patk-20250330

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ……………… to ………………

Commission file number 000-03922

PATRICK INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)


Indiana			35-1057796
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


107 W. Franklin St.
Elkhart, IN						46516
(Address of principal executive offices)						(ZIP Code)

(574) 294-7511

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, no par value	PATK	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 2, 2025, there were 33,427,280 shares of the registrant’s common stock outstanding.

PATRICK INDUSTRIES, INC.

Table of Contents


		Page
	Part I. Financial Information
Item 1.	Financial Statements	3
	Condensed Consolidated Statements of Income for the Three Months ended March 30, 2025 and March 31, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income for the Three Months ended March 30, 2025 and March 31, 2024 (Unaudited)	4
	Condensed Consolidated Balance Sheets as of March 30, 2025 (Unaudited) and December 31, 2024	5
	Condensed Consolidated Statements of Cash Flows for the Three Months ended March 30, 2025 and March 31, 2024 (Unaudited)	6
	Condensed Consolidated Statements of Shareholders' Equity for the Three Months ended March 30, 2025 and March 31, 2024 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Proceeds	29
	Part II. Other Information
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5.	Other Information	30
Item 6.	Exhibits	31
Signatures		32

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PART 1: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	First Quarter Ended
($ and shares in thousands, except per share data)	March 30, 2025		March 31, 2024
Net sales	$	1,003,420	$	933,492
Cost of goods sold	774,829		728,637
Gross profit	228,591		204,855

Operating expenses:
Warehouse and delivery	44,582		37,449
Selling, general and administrative	93,931		85,246
Amortization of intangible assets	24,509		22,818
Total operating expenses	163,022		145,513
Operating income	65,569		59,342
Interest expense, net	19,112		20,090
Income before income taxes	46,457		39,252
Income taxes	8,219		4,159
Net income	$	38,238	$	35,093

Basic earnings per common share (1)	$	1.17	$	1.08
Diluted earnings per common share (1)	$	1.11	$	1.06

Weighted average shares outstanding – Basic (1)	32,671		32,480
Weighted average shares outstanding – Diluted (1)	34,416		33,120

(1)The prior year period reflects the impact of the three-for-two stock split paid in December 2024. See Note 1 "Basis of Presentation and Significant Accounting Policies" for further details.

See accompanying Notes to Condensed Consolidated Financial Statements.

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PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	First Quarter Ended
($ in thousands)	March 30, 2025		March 31, 2024
Net income	$	38,238	$	35,093
Other comprehensive income (loss), net of tax:

Foreign currency translation gain (loss)	4		(32)
Total other comprehensive income (loss)	4		(32)
Comprehensive income	$	38,242	$	35,061

See accompanying Notes to Condensed Consolidated Financial Statements.

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PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
($ in thousands)	March 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	86,561	$	33,561
Trade and other receivables, net	289,059		178,206
Inventories	553,924		551,617
Prepaid expenses and other	46,140		59,233
Total current assets	975,684		822,617
Property, plant and equipment, net	406,798		384,903
Operating lease right-of-use assets	199,215		200,697
Goodwill	801,865		797,236
Intangible assets, net	790,915		802,889
Other non-current assets	12,300		12,612
Total assets	$	3,186,777	$	3,020,954
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	6,250	$	6,250
Current operating lease liabilities	55,489		53,697
Accounts payable	223,230		187,915
Accrued liabilities	119,853		105,753
Total current liabilities	404,822		353,615
Long-term debt, less current maturities, net	1,422,272		1,311,684
Long-term operating lease liabilities	147,900		151,026
Deferred tax liabilities, net	55,609		61,346
Other long-term liabilities	14,906		14,917
Total liabilities	2,045,509		1,892,588
Shareholders' equity
Preferred shares, no par value per share, 1,000,000 shares authorized, none issued and outstanding	—		—
Common stock, no par value per share, 40,000,000 shares authorized, 33,533,091 and 33,567,048 issued and outstanding as of March 30, 2025 and December 31, 2024, respectively	198,408		202,353

Accumulated other comprehensive loss	(922)		(926)
Retained earnings	943,782		926,939
Total shareholders' equity	1,141,268		1,128,366
Total liabilities and shareholders' equity	$	3,186,777	$	3,020,954

See accompanying Notes to Condensed Consolidated Financial Statements.

