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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 | 75.05 | 87.74 | 4 | 09:03:51 |
☑ | 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 Ave., | Tulsa, | Oklahoma | 74107 | ||||||||||||||||||||
(Address of principal executive offices) (Zip Code) |
Large accelerated filer |
☑
|
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) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | (in thousands, except share and per share data) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 70,603 | $ | 26,797 | |||||||
Restricted cash | 7,998 | 17,576 | |||||||||
Accounts receivable, net of allowance for credit losses of $546 and $353, respectively
|
62,195 | 67,399 | |||||||||
Income tax receivable | 3,914 | 772 | |||||||||
Note receivable | 29 | 29 | |||||||||
Inventories, net | 78,819 | 73,601 | |||||||||
Prepaid expenses and other | 1,973 | 1,375 | |||||||||
Total current assets | 225,531 | 187,549 | |||||||||
Property, plant and equipment: | |||||||||||
Land | 3,804 | 3,274 | |||||||||
Buildings | 115,600 | 101,113 | |||||||||
Machinery and equipment | 267,763 | 236,087 | |||||||||
Furniture and fixtures | 18,342 | 16,862 | |||||||||
Total property, plant and equipment | 405,509 | 357,336 | |||||||||
Less: Accumulated depreciation | 196,631 | 179,242 | |||||||||
Property, plant and equipment, net | 208,878 | 178,094 | |||||||||
Intangible assets, net | 97 | 272 | |||||||||
Goodwill | 3,229 | 3,229 | |||||||||
Right of use assets | 1,618 | 1,683 | |||||||||
Note receivable | 560 | 597 | |||||||||
Total assets | $ | 439,913 | $ | 371,424 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Revolving credit facility | $ | — | $ | — | |||||||
Accounts payable | 16,038 | 11,759 | |||||||||
Accrued liabilities | 45,468 | 44,269 | |||||||||
Total current liabilities | 61,506 | 56,028 | |||||||||
Deferred tax liabilities | 22,973 | 15,297 | |||||||||
Other long-term liabilities | 4,191 | 3,639 | |||||||||
New market tax credit obligation (a) | 6,351 | 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, 52,264,801 and 52,078,515 issued and outstanding at September 30, 2020 and December 31, 2019, respectively
|
209 | 208 | |||||||||
Additional paid-in capital | 8,175 | 3,631 | |||||||||
Retained earnings | 336,508 | 286,301 | |||||||||
Total stockholders' equity | 344,892 | 290,140 | |||||||||
Total liabilities and stockholders' equity | $ | 439,913 | $ | 371,424 | |||||||
(a) Held by variable interest entities (Note 16)
|
AAON, Inc. and Subsidiaries | |||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||
Net sales | $ | 134,772 | $ | 113,500 | $ | 397,851 | $ | 346,759 | |||||||||||||||
Cost of sales | 93,924 | 86,090 | 275,925 | 263,715 | |||||||||||||||||||
Gross profit | 40,848 | 27,410 | 121,926 | 83,044 | |||||||||||||||||||
Selling, general and administrative expenses | 14,716 | 12,374 | 45,869 | 38,963 | |||||||||||||||||||
Loss (gain) on disposal of assets | 1 | 6 | (61) | 296 | |||||||||||||||||||
Income from operations | 26,131 | 15,030 | 76,118 | 43,785 | |||||||||||||||||||
Interest income, net | 10 | 9 | 90 | 49 | |||||||||||||||||||
Other income (expense), net | 15 | (7) | 20 | (16) | |||||||||||||||||||
Income before taxes | 26,156 | 15,032 | 76,228 | 43,818 | |||||||||||||||||||
Income tax provision | 5,696 | 742 | 16,111 | 7,380 | |||||||||||||||||||
Net income | $ | 20,460 | $ | 14,290 | $ | 60,117 | $ | 36,438 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.27 | $ | 1.15 | $ | 0.70 | |||||||||||||||
Diluted | $ | 0.38 | $ | 0.26 | $ | 1.14 | $ | 0.69 | |||||||||||||||
Cash dividends declared per common share: | $ | — | $ | — | $ | 0.19 | $ | 0.16 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 52,260,551 | 52,111,444 | 52,174,705 | 52,086,209 | |||||||||||||||||||
Diluted | 53,151,295 | 52,722,127 | 52,955,049 | 52,624,583 |
AAON, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at December 31, 2019 | 52,079 | $ | 208 | $ | 3,631 | $ | 286,301 | $ | 290,140 | ||||||||||||||||||||
Net income | — | — | — | 60,117 | 60,117 | ||||||||||||||||||||||||
Stock options exercised and restricted | 616 | 2 | 18,517 | — | 18,519 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 8,546 | — | 8,546 | ||||||||||||||||||||||||
Stock repurchased and retired | (430) | (1) | (22,519) | — | (22,520) | ||||||||||||||||||||||||
Dividends | — | — | — | (9,910) | (9,910) | ||||||||||||||||||||||||
