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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q | | | | | |
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
or | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________________ to ____________________
Commission file number: 0-18953
AAON, INC.
(Exact name of registrant as specified in its charter) | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | |
(918) 583-2266
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $.004 par value per share | AAON | NASDAQ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "small reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | |
| Large accelerated filer | ☑ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
As of November 2, 2023, registrant had outstanding a total of 81,244,857 shares of its $.004 par value Common Stock.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements. | | | | | | | | | | | |
| AAON, Inc. and Subsidiaries |
| Consolidated Balance Sheets |
| (Unaudited) |
| | September 30, 2023 | | December 31, 2022 |
| Assets | (in thousands, except share and per share data) |
| Current assets: | | | |
| Cash and cash equivalents | $ | 212 | | | $ | 5,451 | |
| Restricted cash | 22,323 | | | 498 | |
| | | |
| | | |
Accounts receivable, net of allowance for credit losses of $385 and $477, respectively | 160,108 | | | 127,158 | |
| | | |
| | | |
| Inventories, net | 214,507 | | | 198,939 | |
| Contract assets | 25,306 | | | 15,151 | |
| Prepaid expenses and other | 2,836 | | | 1,919 | |
| | | |
| Total current assets | 425,292 | | | 349,116 | |
| Property, plant and equipment: | | | |
| Land | 15,296 | | | 8,537 | |
| Buildings | 193,684 | | | 169,156 | |
| Machinery and equipment | 381,271 | | | 342,045 | |
| Furniture and fixtures | 41,488 | | | 30,033 | |
| Total property, plant and equipment | 631,739 | | | 549,771 | |
| Less: Accumulated depreciation | 274,909 | | | 245,026 | |
| Property, plant and equipment, net | 356,830 | | | 304,745 | |
| | | |
| Intangible assets, net | 61,901 | | | 64,606 | |
| Goodwill | 81,892 | | | 81,892 | |
| Right of use assets | 12,252 | | | 7,123 | |
| Other long-term assets | 6,376 | | | 6,421 | |
| Total assets | $ | 944,543 | | | $ | 813,903 | |
| | | |
| Liabilities and Stockholders' Equity | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 29,917 | | | $ | 45,513 | |
| | | |
| Accrued liabilities | 90,986 | | | 78,630 | |
| Contract liabilities | 19,576 | | | 21,424 | |
| Total current liabilities | 140,479 | | | 145,567 | |
| Revolving credit facility, long-term | 78,420 | | | 71,004 | |
| Deferred tax liabilities | 14,744 | | | 18,661 | |
| Other long-term liabilities | 16,247 | | | 11,508 | |
New market tax credit obligation1 | 12,169 | | | 6,449 | |
| 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, 81,231,513 and 80,137,776 issued and outstanding at September 30, 2023 and December 31, 2022, respectively2 | 325 | | | 322 | |
| Additional paid-in capital | 109,874 | | | 98,735 | |
Retained earnings2 | 572,285 | | | 461,657 | |
| Total stockholders' equity | 682,484 | | | 560,714 | |
| Total liabilities and stockholders' equity | $ | 944,543 | | | $ | 813,903 | |
1 Held by variable interest entities (Note 16) | | | |
2 Reflects three-for-two stock split effective August 16, 2023. | | | |
The accompanying notes are an integral part of these consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | |
| AAON, Inc. and Subsidiaries |
| Consolidated Statements of Income |
| (Unaudited) |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands, except share and per share data) |
| Net sales | $ | 311,970 | | | $ | 242,605 | | | $ | 861,880 | | | $ | 634,190 | |
| Cost of sales | 195,861 | | | 177,014 | | | 574,599 | | | 475,159 | |
| Gross profit | 116,109 | | | 65,591 | | | 287,281 | | | 159,031 | |
| Selling, general and administrative expenses | 51,470 | | | 28,891 | | | 123,684 | | | 78,880 | |
| Loss (gain) on disposal of assets | (25) | | | — | | | (13) | | | (12) | |
| Income from operations | 64,664 | | | 36,700 | | | 163,610 | | | 80,163 | |
| Interest expense, net | (1,266) | | | (954) | | | (3,959) | | | (1,694) | |
| Other income, net | 93 | | | 54 | | | 370 | | | 295 | |
| Income before taxes | 63,491 | | | 35,800 | | | 160,021 | | | 78,764 | |
| Income tax provision | 15,413 | | | 8,327 | | | 29,447 | | | 17,286 | |
| Net income | $ | 48,078 | | | $ | 27,473 | | | $ | 130,574 | | | $ | 61,478 | |
| Earnings per share: | | | | | | | |
Basic1 | $ | 0.59 | | | $ | 0.34 | | | $ | 1.61 | | | $ | 0.77 | |
Diluted1 | $ | 0.58 | | | $ | 0.34 | | | $ | 1.57 | | | $ | 0.76 | |
Cash dividends declared per common share1: | $ | 0.08 | | | $ | — | | | $ | 0.24 | | | $ | 0.13 | |
| Weighted average shares outstanding: | | | | | | | |
Basic1 | 81,418,800 | | | 79,777,987 | | | 81,140,473 | | | 79,543,925 | |
Diluted1 | 83,393,054 | | | 80,938,074 | | | 83,275,208 | | | 80,882,798 | |
1 Reflects three-for-two stock split effective August 16, 2023. |
The accompanying notes are an integral part of these consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AAON, Inc. and Subsidiaries |
| Consolidated Statements of Stockholders' Equity |
| (Unaudited) |
| | | | | | | |
| Nine Months Ended September 30, 2023 |
| | Common Stock | | Paid-in | | Retained | | |
1 Reflects three-for-two stock split effective August 16, 2023 | Shares1 | | Amount1 | | Capital | | Earnings1 | | Total |
| | (in thousands) |
Balances at December 31, 2022 | 80,138 | | | $ | 322 | | | $ | 98,735 | | | $ | 461,657 | | | $ | 560,714 | |
| Net income | — | | | — | | | — | | | 130,574 | | | 130,574 | |
| Stock options exercised, restricted stock awards | 1,517 | | | 5 | | | 25,246 | | | — | | | 25,251 | |
granted, and contingent shares issued (Note 15) | | | | | | | | | |
| Share-based compensation | — | | | — | | | 12,102 | | | — | | | 12,102 | |
| Stock repurchased and retired | (423) | | | (2) | | | (26,209) | | | — | | | (26,211) | |
| Dividends | — | | | — | | | — | | | (19,946) | | | (19,946) | |
| Balances at September 30, 2023 | 81,232 | | | $ | 325 | | | $ | 109,874 | | | $ | 572,285 | | | $ | 682,484 | |
| | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Common Stock | | Paid-in | | Retained | | |
| Shares1 | | Amount1 | | Capital | | Earnings1 | | Total |
| (in thousands) |
| Balances at June 30, 2023 | 81,569 | | | $ | 326 | | | $ | 128,636 | | | $ | 531,149 | | | $ | 660,111 | |
| Net income | — | | | — | | | — | | | 48,078 | | | 48,078 | |
| Stock options exercised and restricted | 66 | | | 1 | | | 2,006 | | | — | | | 2,007 | |
| stock awards granted | | | | | | | | | |
| Share-based compensation | — | | | — | | | 4,279 | | | — | | | 4,279 | |
| Stock repurchased and retired | (403) | | | (2) | | | (25,047) | | | — | | | (25,049) | |
| Dividends | — | | | — | | | — | | | (6,942) | | | (6,942) | |
| Balances at September 30, 2023 | 81,232 | | | $ | 325 | | | $ | 109,874 | | | $ | 572,285 | | | $ | 682,484 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Common Stock | | Paid-in | | Retained | | |
| Shares1 | | Amount1 | | Capital | | Earnings1 | | Total |
| (in thousands) |
| Balances at December 31, 2021 | 78,792 | | | $ | 318 | | | $ | 81,654 | | | $ | 384,198 | | | 466,170 | |
| Net income | — | | | — | | | — | | | 61,478 | | | 61,478 | |
| Stock options exercised, restricted stock awards | 1,265 | | | 3 | | | 10,987 | | | — | | | 10,990 | |
granted, and contingent shares issued (Note 15) | | | | | | | | | |
| Share-based compensation | — | | | — | | | 10,229 | | | — | | | 10,229 | |
| Stock repurchased and retired | (234) | | | — | | | (8,921) | | | — | | | (8,921) | |
Contingent consideration | — | | | — | | | (6,000) | | | — | | | (6,000) | |
| Dividends | — | | | — | | | — | | | (10,088) | | | (10,088) | |
| Balances at September 30, 2022 | 79,823 | | | $ | 321 | | | $ | 87,949 | | | $ | 435,588 | | | $ | 523,858 | |
| | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Common Stock | | Paid-in | | Retained | | |
| Shares1 | | Amount1 | | Capital | | Earnings1 | | Total |
| (in thousands) |
| Balances at June 30, 2022 | 79,691 | | | $ | 321 | | | $ | 82,078 | | | $ | 408,107 | | | $ | 490,506 | |
| Net income | — | | | — | | | — | | | 27,473 | | | 27,473 | |
| Stock options exercised and restricted | 186 | | | — | | | 4,605 | | | — | | | 4,605 | |
| stock awards granted | | | | | | | | | |
| Share-based compensation | — | | | — | | | 3,321 | | | — | | | 3,321 | |
| Stock repurchased and retired | (54) | | | — | | | (2,055) | | | — | | | (2,055) | |
| Dividends | — | | | — | | | — | | | 8 | | | 8 | |
| Balances at September 30, 2022 | 79,823 | | | $ | 321 | | | $ | 87,949 | | | $ | 435,588 | | | $ | 523,858 | |
The accompanying notes are an integral part of these consolidated financial statements.
| | | | | | | | | | | |
| AAON, Inc. and Subsidiaries |
| Consolidated Statements of Cash Flows |
| (Unaudited) |
| | Nine Months Ended
September 30, |
| | 2023 | | 2022 |
| Operating Activities | (in thousands) |
Net income | $ | 130,574 | | | $ | 61,478 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 33,439 | | | 25,624 | |
| Amortization of debt issuance cost | 57 | | | 32 | |
| | | |
| Amortization of right of use assets | 166 | | | 191 | |
(Recoveries of) provision for credit losses on accounts receivable, net of adjustments | (92) | | | 300 | |
Provision for excess and obsolete inventories, net of write-offs | 2,979 | | | 1,380 | |
| Share-based compensation | 12,102 | | | 10,229 | |
Gain on disposition of assets | (13) | | | (12) | |
Foreign currency transaction loss | — | | | 42 | |
Interest income on note receivable | (15) | | | (17) | |
| Deferred income taxes | (3,917) | | | (563) | |
| Changes in assets and liabilities: | | | |
| Accounts receivable | (32,040) | | | (63,593) | |
| Income taxes | (12,472) | | | 3,782 | |
| Inventories | (18,547) | | | (47,998) | |
| Contract assets | (10,155) | | | (3,843) | |
| Prepaid expenses and other long-term assets | (896) | | | (70) | |
| Accounts payable | (15,631) | | | 18,616 | |
| Contract liabilities | (1,848) | | | 24,249 | |
| Extended warranties | 2,049 | | | 730 | |
| Accrued liabilities and other long-term liabilities | 21,405 | | | 12,857 | |
Net cash provided by operating activities | 107,145 | | | 43,414 | |
| Investing Activities | | | |
| Capital expenditures | (82,900) | | | (41,586) | |
Cash paid for building (Note 18) | — | | | (22,000) | |
| Cash paid in business combination, net of cash acquired | — | | | (249) | |
| Proceeds from sale of property, plant and equipment | 129 | | | 12 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Principal payments from note receivable | 39 | | | 41 | |
Net cash used in investing activities | (82,732) | | | (63,782) | |
| Financing Activities | | | |
| Proceeds from financing obligation, net of issuance costs | 6,061 | | | — | |
| Payment related to financing costs | (398) | | | — | |
| Borrowings under revolving credit facility | 444,072 | | | 151,103 | |
| Payments under revolving credit facility | (436,656) | | | (114,812) | |
| Principal payments on financing lease | — | | | (115) | |
| Stock options exercised | 25,251 | | | 10,990 | |
| Repurchase of stock | (25,009) | | | (7,943) | |
| Employee taxes paid by withholding shares | (1,202) | | | (978) | |
| Cash dividends paid to stockholders | (19,946) | | | (10,096) | |
Net cash (used in) provided by financing activities | (7,827) | | | 28,149 | |
| Net increase in cash, cash equivalents and restricted cash | 16,586 | | | 7,781 | |
| Cash, cash equivalents and restricted cash, beginning of period | 5,949 | | | 3,487 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 22,535 | | | $ | 11,268 | |
The accompanying notes are an integral part of these consolidated financial statements.
AAON, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements
(Unaudited)
1. General
Basis of Presentation
AAON, Inc. is a Nevada corporation which was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc. ("AAON Oklahoma"), an Oklahoma corporation, AAON Coil Products, Inc. ("AAON Coil Products"), a Texas corporation, and BasX, Inc. ("BASX"), an Oregon corporation (collectively, the “Company”). The accompanying unaudited consolidated financial statements of AAON, Inc. and our operating subsidiaries, all of which are wholly-owned, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”).
Our financial statements consolidate all of our affiliated entities in which we have a controlling financial interest. Because we hold certain rights that give us the power to direct the activities of five variable interest entities ("VIEs") (Note 16) that most significantly impact the VIEs economic performance, combined with a variable interest that gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in those VIEs.
These financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2022 is derived from audited consolidated financial statements. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The financial statements reflect all adjustments (all of which are of a normal recurring nature) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results that may be expected for a full year. Certain disclosures have been condensed in or omitted from these consolidated financial statements. The accompanying unaudited financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. All intercompany balances and transactions have been eliminated in consolidation.
We are engaged in the engineering, manufacturing, marketing, and sale of premium air conditioning and heating equipment consisting of standard, semi-custom, and custom rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because these estimates and assumptions require significant judgment, actual results could differ from those estimates and could have a significant impact on our results of operations, financial position and cash flows. We reevaluate our estimates and assumptions as needed, but at a minimum on a quarterly basis. The most significant estimates include, but are not limited to, inventory valuation, inventory reserves, warranty accrual, medical insurance accrual, income taxes, useful lives of property, plant, and equipment, estimated future use of leased property, share-based compensation, business combinations, revenue percentage of completion and estimated costs to complete. Actual results could differ materially from those estimates.
Inflation and Labor Market
In 2022 and continuing into 2023, we have witnessed increases in our raw material and component prices. Due to our favorable liquidity position, we continue to make strategic purchases of materials when we see opportunities. We continue to manage the increase in the cost of raw materials through price increases for our products. We have also experienced supply chain challenges related to specific manufacturing parts, which we have managed through our strong vendor relationships as well as expanding our list of vendors.
Additionally, we continue to experience challenges in a tight labor market, especially the hiring of both skilled and unskilled production labor. We have implemented the following wage increases to remain competitive and to attract and retain employees:
•In March 2022, we awarded annual merit raises for an overall 3.0% increase to wages.
•In October 2022, we implemented a cost of living increase of 3.5% in place for all employees
below the Senior Leadership Team ("SLT") level.
•In March 2023, we awarded annual merit raises for an overall 3.9% increase to wages.
We will continue to implement human resource initiatives to retain and attract labor to further increase production capacity. Beginning in 2023, initiatives included changing our employee paid time off policy, historically awarded in arrears at the beginning of each quarter, to accrue ratably over each pay period. Additionally, we enhanced our benefits for short-term disability, life insurance, paid parental leave, and paid military leave.
Despite efforts to mitigate the impact of inflation, supply chain issues and the tight labor market, future disruptions, while temporary, could negatively impact our consolidated financial position, results of operations and cash flows.
Change in Estimate
During the first quarter of 2022, a review of the Company’s useful lives for certain sheet metal manufacturing equipment at our Longview, Texas location resulted in a change in estimate that increased the useful lives from between ten and twelve years to fifteen years. This determination was based on recent and estimated future production levels as well as management’s knowledge of the equipment and historical and future use of the equipment. The change in estimate was made prospectively and resulted in a decrease to depreciation expense within cost of sales on our consolidated statements of income of $1.8 million during the nine months ended September 30, 2022.
WH Series and WV Series Water Source Heat Pump Units
As part of the normal course of business, management continually monitors the profitability of the Company's various product series offerings. During the third quarter of 2022, management made the decision to no longer produce our small packaged geothermal/water-source heat pump units consisting of the WH Series horizontal configuration and WV Series vertical configuration, from one-half to 12 1/2 tons ("WH/WV"). These WH/WV units were produced solely out of the AAON Oklahoma facility. Production of the remaining WH/WV backlog was completed during the second quarter 2023.
Accounting Policies
A comprehensive discussion of our critical accounting policies and management estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022.
Fair Value Measurements
The carrying amounts of cash and cash equivalents, receivables, accounts payable, and accrued liabilities approximate fair value because of the short-term maturity of the items. The carrying amount of the Company’s revolving line of credit, and other payables, approximate their fair values either due to their short term nature, the variable rates associated with the debt or based on current rates offered to the Company for debt with similar characteristics.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels:
•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 fair values of property, plant and equipment, intangible assets, contingent consideration, and goodwill acquired in a business combination.
The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to a fair value measurement requires judgment, considering factors specific to the asset or liability.
Definite-Lived Intangible Assets
Our definite-lived intangible assets include various trademarks, service marks, and technical knowledge acquired in business combinations. We amortize our definite-lived intangible assets on a straight-line basis over the estimated useful lives of the assets. We evaluate the carrying value of our amortizable intangible assets for potential impairment when events and circumstances warrant such a review.
Amortization is computed using the straight-line method over the following estimated useful lives:
| | | | | |
| Intellectual property | 30 years |
| Customer relationships | 14 years |
Goodwill and Indefinite-Lived Intangible Assets
Goodwill represents the excess of the consideration paid for the acquired businesses over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment at least annually. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant.
The changes in the carrying amount of goodwill were as follows:
| | | | | | | | | | | | | |
| Nine Months Ended September 30, | | |
| 2023 | | 2022 | | |
| (in thousands) | | |
Balance, beginning of period | $ | 81,892 | | | $ | 85,727 | | | |
Additions due to acquisitions | — | | | — | | | |
Decreases due to business combination revisions1 | — | | | (3,835) | | | |
| Balance, end of period | $ | 81,892 | | | $ | 81,892 | | | |
1 Revisions related to the December 2021 acquisition of BASX. | | | | | |
Recent Accounting Pronouncements
Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification ("ASC"). We consider the applicability and impact of all ASUs. ASUs not listed or included within the Company's Annual Report on Form 10-K for the year ended December 31, 2022, were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements and notes thereto.
2. Revenue Recognition
The following tables show disaggregated net sales by reportable segment (Note 19) by major source, net of intercompany sales eliminations.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| AAON Oklahoma | | AAON Coil Products | | BASX | | Total |
| (in thousands) |
| Rooftop units | $ | 221,417 | | | $ | — | | | $ | — | | | $ | 221,417 | |
| Condensing units | — | | | 7,636 | | | — | | | 7,636 | |
| Air handlers | — | | | 9,862 | | | 7,558 | | | 17,420 | |
| Outdoor mechanical rooms | — | | | 62 | | | — | | | 62 | |
| Cleanroom systems | — | | | — | | | 5,355 | | | 5,355 | |
| Data center cooling solutions | — | | | 3,284 | | | 25,726 | | | 29,010 | |
| Water-source heat pumps | — | | | 3,898 | | | — | | | 3,898 | |
| Part sales | 17,756 | | | 4 | | | 371 | | | 18,131 | |
Other1 | 7,281 | | | 1,023 | | | 737 | | | 9,041 | |
| $ | 246,454 | | | $ | 25,769 | | | $ | 39,747 | | | $ | 311,970 | |
| | | | | | | |
| Three Months Ended September 30, 2022 |
| AAON Oklahoma | | AAON Coil Products | | BASX | | Total |
| (in thousands) |
| Rooftop units | $ | 154,171 | | | $ | — | | | $ | — | | | $ | 154,171 | |
| Condensing units | — | | | 12,720 | | | — | | | 12,720 | |
| Air handlers | — | | | 14,380 | | | 2,211 | | | 16,591 | |
| Outdoor mechanical rooms | 58 | | | 118 | | | — | | | 176 | |
| Cleanroom systems | — | | | — | | | 15,283 | | | 15,283 | |
| Data center cooling solutions | — | | | — | | | 14,884 | | | 14,884 | |
| Water-source heat pumps | 3,236 | | | 2,445 | | | — | | | 5,681 | |
| Part sales | 15,724 | | | — | | | 176 | | | 15,900 | |
Other1 | 5,980 | | | 841 | | | 378 | | | 7,199 | |
| $ | 179,169 | | | $ | 30,504 | | | $ | 32,932 | | | $ | 242,605 | |
1 Other sales include freight, extended warranties and miscellaneous revenue. |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| AAON Oklahoma | | AAON Coil Products | | BASX | | Total |
| (in thousands) |
| Rooftop units | $ | 597,508 | | | $ | — | | | $ | — | | | $ | 597,508 | |
| Condensing units | 61 | | | 34,243 | | | — | | | 34,304 | |
| Air handlers | — | | | 34,693 | | | 13,196 | | | 47,889 | |
| Outdoor mechanical rooms | 208 | | | 274 | | | — | | | 482 | |
| Cleanroom systems | — | | | — | | | 35,063 | | | 35,063 | |
| Data center cooling solutions | — | | | 6,524 | | | 56,079 | | | 62,603 | |
| Water-source heat pumps | 3,128 | | | 10,064 | | | — | | | 13,192 | |
| Part sales | 47,623 | | | 5 | | | 862 | | | 48,490 | |
Other1 | 18,142 | | | 3,459 | | | 748 | | | 22,349 | |
| $ | 666,670 | | | $ | 89,262 | | | $ | 105,948 | | | $ | 861,880 | |
| | | | | | | |
| Nine Months Ended September 30, 2022 |
| AAON Oklahoma | | AAON Coil Products | | BASX | | Total |
| (in thousands) |
| Rooftop units | $ | 414,493 | | | $ | — | | | $ | — | | | $ | 414,493 | |
| Condensing units | 242 | | | 33,645 | | | — | | | 33,887 | |
| Air handlers | — | | | 35,358 | | | 6,495 | | | 41,853 | |
| Outdoor mechanical rooms | 612 | | | 488 | | | — | | | 1,100 | |
| Cleanroom systems | — | | | — | | | 31,568 | | | 31,568 | |
| Data center cooling solutions | — | | | — | | | 38,589 | | | 38,589 | |
| Water-source heat pumps | 8,098 | | | 6,596 | | | — | | | 14,694 | |
| Part sales | 39,797 | | | — | | | 507 | | | 40,304 | |
Other1 | 13,275 | | | 3,106 | | | 1,321 | | | 17,702 | |
| $ | 476,517 | | | $ | 79,193 | | | $ | 78,480 | | | $ | 634,190 | |
1 Other sales include freight, extended warranties and miscellaneous revenue. |
Due to the highly customized nature of many of the Company’s products and each product not having an alternative use to the Company without significant costs to the Company, the Company recognizes revenue over time as progress is made toward satisfying the performance obligations of each contract. The Company has formal cancellation policies and generally does not accept returns on these units. As a result, many of the Company’s products do not have an alternative use and therefore, for these products we recognize revenue over the time it takes to produce the unit.
Contract costs include direct materials, direct labor, installation, freight and delivery, commissions and royalties. Other costs not related to contract performance, such as indirect labor and materials, small tools and supplies, operating expenses, field rework and back charges are charged to expense as incurred. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income, and are estimated and recognized by the Company throughout the life of the contract. The aggregate of costs incurred and income recognized on uncompleted contracts in excess of billings is shown as a contract asset within our consolidated balance sheets, and the aggregate of billings on uncompleted contracts in excess of related costs incurred and income recognized is shown as a contract liability within our consolidated balance sheets.
For all other products that are part sales or standardized units, the Company recognizes revenue, presented net of sales tax, when it satisfies the performance obligation in its contracts. As the primary performance obligation in such a contract is delivery of the requested manufactured equipment, we satisfy the performance obligation when the control is passed to the customer, generally at time of shipment. Final sales prices are fixed based on purchase orders.
Sales allowances and customer incentives are treated as reductions to sales and are provided for based on historical experiences and current estimates.
Historically, sales of our products were moderately seasonal with the peak period being May-October of each year due to timing of construction projects being directly related to warmer weather. However, in recent years, given the increases in demand of our product and increases in our backlog, sales have become more constant throughout the year.
Product Warranties
A provision is made for the estimated cost of maintaining product warranties to customers at the time the product is sold based upon historical claims experience by product line. The Company records a liability and an expense for estimated future warranty claims based upon historical experience and management’s estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the liability and expense in the current year.
The Company also sells extended warranties on parts for various lengths of time ranging from six months to 10 years. Revenue for these separately priced warranties is deferred and recognized on a straight-line basis over the separately priced warranty period.
Representatives and Third Party Products
We are responsible for billings and collections resulting from all sales transactions, including those initiated by our independent manufacturer representatives (“Representatives”). Representatives are national companies that are in the business of providing HVAC units and other related products and services to customers. The end user customer orders a bundled group of products and services from the Representative and expects the Representative to fulfill the order. These additional products and services may include controls purchased from another manufacturer to operate the unit, start-up services, and curbs for supporting the unit (“Third Party Products”). All are associated with the purchase of a HVAC unit but may be provided by the Representative or another third party. Only after the specifications are agreed to by the Representative and the customer, and the decision is made to use an AAON HVAC unit, will we receive notice of the order. We establish the amount we must receive for our HVAC unit (“minimum sales price”), but do not control the total order price that is negotiated by the Representative with the end user customer. The Representatives submit the total order price to us for invoicing and collection. The total order price includes our minimum sales price and an additional amount which may include both the Representatives’ fee and amounts due for additional products and services required by the customer. The Company is considered the principal for the equipment we design and manufacture and records that revenue. The Company has no control over the Third Party Products to the end customer and the Company is under no obligation related to the Third Party Products. Amounts related to Third Party Products are not recognized as revenue but are recorded as a liability and are included in accrued liabilities on the consolidated balance sheets.
The Representatives’ fee and Third Party Products amounts (“Due to Representatives”) are paid only after all amounts associated with the order are collected from the customer. The amount of payments to our Representatives were $20.1 million and $10.8 million for the three months ended September 30, 2023 and 2022, respectively, and $46.4 million and $28.7 million for the nine months ended September 30, 2023 and 2022, respectively.
3. Leases
The Company has various lease arrangements for certain manufacturing and warehousing facilities, equipment rental, as well as administrative facilities. Currently, all leases are classified as operating leases.
The following table presents the balances by lease type:
| | | | | | | | | | | | | | | | | | | | |
| | Balance Sheet Classification | | September 30, 2023 | | December 31, 2022 |
| Operating Leases | | | | | | |
| Right of use assets | | Right of use assets | | $ | 12,252 | | | $ | 7,123 | |
| Lease liability, short-term | | Accrued liabilities | | $ | 1,858 | | | $ | 1,254 | |
| Lease liability, long-term | | Other long-term liabilities | | $ | 10,684 | | | $ | 5,993 | |
Since 2018, the Company has leased the manufacturing, engineering and office space used by our operations in Parkville, Missouri, which is classified as an operating lease. In October 2022, the Parkville, Missouri lease was amended to expand our manufacturing and office space from 51,000 square feet to 86,000 square feet. The amended lease provides for approximately 31,000 square feet of additional manufacturing and engineering space and approximately 4,000 square feet of additional office space. The amended lease extends the lease term through December 31, 2032.