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PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	First Quarter Ended
($ in thousands)	March 30, 2025		March 31, 2024
Cash flows from operating activities
Net income	$	38,238	$	35,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,646		40,335
Stock-based compensation expense	5,249		5,460
Deferred income taxes	(5,737)		—
Amortization deferred debt financing costs	794		804

Loss (gain) on sale of property, plant and equipment	2,042		(14)
Other	(1,604)		63
Change in operating assets and liabilities, net of acquisitions of businesses:
Trade and other receivables, net	(107,807)		(89,565)
Inventories	5,366		17,781
Prepaid expenses and other assets	13,371		2,619
Accounts payable, accrued liabilities and other	47,519		22,600
Net cash provided by operating activities	40,077		35,176
Cash flows from investing activities
Purchases of property, plant and equipment	(20,171)		(15,495)
Proceeds from sale of property, plant and equipment	1,684		167
Business acquisitions, net of cash acquired	(47,559)		(329,642)
Other investing activities	(40)		(25,754)
Net cash used in investing activities	(66,086)		(370,724)
Cash flows from financing activities

Term debt repayments	—		(1,875)
Borrowings on revolver	263,434		688,958
Repayments on revolver	(153,434)		(313,958)


Stock repurchases under buyback program	(8,511)		—
Cash dividends paid to shareholders	(13,862)		(13,013)
Taxes paid for share-based payment arrangements	(8,593)		(14,788)
Payment of contingent consideration from business acquisitions	(16)		(3,500)

Other financing activities	(9)		(75)
Net cash provided by financing activities	79,009		341,749
Net increase in cash and cash equivalents	53,000		6,201
Cash and cash equivalents at beginning of year	33,561		11,409
Cash and cash equivalents at end of period	$	86,561	$	17,610

See accompanying Notes to Condensed Consolidated Financial Statements.

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PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)


	First Quarter Ended March 30, 2025
($ in thousands)	Common Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Total
Balance at December 31, 2024	$	202,353	$	(926)	$	926,939	$	1,128,366
Net income	—		—		38,238		38,238
Dividends declared	—		—		(13,485)		(13,485)
Other comprehensive income, net of tax	—		4		—		4
Stock repurchases under buyback program	(601)		—		(7,910)		(8,511)
Repurchase of shares for tax payments related to the vesting and exercising of share-based grants	(8,593)		—		—		(8,593)

Stock-based compensation expense	5,249		—		—		5,249
Balance at March 30, 2025	$	198,408	$	(922)	$	943,782	$	1,141,268


	First Quarter Ended March 31, 2024
($ in thousands)	Common Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Total
Balance at December 31, 2023	$	203,258	$	(999)	$	843,078	$	1,045,337
Net income	—		—		35,093		35,093
Dividends declared	—		—		(12,534)		(12,534)
Other comprehensive loss, net of tax	—		(32)		—		(32)

Repurchase of shares for tax payments related to the vesting and exercising of share-based grants	(14,788)		—		—		(14,788)

Stock-based compensation expense	5,460		—		—		5,460
Balance at March 31, 2024	$	193,930	$	(1,031)	$	865,637	$	1,058,536

See accompanying Notes to Condensed Consolidated Financial Statements.

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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 the Company’s financial position as of March 30, 2025 and December 31, 2024, its results of operations for the first quarter ended March 30, 2025 and March 31, 2024, and its cash flows for the three months ended March 30, 2025 and March 31, 2024.

Patrick's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying unaudited condensed consolidated financial statements for Patrick do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to Patrick’s Audited Consolidated Financial Statements and corresponding notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025.

The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Sunday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The first quarter of fiscal year 2025 ended on March 30, 2025, and the first quarter of fiscal year 2024 ended on March 31, 2024.

Earnings Per Common Share

Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available for diluted shares (calculated as net income plus the after-tax effect of interest on potentially dilutive convertible notes, where applicable) by the weighted-average number of common shares outstanding, plus the weighted-average impact of potentially dilutive convertible notes and warrants, plus the dilutive effect of stock options, stock appreciation rights ("SARs"), and certain restricted stock awards (collectively, “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Common Stock Equivalents are not included in the computation of diluted earnings per common share if their effect would be anti-dilutive.

On November 18, 2024, the Company's Board of Directors (the "Board") declared a three-for-two stock split of the Company's common 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 stock began trading on a post-split basis on December 16, 2024. Cash paid in lieu of fractional shares was immaterial. All share and per share information has been updated on a retrospective basis for all periods presented. See Note 7 "Earnings Per Common Share" for the calculation of both basic and diluted earnings per common share.

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 December 31, 2024, filed with the SEC on February 20, 2025.

