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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% | 94.47 | 88.60 | 150.20 | 0 | 09:09:43 |
[
a
]
|
QUARTERLY 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, Tulsa, Oklahoma
74107
|
|
(Address of principal executive offices) (Zip Code)
|
Large accelerated filer [
ü
]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ ]
|
|
Emerging growth company [ ]
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
AAON
|
NASDAQ
|
AAON, Inc. and Subsidiaries
|
|||||||
Consolidated Balance Sheets
|
|||||||
(Unaudited)
|
|||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
(in thousands, except share and per share data)
|
||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
7,143
|
|
|
$
|
1,994
|
|
Accounts receivable, net
|
58,688
|
|
|
54,078
|
|
||
Income tax receivable
|
4,756
|
|
|
6,104
|
|
||
Note receivable
|
27
|
|
|
27
|
|
||
Inventories, net
|
74,577
|
|
|
77,612
|
|
||
Prepaid expenses and other
|
1,607
|
|
|
1,046
|
|
||
Total current assets
|
146,798
|
|
|
140,861
|
|
||
Property, plant and equipment:
|
|
|
|
|
|
||
Land
|
3,114
|
|
|
3,114
|
|
||
Buildings
|
98,394
|
|
|
97,393
|
|
||
Machinery and equipment
|
215,928
|
|
|
212,779
|
|
||
Furniture and fixtures
|
17,079
|
|
|
16,597
|
|
||
Total property, plant and equipment
|
334,515
|
|
|
329,883
|
|
||
Less: Accumulated depreciation
|
167,863
|
|
|
166,880
|
|
||
Property, plant and equipment, net
|
166,652
|
|
|
163,003
|
|
||
Intangible assets, net
|
447
|
|
|
506
|
|
||
Goodwill
|
3,229
|
|
|
3,229
|
|
||
Right of use assets
|
1,796
|
|
|
—
|
|
||
Note receivable
|
603
|
|
|
598
|
|
||
Total assets
|
$
|
319,525
|
|
|
$
|
308,197
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
Accounts payable
|
5,947
|
|
|
10,616
|
|
||
Accrued liabilities
|
38,053
|
|
|
37,455
|
|
||
Total current liabilities
|
44,000
|
|
|
48,071
|
|
||
Deferred tax liabilities
|
12,713
|
|
|
10,826
|
|
||
Other long-term liabilities
|
3,442
|
|
|
1,801
|
|
||
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, 52,099,274 and 51,991,242 issued and outstanding at March 31, 2019 and December 31, 2018, respectively
|
208
|
|
|
208
|
|
||
Additional paid-in capital
|
969
|
|
|
—
|
|
||
Retained earnings
|
258,193
|
|
|
247,291
|
|
||
Total stockholders' equity
|
259,370
|
|
|
247,499
|
|
||
Total liabilities and stockholders' equity
|
$
|
319,525
|
|
|
$
|
308,197
|
|
AAON, Inc. and Subsidiaries
|
|||||||
Consolidated Statements of Income
|
|||||||
(Unaudited)
|
|||||||
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
|
(in thousands, except share and per share data)
|
||||||
Net sales
|
$
|
113,822
|
|
|
$
|
99,082
|
|
Cost of sales
|
88,029
|
|
|
83,692
|
|
||
Gross profit
|
25,793
|
|
|
15,390
|
|
||
Selling, general and administrative expenses
|
11,001
|
|
|
10,219
|
|
||
Loss (gain) on disposal of assets
|
284
|
|
|
(7
|
)
|
||
Income from operations
|
14,508
|
|
|
5,178
|
|
||
Interest income, net
|
9
|
|
|
68
|
|
||
Other expense, net
|
(26
|
)
|
|
(6
|
)
|
||
Income before taxes
|
14,491
|
|
|
5,240
|
|
||
Income tax provision
|
3,589
|
|
|
980
|
|
||
Net income
|
$
|
10,902
|
|
|
$
|
4,260
|
|
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.21
|
|
|
$
|
0.08
|
|
Diluted
|
$
|
0.21
|
|
|
$
|
0.08
|
|
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
51,992,150
|
|
|
52,433,902
|
|