Balances at September 30, 2020 | 52,265 | $ | 209 | $ | 8,175 | $ | 336,508 | $ | 344,892 | ||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at June 30, 2020 | 52,234 | $ | 209 | $ | 6,451 | $ | 316,035 | $ | 322,695 | ||||||||||||||||||||
Net income | — | — | — | 20,460 | 20,460 | ||||||||||||||||||||||||
Stock options exercised and restricted | 126 | — | 4,346 | — | 4,346 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,852 | — | 2,852 | ||||||||||||||||||||||||
Stock repurchased and retired | (95) | — | (5,474) | — | (5,474) | ||||||||||||||||||||||||
Dividends | — | — | — | 13 | 13 | ||||||||||||||||||||||||
Balances at September 30, 2020 | 52,265 | $ | 209 | $ | 8,175 | $ | 336,508 | $ | 344,892 | ||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at December 31, 2018 | 51,991 | $ | 208 | $ | — | $ | 249,235 | 249,443 | |||||||||||||||||||||
Net income | — | — | — | 36,438 | 36,438 | ||||||||||||||||||||||||
Stock options exercised and restricted | 494 | 2 | 11,281 | — | 11,283 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 9,854 | — | 9,854 | ||||||||||||||||||||||||
Stock repurchased and retired | (366) | (1) | (16,459) | — | (16,460) | ||||||||||||||||||||||||
Dividends | — | — | — | (8,303) | (8,303) | ||||||||||||||||||||||||
Balances at September 30, 2019 | 52,119 | $ | 209 | $ | 4,676 | $ | 277,370 | $ | 282,255 | ||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at June 30, 2019 | 52,118 | $ | 209 | $ | 4,299 | $ | 263,003 | $ | 267,511 | ||||||||||||||||||||
Net income | — | — | — | 14,290 | 14,290 | ||||||||||||||||||||||||
Stock options exercised and restricted | 110 | — | 3,598 | — | 3,598 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,068 | — | 2,068 | ||||||||||||||||||||||||
Stock repurchased and retired | (109) | — | (5,289) | — | (5,289) | ||||||||||||||||||||||||
Dividends | — | — | — | 77 | 77 | ||||||||||||||||||||||||
Balances at September 30, 2019 | 52,119 | $ | 209 | $ | 4,676 | $ | 277,370 | $ | 282,255 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Rooftop units | $ | 102,750 | $ | 78,432 | $ | 312,725 | $ | 255,532 | |||||||||||||||
Condensing units | 6,304 | 4,416 | 15,307 | 13,622 | |||||||||||||||||||
Air handlers | 5,805 | 6,523 | 18,068 | 18,150 | |||||||||||||||||||
Outdoor mechanical rooms | 867 | 181 | 2,216 | 1,488 | |||||||||||||||||||
Water source heat pumps | 6,770 | 8,751 | 14,269 | 21,417 | |||||||||||||||||||
Part sales | 10,484 | 10,313 | 24,562 | 25,602 | |||||||||||||||||||
Other | 1,792 | 4,884 | 10,704 | 10,948 | |||||||||||||||||||
Net Sales
|
$ | 134,772 | $ | 113,500 | $ | 397,851 | $ | 346,759 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Rooftop units | 4,372 | 3,520 | 12,179 | 11,079 | |||||||||||||||||||
Condensing units | 593 | 418 | 1,447 | 1,291 | |||||||||||||||||||
Air handlers | 534 | 552 | 1,545 | 1,669 | |||||||||||||||||||
Outdoor mechanical rooms | 6 | 7 | 22 | 28 | |||||||||||||||||||
Water source heat pumps | 1,847 | 1,311 | 5,109 | 5,977 | |||||||||||||||||||
Total Units
|
7,352 | 5,808 | 20,302 | 20,044 |
September 30,
2020 |
December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Accounts receivable | $ | 62,741 | $ | 67,752 | |||||||
Less: Allowance for credit losses | (546) | (353) | |||||||||
Total, net
|
$ | 62,195 | $ | 67,399 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Allowance for credit losses: | (in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 429 | $ | 392 | $ | 353 | $ | 264 | |||||||||||||||
Provisions (recoveries) for expected credit | 117 | (37) | 193 | 91 | |||||||||||||||||||
losses, net of adjustments | |||||||||||||||||||||||
Accounts receivable written off, net of recoveries
|
— | (2) | — | (2) | |||||||||||||||||||
Balance, end of period | $ | 546 | $ | 353 | $ | 546 | $ | 353 |
September 30,
2020 |
December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Raw materials | $ | 76,673 | $ | 68,842 | |||||||
Work in process | 1,541 | 1,825 | |||||||||
Finished goods | 4,717 | 5,578 | |||||||||
Total, gross
|
82,931 | 76,245 | |||||||||
Less: Allowance for excess and obsolete inventories | (4,112) | (2,644) | |||||||||
Total, net
|
$ | 78,819 | $ | 73,601 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Allowance for excess and obsolete inventories: | (in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 2,373 | $ | 2,350 | $ | 2,644 | $ | 1,210 | |||||||||||||||
Provisions (recoveries) for excess and | 1,969 | (150) | 1,776 | 1,003 | |||||||||||||||||||
obsolete inventories | |||||||||||||||||||||||
Inventories written off | (230) | — | (308) | (13) | |||||||||||||||||||
