# EDGAR Filing Document

**Accession Number:** 0000076605
**File Stem:** 0000076605-25-000216
**Filing Date:** 2025-10
**Character Count:** 36337
**Document Hash:** c206bd7e3f050bccda6a47ac97d0b20a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000076605-25-000216.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000076605-25-000216

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PATRICK INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000076605
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 351057796
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-03922
- **FILM NUMBER:** 251432372

**BUSINESS ADDRESS:**
- **STREET 1:** 107 WEST FRANKLIN STREET
- **CITY:** ELKHART
- **STATE:** IN
- **ZIP:** 46516
- **BUSINESS PHONE:** 574-294-7511

**MAIL ADDRESS:**
- **STREET 1:** 107 WEST FRANKLIN STREET PO BOX 638
- **CITY:** ELKHART
- **STATE:** IN
- **ZIP:** 46515

?xml version='1.0' encoding='ASCII'? patk-20251030

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**FORM 8-K CURRENT REPORT Pursuant To Section 13 OR 15(d) Of The Securities Exchange Act Of 1934** 

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| | |
|:---|:---|
| Date of report (Date of earliest event reported) | **October 30, 2025** |
| **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |

---

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| | | |
|:---|:---|:---|
| **Indiana** | **000-03922** | **35-1057796** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **107 W. Franklin Street** | **107 W. Franklin Street** | | | |
| **Elkhart,** | **Indiana** | **46516** | **(574)** |<br>**294-7511** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) | Registrant's Telephone Number, including area code | Registrant's Telephone Number, including area code |

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 <br> (Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered <br> <u> Common Stock, no par value</u> <u> PATK</u> <u>NASDAQ</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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**Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition** 

On October 30, 2025, the Company issued a press release announcing operating results for the third quarter ended September 28, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

**Item 7.01 &nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

The information referenced in this Form 8-K is furnished pursuant to Item 7.01, "Regulation FD Disclosure." Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>[Exhibit 99.1](patk2025-q3991.htm)</u> - Press Release issued October 30, 2025

Exhibit 104 - Cover Page Interactive Date File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| |
|:---|
| **PATRICK INDUSTRIES, INC.** |
| (Registrant) |

---

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| | | |
|:---|:---|:---|
| Date: October 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Andrew C. Roeder |
|  |  | Andrew C. Roeder |
|  |  | Executive Vice President - Finance, Chief Financial Officer, and Treasurer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;![patrick-2024xlogoxlogoxful.jpg](patrick-2024xlogoxlogoxful.jpg)

**News Release**

**Patrick Industries, Inc. Reports Third Quarter 2025 Financial Results**

**Third Quarter 2025 Highlights** *(compared to Third Quarter 2024 unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased 6% to $976 million driven by solid organic growth and acquisitions, partially offset by industry shipment declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company reported higher revenue in each of its four primary end markets reflecting continued resilience and strength in content per unit as a result of acquisitions and organic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income was $66 million compared to $74 million in the prior year period. Operating margin was 6.8% compared to 8.1% in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $35 million compared to $41 million in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share (EPS) was $1.01 compared to EPS of $1.20 for the prior year period. EPS includes the dilutive impact of convertible notes and related warrants, or approximately $0.07 per share, compared to $0.04 in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>1</sup> was $112 million versus $121 million in the comparable period last year; adjusted EBITDA margin<sup>1</sup> was 11.5% compared to 13.2% in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow provided by operating activities, on a year-to-date basis, was $199 million compared to $224 million in the prior year period; free cash flow<sup>1</sup>, on a trailing twelve-month basis, was $211 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Returned $13 million to shareholders through regular quarterly dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total net liquidity was $779 million at the end of the third quarter; total net leverage ratio was 2.8x.

ELKHART, IN, October 30, 2025 – Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, today reported financial results for the third quarter and nine months ended September 28, 2025.

"Our team's continued focus on customer service and partnership, innovation, and new product development over the past 18 months resulted in market share gains across our portfolio," said Andy Nemeth, Chief Executive Officer. "Our OEM partners are looking for creative, differentiated product offerings while continuing to demonstrate production discipline with lean channel inventories. Several new innovations and concepts introduced by our Advanced Product Group are starting to take hold as we look to further gain traction as an industry leader in full component solutions."

Net sales increased 6% to $976 million compared to $919 million in the third quarter of 2024. The growth in net sales was due to higher revenue in all four of the Company's primary end markets, driven by market-share gains and acquisitions.

Operating income was $66 million compared to $74 million in the third quarter of 2024. Operating margin decreased 130 basis points to 6.8% versus the same period a year ago due to temporary factors including inefficiencies related to model-year changeover.

