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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 |
☑ | 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) | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | (in thousands, except share and per share data) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 111,427 | $ | 79,025 | |||||||
Restricted cash | 692 | 3,263 | |||||||||
Accounts receivable, net of allowance for credit losses of $518 and $506, respectively
|
53,311 | 47,387 | |||||||||
Income tax receivable | 3,339 | 4,587 | |||||||||
Note receivable | 32 | 31 | |||||||||
Inventories, net | 87,399 | 82,219 | |||||||||
Prepaid expenses and other | 2,940 | 3,739 | |||||||||
Total current assets | 259,140 | 220,251 | |||||||||
Property, plant and equipment: | |||||||||||
Land | 5,016 | 4,072 | |||||||||
Buildings | 129,607 | 122,171 | |||||||||
Machinery and equipment | 301,964 | 281,266 | |||||||||
Furniture and fixtures | 20,726 | 18,956 | |||||||||
Total property, plant and equipment | 457,313 | 426,465 | |||||||||
Less: Accumulated depreciation | 217,549 | 203,125 | |||||||||
Property, plant and equipment, net | 239,764 | 223,340 | |||||||||
Goodwill and intangible assets, net | 3,229 | 3,267 | |||||||||
Right of use assets | 1,472 | 1,571 | |||||||||
Note receivable | 579 | 579 | |||||||||
Total assets | $ | 504,184 | $ | 449,008 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 21,250 | $ | 12,447 | |||||||
Dividends payable | 9,970 | — | |||||||||
Accrued liabilities | 47,291 | 46,586 | |||||||||
Total current liabilities | 78,511 | 59,033 | |||||||||
Deferred tax liabilities | 31,071 | 28,324 | |||||||||
Other long-term liabilities | 4,493 | 4,423 | |||||||||
New market tax credit obligation (a) | 6,383 | 6,363 | |||||||||
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, 52,416,014 and 52,224,767 issued and outstanding at June 30, 2021 and December 31, 2020, respectively
|
210 | 209 | |||||||||
Additional paid-in capital | 10,998 | 5,161 | |||||||||
Retained earnings | 372,518 | 345,495 | |||||||||
Total stockholders' equity | 383,726 | 350,865 | |||||||||
Total liabilities and stockholders' equity | $ | 504,184 | $ | 449,008 | |||||||
(a) Held by variable interest entities (Note 14)
|
AAON, Inc. and Subsidiaries | |||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||
Net sales | $ | 143,876 | $ | 125,596 | $ | 259,664 | $ | 263,079 | |||||||||||||||
Cost of sales | 101,769 | 87,465 | 184,400 | 182,001 | |||||||||||||||||||
Gross profit | 42,107 | 38,131 | 75,264 | 81,078 | |||||||||||||||||||
Selling, general and administrative expenses | 16,895 | 15,939 | 31,591 | 31,153 | |||||||||||||||||||
Gain on disposal of assets | — | — | — | (62) | |||||||||||||||||||
Income from operations | 25,212 | 22,192 | 43,673 | 49,987 | |||||||||||||||||||
Interest (expense) income, net | (4) | 19 | (1) | 80 | |||||||||||||||||||
Other income (expense), net | 39 | 32 | 56 | 5 | |||||||||||||||||||
Income before taxes | 25,247 | 22,243 | 43,728 | 50,072 | |||||||||||||||||||
Income tax provision | 4,632 | 4,439 | 6,737 | 10,415 | |||||||||||||||||||