Balance, end of period | $ | 4,112 | $ | 2,200 | $ | 4,112 | $ | 2,200 |
September 30,
2020 |
December 31, 2019 | |||||||||||||
(in thousands) | ||||||||||||||
Intellectual property | $ | 700 | $ | 700 | ||||||||||
Less: Accumulated amortization | (603) | (428) | ||||||||||||
Total, net | $ | 97 | $ | 272 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Amortization expense | $ | 58 | $ | 58 | $ | 175 | $ | 175 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Supplemental disclosures: | (in thousands) | ||||||||||||||||||||||
Income taxes paid | $ | 1,841 | $ | 1,116 | $ | 11,576 | $ | 1,510 | |||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||||||||
Non-cash capital expenditures | $ | (4,421) | $ | (116) | $ | 625 | $ | (280) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Warranty accrual: | (in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 13,160 | $ | 11,666 | $ | 12,652 | $ | 11,421 | |||||||||||||||
Payments made | (1,687) | (2,023) | (4,481) | (5,200) | |||||||||||||||||||
Provisions | 2,054 | 2,707 | 5,356 | 6,129 | |||||||||||||||||||
Balance, end of period | $ | 13,527 | $ | 12,350 | $ | 13,527 | $ | 12,350 | |||||||||||||||
Warranty expense: | $ | 2,054 | $ | 2,707 | $ | 5,356 | $ | 6,129 |
September 30,
2020 |
December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Warranty | $ | 13,527 | $ | 12,652 | |||||||
Due to representatives | 10,257 | 11,538 | |||||||||
Payroll | 7,448 | 5,058 | |||||||||
Profit sharing | 3,000 | 1,721 | |||||||||
Worker's compensation | 646 | 522 | |||||||||
Medical self-insurance | 247 | 707 | |||||||||
Customer prepayments | 2,151 | 4,627 | |||||||||
Donations | 604 | 354 | |||||||||
Employee vacation time | 3,493 | 3,804 | |||||||||
Other | 4,095 | 3,286 | |||||||||
Total
|
$ | 45,468 | $ | 44,269 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Current | $ | 3,081 | $ | 446 | $ | 8,435 | $ | 3,766 | |||||||||||||||
Deferred | 2,615 | 296 | 7,676 | 3,614 | |||||||||||||||||||
Income tax provision | $ | 5,696 | $ | 742 | $ | 16,111 | $ | 7,380 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||
State income taxes, net of Federal benefit | 2.3 | 1.3 | 4.0 | 4.2 | |||||||||||||||||||
Amended Oklahoma tax returns | — | (4.5) | — | (2.0) | |||||||||||||||||||
Excess tax benefits | (2.3) | (1.7) | (3.3) | (3.1) | |||||||||||||||||||
Return to provision adjustments | 0.5 | (7.1) | 0.2 | (2.1) | |||||||||||||||||||
Other | 0.3 | (4.1) | (0.8) | (1.2) | |||||||||||||||||||
Effective tax rate | 21.8 | % | 4.9 | % | 21.1 | % | 16.8 | % |
Nine months ended | |||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||
Directors and Officers: | |||||||||||
Expected dividend rate | $0.33 | $0.32 | |||||||||
Expected volatility | 31.63% | 29.54% | |||||||||
Risk-free interest rate | 0.64% | 2.40% | |||||||||
Expected life (in years) | 5.0 | 5.0 | |||||||||
Employees: | |||||||||||
Expected dividend rate | $0.32 | $0.32 | |||||||||
Expected volatility | 31.31% | 29.54% | |||||||||
Risk-free interest rate | 0.68% | 2.39% | |||||||||
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)
|
||||||||||||||||||||||||||||
$ | 7.18 | - | $ | 36.95 | 526,235 | 5.51 | $ | 28.03 | $ | 16,957 | ||||||||||||||||||||||
$ | 37.00 | - | $ | 40.87 | 1,978 | 7.34 | 38.50 | 43 | ||||||||||||||||||||||||
$ | 41.37 | - | $ | 60.32 | 210,496 | 8.19 | 41.53 | 3,940 | ||||||||||||||||||||||||
Total | 738,709 | 6.28 | $ | 31.90 | $ | 20,940 |
Range of
Exercise Prices |
Number
of Shares |
Weighted
Average
Remaining
Contractual Life
(in years)
|
Weighted
Average Exercise Price |
Intrinsic
Value
(in thousands)
|
||||||||||||||||||||||||||||
$ | 7.18 | - | $ | 33.20 | 350,549 | 5.29 | $ | 21.07 | $ | 8,717 | ||||||||||||||||||||||
$ | 33.40 | - | $ | 40.87 | 124,622 | 7.79 | 35.63 | 1,284 | ||||||||||||||||||||||||
$ | 41.37 | - | $ | 50.68 | 4,070 | 0.67 | 41.37 | 19 | ||||||||||||||||||||||||
Total | 479,241 | 5.90 | $ | 25.03 | $ | 10,020 |
Stock Options | Shares |
Weighted
Average Exercise Price |
|||||||||
Outstanding at December 31, 2019
|
3,627,047 | $ | 36.32 | ||||||||
Granted
|
1,038,542 | 44.84 | |||||||||
Exercised
|
(547,808) | 33.80 | |||||||||
Forfeited or Expired
|
(214,838) | 40.48 | |||||||||
Outstanding at September 30, 2020
|
3,902,943 | $ | 38.71 | ||||||||
Exercisable at September 30, 2020
|
738,709 | $ | 31.90 |
Restricted Stock | Shares |
Weighted
Average Grant Date Fair Value |
|||||||||
Unvested at December 31, 2019
|
267,484 | $ | 34.42 | ||||||||
Granted
|
76,148 | 43.54 | |||||||||
Vested
|
(108,215) | 32.55 | |||||||||
Forfeited
