EX-99.1 2 patk2024-q3991.htm EX-99.1 Document

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Patrick Industries, Inc.报告2024年第三季度财务业绩
第三 2024年第四季度亮点 (除非另有说明，下文均与2023年第三季度相比)
•净销售额增长6%，达到91900万美元，其中房地产营收增长13%，第一季度收购Sportech以及其他因素，大大抵消了船舶营收下降21%。
•营业利润率下降了10个基点，为8.1%。2024年前九个月，调整后的营业利润率提高了20个基点，达到7.8%。
•净利润增加了3%，达到4100万美元。每股摊薄收益为1.80美元，包括本期可转债和相关认股权证的摊薄影响，每股约为估计的0.06美元。2024年前九个月，调整后的每股摊薄收益增长了13%，达到5.75美元。
•调整后的EBITDA增长了7%，达到12100万美元；调整后的EBITDA利润率提高了10个基点，达到13.2%。
•本年前九个月的经营活动产生的现金流为22400万美元，与去年同期的29400万美元相比。自由现金流，按照过去十二个月的基础计算，为2.77亿美元。
•已完成对RecPro的收购，这将极大提高我们在房车售后市场的渗透率，同时为我们的船艇和动力运动终端市场提供了协同机会，通过更先进的售后分销渠道进行销售。
•在收购RecPro后，保持稳健的资产负债表和流动性状况，第三季度结束时总净杠杆率为2.6倍，流动性为45800万美元。
•在季度结束后，公司修订并延长了其信贷设施的到期日，并发行了50000万美元的6.375%到期于2032年的优先票据总额。公司计划用部分收益赎回到期于2027年的7.500%优先票据。
•帕特里克计划在2024年12月3日在纽约市举办一次投资者日。

ELKHARt, IN，2024年10月31日 - Patrick Industries, Inc.（纳斯达克：PATK）（"Patrick"或"公司"），是领先的户外爱好者和住房市场零部件解决方案提供商，今天报告了截至2024年9月29日的第三季度和九个月的财务业绩。

净销售额增长6%，达到$91900万，比2023年第三季度增加了$5300万。净销售额增长是由于住宅收入增长13%，以及由于我们在今年1月完成的Sportech收购带来的收入增长。这些因素大大抵消了船舶营收下降21%的影响，因为船舶OEM以及我们的其他户外运动市场的OEM继续保持高度纪律性的生产计划，以努力管理经销商库存，使其与当前终端市场需求保持一致。
2024年第三季度营业收入达到7400万美元，比2023年第三季度的7100万美元增加了300万美元，增长5%。营业利润率为8.1%，较一年前的8.2%下降了10个基点，反映了与收购相关的销售和行政费用和摊销费用的增加。与2023年同期相比，2024年前九个月调整后的营业利润率在排除收购交易成本和购买会计调整的情况下提高了20个基点，达到7.8%。

净利润较2023年第三季度的4000万美元增长了3%，达到4100万美元。2024年第三季度每股摊薄收益为1.80美元，其中约0.06美元来自我们的可转换票据和相关warrants的摊薄。2023年第三季度我们的可转换票据没有摊薄影响。2024年前九个月与2023年前九个月相比，在两个时间段内除去并购交易成本和购买会计调整，调整后的净利润增长了14%，达到1.28亿美元，调整后的每股摊薄收益增长了13%，达到5.75美元。2024年前九个月的每股摊薄收益中，约0.10美元来自我们的2028年可转换票据和warrants的摊薄。
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相关认股权证。去年同期包含约0.05美元的稀释，与我们于2023年到期的1.00%可转换优先票据有关，该票据于2023年2月以现金偿还。

“帕特里克团队交出了另一个季度扎实业绩的成绩单，营业收入和净利润增长得到业务持续多元化的支持，”首席执行官安迪·内梅斯说道。“我们模式的韧性直接关系到我们不可思议团队成员的奉献和才华，以及我们所做的战略投资，使帕特里克能够在持续影响我们户外爱好者终端市场的库存去化时期内表现出色，并在过去两年中不同时期受到影响。”