Net income | $ | 20,615 | $ | 17,804 | $ | 36,991 | $ | 39,657 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.34 | $ | 0.71 | $ | 0.76 | |||||||||||||||
Diluted | $ | 0.38 | $ | 0.34 | $ | 0.69 | $ | 0.75 | |||||||||||||||
Cash dividends declared per common share: | $ | 0.19 | $ | 0.19 | $ | 0.19 | $ | 0.19 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 52,432,822 | 52,099,694 | 52,389,989 | 52,160,348 | |||||||||||||||||||
Diluted | 53,603,932 | 52,750,401 | 53,736,134 | 52,885,491 |
AAON, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at December 31, 2020 | 52,225 | $ | 209 | $ | 5,161 | $ | 345,495 | $ | 350,865 | ||||||||||||||||||||
Net income | — | — | — | 36,991 | 36,991 | ||||||||||||||||||||||||
Stock options exercised and restricted | 361 | 2 | 11,846 | — | 11,848 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 5,793 | — | 5,793 | ||||||||||||||||||||||||
Stock repurchased and retired | (170) | (1) | (11,802) | — | (11,803) | ||||||||||||||||||||||||
Dividends | — | — | — | (9,968) | (9,968) | ||||||||||||||||||||||||
Balances at June 30, 2021 | 52,416 | $ | 210 | $ | 10,998 | $ | 372,518 | $ | 383,726 | ||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at March 31, 2021 | 52,424 | $ | 210 | $ | 10,957 | $ | 361,871 | $ | 373,038 | ||||||||||||||||||||
Net income | — | — | — | 20,615 | 20,615 | ||||||||||||||||||||||||
Stock options exercised and restricted | 75 | — | 2,410 | — | 2,410 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 3,032 | — | 3,032 | ||||||||||||||||||||||||
Stock repurchased and retired | (83) | — | (5,401) | — | (5,401) | ||||||||||||||||||||||||
Dividends | — | — | — | (9,968) | (9,968) | ||||||||||||||||||||||||
Balances at June 30, 2021 | 52,416 | $ | 210 | $ | 10,998 | $ | 372,518 | $ | 383,726 | ||||||||||||||||||||
Six Months Ended June 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 | — | — | — | 39,657 | 39,657 | ||||||||||||||||||||||||
Stock options exercised and restricted | 490 | 2 | 14,171 | — | 14,173 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 5,694 | — | 5,694 | ||||||||||||||||||||||||
Stock repurchased and retired | (335) | (1) | (17,045) | — | (17,046) | ||||||||||||||||||||||||
Dividends | — | — | — | (9,923) | (9,923) | ||||||||||||||||||||||||
Balances at June 30, 2020 | 52,234 | $ | 209 | $ | 6,451 | $ | 316,035 | $ | 322,695 | ||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balances at March 31, 2020 | 52,044 | $ | 208 | $ | — | $ | 306,115 | $ | 306,323 | ||||||||||||||||||||
Net income | — | — | — | 17,804 | 17,804 | ||||||||||||||||||||||||
Stock options exercised and restricted | 278 | 1 | 9,675 | — | 9,676 | ||||||||||||||||||||||||
stock awards granted | |||||||||||||||||||||||||||||
Share-based compensation | — | — | 3,343 | — | 3,343 | ||||||||||||||||||||||||
Stock repurchased and retired | (88) | — | (6,567) | 2,039 | (4,528) | ||||||||||||||||||||||||
Dividends | — | — | — | (9,923) | (9,923) | ||||||||||||||||||||||||
Balances at June 30, 2020 | 52,234 | $ | 209 | $ | 6,451 | $ | 316,035 | $ | 322,695 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Rooftop units | $ | 107,370 | $ | 99,145 | $ | 194,795 | $ | 209,975 | |||||||||||||||
Condensing units | 7,302 | 4,505 | 13,833 | 9,003 | |||||||||||||||||||