|
(8,216) | 39.88 | |||||||||
Unvested at September 30, 2020
|
227,201 | $ | 38.17 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Grant date fair value of awards during the period: | (in thousands) | ||||||||||||||||||||||
Options | $ | 258 | $ | 244 | $ | 12,332 | $ | 20,315 | |||||||||||||||
Restricted stock | — | — | 3,316 | 4,584 | |||||||||||||||||||
Total | $ | 258 | $ | 244 | $ | 15,648 | $ | 24,899 | |||||||||||||||
Share-based compensation expense: | |||||||||||||||||||||||
Options | $ | 2,208 | $ | 1,539 | $ | 6,136 | $ | 7,683 | |||||||||||||||
Restricted stock | 644 | 529 | 2,410 | 2,171 | |||||||||||||||||||
Total | $ | 2,852 | $ | 2,068 | $ | 8,546 | $ | 9,854 | |||||||||||||||
Income tax benefit/(deficiency) related to share-based compensation: | |||||||||||||||||||||||
Options | $ | 579 | $ | 233 | $ | 1,990 | $ | 964 | |||||||||||||||
Restricted stock | 9 | 7 | 503 | 462 | |||||||||||||||||||
Total | $ | 588 | $ | 240 | $ | 2,493 | $ | 1,426 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Contributions made to the defined contribution plan | $ | 2,242 | $ | 1,820 | $ | 6,791 | $ | 5,270 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Profit sharing bonus plan expense | $ | 3,000 | $ | 1,684 | $ | 8,691 | $ | 4,948 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Medical claim payments | $ | 2,985 | $ | 1,650 | $ | 6,843 | $ | 4,500 | |||||||||||||||
Health saving account contributions | 890 | 790 | 2,663 | 2,410 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
Numerator: | (in thousands, except share and per share data) | ||||||||||||||||||||||
Net income
|
$ | 20,460 | $ | 14,290 | $ | 60,117 | $ | 36,438 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic weighted average shares
|
52,260,551 | 52,111,444 | 52,174,705 | 52,086,209 | |||||||||||||||||||
Effect of dilutive stock options and restricted stock
|
890,744 | 610,683 | 780,344 | 538,374 | |||||||||||||||||||
Diluted weighted average shares
|
53,151,295 | 52,722,127 | 52,955,049 | 52,624,583 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic
|
$ | 0.39 | $ | 0.27 | $ | 1.15 | $ | 0.70 | |||||||||||||||
Diluted
|
$ | 0.38 | $ | 0.26 | $ | 1.14 | $ | 0.69 | |||||||||||||||
Anti-dilutive shares: | |||||||||||||||||||||||
Shares
|
118,832 | 1,834,379 | 473,295 | 1,886,728 |
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.
|
||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | Shares | Total $ | $ per share | ||||||||||||||||||||||||||||||||
Open market | 103,689 | $ | 4,987 | $ | 48.10 | 5,799 | $ | 200 | $ | 34.46 | ||||||||||||||||||||||||||||
401(k) | 303,112 | 16,403 | 54.12 | 335,139 | 15,237 | 45.46 | ||||||||||||||||||||||||||||||||
Directors and employees | 22,655 | 1,130 | 49.88 | 24,948 | 1,023 | 41.00 | ||||||||||||||||||||||||||||||||
Total
|
429,456 | $ | 22,520 | $ | 52.44 | 365,886 | $ | 16,460 | $ | 44.99 |
Inception to | September 30, 2020 | |||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | |||||||||||||||||||||||
Open market | 4,205,255 | $ | 74,793 | $ | 17.79 | |||||||||||||||||||||
401(k) | 7,770,851 | 136,330 | 17.54 | |||||||||||||||||||||||
Directors and employees | 2,004,584 | 20,712 | 10.33 | |||||||||||||||||||||||
Total
|
13,980,690 | $ | 231,835 | $ | 16.58 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
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 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Sales to affiliates | $ | 662 | $ | 338 | $ | 2,550 | $ | 706 | |||||||||||||||
Payments to affiliates | 110 | 32 | 207 | 225 | |||||||||||||||||||
September 30,
2020 |
December 31,
2019 |
||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Due from affiliates | $ | 425 | $ | 22 | |||||||||||||||||||
Due to affiliates | — | 2 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Units | $ | 123,827 | $ | 102,499 | $ | 372,267 | $ | 319,820 | |||||||||||||||
Parts - External | 11,222 | 11,028 | 26,162 | 27,287 | |||||||||||||||||||
Parts - Inter-segment | 5,659 | 6,448 | 18,074 | 21,665 | |||||||||||||||||||
Other | (277) | (27) | (578) | (348) | |||||||||||||||||||
Eliminations | (5,659) | (6,448) | (18,074) | (21,665) | |||||||||||||||||||
Net sales | $ | 134,772 | $ | 113,500 | $ | 397,851 | $ | 346,759 | |||||||||||||||
Gross Profit | |||||||||||||||||||||||
Units | $ | 41,675 | $ | 27,729 | $ | 128,523 | $ | 84,888 | |||||||||||||||
Parts - External | 4,917 | 5,077 | 11,641 | 13,236 | |||||||||||||||||||
Parts - Inter-segment | (758) | 44 | (1,587) | 889 | |||||||||||||||||||
