Docoh
Loading...

PATK Patrick Industries

Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, various marine aftermarket products, and other miscellaneous products, in addition to providing transportation and logistics services.

Company profile

Ticker
PATK
Exchange
CEO
Andrew Nemeth
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
351057796

PATK stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

6 May 21
28 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 6.17M 6.17M 6.17M 6.17M 6.17M 6.17M
Cash burn (monthly) 12.87M 7.36M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 51.6M 29.53M n/a n/a n/a n/a
Cash remaining -45.43M -23.36M n/a n/a n/a n/a
Runway (months of cash) -3.5 -3.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jun 21 Cerulli Joseph M Common Stock Gift Dispose G No No 0 125 0 44,779
2 Jun 21 Cleveland Todd M Common Stock Sell Dispose S No No 87.1447 7,000 610.01K 309,956
1 Jun 21 Cleveland Todd M Common Stock Sell Dispose S No No 87.1501 9,325 812.67K 316,956
26 May 21 Klyn Pamela R Common Stock Buy Aquire P No No 86.81 1,000 86.81K 7,381
13 May 21 Mayes Derrick B Common Stock Grant Aquire A No No 0 1,373 0 6,381
13 May 21 M Scott Welch Common Stock Grant Aquire A No No 0 1,373 0 15,066

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

89.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 211 212 -0.5%
Opened positions 29 37 -21.6%
Closed positions 30 27 +11.1%
Increased positions 54 60 -10.0%
Reduced positions 96 76 +26.3%
13F shares
Current Prev Q Change
Total value 2.98B 2.85B +4.8%
Total shares 21.21M 21M +1.0%
Total puts 54.2K 6.4K +746.9%
Total calls 7.7K 4.7K +63.8%
Total put/call ratio 7.0 1.4 +416.9%
Largest owners
Shares Value Change
BLK Blackrock 3.38M $287.48M +3.4%
Wellington Management 1.83M $155.52M +25.8%
Vanguard 1.44M $122.1M +1.7%
FMR 1.27M $107.81M +20.2%
Dimensional Fund Advisors 988.63K $84.03M -4.9%
TROW T. Rowe Price 821.04K $69.79M -3.9%
Loomis Sayles & Co L P 674.51K $57.33M -0.3%
GW&K Investment Management 664.93K $56.52M -1.0%
STT State Street 655.85K $55.75M -2.8%
Capital Research Global Investors 588.77K $50.05M 0.0%
Largest transactions
Shares Bought/sold Change
Wellington Management 1.83M +375.33K +25.8%
Norges Bank 0 -350.98K EXIT
Schroder Investment Management 197 -261.24K -99.9%
FMR 1.27M +213.58K +20.2%
Driehaus Capital Management 139.37K +139.37K NEW
EVR Research 123K +123K NEW
Scout Investments 122.32K +122.32K NEW
Tributary Capital Management 115.65K +115.65K NEW
Lisanti Capital Growth 0 -113.09K EXIT
BLK Blackrock 3.38M +111.47K +3.4%