Air handlers | 7,265 | 6,016 | 13,679 | 12,263 | |||||||||||||||||||
Outdoor mechanical rooms | 764 | 434 | 975 | 1,349 | |||||||||||||||||||
Water source heat pumps | 6,425 | 3,796 | 11,090 | 7,499 | |||||||||||||||||||
Part sales | 10,717 | 7,565 | 18,223 | 14,078 | |||||||||||||||||||
Other | 4,033 | 4,135 | 7,069 | 8,912 | |||||||||||||||||||
Net Sales
|
$ | 143,876 | $ | 125,596 | $ | 259,664 | $ | 263,079 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Rooftop units | 4,657 | 3,746 | 7,616 | 7,807 | |||||||||||||||||||
Condensing units | 618 | 446 | 1,136 | 854 | |||||||||||||||||||
Air handlers | 707 | 501 | 1,200 | 1,011 | |||||||||||||||||||
Outdoor mechanical rooms | 13 | 6 | 20 | 16 | |||||||||||||||||||
Water source heat pumps | 1,908 | 1,645 | 3,532 | 3,262 | |||||||||||||||||||
Total Units
|
7,903 | 6,344 | 13,504 | 12,950 |
June 30,
2021 |
December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Accounts receivable | $ | 53,829 | $ | 47,893 | |||||||
Less: Allowance for credit losses | (518) | (506) | |||||||||
Total, net
|
$ | 53,311 | $ | 47,387 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Allowance for credit losses: | (in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 493 | $ | 647 | $ | 506 | $ | 353 | |||||||||||||||
Provisions (recoveries) for expected credit | 25 | (218) | 12 | 76 | |||||||||||||||||||
losses, net of adjustments | |||||||||||||||||||||||
Balance, end of period | $ | 518 | $ | 429 | $ | 518 | $ | 429 |
June 30,
2021 |
December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Raw materials | $ | 85,514 | $ | 76,238 | |||||||
Work in process | 1,557 | 2,088 | |||||||||
Finished goods | 3,054 | 7,154 | |||||||||
Total, gross
|
90,125 | 85,480 | |||||||||
Less: Allowance for excess and obsolete inventories | (2,726) | (3,261) | |||||||||
Total, net
|
$ | 87,399 | $ | 82,219 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Allowance for excess and obsolete inventories: | (in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 2,304 | $ | 2,365 | $ | 3,261 | $ | 2,644 | |||||||||||||||
Provisions (recoveries) for excess and | 486 | 81 | 292 | (193) | |||||||||||||||||||
obsolete inventories | |||||||||||||||||||||||
Inventories written off | (64) | (73) | (827) | (78) | |||||||||||||||||||
Balance, end of period | $ | 2,726 | $ | 2,373 | $ | 2,726 | $ | 2,373 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Warranty accrual: | (in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 13,525 | $ | 12,940 | $ | 13,522 | $ | 12,652 | |||||||||||||||
Payments made | (1,545) | (1,617) | (3,009) | (2,794) | |||||||||||||||||||
Provisions | 2,028 | 1,837 | 3,495 | 3,302 | |||||||||||||||||||
Balance, end of period | $ | 14,008 | $ | 13,160 | $ | 14,008 | $ | 13,160 | |||||||||||||||
Warranty expense: | $ | 2,028 | $ | 1,837 | $ | 3,495 | $ | 3,302 |
June 30,
2021 |
December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Warranty | $ | 14,008 | $ | 13,522 | |||||||
Due to representatives | 7,980 | 8,296 | |||||||||
Payroll | 8,509 | 8,155 | |||||||||
Profit sharing | 2,920 | 2,902 | |||||||||
Worker's compensation | 429 | 594 | |||||||||
Medical self-insurance | 1,236 | 1,546 | |||||||||