RV总裁Jeff Rodino表示：“本季度，我们欢迎RecPro加入我们的品牌家族，这将有力地扩大我们在直销消费品RV和爱好者售后市场的地位。我们对他们的产品系列的广度和深度，我们业务之间的协同效应，以及他们在电子商务和售后销售方面的出色领导力和专业知识感到兴奋。我们相信RecPro的高效分销渠道和广泛的消费者覆盖将极大增强我们提供Patrick在所有终端市场的有价值的售后解决方案的能力。”

2024年第三季度各板块营业收入 (除非另有说明，下文均与2023年第三季度相比)
营业收入 （占营业收入的43%）
•营业收入为39600万美元，下降1%，批发行业RV板块单位出货量增加6%。
•每个批发RV单位的内容（在过去十二个月的基础上）下降了1％，为4887美元。与2024年第二季度相比，每个批发RV单位的内容（在过去十二个月的基础上）下降了2％。

海洋 (营业收入的15%)
•13600万美元的营业收入减少了21%，而预计的批发动力船行业单位出货量下降了23%。我们的海洋终端市场营业收入先前包括摩托运动车辆的营业收入，自从进行了Sportech收购后我们开始单独报告。终端市场营业收入和每单位内容反映了相关时期的这一变化。
•每批发游艇单位的预估内容（按照过去十二个月的基础）下降了6%至3,936美元。与2024年第二季度相比，每批发游艇单位的预估内容（按照过去十二个月的基础）持平。

动力体育 (营业收入的10%)
•8700万美元的营业收入增长了204%，主要是由于2024年第一季度收购Sportech所推动。

外壳 （占营业收入的32%，包括制造房屋（"MH"）和工业部门）
•营业收入为30000万美元，增长13%; 估计批发行业板块MH单位出货量增长17%; 总住宅开工数减少3%。
•按照过去十二个月基准计算，每个批发MH单位的估计内容增加了1%，达到$6,518。与2024年第二季度相比，每个批发MH单位的估计内容增加了1%。

Balance Sheet, Cash Flow and Capital Allocation
For the first nine months of 2024, cash provided by operating activities was $224 million compared to $294 million for the prior year period, with the change primarily driven by investments in working capital. Purchases of property, plant and equipment totaled $18 million in the third quarter of 2024, reflecting maintenance capital expenditures and continued investments in alignment with our automation and technology initiatives. On a trailing twelve-month basis, free cash flow through the third quarter of 2024 was $277 million, compared to $412 million through the third quarter of 2023 when we aggressively monetized working capital in a declining
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sales environment. Our long-term debt increased approximately $70 million during the third quarter of 2024, primarily as the result of the RecPro acquisition, which closed on September 6, 2024.

We remained disciplined in allocating and deploying capital, returning approximately $12 million to shareholders in the third quarter of 2024 through dividends. We remain opportunistic on share repurchases and had $78 million left authorized under our current share repurchase plan at the end of the third quarter.
Our total debt at the end of the third quarter was approximately $1.4 billion, resulting in a total net leverage ratio of 2.6x (as calculated in accordance with our credit agreement). Available liquidity, comprised of borrowing availability under our credit facility and cash on hand, was approximately $458 million.

Subsequent to the end of the quarter, we reduced our cost of debt and increased our liquidity position by issuing $500 million of 6.375% Senior Notes due 2032 and expanding the capacity of our credit facility to $1.0 billion, while extending the maturity date to October 2029. We plan to use a portion of the proceeds from these transactions to redeem our 7.500% Senior Notes on November 7, 2024. Following these transactions, the Company's next major debt maturity will be in 2028.

