discipline, pricing the I for which around still that's has the all combination performance. So with to team in of pricing us done this kind contributing opportunity

Reuben Garner

Perfect. that impacts July How you progresses? that structural, the write margin think the Can structural did the me that gross single-digit work? saw think the quarter I include And to the profits that talk flows for I about side, the had was of - just then as in on down? does that in Q. through how write-down high you to about that How the we do

Kelly Janzen

Yes, that's right.

DSIs the that bring of in you the comes through, materials the into market. you in. June, at looked at end that are So it and we which down quarter sell back inventory that And you mentioned as our our then to low, of we as lumber relatively some when inventory the adjusted - we sell -

So fact high single-digits some those went include that impact the pricing. does market the of we quarter into with

Reuben Garner

Got it.

here, All set a the Okay. on the gates good bar forward. so high going out results. luck strong Dwight, of Congrats right. you've

Dwight Gibson

the I you. Team all credit. appreciate that. deserves Thank

Operator

Our next Loop Capital. come Jeffrey the with of line question is Stevenson from

Jeffrey Stevenson

look as XXXX. this later about structural first my and into think how question should year we inventories we volumes So out is

So to to does now, at you normalized risk. it levels commodity with reduce job are and your you guys good a growth? closer to inventories give But lumber done wood bring times volume on the prices inventories managing where have expense at of focus volumes more they flexibility

Kelly Janzen

a Jeff. That's good really Yes. question,

current especially view two. or the our that right approach, for think is maintain want I the quarter next to now we

As and market number in very yes, then we has those have but volatile. see wait averages, they're play. And been prices sure have we lumber historical conditions it make to and truly a of stabilized, closer

approach is current still the So approach. believe that the we really right

would quarter do you year-over-year And Is could if the that volumes we've sense to probably that seen have most right extent we that the that lower last just so - similar the think I X. makes I - expect still now. or

Jeffrey Stevenson

good Yes. that Right, of we just high forward structural rate times. sense. we I right. a is that of kind rate couple That makes mean, anything of July, that back Is single-digit else consider? that through half there should But moving margins on the you a saw touched year? the in When run

Kelly Janzen

Yes.

in we're panel for - waiting we some the my - down pricing could that. imminently the on But over few pricing, do X% that to to of that's in and know after year, return that But That more coming would the us still a believe which rest structural X%. the would fairly or the in for so. in our that don't further when we So month a of timing we side, And unless big mention deflation my the last to was that. DSIs we there structural certainly of between start I probably been in normalized side. expect weeks. return side just did are the what's margins, of on change is comments next quick earlier, impact to matter the It's

that soon. would be hopefully, So relatively

Jeffrey Stevenson

update That's have on delays helpful. improved Has provide at all? and timing this shortages an then that And can product you Okay. how summer? project progressed

Dwight Gibson

portfolio. and hold to creating particularly same to constraints still supply the the A labor, much, too of We're across Jeff, Yes. unfortunately, right? continuing access lot the are on seeing were things specialty like. challenges not that challenges side, transportation the

settle And norm So that, move and as XXXX. comes be year. we capacity that suspect the second we improvement half see we hopefully, things through into more some online, will the out as this

Jeffrey Stevenson

Great housing the recent And just starts. Dwight. then acceleration on Okay. and

the we how thoughts new the your And here that impact on move XXXX? demand as moving what for half year forward? kind any could housing of Just are forward through into back of expectations just

Dwight Gibson

Yes.

so. XXXX. kind that level cracked over step higher if X single-family so. new the are expected we to in new at level, And of the million not still we're So a roughly given that rates X.X heading looking at you under been look next around XXXX. I housing new the or stay right in at We at you much demand. stock at year We've unemployment we're now for at housing historical than starts, enough least been clearly for past the XXXX. and direction. still expect a million take starts home back level that since Mortgage There's have lows, decade or

and of has Some mortgage come fairly I dramatically. recently home forbearance the in saw data down

creating medium some think supportive like there. to I still that to X-iles, the still lumber, being work construction. construction feel the is term. fairly of has And environment we the labor overall them, in home are as near through, but So home call tightness That about to and the land new still said, environment I new optimistic

Jeffrey Stevenson

focus more white the if bolt-on, that's helpful. kind Great. so focus of Okay. just kind and no will what you it's space know you of kind lot on of any at, know kind moving a have be know Western comment be growing details would focus can't But you're the any of worries. information on specialty, be, early, valuation, geographies last of forward helpful. No, And of M&A, I but whether it on I all U.S., I then specific and those looking specifics, Dwight types one, on the on be the will

Dwight Gibson

sure. Yes,

places look that be customers are that allow us that Things business what still like my but M&A in don't we're make opportunities fair amount right? to in a and we're allow our stronger be early that things space career also and sense be decisions going choices apply the interesting. the capital, So thinking making we'll our you some specialty importance to users at of spent of that here. closer to said, complementary I there, would Obviously, interesting, do. that a for prudent be definitely side and have core days, we to us recognize to the great in going of to footprint will good be of we to and

out on build the side. to going are our to M&A look team We

So that. we're doing

want market approach. We part to to talent but we have speak we a search thoughtful and that's our in, make bring of overall sure the in as some balanced

Operator

today's your There thank at conclude time. do With are questions you that, This teleconference. participation. no we does further this for

great Have at may day. your time. You this lines disconnect a

BlueLinx (BXC) 4 Aug 212021 Q2 Earnings call transcript