Customer prepayments | 5,070 | 5,067 | |||||||||
Donations | 224 | 570 | |||||||||
Employee vacation time | 3,520 | 3,321 | |||||||||
Other | 3,395 | 2,613 | |||||||||
Total
|
$ | 47,291 | $ | 46,586 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Current | $ | 6,543 | $ | (789) | $ | 3,990 | $ | 5,354 | |||||||||||||||
Deferred | (1,911) | 5,228 | 2,747 | 5,061 | |||||||||||||||||||
Income tax provision | $ | 4,632 | $ | 4,439 | $ | 6,737 | $ | 10,415 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||
State income taxes, net of Federal benefit | (0.2) | 4.4 | 3.0 | 4.8 | |||||||||||||||||||
Excess tax benefits | (1.9) | (3.8) | (7.8) | (3.8) | |||||||||||||||||||
Return to provision adjustments | (0.3) | — | (0.3) | — | |||||||||||||||||||
Other | (0.3) | (1.6) | (0.5) | (1.2) | |||||||||||||||||||
Effective tax rate | 18.3 | % | 20.0 | % | 15.4 | % | 20.8 | % |
Six months ended | |||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||
Directors and SLT1:
|
|||||||||||
Expected dividend rate | $0.38 | $0.33 | |||||||||
Expected volatility | 35.78% | 31.63% | |||||||||
Risk-free interest rate | 0.51% | 0.64% | |||||||||
Expected life (in years) | 4.0 | 5.0 | |||||||||
Employees: | |||||||||||
Expected dividend rate | $0.38 | $0.32 | |||||||||
Expected volatility | 38.70% | 31.23% | |||||||||
Risk-free interest rate | 0.30% | 0.69% | |||||||||
Expected life (in years) | 3.0 | 5.0 | |||||||||
1 Senior Leadership Team ("SLT") consist of officers and key members of management.
|
Range of
Exercise Prices |
Number
of Shares |
Weighted
Average
Remaining
Contractual Life
(in years)
|
Weighted
Average Exercise Price |
Intrinsic
Value
(in thousands)
|
||||||||||||||||||||||||||||
$ | 7.18 | - | $ | 40.87 | 628,083 | 5.17 | $ | 30.25 | $ | 20,313 | ||||||||||||||||||||||
$ | 41.37 | - | $ | 41.37 | 441,965 | 7.00 | 41.37 | 9,379 | ||||||||||||||||||||||||
$ | 42.42 | - | $ | 75.00 | 146,869 | 8.61 | 44.84 | 2,607 | ||||||||||||||||||||||||
Total | 1,216,917 | 6.25 | $ | 36.05 | $ | 32,299 |
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 | 592,236 | 5.76 | $ | 27.90 | $ | 15,632 | ||||||||||||||||||||||
$ | 37.00 | - | $ | 40.87 | 6,518 | 3.29 | 38.16 | 105 | ||||||||||||||||||||||||
$ | 41.37 | - | $ | 57.82 | 260,412 | 8.30 | 41.46 | 3,340 | ||||||||||||||||||||||||
Total | 859,166 | 6.51 | $ | 32.09 | $ | 19,077 |
Stock Options | Shares |
Weighted
Average Exercise Price |
|||||||||
Outstanding at December 31, 2020
|
3,752,945 | $ | 39.00 | ||||||||
Granted
|
352,258 | 73.08 | |||||||||
Exercised
|
(335,563) | 35.31 | |||||||||
Forfeited or Expired
|
(95,846) | 48.92 | |||||||||
Outstanding at June 30, 2021
|
3,673,794 | $ | 42.35 | ||||||||
Exercisable at June 30, 2021
|
1,216,917 | $ | 36.05 |
Six months ended | |||||
June 30, 2021 | |||||
Expected dividend rate | $0.38 | ||||
Expected volatility | 39.10% | ||||
Risk-free interest rate | 0.28% | ||||
Expected life (in years) | 2.80 |
Shares |
Weighted
Average Grant Date Fair Value |
||||||||||
Unvested at December 31, 2020
|
— | $ | — | ||||||||
Granted
|
18,114 | 87.78 | |||||||||
Vested
|
— | — | |||||||||
Forfeited
|
(1,632) | 87.78 | |||||||||
Unvested at June 30, 2021
