Patrick Industries, Inc. · NASDAQ:PATK

Patrick Industries — Investor Presentation (November 2022)

27 slides from Patrick Industries's investor presentation, Nov 28, 2022

  1. Slide 1: Investor Presentation November 2022

    November 2022 Investor Presentation1 Investor Presentation November 2022

  2. Slide 2: Forward Looking Statements

    November 2022 Investor Presentation2 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 Litig

  3. Slide 3: Patrick at a Glance

    November 2022 Investor Presentation3 Q3’22 TTM Highlights Team members 11,000 Years of Success 63 Facilities 250+ Q3’22 TTM Revenue $5.1B Pro-Forma Adjusted EBITDA $701M2 Free Cash Flow $250M2 Liquidity $485M3 Total Net Leverage 1.8x4 Strong portfolio unifies historically fragmented markets Investme

  4. Slide 4: Fulfilling customers' visions of home interiors & exteriors

    November 2022 Investor Presentation4  Fulfilling customers’ visions of home interiors & exteriors  Nationwide manufacturing and distribution footprint allows Patrick to provide products to entire U.S. more efficiently than other competitors  Aligned with long-term secular growth in housing demand

  5. Slide 5: Our Story

    November 2022 Investor Presentation5 $308 $437 $595 $736 $920 $1,222 $1,636 $2,263 $2,337 $2,487 $4,078 $5,077 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 LTM $8 $28 $24 $31 $42 $56 $86 $120 $90 $97 $225 $349 $21 $37 $53 $71 $106 $122 $166 $248 $240 $293 $531 $701 $0.37 $1.17 $0.99 $1.27

  6. Slide 6: Strong Trajectory of Net Sales and Adj. EBITDA

    November 2022 Investor Presentation6 17.1% 18.4% 18.1% 18.5% 19.6% 21.4% 12.2% 12.4% 10.7% 13.1%13.0% 13.8% STRONG TRAJECTORY OF NET SALES AND ADJ. EBITDA NET SALES GROWTH ($M) & GROSS MARGIN NET INCOME ($M) & DILUTED EPS PRO-FORMA ADJ. EBITDA1 ($M) AND MARGIN $1,636 $2,263 $2,337 $2,487 $4,078 $5,0

  7. Slide 7: Evolution of PATK Portfolio

    November 2022 Investor Presentation7 56% 19% 14% 11% RV Marine MH Industrial$5.1B Net Sales Grew by $3.5 Billion in Five Years $1.6B Evolution of PATK Portfolio Broadening our Portfolio (Net Sales Composition as %) Q3’22 TTM $971M$112M Growing Aftermarket Presence (Marine Net Sales) Impressive Net S

  8. Slide 8: Favorable Trends Supporting Our Diverse Portfolio

    November 2022 Investor Presentation8 746 791 790 763 808 796 791 804 821 826 813 805 875 881 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 746 791 790 763 808 796 791 804 821 826 813 805 875 881 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 201 146 132 133 146 155 174 188 200 210

  9. Slide 9: Capital Allocation Strategy

    November 2022 Investor Presentation9 Historical Capital Allocation $ in millions 2017 2018 2019 2020 2021 Q3 ‘22 TTM Operating Cashflow: $100M $200M $192M $160M $252M $335M Total Net Leverage1: 1.8x 2.4x 2.3x 2.4x 2.3x 1.8x Liquidity2: $163M $412M $551M $315M $532M $485M Free Cash Flow3: $78M $166M

  10. Slide 10: Strong Liquidity Profile

    November 2022 Investor Presentation10 STRONG LIQUIDITY PROFILE Pro Forma Liquidity3 ($M) Total Revolver Credit Capacity $775.0 Less: Total Revolver Used4 (including outstanding letters of credit) (140.5) Unused Credit Capacity 634.5 Add: Cash on Hand4 53.3 Total Liquidity $687.8 Less: Reserve for 1.

