Patrick Industries, Inc. · NASDAQ:PATK
Patrick Industries — Investor Presentation (June 2022)
29 slides from Patrick Industries's investor presentation, Jun 6, 2022
Slide 1: Investor Presentation June 2022
June 2022 Investor Presentation 1 Investor Presentation June 2022
Slide 2: Forward Looking Statements
June 2022 Investor Presentation 2 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 Litigati
Slide 3: Patrick at a Glance
June 2022 Investor Presentation 3 PATRICK AT A GLANCE Q1’22 TTM Highlights Team members Years of Success Facilities Q1’22 TTM Revenue NASDAQ: PATK 12,000+ 63 250+ $4.6B Diluted EPS $12.131 Pro-Forma Adjusted EBITDA $637M2 Liquidity $319M Total Net Leverage 2.2x3 Value Proposition Strong portfolio un
Slide 4: Diversified Market Platform
June 2022 Investor Presentation 4 DIVERSIFIED MARKET PLATFORM Marine MH IndustrialRV 16%60% Q1’22 TTM revenue Q1’22 TTM revenue 13% Q1’22 TTM revenue 11% Q1’22 TTM revenue Fulfilling customer visions of interior and exterior dream homes Nationwide manufacturing and distribution footprint allows
Slide 5: Our Story
June 2022 Investor Presentation 5 $308 $437 $595 $736 $920 $1,222 $1,636 $2,263 $2,337 $2,487 $4,078 $4,570 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 LTM OUR STORY Together we have strategically built an incredible organization of great people, teams, brands, and leadership focused on e
Slide 6: Strong Trajectory of Net Sales and Adj. EBITDA
June 2022 Investor Presentation 6 STRONG TRAJECTORY OF NET SALES AND ADJ. EBITDA NET SALES GROWTH ($M) NET INCOME ($M) & DILUTED EPS PRO-FORMA ADJ. EBITDA ($M) AND MARGIN1 $1,636 $2,263 $2,337 $2,487 $4,078 $4,570 2017 2018 2019 2020 2021 Q1'22… $86 $120 $90 $97 $225 $290 2017 2018 2019 2020 2021 Q1
Slide 7: Continuing to Strengthen Patrick Portfolio
June 2022 Investor Presentation 7 CONTINUING TO STRENGTHEN PATRICK PORTFOLIO SALES COMPOSITION AS % OF REVENUE 69% 11% 13% 7% 60% 16% 13% 11% 2017 Q1’22 TTM RV Ind. MH Marine 1 Non-GAAP metric. See appendix for reconciliation to closest GAAP metric |2As of 12/31/2017 and 05/17/22, respectively | 3 A
Slide 8: Favorable Trends Across Our End Markets
June 2022 Investor Presentation 8 FAVORABLE TRENDS ACROSS OUR END MARKETS BOAT OWNERSHIP RV OWNERSHIP FAVORABLE MACRO TRENDS 263,294 275,103 273,020 290,396 315,362 2017 2018 2019 2020 2021 11.2 11.2 11.2 9.6 9.6 10.9 0 5 10 15 20 25 30 35 2020 2025 2026+ RV Owners 5 Year Intenders 6+ Year Intenders
Slide 9: Capital Allocation Strategy
June 2022 Investor Presentation 9 CAPITAL ALLOCATION STRATEGY HISTORICAL CAPITAL ALLOCATION $ in millions $252 $343 $56 $306 $508 $0 $100 $200 $300 $400 $500 $600 2017 2018 2019 2020 2021 Share Repurchases Dividends M&A Capex $274 $485 $94 $385 $649 2017 2018 2019 2020 2021 Operating Cashflow: $100M
Slide 10: Strong Liquidity Profile
June 2022 Investor Presentation 10 STRONG LIQUIDITY PROFILE Liquidity ($M) Total Revolver Credit Capacity $550.0 Less: Total Revolver Used (including outstanding letters of credit) (294.4) Unused Credit Capacity 255.6 Add: Cash on Hand 63.8 Total Available Liquidity $319.4 Highlights (Q1 ’22 TTM) Re
Slide 11: Leisure Lifestyle
June 2022 Investor Presentation 11 LEISURE LIFESTYLE 79,642 30,426 48,225 93,103 49,831 29,059 44,053 40,212 41,085 49,739 67,778 44,278 41,390 48,737 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Marine Industry Shipments 181,574 103,248 129,865 201,099 147,065 89,572 108,457 124,124 130,221 148,507 15
Slide 12: Marine
June 2022 Investor Presentation 12 MARINE CAGR 56.1% CAGR 63.8% Marine Net Sales ($M) Content Per Unit MARINE arket Insights Significant OEM backlogs remain New buyer traffic and activity remain strong Dealer inventories continue to be at low levels Supply Chain Visibility continues Key Cust
Slide 13: RV
June 2022 Investor Presentation 13 MARINE $112 $274 $329 $339 $665 $750 2017 2018 2019 2020 2021 Q1'22 TTM CAGR 56.4% CAGR 63.9% $504 $1,165 $1,695 $2,111 $3,632 $4,113 2017 2018 2019 2020 2021 Q1'22 TTM Marine Net Sales ($M) Content Per Unit RV arket Insights Key Customers Prioritization Future Out
Slide 14: Housing & Industrial
June 2022 Investor Presentation 14 Housing & Industrial Housing Starts Key Highlights Limited availability of housing is a positive indicator for growth Capital deployment to support capacity expansion and new product development to enhance organic growth Four acquisitions since 2018 Product C
Slide 15: Manufactured Housing