Net income was $35 million, or $1.01 per diluted share, compared to $41 million, or $1.20 per diluted share in the third quarter of 2024. Diluted earnings per share in the third quarter of 2025 include approximately $0.07 of dilution from the Company's convertible notes and related warrants compared to $0.04 in the prior year period.

Jeff Rodino, President, said, "The entrepreneurial spirit, scale, and overall expertise at Patrick continue to drive our ability to create additional value for customers and stakeholders. Our strategic and disciplined approach to deploying capital toward initiatives that generate attractive long-term returns continues to show

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tangible benefits. We are successfully advancing our innovation pipeline through our Advanced Product Group and expanding our full-solutions model, while strengthening our OEM relationships. Simultaneously, these investments, coupled with targeted acquisitions, improve the depth and breadth of our product offerings and further enhance our growing presence in the aftermarket. This quarter, we completed the acquisition of LilliPad Marine, a designer and manufacturer of premium, innovative boat ladders, diving board systems and other marine accessories. LilliPad distributes award-winning and patented products through the OEM and aftermarket channels."

**Third Quarter 2025 Revenue by Market Sector** *(compared to Third Quarter 2024 unless otherwise noted)*

**RV** (44% of Revenue)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $426 million increased 7% while wholesale RV industry unit shipments decreased 2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Content per wholesale RV unit (on a trailing twelve-month basis) increased 3% to $5,055 when compared to the prior year period, and increased 2% when compared to the second quarter of 2025.

**Marine** (15% of Revenue)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $150 million increased 11% while estimated wholesale powerboat industry unit shipments were flat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased 4% to $4,091 when compared to the prior year period, and increased 3% when compared to the second quarter of 2025.

**Powersports** (10% of Revenue)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $98 million increased 12% as Patrick's attachment rates for premium utility vehicle content improved and revenue grew in its other Powersports businesses.

**Housing** (31% of Revenue, comprised of Manufactured Housing ("MH") and Industrial)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $302 million increased 1%; estimated wholesale MH industry unit shipments decreased 2%; estimated total housing starts were down 2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimated content per wholesale MH unit (on a trailing twelve-month basis) increased 2% to $6,682 when compared to the prior year period, and was flat when compared to the second quarter of 2025.

**Balance Sheet, Cash Flow and Capital Allocation**

For the first nine months of 2025, cash provided by operating activities was $199 million compared to $224 million for the prior year period, primarily due to increased investment in inventory in alignment with our innovation and capacity plan to effectively scale with our customers. Purchases of property, plant and equipment totaled $26 million in the third quarter of 2025, reflecting the Company's commitment to continuous improvement and operational excellence through automation, innovation and process modernization, alongside maintenance capital expenditures. On a trailing twelve-month basis, free cash flow<sup>1</sup> through the third quarter of 2025 was $211 million compared to $277 million in the prior year period.

Patrick remained disciplined in allocating and deploying capital, while returning approximately $13 million to shareholders in the third quarter of 2025 through dividends. The Company remains opportunistic on share repurchases and had $168 million of unused capacity under its current share repurchase plan at the end of the third quarter.

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Total debt at the end of the third quarter was approximately $1.3 billion, resulting in a total net leverage ratio of 2.8x (as calculated in accordance with our credit agreement). Available liquidity, comprised of borrowing availability under our credit facility and cash on hand, was approximately $779 million.

**Business Outlook and Summary**

"With the talent, capacity, scalability, and flexibility to support our customers, coupled with a solid balance sheet and strong cash flow generation, we are well positioned for the fourth quarter and fiscal 2026, and we continue to operate from a position of strength," continued Mr. Nemeth. "Channel inventories are lean and we have made the operational investments needed to augment our performance when demand inflects. We expect the organizational enhancements we have implemented to accelerate execution of our profitable growth plan, improve margins, and continue to position Patrick as a value-add, scalable supplier of choice for our customers."

<sup>1</sup>*See additional information at the end of this release regarding non-GAAP financial measures.*

**Conference Call Webcast**

Patrick Industries will host an online webcast of its third quarter 2025 earnings conference call that can be accessed on the Company's website, <u>www.patrickind.com</u>, under "Investors," on Thursday, October 30, 2025 at 10:00 a.m. Eastern Time. In addition, a supplemental earnings presentation can be accessed on the Company's website, <u>www.patrickind.com</u>, under "Investors." A replay will also be available on the "Investors" section of our website following the call.

