PATKMEDIUM SIGNALOPERATIONAL10-K

PATK expanded its manufacturing footprint meaningfully while reducing share count and increasing dividend payments, though cash position declined and SG&A expenses rose.

The company added 12 manufacturing plants and 3 distribution facilities while reducing outstanding shares by over 400,000, suggesting active capital deployment and shareholder-friendly policies. However, the combination of higher SG&A expenses and lower cash balances indicates increased operational costs accompanying the expansion, which investors should monitor for efficiency gains.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a company investing in growth while maintaining shareholder returns, as evidenced by a 10% increase in dividend payments despite cash declining 21% to $26.4 million. SG&A expenses grew 11% to $361.6 million, likely reflecting the costs associated with expanding the manufacturing network and integrating recent acquisitions. The overall trajectory suggests aggressive expansion that may pressure near-term margins but positions the company for broader market coverage.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-21.2%
$33.6M→$26.4M

Cash decreased 21.2% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+11%
$325.8M→$361.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Dividends Paid
Cash Flow
+10.1%
$50.2M→$55.3M

Dividend payments increased 10.1% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
As of February 13, 2026, there were 33,234,715 shares of the registrant s common stock outstanding.
The Company operates through a nationwide network that includes, as of December 31, 2025, approximately 191 manufacturing plants and 50 warehouse and distribution facilities located in 25 states, with a small presence in Mexico, China and Canada.
Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for aggregate cash consideration of approximately $560 million, net of cash acquired.
These product initiatives and acquisitions directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.
The Company s net sales by end market are as follows: 2025 2024 RV 45 % 44 % Marine 15 % 15 % Powersports 10 % 10 % MH 17 % 18 % Industrial 13 % 13 % Total 100 % 100 % Recreational Vehicles The Company s RV products are sold primarily to major RV original equipment manufacturers ("OEMs"), smaller OEMs, and to a lesser extent, manufacturers in adjacent industries.
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REMOVED
As of February 14, 2025, there were 33,644,702 shares of the registrant s common stock outstanding.
The Company operates through a nationwide network that includes, as of December 31, 2024, approximately 179 manufacturing plants and 47 warehouse and distribution facilities located in 25 states, with a small presence in Mexico, China and Canada.
Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for approximately $696 million in total consideration that directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.
Previously, our sales to the powersports end market were included in the Company s marine end market sales.
Effective with the first quarter of 2024, powersports net sales are being reported separately after the January 2024 acquisition of Sportech, LLC ( Sportech ), as disclosed in Note 2 "Revenue Recognition" of the Notes to Consolidated Financial Statements.
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