Business Outlook and Summary
"Our team remains confident in the strength of our brand portfolio, disciplined operating model, earnings power of the business, and the profitable runway of opportunity that exists in each of our primary end markets," continued Mr. Nemeth. "We are intensely focusing on elevating the customer experience, invigorating our team's entrepreneurial spirit, winning additional market share by exceeding customer expectations, and growing the business through accretive acquisitions while strategically allocating capital toward automation and innovation initiatives. Over the last year, the teams at Patrick, in collaboration with our Advanced Product Group, have significantly expanded our product development and prototyping activities as a way to bring next-generation solutions to our customers over the next few years. We are optimistic that a positive demand inflection will occur in 2025, and believe recent interest rate reductions, lower inflation levels and continued solid economic data are important ingredients to bring this recovery to fruition, at which point our business is sized and scaled to pivot in alignment with our customers' needs. We are deeply appreciative of the incredible commitment and dedication of our team members and energized by their efforts and drive each and every day."

Conference Call Webcast
Patrick Industries will host an online webcast of its third quarter 2024 earnings conference call that can be accessed on the Company’s website, www.patrickind.com, under “For Investors,” on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time. In addition, a supplemental earnings presentation can be accessed on the Company’s website, www.patrickind.com under “For Investors.”
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements within the meaning of Private Securities Litigation Reform Act of 1995 that are forward-looking in nature. The forward-looking statements are based on current expectations and our actual results may differ materially from those projected in any forward-looking statement. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Factors that could cause actual results to differ materially from those in forward-looking statements included in this press release include, without limitation: adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products; the financial condition of our customers or suppliers; the loss of a significant
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customer; changes in consumer preferences; declines in the level of unit shipments or reduction in growth in the markets we serve; the availability of retail and wholesale financing for RVs, watercraft and powersports products, and residential and manufactured homes; pricing pressures due to competition; costs and availability of raw materials, commodities and energy and transportation; supply chain issues, including financial problems of manufacturers or suppliers and shortages of adequate materials or manufacturing capacity; the challenges and risks associated with doing business internationally; challenges and risks associated with importing products, such as the imposition of duties, tariffs or trade restrictions; the ability to manage our working capital, including inventory and inventory obsolescence; the availability and costs of labor and production facilities and the impact of labor shortages; fuel shortages or high prices for fuel; any interruptions or disruptions in production at one of our key facilities; challenges with integrating acquired businesses; the impact of the consolidation and/or closure of all or part of a manufacturing or distribution facility; an impairment of assets, including goodwill and other long-lived assets; an inability to attract and retain qualified executive officers and key personnel; the effects of union organizing activities; the impact of governmental and environmental regulations, and our inability to comply with them; changes to federal, state, local or certain international tax regulations; unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; public health emergencies or pandemics, such as the COVID-19 pandemic; our level of indebtedness; our inability to comply with the covenants contained in our senior secured credit facility; an inability to access capital when needed; the settlement or conversion of our notes; fluctuations in the market price for our common stock; an inability of our information technology systems to perform adequately; any disruptions in our business due to an IT failure, a cyber-incident or a data breach; any adverse results from our evaluation of our internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002; certain provisions in our Articles of Incorporation and Amended and Restated By-laws that may delay, defer or prevent a change in control; adverse conditions in the insurance markets; and the impact on our business resulting from wars and military conflicts, such as war in Ukraine and evolving conflict in the Middle East.
The Company does not undertake to publicly update or revise any forward-looking statements. Information about certain risks that could affect our business and cause actual results to differ from those express or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.
Contact:
Steve O'Hara
Vice President of Investor Relations
oharas@patrickind.com
574.294.7511
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PATRICK INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Third Quarter EndedNine Months Ended
($ in thousands, except per share data)September 29, 2024October 1, 2023September 29, 2024October 1, 2023
NET SALES$919,444 $866,073 $2,869,560 $2,686,858 
 Cost of goods sold706,930 666,954 2,220,897 2,083,527 
GROSS PROFIT212,514 199,119 648,663 603,331 
 Operating Expenses:
     Warehouse and delivery37,865 37,664 114,053 109,540 
     Selling, general and administrative75,783 70,873 244,617 231,814 
     Amortization of intangible assets24,449 19,507 71,545 59,093 
           Total operating expenses138,097 128,044 430,215 400,447 
OPERATING INCOME74,417 71,075 218,448 202,884 
     Interest expense, net20,050 16,879 60,483 53,623 
 Income before income taxes54,367 54,196 157,965 149,261 
     Income taxes 13,501 14,646 34,122 37,181 
NET INCOME$40,866 $39,550 $123,843 $112,080 
BASIC EARNINGS PER COMMON SHARE $1.88 $1.84 $5.71 $5.20 
DILUTED EARNINGS PER COMMON SHARE $1.80 $1.81 $5.55 $5.09 
Weighted average shares outstanding - Basic 21,740 21,511 21,706 21,541 
Weighted average shares outstanding - Diluted 22,641 21,884 22,297 22,063 