Other | (5,744) | (5,396) | (18,238) | (15,080) | |||||||||||||||||||
Eliminations | 758 | (44) | 1,587 | (889) | |||||||||||||||||||
Net gross profit | $ | 40,848 | $ | 27,410 | $ | 121,926 | $ | 83,044 | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Previously Reported | Corrections | As Corrected | Previously Reported | Corrections | As Corrected | ||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||||||||||||||
Net sales | $ | 113,500 | $ | — | $ | 113,500 | $ | 346,759 | $ | — | $ | 346,759 | |||||||||||||||||||||||
Cost of sales | 86,115 | (25) | (a) | 86,090 | 263,406 | 309 | (a) | 263,715 | |||||||||||||||||||||||||||
Gross profit | 27,385 | 25 | 27,410 | 83,353 | (309) | 83,044 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 12,994 | (620) | (b) | 12,374 | 37,476 | 1,487 | (b) | 38,963 | |||||||||||||||||||||||||||
Loss (gain) on disposal of assets | 6 | — | 6 | 296 | — | 296 | |||||||||||||||||||||||||||||
Income from operations | 14,385 | 645 | 15,030 | 45,581 | (1,796) | 43,785 | |||||||||||||||||||||||||||||
Interest income, net | 9 | — | 9 | 49 | — | 49 | |||||||||||||||||||||||||||||
Other (expense) income, net | (7) | — | (7) | (16) | — | (16) | |||||||||||||||||||||||||||||
Income before taxes | 14,387 | 645 | 15,032 | 45,614 | (1,796) | 43,818 | |||||||||||||||||||||||||||||
Income tax provision | 560 | 182 | (c) | 742 | 7,924 | (544) | (c) | 7,380 | |||||||||||||||||||||||||||
Net income | $ | 13,827 | $ | 463 | $ | 14,290 | $ | 37,690 | $ | (1,252) | $ | 36,438 | |||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | — | $ | 0.27 | $ | 0.72 | $ | (0.02) | $ | 0.70 | |||||||||||||||||||||||
Diluted | $ | 0.26 | $ | — | $ | 0.26 | $ | 0.72 | $ | (0.03) | $ | 0.69 | |||||||||||||||||||||||
Cash dividends declared per common share: | $ | — | $ | — | $ | — | $ | 0.16 | $ | — | $ | 0.16 | |||||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 52,111,444 | — | 52,111,444 | 52,086,209 | — | 52,086,209 | |||||||||||||||||||||||||||||
Diluted | 52,722,127 | — | 52,722,127 | 52,624,583 | — | 52,624,583 | |||||||||||||||||||||||||||||
Balance Sheet Data (at end of period): | |||||||||||||||||||||||||||||||||||
Current assets | $ | 170,536 | $ | (252) | (c) | $ | 170,284 | ||||||||||||||||||||||||||||
Total assets | 352,152 | (252) | (c) | 351,900 | |||||||||||||||||||||||||||||||
Current liabilities | 53,882 | (779) | (d) | 53,103 | |||||||||||||||||||||||||||||||
Deferred income taxes | 15,034 | (2,161) | (c) | 12,873 | |||||||||||||||||||||||||||||||
Total stockholders' equity | $ | 279,567 | $ | 2,688 | (e) | $ | 282,255 |
Consolidated Statements of Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | ||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | ||||||||||||||||||||||||||||
As Previously Reported | (in thousands) | |||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 51,991 | $ | 208 | $ | — | $ | 247,291 | $ | 247,499 | |||||||||||||||||||||||
Net income | — | — | — | 37,690 | 37,690 | |||||||||||||||||||||||||||
Stock options exercised and restricted | 494 | 2 | 11,281 | — | 11,283 | |||||||||||||||||||||||||||
stock awards granted | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 7,858 | — | 7,858 | |||||||||||||||||||||||||||
Stock repurchased and retired | (366) | (1) | (16,459) | — | (16,460) | |||||||||||||||||||||||||||
Dividends | — | — | — | (8,303) | (8,303) | |||||||||||||||||||||||||||
Balances at September 30, 2019 | 52,119 | 209 | 2,680 | 276,678 | 279,567 | |||||||||||||||||||||||||||
Correction Impacts | ||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | — | — | — | 1,944 | 1,944 | |||||||||||||||||||||||||||
Net income | — | — | — | (1,252) | (1,252) | |||||||||||||||||||||||||||
Stock options exercised and restricted | — | — | — | — | — | |||||||||||||||||||||||||||
stock awards granted | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,996 | — | 1,996 | |||||||||||||||||||||||||||
Stock repurchased and retired | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends | — | — | — | — | — | |||||||||||||||||||||||||||
Balances at September 30, 2019 | — | — | 1,996 | 692 | 2,688 | |||||||||||||||||||||||||||
As Corrected | ||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 51,991 | $ | 208 | $ | — | $ | 249,235 | $ | 249,443 | |||||||||||||||||||||||
Net income | — | — | — | 36,438 | 36,438 | |||||||||||||||||||||||||||
Stock options exercised and restricted | 494 | 2 | 11,281 | — | 11,283 | |||||||||||||||||||||||||||
stock awards granted | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 9,854 | — | 9,854 | |||||||||||||||||||||||||||
