Slide 1: 4th Quarter 2021 Earnings Presentation
p 4th Quarter 2021 Earnings Presentation
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
VALUE PROPOSITION Experienced management team with an average of 27+ years of industry experience Leading market position in major product categories Deep customer relationships with 30+ years for top customers, including key design partners Strong Free Cash Flow (FCF) generation & FCF conversion Fa
Slide 4: Q4 2021 Key Highlights
1 Growth in Total Revenue of +49% Y/Y • RV / Marine driven by outdoor recreation trends, strong execution of nimble platform against continued lean dealer inventory and need for channel inventory replenishment • Industrial and MH driven by housing demand, low interest rates and shift from urban to s
Slide 5: Q4 2021 Financial Performance
$62 $95 Q4 2020 Q4 2021 $773 $1,147 Q4 2020 Q4 2021 NET SALES OPERATING INCOME & MARGIN DILUTED EPS CASH FLOW FROM OPERATIONS Q4 2021 FINANCIAL PERFORMANCE ($ millions except per share data) 5 8.0% 8.3% • 49% increase in Net Sales driven by increased demand in each of our four end markets • Gross ma
Slide 6: Performance by Market Sectors
• Content per Unit – increased 24% to $4,006 ($ millions ) MARINE INDUSTRIAL PERFORMANCE BY MARKET SECTORS Leisure Lifestyle1 Housing and Industrial1 MH • Content per Unit – increased 76% to $3,632 • Content growth driven by market share gains, aftermarket growth and acquisitions • Content per Unit
Slide 7: Industry Trends
Industry Trends • Long term demographic shift of RV owners • Dealer inventories at a healthier state compared to year end 2020 against record OEM backlogs • Traditional seasonal winter retail demand trends • Dealers preparing for primary selling months in 2022 • New buyer traffic and activity remain
Slide 8: Balance Sheet, Cash Flow and Liquidity
BALANCE SHEET, CASH FLOW AND LIQUIDITY 1 As of 12/31/21; 2 As defined by credit agreement DEBT STRUCTURE AND MATURITIES1 • $150M Term Loan ($144M o/s), pre-determined quarterly installments; balance due April 2026 • $550M ($135M o/s) Senior Secured Revolver, due April 2026 • $172.5M 1.00% Convertibl
Slide 9: Compelling Investment Thesis Creating Long-Term Shareholder Value
STRATEGIC ACQUISITIONS Execute on strategic acquisitions in primary markets INNOVATION New product development and product line extensions INDUSTRY GROWTH BUSINESS MODEL Flexible, high variable cost business model to drive operational efficiency and navigate through all economic conditions MARKET PO
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP Reconciliations
($ in millions) LTM 12/31/2021 Net Income $ 224.9 +Depreciation & Amortization 104.8 + Interest Expense, net 57.9 + Income Taxes 68.9 EBITDA $ 456.5 + Stock Compensation Expense 22.9 + Acquisition proforma, transaction-related expenses & other 51.4 Adjusted EBITDA $ 530.8 NON-GAAP RECONCILIATIONS Us
Slide 12: w% PATRICK
w% PATRICK | https://www.facebook.com/PatrickIndustries/ https://www.instagram.com/patrickindustries/?hl=en BE aicinsusis ne PATRICKIND.COM