Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
The Company's common stock is listed on The NASDAQ Global Stock Market SM under the symbol PATK.
Holders of Common Stock
As of February 10, 2023, there were 296 shareholders of record. A number of shares are held in broker and nominee names on behalf of beneficial owners.
Dividends
In December 2019, the Company's Board of Directors (the "Board") adopted a dividend policy under which it plans to declare regular quarterly cash dividends. The Company paid cash dividends of $1.44 and $1.17 per share, or $32.9 million and $27.0 million in the aggregate, in 2022 and 2021, respectively. Any future determination to pay cash dividends will be made by the Board in light of the Company’s earnings, financial position, capital requirements, and restrictions under the Company’s 2021 Credit Agreement, and such other factors as the Board deems relevant.
Purchases of Equity Securities by the Issuer
(c) Issuer Purchases of Equity Securities for the three months ended December 31, 2022 .
Period Total
Number of
Shares
Purchased (1) Average Price
Paid Per
Share (1) Total Number of Shares
Purchased as
Part of Publicly
Announced Plans
or Programs (2) Maximum Dollar Value
of Shares that May
Yet Be Purchased
Under the Plans
or Programs (2)
Sep. 26 - Oct. 23, 2022 53,479 $ 43.01 53,479 $ 60,550,399
Oct. 24 - Nov. 27, 2022 146,067 53.85 146,067 52,684,914
Nov. 28 - Dec. 31, 2022 320,518 56.97 317,376 96,376,543
Total 520,064 516,922
(1) Amount includes 3,142 shares of common stock purchased by the Company in aggregate in December 2022 for the sole purpose of satisfying the minimum tax withholding obligations of employees upon the vesting of stock awards held by the employees.
(2) See Note 12 of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for additional information about the Company's stock repurchase program.
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Stock Performance Graph
The following graph compares the cumulative 5-year total return to shareholders of the Company’s common stock relative to the cumulative total returns of the Russell 2000 index and a customized peer group of companies, which includes Brunswick Corporation, Cavco Industries, Inc., LCI Industries, Malibu Boats, Inc., Polaris Inc., Thor Industries, Inc., Winnebago Industries, Inc., and Wabash National Corporation. This graph assumes an initial investment of $100 (with reinvestment of all dividends) was made in our common stock, in the index and in the peer group on December 31, 2017 and its relative performance is tracked through December 31, 2022.
($) 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Patrick Industries, Inc. 100.00 42.63 75.86 100.75 120.61 92.81
Peer Group 100.00 58.97 92.03 105.44 136.56 106.83
Russell 2000 100.00 87.82 108.66 128.61 146.23 114.70
*The stock price performance included in this graph is not necessarily indicative of future stock price performance.
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ITEM 6. SELECTED FINANCIAL DATA
As of or for the Year Ended December 31
2022 2021 2020 2019 2018
(thousands except per share amounts)
Operating Data:
Net sales (1)
$ 4,881,872 $ 4,078,092 $ 2,486,597 $ 2,337,082 $ 2,263,061
Gross profit 1,059,938 801,194 459,017 422,871 415,866
Operating income (1)
496,170 351,712 173,373 154,442 178,415
Net income 328,196 224,915 97,061 89,566 119,832
Basic earnings per common share $ 14.82 $ 9.87 $ 4.27 $ 3.88 $ 4.99
Diluted earnings per common share $ 13.49 $ 9.63 $ 4.20 $ 3.85 $ 4.93
Cash dividends paid per common share $ 1.44 $ 1.17 $ 1.03 $ 0.25 $ —
Financial Data:
Total assets (1) (2)
$ 2,782,471 $ 2,650,731 $ 1,753,435 $ 1,470,993 $ 1,231,231
Cash and cash equivalents 22,847 122,849 44,767 139,390 6,895
Total short-term and long-term debt (3)
1,298,414 1,360,625 840,000 705,000 661,082
Shareholders' equity 955,169 767,557 559,441 497,481 408,754
Cash flows from operating activities 411,738 252,130 160,153 192,410 200,013
(1) See Note 4 of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for information regarding revenues, operating income and net assets of businesses acquired in fiscal years 2022, 2021 and 2020.
(2) See Note 14 of the Notes to the Consolidated Financial Statements included elsewhere in this Form 10-K for information regarding operating lease right-of-use assets reflected on the Company's balance sheet.
(3) Total short-term and long-term debt for each of the periods presented in the table above is not presented net of deferred financing costs or debt discount.