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Major Customer Concentration

The Company had two major customers that accounted for the following consolidated net sales for the quarter ended March 30, 2025 and March 31, 2024:


	First Quarter Ended
	March 30, 2025		March 31, 2024
Percentage of total net sales:
Customer 1	16	%	16	%
Customer 2	16	%	14	%

New Accounting Standards

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“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 not applicable or are expected to have an immaterial impact on the Company’s unaudited condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-04, "Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments". The amendments in this update are intended to clarify disclosure requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This ASU is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2024-04 will have on the Company's consolidated financial statements.

In November 2024, the FASB" issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". The amendments in this update require public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public business entities are required to apply the guidance prospectively or retrospectively. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2024-03 will have on the Company's consolidated financial statements.

In January 2025, the FASB issued ASU 2025-01, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date". This update revises the effective date of ASU 2024-03 to clarify that the guidance is to be adopted by all public entities for annual reporting periods beginning after December 15, 2026 and for interim periods within annual reporting periods beginning after December 15, 2027. The intent of this update is to prevent non-calendar year-end entities from concluding that the initial adoption is required to be in an interim reporting period, rather than an annual reporting period.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating this guidance to determine the impact on its disclosures; however, adoption will impact only the notes to our consolidated financial statements.

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NOTE 2. REVENUE RECOGNITION

In the following table, revenue from contracts with customers, net of all intercompany sales, is disaggregated by market type and by reportable segment:


	First Quarter Ended March 30, 2025
($ in thousands)	Manufacturing		Distribution		Total
Market type:
Recreational Vehicle	$	345,973	$	132,919	$	478,892
Marine	139,366		9,681		149,047
Powersports	77,234		3,706		80,940
Manufactured Housing	76,327		96,899		173,226
Industrial	111,862		9,453		121,315
Total	$	750,762	$	252,658	$	1,003,420


	First Quarter Ended March 31, 2024
($ in thousands)	Manufacturing		Distribution		Total
Market type:
Recreational Vehicle	$	291,811	$	129,178	$	420,989
Marine	146,045		9,270		155,315
Powersports	79,959		2,711		82,670
Manufactured Housing	69,425		86,699		156,124
Industrial	110,303		8,091		118,394
Total	$	697,543	$	235,949	$	933,492

Contract Liabilities

Contract liabilities, representing upfront payments from customers received prior to satisfying performance obligations, were immaterial as of the beginning and end of all periods presented and changes in contract liabilities were immaterial during all periods presented.

NOTE 3. INVENTORY

Inventories consisted of the following:


($ in thousands)	March 30, 2025		December 31, 2024
Raw materials	$	307,043	$	292,730
Work in process	17,553		18,157
Finished goods	102,105		103,318
Less: reserve for inventory excess and obsolescence	(19,056)		(16,456)
Total manufactured goods, net	407,645		397,749
Materials purchased for resale (distribution products)	155,634		161,492
Less: reserve for inventory excess and obsolescence	(9,355)		(7,624)
Total materials purchased for resale (distribution products), net	146,279		153,868
Total inventories	$	553,924	$	551,617

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NOTE 4. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill for the three months ended March 30, 2025 by segment are as follows:


($ in thousands)	Manufacturing		Distribution		Total
Balance at December 31, 2024	$	680,246	$	116,990	$	797,236
Acquisitions	4,169		—		4,169
Adjustments to preliminary purchase price allocations	48		412		460
Balance at March 30, 2025	$	684,463	$	117,402	$	801,865

Intangible assets, net consisted of the following as of March 30, 2025 and December 31, 2024:


($ in thousands)	March 30, 2025		December 31, 2024
Customer relationships	$	934,715	$	924,720
Non-compete agreements	26,176		25,776
Patents	90,881		89,641
Trademarks	226,427		225,527
Intangible assets, gross	1,278,199		1,265,664
Less: accumulated amortization
Customer relationships	(441,439)		(419,358)
Non-compete agreements	(20,643)		(20,065)
Patents	(25,202)		(23,352)
Intangible assets, net	$	790,915	$	802,889

Changes in the carrying value of intangible assets for the three months ended March 30, 2025 by segment are as follows:


($ in thousands)	Manufacturing		Distribution		Total
Balance at December 31, 2024	$	671,131	$	131,758	$	802,889
Additions	10,940		—		10,940
Amortization	(20,704)		(3,805)		(24,509)
Adjustments to preliminary purchase price allocations	357		1,238		1,595
Balance at March 30, 2025	$	661,724	$	129,191	$	790,915

NOTE 5. ACQUISITIONS

General

Business combinations generally take place to strengthen Patrick's positions in existing markets and increase its market share and per unit content, expand into additional markets, and gain key technology. Acquisitions are accounted for under the acquisition method of accounting. For each acquisition, the excess of the purchase consideration over the fair value of the net assets acquired is recorded as goodwill, which generally represents the combined value of the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the acquired companies’ respective management teams to maximize efficiencies, market share growth and net income.

