Patrick Industries, Inc. · NASDAQ:PATK
Patrick Industries — Investor Presentation (November 2022)
27 slides from Patrick Industries's investor presentation, Nov 28, 2022
Slide 1: Investor Presentation November 2022
November 2022 Investor Presentation1 Investor Presentation November 2022
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
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
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
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 $1.27
Slide 6: Strong Trajectory of Net Sales and Adj. EBITDA
November 2022 Investor Presentation6 17.1% 18.4% 18.1% 18.5% 19.6% 21.4% 12.2% 12.4% 10.7% 13.1%13.0% 13.8% STRONG TRAJECTORY OF NET SALES AND ADJ. EBITDA NET SALES GROWTH ($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
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
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
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 $166M
Slide 10: Strong Liquidity Profile
November 2022 Investor Presentation10 STRONG LIQUIDITY PROFILE Pro Forma Liquidity3 ($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 $687.8 Less: Reserve for 1.
Slide 11: Marine
November 2022 Investor Presentation11 MARINE TTM Marine Net Sales ($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
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
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
Slide 14: Manufactured Housing
November 2022 Investor Presentation14 MARINE Manufactured Housing arket Insights Key Customers Prioritization Future Outlook TTM MH Net Sales ($M) REITs and Developers help fill affordable housing gap in a high interest rate environment OEMs increasing production capacities Demographic trends
Slide 15: Industrial
November 2022 Investor Presentation15 MARINE Industrial arket Insights Key Customers Prioritization Future Outlook TTM Industrial Net Sales ($M) Homeowners continue to spend on home upgrades & DIY projects Housing inventory supports long-term demand for residential construction Robust multifam
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
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
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
Slide 19: Appendix
November 2022 Investor Presentation19ber 202 Investor Pres ntation Appendix
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
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
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
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
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
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
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
Slide 27: www.patrickind.com
November 2022 Investor Presentation27 www.patrickind.com
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