BlueLinx Holdings Inc. (NYSE:BXC) Q3 2023 Earnings Call Transcript

Jeffrey Stevenson: No, that makes sense. Then just lastly, yes, thanks for the update on kind of why you have the new 100 million share repurchase authorization that makes sense. But just kind of from your capital allocation standpoint, if there isn’t the right acquisition, if you feel your shares are undervalued, will you kind of be aggressive and buying back stock? Or how are you thinking about it from the magnitude of share repurchases moving forward?

Shyam Reddy: Well, I think we have to put the 100 million sort of in the context first of, where we are. And so, it is, you know, called between 15% to 17% of our market cap. So that’s a meaningful amount. I think, given market conditions, if they remain fairly decent, and as we sit here today, I think it’s reasonable that authorization could be done as we go through the end of 2024. We have to get through the first one first before we talk about an additional one. So let’s see how the market conditions go. But I’ll tell you our intent is to do that over this quarter and then through the course of next year. But we’ll be looking at M&A as well. I mean, that’s going to be an important focus for us as well. And so it will be a balance between the two.

Jeffrey Stevenson: Great. Thank you.

Operator: Thank you. As there are no further questions, I would now hand the conference over to Tom Morabito for closing comments.

Tom Morabito: Thanks, Ryan. Thank you again for joining us today. And we look forward to speaking with you in February as we share our fourth quarter and full year 2023 results.

Operator: Thank you. The conference of BlueLinx Holdings has now concluded. Thank you for your participation. You may now disconnect your lines.