In November 2022, the Company entered into a lease agreement for land and facilities in Tulsa, Oklahoma which provides an additional 198,000 square feet to support our operations. The lease term will expire October 31, 2025.
On July 28, 2023, the Company entered into a lease agreement with a start date of September 1, 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term is approximately five years with additional renewal options.
4. Accounts Receivable
Accounts receivable and the related allowance for credit losses are as follows:
| | | | | | | | | | | |
| | September 30,
2023 | | December 31, 2022 |
| | (in thousands) |
| Accounts receivable | $ | 160,493 | | | $ | 127,635 | |
| Less: Allowance for credit losses | (385) | | | (477) | |
Total, net | $ | 160,108 | | | $ | 127,158 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Allowance for credit losses: | (in thousands) |
| Balance, beginning of period | $ | 306 | | | $ | 563 | | | $ | 477 | | | $ | 549 | |
Provisions for (recoveries of) expected credit | 79 | | | 119 | | | (92) | | | 300 | |
| losses, net of adjustments | | | | | | | |
Accounts receivable written off, net of recoveries | — | | | — | | | — | | | (167) | |
| Balance, end of period | $ | 385 | | | $ | 682 | | | $ | 385 | | | $ | 682 | |
5. Inventories
Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method. We establish an allowance for excess and obsolete inventories based on product line changes, the feasibility of substituting parts and the need for supply and replacement parts.
The components of inventories and related changes in the allowance for excess and obsolete inventories account are as follows:
| | | | | | | | | | | |
| | September 30,
2023 | | December 31, 2022 |
| | (in thousands) |
| Raw materials | $ | 209,697 | | | $ | 194,159 | |
| Work in process | 4,379 | | | 3,501 | |
| Finished goods | 5,219 | | | 5,806 | |
Total, gross | 219,295 | | | 203,466 | |
| Less: Allowance for excess and obsolete inventories | (4,788) | | | (4,527) | |
Total, net | $ | 214,507 | | | $ | 198,939 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Allowance for excess and obsolete inventories: | (in thousands) |
| Balance, beginning of period | $ | 5,281 | | | $ | 1,871 | | | $ | 4,527 | | | $ | 1,787 | |
| Provision for (recoveries of) excess and | 1,521 | | | 1,232 | | | 2,979 | | | 1,380 | |
| obsolete inventories | | | | | | | |
| Inventories written off | (2,014) | | | (38) | | | (2,718) | | | (102) | |
| Balance, end of period | $ | 4,788 | | | $ | 3,065 | | | $ | 4,788 | | | $ | 3,065 | |
6. Intangible assets
Our intangible assets consist of the following:
| | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| Definite-lived intangible assets | (in thousands) |
| Intellectual property | $ | 6,295 | | | $ | 6,295 | |
| Customer relationships | 47,547 | | | 47,547 | |
| Less: Accumulated amortization | (6,512) | | | (3,807) | |
| Total, net | 47,330 | | | 50,035 | |
| | | |
| Indefinite-lived intangible assets | | | |
| Trademarks | 14,571 | | | 14,571 | |
| Total intangible assets, net | $ | 61,901 | | | $ | 64,606 | |
Amortization expense recorded in selling, general and administrative expenses is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| (in thousands) |
| Amortization expense | $ | 902 | | | $ | 902 | | | $ | 2,705 | | | $ | 2,698 | |
Excluding the impact of any future acquisitions, the Company anticipates amortization expense to be $3.6 million for each of the years ending 2023 through 2027.
7. Supplemental Cash Flow Information
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Supplemental disclosures: | (in thousands) |
| | | | | | | |
| Interest paid | $ | 1,187 | | | $ | 974 | | | $ | 3,814 | | | $ | 1,507 | |
| Income taxes paid | $ | 12,081 | | | $ | 3,086 | | | $ | 45,724 | | | $ | 14,067 | |
| Non-cash investing and financing activities: | | | | | | | |
| Non-cash capital expenditures | $ | (1,536) | | | $ | 306 | | | $ | 35 | | | $ | 985 | |
| | | | | | | |
| | | | | | | |
8. Warranties
The Company has product warranties with various terms from one year from the date of first use or 18 months for parts, data center cooling solutions, and cleanroom systems to 25 years for certain heat exchangers. The Company has an obligation to replace parts if conditions under the warranty are met. A provision is made for estimated warranty costs at the time the related products are sold based upon the warranty period, historical trends, new products, and any known identifiable warranty issues.
Changes in the warranty accrual are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Warranty accrual: | (in thousands) |
| Balance, beginning of period | $ | 16,900 | | | $ | 14,381 | | | $ | 15,682 | | | $ | 13,769 | |
| Payments made | (3,337) | | | (2,196) | | | (7,653) | | | (5,094) | |
| Warranty expense | 4,248 | | | 3,046 | | | 9,782 | | | 6,556 | |
| Balance, end of period | $ | 17,811 | | | $ | 15,231 | | | $ | 17,811 | | | $ | 15,231 | |
9. Accrued Liabilities and Other Long-Term Liabilities
Accrued liabilities were comprised of the following:
| | | | | | | | | | | |
| | September 30,
2023 | | December 31, 2022 |
| | (in thousands) |
| Warranty | $ | 17,811 | | | $ | 15,682 | |
| Due to representatives | 15,888 | | | 15,545 | |
| Payroll | 18,105 | | | 11,901 | |
| Profit sharing | 7,349 | | | 5,451 | |
| Workers' compensation | 428 | | | 367 | |
| Medical self-insurance | 1,745 | | | 1,178 | |
| Customer prepayments | 1,462 | | | 3,750 | |
| Donations, short-term | 419 | | | 637 | |
Litigation settlement (Note 17) | 7,500 | | | — | |
| Accrued income taxes | 113 | | | 12,472 | |
| Employee vacation time | 10,131 | | | 6,329 | |
| Lease liability, short-term | 1,858 | | | 1,254 | |
| Property taxes | 2,493 | | | — | |
| Extended warranties, short-term | 2,909 | | | 1,330 | |
| Other | 2,775 | | | 2,734 | |
Total | $ | 90,986 | | | $ | 78,630 | |
Other long-term liabilities were comprised of the following:
| | | | | | | | | | | |
| | September 30,
2023 | | December 31, 2022 |
| | (in thousands) |
| Lease liability | $ | 10,684 | | | $ | 5,993 | |
| Extended warranties | 5,009 | | | 4,539 | |
| Donations and other | 554 | | | 976 | |
Total | $ | 16,247 | | | $ | 11,508 | |
10. Revolving Credit Facility
On May 27, 2022, we amended our $100.0 million Amended and Restated Loan Agreement dated November 24, 2021 (as amended, “Revolver”), to provide for maximum borrowings of $200.0 million. As of September 30, 2023 and December 31, 2022, we had $78.4 million and $71.0 million outstanding under the Revolver, respectively. We have two standby letters of credit totaling $2.3 million as of September 30, 2023. Borrowings available under the Revolver at September 30, 2023 were $119.3 million. The Revolver expires on May 27, 2027. On April 20, 2023, we amended the Revolver to allow for the occurrence of transactions associated with the New Markets Tax Credit executed on April 25, 2023 (Note 16).
Any outstanding loans under the Revolver bear interest at the daily compounded secured overnight financing rate ("SOFR") plus the applicable margin. Applicable margin, ranging from 1.25% - 1.75%, is determined quarterly based on the Company's leverage ratio. The Company is also subject to letter of credit fees, ranging from 1.25% - 1.75%, and a commitment fee, ranging from 0.10% - 0.20%. The applicable fee percentage is determined quarterly based on the Company's leverage ratio. The weighted average interest rate on borrowings outstanding on the Revolver was 6.5% and 6.3% for the three and nine months ended September 30, 2023, respectively, as compared to 3.5% and 2.5% for the three and nine months ended September 30, 2022, respectively. Fees associated with the unused portion of the committed amount are included in interest expense on our consolidated statements of income for the three and nine months ended September 30, 2023 and 2022.
If SOFR cannot be determined pursuant to the definition, as defined by the Revolver agreement, any outstanding affected loans will be deemed to have been converted into alternative base rate ("ABR") loans. ABR loans would bear interest at a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50%, or (c) daily simple SOFR for a one-month tenor in effect on such day plus 1.00%.
At September 30, 2023, we were in compliance with our covenants, as defined by the Revolver. Our financial covenants require that we meet certain parameters related to our leverage ratio. At September 30, 2023, our leverage ratio was 0.33 to 1.0, which meets the requirement of not being above 3 to 1.
11. Income Taxes
The provision (benefit) for income taxes consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| | (in thousands) |
| Current | $ | 14,892 | | | $ | 8,763 | | | $ | 33,364 | | | $ | 17,849 | |
| Deferred | 521 | | | (436) | | | (3,917) | | | (563) | |
| Income tax provision | $ | 15,413 | | | $ | 8,327 | | | $ | 29,447 | | | $ | 17,286 | |
The provision for income taxes differs from the amount computed by applying the Federal statutory income tax rate before the provision for income taxes.
The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Federal statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | | 21.0 | % |
| State income taxes, net of Federal benefit | 3.4 | | | 5.0 | | | 4.0 | | | 4.7 | |
| | | | | | | |
| | | | | | | |
Excess tax benefits related to share-based compensation (Note 12) | (0.8) | | | (1.5) | | | (3.9) | | | (1.6) | |
| Return to provision | 0.9 | | | (0.4) | | | 0.3 | | | (0.5) | |
| Research and development credits | (0.2) | | | (0.7) | | | (0.9) | | | (1.0) | |
| Change in valuation allowance (Oklahoma Investment Credit) | — | | | — | | | (2.0) | | | — | |
| Other | — | | | (0.1) | | | (0.1) | | | (0.7) | |
| Effective tax rate | 24.3 | % | | 23.3 | % | | 18.4 | % | | 21.9 | % |
We have historically earned investment tax credits from the state of Oklahoma’s manufacturing property investment program. We use the flow-through method to account for investment tax credits earned on eligible tangible asset expenditures. Under this method, the investment tax credits are recognized as a reduction to our Oklahoma income tax expense in the year they are used. As part of our expansion projects in Oklahoma, we identified a separate, more advantageous Oklahoma credit program (non income tax related) which will cause us to discontinue our accumulation of credits for Oklahoma’s manufacturing property investment program after the 2022 tax year.
The Company had investment tax credit carryforwards with a valuation allowance reserved against them as we did not have sufficient taxable income to utilize the carryforwards, in part because we generated more credit each year than we were able to utilize. Because the Company will not generate additional excess credits after our 2022 tax year, we will be able to use our credit carryforwards against future taxable income and the related valuation allowance was reversed resulting in a one-time benefit of $3.1 million to the income tax provision for the nine months ended September 30, 2023. As of September 30, 2023, we have investment tax credit carryforwards of approximately $3.8 million. These credits have estimated expirations from the year 2039 through 2043.
The Company's estimated annual 2023 effective tax rate, excluding discrete events, is approximately 24.1%. We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. income tax examinations for tax years 2019 to present, and to non-U.S. income tax examinations for the tax years 2018 to present. In addition, we are subject to state and local income tax examinations for the tax years 2018 to present. The Company continues to evaluate its need to file returns in various state jurisdictions. Any interest or penalties would be recognized as a component of income tax expense.
12. Share-Based Compensation
As discussed in Note 15, the Company declared a three-for-two stock split effective August 16, 2023. All share and per share information has been updated to reflect the effect of this stock split.
On May 22, 2007, our stockholders adopted a Long-Term Incentive Plan (“LTIP”) which provided an additional 5.0 million shares that could be granted in the form of stock options, stock appreciation rights, restricted stock awards, performance units and performance awards. Under the LTIP, the exercise price of shares granted could not be less than 100% of the fair market value at the date of the grant.
On May 24, 2016, our stockholders adopted the 2016 Long-Term Incentive Plan ("2016 Plan") which provides for approximately 13.4 million shares, comprised of 5.1 million new shares provided for under the 2016 Plan, approximately 0.6 million shares that were available for issuance under the previous LTIP that are now authorized for issuance under the 2016 Plan, approximately 3.9 million shares that were approved by the stockholders on May 15, 2018, and an additional 3.8 million shares that were approved by the stockholders on May 12, 2020.
Under the 2016 Plan, shares can be granted in the form of stock options, stock appreciation rights, restricted stock awards, performance awards, dividend equivalent rights, and other awards. Under the 2016 Plan, the exercise price of shares granted may not be less than 100% of the fair market value at the date of the grant. The 2016 Plan is administered by the Compensation Committee of the Board of Directors or such other committee of the Board of Directors as is designated by the Board of Directors (the “Committee”). Membership on the Committee is limited to independent directors. The Committee may delegate certain duties to one or more officers of the Company as provided in the 2016 Plan. The Committee determines the persons to whom awards are to be made, determines the type, size and terms of awards, interprets the 2016 Plan, establishes and revises rules and regulations relating to the 2016 Plan and makes any other determinations that it believes necessary for the administration of the 2016 Plan.
Options
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the nine months ended September 30, 2023 and 2022 using a Black Scholes-Merton Model:
| | | | | | | | | | | |
| | Nine months ended |
| | September 30, 2023 | | September 30, 2022 |
Directors and SLT1: | | | |
| Expected (annual) dividend rate | $0.32 | | $0.25 |
| Expected volatility | 37.89% | | 36.00% |
| Risk-free interest rate | 4.39% | | 2.21% |
| Expected life (in years) | 4.0 | | 4.0 |
| Employees: | | | |
| Expected (annual) dividend rate | $0.32 | | $0.25 |
| Expected volatility | 38.30% | | 37.38% |
| Risk-free interest rate | 4.41% | | 2.20% |
| Expected life (in years) | 3.0 | | 3.0 |
1 SLT consists of officers and key members of management. |
The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of our stock over time periods equal to the expected life at grant date.
The following is a summary of stock options vested and exercisable as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Range of
Exercise
Prices | | Number
of
Shares | | Weighted Average Remaining Contractual Life (in years) | | Weighted
Average
Exercise
Price | | Intrinsic Value (in thousands) |
| $ | 13.95 | | - | $ | 27.58 | | | 1,528,983 | | | 4.52 | | $ | 24.70 | | | $ | 49,191 | |
| $ | 28.28 | | - | $ | 37.16 | | | 534,293 | | | 6.72 | | 30.91 | | | 13,870 | |
| $ | 37.63 | | - | $ | 69.62 | | | 210,415 | | | 7.44 | | 48.06 | | | 1,857 | |
| | Total | | 2,273,691 | | | 5.31 | | $ | 28.32 | | | $ | 64,918 | |
A summary of stock option activity under the plans is as follows:
| | | | | | | | | | | |
| Stock Options | Shares | | Weighted
Average
Exercise
Price |
Outstanding at December 31, 2022 | 4,560,520 | | | $ | 30.14 | |
Granted | 326,506 | | | 61.16 | |
Exercised | (864,524) | | | 29.19 | |
Forfeited or Expired | (106,291) | | | 33.90 | |
Outstanding at September 30, 2023 | 3,916,211 | | | $ | 32.83 | |
Exercisable at September 30, 2023 | 2,273,691 | | | $ | 28.32 | |
The total pre-tax compensation cost related to unvested stock options not yet recognized as of September 30, 2023 is $10.7 million and is expected to be recognized over a weighted average period of approximately 1.3 years.
The total intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022 was $27.6 million and $6.7 million, respectively. The cash received from options exercised during the nine months ended September 30, 2023 and 2022 was $25.3 million and $11.0 million, respectively. The impact of these cash receipts is included in financing activities in the accompanying consolidated statements of cash flows.
Restricted Stock
The fair value of restricted stock awards is based on the fair market value of AAON, Inc. common stock on the respective grant dates, reduced for the present value of dividends. At September 30, 2023, unrecognized compensation cost related to unvested restricted stock awards was approximately $5.7 million, which is expected to be recognized over a weighted average period of approximately 1.5 years.
A summary of the unvested restricted stock awards is as follows:
| | | | | | | | | | | |
| Shares | | Weighted
Average
Grant Date
Fair Value |
Unvested at December 31, 2022 | 217,168 | | | $ | 33.34 | |
Granted | 73,633 | | | 59.70 | |
Vested | (92,977) | | | 32.57 | |
Forfeited | (4,846) | | | 38.52 | |
Unvested at September 30, 2023 | 192,978 | | | $ | 43.64 | |
PSUs
We have awarded performance restricted stock units ("PSUs") to certain officers and employees under our 2016 Plan. Unlike our restricted stock awards, these PSUs are not considered legally outstanding and do not accrue dividends during the vesting period. These PSUs vest based on the level of achievement with respect to the Company's total shareholder return ("TSR") benchmarked against similar companies included in the capital goods sector of the S&P SmallCap 600 Index. The TSR measurement period is three years. At the end of the measurement period, each award will be converted into common stock at 0% to 200% of the PSUs held, depending on overall TSR as compared to the S&P SmallCap 600 Index benchmark companies.
The total pre-tax compensation cost related to unvested PSUs not yet recognized as of September 30, 2023 is $5.0 million and is expected to be recognized over a weighted average period of approximately 1.7 years.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the nine months ended September 30, 2023 and 2022 using a Monte Carlo Model:
| | | | | | | | | | | |
| | Nine months ended |
| | September 30, 2023 | | September 30, 2022 |
| | | |
| Expected (annual) dividend rate | $0.32 | | $0.25 |
| Expected volatility | 32.71% | | 37.60% |
| Risk-free interest rate | 4.66% | | 2.00% |
| Expected life (in years) | 2.8 | | 2.8 |
The expected term of the PSUs is based on their remaining performance period. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of our stock over time periods equal to the expected life at grant date.
A summary of the unvested PSUs is as follows:
| | | | | | | | | | | |
| Shares | | Weighted
Average
Grant Date
Fair Value |
Unvested at December 31, 2022 | 93,982 | | | $ | 36.62 | |
Granted | 58,130 | | | 84.42 | |
Vested | — | | | — | |
Forfeited | — | | | — | |
Unvested at September 30, 20231 | 152,112 | | | $ | 54.88 | |
1Consists of 22,222 PSUs cliff vesting December 31, 2023, 71,760 PSUs cliff vesting December 31, 2024, and 58,130 PSUs cliff vesting December 31, 2025. |
Key Employee Awards
As part of the December 2021 acquisition of BASX, the Company granted awards to key employees of BASX ("Key Employee Awards"). Unlike our restricted stock awards under the 2016 Plan, the Key Employee Awards are not considered legally outstanding and do not accrue dividends during the vesting period. The potential future issuance of the Key Employee Awards is contingent upon BASX meeting certain post-closing earn-out milestones during each of the years ending 2021, 2022 and 2023 as defined by the BASX acquisition membership interest purchase agreement ("MIPA Agreement") and continued employment with the Company. At the end of the earn-out period, ending December 31, 2023, each eligible Key Employee Award will vest and be converted into common stock. The fair value of Key Employee Awards is based on the fair market value of AAON common stock on the grant date.
The total pre-tax compensation cost related to unvested Key Employee Awards not yet recognized as of September 30, 2023 is $0.3 million and is expected to be recognized over a weighted average period of approximately 0.3 years.
A summary of the unvested Key Employee Awards is as follows:
| | | | | | | | | | | |
| Shares | | Weighted
Average
Grant Date
Fair Value |
Unvested at December 31, 2022 | 39,899 | | | $ | 53.45 | |
Granted | — | | | — | |
Vested | — | | | — | |
Forfeited | — | | | — | |
Unvested at September 30, 2023 | 39,899 | | | $ | 53.45 | |
Share-Based Compensation
A summary of share-based compensation is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Grant date fair value of awards during the period: | (in thousands) |
| Options | $ | 106 | | | $ | 480 | | | $ | 5,224 | | | $ | 5,979 | |
| PSUs | — | | | 109 | | | 4,907 | | | 2,190 | |
| Restricted stock | 246 | | | 164 | | | 4,396 | | | 3,319 | |
| | | | | | | |
| Total | $ | 352 | | | $ | 753 | | | $ | 14,527 | | | $ | 11,488 | |
| | | | | | | |
| Share-based compensation expense: | | | | | | | |
| Options | $ | 2,228 | | | $ | 2,104 | | | $ | 6,604 | | | $ | 6,483 | |
| PSUs | 737 | | | 188 | | | 1,820 | | | 665 | |
| Restricted stock | 1,053 | | | 768 | | | 2,903 | | | 2,290 | |
| Key employee awards | 261 | | | 261 | | | 775 | | | 791 | |
| Total | $ | 4,279 | | | $ | 3,321 | | | $ | 12,102 | | | $ | 10,229 | |
| | | | | | | |
| Income tax benefit related to share-based compensation: |
| Options | $ | 478 | | | $ | 531 | | | $ | 5,639 | | | $ | 1,022 | |
| Restricted stock | 16 | | | 3 | | | 680 | | | 231 | |
| Total | $ | 494 | | | $ | 534 | | | $ | 6,319 | | | $ | 1,253 | |
Share-based compensation expense is recognized on a straight-line basis over the service period of the related share-based compensation award. Historically, stock options and restricted stock awards, granted to employees, vested at a rate of 20% per year. Restricted stock awards granted to directors historically vested one-third each year or, if granted on or after May 2019, vest over the shorter of directors' remaining elected term or one-third each year. As of March 2021, all new grants of stock options and restricted stock awards, granted to employees, vest at a rate of 33.3% per year. Forfeitures are accounted for as they occur.
Historically, if the employee or director is retirement eligible (as defined by the applicable LTIP or 2016 Plan) or becomes retirement eligible during the service period of the related share-based compensation award, the service period (and compensation expense recognition) is the lesser of 1) the grant date, if retirement eligible on grant date, or 2) the period between grant date and retirement eligible date. All stock options and restricted stock awards granted on or after March 1, 2020 to retirement eligible employees or directors contain a one-year employment requirement (minimum service period) or the entire award is forfeited. Forfeitures are accounted for as they occur.
The PSUs cliff vest on December 31, at the end of the third year from the date of grant. Share-based compensation expense is recognized on a straight-line basis over the service period of PSUs. The PSUs are subject to several service and market conditions, as defined by the PSU agreement, which allows the holder to retain a pro-rata amount of awards as a result of certain termination conditions, retirement, change in common control, or death. Forfeitures are accounted for as they occur.
The Key Employee Awards cliff vest on December 31, 2023. Share-based compensation expense is recognized on a straight-line basis over the service period of the Key Employee Awards when it is probable that the performance conditions will be satisfied. The Key Employee Awards are subject to several service and performance conditions, as defined by the Key Employee Award agreement, which allows the holder to retain an amount of the awards as a result of certain termination conditions or change in common control. Forfeitures are accounted for as they occur.
13. Employee Benefits
Defined Contribution Plan - 401(k)
We sponsor a defined contribution plan (the “Plan”). Eligible employees may make contributions in accordance with the Plan and IRS guidelines. In addition to the traditional 401(k), eligible employees are given the option of making an after-tax contribution to a Roth 401(k) or a combination of both. The Plan provides for automatic enrollment and for an automatic increase to the deferral percentage at January 1st of each year and each year thereafter. Eligible employees are automatically enrolled in the Plan at a 6% deferral rate and currently contributing employees deferral rates will be increased to 6% unless their current rate is at or above 6% or the employee elects to decline the automatic enrollment or increase. Administrative expenses are paid for by Plan participants. The Company paid no administrative expenses during the nine months ended September 30, 2023 and 2022.
The Company matches 175% up to 6% of employee contributions of eligible compensation. Additionally, Plan participant forfeitures are used to reduce the cost of the Company contributions.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| (in thousands) |
| Contributions, net of forfeitures, made to the defined contribution plan | $ | 4,497 | | | $ | 4,189 | | | $ | 13,164 | | | $ | 10,768 | |
Profit Sharing Bonus Plans
We maintain a discretionary profit sharing bonus plan under which approximately 10% of pre-tax profit from AAON Oklahoma and AAON Coil Products is paid to eligible employees on a quarterly basis in order to reward employee productivity. Eligible employees are regular full-time employees of AAON Oklahoma or AAON Coil Products who are actively employed and working on the first and last days of the calendar quarter and who were employed full-time for at least three full months prior to the beginning of the calendar quarter, excluding the Company's senior leadership team.
BASX has a separate employee incentive program (EIP) under which 5% of BASX's pre-tax profit, plus certain add backs, is paid ratably to eligible employees based on days-of-pay during the fiscal year. Eligible employees are regular full-time and part-time employees who have worked during the year and are still employed when the EIP payment is made following the end of the fiscal year, excluding members of BASX's senior leadership team and any employee paid commissions or royalties.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| (in thousands) |
| Profit sharing bonus plan and employee incentive plan expense | $ | 6,954 | | | $ | 4,137 | | | $ | 17,772 | | | $ | 8,952 | |
Employee Medical Plan
At AAON Oklahoma and AAON Coil Products, we self-insure for our employees' health insurance, and make medical claim payments up to certain stop-loss amounts. We estimate our self-insurance liabilities using an analysis provided by our claims administrator and our historical claims experience. Eligible employees are regular full-time employees who are actively employed and working. Participants are expected to pay a portion of the premium costs for coverage of the benefits provided under the Plans. In addition, the Company matches 175% of a participating AAON Oklahoma and AAON Coil Products employee's allowed contributions to a qualified health saving account to assist employees with health insurance plan deductibles.
BASX is insured for healthcare coverage through a third party. Eligible employees are regular full-time employees who are actively employed and working. Participants are expected to pay a portion of the premium costs for coverage of the benefits provided under the Plans. In addition, the Company contributes certain amounts for BASX's employees enrolled in a high deductible plan to a qualified health savings account to assist employees with health insurance plan deductibles.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| (in thousands) |
| Medical premium payments | $ | 4,455 | | | $ | 3,429 | | | $ | 11,255 | | | $ | 7,418 | |
| Health saving account contributions | 1,460 | | | 968 | | | 3,718 | | | 2,871 | |
14. Earnings Per Share
Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| Numerator: | (in thousands, except share and per share data) |
Net income | $ | 48,078 | | | $ | 27,473 | | | $ | 130,574 | | | $ | 61,478 | |
| Denominator: | | | | | | | |
Basic weighted average shares3 | 81,418,800 | | | 79,777,987 | | | 81,140,473 | | | 79,543,925 | |
Effect of dilutive shares related to stock based compensation1,3 | 1,974,254 | | | 1,160,087 | | | 1,993,664 | | | 1,135,815 | |
Effect of dilutive shares related to contingent consideration2 ,3 | — | | | — | | | 141,071 | | | 203,058 | |
Diluted weighted average shares3 | 83,393,054 | | | 80,938,074 | | | 83,275,208 | | | 80,882,798 | |
| Earnings per share: | | | | | | | |
Basic3 | $ | 0.59 | | | $ | 0.34 | | | $ | 1.61 | | | $ | 0.77 | |
Dilutive3 | $ | 0.58 | | | $ | 0.34 | | | $ | 1.57 | | | $ | 0.76 | |
| Anti-dilutive shares: | | | | | | | |
Shares3 | 360,408 | | | 1,146,759 | | | 296,072 | | | 1,040,848 | |
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12) |
2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15) |
3 Reflects three-for-two stock split effective August 16, 2023. |
15. Stockholders’ Equity
Stock Repurchases
The Board has authorized one active stock repurchase program for the Company. The Company may purchase shares on the open market from time to time. The Board must authorize the timing and amount of these purchases and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market.