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PATRICK INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
As of
($ in thousands)September 29, 2024December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$52,606 $11,409 
Trade and other receivables, net255,369 163,838 
Inventories545,445 510,133 
Prepaid expenses and other59,539 49,251 
Total current assets912,959 734,631 
Property, plant and equipment, net369,342 353,625 
Operating lease right-of-use assets205,110 177,717 
Goodwill and intangible assets, net1,628,358 1,288,546 
Other non-current assets7,184 7,929 
TOTAL ASSETS$3,122,953 $2,562,448 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt$11,250 $7,500 
Current operating lease liabilities53,335 48,761 
Accounts payable189,274 140,524 
Accrued liabilities125,330 111,711 
Total current liabilities379,189 308,496 
Long-term debt, less current maturities, net1,377,727 1,018,356 
Long-term operating lease liabilities156,083 132,444 
Deferred tax liabilities, net68,012 46,724 
Other long-term liabilities 12,461 11,091 
TOTAL LIABILITIES1,993,472 1,517,111 
TOTAL SHAREHOLDERS’ EQUITY1,129,481 1,045,337 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$3,122,953 $2,562,448 


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PATRICK INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
($ in thousands)September 29, 2024October 1, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$123,843 $112,080 
Depreciation and amortization124,002 107,976 
Stock-based compensation expense14,367 13,675 
Other adjustments to reconcile net income to net cash provided by operating activities2,335 4,024 
Change in operating assets and liabilities, net of acquisitions of businesses(40,357)56,075 
Net cash provided by operating activities224,190 293,830 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(50,264)(47,430)
Business acquisitions and other investing activities (435,137)(28,033)
Net cash used in investing activities(485,401)(75,463)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES302,408 (224,764)
Net increase (decrease) in cash and cash equivalents41,197 (6,397)
Cash and cash equivalents at beginning of year11,409 22,847 
Cash and cash equivalents at end of period$52,606 $16,450 

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PATRICK INDUSTRIES, INC.
Earnings Per Common Share (Unaudited)

The table below illustrates the calculation for earnings per common share:
 Third Quarter EndedNine Months Ended
($ in thousands, except per share data)September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Numerator:
Earnings for basic earnings per common share calculation$40,866 $39,550 $123,843 $112,080 
Effect of interest on potentially dilutive convertible notes, net of tax— — — 162 
Earnings for diluted earnings per common share calculation$40,866 $39,550 $123,843 $112,242 
Denominator:
Weighted average common shares outstanding - basic21,74021,51121,70621,541
Weighted average impact of potentially dilutive convertible notes554—340221
Weighted average impact of potentially dilutive warrants117—39—
Weighted average impact of potentially dilutive securities230373212301
Weighted average common shares outstanding - diluted22,64121,88422,29722,063
Earnings per common share:
Basic earnings per common share$1.88 $1.84 $5.71 $5.20 
Diluted earnings per common share$1.80 $1.81 $5.55 $5.09 

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PATRICK INDUSTRIES, INC.
Non-GAAP Reconciliation (Unaudited)

