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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AAON Inc | NASDAQ:AAON | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 90.89 | 85.90 | 87.74 | 12 | 12:17:53 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada | 87-0448736 | ||||||||||||||||||||||
(State or other jurisdiction | (IRS Employer | ||||||||||||||||||||||
of incorporation or organization) | Identification No.) | ||||||||||||||||||||||
2425 South Yukon Ave., | Tulsa, | Oklahoma | 74107 | ||||||||||||||||||||
(Address of principal executive offices) (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | AAON | NASDAQ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
TABLE OF CONTENTS | |||||||||||
Item Number and Caption |
Page
Number
|
||||||||||
PART I | |||||||||||
1. | Business. | ||||||||||
1A. | Risk Factors. | ||||||||||
1B. | Unresolved Staff Comments. | ||||||||||
2. | Properties. | ||||||||||
3. | Legal Proceedings. | ||||||||||
4. | Mine Safety Disclosure. | ||||||||||
PART II | |||||||||||
5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | ||||||||||
6. | Selected Financial Data. | ||||||||||
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | ||||||||||
7A. | Quantitative and Qualitative Disclosures About Market Risk. | ||||||||||
8. | Financial Statements and Supplementary Data. | ||||||||||
9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. | ||||||||||
9A. | Controls and Procedures. | ||||||||||
9B. | Other Information. | ||||||||||
PART III | |||||||||||
10. | Directors, Executive Officers and Corporate Governance. | ||||||||||
11. | Executive Compensation. | ||||||||||
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | ||||||||||
13. | Certain Relationships and Related Transactions, and Director Independence. | ||||||||||
14. | Principal Accountant Fees and Services. | ||||||||||
PART IV | |||||||||||
15. | Exhibits and Financial Statement Schedules. |
Quarter Ended | High | Low | ||||||||||||
March 31, 2019 | $46.69 | $33.52 | ||||||||||||
June 30, 2019 | $52.50 | $44.36 | ||||||||||||
September 30, 2019 | $53.27 | $43.34 | ||||||||||||
December 31, 2019 | $51.07 | $42.57 | ||||||||||||
March 31, 2020 | $60.00 | $40.48 | ||||||||||||
June 30, 2020 | $59.35 | $43.84 | ||||||||||||
September 30, 2020 | $61.24 | $52.56 | ||||||||||||
December 31, 2020 | $69.41 | $56.27 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
May 18, 2018 | June 8, 2018 | July 6, 2018 | $0.16 | ||||||||
November 8, 2018 | November 29, 2018 | December 20, 2018 | $0.16 | ||||||||
May 20, 2019 | June 3, 2019 | July 1, 2019 | $0.16 | ||||||||
November 6, 2019 | November 27, 2019 | December 18, 2019 | $0.16 | ||||||||
May 15, 2020 | June 3, 2020 | July 1, 2020 | $0.19 | ||||||||
November 10, 2020 | November 27, 2020 | December 18, 2020 | $0.19 |
EQUITY COMPENSATION PLAN INFORMATION | ||||||||||||||||||||
Plan category |
(a)
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
(b)
Weighted-average exercise price of outstanding options, warrants and rights
|
(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
|||||||||||||||||
The 2007 Long-Term Incentive Plan | 214,780 | $ | 18.80 | — | ||||||||||||||||
The 2016 Long-Term Incentive Plan | 525,281 | $ | 37.18 | 4,228,769 |
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||||||||||
(a)
Total
Number
of Shares
(or Units
|
(b)
Average
Price
Paid
(Per Share
|
(c)
Total Number
of Shares (or
Units) Purchased
as part of
Publicly Announced
|
(d)
Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) that may yet be
Purchased under the
|
|||||||||||||||||||||||
Period | Purchased) | or Unit) | Plans or Programs | Plans or Programs | ||||||||||||||||||||||
October 2020 | 48,353 | $ | 62.73 | 48,353 | — | |||||||||||||||||||||
November 2020 | 50,651 | 64.42 | 50,651 | — | ||||||||||||||||||||||
December 2020 | 37,423 | 64.48 | 37,423 | — | ||||||||||||||||||||||
Total | 136,427 | $ | 63.84 | 136,427 | — |
Years Ended December 31, | |||||||||||||||||||||||||||||
Results of Operations: | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||
Net sales | $ | 514,551 | $ | 469,333 | $ | 433,947 | $ | 405,232 | $ | 383,977 | |||||||||||||||||||
Net income | $ | 79,009 | $ | 53,711 | $ | 42,329 | $ | 53,830 | $ | 53,020 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | 1.51 | $ | 1.03 | $ | 0.81 | $ | 1.02 | $ | 1.00 | |||||||||||||||||||
Diluted | $ | 1.49 | $ | 1.02 | $ | 0.80 | $ | 1.01 | $ | 0.99 | |||||||||||||||||||