Stock repurchased and retired | (366) | (1) | (16,459) | — | (16,460) | |||||||||||||||||||||||||||
Dividends | — | — | — | (8,303) | (8,303) | |||||||||||||||||||||||||||
Balances at September 30, 2019 | 52,119 | $ | 209 | $ | 4,676 | $ | 277,370 | $ | 282,255 |
Consolidated Statements of Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | ||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | ||||||||||||||||||||||||||||
As Previously Reported | (in thousands) | |||||||||||||||||||||||||||||||
Balances at June 30, 2019 | 52,118 | $ | 209 | $ | 1,586 | $ | 262,774 | $ | 264,569 | |||||||||||||||||||||||
Net income | — | — | — | 13,827 | 13,827 | |||||||||||||||||||||||||||
Stock options exercised and restricted | 110 | — | 3,598 | — | 3,598 | |||||||||||||||||||||||||||
stock awards granted | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,785 | — | 2,785 | |||||||||||||||||||||||||||
Stock repurchased and retired | (109) | — | (5,289) | — | (5,289) | |||||||||||||||||||||||||||
Dividends | — | — | — | 77 | 77 | |||||||||||||||||||||||||||
Balances at September 30, 2019 | 52,119 | 209 | 2,680 | 276,678 | 279,567 | |||||||||||||||||||||||||||
Correction Impacts | ||||||||||||||||||||||||||||||||
Balances at June 30, 2019 | — | — | 2,713 | 229 | 2,942 | |||||||||||||||||||||||||||
Net income | — | — | — | 463 | 463 | |||||||||||||||||||||||||||
Stock options exercised and restricted | — | — | — | — | — | |||||||||||||||||||||||||||
stock awards granted | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | (717) | — | (717) | |||||||||||||||||||||||||||
Stock repurchased and retired | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends | — | — | — | — | — | |||||||||||||||||||||||||||
Balances at September 30, 2019 | — | — | 1,996 | 692 | 2,688 | |||||||||||||||||||||||||||
As Corrected | ||||||||||||||||||||||||||||||||
Balances at June 30, 2019 | 52,118 | $ | 209 | $ | 4,299 | $ | 263,003 | $ | 267,511 | |||||||||||||||||||||||
Net income | — | — | — | 14,290 | 14,290 | |||||||||||||||||||||||||||
Stock options exercised and restricted | 110 | — | 3,598 | — | 3,598 | |||||||||||||||||||||||||||
stock awards granted | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,068 | — | 2,068 | |||||||||||||||||||||||||||
Stock repurchased and retired | (109) | — | (5,289) | — | (5,289) | |||||||||||||||||||||||||||
Dividends | — | — | — | 77 | 77 | |||||||||||||||||||||||||||
Balances at September 30, 2019 | 52,119 | $ | 209 | $ | 4,676 | $ | 277,370 | $ | 282,255 |
Consolidated Statements of Cash Flows | |||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Previously Reported | Corrections | As Corrected | |||||||||||||||
Operating Activities | (in thousands) | ||||||||||||||||
Net income | $ | 37,690 | $ | (1,252) | $ | 36,438 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 17,627 | — | 17,627 | ||||||||||||||
Provision for credit losses on accounts receivable, net of adjustments | 91 | — | 91 | ||||||||||||||
Provision for excess and obsolete inventories | 1,003 | — | 1,003 | ||||||||||||||
Share-based compensation | 7,858 | 1,996 | 9,854 | ||||||||||||||
Loss (gain) on disposition of assets | 296 | — | 296 | ||||||||||||||
Foreign currency transaction (gain) loss | (17) | — | (17) | ||||||||||||||
Interest income on note receivable | (19) | — | (19) | ||||||||||||||
Deferred income taxes | 4,208 | (594) | 3,614 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable | (2,096) | — | (2,096) | ||||||||||||||
Income taxes | 2,234 | 49 | 2,283 | ||||||||||||||
Inventories | (4,014) | — | (4,014) | ||||||||||||||
Prepaid expenses and other | (513) | — | (513) | ||||||||||||||
Accounts payable | 782 | — | 782 | ||||||||||||||
Deferred revenue | 263 | — | 263 | ||||||||||||||
Accrued liabilities and donations | 5,190 | (199) | 4,991 | ||||||||||||||
Net cash provided by operating activities | 70,583 | — | 70,583 | ||||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditures | (30,831) | — | (30,831) | ||||||||||||||
Proceeds from sale of property, plant and equipment | 68 | — | 68 | ||||||||||||||
Investment in certificates of deposits | (6,000) | — | (6,000) | ||||||||||||||
Maturities of certificates of deposits | 6,000 | — | 6,000 | ||||||||||||||
Principal payments from note receivable | 39 | — | 39 | ||||||||||||||
Net cash used in investing activities | (30,724) | — | (30,724) | ||||||||||||||
Financing Activities | |||||||||||||||||
Stock options exercised | 11,283 | — | 11,283 | ||||||||||||||