Our open market repurchase programs are as follows:
| | | | | | | | | | | | | | |
| Effective Date | | Authorized Repurchase $ | | Expiration Date |
| | | | |
| | | | |
| | | | |
| March 13, 2020 | | $20 million | | November 9, 2022 |
| November 3, 2022 | | $50 million | | ** 1, 2 |
|
1 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. |
2 As of September 30, 2023, there is approximately $25.0 million remaining under the current stock repurchase program. |
The Company repurchases shares of AAON, Inc. stock from employees for payment of statutory tax withholdings on stock transactions. All other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices.
Lastly, the Company also had a stock repurchase arrangement by which employee-participants in our 401(k) savings and investment plan were entitled to have shares in AAON, Inc. stock in their accounts sold to the Company. The 401(k) Plan was amended in June 2022 to discontinue this program. No additional shares have been purchased by the Company under this arrangement since June 2022.
Our repurchase activity is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2023 | | September 30, 2022 |
| | (in thousands, except share and per share data) |
| Program | | Shares1 | | Total $ | | $ per share1 | | Shares1 | | Total $ | | $ per share1 |
| Open market | | 402,873 | | | $ | 25,009 | | | $ | 62.08 | | | 53,218 | | | $ | 2,030 | | | $ | 38.14 | |
| 401(k) | | — | | | — | | | — | | | 155,904 | | | 5,913 | | | 37.93 | |
| Employees | | 20,218 | | | 1,202 | | | 59.45 | | | 24,889 | | | 978 | | | 39.29 | |
Total | | 423,091 | | | $ | 26,211 | | | $ | 61.95 | | | 234,011 | | | $ | 8,921 | | | $ | 38.12 | |
1 Reflects three-for-two stock split effective August 16, 2023. |
Our repurchase activity since Company inception, including our current authorized stock repurchase programs, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Inception to | | September 30, 2023 |
| | (in thousands, except share and per share data) |
| Program | | Shares1 | | Total $ | | $ per share1 |
| Open market | | 6,893,924 | | | $ | 106,625 | | | $ | 15.47 | |
| 401(k) | | 12,462,552 | | | 171,789 | | | 13.78 | |
| Directors and employees | | 3,087,651 | | | 24,562 | | | 7.95 | |
Total | | 22,444,127 | | | $ | 302,976 | | | $ | 13.50 | |
1 Reflects three-for-two stock split effective August 16, 2023. |
Cash Dividends
At the discretion of the Board, we pay cash dividends. Board approval is required to determine the date of declaration and amount for each cash dividend payment.
Our recent cash dividends are as follows:
| | | | | | | | | | | | | | |
Declaration Date1 | Record Date | Payment Date | Dividend per Share2 | Annualized Dividend per Share2 |
| | | | |
| | | | |
| May 18, 2022 | June 3, 2022 | July 1, 2022 | $0.13 | $0.26 |
| November 8, 2022 | November 28, 2022 | December 16, 2022 | $0.16 | $0.32 |
| March 1, 2023 | March 13, 2023 | March 31, 2023 | $0.08 | $0.32 |
| May 18, 2023 | June 9, 2023 | June 30, 2023 | $0.08 | $0.32 |
| August 18, 2023 | September 8, 2023 | September 29, 2023 | $0.08 | $0.32 |
1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends. |
2 Reflects three-for-two stock split effective August 16, 2023. |
Stock Split
On July 7, 2023, the Board of Directors declared a three-for-two stock split of the Company's common stock to be paid in the form of a stock dividend. Stockholders of record at the close of business on July 28, 2023 received one additional share for every two shares they held as of that date on August 16, 2023 (ex-dividend date August 17, 2023). Cash was paid in lieu of fractional shares (approximately $0.5 million). All share and per share information has been updated to reflect the effects of this stock split. The retroactive effect of the stock split resulted in an approximately $0.1 million reclass between common stock and retained earnings within stockholders' equity on the consolidated balance sheet.
Contingent Shares Issued in BASX Acquisition
As discussed above, the Company declared a three-for-two stock split effective August 16, 2023. All share and per share information has been updated to reflect the effect of this stock split.
In December 2021, we closed on the acquisition of BASX. Under the MIPA Agreement, we committed to $78.0 million in the aggregate of contingent consideration to the former owners of BASX, which is payable in approximately 1.56 million shares of the Company's common stock, par value $0.004 per share. The shares do not accrue dividends.
Under the MIPA Agreement, the potential future issuance of the shares is contingent upon BASX meeting certain post-closing earn-out milestones during each of the years ended 2021, 2022, and 2023. Based on the final allocation of the consideration paid, we estimated the fair value of contingent consideration related to these shares to be approximately $60.0 million, which is included in additional paid-in capital on the consolidated balance sheets. As of September 30, 2023, 0.58 million shares and 0.73 million shares related to the earn-out milestones for the years ended 2022 and 2021, respectively, have been issued to the former owners of BASX as private placements exempt from registration with the SEC under Rule 506(b), which are included in common stock on the consolidated statements of stockholders' equity.
16. New Markets Tax Credit
2019 New Markets Tax Credit
On October 24, 2019, the Company entered into a transaction with a subsidiary of an unrelated third-party financial institution (the “2019 Investor”) and a certified Community Development Entity under a qualified New Markets Tax Credit (“2019 NMTC”) program pursuant to Section 45D of the Internal Revenue Code of 1986, as amended, related to an investment in plant and equipment to facilitate the expansion of our Longview, Texas manufacturing operations (the “2019 Project”). In connection with the 2019 NMTC transaction, the Company received a $23.0 million NMTC allocation for the Project and secured low interest financing and the potential for future debt forgiveness related to the 2019 Project.
Upon closing of the 2019 NMTC transaction, the Company provided an aggregate of approximately $15.9 million to the 2019 Investor, in the form of a loan receivable, with a term of twenty-five years, bearing an interest rate of 1.0%. This $15.9 million in proceeds plus capital contributed from the 2019 Investor was used to make an aggregate $22.5 million loan to a subsidiary of the Company. This financing arrangement is secured by equipment at the Company's Longview, Texas facilities and a guarantee from the Company, including an unconditional guarantee of the NMTCs.
This transaction also includes a put/call feature either of which can be exercised at the end of the seven-year compliance period. The 2019 Investor may exercise its put option or the Company can exercise the call, both of which could serve to trigger forgiveness of a portion of the debt. The 2019 Investor's interest of $6.5 million is recorded in New market tax credit obligation on the consolidated balance sheets. The Company incurred approximately $0.3 million of debt issuance costs related to the above transactions, which are being amortized over the life of the transaction.
2023 New Markets Tax Credit
On April 25, 2023, the Company entered into a transaction with a subsidiary of an unrelated third-party financial institution (the “2023 Investor”) and a certified Community Development Entity under a qualified New Markets Tax Credit (“2023 NMTC”) program pursuant to Section 45D of the Internal Revenue Code of 1986, as amended, related to an investment in plant and equipment to facilitate the expansion of our Longview, Texas manufacturing operations (the “2023 Project”). In connection with the 2023 NMTC transaction, the Company received a $23.0 million NMTC allocation for the 2023 Project and secured low interest financing and the potential for future debt forgiveness related to the expansion of its Longview, Texas facilities.
Upon closing of the 2023 NMTC transaction, the Company provided an aggregate of approximately $16.7 million to the Investor, in the form of a loan receivable, with a term of twenty-five years, bearing an interest rate of 1.0%. This $16.7 million in proceeds plus capital contributed from the 2023 Investor was used to make an aggregate $23.8 million loan to a subsidiary of the Company. This financing arrangement is secured by a guarantee from the Company, including an unconditional guarantee of the NMTCs. The net proceeds from the closing of the 2023 NMTC is included in restricted cash on our consolidated balance sheets required to be used for the 2023 Project.
This transaction also includes a put/call feature either of which can be exercised at the end of the seven-year compliance period. The 2023 Investor may exercise its put option or the Company can exercise the call, both of which could serve to trigger forgiveness of a portion of the debt. The 2023 Investor's interest of $5.7 million is recorded in New market tax credit obligation on the consolidated balance sheets. The Company incurred approximately $0.4 million of debt issuance costs related to the above transactions, which are being amortized over the life of the transaction.
The 2019 Investor and 2023 Investor are each subject to 100 percent recapture of the 2019 and 2023 NMTC, respectively, it receives for a period of seven years, as provided in the Internal Revenue Code and applicable U.S. Treasury regulations in the event that the financing facility of the Borrower under the transaction (AAON Coil Products, Inc.) becomes ineligible for NMTC treatment per the Internal Revenue Code requirements. The Company is required to be in compliance with various regulations and contractual provisions that apply to the 2019 NMTC arrangements and 2023 NMTC arrangements, respectively. Noncompliance with applicable requirements could result in the 2019 and/or 2023 Investors' projected tax benefits not being realized and, therefore, require the Company to indemnify the 2019 Investor and 2023 Investor for any loss or recapture of the 2019 NMTC and 2023 NMTC, respectively, related to the financing until such time as the recapture provisions have expired under the applicable statute of limitations. The Company does not anticipate any credit recapture will be required in connection with either of these financing arrangements.
The 2019 Investor and 2023 Investor and its majority owned community development entity are considered VIEs and the Company is the primary beneficiary of the VIEs. Because the Company is the primary beneficiary of the VIEs, they have been included in the consolidated financial statements. There are no other assets, liabilities or transactions in these VIEs outside of the financing transactions executed as part of the 2019 NMTC or 2023 NMTC arrangements, respectively.
17. Commitments and Contingencies
Havtech Litigation
On January 24, 2022, one of the Company’s former independent sales representative firms, Havtech, LLC (and its affiliate, Havtech Parts Division, LLC, collectively “Plaintiffs”), filed a complaint (the “Complaint”) in the Circuit Court for Howard County, Maryland (Havtech, LLC, et al., v. AAON, Inc., et al.). The Complaint challenged the Company’s termination of its business relationship with Plaintiffs. The Company removed the action to the United States District Court for the District of Maryland (Northern Division) and moved to dismiss the Complaint. Plaintiffs’ First Amended Complaint (“First Amended Complaint”) was entered by the court on July 28, 2022. The First Amended Complaint asserts that the Company improperly terminated Plaintiffs and seeks damages alleged to be no less than $48.6 million, plus fees and costs. The Company filed its Answer to First Amended Complaint on January 31, 2023.
On September 28, 2023, the parties attended a court ordered settlement conference and agreed to resolve the case for $7.5 million. A settlement agreement was entered into on October 25, 2023 and the case has been dismissed with prejudice. The settlement of $7.5 million has been included in accrued liabilities on our consolidated balance sheets and selling, general and administrative expenses on our consolidated statement of income. The final payment was made on October 26, 2023.
Other Matters
The Company is involved from time to time in claims and lawsuits incidental to our business arising from various matters, including alleged violations of contract, product liability, warranty, environmental, regulatory, personal injury, intellectual property, employment, tax and other laws. We closely monitor these claims and legal actions and frequently consult with our legal counsel to determine whether they may, when resolved, have a material adverse effect on our financial position, results of operations or cash flows and we accrue and/or disclose loss contingencies as appropriate. We do not believe these matters will have a material adverse effect on our business, financial position, results of operations or cash flows.
We are occasionally party to short-term and long-term, cancellable and occasionally non-cancellable, contracts with major suppliers for the purchase of raw material and component parts. We expect to receive delivery of raw material and component parts for use in our manufacturing operations. These contracts are not accounted for as derivative instruments because they meet the normal purchase and normal sales exemption. We had no material contractual purchase obligations as of September 30, 2023, except as noted below.
On April 27, 2022, the Company entered into a purchase and sale agreement with a third-party manufacturer to purchase certain assets to design and manufacture fan wheels for the purchase price of $6.5 million. As of September 30, 2023, we have paid approximately $3.5 million related to this agreement, which is included in other long-term assets and property, plant and equipment, with the remaining $3.0 million included in accounts payable and other long-term assets on our consolidated balance sheets. The final payment was made on October 30, 2023.
18. Related Parties
The following is a summary of transactions and balances with related parties:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 |
| (in thousands) |
| Sales to affiliates | $ | 1,047 | | | $ | 450 | | | $ | 4,811 | | | $ | 3,529 | |
| Payments to affiliates | 90 | | | 30 | | | 872 | | | 1,033 | |
| | | | | | | |
| | | | | September 30,
2023 | | December 31,
2022 |
| | | | | (in thousands) |
| Due from affiliates | | | | | $ | 190 | | | $ | 432 | |
| Due to affiliates | | | | | 232 | | | — | |
The nature of our related party transactions is as follows:•The Company sells units to an entity owned by a member of the CEO/President's immediate family. This entity is also one of the Company’s Representatives and as such, the Company makes payments to the entity for third party products.
•The Company purchases some supplies from entities controlled by two of the Company’s board members and a member of the Company's executive management team.
•The Company periodically makes part sales and makes payments to a board member related to a consulting agreement.
•The Company periodically rents space partially owned by the CEO/President for various Company meetings.
•From December 10, 2021 through May 31, 2022, the Company leased a manufacturing and office facility in Redmond, Oregon from an entity in which certain members of BASX management have an ownership interest. This facility was purchased 100% by the Company on May 31, 2022.
19. Segments
The Company has determined that it has three reportable segments for financial reporting purposes. Management evaluates the performance of its business segments primarily on gross profit. The Company's chief operating decision maker ("CODM"), our CEO, allocates resources and assesses the performance of each operating segment using information about the operating segment's net sales and income from operations. The CODM does not evaluate operating segments using asset or liability information.
AAON Oklahoma: AAON Oklahoma designs, manufactures, sells and services standard, semi-custom and custom heating, ventilation and air conditioning ("HVAC") systems, designs and produces controls solutions for all of our HVAC units and sells retail parts to customers through our two retail part stores in Tulsa, Oklahoma as well as online. Through our Norman Asbjornson Innovation Center ("NAIC") research and development laboratory facility in Tulsa, Oklahoma, the Company is able to test units under various environmental conditions. AAON Oklahoma includes the operations of our Tulsa, Oklahoma and Parkville, Missouri facilities, our NAIC research and development laboratory facility and two retail parts locations.
AAON Coil Products: AAON Coil Products designs and manufactures a selection of our standard, semi-custom and custom HVAC systems. AAON Coil Products also designs and manufactures various heating and cooling coils to be used in HVAC systems, mostly for the benefit of AAON Oklahoma and AAON Coil Products. AAON Coil Products consists of operations at our Longview, Texas facilities.
BASX: BASX provides product development design and manufacturing of custom engineered air handling systems including high efficiency data center cooling solutions, cleanroom HVAC systems, commercial/industrial HVAC systems and modular solutions. Additionally, BASX designs and manufactures cleanroom environmental control systems to support hospital surgical suites, pharmaceutical process facilities, semiconductor and electronics manufacturing, laboratory and isolation modular cleanrooms for facility flexibility. BASX consists of operations at our Redmond, Oregon facility.
The following table summarizes certain financial data related to our segments. Transactions between segments are recorded based on prices negotiated between the segments. The Gross Profit amounts shown below are presented after elimination entries.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | |
| | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | |
| Net Sales | | | | | (in thousands) | |
| AAON Oklahoma | | | | | | | | |
| External sales | $ | 246,454 | | | $ | 179,169 | | | $ | 666,670 | | | $ | 476,517 | | |
| Inter-segment sales | 768 | | | 998 | | | 3,467 | | | 2,157 | | |
| AAON Coil Products | | | | | | | | |
| External sales | 25,769 | | | 30,504 | | | 89,262 | | | 79,193 | | |
| Inter-segment sales | 11,871 | | | 8,037 | | | 28,687 | | | 24,047 | | |
| BASX | | | | | | | | |
| External sales | 39,747 | | | 32,932 | | | 105,948 | | | 78,480 | | |
| Inter-segment sales | (74) | | | 61 | | | 1,426 | | | 61 | | |
| Eliminations | (12,565) | | | (9,096) | | | (33,580) | | | (26,265) | | |
| Net sales | $ | 311,970 | | | $ | 242,605 | | | $ | 861,880 | | | $ | 634,190 | | |
| | | | | | | | |
| Gross Profit | | | | | | | | |
| AAON Oklahoma | $ | 94,174 | | | $ | 45,643 | | | $ | 231,403 | | | $ | 111,216 | | |
| AAON Coil Products | 8,307 | | | 10,564 | | | 22,948 | | | 26,344 | | |
| BASX | 13,628 | | | 9,384 | | | 32,930 | | | 21,471 | | |
| Gross profit | $ | 116,109 | | | $ | 65,591 | | | $ | 287,281 | | | $ | 159,031 | | |
| |
| | | | | | | | |
| |
| |
| | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 | |
| Long-lived assets | (in thousands) | |
| AAON Oklahoma | $ | 251,298 | | | $ | 213,731 | | |
| AAON Coil Products | 77,434 | | | 68,013 | | |
| BASX | 45,805 | | | 35,578 | | |
| Total long-lived assets | $ | 374,537 | | | $ | 317,322 | | |
| | | | |
| Intangible assets and goodwill | | | | |
| AAON Oklahoma | $ | 3,229 | | | $ | 3,229 | | |
| AAON Coil Products | — | | | — | | |
| BASX | 140,564 | | | 143,269 | | |
| Total intangible assets and goodwill | $ | 143,793 | | | $ | 146,498 | | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto, which are included in this report, and our audited consolidated financial statements and the notes thereto, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
This discussion contains or incorporates by reference “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts, but rather are based on expectations, estimates, assumptions and projections about our industry, business and future financial results, based on information available at the time this report is filed with the SEC or, with respect to any document incorporated by reference, available at the time that such document was prepared. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those identified in the section entitled “Forward-Looking Statements” in this Item 2 of this Quarterly Report on Form 10-Q and in the section entitled “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. We do not assume any obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or otherwise, except as required by law.
Overview
We engineer, manufacture, market, and sell premium air conditioning and heating equipment consisting of standard, semi-custom, and custom rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. These products are marketed and sold to retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, and other commercial industries. We market our products to all 50 states in the United States and certain provinces in Canada. Foreign sales were approximately $29.3 million of our total net sales for the nine months ended September 30, 2023 and $18.0 million of our sales during the same period of 2022.
Our business can be affected by a number of economic factors, including the level of economic activity in the markets in which we operate. Both the new construction and replacement markets are cyclical. If the domestic economy were to slow or enter a recession, this could result in a decrease in our sales volume and profitability. Sales in the commercial and industrial new construction markets generally lag the housing market, which in turn is influenced by cyclical factors such as interest rates, inflation, consumer spending habits, employment rates, the state of the economy and other macroeconomic factors over which we have no control. Sales in the replacement markets are driven by various factors, including general economic growth, the Company’s new product introductions, fluctuations in the average age of existing equipment in the market, government regulations and stimulus, changes in market demand between more customized higher performing HVAC equipment and lower priced standard equipment, as well as many other factors.
We sell our products to property owners and contractors mainly through a network of independent manufacturers’ Representatives. This go-to-market strategy is unique compared to most of our larger competitors in that most control their sales channel. We value the independent sales channel as we think it is a more effective way of increasing market share. Although we concede full control of the sales process with this strategy, the entrepreneurial aspect of the independent sales channel attracts the most talent and provides greater financial incentives for its salespeople. Furthermore, the independent sales channel sells different types of equipment from various manufacturers, allowing it to operate with more of a solutions-based mindset, as opposed to an internal sales department of a manufacturing company that is incentivized to only sell its equipment regardless if it is the best solution for the end customer. We also have a small internal sales force that supports the relationships between the Company and our sales channel partners. BASX sells highly customized products for unique applications to a more concentrated customer base. A combination of our internal sales force and select group of independent sales representatives is most effective for BASX's products.
The principal components of cost of goods sold are labor, raw materials, component costs, factory overhead, freight and engineering expense. The principal high volume raw materials used in our manufacturing processes are steel, copper and aluminum, and are obtained from domestic suppliers. We also purchase from domestic manufacturers certain components, including coils, compressors, motors, and electrical controls.
The price levels of our raw materials fluctuate given that the market continues to be volatile and unpredictable as a result of the uncertainty related to the U.S. economy and global economy. At September 30, 2023, the price (year to date average) for copper, stainless steel and aluminum increased 1.2%, 5.0%, and 16.7%, respectively, as compared to the price (year to date average) at September 30, 2022, while the price (year to date average) for galvanized steel decreased 29.9% as compared to the price (year to date average) at September 30, 2022.
We attempt to limit the impact of price fluctuations on these materials by entering into cancellable and non-cancellable contracts with our major suppliers for periods of six to 18 months. We expect to receive delivery of raw materials from our contracts for use in our manufacturing operations.
We occasionally increase the price of our products to help offset any inflationary headwinds. In 2022, we implemented two significant price increases as well as a recurring 1% monthly price increase effective June 1, 2022 through April 1, 2023.
Backlog
The following table shows our historical backlog levels:
| | | | | | | | | | | | | | |
September 30,
2023 | | December 31,
2022 | | September 30,
2022 |
| (in thousands) |
| $ | 490,591 | | | $ | 548,022 | | | $ | 514,735 | |
While our backlog is down at September 30, 2023 compared to December 31, 2022, our bookings remain strong. The year-ended December 31, 2022 was a record year for bookings and our backlog was swollen causing us to extend lead times. Investments made in our facilities and workforce have significantly improved our capacity and operational efficiencies. Production rates are at all time highs, trimming our backlog down to a more manageable size and allowing our lead times to improve.
Results of Operations
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
| Net Sales | $ | 311,970 | | | $ | 242,605 | | | $ | 861,880 | | | $ | 634,190 | |
| Cost of Sales | 195,861 | | | 177,014 | | | 574,599 | | | 475,159 | |
| Gross Profit | 116,109 | | | 65,591 | | | 287,281 | | | 159,031 | |
| Selling, general and administrative expenses | 51,470 | | | 28,891 | | | 123,684 | | | 78,880 | |
| Loss (gain) on disposal of assets | (25) | | | — | | | (13) | | | (12) | |
| Income from operations | $ | 64,664 | | | $ | 36,700 | | | $ | 163,610 | | | $ | 80,163 | |
The following are recent highlights and items that impacted our results of operations, cash flows and financial condition:
•Sales for the three and nine months ended September 30, 2023 grew 28.6% and 35.9%, respectively, due to record production rates and price increases realized during the period as compared to the same periods in the prior year.
•Our gross profit margin for the quarter ended September 30, 2023 of 37.2% increased 1,020 basis points from the quarter ended September 30, 2022 due to increased organic volumes for operational efficiencies and better overhead absorption.
•We completed the repurchase of $25.0 million of shares under our current share repurchase authorization.
We report our financial results based on three reportable segments: AAON Oklahoma, AAON Coil Products, and BASX, which are further described in "Segments" (Note 19) within our notes to the consolidated financial statements. The Company's chief operating decision maker ("CODM"), our CEO, allocates resources and assesses the performance of each operating segment using information about the operating segment's net sales and income from operations. The CODM does not evaluate operating segments using asset or liability information.
Segment Operating Results for Three Months Ended September 30, 2023 and Three Months Ended September 30, 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | | |
| September 30, 2023 | | Percent of Sales1 | | September 30, 2022 | | Percent of Sales1 | | $ Change | | % Change | |
| (in thousands) | |
Net Sales2 | | | | | | | | | | | | |
| AAON Oklahoma | $ | 246,454 | | | 79.0 | % | | $ | 179,169 | | | 73.9 | % | | $ | 67,285 | | | 37.6 | % | |
| AAON Coil Products | 25,769 | | | 8.3 | % | | 30,504 | | | 12.6 | % | | (4,735) | | | (15.5) | % | |
| BASX | 39,747 | | | 12.7 | % | | 32,932 | | | 13.6 | % | | 6,815 | | | 20.7 | % | |
| Net sales | $ | 311,970 | | | | | $ | 242,605 | | | | | $ | 69,365 | | | 28.6 | % | |
| | | | | | | | | | | | |
Cost of Sales2 | | | | | | | | | | | | |
| AAON Oklahoma | $ | 152,280 | | | 61.8 | % | | 133,526 | | | 74.5 | % | | $ | 18,754 | | | 14.0 | % | |
| AAON Coil Products | 17,462 | | | 67.8 | % | | 19,940 | | | 65.4 | % | | (2,478) | | | (12.4) | % | |
| BASX | 26,119 | | | 65.7 | % | | 23,548 | | | 71.5 | % | | 2,571 | | | 10.9 | % | |
| Cost of sales | $ | 195,861 | | | 62.8 | % | | $ | 177,014 | | | 73.0 | % | | $ | 18,847 | | | 10.6 | % | |
| | | | | | | | | | | | |
Gross Profit2 | | | | | | | | | | | | |
| AAON Oklahoma | $ | 94,174 | | | 38.2 | % | | $ | 45,643 | | | 25.5 | % | | $ | 48,531 | | | 106.3 | % | |
| AAON Coil Products | 8,307 | | | 32.2 | % | | 10,564 | | | 34.6 | % | | (2,257) | | | (21.4) | % | |
| BASX | 13,628 | | | 34.3 | % | | 9,384 | | | 28.5 | % | | 4,244 | | | 45.2 | % | |
| Gross profit | $ | 116,109 | | | 37.2 | % | | $ | 65,591 | | | 27.0 | % | | $ | 50,518 | | | 77.0 | % | |
1 Cost of sales and gross profit for each segment are calculated as a percentage of the respective segment's net sales. Total cost of sales and total gross profit are calculated as a percentage of total net sales. |
|
2 Presented after intercompany eliminations. | |
For the three months ended September 30, 2023 total net sales increased $69.4 million or 28.6%, with 16.7% of the increase coming from realization of price increases and the remaining 11.9% coming from increases in organic volume. AAON Coil Products had a smaller backlog and realized price increases quicker than AAON Oklahoma. This along with inefficiencies related to implementing a new production line of BASX product at AAON Coil Products lead to year over year decreases in sales for this segment.
Gross profit as a percent of sales increased to 37.2% for the three months ended September 30, 2023 as compared to 27.0% for the three months ended September 30, 2022. As noted above, realization of price increases has improved our margin profile along with the slowing of inflation. Additionally, most of the organic growth noted above comes from our AAON Oklahoma segment, significantly improving overhead absorption and margin performance. BASX has benefited from larger jobs as a result of the revenue synergies created by being part of AAON which allows them to have a higher production rate without increasing personnel.
As shown in the table below, we've experienced year over year increases in the cost of several raw materials. We implemented multiple price increases during 2022 and 2023 to counteract the increased cost of material. Some of the price increases have yet to be realized. Additionally, in order to retain our existing employees, we continue to award periodic raises in addition to our annual merit raises to our employees.