Cash dividends declared per common share: | $ | 0.38 | $ | 0.32 | $ | 0.32 | $ | 0.26 | $ | 0.24 | |||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
Financial Position at End of Fiscal Year: | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Working capital | $ | 161,218 | $ | 131,521 | $ | 93,167 | $ | 104,002 | $ | 102,287 | |||||||||||||||||||
Total assets | 449,008 | 371,424 | 307,994 | 296,590 | 256,335 | ||||||||||||||||||||||||
Revolving credit facility | — | — | — | — | — | ||||||||||||||||||||||||
New market tax credit obligation | 6,363 | 6,320 | — | — | — | ||||||||||||||||||||||||
Total stockholders’ equity | 350,865 | 290,140 | 249,443 | 238,925 | 208,410 |
2020 | 2019 | 2018 | ||||||||||||||||||
Rooftop Units | 15,713 | 14,448 | 15,273 | |||||||||||||||||
Condensing Units | 1,920 | 1,738 | 2,007 | |||||||||||||||||
Air Handlers | 2,073 | 2,372 | 2,500 | |||||||||||||||||
Outdoor Mechanical Rooms | 33 | 33 | 38 | |||||||||||||||||
Water-Source Heat Pumps | 6,492 | 7,716 | 5,334 | |||||||||||||||||
Total Units | 26,231 | 26,307 | 25,152 |
Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
(in thousands, except unit data) | |||||||||||||||||||||||
Net sales | $ | 514,551 | $ | 469,333 | $ | 45,218 | 9.6 | % | |||||||||||||||
Total units | 26,231 | 26,307 | (76) | (0.3) | % |
Years Ended December 31, | Percent of Sales | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | 358,702 | $ | 349,908 | 69.7 | % | 74.6 | % | ||||||||||||||||||
Gross Profit | $ | 155,849 | $ | 119,425 | 30.3 | % | 25.4 | % |
2020 | 2019 | % Change | ||||||||||||||||||
Copper | $ | 3.65 | $ | 3.63 | 0.6 | % | ||||||||||||||
Galvanized Steel | $ | 0.55 | $ | 0.49 | 12.2 | % | ||||||||||||||
Stainless Steel | $ | 1.41 | $ | 1.30 | 8.5 | % | ||||||||||||||
Aluminum | $ | 2.02 | $ | 1.79 | 12.8 | % |
Years Ended December 31, | Percent of Sales | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Warranty | $ | 6,621 | $ | 8,047 | 1.3 | % | 1.7 | % | ||||||||||||||||||
Profit Sharing | 11,593 | 7,448 | 2.3 | % | 1.6 | % | ||||||||||||||||||||
Salaries & Benefits | 20,159 | 13,394 | 3.9 | % | 2.9 | % | ||||||||||||||||||||
Stock Compensation | 5,341 | 6,690 | 1.0 | % | 1.4 | % | ||||||||||||||||||||
Advertising | 823 | 818 | 0.2 | % | 0.2 | % | ||||||||||||||||||||
Depreciation | 1,999 | 1,524 | 0.4 | % | 0.3 | % | ||||||||||||||||||||
Insurance | 1,066 | 805 | 0.2 | % | 0.2 | % | ||||||||||||||||||||
Professional Fees | 2,514 | 2,738 | 0.5 | % | 0.6 | % | ||||||||||||||||||||
Donations | 2,115 | 1,137 | 0.4 | % | 0.2 | % | ||||||||||||||||||||
Bad Debt Expense | 153 | 91 | — | % | — | % | ||||||||||||||||||||
Other | 8,107 | 9,385 | 1.6 | % | 2.0 | % | ||||||||||||||||||||
Total SG&A | $ | 60,491 | $ | 52,077 | 11.8 | % | 11.1 | % |
Years Ended December 31, | Effective Tax Rate | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income tax provision | $ | 22,966 | $ | 13,320 | 22.5 | % | 19.9 | % |
Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | ||||||||||||||||||||
(in thousands, except unit data) | |||||||||||||||||||||||
Net sales | $ | 469,333 | $ | 433,947 | $ | 35,386 | 8.2 | % | |||||||||||||||
Total units | 26,307 | 25,152 | 1,155 | 4.6 | % |
Years Ended December 31, | Percent of Sales | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | 349,908 | $ | 330,414 | 74.6 | % | 76.1 | % | ||||||||||||||||||
Gross Profit | $ | 119,425 | $ | 103,533 | 25.4 | % | 23.9 | % |
2019 | 2018 | % Change | ||||||||||||||||||
Copper | $ | 3.63 | $ | 3.75 | (3.2) | % | ||||||||||||||
Galvanized Steel | $ | 0.49 | $ | 0.52 | (5.8) | % | ||||||||||||||
Stainless Steel | $ | 1.30 | $ | 1.33 | (2.3) | % | ||||||||||||||
Aluminum | $ | 1.79 | $ | 1.82 | (1.6) | % |
Years Ended December 31, | Percent of Sales | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Warranty | $ | 8,047 | $ | 8,807 | 1.7 | % | 2.0 | % | ||||||||||||||||||
Profit Sharing | 7,448 | 6,165 | 1.6 | % | 1.4 | % | ||||||||||||||||||||
Salaries & Benefits | 13,394 | 12,638 | 2.9 | % | 2.9 | % | ||||||||||||||||||||
Stock Compensation | 6,690 | 4,733 | 1.4 | % | 1.1 | % | ||||||||||||||||||||
Advertising | 818 | 762 | 0.2 | % | 0.2 | % | ||||||||||||||||||||
Depreciation | 1,524 | 950 | 0.3 | % | 0.2 | % | ||||||||||||||||||||
Insurance | 805 | 1,235 | 0.2 | % | 0.3 | % | ||||||||||||||||||||
Professional Fees | 2,738 | 2,441 | 0.6 | % | 0.6 | % | ||||||||||||||||||||
Donations | 1,137 | 933 | 0.2 | % | 0.2 | % | ||||||||||||||||||||
Bad Debt Expense | 91 | 174 | — | % | — | % | ||||||||||||||||||||
Other | 9,385 | 9,356 | 2.0 | % | 2.2 | % | ||||||||||||||||||||