Repurchase of stock | (15,437) | — | (15,437) | ||||||||||||||
Employee taxes paid by withholding shares | (1,023) | — | (1,023) | ||||||||||||||
Cash dividends paid to stockholders | (8,303) | — | (8,303) | ||||||||||||||
Net cash used in financing activities | (13,480) | — | (13,480) | ||||||||||||||
Net increase in cash and cash equivalents | 26,379 | — | 26,379 | ||||||||||||||
Cash and cash equivalents, beginning of year | 1,994 | — | 1,994 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 28,373 | $ | — | $ | 28,373 |
September 30,
2020 |
December 31,
2019 |
September 30,
2019 |
||||||||||||
(in thousands) | ||||||||||||||
$ | 84,885 | $ | 142,747 | $ | 165,325 |
Three Months Ended | |||||||||||
September 30,
2020 |
September 30,
2019 |
||||||||||
Rooftop units | 4,372 | 3,520 | |||||||||
Condensing units | 593 | 418 | |||||||||
Air handlers | 534 | 552 | |||||||||
Outdoor mechanical rooms | 6 | 7 | |||||||||
Water source heat pumps | 1,847 | 1,311 | |||||||||
Total Units
|
7,352 | 5,808 |
Three Months Ended | ||||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
Change | % Change | |||||||||||||||||||||||
(in thousands, except unit data) | ||||||||||||||||||||||||||
Net sales | $ | 134,772 | $ | 113,500 | $ | 21,272 | 18.7 | % | ||||||||||||||||||
Total units | 7,352 | 5,808 | 1,544 | 26.6 | % |
Three Months Ended | Percent of Sales | |||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | 93,924 | $ | 86,090 | 69.7 | % | 75.9 | % | ||||||||||||||||||
Gross profit | 40,848 | 27,410 | 30.3 | % | 24.1 | % |
2020 | 2019 | % Change | ||||||||||||||||||
Copper | $ | 3.52 | $ | 3.67 | (4.1) | % | ||||||||||||||
Galvanized Steel | $ | 0.50 | $ | 0.51 | (2.0) | % | ||||||||||||||
Stainless Steel | $ | 1.32 | $ | 1.31 | 0.8 | % | ||||||||||||||
Aluminum | $ | 1.76 | $ | 1.80 | (2.2) | % |
Three Months Ended | Percent of Sales | |||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Warranty | $ | 2,054 | $ | 2,707 | 1.5 | % | 2.4 | % | ||||||||||||||||||
Profit sharing | 3,000 | 1,684 | 2.2 | % | 1.5 | % | ||||||||||||||||||||
Salaries & benefits | 4,725 | 3,437 | 3.5 | % | 3.0 | % | ||||||||||||||||||||
Stock compensation | 1,330 | 767 | 1.0 | % | 0.7 | % | ||||||||||||||||||||
Advertising | 229 | 146 | 0.2 | % | 0.1 | % | ||||||||||||||||||||
Depreciation | 515 | 400 | 0.4 | % | 0.4 | % | ||||||||||||||||||||
Insurance | 254 | 218 | 0.2 | % | 0.2 | % | ||||||||||||||||||||
Professional fees | 542 | 693 | 0.4 | % | 0.6 | % | ||||||||||||||||||||
Donations | 106 | 155 | 0.1 | % | 0.1 | % | ||||||||||||||||||||
Bad debt expense | 117 | (37) | 0.1 | % | — | % | ||||||||||||||||||||
Other | 1,844 | 2,204 | 1.4 | % | 1.9 | % | ||||||||||||||||||||
Total SG&A | $ | 14,716 | $ | 12,374 | 10.9 | % | 10.9 | % |
Three Months Ended | Effective Tax Rate | |||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income tax provision | $ | 5,696 | $ | 742 | 21.8 | % | 4.9 | % |
Nine Months Ended | |||||||||||
September 30,
2020 |
September 30,
2019 |
||||||||||
Rooftop units | 12,179 | 11,079 | |||||||||
Condensing units | 1,447 | 1,291 | |||||||||
Air handlers | 1,545 | 1,669 | |||||||||
Outdoor mechanical rooms | 22 | 28 | |||||||||
Water source heat pumps | 5,109 | 5,977 | |||||||||
Total Units
|
20,302 | 20,044 |
Nine Months Ended | ||||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
Change | % Change | |||||||||||||||||||||||||
(in thousands, except unit data) | ||||||||||||||||||||||||||
Net sales | $ | 397,851 | $ | 346,759 | $ | 51,092 | 14.7 | % | ||||||||||||||||||
Total units | 20,302 | 20,044 | 258 | 1.3 | % |
Nine Months Ended | Percent of Sales | |||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | 275,925 | $ | 263,715 | 69.4 | % | 76.1 | % | ||||||||||||||||||
Gross profit | 121,926 | 83,044 | 30.6 | % | 23.9 | % |
2020 | 2019 | % Change | ||||||||||||||||||
Copper | $ | 3.52 | $ | 3.67 | (4.1) | % | ||||||||||||||
Galvanized steel | $ | 0.50 | $ | 0.51 | (2.0) | % | ||||||||||||||
Stainless steel | $ | 1.32 | $ | 1.31 | 0.8 | % | ||||||||||||||
Aluminum | $ | 1.76 | $ | 1.80 | (2.2) | % |
Nine Months Ended | Percent of Sales | |||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Warranty | $ | 5,356 | $ | 6,129 | 1.3 | % | 1.8 | % | ||||||||||||||||||
Profit sharing | 8,691 | 4,948 | 2.2 | % | 1.4 | % | ||||||||||||||||||||
Salaries & benefits | 14,921 | 10,602 | 3.8 | % | 3.1 | % | ||||||||||||||||||||
Stock compensation | 4,020 | 5,989 | 1.0 | % | 1.7 | % | ||||||||||||||||||||
Advertising | 446 | 496 | 0.1 | % | 0.1 | % | ||||||||||||||||||||
