Slide 1: Q1 2023 Earnings Presentation
April 27, 2023 Q1 2023 EARNINGS PRESENTATION
Slide 2: Forward-looking statements and non-GAAP measures
This presentation contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements invol
Slide 3: Q1 2023 highlights: revenue, margin, ESG and cash flow
• Marine revenue growth partially offset revenue declines in RV and Housing end markets • RV OEMs reduced production to better align dealer inventory with end user demand • Marine inventory continued to rebuild as estimated powerboat shipments increased year-over-year • Housing revenue declined due
Slide 4: End market revenue and industry shipments by segment
28% of Q1’23 Sales Revenue of $276M Revenue of $257M Industry Shipments1 Housing Starts (Y/Y) CPU3 of $5,349 CPU3 of $5,266 MH CPU3 of $6,353 Industry Shipments2 Manufactured Housing (“MH”) Industry Shipments2 4 (55%) +22% (54%) +25% +14% +27% 31% of Q1’23 Sales41% of Q1’23 Sales Revenue of $367M (1
Slide 5: End market outlook for RV, Marine and Housing
MH BASKET COMPANIES2: PATK: (29%) 5 78,600 84,000 Wholesale Retail 53,800 34,300 Wholesale Retail • OEMs acting with discipline, maintaining reduced production schedules to manage dealer inventories • Favorable long-term demographic trends, including growing penetration of Millennial and Gen Z consu
Slide 6: Net sales, operating income and diluted EPS
Q1 2022 Q1 2023 RV Marine Housing $4.54 $1.35 Q1 2022 Q1 2023 $162 $56 Q1 2022 Q1 2023 12.1% 6.2% • Net Sales declined 33% as Marine revenue growth partially mitigated a 55% reduction in RV revenue and 14% reduction in Housing revenue • Gross margin remained stable due to improved mix of Marine reve
Slide 7: Capital structure, liquidity and covenants
• $150.0M Term Loan ($135.0M o/s), scheduled quarterly installments; balance due August 2027 • $775.0M ($310.0M o/s) Senior Secured Revolver, due August 2027 • $300.0M 7.50% Senior Notes, due October 2027 • $258.8M 1.75% Convertible Senior Notes, due December 2028 • $350.0M 4.75% Senior Notes, due M
Slide 8: Appendix
Slide 9: Reconciliation of Net Leverage
RECONCILIATION OF NET LEVERAGE Use of Non-GAAP Financial Information * As defined by credit agreement which includes debt and cash balances -Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Pro-Forma Adjusted EBITDA, and Net Debt to Pro-Forma Adjusted EBITDA are non-GAAP fi