||
Diluted
|
52,369,660
|
|
|
52,910,223
|
|
AAON, Inc. and Subsidiaries
|
||||||||||||||||||
Consolidated Statements of Stockholders' Equity
|
||||||||||||||||||
(Unaudited)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Total
|
|||||||||
|
(in thousands)
|
|||||||||||||||||
Balances at December 31, 2018
|
51,991
|
|
|
$
|
208
|
|
|
$
|
—
|
|
|
$
|
247,291
|
|
|
$
|
247,499
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
10,902
|
|
|
10,902
|
|
||||
Stock options exercised and restricted
|
237
|
|
|
1
|
|
|
4,009
|
|
|
—
|
|
|
4,010
|
|
||||
stock awards granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Share-based compensation
|
—
|
|
|
—
|
|
|
2,030
|
|
|
—
|
|
|
2,030
|
|
||||
Stock repurchased and retired
|
(129
|
)
|
|
(1
|
)
|
|
(5,070
|
)
|
|
—
|
|
|
(5,071
|
)
|
||||
Balances at March 31, 2019
|
52,099
|
|
|
$
|
208
|
|
|
$
|
969
|
|
|
$
|
258,193
|
|
|
$
|
259,370
|
|
AAON, Inc. and Subsidiaries
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Operating Activities
|
(in thousands)
|
||||||
Net income
|
$
|
10,902
|
|
|
$
|
4,260
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
5,914
|
|
|
4,129
|
|
||
Amortization of bond premiums
|
—
|
|
|
5
|
|
||
Provision for losses on accounts receivable, net of adjustments
|
115
|
|
|
(11
|
)
|
||
Provision for excess and obsolete inventories
|
357
|
|
|
101
|
|
||
Share-based compensation
|
2,030
|
|
|
1,724
|
|
||
Loss (gain) on disposition of assets
|
284
|
|
|
(7
|
)
|
||
Foreign currency transaction gain
|
(16
|
)
|
|
3
|
|
||
Interest income on note receivable
|
(6
|
)
|
|
9
|
|
||
Deferred income taxes
|
1,887
|
|
|
420
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(4,725
|
)
|
|
(2,897
|
)
|
||
Income taxes
|
1,348
|
|
|
(5,673
|
)
|
||
Inventories
|
2,678
|
|
|
3,447
|
|
||
Prepaid expenses and other
|
(561
|
)
|
|
(712
|
)
|
||
Accounts payable
|
(5,730
|
)
|
|
9,833
|
|
||
Deferred revenue
|
25
|
|
|
37
|
|
||
Accrued liabilities and donations
|
411
|
|
|
(3,924
|
)
|
||
Net cash provided by operating activities
|
14,913
|
|
|
10,744
|
|
||
Investing Activities
|
|
|
|
|
|
||
Capital expenditures
|
(8,772
|
)
|
|
(8,451
|
)
|
||
Cash paid in business combination
|
—
|
|
|
(6,000
|
)
|
||
Proceeds from sale of property, plant and equipment
|
52
|
|
|
6
|
|
||
Investment in certificates of deposits
|
—
|
|
|
(4,320
|
)
|
||
Maturities of certificates of deposits
|
—
|
|
|
1,200
|
|
||
Purchases of investments held to maturity
|
—
|
|
|
(7,495
|
)
|
||
Maturities of investments
|
—
|
|
|
4,230
|
|
||
Proceeds from called investments
|
—
|
|
|
395
|
|
||
Principal payments from note receivable
|
17
|
|
|
14
|
|
||
Net cash used in investing activities
|
(8,703
|
)
|
|
(20,421
|
)
|
||
Financing Activities
|
|
|
|
|
|
||
Stock options exercised
|
4,010
|
|
|
1,340
|
|
||
Repurchase of stock
|
(4,483
|
)
|
|
(4,379
|
)
|
||
Employee taxes paid by withholding shares
|
(588
|
)
|
|
(568
|
)
|
||
Net cash used in financing activities
|
(1,061
|
)
|
|
(3,607
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
5,149
|
|
|
(13,284
|
)
|
||
Cash and cash equivalents, beginning of period
|
1,994
|
|
|
21,457
|
|
||
Cash and cash equivalents, end of period
|
$
|
7,143
|
|
|
$
|
8,173
|
|
•
|
Level 1: Quoted prices in active markets for identical assets and liabilities that we have the ability to access at the measurement date.