**About Patrick Industries, Inc.**

Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit <u>www.patrickind.com</u>.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains certain statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are forward-looking in nature. The forward-looking statements are based on current expectations and our actual results may differ materially from those projected in any forward-looking statement. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Factors that could cause actual results to differ materially from those in forward-looking statements included in this press release include, without limitation: adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products and inflationary pressures; the financial condition of our customers or suppliers; the loss of a significant customer; changes in consumer preferences; declines in the level of unit shipments or reduction in growth in the markets we serve; the availability of retail and wholesale financing for RVs, watercraft and powersports products, and residential and manufactured homes; pricing pressures due to competition; costs and availability of raw materials, commodities and energy and transportation; supply chain issues, including financial problems of manufacturers, dealers or suppliers and shortages of adequate materials or manufacturing capacity; the challenges and risks associated with doing business internationally; challenges and risks associated with importing products, such as the imposition of duties, tariffs or trade restrictions, changes in international trade relationships or governmental policies, including the imposition of price caps, or the imposition of trade restrictions or tariffs on any materials or products used in the operation of our business; the ability to manage our working capital, including inventory and inventory obsolescence; the availability and costs of labor and production facilities and the impact of labor shortages; fuel shortages or high prices for fuel; any interruptions or disruptions in production at one of our key facilities; challenges with integrating acquired businesses; the impact of the consolidation and/or closure of all or part of a manufacturing or distribution facility; an impairment of assets, including goodwill and other long-lived assets; an inability to attract and retain qualified executive officers and key personnel; the effects of

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union organizing activities; the impact of governmental and environmental regulations, and our inability to comply with them; changes to federal, state, local or certain international tax regulations; unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; public health emergencies or pandemics, such as the COVID-19 pandemic; our level of indebtedness; our inability to comply with the covenants contained in our senior secured credit facility; an inability to access capital when needed; the settlement or conversion of our notes; fluctuations in the market price for our common stock; an inability of our information technology systems to perform adequately; any disruptions in our business due to an IT failure, a cyber-incident or a data breach; any adverse results from our evaluation of our internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002; certain provisions in our Articles of Incorporation and Amended and Restated By-laws that may delay, defer or prevent a change in control; adverse conditions in the insurance markets; and the impact on our business resulting from wars and military conflicts, such as war in Ukraine and evolving conflict in the Middle East.

The Company does not undertake to publicly update or revise any forward-looking statements. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at <u>www.sec.gov</u>. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

**Contact:**

Steve O'Hara

Vice President of Investor Relations

oharas@patrickind.com

574.294.7511 4

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| | | | | |
|:---|:---|:---|:---|:---|
| **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)** |
| | **Third Quarter Ended** | **Third Quarter Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *($ and shares in thousands, except per share data)* | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| **Net sales** | $975631 | $919444 | $3026605 | $2869560 |
| Cost of goods sold | 754667 | 706930 | 2326418 | 2220897 |
| **Gross profit** | 220964 | 212514 | 700187 | 648663 |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouse and delivery | 44449 | 37865 | 135106 | 114053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 86022 | 75783 | 273159 | 244617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 24200 | 24449 | 73338 | 71545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 154671 | 138097 | 481603 | 430215 |
| **Operating income** | 66293 | 74417 | 218584 | 218448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 18451 | 20050 | 56432 | 60483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  |  | 24420 |  |
| Income before income taxes | 47842 | 54367 | 137732 | 157965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 12539 | 13501 | 31755 | 34122 |
| **Net income** | $35303 | $40866 | $105977 | $123843 |
| **Basic earnings per common share** <sup>(1)</sup> | $1.09 | $1.25 | $3.26 | $3.80 |
| **Diluted earnings per common share** <sup>(1)</sup> | $1.01 | $1.20 | $3.08 | $3.70 |
| Weighted average shares outstanding - Basic <sup>(1)</sup> | 32381 | 32610 | 32523 | 32559 |
| Weighted average shares outstanding - Diluted <sup>(1)</sup> | 35081 | 33961 | 34440 | 33445 |

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*(1)Prior year periods reflect the impact of the three-for-two stock split paid in December 2024.*