Raw Material Costs
Three-month average raw material cost per pound as of September 30:
| | | | | | | | | | | | | | | | | | | | |
| | 2023 | | 2022 | | % Change |
| | | | | | |
| Copper | | $ | 5.45 | | | $ | 5.83 | | | (6.5) | % |
| Galvanized steel | | $ | 0.59 | | | $ | 0.82 | | | (28.0) | % |
| Stainless steel | | $ | 3.31 | | | $ | 2.94 | | | 12.6 | % |
| Aluminum | | $ | 2.45 | | | $ | 2.55 | | | (3.9) | % |
Selling, General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Percent of Sales |
| | September 30,
2023 | | September 30,
2022 | |
| | | | 2023 | | 2022 |
| | (in thousands) | | | | |
| Warranty | | $ | 4,248 | | | $ | 3,046 | | | 1.4 | % | | 1.3 | % |
| Profit sharing | | 6,954 | | | 3,744 | | | 2.2 | % | | 1.5 | % |
| Salaries & benefits | | 13,106 | | | 11,644 | | | 4.2 | % | | 4.8 | % |
| Stock compensation | | 2,476 | | | 1,537 | | | 0.8 | % | | 0.6 | % |
| Advertising | | 646 | | | 375 | | | 0.2 | % | | 0.2 | % |
| Depreciation & amortization | | 3,943 | | | 2,015 | | | 1.3 | % | | 0.8 | % |
| Insurance | | 1,403 | | | 902 | | | 0.4 | % | | 0.4 | % |
| Professional fees | | 9,914 | | | 1,304 | | | 3.2 | % | | 0.5 | % |
| Donations | | 226 | | | 232 | | | 0.1 | % | | 0.1 | % |
| | | | | | | | |
| | | | | | | | |
| Other | | 8,554 | | | 4,092 | | | 2.7 | % | | 1.7 | % |
| Total SG&A | | $ | 51,470 | | | $ | 28,891 | | | 16.5 | % | | 11.9 | % |
Selling, general and administrative expenses increased $22.6 million for the three months ended September 30, 2023 from the prior year period. Profit sharing increased $3.2 million or 85.7% due to our increased operating results. Depreciation and amortization has increased due to increased investments in back office technology and automation. Professional fees increased $8.6 million during the three months ended September 30, 2023 due the litigation settlement (Note 17). Other expenses increased $4.5 million or 109.0% during the three months ended September 30, 2023 due mostly to increased travel and consulting expenses.
Income Taxes
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Effective Tax Rate |
| | September 30,
2023 | | September 30,
2022 | |
| | | | | 2023 | | 2022 |
| | (in thousands) | | | | |
| Income tax provision | | $ | 15,413 | | | $ | 8,327 | | | 24.3 | % | | 23.3 | % |
The Company’s estimated annual 2023 effective tax rate, excluding discrete events, is expected to be approximately 24.1%.
During the quarter, we saw increases in our tax rate due to the finalization and filing of our 2022 tax return that resulted primarily from lower than expected federal research and development tax credit. This was offset by a decrease in our tax rate as a result of higher estimated income for the State of Oklahoma and thus higher realization of our investment credit.
Segment Operating Results for Nine Months Ended September 30, 2023 and Nine Months Ended September 30, 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended | | | | | |
| September 30, 2023 | | Percent of Sales1 | | September 30, 2022 | | Percent of Sales1 | | $ Change | | % Change | |
| | |
Net Sales2 | | | | | | | | | | | | |
| AAON Oklahoma | $ | 666,670 | | | 77.4 | % | | $ | 476,517 | | | 75.1 | % | | $ | 190,153 | | | 39.9 | % | |
| AAON Coil Products | 89,262 | | | 10.4 | % | | 79,193 | | | 12.5 | % | | 10,069 | | | 12.7 | % | |
| BASX | 105,948 | | | 12.3 | % | | 78,480 | | | 12.4 | % | | 27,468 | | | 35.0 | % | |
| Net sales | $ | 861,880 | | | | | $ | 634,190 | | | | | $ | 227,690 | | | 35.9 | % | |
| | | | | | | | | | | | |
Cost of Sales2 | | | | | | | | | | | | |
| AAON Oklahoma | $ | 435,267 | | | 65.3 | % | | 365,301 | | | 76.7 | % | | $ | 69,966 | | | 19.2 | % | |
| AAON Coil Products | 66,314 | | | 74.3 | % | | 52,849 | | | 66.7 | % | | 13,465 | | | 25.5 | % | |
| BASX | 73,018 | | | 68.9 | % | | 57,009 | | | 72.6 | % | | 16,009 | | | 28.1 | % | |
| Cost of sales | $ | 574,599 | | | 66.7 | % | | $ | 475,159 | | | 74.9 | % | | $ | 99,440 | | | 20.9 | % | |
| | | | | | | | | | | | |
Gross Profit2 | | | | | | | | | | | | |
| AAON Oklahoma | $ | 231,403 | | | 34.7 | % | | $ | 111,216 | | | 23.3 | % | | $ | 120,187 | | | 108.1 | % | |
| AAON Coil Products | 22,948 | | | 25.7 | % | | 26,344 | | | 33.3 | % | | (3,396) | | | (12.9) | % | |
| BASX | 32,930 | | | 31.1 | % | | 21,471 | | | 27.4 | % | | 11,459 | | | 53.4 | % | |
| Gross profit | $ | 287,281 | | | 33.3 | % | | $ | 159,031 | | | 25.1 | % | | $ | 128,250 | | | 80.6 | % | |
1 Cost of sales and gross profit for each segment are calculated as a percentage of the respective segment's net sales. Total cost of sales and total gross profit are calculated as a percentage of total net sales. |
|
2 Presented after intercompany eliminations. | |
For the nine months ended September 30, 2023 total net sales increased $227.7 million or 35.9%, with approximately 19.3% coming from realization of price increase and 16.6% coming from increases in organic volumes.
Gross profit as a percent of sales increased to 33.3% for the nine months ended September 30, 2023 as compared to 25.1% for the nine months ended September 30, 2022. Total gross profit increased mostly due to the multiple price increases realized for the nine months ended September 30, 2023 counteracting the increasing cost of materials and labor. The increase in overall unit production volume, resulted in favorable labor and overhead efficiencies, improving absorption of fixed costs.
AAON Coil Products' gross profit as a percent of sales decreased to 25.7% for the nine months ended September 30, 2023 as compared to 33.3% for the nine months ended September 30, 2022 mostly due to less than optimal overhead absorption as discussed above. Start-up of production related to BASX units being built at AAON Coil Products was slower than anticipated and resulted in lower volumes.
The cost of our material fluctuates month-to-month. We implemented multiple price increases during 2022 and 2023 to counteract the increased cost of material. Some of the price increases have yet to be realized. Additionally, in order to retain our existing employees, we continue to award periodic raises in addition to our annual merit raises to our employees. During the nine months ended September 30, 2023, our gross profit decreased by approximately $3.7 million for changes in our paid time off policies and for payroll taxes and 401(k) matching contributions related to profit sharing payments and stock transactions as our stock reached record highs consistently during the first quarter.
Raw Material Costs
Nine-month average raw material cost per pound as of September 30:
| | | | | | | | | | | | | | | | | | | | |
| | 2023 | | 2022 | | % Change |
| | | | | | |
| Copper | | $ | 5.68 | | | $ | 5.61 | | | 1.2 | % |
| Galvanized steel | | $ | 0.68 | | | $ | 0.97 | | | (29.9) | % |
| Stainless steel | | $ | 3.33 | | | $ | 3.17 | | | 5.0 | % |
| Aluminum | | $ | 2.44 | | | $ | 2.09 | | | 16.7 | % |
Selling, General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended | | Percent of Sales |
| | September 30,
2023 | | September 30,
2022 | |
| | | | 2023 | | 2022 |
| | (in thousands) | | | | |
| Warranty | | $ | 9,782 | | | $ | 6,556 | | | 1.1 | % | | 1.0 | % |
| Profit sharing | | 17,772 | | | 8,559 | | | 2.1 | % | | 1.3 | % |
| Salaries & benefits | | 39,229 | | | 31,419 | | | 4.6 | % | | 5.0 | % |
| Stock compensation | | 6,825 | | | 5,220 | | | 0.8 | % | | 0.8 | % |
| Advertising | | 2,505 | | | 2,006 | | | 0.3 | % | | 0.3 | % |
| Depreciation & amortization | | 9,812 | | | 5,768 | | | 1.1 | % | | 0.9 | % |
| Insurance | | 3,834 | | | 2,477 | | | 0.4 | % | | 0.4 | % |
| Professional fees | | 11,895 | | | 3,686 | | | 1.4 | % | | 0.6 | % |
| Donations | | 780 | | | 557 | | | 0.1 | % | | 0.1 | % |
| | | | | | | | |
| | | | | | | | |
| Other | | 21,250 | | | 12,632 | | | 2.5 | % | | 2.0 | % |
| Total SG&A | | $ | 123,684 | | | $ | 78,880 | | | 14.4 | % | | 12.4 | % |
Overall, selling, general and administrative expenses increased $44.8 million for the nine months ended September 30, 2023 from the prior year period. Profit sharing increased $9.2 million or 107.6% due to our increased operating results. Professional fees increased $8.2 million during the three months ended September 30, 2023 due the litigation settlement (Note 17). Other expenses increased $8.6 million or 68.2% during the nine months ended September 30, 2023 due mostly to increased travel and closing costs related to the 2023 New Market Tax Credit (Note 16).
Income Taxes
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine months ended | | Effective Tax Rate |
| | September 30,
2023 | | September 30,
2022 | |
| | | | | 2023 | | 2022 |
| | (in thousands) | | | | |
| Income tax provision | | $ | 29,447 | | | $ | 17,286 | | | 18.4 | % | | 21.9 | % |
The Company’s estimated annual 2023 effective tax rate, excluding discrete events, is expected to be approximately 24.1%.
The decrease in the overall effective tax rate was primarily due to the change in our valuation allowance from the discontinuation of our participation in the state of Oklahoma’s manufacturing property investment program. This change will allow the Company to utilize existing credit carryforwards in future tax years, eliminating the need for a valuation allowance against this deferred tax asset. The related valuation allowance was reversed resulting in a one-time benefit of $3.1 million to the estimated income tax provision for the nine months ended September 30, 2023.
Additionally during the nine months ended September 30, 2023, the Company recorded an excess tax benefit of $6.3 million as compared to $1.3 million during the same period in 2022. The increase was primarily due to timing of stock option exercises as a result of our high stock price during the nine months ended September 30, 2023.
Liquidity and Capital Resources
Our working capital and capital expenditure requirements are generally met through net cash provided by operations and the use of the revolving bank line of credit based on our current liquidity at the time.
Working Capital - Our unrestricted cash decreased $5.2 million from December 31, 2022 to September 30, 2023 and totaled $0.2 million at September 30, 2023. Our restricted cash increased $21.8 million from the closing of our recent New Markets Tax Credit related to our Longview, Texas Expansion. We expect most funds will be released from this account by the end of 2023. The funds will be used to pay down our revolving line of credit. We have also seen increases in our current income tax payable due to the tax law changes surrounding the capitalization of research and development costs. This has increased our cash paid for income taxes.
Revolving Line of Credit - Our revolving credit facility (as amended, "Revolver"), provides for maximum borrowings of $200.0 million. As of September 30, 2023 and December 31, 2022, we had $78.4 million and $71.0 million, respectively, outstanding under the Revolver. We had two standby letters of credit totaling $2.3 million as of September 30, 2023. At September 30, 2023, we have $119.3 million of borrowings available under the Revolver. The Revolver expires May 27, 2027. On April 20, 2023 we amended the Revolver to allow for the occurrence of transactions associated with the New Markets Tax Credit executed on April 25, 2023 (Note 16).
Any outstanding loans under the Revolver bear interest at the daily compounded secured overnight financing rate ("SOFR") plus the applicable margin. Applicable margin, ranging from 1.25% - 1.75%, is determined quarterly based on the Company's leverage ratio. The Company is also subject to letter of credit fees, ranging from 1.25% - 1.75%, and a commitment fee, ranging from 0.10% - 0.20%. The applicable fee percentage is determined quarterly based on the Company's leverage ratio. The weighted average interest rate on borrowings outstanding on the Revolver was 6.5% and 6.3% for the three and nine months ended September 30, 2023. Fees associated with the unused portion of the committed amount are included in interest expense on our consolidated statements of income for the three and nine months ended September 30, 2023 and 2022.
If SOFR cannot be determined pursuant to the definition, as defined by the Revolver agreement, any outstanding effected loans will be deemed to have been converted into alternative base rate ("ABR") loans. ABR loans would bear interest at a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50%, or (c) daily simple SOFR for a one-month tenor in effect on such day plus 1.00%.
At September 30, 2023, we were in compliance with our financial covenants, as defined by the Revolver. These covenants require that we meet certain parameters related to our leverage ratio. At September 30, 2023, our leverage ratio was 0.33 to 1.0, which meets the requirement of not being above 3 to 1.
2019 New Markets Tax Credit - On October 24, 2019, the Company entered into a transaction with a subsidiary of an unrelated third-party financial institution (the “2019 Investor”) and a certified Community Development Entity under a qualified New Markets Tax Credit (“2019 NMTC”) program pursuant to Section 45D of the Internal Revenue Code of 1986, as amended, related to an investment in plant and equipment to facilitate the expansion of our Longview, Texas manufacturing operations (the “2019 Project”). In connection with the NMTC transaction, the Company received a $23.0 million NMTC allocation for the 2019 Project and secured low interest financing and the potential for future debt forgiveness related to the expansion of its Longview, Texas facilities.
Upon closing of the 2019 NMTC transaction, the Company provided an aggregate of approximately $15.9 million to the Investor, in the form of a loan receivable, with a term of twenty-five years, bearing an interest rate of 1.0%. This $15.9 million in proceeds plus capital contributed from the Investor was used to make an aggregate $22.5 million loan to a subsidiary of the Company. This financing arrangement is secured by equipment at the Company's Longview, Texas facilities, and a guarantee from the Company, including an unconditional guarantee of the NMTCs.
2023 New Markets Tax Credit - On April 25, 2023, the Company entered into a transaction with a subsidiary of an unrelated third-party financial institution (the “2023 Investor”) and a certified Community Development Entity under a qualified New Markets Tax Credit (“2023 NMTC”) program pursuant to Section 45D of the Internal Revenue Code of 1986, as amended, related to an investment in plant and equipment to facilitate the expansion of our Longview, Texas manufacturing operations (the “2023 Project”). In connection with the 2023 NMTC transaction, the Company received a $23.0 million NMTC allocation for the 2023 Project and secured low interest financing and the potential for future debt forgiveness related to the expansion of its Longview, Texas facilities.
Upon closing of the 2023 NMTC transaction, the Company provided an aggregate of approximately $16.7 million to the Investor, in the form of a loan receivable, with a term of twenty-five years, bearing an interest rate of 1.0%. This $16.7 million in proceeds plus capital contributed from the Investor was used to make an aggregate $23.8 million loan to a subsidiary of the Company. This financing arrangement is secured by a guarantee from the Company, including an unconditional guarantee of the NMTCs.
Stock Repurchases - The Board has authorized one active stock repurchase program for the Company. The Board must authorize the timing and amount of these purchases and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market. On November 3, 2022, the Board of Directors approved an updated stock repurchase plan with repurchases under the plan not to exceed $50 million. The current repurchase plan will expire at the Board of Directors' discretion.
Our open market repurchase programs are as follows:
| | | | | | | | | | | | | | |
| Effective Date | | Authorized Repurchase $ | | Expiration Date |
| | | | |
| | | | |
| | | | |
| March 13, 2020 | | $20 million | | November 9, 2022 |
| November 3, 2022 | | $50 million | | ** 1, 2 |
|
1 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. |
2 As of September 30, 2023, there is approximately $25.0 million remaining under the current stock repurchase program. |
The Company repurchases shares of AAON, Inc. stock from employees for payment of statutory tax withholdings on stock transactions. All other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices.
Lastly, the Company also had a stock repurchase arrangement by which employee-participants in our 401(k) savings and investment plan were entitled to have shares in AAON, Inc. stock in their accounts sold to the Company. The 401(k) Plan was amended in June 2022 to discontinue this program. No additional shares have been purchased by the Company under this arrangement since June 2022.
Our repurchase activity is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2023 | | September 30, 2022 |
| | (in thousands, except share and per share data) |
| Program | | Shares1 | | Total $ | | $ per share1 | | Shares1 | | Total $ | | $ per share1 |
| Open market | | 402,873 | | | $ | 25,009 | | | $ | 62.08 | | | 53,218 | | | $ | 2,030 | | | $ | 38.14 | |
| 401(k) | | — | | | — | | | — | | | 155,904 | | | 5,913 | | | 37.93 | |
| Employees | | 20,218 | | | 1,202 | | | 59.45 | | | 24,889 | | | 978 | | | 39.29 | |
Total | | 423,091 | | | $ | 26,211 | | | $ | 61.95 | | | 234,011 | | | $ | 8,921 | | | $ | 38.12 | |
1 Reflects three-for-two stock split effective August 16, 2023. |
Our repurchase activity since Company inception, including our current authorized stock repurchase programs, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
| | Inception to | | September 30, 2023 |
| | (in thousands, except share and per share data) |
| Program | | Shares1 | | Total $ | | $ per share1 |
| Open market | | 6,893,924 | | | $ | 106,625 | | | $ | 15.47 | |
| 401(k) | | 12,462,552 | | | 171,789 | | | 13.78 | |
| Directors and employees | | 3,087,651 | | | 24,562 | | | 7.95 | |
Total | | 22,444,127 | | | $ | 302,976 | | | $ | 13.50 | |
1 Reflects three-for-two stock split effective August 16, 2023. |
Dividends - At the discretion of the Board, we pay cash dividends. Board approval is required to determine the date of declaration and amount for each cash dividend payment.
Our recent cash dividends are as follows:
| | | | | | | | | | | | | | |
Declaration Date1 | Record Date | Payment Date | Dividend per Share2 | Annualized Dividend per Share2 |
| | | | |
| | | | |
| May 18, 2022 | June 3, 2022 | July 1, 2022 | $0.13 | $0.26 |
| November 8, 2022 | November 28, 2022 | December 16, 2022 | $0.16 | $0.32 |
| March 1, 2023 | March 13, 2023 | March 31, 2023 | $0.08 | $0.32 |
| May 18, 2023 | June 9, 2023 | June 30, 2023 | $0.08 | $0.32 |
| August 18, 2023 | September 8, 2023 | September 29, 2023 | $0.08 | $0.32 |
1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends. |
2 Reflects three-for-two stock split effective August 16, 2023. |
On July 7, 2023, the Board of Directors declared a three-for-two stock split of the Company's common stock that was paid in the form of a stock dividend. Stockholders of record at the close of business on July 28, 2023 received one additional share for every two shares they held as of that date on August 16, 2023 (ex-dividend date August 17, 2023). All share and per share information has been updated to reflect the effects of this stock split.
Based on historical performance and current expectations, we believe our cash and cash equivalents balance, the projected cash flows generated from our operations, our existing committed revolving credit facility (or comparable financing) and our expected ability to access capital markets will satisfy our working capital needs, capital expenditures, and other liquidity requirements associated with our operations in 2023 and the foreseeable future.
Statement of Cash Flows
The following table reflects the major categories of cash flows for the nine months ended September 30, 2023 and 2022. For additional details, see the consolidated financial statements.
| | | | | | | | | | | |
| Nine Months Ended |
| | September 30,
2023 | | September 30,
2022 |
| | (in thousands) |
| Operating Activities | | | |
| Net Income | $ | 130,574 | | | $ | 61,478 | |
| Income statement adjustments, net | 44,706 | | | 37,206 | |
| Changes in assets and liabilities: | | | |
| Accounts receivable | (32,040) | | | (63,593) | |
| Income taxes | (12,472) | | | 3,782 | |
| Inventories | (18,547) | | | (47,998) | |
| Contract assets | (10,155) | | | (3,843) | |
| Prepaid expenses and other long-term assets | (896) | | | (70) | |
| Accounts payable | (15,631) | | | 18,616 | |
| Contract liabilities | (1,848) | | | 24,249 | |
| Extended warranties | 2,049 | | | 730 | |
| Accrued liabilities & other long-term liabilities | 21,405 | | | 12,857 | |
Net cash provided by operating activities | 107,145 | | | 43,414 | |
| Investing Activities | | | |
| Capital expenditures | (82,900) | | | (41,586) | |
Cash paid for building (Note 18) | — | | | (22,000) | |
| Cash paid in business combination, net of cash acquired | — | | | (249) | |
| | | |
| | | |
| Other | 168 | | | 53 | |
Net cash used in investing activities | (82,732) | | | (63,782) | |
| Financing Activities | | | |
| Proceeds from financing obligations, net of issuance costs | 6,061 | | | — | |
| Payment related to financing costs | (398) | | | — | |
| Borrowings under revolving credit facility | 444,072 | | | 151,103 | |
| Payments under revolving credit facility | (436,656) | | | (114,812) | |
| Principal payments on financing lease | — | | | (115) | |
| Stock options exercised | 25,251 | | | 10,990 | |
| Repurchase of stock | (25,009) | | | (7,943) | |
| Employee taxes paid by withholding shares | (1,202) | | | (978) | |
| Cash dividends paid to stockholders | (19,946) | | | (10,096) | |
Net cash (used in) provided by financing activities | $ | (7,827) | | | $ | 28,149 | |
Cash Flows Provided by Operating Activities
The Company currently manages cash needs through working capital as well as drawing on its line of credit. Collections and payments cycles are on a normal pattern and fluctuate due to timing of receipts and payments. In early 2022, the Company began increasing the purchase of inventory to take advantage of favorable pricing opportunities and also to mitigate the impact of future supply chain disruptions on our operations. Increases in the timing of our customer prepayment as well as increases in our employee bonuses pools and benefits (as a result of our positive operating results) increased our cash provided by accrued liabilities.
Payment terms for BASX jobs typically require upfront cash to fund the job resulting in cash inflows related to our contract liabilities and cash inflows fluctuate due to job timing and scheduling.
We have also seen increases in our current income tax payable due to the tax law changes surrounding the capitalization of research and development costs. This has increased our cash paid for income taxes.
The increase in our accrued liabilities and other long-term liabilities is due litigation settlement (Note 17) accrued at September 30, 2023.
Cash Flows Used in Investing Activities
The capital expenditures for the nine months ended September 30, 2023 relate to our continued investment in our production capabilities. Purchases during the nine months ended September 30, 2023 relate to additional sheet metal and other machinery for both replacement and growth, additional production and warehouse space in Longview, Texas, additional office space in Tulsa, Oklahoma, additional land in Tulsa, Oklahoma for future growth, and a partial interest in an airplane. The capital expenditure program for 2023 is estimated to be approximately $100.0 million. Many of these projects are subject to review and cancellation at the discretion of our CEO and Board of Directors without incurring substantial charges.
Cash Flows Provided by Financing Activities
The change in cash from financing activities in 2023 is primarily related to borrowings under our revolving credit facility to manage our working capital needs, especially strategic purchases of inventory to avoid supply chain delays and the funding of certain capital expenditures, offset by repayments we were able to make due to our increased operating results and financial condition.
Furthermore, cash flows from financing activities is historically affected by the timing of stock options exercised by our employees. Stock options exercised increased due to the increase in the number of employee options exercised and increase in our average stock price during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.
Additionally, we repurchased approximately 402,873 shares for approximately $25.0 million during the nine months ended September 30, 2023 under our current stock repurchase program (Note 15).
Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends. The third quarter dividend was paid on September 29, 2023.
Commitments and Contractual Obligations
We are occasionally party to short-term and long-term, cancellable and occasionally non-cancellable, contracts with suppliers for the purchase of raw material and component parts. We expect to receive delivery of raw material and component parts for use in our manufacturing operations. These contracts are not accounted for as derivative instruments because they meet the normal purchase and normal sales exemption. We had no material contractual purchase obligations as of September 30, 2023 except as described below.
On April 27, 2022, the Company entered into a purchase and sale agreement with a third-party manufacturer to purchase certain assets to design and manufacture fan wheels for the purchase price of $6.5 million. As of September 30, 2023, we have paid approximately $3.5 million related to this agreement, which is included in other long-term assets and property, plant and equipment, with the remaining $3.0 million included in accounts payable and other long-term assets on our consolidated balance sheets. The final payment was made on October 30, 2023.
Critical Accounting Policies
There have been no material changes in the Company’s critical accounting policies during the nine months ended September 30, 2023.
Recent Accounting Pronouncements
See Note 1 of the Notes to the Consolidated Financial Statements for a discussion of recent accounting pronouncements.
Forward-Looking Statements
This Quarterly Report on Form 10-Q (or statements otherwise made by the Company or on the Company’s behalf from time to time in other reports, filings with the Securities and Exchange Commission (“SEC”), news releases, conferences, website postings, presentations or otherwise) includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not historical facts are forward-looking statements and involve risks and uncertainties. For all of these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “confident”, “outlook”, “project”, “should”, “will”, and variations of such words and other words of similar meaning or similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Important factors that could cause results to differ materially from those in the forward-looking statements include, among others:
•market conditions and customer demand for our products;
•the timing and extent of changes in raw material and component prices;
•naturally-occurring events, pandemics, and other disasters causing disruption to our manufacturing operations, product deliveries and production capacity;
•the impact caused by inflationary cost pressures, national or global health issues, such as the coronavirus pandemic (“COVID-19”), any variants or similar outbreaks (including the response thereto) and their effects on, among other things, demand for our products, supply chain disruptions, our liquidity and financial position, results of operations, stock price, payment of dividends, our ability to secure new orders, our ability to convert backlog to revenue and impacts to the operations status of our facilities;
•natural disasters and extreme weather conditions, including, without limitation, their effects on locations where our products are manufactured;
•the effects of fluctuations in the commercial/industrial new construction market;
•the timing of introduction and market acceptance of new products;
•the timing and extent of changes in interest rates, as well as other competitive factors during the year;
•general economic, market or business conditions;
•tightening of labor markets and the ability to hire employees for continued growth
•creditworthiness of our customers and their access to capital;
•changing technologies;
•the material failure, interruption of service, compromised data or information technology security, phishing emails, cybersecurity breaches or other impacts to our information technology and related systems and networks (including any of the foregoing of third-party vendors and other contractors who provide information technology or other services);
•costs and results of litigation, including trial and appellate costs;
•economic, market or business conditions in the specific industry and market in which our businesses operate;
•future levels of capital expenditures, research and development and indebtedness, including, without limitation, our ability to reduce indebtedness and risks associated with the same;
•legal, regulatory, and environmental issues, including, without limitation, compliance of our products with mandated standards and specifications; and
•integration of acquired businesses and our ability to realize synergies and cost savings.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Except as required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events, occurrences or developments after the date on which such statement is made. For a discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, please see Item 1A “Risk Factors” included in our Annual Report on Form 10-K, and as otherwise disclosed from time to time in our other filings with the SEC.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Commodity Price Risk
We are exposed to volatility in the prices of commodities used in some of our products and we may use cancellable and non-cancellable contracts with our major suppliers for periods of six to 18 months to manage this exposure.
Interest Rate Risk
We are exposed to changes in interest rates related to our outstanding debt. As of September 30, 2023, we had an outstanding balance of $78.4 million. For each one percentage point increase in the interest rate applicable to our outstanding debt, our annual income before taxes would decrease by approximately $0.8 million.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer with the oversight of the Audit Committee, regarding the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded, as of the end of the period covered by this Quarterly Report, that our disclosure controls and procedures were effective.
(c) Changes in Internal Control over Financial Reporting
There have been no changes in internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
See Note 17 of the Notes to the Consolidated Financial Statements.
Item 1A. Risk Factors.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022. The risk factors described in our Annual Report could materially adversely affect our business, financial condition or future results. There have been no material changes to the risk factors included in our 2022 Annual Report.