|
•
|
Level 2: Inputs (other than quoted prices included within Level 1) that are either directly or indirectly observable for the asset or liability, including (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv) inputs that are derived from observable market data by correlation or other means.
|
•
|
Level 3: Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. Items categorized in Level 3 include the estimated business combination fair values of property, plant and equipment, intangible assets and goodwill.
|
|
Three months ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Rooftop Units
|
$
|
88,343
|
|
|
$
|
74,815
|
|
Condensing Units
|
4,050
|
|
|
4,281
|
|
||
Air Handlers
|
5,594
|
|
|
5,240
|
|
||
Outdoor Mechanical Rooms
|
482
|
|
|
973
|
|
||
Water Source Heat Pumps
|
5,844
|
|
|
4,387
|
|
||
Part Sales
|
6,490
|
|
|
5,960
|
|
||
Other
|
3,019
|
|
|
3,426
|
|
||
Net Sales
|
$
|
113,822
|
|
|
$
|
99,082
|
|
|
Three months ended
March 31, |
||||
|
2019
|
|
2018
|
||
Rooftop Units
|
3,762
|
|
|
3,468
|
|
Condensing Units
|
394
|
|
|
411
|
|
Air Handlers
|
580
|
|
|
536
|
|
Outdoor Mechanical Rooms
|
11
|
|
|
14
|
|
Water Source Heat Pumps
|
2,289
|
|
|
1,614
|
|
Total Units
|
7,036
|
|
|
6,043
|
|
|
March 31,
2019 |
|
December 31, 2018
|
||||
|
(in thousands)
|
||||||
Accounts receivable
|
$
|
59,067
|
|
|
$
|
54,342
|
|
Less: Allowance for doubtful accounts
|
(379
|
)
|
|
(264
|
)
|
||
Total, net
|
$
|
58,688
|
|
|
$
|
54,078
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
Allowance for doubtful accounts:
|
(in thousands)
|
||||||
Balance, beginning of period
|
$
|
264
|
|
|
$
|
119
|
|
Provisions for losses on accounts receivables, net of adjustments
|
115
|
|
|
(11
|
)
|
||
Balance, end of period
|
$
|
379
|
|
|
$
|
108
|
|
|
March 31,
2019 |
|
December 31, 2018
|
||||
|
(in thousands)
|
||||||
Raw materials
|
$
|
67,519
|
|
|
$
|
67,995
|
|
Work in process
|
3,131
|
|
|
4,060
|
|
||
Finished goods
|
5,494
|
|
|
6,767
|
|
||
|
76,144
|
|
|
78,822
|
|
||
Less: Allowance for excess and obsolete inventories
|
(1,567
|
)
|
|
(1,210
|
)
|
||
Total, net
|
$
|
74,577
|
|
|
$
|
77,612
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
Allowance for excess and obsolete inventories:
|
(in thousands)
|
||||||
Balance, beginning of period
|
$
|
1,210
|
|
|
$
|
1,118
|
|
Provisions for excess and obsolete inventories
|
357
|
|
|
101
|
|
||
Inventories written off
|
—
|
|
|
(10
|
)
|
||
Balance, end of period
|
$
|
1,567
|
|
|
$
|
1,209
|
|
|
March 31,
2019 |
|
December 31, 2018
|
||||
|
(in thousands)
|
||||||