  11. Slide 11: Marine

    November 2022 Investor Presentation11 MARINE TTM Marine Net Sales ($M) TTM Content Per Unit MARINE arket Insights  Dealer inventories continue to be at low levels  Increasing supply chain visibility  Improving aftermarket penetration Key Customers Prioritization Future Outlook Marine revenue expe

  12. Slide 12: RV

    November 2022 Investor Presentation12 MARINE RV arket Insights Key Customers Prioritization Future Outlook  Towable inventories at normalized levels  Younger demographic groups purchasing RVs  Expecting a return to normal seasonal patterns  Outdoor Lifestyle demand remains strong RV remains a ke

  13. Slide 13: Key Highlights: Housing

    November 2022 Investor Presentation13 Key Highlights  Limited availability of housing is a positive indicator for growth  Rising interest rates tempering demand for single-family housing  Capital deployment to support capacity expansion and new product development to enhance organic growth  Four

  14. Slide 14: Manufactured Housing

    November 2022 Investor Presentation14 MARINE Manufactured Housing arket Insights Key Customers Prioritization Future Outlook TTM MH Net Sales ($M)  REITs and Developers help fill affordable housing gap in a high interest rate environment  OEMs increasing production capacities  Demographic trends

  15. Slide 15: Industrial

    November 2022 Investor Presentation15 MARINE Industrial arket Insights Key Customers Prioritization Future Outlook TTM Industrial Net Sales ($M)  Homeowners continue to spend on home upgrades & DIY projects  Housing inventory supports long-term demand for residential construction  Robust multifam

  16. Slide 16: ESG Impact

    November 2022 Investor Presentation16 Publication of first sustainability report targeted for year-end 2022 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

  17. Slide 17: Leadership with Deep Industry Experience

    November 2022 Investor Presentation17 LEADERSHIP WITH DEEP INDUSTRY EXPERIENCE Andy Nemeth CEO Jeff Rodino President Jake Petkovich CFO Kip Ellis COO 30 years Industry experience 28 years Industry experience 26 years Industry experience 25 years Industry experience  100+ years of industry experienc

  18. Slide 18: Growth Engine

    November 2022 Investor Presentation18 Cross-pollinate sales across customers and market sectors Leading market position in key product categories Favorable demographics support long-term growth across all end markets Improves our ability to support customers with regionally diverse operations New pr

  19. Slide 19: Appendix

    November 2022 Investor Presentation19ber 202 Investor Pres ntation Appendix

  20. Slide 20: Non-GAAP Reconciliations

    November 2022 Investor Presentation20 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 $5,077 Adj. EBITDA Margin (%) 11.3% 12.2% 12.4% 10.7% 13.1% 13.0% 13.8% Fiscal Year Ended December 31, TTM ended 9/25

  21. Slide 21: End Market Categories

    November 2022 Investor Presentation21 END MARKET CATEGORIES Single-Section Homes Multi-Section Homes ASP: $72,600 | 42% of Market ASP: $132,000 | 58% of Market TOWABLE Shipments: 91% Wholesale | 68% Retail Value MOTORIZED Shipments: 9% Wholesale | 32% Retail Value Travel Trailer | ASP: $28,300 Fifth

  22. Slide 22: Key Product Categories

    November 2022 Investor Presentation22 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 Lami

  23. Slide 23: Patrick Product Lines: RV Exterior

    November 2022 Investor Presentation23 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 Extrusio

  24. Slide 24: Patrick Product Lines: RV Interior

    November 2022 Investor Presentation24 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, Re

  25. Slide 25: Patrick Product Lines: Marine

    November 2022 Investor Presentation25 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 Al

  26. Slide 26: Patrick Product Lines: Manufactured Housing

    November 2022 Investor Presentation26 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

  27. Slide 27: www.patrickind.com

    November 2022 Investor Presentation27 www.patrickind.com

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