Item 2. Unregistered Sales of Equity and Securities and Use of Proceeds.
Stock Repurchases
The Company may repurchase AAON, Inc. stock on the open market from time to time. From inception through September 30, 2023, we have repurchased a total of approximately 6.9 million shares (at current market prices) under the various open market stock buyback programs for an aggregate price of $106.6 million, or an average price of $15.47 per share. The Board must authorize the timing and amount of these purchases and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market. On November 3, 2022, the Board of Directors approved an updated stock repurchase plan with repurchases under the plan not to exceed $50.0 million. The current repurchase plan will expire at the Board of Directors discretion.
The Company repurchases shares of AAON, Inc. stock from employees for payment of statutory tax withholdings on stock transactions. All other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices. From inception through September 30, 2023, we repurchased approximately 3.1 million shares (at current market prices) for an aggregate price of $24.6 million, or an average price of $7.95 per share.
Lastly, the Company also had a stock repurchase arrangement by which employee-participants in our 401(k) Plan were entitled to have shares of AAON, Inc. stock in their accounts sold to the Company. The 401(k) Plan was amended in June 2022 to discontinue this program. From inception through September 30, 2023, we repurchased approximately 12.5 million shares (at current market prices) for an aggregate price of $171.8 million, or an average price of $13.78 per share.
Repurchases during the third quarter of 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | ISSUER PURCHASES OF EQUITY SECURITIES |
| Period | | (a) Total Number of Shares (or Units) Purchased1 | | (b) Average Price Paid Per Share (or Unit)1 | | (c) Total Number of Shares (or Units) Purchased as part of Publicly Announced Plans or Programs1 | | (d)
Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) that may yet be
Purchased under the
Plans or Programs |
| July 2023 | | 177 | | | $ | 67.30 | | | 177 | | | — | |
| August 2023 | | 403,187 | | | 62.07 | | | 403,187 | | | — | |
| September 2023 | | 258 | | | 61.49 | | | 258 | | | — | |
| Total | | 403,622 | | | $ | 61.95 | | | 403,622 | | | — | |
1 Reflects three-for-two stock split effective August 16, 2023. |
Contingent Shares Issued in BASX Acquisition
In December 2021, we closed on the acquisition of BASX. Under the MIPA Agreement, we committed to $78.0 million in the aggregate of contingent consideration to the former owners of BASX, which is payable in approximately 1.56 million shares of the Company's common stock, par value $0.004 per share. The shares do not accrue dividends.
Under the MIPA Agreement, the potential future issuance of the shares is contingent upon BASX meeting certain post-closing earn-out milestones during each of the years ended 2021, 2022, and 2023. Based on the final allocation of the consideration paid, we estimated the fair value of contingent consideration related to these shares to be approximately $60.0 million, which is included in additional paid-in capital on the consolidated balance sheets. As of September 30, 2023, 0.58 million shares and 0.73 million shares related to the earn-out milestones for the years ended 2022 and 2021, respectively, have been issued to the former owners of BASX as private placements exempt from registration with the SEC under Rule 506(b), which are included in common stock on the consolidated statements of stockholders' equity.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 4A. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
Rule 10b5-1 Trading Arrangements
The following table describes contracts, instructions or written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
| | | | | | | | | | | | | | | | | | | | |
| Name and Title of Director or Officer | | Date of Adoption of Arrangement | | Duration of the Arrangement | | Aggregate Number of Securities to be Purchased or Sold Pursuant to the Arrangement |
| Stephen E. Wakefield | | November 23, 2022 | | Terminated May 17, 2023 | | 95,788 |
| Vice President and Chief Operating Officer | | | | | | |
| | | | | | |
| Stephen E. Wakefield | | September 13, 2023 | | Expires August 30, 2024 | | 181,000 |
| Vice President and Chief Operating Officer | | | | | | |
Item 6. Exhibits.
| | | | | |
| Exhibit # | Description |
| 3.2 | Amended and Restated Bylaws of AAON, Inc. effective March 9, 2023 (i) |
| 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, 2023 and December 31, 2022; (ii) our Consolidated Statements of Income for the nine months ended September 30, 2023 and 2022; (iii) our Consolidated Statements of Stockholders’ Equity for the nine months ended September 30, 2023 and 2022; (iv) our Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022; 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. |
| (i) | Incorporated herein by reference to the exhibit to our Form 8-K dated March 9, 2023. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| | AAON, INC. |
| | | |
| | | |
| Dated: November 06, 2023 | By: | /s/ Gary D. Fields |
| | | Gary D. Fields Chief Executive Officer |
| | | |
| | | |
| Dated: November 06, 2023 | By: | /s/ Rebecca A. Thompson |
| | | Rebecca A. Thompson
Chief Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Gary D. Fields, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of AAON, Inc.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| | | |
| Date: | November 06, 2023 | | /s/ Gary D. Fields |
| | | |
| | | Gary D. Fields |
| | | Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Rebecca A. Thompson, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of AAON, Inc.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| | | |
| Date: | November 06, 2023 | | /s/ Rebecca A. Thompson |
| | | |
| | | Rebecca A. Thompson |
| | | Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of AAON, Inc. (the “Company”), on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gary D. Fields, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
| | | | | | | | | | | |
| | | |
| Date: | November 06, 2023 | | /s/ Gary D. Fields |
| | | |
| | | Gary D. Fields |
| | | Chief Executive Officer |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of AAON, Inc. (the “Company”), on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rebecca A. Thompson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
| | | | | | | | | | | |
| | | |
| Date: | November 06, 2023 | | /s/ Rebecca A. Thompson |
| | | |
| | | Rebecca A. Thompson |
| | | Chief Financial Officer |
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 02, 2023 |
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10-Q
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| Document Period End Date |
Sep. 30, 2023
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false
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| Entity File Number |
0-18953
|
|
| Entity Registrant Name |
AAON, INC.
|
|
| Entity Central Index Key |
0000824142
|
|
| Current Fiscal Year End Date |
--12-31
|
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| Document Fiscal Year Focus |
2023
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Q3
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false
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NV
|
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| Entity Tax Identification Number |
87-0448736
|
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2425 South Yukon Ave.,
|
|
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Tulsa,
|
|
| Entity Address, State or Province |
OK
|
|
| Entity Address, Postal Zip Code |
74107
|
|
| City Area Code |
918
|
|
| Local Phone Number |
583-2266
|
|
| Title of 12(b) Security |
Common Stock, $.004 par value per share
|
|
| Trading Symbol |
AAON
|
|
| Security Exchange Name |
NASDAQ
|
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| Entity Current Reporting Status |
Yes
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Yes
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false
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v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Current assets: |
|
|
|
| Cash and cash equivalents |
|
$ 212
|
$ 5,451
|
| Restricted Cash |
|
22,323
|
498
|
| Accounts receivable, net of allowance for credit losses of $385 and $477, respectively |
|
160,108
|
127,158
|
| Inventories, net |
|
214,507
|
198,939
|
| Contract assets |
|
25,306
|
15,151
|
| Prepaid expenses and other |
|
2,836
|
1,919
|
| Total current assets |
|
425,292
|
349,116
|
| Property, plant and equipment: |
|
|
|
| Land |
|
15,296
|
8,537
|
| Buildings |
|
193,684
|
169,156
|
| Machinery and equipment |
|
381,271
|
342,045
|
| Furniture and fixtures |
|
41,488
|
30,033
|
| Total property, plant and equipment |
|
631,739
|
549,771
|
| Less: Accumulated depreciation |
|
274,909
|
245,026
|
| Property, plant and equipment, net |
|
356,830
|
304,745
|
| Intangible assets, net |
|
61,901
|
64,606
|
| Goodwill |
|
81,892
|
81,892
|
| Right of use assets |
|
12,252
|
7,123
|
| Note receivable |
|
6,376
|
6,421
|
| Total assets |
|
944,543
|
813,903
|
| Current liabilities: |
|
|
|
| Accounts payable |
|
29,917
|
45,513
|
| Accrued liabilities |
|
90,986
|
78,630
|
| Contract liabilities |
|
19,576
|
21,424
|
| Total current liabilities |
|
140,479
|
145,567
|
| Revolving credit facility, long-term |
|
78,420
|
71,004
|
| Deferred tax liabilities |
|
14,744
|
18,661
|
| Other long-term liabilities |
|
16,247
|
11,508
|
| New market tax credit obligation1 |
[1] |
12,169
|
6,449
|
| Commitments and contingencies |
|
|
|
| Stockholders' equity: |
|
|
|
| Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued |
|
0
|
0
|
| Common stock, $.004 par value, 100,000,000 shares authorized, 81,231,513 and 80,137,776 issued and outstanding at September 30, 2023 and December 31, 2022, respectively2 |
[2] |
325
|
322
|
| Additional paid-in capital |
|
109,874
|
98,735
|
| Retained earnings |
[2] |
572,285
|
461,657
|
| Total stockholders' equity |
|
682,484
|
560,714
|
| Total liabilities and stockholders' equity |
|
$ 944,543
|
$ 813,903
|
|
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 65
-Paragraph 15
-Subparagraph (f)(1)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
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-Section 45
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Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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v3.23.3
Consolidated Balance Sheets (Parenthetical)
$ in Thousands |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
| Stockholders' equity: |
|
|
| Allowance for doubtful accounts | $ |
$ 385
|
$ 477
|
| Preferred stock, par value (in dollars per share) | $ / shares |
$ 0.001
|
$ 0.001
|
| Preferred stock, shares authorized (in shares) |
5,000,000
|
5,000,000
|
| Preferred stock, shares issued (in shares) |
0
|
0
|
| Common stock, par value (in dollars per share) | $ / shares |
$ 0.004
|
$ 0.004
|
| Common stock, shares authorized (in shares) |
100,000,000
|
100,000,000
|
| Common stock, shares issued (in shares) |
81,231,513
|
80,137,776
|
| Common stock, shares outstanding (in shares) |
81,231,513
|
80,137,776
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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| X |
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-Topic 946
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-Topic 210
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-Section S99
-Paragraph 1
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| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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| X |
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-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (a)
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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v3.23.3
Consolidated Statements of Income
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
| Income Statement [Abstract] |
|
|
|
|
|
|
| Net sales |
|
$ 311,970
|
$ 242,605
|
$ 861,880
|
|
$ 634,190
|
| Cost of sales |
|
195,861
|
177,014
|
574,599
|
|
475,159
|
| Gross profit |
|
116,109
|
65,591
|
287,281
|
|
159,031
|
| Selling, general and administrative expenses |
|
51,470
|
28,891
|
123,684
|
|
78,880
|
| Loss (gain) on disposal of assets |
|
(25)
|
0
|
(13)
|
|
(12)
|
| Income from operations |
|
64,664
|
36,700
|
163,610
|
|
80,163
|
| Interest expense, net |
|
(1,266)
|
(954)
|
(3,959)
|
|
(1,694)
|
| Other income, net |
|
93
|
54
|
370
|
|
295
|
| Income before taxes |
|
63,491
|
35,800
|
160,021
|
|
78,764
|
| Income tax provision |
|
15,413
|
8,327
|
29,447
|
|
17,286
|
| Net income |
|
$ 48,078
|
$ 27,473
|
$ 130,574
|
[1] |
$ 61,478
|
| Earnings per share: |
|
|
|
|
|
|
| Basic (in dollars per share) | $ / shares |
[2] |
$ 0.59
|
$ 0.34
|
$ 1.61
|
|
$ 0.77
|
| Diluted (in dollars per share) | $ / shares |
[2] |
$ 0.58
|
$ 0.34
|
$ 1.57
|
|
$ 0.76
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
| Basic (in shares) | shares |
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79,777,987
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81,140,473
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|
79,543,925
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80,938,074
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80,882,798
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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| X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 22
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
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-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
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-Topic 260
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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|
v3.23.3
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands |
Total |
Common Stock |
Paid-in Capital |
Retained Earnings |
| Balance (in shares) at Dec. 31, 2021 |
[1] |
|
|
78,792
|
|
|
|
|
| Balance at Dec. 31, 2021 |
|
$ 466,170
|
|
$ 318
|
[1] |
$ 81,654
|
$ 384,198
|
[1] |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income |
|
61,478
|
|
|
|
|
61,478
|
[1] |
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) (in shares) |
[1] |
|
|
1,265
|
|
|
|
|
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) |
|
10,990
|
|
$ 3
|
[1] |
10,987
|
|
|
| Share-based compensation |
|
10,229
|
|
|
|
10,229
|
|
|
| Stock repurchased and retired (in shares) |
[1] |
|
|
(234)
|
|
|
|
|
| Stock repurchased and retired |
|
(8,921)
|
|
|
|
(8,921)
|
|
|
| Contingent consideration |
|
(6,000)
|
|
|
|
|
|
|
| Dividends |
|
(10,088)
|
|
|
|
|
(10,088)
|
[1] |
| Balance (in shares) at Sep. 30, 2022 |
[1] |
|
|
79,823
|
|
|
|
|
| Balance at Sep. 30, 2022 |
|
523,858
|
|
$ 321
|
[1] |
87,949
|
435,588
|
[1] |
| Balance (in shares) at Jun. 30, 2022 |
[1] |
|
|
79,691
|
|
|
|
|
| Balance at Jun. 30, 2022 |
|
490,506
|
|
$ 321
|
[1] |
82,078
|
408,107
|
[1] |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income |
|
27,473
|
|
|
|
|
27,473
|
[1] |
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) (in shares) |
[1] |
|
|
186
|
|
|
|
|
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) |
|
4,605
|
|
|
|
4,605
|
|
|
| Share-based compensation |
|
3,321
|
|
|
|
3,321
|
|
|
| Stock repurchased and retired (in shares) |
[1] |
|
|
(54)
|
|
|
|
|
| Stock repurchased and retired |
|
(2,055)
|
|
|
|
(2,055)
|
|
|
| Dividends |
|
8
|
|
|
|
|
8
|
[1] |
| Balance (in shares) at Sep. 30, 2022 |
[1] |
|
|
79,823
|
|
|
|
|
| Balance at Sep. 30, 2022 |
|
523,858
|
|
$ 321
|
[1] |
87,949
|
435,588
|
[1] |
| Balance (in shares) at Dec. 31, 2022 |
[1] |
|
|
80,138
|
|
|
|
|
| Balance at Dec. 31, 2022 |
|
560,714
|
|
$ 322
|
[1] |
98,735
|
461,657
|
[1] |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income |
|
130,574
|
[1] |
|
|
|
130,574
|
|
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) (in shares) |
[1] |
|
|
1,517
|
|
|
|
|
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) |
|
25,251
|
|
$ 5
|
[1] |
25,246
|
|
|
| Share-based compensation |
|
12,102
|
|
|
|
12,102
|
|
|
| Stock repurchased and retired (in shares) |
[1] |
|
|
(423)
|
|
|
|
|
| Stock repurchased and retired |
|
(26,211)
|
|
$ (2)
|
[1] |
(26,209)
|
|
|
| Dividends |
|
(19,946)
|
|
|
|
|
(19,946)
|
[1] |
| Balance (in shares) at Sep. 30, 2023 |
[1] |
|
|
81,232
|
|
|
|
|
| Balance at Sep. 30, 2023 |
|
682,484
|
|
$ 325
|
[1] |
109,874
|
572,285
|
[1] |
| Balance (in shares) at Jun. 30, 2023 |
[1] |
|
|
81,569
|
|
|
|
|
| Balance at Jun. 30, 2023 |
|
660,111
|
|
$ 326
|
[1] |
128,636
|
531,149
|
[1] |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income |
|
48,078
|
|
|
|
|
48,078
|
[1] |
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) (in shares) |
[1] |
|
|
66
|
|
|
|
|
| Stock options exercised, restricted stock awards granted, and contingent shares issued (Note 16) |
|
2,007
|
|
$ 1
|
[1] |
2,006
|
|
|
| Share-based compensation |
|
4,279
|
|
|
|
4,279
|
|
|
| Stock repurchased and retired (in shares) |
[1] |
|
|
(403)
|
|
|
|
|
| Stock repurchased and retired |
|
(25,049)
|
|
$ (2)
|
|
(25,047)
|
|
|
| Dividends |
|
(6,942)
|
|
|
|
|
(6,942)
|
[1] |
| Balance (in shares) at Sep. 30, 2023 |
[1] |
|
|
81,232
|
|
|
|
|
| Balance at Sep. 30, 2023 |
|
$ 682,484
|
|
$ 325
|
[1] |
$ 109,874
|
$ 572,285
|
[1] |
|
|
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Operating Activities |
|
|
|
| Net income |
$ 130,574
|
[1] |
$ 61,478
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
33,439
|
|
25,624
|
| Amortization of debt issuance costs |
57
|
|
32
|
| Amortization of right of use assets |
166
|
|
191
|
| (Recoveries of) provision for credit losses on accounts receivable, net of adjustments |
(92)
|
|
300
|
| Provision for excess and obsolete inventories, net of write-offs |
2,979
|
|
1,380
|
| Share-based compensation |
12,102
|
|
10,229
|
| Loss (gain) on disposal of assets |
(13)
|
|
(12)
|
| Foreign currency transaction loss |
0
|
|
42
|
| Interest income on note receivable |
(15)
|
|
(17)
|
| Deferred |
(3,917)
|
|
(563)
|
| Changes in assets and liabilities: |
|
|
|
| Accounts receivable |
(32,040)
|
|
(63,593)
|
| Income taxes |
(12,472)
|
|
3,782
|
| Inventories |
(18,547)
|
|
(47,998)
|
| Contract assets |
(10,155)
|
|
(3,843)
|
| Prepaid expenses and other |
(896)
|
|
(70)
|
| Accounts payable |
(15,631)
|
|
18,616
|
| Contract liabilities |
(1,848)
|
|
24,249
|
| Extended warranties |
2,049
|
|
730
|
| Accrued liabilities and other long-term liabilities |
21,405
|
|
12,857
|
| Net cash provided by operating activities |
107,145
|
|
43,414
|
| Investing Activities |
|
|
|
| Capital expenditures |
(82,900)
|
|
(41,586)
|
| Cash paid for building (Note 18) |
0
|
|
(22,000)
|
| Cash paid in business combination, net of cash acquired |
0
|
|
(249)
|
| Proceeds from sale of property, plant and equipment |
129
|
|
12
|
| Principal payments from note receivable |
39
|
|
41
|
| Net cash used in investing activities |
(82,732)
|
|
(63,782)
|
| Financing Activities |
|
|
|
| Proceeds from financing obligation, net of issuance costs |
6,061
|
|
0
|
| Payment related to financing costs |
(398)
|
|
0
|
| Borrowings under revolving credit facility |
444,072
|
|
151,103
|
| Payments under revolving credit facility |
(436,656)
|
|
(114,812)
|
| Principal payments on financing lease |
0
|
|
(115)
|
| Stock options exercised |
25,251
|
|
10,990
|
| Repurchase of stock |
(25,009)
|
|
(7,943)
|
| Employee taxes paid by withholding shares |
(1,202)
|
|
(978)
|
| Cash dividends paid to stockholders |
19,946
|
|
10,096
|
| Net cash (used in) provided by financing activities |
(7,827)
|
|
28,149
|
| Net increase in cash, cash equivalents and restricted cash |
16,586
|
|
7,781
|
| Cash, cash equivalents and restricted cash, beginning of period |
5,949
|
|
3,487
|
| Cash, cash equivalents and restricted cash, end of period |
$ 22,535
|
|
$ 11,268
|
|
|
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v3.23.3
General
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Basis of Presentation and Significant Accounting Policies [Abstract] |
|
| General |
General Basis of Presentation AAON, Inc. is a Nevada corporation which was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc. ("AAON Oklahoma"), an Oklahoma corporation, AAON Coil Products, Inc. ("AAON Coil Products"), a Texas corporation, and BasX, Inc. ("BASX"), an Oregon corporation (collectively, the “Company”). The accompanying unaudited consolidated financial statements of AAON, Inc. and our operating subsidiaries, all of which are wholly-owned, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Our financial statements consolidate all of our affiliated entities in which we have a controlling financial interest. Because we hold certain rights that give us the power to direct the activities of five variable interest entities ("VIEs") (Note 16) that most significantly impact the VIEs economic performance, combined with a variable interest that gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in those VIEs. These financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2022 is derived from audited consolidated financial statements. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The financial statements reflect all adjustments (all of which are of a normal recurring nature) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results that may be expected for a full year. Certain disclosures have been condensed in or omitted from these consolidated financial statements. The accompanying unaudited financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. All intercompany balances and transactions have been eliminated in consolidation. We are engaged in the engineering, manufacturing, marketing, and sale of premium air conditioning and heating equipment consisting of standard, semi-custom, and custom rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because these estimates and assumptions require significant judgment, actual results could differ from those estimates and could have a significant impact on our results of operations, financial position and cash flows. We reevaluate our estimates and assumptions as needed, but at a minimum on a quarterly basis. The most significant estimates include, but are not limited to, inventory valuation, inventory reserves, warranty accrual, medical insurance accrual, income taxes, useful lives of property, plant, and equipment, estimated future use of leased property, share-based compensation, business combinations, revenue percentage of completion and estimated costs to complete. Actual results could differ materially from those estimates. Inflation and Labor Market In 2022 and continuing into 2023, we have witnessed increases in our raw material and component prices. Due to our favorable liquidity position, we continue to make strategic purchases of materials when we see opportunities. We continue to manage the increase in the cost of raw materials through price increases for our products. We have also experienced supply chain challenges related to specific manufacturing parts, which we have managed through our strong vendor relationships as well as expanding our list of vendors. Additionally, we continue to experience challenges in a tight labor market, especially the hiring of both skilled and unskilled production labor. We have implemented the following wage increases to remain competitive and to attract and retain employees: •In March 2022, we awarded annual merit raises for an overall 3.0% increase to wages. •In October 2022, we implemented a cost of living increase of 3.5% in place for all employees below the Senior Leadership Team ("SLT") level. •In March 2023, we awarded annual merit raises for an overall 3.9% increase to wages. We will continue to implement human resource initiatives to retain and attract labor to further increase production capacity. Beginning in 2023, initiatives included changing our employee paid time off policy, historically awarded in arrears at the beginning of each quarter, to accrue ratably over each pay period. Additionally, we enhanced our benefits for short-term disability, life insurance, paid parental leave, and paid military leave. Despite efforts to mitigate the impact of inflation, supply chain issues and the tight labor market, future disruptions, while temporary, could negatively impact our consolidated financial position, results of operations and cash flows. Change in Estimate During the first quarter of 2022, a review of the Company’s useful lives for certain sheet metal manufacturing equipment at our Longview, Texas location resulted in a change in estimate that increased the useful lives from between ten and twelve years to fifteen years. This determination was based on recent and estimated future production levels as well as management’s knowledge of the equipment and historical and future use of the equipment. The change in estimate was made prospectively and resulted in a decrease to depreciation expense within cost of sales on our consolidated statements of income of $1.8 million during the nine months ended September 30, 2022. WH Series and WV Series Water Source Heat Pump Units As part of the normal course of business, management continually monitors the profitability of the Company's various product series offerings. During the third quarter of 2022, management made the decision to no longer produce our small packaged geothermal/water-source heat pump units consisting of the WH Series horizontal configuration and WV Series vertical configuration, from one-half to 12 1/2 tons ("WH/WV"). These WH/WV units were produced solely out of the AAON Oklahoma facility. Production of the remaining WH/WV backlog was completed during the second quarter 2023. Accounting Policies A comprehensive discussion of our critical accounting policies and management estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022. Fair Value Measurements The carrying amounts of cash and cash equivalents, receivables, accounts payable, and accrued liabilities approximate fair value because of the short-term maturity of the items. The carrying amount of the Company’s revolving line of credit, and other payables, approximate their fair values either due to their short term nature, the variable rates associated with the debt or based on current rates offered to the Company for debt with similar characteristics. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels: •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 fair values of property, plant and equipment, intangible assets, contingent consideration, and goodwill acquired in a business combination. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to a fair value measurement requires judgment, considering factors specific to the asset or liability. Definite-Lived Intangible Assets Our definite-lived intangible assets include various trademarks, service marks, and technical knowledge acquired in business combinations. We amortize our definite-lived intangible assets on a straight-line basis over the estimated useful lives of the assets. We evaluate the carrying value of our amortizable intangible assets for potential impairment when events and circumstances warrant such a review. Amortization is computed using the straight-line method over the following estimated useful lives: | | | | | | | Intellectual property | 30 years | | Customer relationships | 14 years |
Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the consideration paid for the acquired businesses over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment at least annually. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant. The changes in the carrying amount of goodwill were as follows: | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | 2023 | | 2022 | | | | (in thousands) | | | Balance, beginning of period | $ | 81,892 | | | $ | 85,727 | | | | Additions due to acquisitions | — | | | — | | | | Decreases due to business combination revisions1 | — | | | (3,835) | | | | | Balance, end of period | $ | 81,892 | | | $ | 81,892 | | | | 1 Revisions related to the December 2021 acquisition of BASX. | | | | | |
Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification ("ASC"). We consider the applicability and impact of all ASUs. ASUs not listed or included within the Company's Annual Report on Form 10-K for the year ended December 31, 2022, were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements and notes thereto.