Total SG&A | $ | 52,077 | $ | 48,194 | 11.1 | % | 11.1 | % |
Years Ended December 31, | Effective Tax Rate | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income tax provision | $ | 13,320 | $ | 13,171 | 19.9 | % | 23.7 | % |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | Shares | Total $ | $ per share | Shares | Total $ | $ per share | |||||||||||||||||||||||||||||
Open market | 103,689 | $ | 4,987 | $ | 48.10 | 5,799 | $ | 200 | $ | 34.46 | 252,272 | $ | 8,374 | $ | 33.19 | |||||||||||||||||||||||
401(k) | 438,921 | 25,073 | 57.12 | 419,963 | 19,386 | 46.16 | 497,753 | 18,472 | 37.11 | |||||||||||||||||||||||||||||
Directors and employees | 23,272 | 1,169 | 50.23 | 28,668 | 1,207 | 42.11 | 33,751 | 1,097 | 32.49 | |||||||||||||||||||||||||||||
Total | 565,882 | $ | 31,229 | $ | 55.19 | 454,430 | $ | 20,793 | $ | 45.76 | 783,776 | $ | 27,943 | $ | 35.65 |
Inception to Date | ||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||
Program | Shares | Total $ | $ per share | |||||||||||
Open market | 4,205,255 | $ | 74,793 | $ | 17.79 | |||||||||
401(k) | 7,906,660 | 145,000 | 18.34 | |||||||||||
Directors and employees | 2,005,201 | 20,751 | 10.35 | |||||||||||
Total | 14,117,116 | $ | 240,544 | $ | 17.04 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
May 18, 2018 | June 8, 2018 | July 6, 2018 | $0.16 | ||||||||
November 8, 2018 | November 29, 2018 | December 20, 2018 | $0.16 | ||||||||
May 20, 2019 | June 3, 2019 | July 1, 2019 | $0.16 | ||||||||
November 6, 2019 | November 27, 2019 | December 18, 2019 | $0.16 | ||||||||
May 15, 2020 | June 3, 2020 | July 1, 2020 | $0.19 | ||||||||
November 10, 2020 | November 27, 2020 | December 18, 2020 | $0.19 |
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Operating Activities | |||||||||||||||||
Net Income | $ | 79,009 | $ | 53,711 | $ | 42,329 | |||||||||||
Income statement adjustments, net | 44,793 | 42,440 | 28,513 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable | 19,859 | (13,412) | (2,832) | ||||||||||||||
Income tax receivable | (3,815) | 5,129 | (4,448) | ||||||||||||||
Inventories | (9,726) | 2,557 | (5,598) | ||||||||||||||
Prepaid expenses and other | (2,364) | (329) | (528) | ||||||||||||||
Accounts payable | (2,155) | 280 | (1,176) | ||||||||||||||
Deferred revenue | 1,010 | 425 | 412 | ||||||||||||||
Accrued liabilities | 2,203 | 7,124 | (1,816) | ||||||||||||||
Net cash provided by operating activities | 128,814 | 97,925 | 54,856 | ||||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditures | (67,802) | (37,166) | (37,268) | ||||||||||||||
Insurance proceeds | 6,417 | — | — | ||||||||||||||
Cash paid for business combination | — | — | (6,377) | ||||||||||||||
Purchases of investments | — | (6,000) | (16,201) | ||||||||||||||
Maturities of investments and proceeds from called investments | — | 6,000 | 25,145 | ||||||||||||||
Other | 112 | 120 | 66 | ||||||||||||||
Net cash used in investing activities | (61,273) | (37,046) | (34,635) | ||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from financing obligation, net of issuance costs | — | 6,614 | — | ||||||||||||||
Payment related to financing costs | — | (301) | — | ||||||||||||||
Stock options exercised | 21,418 | 12,625 | 4,987 | ||||||||||||||
Repurchase of stock | (30,060) | (19,586) | (26,846) | ||||||||||||||
Employee taxes paid by withholding shares | (1,169) | (1,207) | (1,097) | ||||||||||||||
Cash dividends paid to stockholders | (19,815) | (16,645) | (16,728) | ||||||||||||||
Net cash used in financing activities | $ | (29,626) | $ | (18,500) | $ | (39,684) |
Page | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Income | |||||
Consolidated Statements of Stockholders’ Equity | |||||
Consolidated Statements of Cash Flows | |||||
Notes to Consolidated Financial Statements |
AAON, Inc. and Subsidiaries | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | (in thousands, except share and per share data) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 79,025 | $ | 26,797 | |||||||
Restricted cash | 3,263 | 17,576 | |||||||||
Accounts receivable, net of allowance for credit losses of $506 and $353, respectively
|
47,387 | 67,399 | |||||||||
Income tax receivable | 4,587 | 772 | |||||||||
Note receivable | 31 | 29 | |||||||||
Inventories, net | 82,219 | 73,601 | |||||||||
Prepaid expenses and other | 3,739 | 1,375 | |||||||||
Total current assets | 220,251 | 187,549 | |||||||||
Property, plant and equipment: | |||||||||||
Land | 4,072 | 3,274 | |||||||||
Buildings | 122,171 | 101,113 | |||||||||