June 2022 Investor Presentation 15 MARINE CAGR 56.4% CAGR 63.9% Manufactured Housing arket Insights Key Customers Prioritization Future Outlook MH Net Sales ($M)27 2 27 5 MH ASPs remain at historical highs OEM production rates building momentum Demographic trends continue to support strong dem
Slide 16: Industrial
June 2022 Investor Presentation 16 MARINE Industrial arket Insights Key Customers Prioritization Future Outlook Industrial Net Sales ($M)CAGR 25.7% Homeowners continue to spend on home upgrades & DIY projects Limited inventory fueling demand for residential construction Robust single and multi
Slide 17: Strategic Diversification Helps Mitigate End-Market Pressures
June 2022 Investor Presentation 17 2016 2017 2018 2019 2020 2021 2022P Strategic Diversification helps mitigate discreet end-market pressures 1RV: THO, WGO, REVG MARINE: PII, MCFT, MBUU, BC MH/IND: CVCO, SKY, KBH | 2 RV Industry Association/Company Estimates| 3National Marine Manufacturers Associati
Slide 18: ESG: Current and Upcoming Initiatives
June 2022 Investor Presentation 18 ESG: CURRENT AND UPCOMING INITIATIVES Governance In 2021, Just in our RV facilities, we Recycled and Upcycled: Over 46,000 tons of wood product 8 million pounds of plastic 11 million pounds of aluminum 1 million pounds of steel A reduction of VOC emissions by 20% f
Slide 19: Leadership with Deep Industry Experience
June 2022 Investor Presentation 19 LEADERSHIP WITH DEEP INDUSTRY EXPERIENCE Andy Nemeth CEO Jeff Rodino President Kip Ellis COO Jake Petkovich CFO 30 years Industry experience 28 years Industry experience 25 years Industry experience 26 years Industry experience 100+ years of industry experience s
Slide 20: Growth Engine
June 2022 Investor Presentation 20 GROWTH ENGINE Cross-pollinate sales across customers and market sectors Leading market position in key product categories Long-term secular growth across all end markets & favorable demographics Expand into new geographic regions New product development and product
Slide 21: Appendix
June 2022 Investor Presentation 21 Appendix
Slide 22: Non-GAAP Reconciliations
June 2022 Investor Presentation 22 NON-GAAP RECONCILIATIONS Reconciliation of Net Income to Adj. EBITDA & Pro-Forma Adj. EBITDA Net Sales $1,222 $1,636 $2,263 $2,337 $2,487 $4,078 $4,570 Adj. EBITDA Margin (%) 11.3% 12.2% 12.4% 10.7% 13.1% 13.0% 13.9% Fiscal Year Ended December 31, TTM ended March 2
Slide 23: End Market Categories
June 2022 Investor Presentation 23 END MARKET CATEGORIES Single-Section Homes Multi-Section Homes ASP: $71,600 | 43% of Market ASP: $129,800 | 57% of Market TOWABLE Shipments: 91% Wholesale | 68% Retail Value MOTORIZED Shipments: 9% Wholesale | 32% Retail Value Travel Trailer | ASP: $28,900 Fifth Wh
Slide 24: Key Product Categories
June 2022 Investor Presentation 24 KEY PRODUCT CATEGORIES Fiberglass and Plastic Thermoformed Helm Systems Wiring and Wire Harnesses Electrical Systems and Components Fabricated Aluminum and Steel Components Boat Covers, Towers, Tops and Frames Anchoring, Docking and Boarding Vinyl and Paper Laminat
Slide 25: Patrick Product Lines: RV Exterior
June 2022 Investor Presentation 25 PATRICK PRODUCT LINES: RV EXTERIOR Additional Supplied Products Softwoods Full Body Paint Aluminum Gauges Steel Gauges Mill Finish & Pre-painted Aluminum and Steel Slit & Embossed Steel FRP Coil & Sheet Trim Panels Fuel Systems Metal Extrusions
Slide 26: Patrick Product Lines: RV Interior
June 2022 Investor Presentation 26 PATRICK PRODUCT LINES: RV INTERIOR Additional Supplied Products Exit Lighting Power Cords & Inlets RV Tank Heater Pads Fire Extinguishers Electric Fireplaces Wiring, Electrical & Plumbing Inverters Tire Pressure Monitors Electrical Switches, Recep
Slide 27: Patrick Product Lines: Marine
June 2022 Investor Presentation 27 PATRICK PRODUCT LINES: MARINE Additional Supplied Products Softwoods Full Body Paint Aluminum Gauges Steel Gauges Mill Finish & Pre-painted Aluminum and Steel Slit & Embossed Steel FRP Coil & Sheet Trim Panels Fuel Systems Metal Extrusions Alumi
Slide 28: Patrick Product Lines: Manufactured Housing
June 2022 Investor Presentation 28 PATRICK PRODUCT LINES: MANUFACTURED HOUSING Additional Supplied Products Softwoods Full Body Paint Aluminum Gauges Steel Gauges Mill Finish & Pre-painted Aluminum and Steel Slit & Embossed Steel FRP Coil & Sheet Trim Panels Fuel Systems Metal Ex
Slide 29: www.patrickind.com
June 2022 Investor Presentation 29 www.patrickind.com
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