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Recognition |
Revenue Recognition The following tables show disaggregated net sales by reportable segment (Note 19) by major source, net of intercompany sales eliminations. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 221,417 | | | $ | — | | | $ | — | | | $ | 221,417 | | | Condensing units | — | | | 7,636 | | | — | | | 7,636 | | | Air handlers | — | | | 9,862 | | | 7,558 | | | 17,420 | | | Outdoor mechanical rooms | — | | | 62 | | | — | | | 62 | | | Cleanroom systems | — | | | — | | | 5,355 | | | 5,355 | | | Data center cooling solutions | — | | | 3,284 | | | 25,726 | | | 29,010 | | | Water-source heat pumps | — | | | 3,898 | | | — | | | 3,898 | | | Part sales | 17,756 | | | 4 | | | 371 | | | 18,131 | | Other1 | 7,281 | | | 1,023 | | | 737 | | | 9,041 | | | $ | 246,454 | | | $ | 25,769 | | | $ | 39,747 | | | $ | 311,970 | | | | | | | | | | | Three Months Ended September 30, 2022 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 154,171 | | | $ | — | | | $ | — | | | $ | 154,171 | | | Condensing units | — | | | 12,720 | | | — | | | 12,720 | | | Air handlers | — | | | 14,380 | | | 2,211 | | | 16,591 | | | Outdoor mechanical rooms | 58 | | | 118 | | | — | | | 176 | | | Cleanroom systems | — | | | — | | | 15,283 | | | 15,283 | | | Data center cooling solutions | — | | | — | | | 14,884 | | | 14,884 | | | Water-source heat pumps | 3,236 | | | 2,445 | | | — | | | 5,681 | | | Part sales | 15,724 | | | — | | | 176 | | | 15,900 | | Other1 | 5,980 | | | 841 | | | 378 | | | 7,199 | | | $ | 179,169 | | | $ | 30,504 | | | $ | 32,932 | | | $ | 242,605 | | 1 Other sales include freight, extended warranties and miscellaneous revenue. |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 597,508 | | | $ | — | | | $ | — | | | $ | 597,508 | | | Condensing units | 61 | | | 34,243 | | | — | | | 34,304 | | | Air handlers | — | | | 34,693 | | | 13,196 | | | 47,889 | | | Outdoor mechanical rooms | 208 | | | 274 | | | — | | | 482 | | | Cleanroom systems | — | | | — | | | 35,063 | | | 35,063 | | | Data center cooling solutions | — | | | 6,524 | | | 56,079 | | | 62,603 | | | Water-source heat pumps | 3,128 | | | 10,064 | | | — | | | 13,192 | | | Part sales | 47,623 | | | 5 | | | 862 | | | 48,490 | | Other1 | 18,142 | | | 3,459 | | | 748 | | | 22,349 | | | $ | 666,670 | | | $ | 89,262 | | | $ | 105,948 | | | $ | 861,880 | | | | | | | | | | | Nine Months Ended September 30, 2022 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 414,493 | | | $ | — | | | $ | — | | | $ | 414,493 | | | Condensing units | 242 | | | 33,645 | | | — | | | 33,887 | | | Air handlers | — | | | 35,358 | | | 6,495 | | | 41,853 | | | Outdoor mechanical rooms | 612 | | | 488 | | | — | | | 1,100 | | | Cleanroom systems | — | | | — | | | 31,568 | | | 31,568 | | | Data center cooling solutions | — | | | — | | | 38,589 | | | 38,589 | | | Water-source heat pumps | 8,098 | | | 6,596 | | | — | | | 14,694 | | | Part sales | 39,797 | | | — | | | 507 | | | 40,304 | | Other1 | 13,275 | | | 3,106 | | | 1,321 | | | 17,702 | | | $ | 476,517 | | | $ | 79,193 | | | $ | 78,480 | | | $ | 634,190 | | 1 Other sales include freight, extended warranties and miscellaneous revenue. |
Due to the highly customized nature of many of the Company’s products and each product not having an alternative use to the Company without significant costs to the Company, the Company recognizes revenue over time as progress is made toward satisfying the performance obligations of each contract. The Company has formal cancellation policies and generally does not accept returns on these units. As a result, many of the Company’s products do not have an alternative use and therefore, for these products we recognize revenue over the time it takes to produce the unit. Contract costs include direct materials, direct labor, installation, freight and delivery, commissions and royalties. Other costs not related to contract performance, such as indirect labor and materials, small tools and supplies, operating expenses, field rework and back charges are charged to expense as incurred. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income, and are estimated and recognized by the Company throughout the life of the contract. The aggregate of costs incurred and income recognized on uncompleted contracts in excess of billings is shown as a contract asset within our consolidated balance sheets, and the aggregate of billings on uncompleted contracts in excess of related costs incurred and income recognized is shown as a contract liability within our consolidated balance sheets. For all other products that are part sales or standardized units, the Company recognizes revenue, presented net of sales tax, when it satisfies the performance obligation in its contracts. As the primary performance obligation in such a contract is delivery of the requested manufactured equipment, we satisfy the performance obligation when the control is passed to the customer, generally at time of shipment. Final sales prices are fixed based on purchase orders. Sales allowances and customer incentives are treated as reductions to sales and are provided for based on historical experiences and current estimates. Historically, sales of our products were moderately seasonal with the peak period being May-October of each year due to timing of construction projects being directly related to warmer weather. However, in recent years, given the increases in demand of our product and increases in our backlog, sales have become more constant throughout the year. Product Warranties A provision is made for the estimated cost of maintaining product warranties to customers at the time the product is sold based upon historical claims experience by product line. The Company records a liability and an expense for estimated future warranty claims based upon historical experience and management’s estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the liability and expense in the current year. The Company also sells extended warranties on parts for various lengths of time ranging from six months to 10 years. Revenue for these separately priced warranties is deferred and recognized on a straight-line basis over the separately priced warranty period. Representatives and Third Party Products We are responsible for billings and collections resulting from all sales transactions, including those initiated by our independent manufacturer representatives (“Representatives”). Representatives are national companies that are in the business of providing HVAC units and other related products and services to customers. The end user customer orders a bundled group of products and services from the Representative and expects the Representative to fulfill the order. These additional products and services may include controls purchased from another manufacturer to operate the unit, start-up services, and curbs for supporting the unit (“Third Party Products”). All are associated with the purchase of a HVAC unit but may be provided by the Representative or another third party. Only after the specifications are agreed to by the Representative and the customer, and the decision is made to use an AAON HVAC unit, will we receive notice of the order. We establish the amount we must receive for our HVAC unit (“minimum sales price”), but do not control the total order price that is negotiated by the Representative with the end user customer. The Representatives submit the total order price to us for invoicing and collection. The total order price includes our minimum sales price and an additional amount which may include both the Representatives’ fee and amounts due for additional products and services required by the customer. The Company is considered the principal for the equipment we design and manufacture and records that revenue. The Company has no control over the Third Party Products to the end customer and the Company is under no obligation related to the Third Party Products. Amounts related to Third Party Products are not recognized as revenue but are recorded as a liability and are included in accrued liabilities on the consolidated balance sheets. The Representatives’ fee and Third Party Products amounts (“Due to Representatives”) are paid only after all amounts associated with the order are collected from the customer. The amount of payments to our Representatives were $20.1 million and $10.8 million for the three months ended September 30, 2023 and 2022, respectively, and $46.4 million and $28.7 million for the nine months ended September 30, 2023 and 2022, respectively.
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-Section 50
-Paragraph 12
-Subparagraph (c)
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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v3.23.3
Leases
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Leases [Abstract] |
|
| Leases |
Leases The Company has various lease arrangements for certain manufacturing and warehousing facilities, equipment rental, as well as administrative facilities. Currently, all leases are classified as operating leases. The following table presents the balances by lease type: | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Classification | | September 30, 2023 | | December 31, 2022 | | Operating Leases | | | | | | | | Right of use assets | | Right of use assets | | $ | 12,252 | | | $ | 7,123 | | | Lease liability, short-term | | Accrued liabilities | | $ | 1,858 | | | $ | 1,254 | | | Lease liability, long-term | | Other long-term liabilities | | $ | 10,684 | | | $ | 5,993 | |
Since 2018, the Company has leased the manufacturing, engineering and office space used by our operations in Parkville, Missouri, which is classified as an operating lease. In October 2022, the Parkville, Missouri lease was amended to expand our manufacturing and office space from 51,000 square feet to 86,000 square feet. The amended lease provides for approximately 31,000 square feet of additional manufacturing and engineering space and approximately 4,000 square feet of additional office space. The amended lease extends the lease term through December 31, 2032. In November 2022, the Company entered into a lease agreement for land and facilities in Tulsa, Oklahoma which provides an additional 198,000 square feet to support our operations. The lease term will expire October 31, 2025.On July 28, 2023, the Company entered into a lease agreement with a start date of September 1, 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term is approximately five years with additional renewal options.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Accounts Receivable
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Receivables [Abstract] |
|
| Accounts Receivable |
Accounts Receivable Accounts receivable and the related allowance for credit losses are as follows: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Accounts receivable | $ | 160,493 | | | $ | 127,635 | | | Less: Allowance for credit losses | (385) | | | (477) | | Total, net | $ | 160,108 | | | $ | 127,158 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Allowance for credit losses: | (in thousands) | | Balance, beginning of period | $ | 306 | | | $ | 563 | | | $ | 477 | | | $ | 549 | | Provisions for (recoveries of) expected credit | 79 | | | 119 | | | (92) | | | 300 | | | losses, net of adjustments | | | | | | | | Accounts receivable written off, net of recoveries | — | | | — | | | — | | | (167) | | | Balance, end of period | $ | 385 | | | $ | 682 | | | $ | 385 | | | $ | 682 | |
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| X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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-Publisher FASB
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v3.23.3
Inventories
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories |
Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method. We establish an allowance for excess and obsolete inventories based on product line changes, the feasibility of substituting parts and the need for supply and replacement parts. The components of inventories and related changes in the allowance for excess and obsolete inventories account are as follows: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Raw materials | $ | 209,697 | | | $ | 194,159 | | | Work in process | 4,379 | | | 3,501 | | | Finished goods | 5,219 | | | 5,806 | | Total, gross | 219,295 | | | 203,466 | | | Less: Allowance for excess and obsolete inventories | (4,788) | | | (4,527) | | Total, net | $ | 214,507 | | | $ | 198,939 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Allowance for excess and obsolete inventories: | (in thousands) | | Balance, beginning of period | $ | 5,281 | | | $ | 1,871 | | | $ | 4,527 | | | $ | 1,787 | | | Provision for (recoveries of) excess and | 1,521 | | | 1,232 | | | 2,979 | | | 1,380 | | | obsolete inventories | | | | | | | | | Inventories written off | (2,014) | | | (38) | | | (2,718) | | | (102) | | | Balance, end of period | $ | 4,788 | | | $ | 3,065 | | | $ | 4,788 | | | $ | 3,065 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
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-Publisher FASB
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v3.23.3
Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Intangible Assets |
Intangible assets Our intangible assets consist of the following: | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Definite-lived intangible assets | (in thousands) | | Intellectual property | $ | 6,295 | | | $ | 6,295 | | | Customer relationships | 47,547 | | | 47,547 | | | Less: Accumulated amortization | (6,512) | | | (3,807) | | | Total, net | 47,330 | | | 50,035 | | | | | | | Indefinite-lived intangible assets | | | | | Trademarks | 14,571 | | | 14,571 | | | Total intangible assets, net | $ | 61,901 | | | $ | 64,606 | |
Amortization expense recorded in selling, general and administrative expenses is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Amortization expense | $ | 902 | | | $ | 902 | | | $ | 2,705 | | | $ | 2,698 | |
Excluding the impact of any future acquisitions, the Company anticipates amortization expense to be $3.6 million for each of the years ending 2023 through 2027.
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350-30/tableOfContent
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v3.23.3
Supplemental Cash Flow Information
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Supplemental Cash Flow Information |
Supplemental Cash Flow Information | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Supplemental disclosures: | (in thousands) | | | | | | | | | | Interest paid | $ | 1,187 | | | $ | 974 | | | $ | 3,814 | | | $ | 1,507 | | | Income taxes paid | $ | 12,081 | | | $ | 3,086 | | | $ | 45,724 | | | $ | 14,067 | | | Non-cash investing and financing activities: | | | | | | | | | Non-cash capital expenditures | $ | (1,536) | | | $ | 306 | | | $ | 35 | | | $ | 985 | | | | | | | | | | | | | | | | | |
|
| X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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v3.23.3
Warranties
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Guarantees [Abstract] |
|
| Warranties |
Warranties The Company has product warranties with various terms from one year from the date of first use or 18 months for parts, data center cooling solutions, and cleanroom systems to 25 years for certain heat exchangers. The Company has an obligation to replace parts if conditions under the warranty are met. A provision is made for estimated warranty costs at the time the related products are sold based upon the warranty period, historical trends, new products, and any known identifiable warranty issues. Changes in the warranty accrual are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Warranty accrual: | (in thousands) | | Balance, beginning of period | $ | 16,900 | | | $ | 14,381 | | | $ | 15,682 | | | $ | 13,769 | | | Payments made | (3,337) | | | (2,196) | | | (7,653) | | | (5,094) | | | Warranty expense | 4,248 | | | 3,046 | | | 9,782 | | | 6,556 | | | Balance, end of period | $ | 17,811 | | | $ | 15,231 | | | $ | 17,811 | | | $ | 15,231 | |
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- DefinitionThe entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)
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-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
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-Topic 460
-SubTopic 10
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-Section 50
-Paragraph 4
-Subparagraph (a)(2)
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-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
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-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(3)
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v3.23.3
Accrued Liabilities and Other Long-Term Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Payables and Accruals [Abstract] |
|
| Accrued Liabilities and Other Long-Term Liabilities |
Accrued Liabilities and Other Long-Term Liabilities Accrued liabilities were comprised of the following: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Warranty | $ | 17,811 | | | $ | 15,682 | | | Due to representatives | 15,888 | | | 15,545 | | | Payroll | 18,105 | | | 11,901 | | | Profit sharing | 7,349 | | | 5,451 | | | Workers' compensation | 428 | | | 367 | | | Medical self-insurance | 1,745 | | | 1,178 | | | Customer prepayments | 1,462 | | | 3,750 | | | Donations, short-term | 419 | | | 637 | | Litigation settlement (Note 17) | 7,500 | | | — | | | Accrued income taxes | 113 | | | 12,472 | | | Employee vacation time | 10,131 | | | 6,329 | | | Lease liability, short-term | 1,858 | | | 1,254 | | | Property taxes | 2,493 | | | — | | | Extended warranties, short-term | 2,909 | | | 1,330 | | | Other | 2,775 | | | 2,734 | | Total | $ | 90,986 | | | $ | 78,630 | |
Other long-term liabilities were comprised of the following: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Lease liability | $ | 10,684 | | | $ | 5,993 | | | Extended warranties | 5,009 | | | 4,539 | | | Donations and other | 554 | | | 976 | | Total | $ | 16,247 | | | $ | 11,508 | |
|
| X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a),20,24)
-Publisher FASB
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v3.23.3
Revolving Credit Facility
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Revolving Credit Facility |
Revolving Credit Facility On May 27, 2022, we amended our $100.0 million Amended and Restated Loan Agreement dated November 24, 2021 (as amended, “Revolver”), to provide for maximum borrowings of $200.0 million. As of September 30, 2023 and December 31, 2022, we had $78.4 million and $71.0 million outstanding under the Revolver, respectively. We have two standby letters of credit totaling $2.3 million as of September 30, 2023. Borrowings available under the Revolver at September 30, 2023 were $119.3 million. The Revolver expires on May 27, 2027. On April 20, 2023, we amended the Revolver to allow for the occurrence of transactions associated with the New Markets Tax Credit executed on April 25, 2023 (Note 16). Any outstanding loans under the Revolver bear interest at the daily compounded secured overnight financing rate ("SOFR") plus the applicable margin. Applicable margin, ranging from 1.25% - 1.75%, is determined quarterly based on the Company's leverage ratio. The Company is also subject to letter of credit fees, ranging from 1.25% - 1.75%, and a commitment fee, ranging from 0.10% - 0.20%. The applicable fee percentage is determined quarterly based on the Company's leverage ratio. The weighted average interest rate on borrowings outstanding on the Revolver was 6.5% and 6.3% for the three and nine months ended September 30, 2023, respectively, as compared to 3.5% and 2.5% for the three and nine months ended September 30, 2022, respectively. Fees associated with the unused portion of the committed amount are included in interest expense on our consolidated statements of income for the three and nine months ended September 30, 2023 and 2022. If SOFR cannot be determined pursuant to the definition, as defined by the Revolver agreement, any outstanding affected loans will be deemed to have been converted into alternative base rate ("ABR") loans. ABR loans would bear interest at a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50%, or (c) daily simple SOFR for a one-month tenor in effect on such day plus 1.00%. At September 30, 2023, we were in compliance with our covenants, as defined by the Revolver. Our financial covenants require that we meet certain parameters related to our leverage ratio. At September 30, 2023, our leverage ratio was 0.33 to 1.0, which meets the requirement of not being above 3 to 1.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes The provision (benefit) for income taxes consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | | (in thousands) | | Current | $ | 14,892 | | | $ | 8,763 | | | $ | 33,364 | | | $ | 17,849 | | | Deferred | 521 | | | (436) | | | (3,917) | | | (563) | | | Income tax provision | $ | 15,413 | | | $ | 8,327 | | | $ | 29,447 | | | $ | 17,286 | |
The provision for income taxes differs from the amount computed by applying the Federal statutory income tax rate before the provision for income taxes. The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Federal statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | | 21.0 | % | | State income taxes, net of Federal benefit | 3.4 | | | 5.0 | | | 4.0 | | | 4.7 | | | | | | | | | | | | | | | | | | Excess tax benefits related to share-based compensation (Note 12) | (0.8) | | | (1.5) | | | (3.9) | | | (1.6) | | | Return to provision | 0.9 | | | (0.4) | | | 0.3 | | | (0.5) | | | Research and development credits | (0.2) | | | (0.7) | | | (0.9) | | | (1.0) | | | Change in valuation allowance (Oklahoma Investment Credit) | — | | | — | | | (2.0) | | | — | | | Other | — | | | (0.1) | | | (0.1) | | | (0.7) | | | Effective tax rate | 24.3 | % | | 23.3 | % | | 18.4 | % | | 21.9 | % |
We have historically earned investment tax credits from the state of Oklahoma’s manufacturing property investment program. We use the flow-through method to account for investment tax credits earned on eligible tangible asset expenditures. Under this method, the investment tax credits are recognized as a reduction to our Oklahoma income tax expense in the year they are used. As part of our expansion projects in Oklahoma, we identified a separate, more advantageous Oklahoma credit program (non income tax related) which will cause us to discontinue our accumulation of credits for Oklahoma’s manufacturing property investment program after the 2022 tax year. The Company had investment tax credit carryforwards with a valuation allowance reserved against them as we did not have sufficient taxable income to utilize the carryforwards, in part because we generated more credit each year than we were able to utilize. Because the Company will not generate additional excess credits after our 2022 tax year, we will be able to use our credit carryforwards against future taxable income and the related valuation allowance was reversed resulting in a one-time benefit of $3.1 million to the income tax provision for the nine months ended September 30, 2023. As of September 30, 2023, we have investment tax credit carryforwards of approximately $3.8 million. These credits have estimated expirations from the year 2039 through 2043. The Company's estimated annual 2023 effective tax rate, excluding discrete events, is approximately 24.1%. We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. income tax examinations for tax years 2019 to present, and to non-U.S. income tax examinations for the tax years 2018 to present. In addition, we are subject to state and local income tax examinations for the tax years 2018 to present. The Company continues to evaluate its need to file returns in various state jurisdictions. Any interest or penalties would be recognized as a component of income tax expense.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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v3.23.3
Share-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Share-Based Compensation |
Share-Based Compensation As discussed in Note 15, the Company declared a three-for-two stock split effective August 16, 2023. All share and per share information has been updated to reflect the effect of this stock split. On May 22, 2007, our stockholders adopted a Long-Term Incentive Plan (“LTIP”) which provided an additional 5.0 million shares that could be granted in the form of stock options, stock appreciation rights, restricted stock awards, performance units and performance awards. Under the LTIP, the exercise price of shares granted could not be less than 100% of the fair market value at the date of the grant. On May 24, 2016, our stockholders adopted the 2016 Long-Term Incentive Plan ("2016 Plan") which provides for approximately 13.4 million shares, comprised of 5.1 million new shares provided for under the 2016 Plan, approximately 0.6 million shares that were available for issuance under the previous LTIP that are now authorized for issuance under the 2016 Plan, approximately 3.9 million shares that were approved by the stockholders on May 15, 2018, and an additional 3.8 million shares that were approved by the stockholders on May 12, 2020. Under the 2016 Plan, shares can be granted in the form of stock options, stock appreciation rights, restricted stock awards, performance awards, dividend equivalent rights, and other awards. Under the 2016 Plan, the exercise price of shares granted may not be less than 100% of the fair market value at the date of the grant. The 2016 Plan is administered by the Compensation Committee of the Board of Directors or such other committee of the Board of Directors as is designated by the Board of Directors (the “Committee”). Membership on the Committee is limited to independent directors. The Committee may delegate certain duties to one or more officers of the Company as provided in the 2016 Plan. The Committee determines the persons to whom awards are to be made, determines the type, size and terms of awards, interprets the 2016 Plan, establishes and revises rules and regulations relating to the 2016 Plan and makes any other determinations that it believes necessary for the administration of the 2016 Plan. Options The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the nine months ended September 30, 2023 and 2022 using a Black Scholes-Merton Model: | | | | | | | | | | | | | | Nine months ended | | | September 30, 2023 | | September 30, 2022 | Directors and SLT1: | | | | | Expected (annual) dividend rate | $0.32 | | $0.25 | | Expected volatility | 37.89% | | 36.00% | | Risk-free interest rate | 4.39% | | 2.21% | | Expected life (in years) | 4.0 | | 4.0 | | Employees: | | | | | Expected (annual) dividend rate | $0.32 | | $0.25 | | Expected volatility | 38.30% | | 37.38% | | Risk-free interest rate | 4.41% | | 2.20% | | Expected life (in years) | 3.0 | | 3.0 | 1 SLT consists of officers and key members of management. |
The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of our stock over time periods equal to the expected life at grant date. The following is a summary of stock options vested and exercisable as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range of
Exercise
Prices | | Number
of
Shares | | Weighted Average Remaining Contractual Life (in years) | | Weighted
Average
Exercise
Price | | Intrinsic Value (in thousands) | | $ | 13.95 | | - | $ | 27.58 | | | 1,528,983 | | | 4.52 | | $ | 24.70 | | | $ | 49,191 | | | $ | 28.28 | | - | $ | 37.16 | | | 534,293 | | | 6.72 | | 30.91 | | | 13,870 | | | $ | 37.63 | | - | $ | 69.62 | | | 210,415 | | | 7.44 | | 48.06 | | | 1,857 | | | | Total | | 2,273,691 | | | 5.31 | | $ | 28.32 | | | $ | 64,918 | |
A summary of stock option activity under the plans is as follows: | | | | | | | | | | | | | Stock Options | Shares | | Weighted
Average
Exercise
Price | Outstanding at December 31, 2022 | 4,560,520 | | | $ | 30.14 | | Granted | 326,506 | | | 61.16 | | Exercised | (864,524) | | | 29.19 | | Forfeited or Expired | (106,291) | | | 33.90 | | Outstanding at September 30, 2023 | 3,916,211 | | | $ | 32.83 | | Exercisable at September 30, 2023 | 2,273,691 | | | $ | 28.32 | |
The total pre-tax compensation cost related to unvested stock options not yet recognized as of September 30, 2023 is $10.7 million and is expected to be recognized over a weighted average period of approximately 1.3 years. The total intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022 was $27.6 million and $6.7 million, respectively. The cash received from options exercised during the nine months ended September 30, 2023 and 2022 was $25.3 million and $11.0 million, respectively. The impact of these cash receipts is included in financing activities in the accompanying consolidated statements of cash flows. Restricted Stock The fair value of restricted stock awards is based on the fair market value of AAON, Inc. common stock on the respective grant dates, reduced for the present value of dividends. At September 30, 2023, unrecognized compensation cost related to unvested restricted stock awards was approximately $5.7 million, which is expected to be recognized over a weighted average period of approximately 1.5 years. A summary of the unvested restricted stock awards is as follows: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | Unvested at December 31, 2022 | 217,168 | | | $ | 33.34 | | Granted | 73,633 | | | 59.70 | | Vested | (92,977) | | | 32.57 | | Forfeited | (4,846) | | | 38.52 | | Unvested at September 30, 2023 | 192,978 | | | $ | 43.64 | |
PSUs We have awarded performance restricted stock units ("PSUs") to certain officers and employees under our 2016 Plan. Unlike our restricted stock awards, these PSUs are not considered legally outstanding and do not accrue dividends during the vesting period. These PSUs vest based on the level of achievement with respect to the Company's total shareholder return ("TSR") benchmarked against similar companies included in the capital goods sector of the S&P SmallCap 600 Index. The TSR measurement period is three years. At the end of the measurement period, each award will be converted into common stock at 0% to 200% of the PSUs held, depending on overall TSR as compared to the S&P SmallCap 600 Index benchmark companies. The total pre-tax compensation cost related to unvested PSUs not yet recognized as of September 30, 2023 is $5.0 million and is expected to be recognized over a weighted average period of approximately 1.7 years. The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the nine months ended September 30, 2023 and 2022 using a Monte Carlo Model: | | | | | | | | | | | | | | Nine months ended | | | September 30, 2023 | | September 30, 2022 | | | | | | Expected (annual) dividend rate | $0.32 | | $0.25 | | Expected volatility | 32.71% | | 37.60% | | Risk-free interest rate | 4.66% | | 2.00% | | Expected life (in years) | 2.8 | | 2.8 |
The expected term of the PSUs is based on their remaining performance period. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of our stock over time periods equal to the expected life at grant date. A summary of the unvested PSUs is as follows: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | Unvested at December 31, 2022 | 93,982 | | | $ | 36.62 | | Granted | 58,130 | | | 84.42 | | Vested | — | | | — | | Forfeited | — | | | — | | Unvested at September 30, 20231 | 152,112 | | | $ | 54.88 | | 1Consists of 22,222 PSUs cliff vesting December 31, 2023, 71,760 PSUs cliff vesting December 31, 2024, and 58,130 PSUs cliff vesting December 31, 2025. |
Key Employee Awards As part of the December 2021 acquisition of BASX, the Company granted awards to key employees of BASX ("Key Employee Awards"). Unlike our restricted stock awards under the 2016 Plan, the Key Employee Awards are not considered legally outstanding and do not accrue dividends during the vesting period. The potential future issuance of the Key Employee Awards is contingent upon BASX meeting certain post-closing earn-out milestones during each of the years ending 2021, 2022 and 2023 as defined by the BASX acquisition membership interest purchase agreement ("MIPA Agreement") and continued employment with the Company. At the end of the earn-out period, ending December 31, 2023, each eligible Key Employee Award will vest and be converted into common stock. The fair value of Key Employee Awards is based on the fair market value of AAON common stock on the grant date. The total pre-tax compensation cost related to unvested Key Employee Awards not yet recognized as of September 30, 2023 is $0.3 million and is expected to be recognized over a weighted average period of approximately 0.3 years. A summary of the unvested Key Employee Awards is as follows: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | Unvested at December 31, 2022 | 39,899 | | | $ | 53.45 | | Granted | — | | | — | | Vested | — | | | — | | Forfeited | — | | | — | | Unvested at September 30, 2023 | 39,899 | | | $ | 53.45 | |
Share-Based Compensation A summary of share-based compensation is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Grant date fair value of awards during the period: | (in thousands) | | Options | $ | 106 | | | $ | 480 | | | $ | 5,224 | | | $ | 5,979 | | | PSUs | — | | | 109 | | | 4,907 | | | 2,190 | | | Restricted stock | 246 | | | 164 | | | 4,396 | | | 3,319 | | | | | | | | | | | Total | $ | 352 | | | $ | 753 | | | $ | 14,527 | | | $ | 11,488 | | | | | | | | | | | Share-based compensation expense: | | | | | | | | | Options | $ | 2,228 | | | $ | 2,104 | | | $ | 6,604 | | | $ | 6,483 | | | PSUs | 737 | | | 188 | | | 1,820 | | | 665 | | | Restricted stock | 1,053 | | | 768 | | | 2,903 | | | 2,290 | | | Key employee awards | 261 | | | 261 | | | 775 | | | 791 | | | Total | $ | 4,279 | | | $ | 3,321 | | | $ | 12,102 | | | $ | 10,229 | | | | | | | | | | | Income tax benefit related to share-based compensation: | | Options | $ | 478 | | | $ | 531 | | | $ | 5,639 | | | $ | 1,022 | | | Restricted stock | 16 | | | 3 | | | 680 | | | 231 | | | Total | $ | 494 | | | $ | 534 | | | $ | 6,319 | | | $ | 1,253 | |
Share-based compensation expense is recognized on a straight-line basis over the service period of the related share-based compensation award. Historically, stock options and restricted stock awards, granted to employees, vested at a rate of 20% per year. Restricted stock awards granted to directors historically vested one-third each year or, if granted on or after May 2019, vest over the shorter of directors' remaining elected term or one-third each year. As of March 2021, all new grants of stock options and restricted stock awards, granted to employees, vest at a rate of 33.3% per year. Forfeitures are accounted for as they occur. Historically, if the employee or director is retirement eligible (as defined by the applicable LTIP or 2016 Plan) or becomes retirement eligible during the service period of the related share-based compensation award, the service period (and compensation expense recognition) is the lesser of 1) the grant date, if retirement eligible on grant date, or 2) the period between grant date and retirement eligible date. All stock options and restricted stock awards granted on or after March 1, 2020 to retirement eligible employees or directors contain a one-year employment requirement (minimum service period) or the entire award is forfeited. Forfeitures are accounted for as they occur. The PSUs cliff vest on December 31, at the end of the third year from the date of grant. Share-based compensation expense is recognized on a straight-line basis over the service period of PSUs. The PSUs are subject to several service and market conditions, as defined by the PSU agreement, which allows the holder to retain a pro-rata amount of awards as a result of certain termination conditions, retirement, change in common control, or death. Forfeitures are accounted for as they occur. The Key Employee Awards cliff vest on December 31, 2023. Share-based compensation expense is recognized on a straight-line basis over the service period of the Key Employee Awards when it is probable that the performance conditions will be satisfied. The Key Employee Awards are subject to several service and performance conditions, as defined by the Key Employee Award agreement, which allows the holder to retain an amount of the awards as a result of certain termination conditions or change in common control. Forfeitures are accounted for as they occur.
|
| X |
- DefinitionThe entire disclosure for share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
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v3.23.3
Employee Benefits
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Employee Benefits |
Employee Benefits Defined Contribution Plan - 401(k) We sponsor a defined contribution plan (the “Plan”). Eligible employees may make contributions in accordance with the Plan and IRS guidelines. In addition to the traditional 401(k), eligible employees are given the option of making an after-tax contribution to a Roth 401(k) or a combination of both. The Plan provides for automatic enrollment and for an automatic increase to the deferral percentage at January 1st of each year and each year thereafter. Eligible employees are automatically enrolled in the Plan at a 6% deferral rate and currently contributing employees deferral rates will be increased to 6% unless their current rate is at or above 6% or the employee elects to decline the automatic enrollment or increase. Administrative expenses are paid for by Plan participants. The Company paid no administrative expenses during the nine months ended September 30, 2023 and 2022. The Company matches 175% up to 6% of employee contributions of eligible compensation. Additionally, Plan participant forfeitures are used to reduce the cost of the Company contributions. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Contributions, net of forfeitures, made to the defined contribution plan | $ | 4,497 | | | $ | 4,189 | | | $ | 13,164 | | | $ | 10,768 | |
Profit Sharing Bonus Plans We maintain a discretionary profit sharing bonus plan under which approximately 10% of pre-tax profit from AAON Oklahoma and AAON Coil Products is paid to eligible employees on a quarterly basis in order to reward employee productivity. Eligible employees are regular full-time employees of AAON Oklahoma or AAON Coil Products who are actively employed and working on the first and last days of the calendar quarter and who were employed full-time for at least three full months prior to the beginning of the calendar quarter, excluding the Company's senior leadership team. BASX has a separate employee incentive program (EIP) under which 5% of BASX's pre-tax profit, plus certain add backs, is paid ratably to eligible employees based on days-of-pay during the fiscal year. Eligible employees are regular full-time and part-time employees who have worked during the year and are still employed when the EIP payment is made following the end of the fiscal year, excluding members of BASX's senior leadership team and any employee paid commissions or royalties.