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| | | |
|:---|:---|:---|
| **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** | **PATRICK INDUSTRIES, INC.** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| | **(Unaudited)** | |
| *($ in thousands)* | **September 28, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $20698 | $33561 |
| &nbsp;&nbsp;Trade and other receivables, net | 278374 | 178206 |
| &nbsp;&nbsp;Inventories | 599685 | 551617 |
| &nbsp;&nbsp;Prepaid expenses and other | 53135 | 59233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 951892 | 822617 |
| Property, plant and equipment, net | 412118 | 384903 |
| Operating lease right-of-use assets | 201192 | 200697 |
| Goodwill and intangible assets, net | 1568605 | 1600125 |
| Other non-current assets | 13368 | 12612 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3147175 | $3020954 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;Current maturities of long-term debt | $6250 | $6250 |
| &nbsp;&nbsp;Current operating lease liabilities | 54643 | 53697 |
| &nbsp;&nbsp;Accounts payable | 222037 | 187915 |
| &nbsp;&nbsp;Accrued liabilities | 124648 | 105753 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 407578 | 353615 |
| Long-term debt, less current maturities, net | 1320343 | 1311684 |
| Long-term operating lease liabilities | 150985 | 151026 |
| Deferred tax liabilities, net | 83140 | 61346 |
| Other long-term liabilities | 16623 | 14917 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1978669 | 1892588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 1168506 | 1128366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $3147175 | $3020954 |

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**PATRICK INDUSTRIES, INC.** 

 **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** 

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| *($ in thousands)* | **September 28, 2025** | **September 29, 2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $105977 | $123843 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 127222 | 124002 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 15167 | 14367 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 21794 |  |
| &nbsp;&nbsp;&nbsp;Other adjustments to reconcile net income to net cash provided by operating activities | 3166 | 2335 |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities, net of acquisitions of businesses | (74755) | (40357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 198571 | 224190 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (64744) | (50264) |
| &nbsp;&nbsp;&nbsp;Business acquisitions and other investing activities | (72151) | (435137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (136895) | (485401) |
| **Net cash flows (used in) provided by financing activities** | (74539) | 302408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | (12863) | 41197 |
| Cash and cash equivalents at beginning of year | 33561 | 11409 |
| Cash and cash equivalents at end of period | $20698 | $52606 |

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**PATRICK INDUSTRIES, INC.**

**Earnings Per Common Share (Unaudited)**

The table below illustrates the calculation of earnings per common share:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Third Quarter Ended** | **Third Quarter Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *($ in thousands, except per share data)* | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| **Numerator:** |  |  |  |  |
| Net income attributable to common shares | $35303 | $40866 | $105977 | $123843 |
| **Denominator:** <sup>(1)</sup> |  |  |  |  |
| Weighted average common shares outstanding - basic | 32381 | 32610 | 32523 | 32559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average impact of potentially dilutive convertible notes | 1492 | 831 | 1155 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average impact of potentially dilutive warrants | 916 | 175 | 504 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average impact of potentially dilutive securities | 292 | 345 | 258 | 318 |
| Weighted average common shares outstanding - diluted | 35081 | 33961 | 34440 | 33445 |
| **Earnings per common share:** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share | $1.09 | $1.25 | $3.26 | $3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | $1.01 | $1.20 | $3.08 | $3.70 |

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*(1)Prior year periods reflect the impact of the three-for-two stock split paid in December 2024.*

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**PATRICK INDUSTRIES, INC.**

**Non-GAAP Reconciliation (Unaudited)**

**Use of Non-GAAP Financial Metrics**

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides financial metrics, such as net leverage ratio, content per unit, free cash flow, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted diluted earnings per share ("adjusted diluted EPS"), adjusted operating margin, adjusted EBITDA margin and available liquidity, which we believe are important measures of the Company's business performance. These metrics should not be considered alternatives to U.S. GAAP. Our computations of net leverage ratio, content per unit, free cash flow, EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted EPS, adjusted operating margin, adjusted EBITDA margin and available liquidity may differ from similarly titled measures used by others. Content per unit metrics are generally calculated using our market sales divided by Company estimates based on third-party measures of industry volume. We calculate EBITDA by adding back depreciation and amortization, net interest expense, and income taxes to net income. We calculate adjusted EBITDA by taking EBITDA and adding back stock-based compensation, legal settlement, loss on sale of property, plant and equipment, acquisition related transaction costs, acquisition related fair-value inventory step-up adjustments and subtracting out the gain on sale of property, plant and equipment. Adjusted net income is calculated by removing the impact of acquisition related transaction costs, net of tax, legal settlement, net of tax and acquisition related fair-value inventory step-up adjustments, net of tax. Adjusted diluted EPS is calculated as adjusted net income divided by our weighted average shares outstanding. Adjusted operating margin is calculated by removing the impact of acquisition related transaction costs and acquisition related fair-value inventory step-up adjustments. We calculate free cash flow by subtracting cash paid for purchases of property, plant and equipment from net cash provided by operating activities. RV wholesale unit shipments are provided by the RV Industry Association. Marine wholesale unit shipments are Company estimates based on data provided by the National Marine Manufacturers Association. MH wholesale unit shipments are Company estimates based on data provided by the Manufactured Housing Institute. Housing starts are Company estimates based on data provided by the U.S. Census Bureau. You should not consider these metrics in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP.