Financial report summary

?
Risks
  • The global spread of the COVID-19 virus and measures implemented to combat it have had, and are expected to continue to have, a material adverse effect on our business.
  • If the financial condition of our customers and suppliers deteriorates, our business and operating results could suffer.
  • Changes in consumer preferences relating to our products could adversely impact our sales levels and our operating results.
  • A material percentage of the Company’s sales are concentrated in the RV industry, and declines in the level of RV unit shipments or reductions in industry growth could reduce demand for our products and adversely impact our operating results and financial condition.
  • The RV, MH, marine and industrial industries are highly competitive and some of our competitors may have greater resources than we do.
  • Conditions in the credit market could limit the ability of consumers and wholesale customers to obtain retail and wholesale financing for RVs, manufactured homes, and marine products, resulting in reduced demand for our products.
  • The manufactured housing industry has experienced a material long-term decline in shipments, which has led to reduced demand for our products.
  • Fuel shortages or high prices for fuel could have an adverse impact on our operations.
  • If we cannot effectively manage the challenges and risks associated with doing business internationally, our revenues and profitability may suffer.
  • We are dependent on third-party suppliers and manufacturers and any increased cost and limited availability of certain raw materials may have a material adverse effect on our business and results of operations.
  • If we are unable to manage our inventory, our operating results could be materially and adversely affected.
  • We could incur charges for impairment of assets, including goodwill and other long-lived assets, due to potential declines in the fair value of those assets or a decline in expected profitability of the Company or individual reporting units of the Company.
  • We may incur material charges or be adversely impacted by the consolidation and/or closure of all or part of a manufacturing or distribution facility.
  • We are subject to governmental and environmental regulations, and failure in our compliance efforts, changes to such laws and regulations or events beyond our control could result in damages, expenses or liabilities that individually, or in the aggregate, would have a material adverse effect on our financial condition and results of operations.
  • The inability to attract and retain qualified executive officers and key personnel may adversely affect our operations.
  • Our ability to integrate acquired businesses may adversely affect operations.
  • Our level of indebtedness could limit our operational flexibility and harm our financial condition and results of operations.
  • Our 2019 Credit Agreement contains various financial performance and other covenants. If we do not remain in compliance with these covenants, our 2019 Credit Agreement could be terminated and the amounts outstanding thereunder could become immediately due and payable.
  • Due to industry conditions and our operating results, there have been times in the past when we have had limited access to sources of capital. If we are unable to locate suitable sources of capital when needed, we may be unable to maintain or expand our business.
  • The conditional conversion feature of the Convertible Notes that we issued in January 2018, if triggered, may adversely affect our financial condition and operating results.
  • The convertible note hedge and warrant transactions may affect the value of the Convertible Notes and our common stock.
  • A variety of factors, many of which are beyond our control, could influence fluctuations in the market price for our common stock.
  • If our information technology systems fail to perform adequately, our operations could be disrupted and could adversely affect our business, reputation and results of operations.
  • A cyber incident or data breach could result in information theft, data corruption, operational disruption, and/or financial loss.
  • Certain provisions in our Articles of Incorporation and Amended and Restated By-laws may delay, defer or prevent a change in control that our shareholders might consider to be in their best interest.
  • Conditions within the insurance markets could impact our ability to negotiate favorable terms and conditions for various liability coverage and could potentially result in uninsured losses.
Management Discussion
  • The RV industry is our primary market and comprised 59% and 55% of the Company’s sales in the first quarter ended March 28, 2021 and March 29, 2020, respectively. Sales to the RV industry increased 57% in the first quarter of 2021 compared to the prior year quarter.
  • According to the Recreation Vehicle Industry Association ("RVIA"), wholesale shipments totaled approximately 148,500 units in the first quarter of 2021, an increase of 48% compared to approximately 100,400 units in the first quarter of 2020. The increase in wholesale unit shipments in the first quarter of 2021 is attributed to an increase in RV dealer demand for RV units. This increase in dealer demand is correlated with consumer demand for RV units, which we believe is in part correlated with changes in consumer recreation patterns, which include an increased interest in outdoor recreation. According to our estimates, RV dealer inventories are trending at historical lows relative to what we understand to be typical inventory levels of RV dealers. We believe that the supply-demand dynamics of historically low dealer inventory levels, combined with strong retail consumer demand, have resulted in positive momentum in our RV end market. We estimate RV retail unit sales increased 30-35% in the first quarter of 2021 compared to the first quarter of 2020.
  • Sales to the marine industry, which represented approximately 16% and 13% of the Company's consolidated net sales in the first quarter of 2021 and 2020, respectively, increased 75% compared to the prior year quarter. Our marine revenue is generally correlated to marine wholesale powerboat unit shipments, and according to National Marine Manufacturers Association ("NMMA") marine wholesale powerboat unit shipments increased an estimated
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: aerospace, aftermarket, Alpha, automation, boating, brand, breadth, Bureau, buying, Carolina, correlated, defense, deployed, depth, development, Elkhart, EndeavorDek, exempt, expert, flooring, foam, Geremarie, helm, Hyperform, injection, insulation, Lake, listed, medical, Miami, molding, NMMA, outdoor, outpacing, outrigger, overhead, par, percent, placement, plastic, pool, proportion, rail, registration, repay, replaced, restated, Rockledge, roofing, rub, rubber, RVIA, SeaDek, size, South, spa, sport, strategic, suite, SwimDek, Taco, Tennessee, tooling, tower, trending, understand, unhedged, Zurich
Removed: absenteeism, account, accurately, achieve, active, Additionally, adequate, adverse, adversely, affecting, approximated, approximating, ASC, assessed, bankruptcy, bathroom, buyback, chain, collect, combat, comparison, created, customized, decline, determined, difficult, disclose, disposable, disrupted, disruption, distribute, earlier, economy, eliminating, emerge, essential, exceeded, expanded, experience, extent, external, face, failing, Failure, fashion, flat, forecasting, fund, global, governmental, guaranteed, highly, identified, ill, impaired, impairment, implemented, inability, indefinite, infected, initiated, insolvency, largely, lead, led, length, likelihood, limit, limited, long, lost, macroeconomic, magnitude, maintain, making, manufacture, measured, model, month, negatively, negotiate, number, obtaining, operational, origination, outcome, persist, pertaining, planning, pontoon, precisely, predict, predicted, prevent, public, pursue, quality, receivable, recent, Reclassification, recording, reduce, reflecting, regulatory, relation, reserve, restrict, resume, safety, sale, Sarasota, satisfaction, Schmitt, sector, security, sell, shipping, short, situation, ski, spread, staffing, stay, step, structural, sudden, suffer, sufficiently, Sumner, supply, Sustained, team, test, Tightening, Topline, track, trade, traded, trading, ultimate, unable, uncertain, unemployment, wake, work, workforce

Patents

GRANT
Design
Non-return device valve member
6 Jul 21
Inventors: Zsolt F. Vegso, Douglas W. Mirth
GRANT
Utility
Reinforced articulated top
29 Jun 21
An articulating top having a frame, a cover attached to the frame and a mounting bracket to attach the frame to a vehicle can be moved between a deployed position to provide shelter to an area below the top and a stowed position.
APP
Utility
Articulated Top Assist Mechanism
30 Dec 20
A frame for a top of a boat that can be moved between a deployed position and a collapsed position with the aid of an articulated top assist mechanism such that the manual effort required to move the top between the collapsed position and deployed position is minimized or eliminated.
APP
Utility
Resilient Cover Clip
16 Dec 20
A resilient clip can be used for covers for equipment.
APP
Utility
Boat Top Storage Bag
16 Dec 20
A boat top storage bag attachable to a top of a boat, the bag including a main body having a plurality of interconnected panels, including a front panel, side panels, a top panel, a bottom panel, and a rear access panel, with the rear access panel connected to the bottom panel and removably connectable to the side panels and the top panel by a closure, and the rear access panel and the closure configured to cooperate so that the rear access panel folds down to facilitate removal and insertion of items to be stored into the bag; an interior cavity within the main body, the interior cavity including removable dividers to divide the interior into a plurality of cavity sections and to support the interior cavity against sagging; and a plurality of at least two different style fasteners that cooperate to enable the bag to be securable to a variety of boat tops and support the bag against sagging when it is secured to a boat top.