Machinery and equipment | 281,266 | 236,087 | |||||||||
Furniture and fixtures | 18,956 | 16,862 | |||||||||
Total property, plant and equipment | 426,465 | 357,336 | |||||||||
Less: Accumulated depreciation | 203,125 | 179,242 | |||||||||
Property, plant and equipment, net | 223,340 | 178,094 | |||||||||
Intangible assets, net | 38 | 272 | |||||||||
Goodwill | 3,229 | 3,229 | |||||||||
Right of use assets | 1,571 | 1,683 | |||||||||
Note receivable, long-term | 579 | 597 | |||||||||
Total assets | $ | 449,008 | $ | 371,424 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Revolving credit facility | $ | — | $ | — | |||||||
Accounts payable | 12,447 | 11,759 | |||||||||
Accrued liabilities | 46,586 | 44,269 | |||||||||
Total current liabilities | 59,033 | 56,028 | |||||||||
Deferred tax liabilities | 28,324 | 15,297 | |||||||||
Other long-term liabilities | 4,423 | 3,639 | |||||||||
New market tax credit obligation (a) | 6,363 | 6,320 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued
|
— | — | |||||||||
Common stock, $.004 par value, 100,000,000 shares authorized, 52,224,767 and 52,078,515 issued and outstanding at December 31, 2020 and 2019, respectively
|
209 | 208 | |||||||||
Additional paid-in capital | 5,161 | 3,631 | |||||||||
Retained earnings | 345,495 | 286,301 | |||||||||
Total stockholders’ equity | 350,865 | 290,140 | |||||||||
Total liabilities and stockholders’ equity | $ | 449,008 | $ | 371,424 | |||||||
(a) Held by variable interest entities (Note 18)
|
AAON, Inc. and Subsidiaries | |||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||
Net sales | $ | 514,551 | $ | 469,333 | $ | 433,947 | |||||||||||||||||
Cost of sales | 358,702 | 349,908 | 330,414 | ||||||||||||||||||||
Gross profit | 155,849 | 119,425 | 103,533 | ||||||||||||||||||||
Selling, general and administrative expenses | 60,491 | 52,077 | 48,194 | ||||||||||||||||||||
(Gain) loss on disposal of assets and insurance recoveries | (6,478) | 337 | (12) | ||||||||||||||||||||
Income from operations | 101,836 | 67,011 | 55,351 | ||||||||||||||||||||
Interest income, net | 88 | 66 | 196 | ||||||||||||||||||||
Other (expense) income, net | 51 | (46) | (47) | ||||||||||||||||||||
Income before taxes | 101,975 | 67,031 | 55,500 | ||||||||||||||||||||
Income tax provision | 22,966 | 13,320 | 13,171 | ||||||||||||||||||||
Net income | $ | 79,009 | $ | 53,711 | $ | 42,329 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.51 | $ | 1.03 | $ | 0.81 | |||||||||||||||||
Diluted | $ | 1.49 | $ | 1.02 | $ | 0.80 | |||||||||||||||||
Cash dividends declared per common share: | $ | 0.38 | $ | 0.32 | $ | 0.32 | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 52,168,679 | 52,079,865 | 52,284,616 | ||||||||||||||||||||
Diluted | 53,061,169 | 52,635,415 | 52,667,939 |
AAON, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
Consolidated Statements of Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at December 31, 2017 | 52,422 | $ | 210 | $ | — | $ | 238,715 | $ | 238,925 | ||||||||||||||||||||
Net income | — | — | — | 42,329 | 42,329 | ||||||||||||||||||||||||
Stock options exercised and restricted | 353 | 1 | 4,986 | — | 4,987 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 7,862 | — | 7,862 | ||||||||||||||||||||||||
Stock repurchased and retired | (784) | (3) | (12,848) | (15,092) | (27,943) | ||||||||||||||||||||||||
Dividends | — | — | — | (16,717) | (16,717) | ||||||||||||||||||||||||
Balance at December 31, 2018 | 51,991 | 208 | — | 249,235 | 249,443 | ||||||||||||||||||||||||
Net income | — | — | — | 53,711 | 53,711 | ||||||||||||||||||||||||
Stock options exercised and restricted | 542 | 2 | 12,623 | — | 12,625 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 11,799 | — | 11,799 | ||||||||||||||||||||||||
Stock repurchased and retired | (454) | (2) | (20,791) | — | (20,793) | ||||||||||||||||||||||||
Dividends | — | — | — | (16,645) | (16,645) | ||||||||||||||||||||||||
Balance at December 31, 2019 | 52,079 | 208 | 3,631 | 286,301 | 290,140 | ||||||||||||||||||||||||
Net income | — | — | — | 79,009 | 79,009 | ||||||||||||||||||||||||
Stock options exercised and restricted | 712 | 3 | 21,415 | — | 21,418 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 11,342 | — | 11,342 | ||||||||||||||||||||||||
Stock repurchased and retired | (566) | (2) | (31,227) | — | (31,229) | ||||||||||||||||||||||||
Dividends | — | — | — | (19,815) | (19,815) | ||||||||||||||||||||||||
Balance at December 31, 2020 | 52,225 | $ | 209 | $ | 5,161 | $ | 345,495 | $ | 350,865 |
