Patrick Industries, Inc. · NASDAQ:PATK
Patrick Industries — Q3 2020 Earnings Presentation
12 slides from Patrick Industries's earnings presentation, Oct 29, 2020
Slide 1: 3rd Quarter 2020 Earnings Presentation
3RD QUARTER 2020 EARNINGS PRESENTATION October 29, 2020
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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 forwa
Slide 3: Patrick Industries at a Glance
PATRICK INDUSTRIES AT A GLANCE (NASDAQ: PATK) Key Component Manufacturer and Supplier to RV, Marine, Manufactured Housing and Industrial Markets KEY FACTS SUSTAINABLE COMPETITIVE ADVANTAGES Founded 1959 Experienced management team with an average of 20+ years of industry experience Headquartered Elk
Slide 4: Key Messages
KEY MESSAGES Prioritizing health and safety of team members by maintaining a 1 safe work environment while continuing to serve our customers Successfully flexing capacity and making strategic investments to 2 align with increasing consumer demand 3 Leveraging flexible capital structure to pursue acq
Slide 5: 3rd Quarter 2020 Financial Summary
3RD QUARTER 2020 FINANCIAL SUMMARY FINANCIAL RESULTS1 Net sales increased 24% to $700.7M • Sales increase driven by strong consumer demand in our Operating income increased 60% to $59.8M leisure lifestyle and industrial markets Operating margin increased 190 basis points to 8.5% • Strong earnings re
Slide 6: Market Sector Trends
MARKET SECTOR TRENDS RV MARINE MH INDUSTRIAL Wholesale . Q3: +33% . Q3 (est.): (4%) . Q3 (est.): (2%) . Q3: +11% Shipments . ‘20FY (est.): +MSD . ‘20FY (est.): (LDD) . ‘20FY (est.): +LSD–MSD . ‘20FY (est.): +LSD–MSD Retail . Q3: +25%–30% . Q3: +30%–35% . Q3: (2%) Shipments1 . ‘20FY: +MSD–HSD . ‘20FY
Slide 7: 3rd Quarter 2020 Financial Results
3RD QUARTER 2020 FINANCIAL RESULTS ($ MILLIONS EXCEPT PER SHARE DATA) OPERATING CASH FLOW FROM NET SALES DILUTED EPS INCOME & MARGIN OPERATIONS +24% +60% +76% (8%) $1.62 $700.7 $59.8 $122.0 $112.8 $566.2 8.5% $37.4 $0.92 6.6% Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q3 2019 Q3 2020 9M 2019 9M 2020 . Growth l
Slide 8: Performance by Market Sectors
PERFORMANCE BY MARKET SECTORS ($ MILLIONS) Leisure Lifestyle1 Housing and Industrial1 RV MH +36% (1%) $421.2 $109.1 $107.8 $310.0 Q3 2019 Q3 2020 Q3 2019 Q3 2020 . 60% of sales in Q3 2020 . 15% of sales in Q3 2020 . Content per Unit (TTM) – relatively flat at approximately $3,140 . Content per Unit
Slide 9: Balance Sheet, Cash Flow and Liquidity
BALANCE SHEET, CASH FLOW AND LIQUIDITY The strength of our cash flows, combined with our liquidity continue to provide us with the flexibility to navigate a variety of scenarios through these unprecedented times DEBT STRUCTURE AND MATURITIES NET LEVERAGE1 ($ millions) . $550M Senior Secured Revolver
Slide 10: Conclusion / Takeaways
CONCLUSION / TAKEAWAYS MARKET BUSINESS LEADERSHIP STRATEGIC LIQUIDITY POSITION MODEL Market leader in our Deep industry Flexible, high Disciplined cost Strong balance primary market experience and variable cost management sheet with no near- sectors; uniquely proven track record business model to ba
Slide 11: Appendix
Appendix 3rd Quarter 2020 Earnings Presentation
Slide 12: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Reconciliation of Net Income to EBITDA to LTM Adjusted EBITDA ($ in millons) LTM 9/27/20 Net income $ 79.2 + Depreciation & amortization 69.3 + Interest Expense, net 42.2 + Income taxes 25.8 EBITDA 216.5 + Stock compensation expense 14.6 + Acquisition proforma, transaction-r