Use of Non-GAAP Financial Metrics
In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides financial metrics, such as net leverage ratio, content per unit, free cash flow, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted net income, adjusted diluted earnings per share (adjusted diluted EPS), adjusted operating margin, adjusted EBITDA margin and available liquidity, which we believe are important measures of the Company's business performance. These metrics should not be considered alternatives to U.S. GAAP. Our computations of net leverage ratio, content per unit, free cash flow, EBITDA, adjusted EBITDA, adjusted net income, adjusted dilutive EPS, adjusted operating margin, adjusted EBITDA margin and available liquidity may differ from similarly titled measures used by others. Content per unit metrics are generally calculated using our market sales divided by Company estimates based on third-party measures of industry volume. We calculate EBITDA by adding back depreciation and amortization, net interest expense, and income tax expense to net income. We calculate adjusted EBITDA by taking EBITDA and adding back stock-based compensation and loss on sale of property, plant and equipment, acquisition related costs, acquisition-related fair-value inventory step-up adjustments and subtracting out gain on sale of property, plant and equipment. Adjusted net income is calculated by removing the impact of acquisition related transaction costs, net of tax and acquisition-related fair-value inventory step-up adjustments, net of tax. Adjusted diluted EPS is calculated as adjusted net income divided by our weighted average shares outstanding. Adjusted operating margin is calculated by removing the impact of acquisition related transaction costs and acquisition-related fair-value inventory step-up adjustments. We calculate free cash flow by subtracting cash paid for purchases of property, plant and equipment from cash flow from operations. RV wholesale unit shipments are provided by the RV Industry Association. Marine wholesale unit shipments are Company estimates based on data provided by the National Marine Manufacturers Association. MH wholesale unit shipments are provided by the Manufactured Housing Institute. Housing starts are provided by the U.S. Census Bureau. You should not consider these metrics in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP.

The following table reconciles net income to EBITDA and adjusted EBITDA:
 Third Quarter EndedNine Months Ended
($ in thousands)September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Net income$40,866 $39,550 $123,843 $112,080 
+ Depreciation & amortization42,186 36,484 124,002 107,976 
+ Interest expense, net20,050 16,879 60,483 53,623 
+ Income taxes13,501 14,646 34,122 37,181 
EBITDA116,603 107,559 342,450 310,860 
+ Stock-based compensation4,625 5,729 14,367 13,675 
+ Acquisition related transaction costs— — 4,998 — 
+ Acquisition related fair-value inventory step-up— — 822 610 
+ (Gain) Loss on sale of property, plant and equipment(34)142 (402)242 
Adjusted EBITDA$121,194 $113,430 $362,235 $325,387 

The following table reconciles cash flow from operations to free cash flow on a trailing twelve-month basis:
 Trailing Twelve Months Ended
($ in thousands)September 29, 2024October 1, 2023
Cash flow from operating activities$339,032 $475,760 
Less: purchases of property, plant and equipment(61,821)(63,876)
Free cash flow$277,211 $411,884 
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The following table reconciles operating margin to adjusted operating margin:
 Third Quarter EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Operating margin8.1 %8.2 %7.6 %7.6 %
Acquisition related fair-value inventory step-up— %— %— %— %
Transaction costs— %— %0.2 %— %
Adjusted operating margin8.1 %8.2 %7.8 %7.6 %

The following table reconciles net income to adjusted net income and diluted earnings per common share to adjusted diluted earnings per common share:
 Third Quarter EndedNine Months Ended
($ in thousands, except per share data)September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Net income$40,866 $39,550 $123,843 $112,080 
+ Acquisition related fair-value inventory step-up— — 822 610 
+ Transaction costs— — 4,998 — 
- Tax impact of adjustments— — (1,488)(154)
Adjusted net income$40,866 $39,550 $128,175 $112,536 
Diluted earnings per common share (per above)$1.80 $1.81 $5.55 $5.09 
Transaction costs, net of tax— — 0.17 — 
Acquisition related fair-value inventory step-up, net of tax— — 0.03 0.01 
Adjusted diluted earnings per common share$1.80 $1.81 $5.75 $5.10 
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