派翠克工业公司2025年季度报告

Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting Large acceleratedfiler☒Accelerated filer☐Non-acceleratedfiler If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ PATRICK INDUSTRIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) PATRICK INDUSTRIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)March 30, 2025December 31, 2024 PATRICK INDUSTRIES, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Patrick Industries, Inc. (“Patrick”, the “Company”, "we","our") contain all adjustments (consisting of normal recurring adjustments) that we believe are necessary to present fairly theCompany’s financial position as of March30, 2025 and December31, 2024, its results of operations for the first quarter ended Patrick's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principlesgenerally accepted in the United States ("U.S. GAAP"). The accompanying unaudited condensed consolidated financial statements forPatrick do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion ofmanagement, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanningapproximatelythirteenweeks. The first quarter ends on the Sunday closest to the end of the firstthirteen-week period. The second andthird quarters arethirteenweeks in duration and the fourth quarter is the remainder of the year. The first quarter of fiscal year 2025 Earnings Per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average number of common sharesoutstanding. Diluted earnings per common share is computed by dividing net income available for diluted shares (calculated as netincome plus the after-tax effect of interest on potentially dilutive convertible notes, where applicable) by the weighted-average numberof common shares outstanding, plus the weighted-average impact of potentially dilutive convertible notes and warrants, plus thedilutive effect of stock options, stock appreciation rights ("SARs"), and certain restricted stock awards (collectively, “Common Stock On November 18, 2024, the Company's Board of Directors (the "Board") declared a three-for-two stock split of the Company'scommon stock, to be effected in the form of a stock dividend. Shareholders of record as of the close of business on November 29,2024 received one additional share for every two shares held which was paid on December 13, 2024. The Company's common stockbegan trading on a post-split basis on December 16, 2024. Cash paid in lieu of fractional shares was immaterial. All share and per Summary of Significant Accounting Policies A summary of significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December31, 2024, filed with the SEC on February 20, 2025. Table of Contents Major Customer Concentration The Company had two major customers that accounted for the following consolidated net sales for the quarter ended March30, 2025and March31, 2024: New Accounting Standards Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting StandardsUpdates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were either assessed and determined to be notapplicable or are expected to have an immaterial impact on the Company’s unaud