AAON, Inc. and Subsidiaries | |||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating Activities | (in thousands) | ||||||||||||||||
Net income | $ | 79,009 | $ | 53,711 | $ | 42,329 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 25,634 | 22,766 | 17,655 | ||||||||||||||
Amortization of bond premiums | — | — | 13 | ||||||||||||||
Amortization of debt issuance costs | 43 | 7 | — | ||||||||||||||
Provision for credit losses on accounts receivable, net of adjustments | 153 | 91 | 174 | ||||||||||||||
Provision for excess and obsolete inventories | 1,108 | 1,454 | 152 | ||||||||||||||
Share-based compensation | 11,342 | 11,799 | 7,862 | ||||||||||||||
(Gain) loss on disposition of assets | (6,478) | 337 | (12) | ||||||||||||||
Foreign currency transaction (gain) loss | (12) | (27) | 55 | ||||||||||||||
Interest income on note receivable | (24) | (25) | (27) | ||||||||||||||
Deferred income taxes | 13,027 | 6,038 | 2,641 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable | 19,859 | (13,412) | (2,832) | ||||||||||||||
Income tax receivable | (3,815) | 5,129 | (4,448) | ||||||||||||||
Inventories | (9,726) | 2,557 | (5,598) | ||||||||||||||
Prepaid expenses and other | (2,364) | (329) | (528) | ||||||||||||||
Accounts payable | (2,155) | 280 | (1,176) | ||||||||||||||
Deferred revenue | 1,010 | 425 | 412 | ||||||||||||||
Accrued liabilities and donations | 2,203 | 7,124 | (1,816) | ||||||||||||||
Net cash provided by operating activities | 128,814 | 97,925 | 54,856 | ||||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditures | (67,802) | (37,166) | (37,268) | ||||||||||||||
Cash paid in business combination | — | — | (6,377) | ||||||||||||||
Proceeds from sale of property, plant and equipment | 60 | 69 | 13 | ||||||||||||||
Insurance proceeds | 6,417 | — | — | ||||||||||||||
Investment in certificates of deposits | — | (6,000) | (7,200) | ||||||||||||||
Maturities of certificates of deposits | — | 6,000 | 10,080 | ||||||||||||||
Purchases of investments held to maturity | — | — | (9,001) | ||||||||||||||
Maturities of investments held to maturity | — | — | 14,570 | ||||||||||||||
Proceeds from called investments | — | — | 495 | ||||||||||||||
Principal payments from note receivable | 52 | 51 | 53 | ||||||||||||||
Net cash used in investing activities | (61,273) | (37,046) | (34,635) | ||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from financing obligation, net of issuance costs | — | 6,614 | — | ||||||||||||||
Payment related to financing costs | — | (301) | — | ||||||||||||||
Stock options exercised | 21,418 | 12,625 | 4,987 | ||||||||||||||
Repurchase of stock | (30,060) | (19,586) | (26,846) | ||||||||||||||
Employee taxes paid by withholding shares | (1,169) | (1,207) | (1,097) | ||||||||||||||
Dividends paid to stockholders | (19,815) | (16,645) | (16,728) | ||||||||||||||
Net cash used in financing activities | (29,626) | (18,500) | (39,684) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,915 | 42,379 | (19,463) | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 44,373 | 1,994 | 21,457 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 82,288 | $ | 44,373 | $ | 1,994 |
Buildings |
3 - 40 years
|
||||
Machinery and equipment |
3 - 15 years
|
||||
Furniture and fixtures |
3 - 7 years
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Rooftop Units | $ | 400,946 | $ | 349,427 | $ | 333,105 | |||||||||||
Condensing Units | 21,149 | 18,475 | 18,282 | ||||||||||||||
Air Handlers | 23,931 | 24,265 | 21,905 | ||||||||||||||
Outdoor Mechanical Rooms | 2,842 | 1,643 | 2,408 | ||||||||||||||
Water-Source Heat Pumps | 19,053 | 25,447 | 14,660 | ||||||||||||||
Part Sales | 32,561 | 33,331 | 26,732 | ||||||||||||||
Other | 14,069 | 16,745 | 16,855 | ||||||||||||||
Net Sales | $ | 514,551 | $ | 469,333 | $ | 433,947 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Rooftop Units | 15,713 | 14,448 | 15,273 | ||||||||||||||
Condensing Units | 1,920 | 1,738 | 2,007 | ||||||||||||||
Air Handlers | 2,073 | 2,372 | 2,500 | ||||||||||||||
Outdoor Mechanical Rooms | 33 | 33 | 38 | ||||||||||||||
Water-Source Heat Pumps | 6,492 | 7,716 | 5,334 | ||||||||||||||
Total Units | 26,231 | 26,307 | 25,152 |
(in thousands) | |||||
Accounts receivable | $ | 1,082 | |||
Inventories | 1,380 | ||||
Property, plant and equipment | 340 | ||||
Intellectual property | 700 | ||||
Goodwill | 3,229 | ||||
Assumed current liabilities | (354) | ||||
Consideration paid | $ | 6,377 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Accounts receivable | $ | 47,893 | $ | 67,752 | |||||||