|
16,482 | $ | 87.78 |
Shares |
Weighted
Average Grant Date Fair Value |
||||||||||
Unvested at December 31, 2020
|
224,691 | $ | 38.22 | ||||||||
Granted
|
31,397 | 69.22 | |||||||||
Vested
|
(89,295) | 35.84 | |||||||||
Forfeited
|
(5,690) | 51.19 | |||||||||
Unvested at June 30, 2021
|
161,103 | $ | 45.12 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Grant date fair value of awards during the period: | (in thousands) | ||||||||||||||||||||||
Options | $ | 205 | $ | 1,169 | $ | 6,718 | $ | 12,074 | |||||||||||||||
Performance awards | 84 | — | 1,590 | — | |||||||||||||||||||
Restricted stock | 773 | 806 | 2,173 | 3,316 | |||||||||||||||||||
Total | $ | 1,062 | $ | 1,975 | $ | 10,481 | $ | 15,390 | |||||||||||||||
Share-based compensation expense: | |||||||||||||||||||||||
Options | $ | 2,264 | $ | 2,296 | $ | 4,427 | $ | 3,928 | |||||||||||||||
Performance awards | 148 | — | 189 | — | |||||||||||||||||||
Restricted stock | 620 | 1,047 | 1,177 | 1,766 | |||||||||||||||||||
Total | $ | 3,032 | $ | 3,343 | $ | 5,793 | $ | 5,694 | |||||||||||||||
Income tax benefit/(deficiency) related to share-based compensation: | |||||||||||||||||||||||
Options | $ | 275 | $ | 680 | $ | 2,570 | $ | 1,411 | |||||||||||||||
Restricted stock | 204 | 160 | 819 | 494 | |||||||||||||||||||
Total | $ | 479 | $ | 840 | $ | 3,389 | $ | 1,905 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Contributions, net of forfeitures, made to the defined contribution plan | $ | 2,118 | $ | 2,099 | $ | 4,398 | $ | 4,549 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Profit sharing bonus plan expense | $ | 2,919 | $ | 2,524 | $ | 5,051 | $ | 5,691 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Medical claim payments | $ | 2,033 | $ | 1,983 | $ | 3,846 | $ | 3,858 | |||||||||||||||
Health saving account contributions | 876 | 899 | 1,733 | 1,773 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
Numerator: | (in thousands, except share and per share data) | ||||||||||||||||||||||
Net income
|
$ | 20,615 | $ | 17,804 | $ | 36,991 | $ | 39,657 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic weighted average shares
|
52,432,822 | 52,099,694 | 52,389,989 | 52,160,348 | |||||||||||||||||||
Effect of dilutive stock options and restricted stock
|
1,171,110 | 650,707 | 1,346,145 | 725,143 | |||||||||||||||||||
Diluted weighted average shares
|
53,603,932 | 52,750,401 | 53,736,134 | 52,885,491 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic
|
$ | 0.39 | $ | 0.34 | $ | 0.71 | $ | 0.76 | |||||||||||||||
Diluted
|
$ | 0.38 | $ | 0.34 | $ | 0.69 | $ | 0.75 | |||||||||||||||
Anti-dilutive shares: | |||||||||||||||||||||||
Shares
|
397,656 | 1,047,616 | 249,140 | 650,526 |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||
401(k) | 148,317 | 10,271 | 69.25 | 208,604 | 10,957 | 52.53 | ||||||||||||||||||||||||||||||||
Directors and employees | 21,706 | 1,532 | 70.58 | 22,147 | 1,102 | 49.76 | ||||||||||||||||||||||||||||||||
Total
|
170,023 | $ | 11,803 | $ | 69.42 | 334,440 | $ | 17,046 | $ | 50.97 |
Inception to | June 30, 2021 | |||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | |||||||||||||||||||||||
