PATRICK INDUSTRIES INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
PATK$79.70-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| ($ in thousands) | Year Ended December 31, | ||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $142,897 | $328,196 | $224,915 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 144,543 | 130,757 | 104,808 |
| Amortization of convertible notes debt discount | 1,072 | 1,851 | 7,987 |
| Stock-based compensation expense | 19,429 | 21,751 | 22,887 |
| Deferred income taxes | (591) | (9,349) | (3,943) |
| (Gain) loss on sale of property, plant and equipment | 585 | (5,560) | 583 |
| Other | 1,842 | 4,785 | 4,971 |
| Change in operating assets and liabilities, net of acquisitions of businesses: | |||
| Trade and other receivables, net | 8,923 | 26,056 | (14,350) |
| Inventories | 162,181 | (11,896) | (232,465) |
| Prepaid expenses and other assets | (3,931) | 20,123 | (13,114) |
| Accounts payable, accrued liabilities and other | (68,278) | (94,976) | 149,851 |
| Net cash provided by operating activities | 408,672 | 411,738 | 252,130 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchases of property, plant, and equipment | (58,987) | (79,883) | (64,804) |
| Proceeds from sale of property, equipment, facility and other | 1,362 | 7,620 | 197 |
| Business acquisitions, net of cash acquired | (25,859) | (248,899) | (508,127) |
| Purchase of intangible assets and other investing activities | (3,061) | (305) | (2,000) |
| Net cash used in investing activities | (86,545) | (321,467) | (574,734) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Term debt borrowings | — | — | 58,750 |
| Term debt repayments | (7,500) | (7,500) | (6,875) |
| Borrowing on revolver | 488,440 | 839,436 | 832,500 |
| Repayments on revolver | (568,728) | (894,147) | (972,500) |
| Repayments of convertible notes | (172,500) | — | — |
| Proceeds from senior notes offering | — | — | 350,000 |
| Proceeds from convertible notes offering | — | — | 258,750 |
| Purchase of convertible notes hedges | — | — | (57,443) |
| Proceeds from sale of warrants | — | — | 43,677 |
| Cash dividends paid to shareholders | (42,140) | (32,869) | (27,024) |
| Stock repurchases under buyback program | (18,808) | (77,117) | (48,940) |
| Taxes paid for share-based payment arrangements | (12,132) | (10,227) | (17,814) |
| Payment of deferred financing costs | — | (2,464) | (15,745) |
| Payment of contingent consideration from business acquisitions | (1,460) | (5,580) | (1,600) |
| Proceeds from exercise of common stock options | 1,413 | 195 | 4,950 |
| Other financing activities | (150) | — | — |
| Net cash (used in) provided by financing activities | (333,565) | (190,273) | 400,686 |
| (Decrease) increase in cash and cash equivalents | (11,438) | (100,002) | 78,082 |
| Cash and cash equivalents at beginning of year | 22,847 | 122,849 | 44,767 |
| Cash and cash equivalents at end of year | $11,409 | $22,847 | $122,849 |
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