Intellectual property
|
$
|
700
|
|
|
$
|
700
|
|
Less: Accumulated amortization
|
(253
|
)
|
|
(194
|
)
|
||
Total, net
|
$
|
447
|
|
|
$
|
506
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
|
(in thousands)
|
||||||
Amortization expense
|
$
|
59
|
|
|
$
|
—
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
Supplemental disclosures:
|
(in thousands)
|
||||||
Interest paid
|
$
|
—
|
|
|
$
|
5
|
|
Income taxes paid
|
$
|
353
|
|
|
$
|
6,232
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||
Non-cash capital expenditures
|
$
|
1,068
|
|
|
$
|
733
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
Warranty accrual:
|
(in thousands)
|
||||||
Balance, beginning of period
|
$
|
11,421
|
|
|
$
|
10,483
|
|
Payments made
|
(1,106
|
)
|
|
(1,222
|
)
|
||
Provisions
|
1,109
|
|
|
1,527
|
|
||
Balance, end of period
|
$
|
11,424
|
|
|
$
|
10,788
|
|
|
|
|
|
||||
Warranty expense:
|
$
|
1,109
|
|
|
$
|
1,527
|
|
|
March 31,
2019 |
|
December 31, 2018
|
||||
|
(in thousands)
|
||||||
Warranty
|
$
|
11,424
|
|
|
$
|
11,421
|
|
Due to representatives
|
11,154
|
|
|
11,024
|
|
||
Payroll
|
4,659
|
|
|
4,182
|
|
||
Profit sharing
|
1,644
|
|
|
1,835
|
|
||
Worker's compensation
|
504
|
|
|
567
|
|
||
Medical self-insurance
|
1,010
|
|
|
1,207
|
|
||
Customer prepayments
|
1,725
|
|
|
2,367
|
|
||
Employee vacation time
|
3,563
|
|
|
3,173
|
|
||
Other
|
2,370
|
|
|
1,679
|
|
||
Total
|
$
|
38,053
|
|
|
$
|
37,455
|
|
|
Three months ended
|
||||
|
March 31,
2019 |
|
March 31,
2018 |
||
Federal statutory rate
|
21.0
|
%
|
|
21.0
|
%
|
State income taxes, net of Federal benefit
|
6.1
|
|
|
6.8
|
|
Excess tax benefits
|
(2.7
|
)
|
|
(8.9
|
)
|
Other
|
0.4
|
|
|
(0.2
|
)
|
Effective tax rate
|
24.8
|
%
|
|
18.7
|
%
|
|
Three months ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
Directors and Officers:
|
|
|
|
||||
Expected dividend rate
|
$
|
0.32
|
|
|
$
|
0.26
|
|
Expected volatility
|
29.54
|
%
|
|
29.73
|
%
|
||
Risk-free interest rate
|
2.40
|
%
|
|
2.20
|
%
|
||
Expected life (in years)
|
5.0
|
|
|
5.0
|
|
||
|
|
|
|
||||
Employees:
|
|
|
|
|
|
||
Expected dividend rate
|
$
|
0.32
|
|
|
$
|
0.26
|
|
Expected volatility
|
29.54
|
%
|
|
29.82
|
%
|
||
Risk-free interest rate
|
2.40
|
%
|
|
2.48
|
%
|
||
Expected life (in years)
|
5.0
|
|
|
5.0
|
|
Range of
Exercise
Prices
|
|
Number
of
Shares
|
|
Weighted
Average
Remaining
Contractual Life
(in years)
|
|
Weighted
Average
Exercise
Price
|
|
Intrinsic
Value
(in thousands)
|
||||||||||||
$
|
6.13
|
|
-
|
$
|
33.20
|
|
|
496,465
|
|
|
6.11
|
|
|
$
|
22.56
|
|
|
$
|
11,727