Open market | 4,205,255 | $ | 74,793 | $ | 17.79 | |||||||||||||||||||||
401(k) | 8,054,977 | 155,271 | 19.28 | |||||||||||||||||||||||
Directors and employees | 2,026,907 | 22,283 | 10.99 | |||||||||||||||||||||||
Total
|
14,287,139 | $ | 252,347 | $ | 17.66 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
May 15, 2020 | June 3, 2020 | July 1, 2020 | $0.19 | ||||||||
November 10, 2020 | November 27, 2020 | December 18, 2020 | $0.19 | ||||||||
May 17, 2021 | June 3, 2021 | July 1, 2021 | $0.19 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Sales to affiliates | $ | 246 | $ | 1,235 | $ | 812 | $ | 1,888 | |||||||||||||||
Payments to affiliates | 57 | 38 | 130 | 97 | |||||||||||||||||||
June 30,
2021 |
December 31,
2020 |
||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Due from affiliates | $ | 39 | $ | 342 | |||||||||||||||||||
Due to affiliates | — | — |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Units | $ | 132,861 | $ | 117,720 | $ | 240,735 | $ | 248,440 | |||||||||||||||
Parts - External | 11,411 | 8,060 | 19,392 | 14,940 | |||||||||||||||||||
Parts - Inter-segment | 6,790 | 5,629 | 12,680 | 12,415 | |||||||||||||||||||
Other | (396) | (184) | (463) | (301) | |||||||||||||||||||
Eliminations | (6,790) | (5,629) | (12,680) | (12,415) | |||||||||||||||||||
Net sales | $ | 143,876 | $ | 125,596 | $ | 259,664 | $ | 263,079 | |||||||||||||||
Gross Profit | |||||||||||||||||||||||
Units | $ | 42,122 | $ | 40,794 | $ | 76,080 | $ | 86,848 | |||||||||||||||
Parts - External | 4,363 | 3,547 | 7,313 | 6,724 | |||||||||||||||||||
Parts - Inter-segment | (192) | (434) | (161) | (829) | |||||||||||||||||||
Other | (4,378) | (6,210) | (8,129) | (12,494) | |||||||||||||||||||
Eliminations | 192 | 434 | 161 | 829 | |||||||||||||||||||
Net gross profit | $ | 42,107 | $ | 38,131 | $ | 75,264 | $ | 81,078 | |||||||||||||||
June 30,
2021 |
December 31,
2020 |
June 30,
2020 |
||||||||||||
(in thousands) | ||||||||||||||
$ | 138,131 | $ | 74,417 | $ | 103,508 |
Three Months Ended | |||||||||||
June 30,
2021 |
June 30,
2020 |
||||||||||
Rooftop units | 4,657 | 3,746 | |||||||||
Condensing units | 618 | 446 | |||||||||
Air handlers | 707 | 501 | |||||||||
Outdoor mechanical rooms | 13 | 6 | |||||||||
Water source heat pumps | 1,908 | 1,645 | |||||||||
Total Units
|
7,903 | 6,344 |
Three Months Ended | ||||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
Change | % Change | |||||||||||||||||||||||||
(in thousands, except unit data) | ||||||||||||||||||||||||||
Net sales | $ | 143,876 | $ | 125,596 | $ | 18,280 | 14.6 | % | ||||||||||||||||||
Total units | 7,903 | 6,344 | 1,559 | 24.6 | % |
Three Months Ended | Percent of Sales | |||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | 101,769 | $ | 87,465 | 70.7 | % | 69.6 | % | ||||||||||||||||||
Gross profit | 42,107 | 38,131 | 29.3 | % | 30.4 | % |
2021 | 2020 | % Change | ||||||||||||||||||
Copper | $ | 4.02 | $ | 3.65 | 10.1 | % | ||||||||||||||
Galvanized steel | $ | 0.76 | $ | 0.51 | 49.0 | % | ||||||||||||||
Stainless steel | $ | 1.46 | $ | 1.36 | 7.4 | % | ||||||||||||||
Aluminum | $ | 1.98 | $ | 1.78 | 11.2 | % |
Three Months Ended | Percent of Sales | |||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Warranty | $ | 2,028 | $ | 1,837 | 1.4 | % | 1.5 | % | ||||||||||||||||||