Depreciation | 1,470 | 1,092 | 0.4 | % | 0.3 | % | ||||||||||||||||||||
Insurance | 733 | 594 | 0.2 | % | 0.2 | % | ||||||||||||||||||||
Professional fees | 1,796 | 1,723 | 0.5 | % | 0.5 | % | ||||||||||||||||||||
Donations | 1,892 | 1,019 | 0.5 | % | 0.3 | % | ||||||||||||||||||||
Bad debt expense | 193 | 91 | — | % | — | % | ||||||||||||||||||||
Other | 6,351 | 6,280 | 1.6 | % | 1.8 | % | ||||||||||||||||||||
Total SG&A | $ | 45,869 | $ | 38,963 | 11.5 | % | 11.2 | % |
Nine Months Ended | Effective Tax Rate | |||||||||||||||||||||||||
September 30,
2020 |
September 30,
2019 |
|||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income tax provision | $ | 16,111 | $ | 7,380 | 21.1 | % | 16.8 | % |
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | Shares | Total $ | $ per share | ||||||||||||||||||||||||||||||||
Open market | 103,689 | $ | 4,987 | $ | 48.10 | 5,799 | $ | 200 | $ | 34.46 | ||||||||||||||||||||||||||||
401(k) | 303,112 | 16,403 | 54.12 | 335,139 | 15,237 | 45.46 | ||||||||||||||||||||||||||||||||
Directors and employees | 22,655 | 1,130 | 49.88 | 24,948 | 1,023 | 41.00 | ||||||||||||||||||||||||||||||||
Total
|
429,456 | $ | 22,520 | $ | 52.44 | 365,886 | $ | 16,460 | $ | 44.99 |
Inception to | September 30, 2020 | |||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | |||||||||||||||||||||||
Open market | 4,205,255 | $ | 74,793 | $ | 17.79 | |||||||||||||||||||||
401(k) | 7,770,851 | 136,330 | 17.54 | |||||||||||||||||||||||
Directors and employees | 2,004,584 | 20,712 | 10.33 | |||||||||||||||||||||||
Total
|
13,980,690 | $ | 231,835 | $ | 16.58 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
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 |
Nine Months Ended | |||||||||||
September 30,
2020 |
September 30,
2019 |
||||||||||
(in thousands) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | 60,117 | $ | 36,438 | |||||||
Income statement adjustments, net | 37,131 | 32,449 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 5,011 | (2,096) | |||||||||
Income taxes | (3,142) | 2,283 | |||||||||
Inventories | (6,994) | (4,014) | |||||||||
Prepaid expenses and other | (598) | (513) | |||||||||
Accounts payable | 3,654 | 782 | |||||||||
Deferred revenue | 1,128 | 263 | |||||||||
Accrued liabilities & donations | 688 | 4,991 | |||||||||
Net cash provided by operating activities | 96,995 | 70,583 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | (48,955) | (30,831) | |||||||||
Purchases of investments | — | (6,000) | |||||||||
Maturities of investments and proceeds from called investments | — | 6,000 | |||||||||
Other | 99 | 107 | |||||||||
Net cash used in investing activities | (48,856) | (30,724) | |||||||||
Financing Activities | |||||||||||
Stock options exercised | 18,519 | 11,283 | |||||||||
Repurchase of stock | (21,390) | (15,437) | |||||||||
Employee taxes paid by withholding shares | (1,130) | (1,023) | |||||||||
Cash dividends paid to stockholders | (9,910) | (8,303) | |||||||||
Net cash used in financing activities | $ | (13,911) | $ | (13,480) |
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 |
||||||||||||||||||||||
July 2020 | 43,971 | $ | 56.92 | 43,971 | — | |||||||||||||||||||||
August 2020 | 21,585 | 59.06 | 21,585 | — | ||||||||||||||||||||||
September 2020 | 29,460 | 57.64 | 29,460 | — | ||||||||||||||||||||||
Total | 95,016 | $ | 57.62 | 95,016 | — |
Exhibit # | Description | ||||
Certification by Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification by Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification by Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
Certification by Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
101 |
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language): (i) our Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019; (ii) our Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019; (iii) our Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019; (iv) our Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019; and (vi) the notes to our Consolidated Financial Statements.
|
||||
104 | Cover Page Interactive Data File pursuant to Rule 406 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language) and contained in Exhibit 101. |
AAON, INC. | ||||||||
Dated: November 5, 2020 | By: |
/s/ Gary D. Fields
|
||||||
Gary D. Fields
Chief Executive Officer
|
||||||||
Dated: November 5, 2020 | By: | /s/ Scott M. Asbjornson | ||||||
Scott M. Asbjornson
Chief Financial Officer |
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