The following tables reconcile net income to EBITDA, adjusted EBITDA and margins:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Third Quarter Ended** | **Third Quarter Ended** | **Third Quarter Ended** | **Third Quarter Ended** |
| *($ in thousands)* | *($ in thousands)* | **September 28, 2025** | **% of Net Sales** | **September 29, 2024** | **% of Net Sales** |
| Net income | Net income | $35303 | 3.6% | $40866 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Depreciation & amortization | 41967 | 4.3% | 42186 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Interest expense, net | 18451 | 1.9% | 20050 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Income taxes | 12539 | 1.3% | 13501 | 1.5% |
| EBITDA | EBITDA | 108260 | 11.1% | 116603 | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Stock-based compensation | 3867 | 0.4% | 4625 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;- | Gain on sale of property, plant and equipment | (29) | —% | (34) | —% |
| Adjusted EBITDA | Adjusted EBITDA | $112098 | 11.5% | $121194 | 13.2% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *($ in thousands)* | *($ in thousands)* | **September 28, 2025** | **% of Net Sales** | **September 29, 2024** | **% of Net Sales** |
| Net income | Net income | $105977 | 3.5% | $123843 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Depreciation & amortization | 127222 | 4.2% | 124002 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Interest expense, net | 56432 | 1.9% | 60483 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Income taxes | 31755 | 1.0% | 34122 | 1.2% |
| EBITDA | EBITDA | 321386 | 10.6% | 342450 | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Stock-based compensation | 15167 | 0.5% | 14367 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Acquisition related transaction costs | 64 | —% | 4998 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Acquisition related fair-value inventory step-up |  | —% | 822 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Legal settlement <sup>(1)</sup> | 24420 | 0.8% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Loss (gain) on sale of property, plant and equipment | 2065 | 0.1% | (402) | —% |
| Adjusted EBITDA | Adjusted EBITDA | $363102 | 12.0% | $362235 | 12.6% |

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*(1)Reflects a legal settlement which was included as "Other expenses" in the nine months ended September 28, 2025.* 

The following table reconciles cash flow from operations to free cash flow on a trailing twelve-month basis:

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| | | |
|:---|:---|:---|
| | **Trailing Twelve Months Ended** | **Trailing Twelve Months Ended** |
| *($ in thousands)* | **September 28, 2025** | **September 29, 2024** |
| Cash flows from operating activities | $301222 | $339032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: purchases of property, plant and equipment | (90162) | (61821) |
| Free cash flow | $211060 | $277211 |

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The following table reconciles operating margin to adjusted operating margin:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Third Quarter Ended** | **Third Quarter Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| Operating margin | 6.8% | 8.1% | 7.2% | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related transaction costs | —% | —% | —% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related fair-value inventory step-up | —% | —% | —% | —% |
| Adjusted operating margin | 6.8% | 8.1% | 7.2% | 7.8% |

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The following table reconciles net income to adjusted net income and diluted earnings per common share to adjusted diluted earnings per common share:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Third Quarter Ended** | **Third Quarter Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *($ in thousands, except per share data)* | *($ in thousands, except per share data)* | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| Net income | Net income | $35303 | $40866 | $105977 | $123843 |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Acquisition related transaction costs |  |  | 64 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Acquisition related fair-value inventory step-up |  |  |  | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;+ | Legal settlement <sup>(1)</sup> |  |  | 24420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- | Tax impact of adjustments |  |  | (6055) | (1488) |
| Adjusted net income | Adjusted net income | $35303 | $40866 | $124406 | $128175 |
| Diluted earnings per common share <sup>(2)</sup> | Diluted earnings per common share <sup>(2)</sup> | $1.01 | $1.20 | $3.08 | $3.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related transaction costs, net of tax <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related transaction costs, net of tax <sup>(2)</sup> |  |  |  | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related fair-value inventory step-up, net of tax <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related fair-value inventory step-up, net of tax <sup>(2)</sup> |  |  |  | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlement, net of tax | &nbsp;&nbsp;&nbsp;&nbsp;Legal settlement, net of tax |  |  | 0.53 |  |
| Adjusted diluted earnings per common share <sup>(2)</sup> | Adjusted diluted earnings per common share <sup>(2)</sup> | $1.01 | $1.20 | $3.61 | $3.83 |

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*(1)Reflects a legal settlement which was included as "Other expenses" in the nine months ended September 28, 2025.* 

*(2)Prior year periods reflect the impact of the three-for-two stock split paid in December 2024.*

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