Profit sharing | 2,919 | 2,524 | 2.0 | % | 2.0 | % | ||||||||||||||||||||
Salaries & benefits | 6,025 | 4,796 | 4.2 | % | 3.8 | % | ||||||||||||||||||||
Stock compensation | 1,368 | 1,654 | 1.0 | % | 1.3 | % | ||||||||||||||||||||
Advertising | 261 | 91 | 0.2 | % | 0.1 | % | ||||||||||||||||||||
Depreciation | 635 | 493 | 0.4 | % | 0.4 | % | ||||||||||||||||||||
Insurance | 730 | 240 | 0.5 | % | 0.2 | % | ||||||||||||||||||||
Professional fees | 682 | 714 | 0.5 | % | 0.6 | % | ||||||||||||||||||||
Donations | 273 | 1,606 | 0.2 | % | 1.3 | % | ||||||||||||||||||||
Bad debt expense | (4) | (218) | — | % | (0.2) | % | ||||||||||||||||||||
Other | 1,978 | 2,202 | 1.4 | % | 1.8 | % | ||||||||||||||||||||
Total SG&A | $ | 16,895 | $ | 15,939 | 11.7 | % | 12.7 | % |
Three Months Ended | Effective Tax Rate | |||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income tax provision | $ | 4,632 | $ | 4,439 | 18.3 | % | 20.0 | % |
Six Months Ended | |||||||||||
June 30,
2021 |
June 30,
2020 |
||||||||||
Rooftop units | 7,616 | 7,807 | |||||||||
Condensing units | 1,136 | 854 | |||||||||
Air handlers | 1,200 | 1,011 | |||||||||
Outdoor mechanical rooms | 20 | 16 | |||||||||
Water source heat pumps | 3,532 | 3,262 | |||||||||
Total Units
|
13,504 | 12,950 |
Six Months Ended | ||||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
Change | % Change | |||||||||||||||||||||||||
(in thousands, except unit data) | ||||||||||||||||||||||||||
Net sales | $ | 259,664 | $ | 263,079 | $ | (3,415) | (1.3) | % | ||||||||||||||||||
Total units | 13,504 | 12,950 | 554 | 4.3 | % |
Six Months Ended | Percent of Sales | |||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | 184,400 | $ | 182,001 | 71.0 | % | 69.2 | % | ||||||||||||||||||
Gross profit | 75,264 | 81,078 | 29.0 | % | 30.8 | % |
2021 | 2020 | % Change | ||||||||||||||||||
Copper | $ | 4.02 | $ | 3.65 | 10.1 | % | ||||||||||||||
Galvanized steel | $ | 0.76 | $ | 0.51 | 49.0 | % | ||||||||||||||
Stainless steel | $ | 1.46 | $ | 1.36 | 7.4 | % | ||||||||||||||
Aluminum | $ | 1.98 | $ | 1.78 | 11.2 | % |
Six Months Ended | Percent of Sales | |||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Warranty | $ | 3,495 | $ | 3,302 | 1.3 | % | 1.3 | % | ||||||||||||||||||
Profit sharing | 5,051 | 5,691 | 1.9 | % | 2.2 | % | ||||||||||||||||||||
Salaries & benefits | 11,059 | 10,196 | 4.3 | % | 3.9 | % | ||||||||||||||||||||
Stock compensation | 2,659 | 2,690 | 1.0 | % | 1.0 | % | ||||||||||||||||||||
Advertising | 467 | 217 | 0.2 | % | 0.1 | % | ||||||||||||||||||||
Depreciation | 1,334 | 955 | 0.5 | % | 0.4 | % | ||||||||||||||||||||
Insurance | 1,461 | 479 | 0.6 | % | 0.2 | % | ||||||||||||||||||||
Professional fees | 1,407 | 1,254 | 0.5 | % | 0.5 | % | ||||||||||||||||||||
Donations | 226 | 1,786 | 0.1 | % | 0.7 | % | ||||||||||||||||||||
Bad debt expense | (17) | 76 | — | % | — | % | ||||||||||||||||||||
Other | 4,449 | 4,507 | 1.7 | % | 1.7 | % | ||||||||||||||||||||
Total SG&A | $ | 31,591 | $ | 31,153 | 12.2 | % | 11.8 | % |
Six Months Ended | Effective Tax Rate | |||||||||||||||||||||||||
