PATRICK INDUSTRIES INC
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
PATK$79.70-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $138,401 | $142,897 | $328,196 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 166,545 | 144,543 | 130,757 |
| Amortization of deferred debt financing costs | 3,270 | 3,239 | 3,892 |
| Stock-based compensation expense | 16,775 | 19,429 | 21,751 |
| Deferred income taxes | (6,481) | (591) | (9,349) |
| (Gain) loss on sale of property, plant and equipment | (237) | 585 | (5,560) |
| Loss on extinguishment of debt | 2,549 | — | — |
| Other | 376 | (325) | 2,744 |
| Change in operating assets and liabilities, net of business acquisitions: | |||
| Trade and other receivables, net | 10,847 | 8,923 | 26,056 |
| Inventories | (1,863) | 162,181 | (11,896) |
| Prepaid expenses and other assets | (7,609) | (3,931) | 20,123 |
| Accounts payable, accrued liabilities and other | 4,268 | (68,278) | (94,976) |
| Net cash provided by operating activities | 326,841 | 408,672 | 411,738 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchases of property, plant, and equipment | (75,682) | (58,987) | (79,883) |
| Proceeds from sale of property, plant, and equipment | 2,411 | 1,362 | 7,620 |
| Business acquisitions, net of cash acquired | (411,747) | (25,859) | (248,899) |
| Purchase of intangible assets and other investing activities | (27,831) | (3,061) | (305) |
| Net cash used in investing activities | (512,849) | (86,545) | (321,467) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Term debt borrowings | 125,000 | — | — |
| Term debt repayments | (130,938) | (7,500) | (7,500) |
| Borrowing on revolver | 1,320,385 | 488,440 | 839,436 |
| Repayments on revolver | (1,220,385) | (568,728) | (894,147) |
| Repayment of convertible notes | — | (172,500) | — |
| Proceeds from senior notes offering | 500,000 | — | — |
| Repayment of senior notes | (300,000) | — | — |
| Cash dividends paid to shareholders | (50,187) | (42,140) | (32,869) |
| Stock repurchases under buyback program | (4,661) | (18,808) | (77,117) |
| Taxes paid for share-based payment arrangements | (17,334) | (12,132) | (10,227) |
| Payment of deferred financing costs | (9,212) | — | (2,464) |
| Payment of contingent consideration from business acquisitions | (4,652) | (1,460) | (5,580) |
| Proceeds from exercise of common stock options | 21 | 1,413 | 195 |
| Other financing activities | 123 | (150) | — |
| Net cash provided by (used in) financing activities | 208,160 | (333,565) | (190,273) |
| Net increase (decrease) in cash and cash equivalents | 22,152 | (11,438) | (100,002) |
| Cash and cash equivalents at beginning of year | 11,409 | 22,847 | 122,849 |
| Cash and cash equivalents at end of year | $33,561 | $11,409 | $22,847 |
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