Less: Allowance for credit losses | (506) | (353) | |||||||||
Total, net | $ | 47,387 | $ | 67,399 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Allowance for credit losses: | (in thousands) | ||||||||||||||||
Balance, beginning of period
|
$ | 353 | $ | 264 | $ | 119 | |||||||||||
Provisions (recoveries) for expected credit losses, net of adjustments
|
153 | 91 | 174 | ||||||||||||||
Accounts receivable written off, net of recoveries
|
— | (2) | (29) | ||||||||||||||
Balance, end of period | $ | 506 | $ | 353 | $ | 264 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Raw materials | $ | 76,238 | $ | 68,842 | |||||||
Work in process | 2,088 | 1,825 | |||||||||
Finished goods | 7,154 | 5,578 | |||||||||
85,480 | 76,245 | ||||||||||
Less: Allowance for excess and obsolete inventories | (3,261) | (2,644) | |||||||||
Total, net | $ | 82,219 | $ | 73,601 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Allowance for excess and obsolete inventories: | (in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 2,644 | $ | 1,210 | $ | 1,118 | |||||||||||
Provisions for excess and obsolete inventories | 1,108 | 1,454 | 152 | ||||||||||||||
Inventories written off | (491) | (20) | (60) | ||||||||||||||
Balance, end of period | $ | 3,261 | $ | 2,644 | $ | 1,210 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Intellectual property | $ | 700 | $ | 700 | |||||||
Less: Accumulated amortization | (662) | (428) | |||||||||
Total, net | $ | 38 | $ | 272 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortization expense | $ | 234 | $ | 234 | $ | 194 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Supplemental disclosures: | (in thousands) | ||||||||||||||||
Interest paid | $ | — | $ | — | $ | 6 | |||||||||||
Income taxes paid, net | 13,754 | 2,172 | 14,979 | ||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Non-cash capital expenditures | 2,843 | 863 | 481 | ||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Warranty accrual: | (in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 12,652 | $ | 11,421 | $ | 10,483 | |||||||||||
Payments made | (5,751) | (6,816) | (7,869) | ||||||||||||||
Provisions | 6,621 | 8,047 | 9,669 | ||||||||||||||
Change in estimate | — | — | (862) | ||||||||||||||
Balance, end of period | $ | 13,522 | $ | 12,652 | $ | 11,421 | |||||||||||
Warranty expense: | $ | 6,621 | $ | 8,047 | $ | 8,807 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Warranty | $ | 13,522 | $ | 12,652 | |||||||
Due to representatives | 8,296 | 11,538 | |||||||||
Payroll | 8,155 | 5,058 | |||||||||
Profit sharing | 2,902 | 1,721 | |||||||||
Workers' compensation | 594 | 522 | |||||||||
Medical self-insurance | 1,546 | 707 | |||||||||
Customer prepayments | 5,067 | 4,627 | |||||||||
Donations | 570 | 354 | |||||||||
Employee vacation time | 3,321 | 3,804 | |||||||||
Other | 2,613 | 3,286 | |||||||||
Total | $ | 46,586 | $ | 44,269 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current | $ | 9,939 | $ | 7,282 | $ | 10,530 | |||||||||||
Deferred | 13,027 | 6,038 | 2,641 | ||||||||||||||
Total | $ | 22,966 | $ | 13,320 | $ | 13,171 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State income taxes, net of federal benefit | 5.3 | % | 5.2 | % | 6.0 | % | |||||||||||
Excess tax benefits | (3.2) | % | (2.6) | % | (2.0) | % | |||||||||||
Return to provision | 0.1 | % | (1.4) | % | — | % | |||||||||||
Oklahoma amended tax returns | — | % | (1.3) | % | — | % | |||||||||||
Other | (0.7) | % | (0.9) | % | (1.0) | % | |||||||||||
22.5 | % | 20.0 | % | 24.0 | % |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Deferred income tax assets (liabilities): | |||||||||||
Accounts receivable and inventory reserves | $ | 1,052 | $ | 835 | |||||||
Warranty accrual | 3,776 | 3,523 | |||||||||
Other accruals | 747 | 1,919 | |||||||||
Share-based compensation | 4,102 | 3,906 | |||||||||
Donations | 297 | 194 | |||||||||
Other, net | 2,457 | 2,140 | |||||||||
Total deferred income tax assets | 12,431 | 12,517 | |||||||||
Property & equipment | (40,755) | (27,814) | |||||||||
Total deferred income tax liabilities | $ | (40,755) | $ | (27,814) | |||||||
Net deferred income tax liabilities | $ | (28,324) | $ | (15,297) |
2020 | 2019 | 2018 | |||||||||||||||
Director and Officers: | |||||||||||||||||
Expected dividend yield | $ | 0.33 | $ | 0.32 | $ | 0.26 | |||||||||||
Expected volatility | 31.63 | % | 29.54 | % | 29.73 | % | |||||||||||
Risk-free interest rate | 0.64 | % | 2.40 | % | 2.20 | % | |||||||||||