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Profit sharing bonus plan and employee incentive plan expense | $ | 6,954 | | | $ | 4,137 | | | $ | 17,772 | | | $ | 8,952 | |
Employee Medical Plan At AAON Oklahoma and AAON Coil Products, we self-insure for our employees' health insurance, and make medical claim payments up to certain stop-loss amounts. We estimate our self-insurance liabilities using an analysis provided by our claims administrator and our historical claims experience. Eligible employees are regular full-time employees who are actively employed and working. Participants are expected to pay a portion of the premium costs for coverage of the benefits provided under the Plans. In addition, the Company matches 175% of a participating AAON Oklahoma and AAON Coil Products employee's allowed contributions to a qualified health saving account to assist employees with health insurance plan deductibles. BASX is insured for healthcare coverage through a third party. Eligible employees are regular full-time employees who are actively employed and working. Participants are expected to pay a portion of the premium costs for coverage of the benefits provided under the Plans. In addition, the Company contributes certain amounts for BASX's employees enrolled in a high deductible plan to a qualified health savings account to assist employees with health insurance plan deductibles. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Medical premium payments | $ | 4,455 | | | $ | 3,429 | | | $ | 11,255 | | | $ | 7,418 | | | Health saving account contributions | 1,460 | | | 968 | | | 3,718 | | | 2,871 | |
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v3.23.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards. The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Numerator: | (in thousands, except share and per share data) | Net income | $ | 48,078 | | | $ | 27,473 | | | $ | 130,574 | | | $ | 61,478 | | | Denominator: | | | | | | | | Basic weighted average shares3 | 81,418,800 | | | 79,777,987 | | | 81,140,473 | | | 79,543,925 | | Effect of dilutive shares related to stock based compensation1,3 | 1,974,254 | | | 1,160,087 | | | 1,993,664 | | | 1,135,815 | | Effect of dilutive shares related to contingent consideration2 ,3 | — | | | — | | | 141,071 | | | 203,058 | | Diluted weighted average shares3 | 83,393,054 | | | 80,938,074 | | | 83,275,208 | | | 80,882,798 | | | Earnings per share: | | | | | | | | Basic3 | $ | 0.59 | | | $ | 0.34 | | | $ | 1.61 | | | $ | 0.77 | | Dilutive3 | $ | 0.58 | | | $ | 0.34 | | | $ | 1.57 | | | $ | 0.76 | | | Anti-dilutive shares: | | | | | | | | Shares3 | 360,408 | | | 1,146,759 | | | 296,072 | | | 1,040,848 | | 1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12) | 2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15) | 3 Reflects three-for-two stock split effective August 16, 2023. |
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v3.23.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Stockholders' Equity |
Stockholders’ Equity Stock Repurchases The Board has authorized one active stock repurchase program for the Company. The Company may purchase shares on the open market from time to time. The Board must authorize the timing and amount of these purchases and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market. Our open market repurchase programs are as follows: | | | | | | | | | | | | | | | | Effective Date | | Authorized Repurchase $ | | Expiration Date | | | | | | | | | | | | | | | | | March 13, 2020 | | $20 million | | November 9, 2022 | | November 3, 2022 | | $50 million | | ** 1, 2 | | 1 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. | 2 As of September 30, 2023, there is approximately $25.0 million remaining under the current stock repurchase program. |
The Company repurchases shares of AAON, Inc. stock from employees for payment of statutory tax withholdings on stock transactions. All other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices. Lastly, the Company also had a stock repurchase arrangement by which employee-participants in our 401(k) savings and investment plan were entitled to have shares in AAON, Inc. stock in their accounts sold to the Company. The 401(k) Plan was amended in June 2022 to discontinue this program. No additional shares have been purchased by the Company under this arrangement since June 2022. Our repurchase activity is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended | | | September 30, 2023 | | September 30, 2022 | | | (in thousands, except share and per share data) | | Program | | Shares1 | | Total $ | | $ per share1 | | Shares1 | | Total $ | | $ per share1 | | Open market | | 402,873 | | | $ | 25,009 | | | $ | 62.08 | | | 53,218 | | | $ | 2,030 | | | $ | 38.14 | | | 401(k) | | — | | | — | | | — | | | 155,904 | | | 5,913 | | | 37.93 | | | Employees | | 20,218 | | | 1,202 | | | 59.45 | | | 24,889 | | | 978 | | | 39.29 | | Total | | 423,091 | | | $ | 26,211 | | | $ | 61.95 | | | 234,011 | | | $ | 8,921 | | | $ | 38.12 | | 1 Reflects three-for-two stock split effective August 16, 2023. |
Our repurchase activity since Company inception, including our current authorized stock repurchase programs, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Inception to | | September 30, 2023 | | | (in thousands, except share and per share data) | | Program | | Shares1 | | Total $ | | $ per share1 | | Open market | | 6,893,924 | | | $ | 106,625 | | | $ | 15.47 | | | 401(k) | | 12,462,552 | | | 171,789 | | | 13.78 | | | Directors and employees | | 3,087,651 | | | 24,562 | | | 7.95 | | Total | | 22,444,127 | | | $ | 302,976 | | | $ | 13.50 | | 1 Reflects three-for-two stock split effective August 16, 2023. |
Cash Dividends At the discretion of the Board, we pay cash dividends. Board approval is required to determine the date of declaration and amount for each cash dividend payment. Our recent cash dividends are as follows: | | | | | | | | | | | | | | | Declaration Date1 | Record Date | Payment Date | Dividend per Share2 | Annualized Dividend per Share2 | | | | | | | | | | | | May 18, 2022 | June 3, 2022 | July 1, 2022 | $0.13 | $0.26 | | November 8, 2022 | November 28, 2022 | December 16, 2022 | $0.16 | $0.32 | | March 1, 2023 | March 13, 2023 | March 31, 2023 | $0.08 | $0.32 | | May 18, 2023 | June 9, 2023 | June 30, 2023 | $0.08 | $0.32 | | August 18, 2023 | September 8, 2023 | September 29, 2023 | $0.08 | $0.32 | 1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends. | 2 Reflects three-for-two stock split effective August 16, 2023. |
Stock Split On July 7, 2023, the Board of Directors declared a three-for-two stock split of the Company's common stock to be paid in the form of a stock dividend. Stockholders of record at the close of business on July 28, 2023 received one additional share for every two shares they held as of that date on August 16, 2023 (ex-dividend date August 17, 2023). Cash was paid in lieu of fractional shares (approximately $0.5 million). All share and per share information has been updated to reflect the effects of this stock split. The retroactive effect of the stock split resulted in an approximately $0.1 million reclass between common stock and retained earnings within stockholders' equity on the consolidated balance sheet. Contingent Shares Issued in BASX Acquisition As discussed above, the Company declared a three-for-two stock split effective August 16, 2023. All share and per share information has been updated to reflect the effect of this stock split. In December 2021, we closed on the acquisition of BASX. Under the MIPA Agreement, we committed to $78.0 million in the aggregate of contingent consideration to the former owners of BASX, which is payable in approximately 1.56 million shares of the Company's common stock, par value $0.004 per share. The shares do not accrue dividends. Under the MIPA Agreement, the potential future issuance of the shares is contingent upon BASX meeting certain post-closing earn-out milestones during each of the years ended 2021, 2022, and 2023. Based on the final allocation of the consideration paid, we estimated the fair value of contingent consideration related to these shares to be approximately $60.0 million, which is included in additional paid-in capital on the consolidated balance sheets. As of September 30, 2023, 0.58 million shares and 0.73 million shares related to the earn-out milestones for the years ended 2022 and 2021, respectively, have been issued to the former owners of BASX as private placements exempt from registration with the SEC under Rule 506(b), which are included in common stock on the consolidated statements of stockholders' equity.
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v3.23.3
New Market Tax Credit
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| New Market Tax Credit [Abstract] |
|
| New Market Tax Credit |
New Markets Tax Credit 2019 New Markets Tax Credit On October 24, 2019, the Company entered into a transaction with a subsidiary of an unrelated third-party financial institution (the “2019 Investor”) and a certified Community Development Entity under a qualified New Markets Tax Credit (“2019 NMTC”) program pursuant to Section 45D of the Internal Revenue Code of 1986, as amended, related to an investment in plant and equipment to facilitate the expansion of our Longview, Texas manufacturing operations (the “2019 Project”). In connection with the 2019 NMTC transaction, the Company received a $23.0 million NMTC allocation for the Project and secured low interest financing and the potential for future debt forgiveness related to the 2019 Project. Upon closing of the 2019 NMTC transaction, the Company provided an aggregate of approximately $15.9 million to the 2019 Investor, in the form of a loan receivable, with a term of twenty-five years, bearing an interest rate of 1.0%. This $15.9 million in proceeds plus capital contributed from the 2019 Investor was used to make an aggregate $22.5 million loan to a subsidiary of the Company. This financing arrangement is secured by equipment at the Company's Longview, Texas facilities and a guarantee from the Company, including an unconditional guarantee of the NMTCs. This transaction also includes a put/call feature either of which can be exercised at the end of the seven-year compliance period. The 2019 Investor may exercise its put option or the Company can exercise the call, both of which could serve to trigger forgiveness of a portion of the debt. The 2019 Investor's interest of $6.5 million is recorded in New market tax credit obligation on the consolidated balance sheets. The Company incurred approximately $0.3 million of debt issuance costs related to the above transactions, which are being amortized over the life of the transaction. 2023 New Markets Tax Credit On April 25, 2023, the Company entered into a transaction with a subsidiary of an unrelated third-party financial institution (the “2023 Investor”) and a certified Community Development Entity under a qualified New Markets Tax Credit (“2023 NMTC”) program pursuant to Section 45D of the Internal Revenue Code of 1986, as amended, related to an investment in plant and equipment to facilitate the expansion of our Longview, Texas manufacturing operations (the “2023 Project”). In connection with the 2023 NMTC transaction, the Company received a $23.0 million NMTC allocation for the 2023 Project and secured low interest financing and the potential for future debt forgiveness related to the expansion of its Longview, Texas facilities. Upon closing of the 2023 NMTC transaction, the Company provided an aggregate of approximately $16.7 million to the Investor, in the form of a loan receivable, with a term of twenty-five years, bearing an interest rate of 1.0%. This $16.7 million in proceeds plus capital contributed from the 2023 Investor was used to make an aggregate $23.8 million loan to a subsidiary of the Company. This financing arrangement is secured by a guarantee from the Company, including an unconditional guarantee of the NMTCs. The net proceeds from the closing of the 2023 NMTC is included in restricted cash on our consolidated balance sheets required to be used for the 2023 Project. This transaction also includes a put/call feature either of which can be exercised at the end of the seven-year compliance period. The 2023 Investor may exercise its put option or the Company can exercise the call, both of which could serve to trigger forgiveness of a portion of the debt. The 2023 Investor's interest of $5.7 million is recorded in New market tax credit obligation on the consolidated balance sheets. The Company incurred approximately $0.4 million of debt issuance costs related to the above transactions, which are being amortized over the life of the transaction. The 2019 Investor and 2023 Investor are each subject to 100 percent recapture of the 2019 and 2023 NMTC, respectively, it receives for a period of seven years, as provided in the Internal Revenue Code and applicable U.S. Treasury regulations in the event that the financing facility of the Borrower under the transaction (AAON Coil Products, Inc.) becomes ineligible for NMTC treatment per the Internal Revenue Code requirements. The Company is required to be in compliance with various regulations and contractual provisions that apply to the 2019 NMTC arrangements and 2023 NMTC arrangements, respectively. Noncompliance with applicable requirements could result in the 2019 and/or 2023 Investors' projected tax benefits not being realized and, therefore, require the Company to indemnify the 2019 Investor and 2023 Investor for any loss or recapture of the 2019 NMTC and 2023 NMTC, respectively, related to the financing until such time as the recapture provisions have expired under the applicable statute of limitations. The Company does not anticipate any credit recapture will be required in connection with either of these financing arrangements. The 2019 Investor and 2023 Investor and its majority owned community development entity are considered VIEs and the Company is the primary beneficiary of the VIEs. Because the Company is the primary beneficiary of the VIEs, they have been included in the consolidated financial statements. There are no other assets, liabilities or transactions in these VIEs outside of the financing transactions executed as part of the 2019 NMTC or 2023 NMTC arrangements, respectively.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Havtech Litigation On January 24, 2022, one of the Company’s former independent sales representative firms, Havtech, LLC (and its affiliate, Havtech Parts Division, LLC, collectively “Plaintiffs”), filed a complaint (the “Complaint”) in the Circuit Court for Howard County, Maryland (Havtech, LLC, et al., v. AAON, Inc., et al.). The Complaint challenged the Company’s termination of its business relationship with Plaintiffs. The Company removed the action to the United States District Court for the District of Maryland (Northern Division) and moved to dismiss the Complaint. Plaintiffs’ First Amended Complaint (“First Amended Complaint”) was entered by the court on July 28, 2022. The First Amended Complaint asserts that the Company improperly terminated Plaintiffs and seeks damages alleged to be no less than $48.6 million, plus fees and costs. The Company filed its Answer to First Amended Complaint on January 31, 2023. On September 28, 2023, the parties attended a court ordered settlement conference and agreed to resolve the case for $7.5 million. A settlement agreement was entered into on October 25, 2023 and the case has been dismissed with prejudice. The settlement of $7.5 million has been included in accrued liabilities on our consolidated balance sheets and selling, general and administrative expenses on our consolidated statement of income. The final payment was made on October 26, 2023. Other Matters The Company is involved from time to time in claims and lawsuits incidental to our business arising from various matters, including alleged violations of contract, product liability, warranty, environmental, regulatory, personal injury, intellectual property, employment, tax and other laws. We closely monitor these claims and legal actions and frequently consult with our legal counsel to determine whether they may, when resolved, have a material adverse effect on our financial position, results of operations or cash flows and we accrue and/or disclose loss contingencies as appropriate. We do not believe these matters will have a material adverse effect on our business, financial position, results of operations or cash flows. We are occasionally party to short-term and long-term, cancellable and occasionally non-cancellable, contracts with major suppliers for the purchase of raw material and component parts. We expect to receive delivery of raw material and component parts for use in our manufacturing operations. These contracts are not accounted for as derivative instruments because they meet the normal purchase and normal sales exemption. We had no material contractual purchase obligations as of September 30, 2023, except as noted below. On April 27, 2022, the Company entered into a purchase and sale agreement with a third-party manufacturer to purchase certain assets to design and manufacture fan wheels for the purchase price of $6.5 million. As of September 30, 2023, we have paid approximately $3.5 million related to this agreement, which is included in other long-term assets and property, plant and equipment, with the remaining $3.0 million included in accounts payable and other long-term assets on our consolidated balance sheets. The final payment was made on October 30, 2023.
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v3.23.3
Related Parties
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Parties |
Related Parties The following is a summary of transactions and balances with related parties: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Sales to affiliates | $ | 1,047 | | | $ | 450 | | | $ | 4,811 | | | $ | 3,529 | | | Payments to affiliates | 90 | | | 30 | | | 872 | | | 1,033 | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | | | | (in thousands) | | Due from affiliates | | | | | $ | 190 | | | $ | 432 | | | Due to affiliates | | | | | 232 | | | — | |
The nature of our related party transactions is as follows:•The Company sells units to an entity owned by a member of the CEO/President's immediate family. This entity is also one of the Company’s Representatives and as such, the Company makes payments to the entity for third party products. •The Company purchases some supplies from entities controlled by two of the Company’s board members and a member of the Company's executive management team. •The Company periodically makes part sales and makes payments to a board member related to a consulting agreement. •The Company periodically rents space partially owned by the CEO/President for various Company meetings. •From December 10, 2021 through May 31, 2022, the Company leased a manufacturing and office facility in Redmond, Oregon from an entity in which certain members of BASX management have an ownership interest. This facility was purchased 100% by the Company on May 31, 2022.
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v3.23.3
Segments
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Segments |
Segments The Company has determined that it has three reportable segments for financial reporting purposes. Management evaluates the performance of its business segments primarily on gross profit. The Company's chief operating decision maker ("CODM"), our CEO, allocates resources and assesses the performance of each operating segment using information about the operating segment's net sales and income from operations. The CODM does not evaluate operating segments using asset or liability information. AAON Oklahoma: AAON Oklahoma designs, manufactures, sells and services standard, semi-custom and custom heating, ventilation and air conditioning ("HVAC") systems, designs and produces controls solutions for all of our HVAC units and sells retail parts to customers through our two retail part stores in Tulsa, Oklahoma as well as online. Through our Norman Asbjornson Innovation Center ("NAIC") research and development laboratory facility in Tulsa, Oklahoma, the Company is able to test units under various environmental conditions. AAON Oklahoma includes the operations of our Tulsa, Oklahoma and Parkville, Missouri facilities, our NAIC research and development laboratory facility and two retail parts locations. AAON Coil Products: AAON Coil Products designs and manufactures a selection of our standard, semi-custom and custom HVAC systems. AAON Coil Products also designs and manufactures various heating and cooling coils to be used in HVAC systems, mostly for the benefit of AAON Oklahoma and AAON Coil Products. AAON Coil Products consists of operations at our Longview, Texas facilities. BASX: BASX provides product development design and manufacturing of custom engineered air handling systems including high efficiency data center cooling solutions, cleanroom HVAC systems, commercial/industrial HVAC systems and modular solutions. Additionally, BASX designs and manufactures cleanroom environmental control systems to support hospital surgical suites, pharmaceutical process facilities, semiconductor and electronics manufacturing, laboratory and isolation modular cleanrooms for facility flexibility. BASX consists of operations at our Redmond, Oregon facility. The following table summarizes certain financial data related to our segments. Transactions between segments are recorded based on prices negotiated between the segments. The Gross Profit amounts shown below are presented after elimination entries. | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | | Net Sales | | | | | (in thousands) | | | AAON Oklahoma | | | | | | | | | | External sales | $ | 246,454 | | | $ | 179,169 | | | $ | 666,670 | | | $ | 476,517 | | | | Inter-segment sales | 768 | | | 998 | | | 3,467 | | | 2,157 | | | | AAON Coil Products | | | | | | | | | | External sales | 25,769 | | | 30,504 | | | 89,262 | | | 79,193 | | | | Inter-segment sales | 11,871 | | | 8,037 | | | 28,687 | | | 24,047 | | | | BASX | | | | | | | | | | External sales | 39,747 | | | 32,932 | | | 105,948 | | | 78,480 | | | | Inter-segment sales | (74) | | | 61 | | | 1,426 | | | 61 | | | | Eliminations | (12,565) | | | (9,096) | | | (33,580) | | | (26,265) | | | | Net sales | $ | 311,970 | | | $ | 242,605 | | | $ | 861,880 | | | $ | 634,190 | | | | | | | | | | | | | Gross Profit | | | | | | | | | | AAON Oklahoma | $ | 94,174 | | | $ | 45,643 | | | $ | 231,403 | | | $ | 111,216 | | | | AAON Coil Products | 8,307 | | | 10,564 | | | 22,948 | | | 26,344 | | | | BASX | 13,628 | | | 9,384 | | | 32,930 | | | 21,471 | | | | Gross profit | $ | 116,109 | | | $ | 65,591 | | | $ | 287,281 | | | $ | 159,031 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | Long-lived assets | (in thousands) | | | AAON Oklahoma | $ | 251,298 | | | $ | 213,731 | | | | AAON Coil Products | 77,434 | | | 68,013 | | | | BASX | 45,805 | | | 35,578 | | | | Total long-lived assets | $ | 374,537 | | | $ | 317,322 | | | | | | | | | Intangible assets and goodwill | | | | | | AAON Oklahoma | $ | 3,229 | | | $ | 3,229 | | | | AAON Coil Products | — | | | — | | | | BASX | 140,564 | | | 143,269 | | | | Total intangible assets and goodwill | $ | 143,793 | | | $ | 146,498 | | |
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v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Pay vs Performance Disclosure |
|
|
|
|
|
| Net income |
$ 48,078
|
$ 27,473
|
$ 130,574
|
[1] |
$ 61,478
|
|
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v3.23.3
Insider Trading Arrangements - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
| Trading Arrangements, by Individual |
|
|
|
| Material Terms of Trading Arrangement |
|
|
The following table describes contracts, instructions or written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). | | | | | | | | | | | | | | | | | | | | | | Name and Title of Director or Officer | | Date of Adoption of Arrangement | | Duration of the Arrangement | | Aggregate Number of Securities to be Purchased or Sold Pursuant to the Arrangement | | Stephen E. Wakefield | | November 23, 2022 | | Terminated May 17, 2023 | | 95,788 | | Vice President and Chief Operating Officer | | | | | | | | | | | | | | | Stephen E. Wakefield | | September 13, 2023 | | Expires August 30, 2024 | | 181,000 | | Vice President and Chief Operating Officer | | | | | | |
|
| Non-Rule 10b5-1 Arrangement Adopted |
false
|
|
|
| Non-Rule 10b5-1 Arrangement Terminated |
false
|
|
|
| Stephen E. Wakefield [Member] |
|
|
|
| Trading Arrangements, by Individual |
|
|
|
| Name |
Stephen E. Wakefield
|
Stephen E. Wakefield
|
|
| Title |
Vice President and Chief Operating Officer
|
Vice President and Chief Operating Officer
|
|
| Rule 10b5-1 Arrangement Adopted |
true
|
|
|
| Adoption Date |
September 13, 2023
|
November 23, 2022
|
|
| Arrangement Duration |
352 days
|
175 days
|
|
| Aggregate Available |
181,000
|
95,788
|
181,000
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v3.23.3
General (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Basis of Presentation and Significant Accounting Policies [Abstract] |
|
| Use of Estimates |
Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because these estimates and assumptions require significant judgment, actual results could differ from those estimates and could have a significant impact on our results of operations, financial position and cash flows. We reevaluate our estimates and assumptions as needed, but at a minimum on a quarterly basis. The most significant estimates include, but are not limited to, inventory valuation, inventory reserves, warranty accrual, medical insurance accrual, income taxes, useful lives of property, plant, and equipment, estimated future use of leased property, share-based compensation, business combinations, revenue percentage of completion and estimated costs to complete. Actual results could differ materially from those estimates. Inflation and Labor Market In 2022 and continuing into 2023, we have witnessed increases in our raw material and component prices. Due to our favorable liquidity position, we continue to make strategic purchases of materials when we see opportunities. We continue to manage the increase in the cost of raw materials through price increases for our products. We have also experienced supply chain challenges related to specific manufacturing parts, which we have managed through our strong vendor relationships as well as expanding our list of vendors. Additionally, we continue to experience challenges in a tight labor market, especially the hiring of both skilled and unskilled production labor. We have implemented the following wage increases to remain competitive and to attract and retain employees: •In March 2022, we awarded annual merit raises for an overall 3.0% increase to wages. •In October 2022, we implemented a cost of living increase of 3.5% in place for all employees below the Senior Leadership Team ("SLT") level. •In March 2023, we awarded annual merit raises for an overall 3.9% increase to wages. We will continue to implement human resource initiatives to retain and attract labor to further increase production capacity. Beginning in 2023, initiatives included changing our employee paid time off policy, historically awarded in arrears at the beginning of each quarter, to accrue ratably over each pay period. Additionally, we enhanced our benefits for short-term disability, life insurance, paid parental leave, and paid military leave. Despite efforts to mitigate the impact of inflation, supply chain issues and the tight labor market, future disruptions, while temporary, could negatively impact our consolidated financial position, results of operations and cash flows.
|
| Fair Value Measurements |
Fair Value Measurements The carrying amounts of cash and cash equivalents, receivables, accounts payable, and accrued liabilities approximate fair value because of the short-term maturity of the items. The carrying amount of the Company’s revolving line of credit, and other payables, approximate their fair values either due to their short term nature, the variable rates associated with the debt or based on current rates offered to the Company for debt with similar characteristics. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels: •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 fair values of property, plant and equipment, intangible assets, contingent consideration, and goodwill acquired in a business combination. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to a fair value measurement requires judgment, considering factors specific to the asset or liability.
|
| Intangible Assets |
Definite-Lived Intangible AssetsOur definite-lived intangible assets include various trademarks, service marks, and technical knowledge acquired in business combinations. We amortize our definite-lived intangible assets on a straight-line basis over the estimated useful lives of the assets. We evaluate the carrying value of our amortizable intangible assets for potential impairment when events and circumstances warrant such a review.