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The Company completed two acquisitions in the first three months of 2025 (the "2025 Acquisitions"). Acquisition-related costs associated with the 2025 Acquisitions were immaterial. For the first quarter ended March 30, 2025, net sales included in the Company's condensed consolidated statements of income related to the 2025 Acquisitions were $4.3 million and operating losses were $0.1 million. Assets acquired and liabilities assumed in the acquisitions were recorded on the Company's condensed consolidated balance sheet at their estimated fair values as of the respective dates of acquisition. For each acquisition, the Company completes its allocation of the purchase price to the fair value of acquired assets and liabilities within a one year measurement period.

The Company completed four acquisitions in the first three months of 2024. Acquisition-related costs associated with the acquisitions completed in the first three months of 2024 were approximately $5.0 million. For the first quarter ended March 31, 2024, net sales included in the Company's condensed consolidated statements of income related to the acquisitions completed in such quarter were $58.1 million, and operating income was $11.0 million.

In connection with certain acquisitions, the Company is required to pay additional cash consideration if certain financial results of the acquired businesses are achieved. The Company records a liability for the estimated fair value of the contingent consideration related to each of these acquisitions as part of the initial purchase price based on the present value of the expected future cash flows and the probability of future payments at the date of acquisition.

Changes in the contingent consideration liability for the three months ended March 30, 2025 and March 31, 2024 are as follows:


	First Quarter Ended
($ in thousands)	March 30, 2025		March 31, 2024
Fair value at beginning of period	$	3,608	$	8,510
Additions	1,800		—
Fair value adjustments	(1,600)		—
Settlements	(16)		(3,880)
Fair value at end of period	$	3,792	$	4,630

The following table shows the balance sheet location of the fair value of contingent consideration and the maximum amount of contingent consideration payments the Company may be subject to:


($ in thousands)	March 30, 2025		December 31, 2024
Accrued liabilities	$	1,565	$	1,665
Other long-term liabilities	2,227		1,943
Total fair value of contingent consideration	$	3,792	$	3,608
Maximum amount of contingent consideration	$	6,892	$	8,618

2025 Acquisitions

The Company completed two acquisitions in the first three months ended March 30, 2025. Total cash consideration for the 2025 Acquisitions were approximately $43.1 million, plus working capital holdbacks and contingent consideration over a less than one-year period based on future performance. As the Company finalizes the fair value of the acquired assets and assumed liabilities, additional purchase price adjustments may be recorded during the measurement period.

2024 Acquisitions

The Company completed seven acquisitions in the year ended December 31, 2024, including the following previously announced acquisitions (collectively, the “2024 Acquisitions”):

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Company

Segment

Description

Sportech, LLC ("Sportech")

Manufacturing

Leading designer and manufacturer of high-value, complex component solutions sold to powersports original equipment manufacturers ("OEMs"), adjacent market OEMs and the aftermarket, including integrated door systems, roofs, canopies, bumpers, windshields, fender flares and cowls, based in Elk River, Minnesota, acquired in January 2024.

ICON Direct LLC, doing business as RecPro ("RecPro")

Distribution

Leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets, based in Bristol, Indiana, acquired in September 2024.

Inclusive of five acquisitions not discussed above, total cash consideration for the 2024 Acquisitions was approximately $416.1 million, plus contingent consideration over a three-year period based on future performance. Purchase price allocations and all valuation activities in connection with the 2024 Acquisitions have been finalized for four of the 2024 Acquisitions. Changes to preliminary purchase accounting estimates recorded in the three months ended March 30, 2025 related to the 2024 Acquisitions were immaterial.

The following table summarizes the fair values of the assets acquired and the liabilities assumed as of the date of each of the 2025 Acquisitions and 2024 Acquisitions:


	2025 Acquisitions		2024 Acquisitions
($ in thousands)	Total		Sportech		All Others		Total
Consideration:
Cash, net of cash acquired	$	43,132	$	319,073	$	96,998	$	416,071
Working capital holdback and other, net	703		—		—		—

Contingent consideration (1)	1,800		—		2,030		2,030
Total consideration	$	45,635	$	319,073	$	99,028	$	418,101

Assets Acquired:
Trade receivables	$	3,049	$	21,587	$	2,256	$	23,843
Inventories	7,673		20,611		19,010		39,621
Prepaid expenses & other

SEC Form 10-Q filed by Patrick Industries Inc.