Expected life (in years) | 5.00 | 5.00 | 5.00 | ||||||||||||||
Employees: | |||||||||||||||||
Expected dividend yield | $ | 0.32 | $ | 0.32 | $ | 0.26 | |||||||||||
Expected volatility | 31.39 | % | 29.54 | % | 29.82 | % | |||||||||||
Risk-free interest rate | 0.67 | % | 2.38 | % | 2.51 | % | |||||||||||
Expected life (in years) | 5.00 | 5.00 | 5.00 |
Weighted
Average
|
Weighted | |||||||||||||||||||||||||
Range of | Number | Remaining | Average | |||||||||||||||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||||||||||||||
Prices | Shares | Life | Price | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
$7.18 - 36.95
|
543,646 | 5.33 | $ | 28.33 | $ | 20,820 | ||||||||||||||||||||
$37.00 - 40.87
|
1,978 | 7.09 | 38.50 | 56 | ||||||||||||||||||||||
$41.37 - 66.98
|
194,697 | 7.87 | 41.59 | 4,875 | ||||||||||||||||||||||
Total | 740,321 | 6.00 | $ | 31.85 | $ | 25,751 |
Weighted
Average
|
Weighted | |||||||||||||||||||||||||
Range of | Number | Remaining | Average | |||||||||||||||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||||||||||||||
Prices | Shares | Life | Price | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
$7.18 - 34.10
|
451,077 | 5.44 | $ | 23.47 | $ | 11,702 | ||||||||||||||||||||
$34.15 - 40.87
|
86,122 | 7.82 | 36.33 | 1,126 | ||||||||||||||||||||||
$41.37 - 50.68
|
1,750 | 1.81 | 41.59 | 14 | ||||||||||||||||||||||
Total | 538,949 | 5.81 | $ | 21.58 | $ | 12,842 |
Weighted
Average
|
Weighted | |||||||||||||||||||||||||
Range of | Number | Remaining | Average | |||||||||||||||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||||||||||||||
Prices | Shares | Life | Price | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
$5.67 - 32.80
|
456,223 | 5.72 | $ | 20.25 | $ | 6,757 | ||||||||||||||||||||
$32.85 - 34.10
|
42,552 | 7.47 | 33.95 | 47 | ||||||||||||||||||||||
$34.15 - 42.94
|
17,202 | 8.30 | 35.19 | 7 | ||||||||||||||||||||||
Total | 515,977 | 5.95 | $ | 21.88 | $ | 6,811 |
Weighted
Average
Exercise
|
|||||||||||
Options | Shares | Price | |||||||||
Outstanding at December 31, 2019 | 3,627,047 | $ | 36.32 | ||||||||
Granted | 1,053,302 | 45.13 | |||||||||
Exercised | (644,850) | 33.21 | |||||||||
Forfeited or Expired | (282,554) | 40.64 | |||||||||
Outstanding at December 31, 2020 | 3,752,945 | $ | 39.00 | ||||||||
Exercisable at December 31, 2020 | 740,321 | $ | 31.85 |
Weighted
Average
Grant date
|
|||||||||||
Restricted stock | Shares | Fair Value | |||||||||
Unvested at December 31, 2019 | 267,484 | $ | 34.42 | ||||||||
Granted | 76,148 | 43.54 | |||||||||
Vested | (110,075) | 32.55 | |||||||||
Forfeited | (8,866) | 39.72 | |||||||||
Unvested at December 31, 2020 | 224,691 | $ | 38.22 |
2020 | 2019 | 2018 | |||||||||||||||
Grant date fair value of awards during the period: | (in thousands) | ||||||||||||||||
Options | $ | 12,615 | $ | 20,442 | $ | 12,932 | |||||||||||
Restricted stock | 3,316 | 4,631 | 3,609 | ||||||||||||||
Total | $ | 15,931 | $ | 25,073 | $ | 16,541 |
2020 | 2019 | 2018 | |||||||||||||||
Share-based compensation expense: | (in thousands) | ||||||||||||||||
Options | $ | 8,312 | $ | 9,145 | $ | 5,344 | |||||||||||
Restricted stock | 3,030 | 2,654 | 2,518 | ||||||||||||||
Total | $ | 11,342 | $ | 11,799 | $ | 7,862 |
2020 | 2019 | 2018 | |||||||||||||||
Income tax benefit related to share-based compensation: | (in thousands) | ||||||||||||||||
Options | $ | 2,698 | $ | 1,197 | $ | 980 | |||||||||||
Restricted stock | 519 | 575 | 353 | ||||||||||||||
Total | $ | 3,217 | $ | 1,772 | $ | 1,333 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Contributions, net of forfeitures, made to the defined contribution plan | $ | 9,091 | $ | 7,034 | $ | 8,127 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Profit sharing bonus plan expense | $ | 11,593 | $ | 7,448 | $ | 6,165 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Medical claim payments | $ | 9,060 | $ | 5,898 | $ | 5,915 | |||||||||||
Health saving account payments | 3,476 | 3,265 | 2,948 |
Agreement Execution Date | Authorized Repurchase $ | Expiration Date | ||||||||||||
May 16, 2018 1
|
$15 million | March 1, 2019 | ||||||||||||
March 5, 2019 1
|
$20 million | March 4, 2020 | ||||||||||||
March 13, 2020 | $20 million |
** 2
|
||||||||||||
1 The 2018 and 2019 purchase authorizations were executed under 10b5-1 programs.
|
||||||||||||||
2 Expiration Date is at Board's discretion. The Company is authorized to effectuate repurchases of the Company's common stock on terms and conditions approved in advance by the Board.