|
|
$
|
33.40
|
|
-
|
$
|
40.87
|
|
|
187,024
|
|
|
8.28
|
|
|
35.53
|
|
|
1,991
|
|
||
$
|
41.37
|
|
-
|
$
|
46.18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
Total
|
|
|
683,489
|
|
|
6.70
|
|
|
$
|
26.11
|
|
|
$
|
13,718
|
|
Range of
Exercise
Prices
|
|
Number
of
Shares
|
|
Weighted
Average
Remaining
Contractual Life
(in years)
|
|
Weighted
Average
Exercise
Price
|
|
Intrinsic
Value
(in thousands)
|
|||||||||||
$
|
4.54
|
|
-
|
$
|
32.80
|
|
|
486,601
|
|
|
5.19
|
|
$
|
16.32
|
|
|
$
|
11,036
|
|
$
|
32.85
|
|
-
|
$
|
34.10
|
|
|
65,054
|
|
|
5.64
|
|
34.06
|
|
|
322
|
|
||
$
|
34.15
|
|
-
|
$
|
39.00
|
|
|
9,193
|
|
|
8.90
|
|
34.45
|
|
|
42
|
|
||
|
|
Total
|
|
|
560,848
|
|
|
5.30
|
|
$
|
18.67
|
|
|
$
|
11,400
|
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|||
Outstanding at December 31, 2018
|
2,445,849
|
|
|
$
|
30.77
|
|
Granted
|
1,933,920
|
|
|
41.36
|
|
|
Exercised
|
(146,114
|
)
|
|
27.43
|
|
|
Forfeited or Expired
|
(58,198
|
)
|
|
34.33
|
|
|
Outstanding at March 31, 2019
|
4,175,457
|
|
|
$
|
35.74
|
|
Exercisable at March 31, 2019
|
683,489
|
|
|
$
|
26.11
|
|
|
Shares
|
|
Weighted
Average Grant Date
Fair Value
|
|||
Unvested at December 31, 2018
|
292,450
|
|
|
$
|
28.54
|
|
Granted
|
93,000
|
|
|
39.87
|
|
|
Vested
|
(50,620
|
)
|
|
26.91
|
|
|
Forfeited
|
(2,578
|
)
|
|
27.32
|
|
|
Unvested at March 31, 2019
|
332,252
|
|
|
$
|
31.97
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
Grant date fair value of awards during the period:
|
(in thousands)
|
||||||
Options
|
$
|
19,944
|
|
|
$
|
12,527
|
|
Restricted stock
|
3,708
|
|
|
2,114
|
|
||
Total
|
$
|
23,652
|
|
|
$
|
14,641
|
|
|
|
|
|
||||
Share-based compensation expense:
|
|
|
|
||||
Options
|
$
|
1,225
|
|
|
$
|
758
|
|
Restricted stock
|
805
|
|
|
966
|
|
||
Total
|
$
|
2,030
|
|
|
$
|
1,724
|
|
|
|
|
|
||||
Income tax benefit/(deficiency) related to share-based compensation:
|
|
|
|
||||
Options
|
$
|
243
|
|
|
$
|
301
|
|
Restricted stock
|
151
|
|
|
162
|
|
||
Total
|
$
|
394
|
|
|
$
|
463
|
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
|
(in thousands, except share and per share data)
|
||||||
Numerator:
|
|
|
|
||||
Net income
|
$
|
10,902
|
|
|
$
|
4,260
|
|
Denominator:
|
|
|
|
||||
Basic weighted average shares
|
51,992,150
|
|
|
52,433,902
|
|
||
Effect of dilutive stock options and restricted stock
|
377,510
|
|
|
476,321
|
|
||
Diluted weighted average shares
|
52,369,660
|
|
|
52,910,223
|
|
||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.21
|
|
|
$
|
0.08
|
|
Diluted
|
$
|
0.21
|
|
|
$
|
0.08
|