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income tax provision | $ | 6,737 | $ | 10,415 | 15.4 | % | 20.8 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||
401(k) | 148,317 | 10,271 | 69.25 | 208,604 | 10,957 | 52.53 | ||||||||||||||||||||||||||||||||
Directors and employees | 21,706 | 1,532 | 70.58 | 22,147 | 1,102 | 49.76 | ||||||||||||||||||||||||||||||||
Total
|
170,023 | $ | 11,803 | $ | 69.42 | 334,440 | $ | 17,046 | $ | 50.97 |
Inception to | June 30, 2021 | |||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Program | Shares | Total $ | $ per share | |||||||||||||||||||||||
Open market | 4,205,255 | $ | 74,793 | $ | 17.79 | |||||||||||||||||||||
401(k) | 8,054,977 | 155,271 | 19.28 | |||||||||||||||||||||||
Directors and employees | 2,026,907 | 22,283 | 10.99 | |||||||||||||||||||||||
Total
|
14,287,139 | $ | 252,347 | $ | 17.66 |
Declaration Date | Record Date | Payment Date | Dividend per Share | ||||||||
May 15, 2020 | June 3, 2020 | July 1, 2020 | $0.19 | ||||||||
November 10, 2020 | November 27, 2020 | December 18, 2020 | $0.19 | ||||||||
May 17, 2021 | June 3, 2021 | July 1, 2021 | $0.19 |
Six Months Ended | |||||||||||
June 30,
2021 |
June 30,
2020 |
||||||||||
(in thousands) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | 36,991 | $ | 39,657 | |||||||
Income statement adjustments, net | 23,758 | 22,954 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (5,936) | 10,929 | |||||||||
Income taxes | 1,248 | (4,382) | |||||||||
Inventories | (5,472) | (11,617) | |||||||||
Prepaid expenses and other | 799 | (568) | |||||||||
Accounts payable | 10,650 | 2,893 | |||||||||
Deferred revenue | 574 | 473 | |||||||||
Accrued liabilities & donations | 300 | 2,423 | |||||||||
Net cash provided by operating activities | 62,912 | 62,762 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | (33,157) | (33,510) | |||||||||
Other | 31 | 86 | |||||||||
Net cash used in investing activities | (33,126) | (33,424) | |||||||||
Financing Activities | |||||||||||
Stock options exercised | 11,848 | 14,173 | |||||||||
Repurchase of stock | (10,271) | (15,937) | |||||||||
Employee taxes paid by withholding shares | (1,532) | (1,102) | |||||||||
Net cash provide by (used in) financing activities | $ | 45 | $ | (2,866) |
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 |
||||||||||||||||||||||
April 2021 | 13,642 | $ | 69.18 | 13,642 | — | |||||||||||||||||||||
May 2021 | 30,372 | 66.58 | 30,372 | — | ||||||||||||||||||||||
June 2021 | 38,687 | 62.92 | 38,687 | — | ||||||||||||||||||||||
Total | 82,701 | $ | 65.31 | 82,701 | — |
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 June 30, 2021 and December 31, 2020; (ii) our Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020; (iii) our Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020; (iv) our Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020; 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: August 5, 2021 | By: |
/s/ Gary D. Fields
|
||||||
Gary D. Fields
Chief Executive Officer
|
||||||||
Dated: August 5, 2021 | By: | /s/ Rebecca A. Thompson | ||||||
Rebecca A. Thompson
Chief Financial Officer |
1 Year AAON Chart |
1 Month AAON Chart |
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