|
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | Shares | Total $ | $ per share | Shares | Total $ | $ per share | |||||||||||||||||||||||||||||
Open market | 103,689 | $ | 4,987 | $ | 48.10 | 5,799 | $ | 200 | $ | 34.46 | 252,272 | $ | 8,374 | $ | 33.19 | |||||||||||||||||||||||
401(k) | 438,921 | 25,073 | 57.12 | 419,963 | 19,386 | 46.16 | 497,753 | 18,472 | 37.11 | |||||||||||||||||||||||||||||
Directors & employees | 23,272 | 1,169 | 50.23 | 28,668 | 1,207 | 42.11 | 33,751 | 1,097 | 32.49 | |||||||||||||||||||||||||||||
Total | 565,882 | $ | 31,229 | $ | 55.19 | 454,430 | $ | 20,793 | $ | 45.76 | 783,776 | $ | 27,943 | $ | 35.65 |
Inception to Date | ||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||
Program | Shares | Total $ | $ per share | |||||||||||
Open market | 4,205,255 | $ | 74,793 | $ | 17.79 | |||||||||
401(k) | 7,906,660 | 145,000 | 18.34 | |||||||||||
Directors & employees | 2,005,201 | 20,751 | 10.35 | |||||||||||
Total | 14,117,116 | $ | 240,544 | $ | 17.04 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
May 18, 2018 | June 8, 2018 | July 6, 2018 | $0.16 | ||||||||
November 8, 2018 | November 29, 2018 | December 20, 2018 | $0.16 | ||||||||
May 20, 2019 | June 3, 2019 | July 1, 2019 | $0.16 | ||||||||
November 6, 2019 | November 27, 2019 | December 18, 2019 | $0.16 | ||||||||
May 15, 2020 | June 3, 2020 | July 1, 2020 | $0.19 | ||||||||
November 10, 2020 | November 27, 2020 | December 18, 2020 | $0.19 |
2020 | 2019 | 2018 | |||||||||||||||
Numerator: | (in thousands, except share and per share data) | ||||||||||||||||
Net income | $ | 79,009 | $ | 53,711 | $ | 42,329 | |||||||||||
Denominator: | |||||||||||||||||
Basic weighted average shares | 52,168,679 | 52,079,865 | 52,284,616 | ||||||||||||||
Effect of dilutive stock options and restricted stock | 892,490 | 555,550 | 383,323 | ||||||||||||||
Diluted weighted average shares | 53,061,169 | 52,635,415 | 52,667,939 | ||||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.51 | $ | 1.03 | $ | 0.81 | |||||||||||
Dilutive | $ | 1.49 | $ | 1.02 | $ | 0.80 | |||||||||||
Anti-dilutive shares: | |||||||||||||||||
Shares | 364,787 | 1,868,087 | 1,920,313 |
Years Ended December 31, | ||||||||||||||
2020 | 2019 | 2018 | ||||||||||||
(in thousands) | ||||||||||||||
Sales to affiliates | $ | 3,475 | $ | 886 | $ | 1,442 | ||||||||
Payments to affiliates | 256 | 332 | 342 | |||||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||
Due from affiliates | $ | 342 | $ | 22 | ||||||||||
Due to affiliates | — | 2 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||
Sales | |||||||||||||||||
Units | $ | 480,629 | $ | 434,283 | $ | 406,331 | |||||||||||
Parts - External | 34,577 | 35,424 | 28,456 | ||||||||||||||
Parts - Inter-segment | 24,236 | 28,053 | 29,385 | ||||||||||||||
Other | (655) | (374) | (840) | ||||||||||||||
Eliminations | (24,236) | (28,053) | (29,385) | ||||||||||||||
Net sales | $ | 514,551 | $ | 469,333 | $ | 433,947 | |||||||||||
Gross Profit | |||||||||||||||||
Units | $ | 164,048 | $ | 121,878 | $ | 108,214 | |||||||||||
Parts - External | 15,592 | 17,301 | 13,215 | ||||||||||||||
Parts - Inter-segment | (1,461) | 985 | 865 | ||||||||||||||
Other | (23,791) | (19,754) | (17,896) | ||||||||||||||
Eliminations | 1,461 | (985) | (865) | ||||||||||||||
Gross profit | $ | 155,849 | $ | 119,425 | $ | 103,533 | |||||||||||
Item 15. | Exhibits and Financial Statement Schedules. |
(v) | Incorporated herein by reference to our Form S-8 Registration Statement No. 333-212863 dated August 2, 2016, our Form S-8 Registration Statement No. 333-226512 dated August 2, 2018, and our Form S-8 Registration Statement No. 333-241538 dated August 6, 2020. | |||||||||||||||||||
(vi) | Incorporated by reference to exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 1991, and to our Form S-8 Registration Statement No. 333-52824. | |||||||||||||||||||
(vii) | Incorporated herein by reference to our Form S-8 Registration Statement No. 333-151915, Form S-8 Registration Statement No. 333-207737, and to our Form 8-K dated May 21, 2014. | |||||||||||||||||||
(viii) | Incorporated herein by reference to exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 2004. |
AAON, INC. | |||||||||||
Dated: | February 25, 2021 | By: | /s/ Gary D. Fields | ||||||||
Gary D. Fields, Chief Executive Officer |
Dated: | February 25, 2021 | /s/ Gary D. Fields | ||||||
Gary D. Fields
Chief Executive Officer, President, and Director (principal executive officer) |
||||||||
Dated: | February 25, 2021 | /s/ Scott M. Asbjornson | ||||||
Scott M. Asbjornson
Chief Financial Officer
(principal financial officer)
|
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Dated: | February 25, 2021 | /s/ Rebecca A. Thompson | ||||||
Rebecca A. Thompson
Chief Accounting Officer
(principal accounting officer)
|
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Dated: | February 25, 2021 | /s/ Norman H. Asbjornson | ||||||
Norman H. Asbjornson
Executive Chairman and Director |
||||||||
Dated: | February 25, 2021 | /s/ Angela E. Kouplen | ||||||
Angela E. Kouplen
Director
|
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Dated: | February 25, 2021 | /s/ Paul K. Lackey, Jr. | ||||||
Paul K. Lackey, Jr.
Director
|
||||||||
Dated: | February 25, 2021 | /s/ Caron A. Lawhorn | ||||||
Caron A. Lawhorn
Director
|
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Dated: | February 25, 2021 | /s/ Stephen O. LeClair | ||||||
Stephen O. LeClair
Director
|
||||||||
Dated: | February 25, 2021 | /s/ A.H. McElroy II | ||||||
A.H. McElroy II
Director
|
||||||||
Dated: | February 25, 2021 | /s/ Luke A. Bomer | ||||||
Luke A. Bomer
Secretary
|
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