|
Anti-dilutive shares:
|
|
|
|
||||
Shares
|
1,927,727
|
|
|
1,676,773
|
|
|
Three months ended
March 31, |
||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||
Program
|
Shares
|
Total $
|
$ per share
|
|
Shares
|
Total $
|
$ per share
|
||||||||||
Open market
|
5,799
|
|
$
|
199,841
|
|
$
|
34.46
|
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
401(k)
|
107,000
|
|
4,282,961
|
|
40.03
|
|
|
118,203
|
|
4,378,925
|
|
37.05
|
|
||||
Directors and employees
|
15,705
|
|
588,053
|
|
37.44
|
|
|
15,492
|
|
559,688
|
|
36.13
|
|
||||
Total
|
128,504
|
|
$
|
5,070,855
|
|
$
|
39.46
|
|
|
133,695
|
|
$
|
4,938,613
|
|
$
|
36.94
|
|
|
Inception to date
|
|||||||
Program
|
Shares
|
Total $
|
$ per share
|
|||||
Open market
|
4,101,566
|
|
$
|
69,805,654
|
|
$
|
17.02
|
|
401(k)
|
7,154,776
|
|
104,824,208
|
|
14.65
|
|
||
Directors and employees
|
1,968,966
|
|
18,962,711
|
|
9.63
|
|
||
Total
|
13,225,308
|
|
$
|
193,592,573
|
|
$
|
14.64
|
|
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
|
|
Three months ended
|
||||||
|
March 31,
2019 |
|
March 31,
2018 |
||||
|
(in thousands)
|
||||||
Sales to affiliates
|
$
|
50
|
|
|
$
|
145
|
|
Payments to affiliates
|
127
|
|
|
10
|
|
|
March 31,
2019 |
|
December 31, 2018
|
||||
|
(in thousands)
|
||||||
Due from affiliates
|
$
|
1
|
|
|
$
|
79
|
|
Due to affiliates
|
3
|
|
|
—
|
|
|
Three Months Ended
March 31, |
||||
|
2019
|
|
2018
|
||
|
(in thousands)
|
||||
Sales
|
|
|
|
||
Units
|
107,068
|
|
|
92,975
|
|
Parts - External
|
6,911
|
|
|
6,287
|
|
Parts - Inter-segment
|
7,922
|
|
|
7,284
|
|
Other
|
(157
|
)
|
|
(180
|
)
|
Eliminations
|
(7,922
|
)
|
|
(7,284
|
)
|
Net sales
|
113,822
|
|
|
99,082
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
||
Units
|
26,543
|
|
|
16,540
|
|
Parts - External
|
3,684
|
|
|
3,029
|
|
Parts - Inter-segment
|
677
|
|
|
795
|
|
Other
|
(4,434
|
)
|
|
(4,179
|
)
|
Eliminations
|
(677
|
)
|
|
(795
|
)
|
Net gross profit
|
25,793
|
|
|
15,390
|
|
•
|
We saw significant improvement in our gross margin during the first quarter.
|
•
|
Overall units sold increased approximately
16.4%
for the three months ended as compared to the same period last year.
|
•
|
Our warranty expense has stabilized and we expect to see continued improvement in this area.
|
•
|
We invested
$8.8 million
in capital expenditures, continuing our work on projects such as our new research and development lab, water-source heat pump production line, as well as other internal development projects.
|
•
|
Our order intake level continued to support our high backlog.
|
3/31/2019
|
|
12/31/2018
|
|
3/31/2018
|
||||||
(in thousands)
|
||||||||||
$
|
166,558
|
|
|
$
|
151,767
|
|
|
$
|
74,068
|
|
|
Three Months Ended
March 31, |
||||
|
2019
|
|
2018
|
||
|
|
|
|
||
Rooftop Units
|
3,762
|
|
|
3,468
|
|
Condensing Units
|
394
|
|
|
411
|
|
Air Handlers
|
580
|
|
|
536
|
|
Outdoor Mechanical Rooms
|
11
|
|
|
14
|
|
Water Source Heat Pumps
|
2,289
|
|
|
1,614
|
|
Total Units
|
7,036
|
|
|
6,043
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|||||||||
|
|
2019
|
|
2018
|
|
Change
|
% Change
|
|||||||
|
|
(in thousands, except unit data)
|
||||||||||||
Net sales
|
|
$
|
113,822
|
|
|
$
|
99,082
|
|
|
$
|
14,740
|
|
14.9
|
%
|
Total units
|
|
7,036
|
|
|
6,043
|
|
|
993
|
|
16.4
|
%
|
|
|
Three Months Ended
March 31, |
|
Percent of Sales
|
||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
|
|
(in thousands)
|
|
|
|
|
||||||||
Cost of sales
|
|
$
|
88,029
|
|
|
$
|
83,692
|
|
|
77.3
|
%
|
|
84.5
|
%
|
Gross profit
|
|
25,793
|
|
|
15,390
|
|
|
22.7
|
%
|
|
15.5
|
%
|
|
|
2019
|
|
2018
|
|
% Change
|
|||||
|
|
|
|
|
|
|
|||||
Copper
|
|
$
|
3.73
|
|
|
$
|
3.77
|
|
|
(1.1
|
)%
|
Galvanized Steel
|
|
$
|
0.52
|
|
|
$
|
0.45
|
|
|
15.6
|
%
|
Stainless Steel
|
|
$
|
1.33
|
|
|
$
|
1.22
|
|
|
9.0
|
%
|
Aluminum
|
|
$
|
1.82
|
|
|
$
|
1.74
|
|
|
4.6
|
%
|
|
|
Three Months Ended
March 31, |
|
Percent of Sales
|
||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
|
|
(in thousands)
|
|
|
|
|
||||||||
Warranty
|
|
$
|
1,109
|
|
|
$
|
1,524
|
|
|
1.0
|
%
|
|
1.5
|
%
|
Profit Sharing
|
|
1,644
|
|
|
622
|
|
|
1.4
|
%
|
|
0.6
|
%
|
||
Salaries & Benefits
|
|
3,535
|
|
|
3,276
|
|
|
3.1
|
%
|
|
3.3
|
%
|
||
Stock Compensation
|
|
1,132
|
|
|
997
|
|
|
1.0
|
%
|
|
1.0
|
%
|
||
Advertising
|
|
220
|
|
|
222
|
|
|
0.2
|
%
|
|
0.2
|
%
|
||
Depreciation
|
|
311
|
|
|
218
|
|
|
0.3
|
%
|
|
0.2
|
%
|
||
Insurance
|
|
159
|
|
|
358
|
|
|
0.1
|
%
|
|
0.4
|
%
|
||
Professional Fees
|
|
730
|
|
|
782
|
|
|
0.6
|
%
|
|
0.8
|
%
|
||
Donations
|
|
115
|
|
|
498
|
|
|
0.1
|
%
|
|
0.5
|
%
|
||
Bad Debt Expense
|
|
115
|
|
|
(11
|
)
|
|
0.1
|
%
|
|
—
|
%
|
||
Other
|
|
1,931
|
|
|
1,733
|
|
|
1.7
|
%
|
|
1.7
|
%
|
||
Total SG&A
|
|
$
|
11,001
|
|
|
$
|
10,219
|
|
|
9.7
|
%
|
|
10.3
|
%
|
|
|
Three Months Ended
March 31, |
|
Effective Tax Rate
|
||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
|
|
(in thousands)
|
|
|
|
|
||||||||
Income tax provision
|
|
$
|
3,589
|
|
|
$
|
980
|
|
|
24.8
|
%
|
|
18.7
|
%
|
|
Three months ended
March 31, |
||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||
Program
|
Shares
|
Total $
|
$ per share
|
|
Shares
|
Total $
|
$ per share
|
||||||||||
Open market
|
5,799
|
|
$
|
199,841
|
|
$
|
34.46
|
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
401(k)
|
107,000
|
|
4,282,961
|
|
40.03
|
|
|
118,203
|
|
4,378,925
|
|
37.05
|
|
||||
Directors and employees
|
15,705
|
|
588,053
|
|
37.44
|
|
|
15,492
|
|
559,688
|
|
36.13
|
|
||||
Total
|
128,504
|
|
$
|
5,070,855
|
|
$
|
39.46
|
|
|
133,695
|
|
$
|
4,938,613
|
|
$
|
36.94
|
|
|
Inception to date
|
|||||||
Program
|
Shares
|
Total $
|
$ per share
|
|||||
Open market
|
4,101,566
|
|
$
|
69,805,654
|
|
$
|
17.02
|
|
401(k)
|
7,154,776
|
|
104,824,208
|
|
14.65
|
|
||
Directors and employees
|
1,968,966
|
|
18,962,711
|
|
9.63
|
|
||
Total
|
13,225,308
|
|
$
|
193,592,573
|
|
$
|
14.64
|
|
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
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Operating Activities
|
|
|
|
||||
Net Income
|
$
|
10,902
|
|
|
$
|
4,260
|
|
Income statement adjustments, net
|
10,565
|
|
|
6,373
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(4,725
|
)
|
|
(2,897
|
)
|
||
Income taxes
|
1,348
|
|
|
(5,673
|
)
|
||
Inventories
|
2,678
|
|
|
3,447
|
|
||
Prepaid expenses and other
|
(561
|
)
|
|
(712
|
)
|
||
Accounts payable
|
(5,730
|
)
|
|
9,833
|
|
||
Deferred revenue
|
25
|
|
|
37
|
|
||
Accrued liabilities & donations
|
411
|
|
|
(3,924
|
)
|
||
Net cash provided by operating activities
|
14,913
|
|
|
10,744
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(8,772
|
)
|
|
(8,451
|
)
|
||
Cash paid in business combination
|
—
|
|
|
(6,000
|
)
|
||
Purchases of investments
|
—
|
|
|
(11,815
|
)
|
||
Maturities of investments and proceeds from called investments
|
—
|
|
|
5,825
|
|
||
Other
|
69
|
|
|
20
|
|
||
Net cash used in investing activities
|
(8,703
|
)
|
|
(20,421
|
)
|
||
Financing Activities
|
|
|
|
||||
Stock options exercised
|
4,010
|
|
|
1,340
|
|
||
Repurchase of stock
|
(4,483
|
)
|
|
(4,379
|
)
|
||
Employee taxes paid by withholding shares
|
(588
|
)
|
|
(568
|
)
|
||
Net cash used in financing activities
|
$
|
(1,061
|
)
|
|
$
|
(3,607
|
)
|
|
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
|||||||||||
Period
|
|
(a)
Total
Number
of Shares
(or Units)
Purchased
|
|
(b)
Average
Price
Paid
Per Share
(or Unit)
|
|
(c)
Total Number
of Shares (or
Units) Purchased
as part of
Publicly Announced
Plans or Programs
|
|
(d)
Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) that may yet be
Purchased under the
Plans or Programs
|
|||||
January 2019
|
|
36,407
|
|
|
$
|
35.44
|
|
|
36,407
|
|
|
—
|
|
February 2019
|
|
52,826
|
|
|
39.95
|
|
|
52,826
|
|
|
—
|
|
|
March 2019
|
|
39,271
|
|
|
42.97
|
|
|
39,271
|
|
|
—
|
|
|
Total
|
|
128,504
|
|
|
$
|
39.46
|
|
|
128,504
|
|
|
—
|
|
|
(a) Exhibits
|
||
|
|
|
|
|
(i)
|
Section 302 Certification of CEO
|
|
|
(ii)
|
Section 302 Certification of CFO
|
|
|
(iii)
|
Section 1350 Certification of CEO
|
|
|
(iv)
|
Section 1350 Certification of CFO
|
|
AAON, INC.
|
|
|
|
|
|
|
|
Dated: 5/2/2019
|
By:
|
/s/ Norman H. Asbjornson
|
|
|
Norman H. Asbjornson
Chief Executive Officer
|
|
|
|
|
|
|
Dated: 5/2/2019
|
By:
|
/s/ Scott M. Asbjornson
|
|
|
Scott M. Asbjornson
Chief Financial Officer
|
1 Year AAON Chart |
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