|
| Goodwill |
Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the consideration paid for the acquired businesses over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment at least annually. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant. The changes in the carrying amount of goodwill were as follows: | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | 2023 | | 2022 | | | | (in thousands) | | | Balance, beginning of period | $ | 81,892 | | | $ | 85,727 | | | | Additions due to acquisitions | — | | | — | | | | Decreases due to business combination revisions1 | — | | | (3,835) | | | | | Balance, end of period | $ | 81,892 | | | $ | 81,892 | | | | 1 Revisions related to the December 2021 acquisition of BASX. | | | | | |
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification ("ASC"). We consider the applicability and impact of all ASUs. ASUs not listed or included within the Company's Annual Report on Form 10-K for the year ended December 31, 2022, were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements and notes thereto.
|
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v3.23.3
General (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Basis of Presentation and Significant Accounting Policies [Abstract] |
|
| Schedule of Intangible Assets |
Amortization is computed using the straight-line method over the following estimated useful lives: | | | | | | | Intellectual property | 30 years | | Customer relationships | 14 years |
Our intangible assets consist of the following: | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Definite-lived intangible assets | (in thousands) | | Intellectual property | $ | 6,295 | | | $ | 6,295 | | | Customer relationships | 47,547 | | | 47,547 | | | Less: Accumulated amortization | (6,512) | | | (3,807) | | | Total, net | 47,330 | | | 50,035 | | | | | | | Indefinite-lived intangible assets | | | | | Trademarks | 14,571 | | | 14,571 | | | Total intangible assets, net | $ | 61,901 | | | $ | 64,606 | |
|
| Schedule of Goodwill |
The changes in the carrying amount of goodwill were as follows: | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | 2023 | | 2022 | | | | (in thousands) | | | Balance, beginning of period | $ | 81,892 | | | $ | 85,727 | | | | Additions due to acquisitions | — | | | — | | | | Decreases due to business combination revisions1 | — | | | (3,835) | | | | | Balance, end of period | $ | 81,892 | | | $ | 81,892 | | | | 1 Revisions related to the December 2021 acquisition of BASX. | | | | | |
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v3.23.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of Disaggregation of Revenue |
The following tables show disaggregated net sales by reportable segment (Note 19) by major source, net of intercompany sales eliminations. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 221,417 | | | $ | — | | | $ | — | | | $ | 221,417 | | | Condensing units | — | | | 7,636 | | | — | | | 7,636 | | | Air handlers | — | | | 9,862 | | | 7,558 | | | 17,420 | | | Outdoor mechanical rooms | — | | | 62 | | | — | | | 62 | | | Cleanroom systems | — | | | — | | | 5,355 | | | 5,355 | | | Data center cooling solutions | — | | | 3,284 | | | 25,726 | | | 29,010 | | | Water-source heat pumps | — | | | 3,898 | | | — | | | 3,898 | | | Part sales | 17,756 | | | 4 | | | 371 | | | 18,131 | | Other1 | 7,281 | | | 1,023 | | | 737 | | | 9,041 | | | $ | 246,454 | | | $ | 25,769 | | | $ | 39,747 | | | $ | 311,970 | | | | | | | | | | | Three Months Ended September 30, 2022 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 154,171 | | | $ | — | | | $ | — | | | $ | 154,171 | | | Condensing units | — | | | 12,720 | | | — | | | 12,720 | | | Air handlers | — | | | 14,380 | | | 2,211 | | | 16,591 | | | Outdoor mechanical rooms | 58 | | | 118 | | | — | | | 176 | | | Cleanroom systems | — | | | — | | | 15,283 | | | 15,283 | | | Data center cooling solutions | — | | | — | | | 14,884 | | | 14,884 | | | Water-source heat pumps | 3,236 | | | 2,445 | | | — | | | 5,681 | | | Part sales | 15,724 | | | — | | | 176 | | | 15,900 | | Other1 | 5,980 | | | 841 | | | 378 | | | 7,199 | | | $ | 179,169 | | | $ | 30,504 | | | $ | 32,932 | | | $ | 242,605 | | 1 Other sales include freight, extended warranties and miscellaneous revenue. |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 597,508 | | | $ | — | | | $ | — | | | $ | 597,508 | | | Condensing units | 61 | | | 34,243 | | | — | | | 34,304 | | | Air handlers | — | | | 34,693 | | | 13,196 | | | 47,889 | | | Outdoor mechanical rooms | 208 | | | 274 | | | — | | | 482 | | | Cleanroom systems | — | | | — | | | 35,063 | | | 35,063 | | | Data center cooling solutions | — | | | 6,524 | | | 56,079 | | | 62,603 | | | Water-source heat pumps | 3,128 | | | 10,064 | | | — | | | 13,192 | | | Part sales | 47,623 | | | 5 | | | 862 | | | 48,490 | | Other1 | 18,142 | | | 3,459 | | | 748 | | | 22,349 | | | $ | 666,670 | | | $ | 89,262 | | | $ | 105,948 | | | $ | 861,880 | | | | | | | | | | | Nine Months Ended September 30, 2022 | | AAON Oklahoma | | AAON Coil Products | | BASX | | Total | | (in thousands) | | Rooftop units | $ | 414,493 | | | $ | — | | | $ | — | | | $ | 414,493 | | | Condensing units | 242 | | | 33,645 | | | — | | | 33,887 | | | Air handlers | — | | | 35,358 | | | 6,495 | | | 41,853 | | | Outdoor mechanical rooms | 612 | | | 488 | | | — | | | 1,100 | | | Cleanroom systems | — | | | — | | | 31,568 | | | 31,568 | | | Data center cooling solutions | — | | | — | | | 38,589 | | | 38,589 | | | Water-source heat pumps | 8,098 | | | 6,596 | | | — | | | 14,694 | | | Part sales | 39,797 | | | — | | | 507 | | | 40,304 | | Other1 | 13,275 | | | 3,106 | | | 1,321 | | | 17,702 | | | $ | 476,517 | | | $ | 79,193 | | | $ | 78,480 | | | $ | 634,190 | | 1 Other sales include freight, extended warranties and miscellaneous revenue. |
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v3.23.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Leases [Abstract] |
|
| Schedule of Lessee, Operating Lease, Liability, Maturity |
The following table presents the balances by lease type: | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Classification | | September 30, 2023 | | December 31, 2022 | | Operating Leases | | | | | | | | Right of use assets | | Right of use assets | | $ | 12,252 | | | $ | 7,123 | | | Lease liability, short-term | | Accrued liabilities | | $ | 1,858 | | | $ | 1,254 | | | Lease liability, long-term | | Other long-term liabilities | | $ | 10,684 | | | $ | 5,993 | |
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v3.23.3
Accounts Receivable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Receivables [Abstract] |
|
| Accounts Receivable |
| | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Accounts receivable | $ | 160,493 | | | $ | 127,635 | | | Less: Allowance for credit losses | (385) | | | (477) | | Total, net | $ | 160,108 | | | $ | 127,158 | |
|
| Allowance for Doubtful Accounts |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Allowance for credit losses: | (in thousands) | | Balance, beginning of period | $ | 306 | | | $ | 563 | | | $ | 477 | | | $ | 549 | | Provisions for (recoveries of) expected credit | 79 | | | 119 | | | (92) | | | 300 | | | losses, net of adjustments | | | | | | | | Accounts receivable written off, net of recoveries | — | | | — | | | — | | | (167) | | | Balance, end of period | $ | 385 | | | $ | 682 | | | $ | 385 | | | $ | 682 | |
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v3.23.3
Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories |
The components of inventories and related changes in the allowance for excess and obsolete inventories account are as follows: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Raw materials | $ | 209,697 | | | $ | 194,159 | | | Work in process | 4,379 | | | 3,501 | | | Finished goods | 5,219 | | | 5,806 | | Total, gross | 219,295 | | | 203,466 | | | Less: Allowance for excess and obsolete inventories | (4,788) | | | (4,527) | | Total, net | $ | 214,507 | | | $ | 198,939 | |
|
| Inventories (Allowance) |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Allowance for excess and obsolete inventories: | (in thousands) | | Balance, beginning of period | $ | 5,281 | | | $ | 1,871 | | | $ | 4,527 | | | $ | 1,787 | | | Provision for (recoveries of) excess and | 1,521 | | | 1,232 | | | 2,979 | | | 1,380 | | | obsolete inventories | | | | | | | | | Inventories written off | (2,014) | | | (38) | | | (2,718) | | | (102) | | | Balance, end of period | $ | 4,788 | | | $ | 3,065 | | | $ | 4,788 | | | $ | 3,065 | |
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v3.23.3
Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Intangible Assets |
Amortization is computed using the straight-line method over the following estimated useful lives: | | | | | | | Intellectual property | 30 years | | Customer relationships | 14 years |
Our intangible assets consist of the following: | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Definite-lived intangible assets | (in thousands) | | Intellectual property | $ | 6,295 | | | $ | 6,295 | | | Customer relationships | 47,547 | | | 47,547 | | | Less: Accumulated amortization | (6,512) | | | (3,807) | | | Total, net | 47,330 | | | 50,035 | | | | | | | Indefinite-lived intangible assets | | | | | Trademarks | 14,571 | | | 14,571 | | | Total intangible assets, net | $ | 61,901 | | | $ | 64,606 | |
|
| Schedule of Amortization Expense |
Amortization expense recorded in selling, general and administrative expenses is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Amortization expense | $ | 902 | | | $ | 902 | | | $ | 2,705 | | | $ | 2,698 | |
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v3.23.3
Supplemental Cash Flow Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Supplemental Cash Flow Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Supplemental disclosures: | (in thousands) | | | | | | | | | | Interest paid | $ | 1,187 | | | $ | 974 | | | $ | 3,814 | | | $ | 1,507 | | | Income taxes paid | $ | 12,081 | | | $ | 3,086 | | | $ | 45,724 | | | $ | 14,067 | | | Non-cash investing and financing activities: | | | | | | | | | Non-cash capital expenditures | $ | (1,536) | | | $ | 306 | | | $ | 35 | | | $ | 985 | | | | | | | | | | | | | | | | | |
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v3.23.3
Warranties (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Guarantees [Abstract] |
|
| Warranty |
Changes in the warranty accrual are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Warranty accrual: | (in thousands) | | Balance, beginning of period | $ | 16,900 | | | $ | 14,381 | | | $ | 15,682 | | | $ | 13,769 | | | Payments made | (3,337) | | | (2,196) | | | (7,653) | | | (5,094) | | | Warranty expense | 4,248 | | | 3,046 | | | 9,782 | | | 6,556 | | | Balance, end of period | $ | 17,811 | | | $ | 15,231 | | | $ | 17,811 | | | $ | 15,231 | |
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-Topic 460
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v3.23.3
Accrued Liabilities and Other Long-Term Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Payables and Accruals [Abstract] |
|
| Accrued Liabilities |
Accrued liabilities were comprised of the following: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Warranty | $ | 17,811 | | | $ | 15,682 | | | Due to representatives | 15,888 | | | 15,545 | | | Payroll | 18,105 | | | 11,901 | | | Profit sharing | 7,349 | | | 5,451 | | | Workers' compensation | 428 | | | 367 | | | Medical self-insurance | 1,745 | | | 1,178 | | | Customer prepayments | 1,462 | | | 3,750 | | | Donations, short-term | 419 | | | 637 | | Litigation settlement (Note 17) | 7,500 | | | — | | | Accrued income taxes | 113 | | | 12,472 | | | Employee vacation time | 10,131 | | | 6,329 | | | Lease liability, short-term | 1,858 | | | 1,254 | | | Property taxes | 2,493 | | | — | | | Extended warranties, short-term | 2,909 | | | 1,330 | | | Other | 2,775 | | | 2,734 | | Total | $ | 90,986 | | | $ | 78,630 | |
|
| Schedule of Other Long-Term Liabilities |
Other long-term liabilities were comprised of the following: | | | | | | | | | | | | | | September 30,
2023 | | December 31, 2022 | | | (in thousands) | | Lease liability | $ | 10,684 | | | $ | 5,993 | | | Extended warranties | 5,009 | | | 4,539 | | | Donations and other | 554 | | | 976 | | Total | $ | 16,247 | | | $ | 11,508 | |
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v3.23.3
Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision (benefit) for income taxes consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | | (in thousands) | | Current | $ | 14,892 | | | $ | 8,763 | | | $ | 33,364 | | | $ | 17,849 | | | Deferred | 521 | | | (436) | | | (3,917) | | | (563) | | | Income tax provision | $ | 15,413 | | | $ | 8,327 | | | $ | 29,447 | | | $ | 17,286 | |
|
| Schedule of Effective Income Tax Rate Reconciliation |
The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Federal statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | | 21.0 | % | | State income taxes, net of Federal benefit | 3.4 | | | 5.0 | | | 4.0 | | | 4.7 | | | | | | | | | | | | | | | | | | Excess tax benefits related to share-based compensation (Note 12) | (0.8) | | | (1.5) | | | (3.9) | | | (1.6) | | | Return to provision | 0.9 | | | (0.4) | | | 0.3 | | | (0.5) | | | Research and development credits | (0.2) | | | (0.7) | | | (0.9) | | | (1.0) | | | Change in valuation allowance (Oklahoma Investment Credit) | — | | | — | | | (2.0) | | | — | | | Other | — | | | (0.1) | | | (0.1) | | | (0.7) | | | Effective tax rate | 24.3 | % | | 23.3 | % | | 18.4 | % | | 21.9 | % |
|
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v3.23.3
Share-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock Option Assumptions |
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the nine months ended September 30, 2023 and 2022 using a Black Scholes-Merton Model: | | | | | | | | | | | | | | Nine months ended | | | September 30, 2023 | | September 30, 2022 | Directors and SLT1: | | | | | Expected (annual) dividend rate | $0.32 | | $0.25 | | Expected volatility | 37.89% | | 36.00% | | Risk-free interest rate | 4.39% | | 2.21% | | Expected life (in years) | 4.0 | | 4.0 | | Employees: | | | | | Expected (annual) dividend rate | $0.32 | | $0.25 | | Expected volatility | 38.30% | | 37.38% | | Risk-free interest rate | 4.41% | | 2.20% | | Expected life (in years) | 3.0 | | 3.0 | 1 SLT consists of officers and key members of management. |
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the nine months ended September 30, 2023 and 2022 using a Monte Carlo Model: | | | | | | | | | | | | | | Nine months ended | | | September 30, 2023 | | September 30, 2022 | | | | | | Expected (annual) dividend rate | $0.32 | | $0.25 | | Expected volatility | 32.71% | | 37.60% | | Risk-free interest rate | 4.66% | | 2.00% | | Expected life (in years) | 2.8 | | 2.8 |
|
| Summary of Stock Options Outstanding |
The following is a summary of stock options vested and exercisable as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range of
Exercise
Prices | | Number
of
Shares | | Weighted Average Remaining Contractual Life (in years) | | Weighted
Average
Exercise
Price | | Intrinsic Value (in thousands) | | $ | 13.95 | | - | $ | 27.58 | | | 1,528,983 | | | 4.52 | | $ | 24.70 | | | $ | 49,191 | | | $ | 28.28 | | - | $ | 37.16 | | | 534,293 | | | 6.72 | | 30.91 | | | 13,870 | | | $ | 37.63 | | - | $ | 69.62 | | | 210,415 | | | 7.44 | | 48.06 | | | 1,857 | | | | Total | | 2,273,691 | | | 5.31 | | $ | 28.32 | | | $ | 64,918 | |
|
| Summary of Stock Option Activity |
A summary of stock option activity under the plans is as follows: | | | | | | | | | | | | | Stock Options | Shares | | Weighted
Average
Exercise
Price | Outstanding at December 31, 2022 | 4,560,520 | | | $ | 30.14 | | Granted | 326,506 | | | 61.16 | | Exercised | (864,524) | | | 29.19 | | Forfeited or Expired | (106,291) | | | 33.90 | | Outstanding at September 30, 2023 | 3,916,211 | | | $ | 32.83 | | Exercisable at September 30, 2023 | 2,273,691 | | | $ | 28.32 | |
|
| Summary of Unvested Restricted Stock Awards |
A summary of the unvested restricted stock awards is as follows: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | Unvested at December 31, 2022 | 217,168 | | | $ | 33.34 | | Granted | 73,633 | | | 59.70 | | Vested | (92,977) | | | 32.57 | | Forfeited | (4,846) | | | 38.52 | | Unvested at September 30, 2023 | 192,978 | | | $ | 43.64 | |
|
| Schedule of Nonvested Key Employee Award Activity |
A summary of the unvested Key Employee Awards is as follows: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | Unvested at December 31, 2022 | 39,899 | | | $ | 53.45 | | Granted | — | | | — | | Vested | — | | | — | | Forfeited | — | | | — | | Unvested at September 30, 2023 | 39,899 | | | $ | 53.45 | |
|
| Schedule of Nonvested Performance-based Units Activity |
A summary of the unvested PSUs is as follows: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | Unvested at December 31, 2022 | 93,982 | | | $ | 36.62 | | Granted | 58,130 | | | 84.42 | | Vested | — | | | — | | Forfeited | — | | | — | | Unvested at September 30, 20231 | 152,112 | | | $ | 54.88 | | 1Consists of 22,222 PSUs cliff vesting December 31, 2023, 71,760 PSUs cliff vesting December 31, 2024, and 58,130 PSUs cliff vesting December 31, 2025. |
|
| Summary of Share-Based Compensation Expense |
A summary of share-based compensation is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Grant date fair value of awards during the period: | (in thousands) | | Options | $ | 106 | | | $ | 480 | | | $ | 5,224 | | | $ | 5,979 | | | PSUs | — | | | 109 | | | 4,907 | | | 2,190 | | | Restricted stock | 246 | | | 164 | | | 4,396 | | | 3,319 | | | | | | | | | | | Total | $ | 352 | | | $ | 753 | | | $ | 14,527 | | | $ | 11,488 | | | | | | | | | | | Share-based compensation expense: | | | | | | | | | Options | $ | 2,228 | | | $ | 2,104 | | | $ | 6,604 | | | $ | 6,483 | | | PSUs | 737 | | | 188 | | | 1,820 | | | 665 | | | Restricted stock | 1,053 | | | 768 | | | 2,903 | | | 2,290 | | | Key employee awards | 261 | | | 261 | | | 775 | | | 791 | | | Total | $ | 4,279 | | | $ | 3,321 | | | $ | 12,102 | | | $ | 10,229 | | | | | | | | | | | Income tax benefit related to share-based compensation: | | Options | $ | 478 | | | $ | 531 | | | $ | 5,639 | | | $ | 1,022 | | | Restricted stock | 16 | | | 3 | | | 680 | | | 231 | | | Total | $ | 494 | | | $ | 534 | | | $ | 6,319 | | | $ | 1,253 | |
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v3.23.3
Employee Benefits (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Contributions Made to Defined Contribution Plan |
The Company matches 175% up to 6% of employee contributions of eligible compensation. Additionally, Plan participant forfeitures are used to reduce the cost of the Company contributions. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Contributions, net of forfeitures, made to the defined contribution plan | $ | 4,497 | | | $ | 4,189 | | | $ | 13,164 | | | $ | 10,768 | |
|
| Schedule of Profit Sharing Bonus Plan |
We maintain a discretionary profit sharing bonus plan under which approximately 10% of pre-tax profit from AAON Oklahoma and AAON Coil Products is paid to eligible employees on a quarterly basis in order to reward employee productivity. Eligible employees are regular full-time employees of AAON Oklahoma or AAON Coil Products who are actively employed and working on the first and last days of the calendar quarter and who were employed full-time for at least three full months prior to the beginning of the calendar quarter, excluding the Company's senior leadership team. BASX has a separate employee incentive program (EIP) under which 5% of BASX's pre-tax profit, plus certain add backs, is paid ratably to eligible employees based on days-of-pay during the fiscal year. Eligible employees are regular full-time and part-time employees who have worked during the year and are still employed when the EIP payment is made following the end of the fiscal year, excluding members of BASX's senior leadership team and any employee paid commissions or royalties.
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Profit sharing bonus plan and employee incentive plan expense | $ | 6,954 | | | $ | 4,137 | | | $ | 17,772 | | | $ | 8,952 | |
|
| Schedule of Employee Medical Plan |
At AAON Oklahoma and AAON Coil Products, we self-insure for our employees' health insurance, and make medical claim payments up to certain stop-loss amounts. We estimate our self-insurance liabilities using an analysis provided by our claims administrator and our historical claims experience. Eligible employees are regular full-time employees who are actively employed and working. Participants are expected to pay a portion of the premium costs for coverage of the benefits provided under the Plans. In addition, the Company matches 175% of a participating AAON Oklahoma and AAON Coil Products employee's allowed contributions to a qualified health saving account to assist employees with health insurance plan deductibles. BASX is insured for healthcare coverage through a third party. Eligible employees are regular full-time employees who are actively employed and working. Participants are expected to pay a portion of the premium costs for coverage of the benefits provided under the Plans. In addition, the Company contributes certain amounts for BASX's employees enrolled in a high deductible plan to a qualified health savings account to assist employees with health insurance plan deductibles. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Medical premium payments | $ | 4,455 | | | $ | 3,429 | | | $ | 11,255 | | | $ | 7,418 | | | Health saving account contributions | 1,460 | | | 968 | | | 3,718 | | | 2,871 | |
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v3.23.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Numerator: | (in thousands, except share and per share data) | Net income | $ | 48,078 | | | $ | 27,473 | | | $ | 130,574 | | | $ | 61,478 | | | Denominator: | | | | | | | | Basic weighted average shares3 | 81,418,800 | | | 79,777,987 | | | 81,140,473 | | | 79,543,925 | | Effect of dilutive shares related to stock based compensation1,3 | 1,974,254 | | | 1,160,087 | | | 1,993,664 | | | 1,135,815 | | Effect of dilutive shares related to contingent consideration2 ,3 | — | | | — | | | 141,071 | | | 203,058 | | Diluted weighted average shares3 | 83,393,054 | | | 80,938,074 | | | 83,275,208 | | | 80,882,798 | | | Earnings per share: | | | | | | | | Basic3 | $ | 0.59 | | | $ | 0.34 | | | $ | 1.61 | | | $ | 0.77 | | Dilutive3 | $ | 0.58 | | | $ | 0.34 | | | $ | 1.57 | | | $ | 0.76 | | | Anti-dilutive shares: | | | | | | | | Shares3 | 360,408 | | | 1,146,759 | | | 296,072 | | | 1,040,848 | | 1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12) | 2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15) | 3 Reflects three-for-two stock split effective August 16, 2023. |
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v3.23.3
Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of Market Repurchase |
Our open market repurchase programs are as follows: | | | | | | | | | | | | | | | | Effective Date | | Authorized Repurchase $ | | Expiration Date | | | | | | | | | | | | | | | | | March 13, 2020 | | $20 million | | November 9, 2022 | | November 3, 2022 | | $50 million | | ** 1, 2 | | 1 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. | 2 As of September 30, 2023, there is approximately $25.0 million remaining under the current stock repurchase program. |
|
| Schedule of Share Repurchases |
Our repurchase activity is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended | | | September 30, 2023 | | September 30, 2022 | | | (in thousands, except share and per share data) | | Program | | Shares1 | | Total $ | | $ per share1 | | Shares1 | | Total $ | | $ per share1 | | Open market | | 402,873 | | | $ | 25,009 | | | $ | 62.08 | | | 53,218 | | | $ | 2,030 | | | $ | 38.14 | | | 401(k) | | — | | | — | | | — | | | 155,904 | | | 5,913 | | | 37.93 | | | Employees | | 20,218 | | | 1,202 | | | 59.45 | | | 24,889 | | | 978 | | | 39.29 | | Total | | 423,091 | | | $ | 26,211 | | | $ | 61.95 | | | 234,011 | | | $ | 8,921 | | | $ | 38.12 | | 1 Reflects three-for-two stock split effective August 16, 2023. |
Our repurchase activity since Company inception, including our current authorized stock repurchase programs, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Inception to | | September 30, 2023 | | | (in thousands, except share and per share data) | | Program | | Shares1 | | Total $ | | $ per share1 | | Open market | | 6,893,924 | | | $ | 106,625 | | | $ | 15.47 | | | 401(k) | | 12,462,552 | | | 171,789 | | | 13.78 | | | Directors and employees | | 3,087,651 | | | 24,562 | | | 7.95 | | Total | | 22,444,127 | | | $ | 302,976 | | | $ | 13.50 | | 1 Reflects three-for-two stock split effective August 16, 2023. |
|
| Schedule of Dividends Payable |
Our recent cash dividends are as follows: | | | | | | | | | | | | | | | Declaration Date1 | Record Date | Payment Date | Dividend per Share2 | Annualized Dividend per Share2 | | | | | | | | | | | | May 18, 2022 | June 3, 2022 | July 1, 2022 | $0.13 | $0.26 | | November 8, 2022 | November 28, 2022 | December 16, 2022 | $0.16 | $0.32 | | March 1, 2023 | March 13, 2023 | March 31, 2023 | $0.08 | $0.32 | | May 18, 2023 | June 9, 2023 | June 30, 2023 | $0.08 | $0.32 | | August 18, 2023 | September 8, 2023 | September 29, 2023 | $0.08 | $0.32 | 1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends. | 2 Reflects three-for-two stock split effective August 16, 2023. |
|
| Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | Numerator: | (in thousands, except share and per share data) | Net income | $ | 48,078 | | | $ | 27,473 | | | $ | 130,574 | | | $ | 61,478 | | | Denominator: | | | | | | | | Basic weighted average shares3 | 81,418,800 | | | 79,777,987 | | | 81,140,473 | | | 79,543,925 | | Effect of dilutive shares related to stock based compensation1,3 | 1,974,254 | | | 1,160,087 | | | 1,993,664 | | | 1,135,815 | | Effect of dilutive shares related to contingent consideration2 ,3 | — | | | — | | | 141,071 | | | 203,058 | | Diluted weighted average shares3 | 83,393,054 | | | 80,938,074 | | | 83,275,208 | | | 80,882,798 | | | Earnings per share: | | | | | | | | Basic3 | $ | 0.59 | | | $ | 0.34 | | | $ | 1.61 | | | $ | 0.77 | | Dilutive3 | $ | 0.58 | | | $ | 0.34 | | | $ | 1.57 | | | $ | 0.76 | | | Anti-dilutive shares: | | | | | | | | Shares3 | 360,408 | | | 1,146,759 | | | 296,072 | | | 1,040,848 | | 1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12) | 2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15) | 3 Reflects three-for-two stock split effective August 16, 2023. |
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v3.23.3
Related Parties (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Schedule of Related Party Transactions |
The following is a summary of transactions and balances with related parties: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2023 | | September 30,
2022 | | September 30,
2023 | | September 30,
2022 | | (in thousands) | | Sales to affiliates | $ | 1,047 | | | $ | 450 | | | $ | 4,811 | | | $ | 3,529 | | | Payments to affiliates | 90 | | | 30 | | | 872 | | | 1,033 | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | | | | (in thousands) | | Due from affiliates | | | | | $ | 190 | | | $ | 432 | | | Due to affiliates | | | | | 232 | | | — | |
The nature of our related party transactions is as follows:•The Company sells units to an entity owned by a member of the CEO/President's immediate family. This entity is also one of the Company’s Representatives and as such, the Company makes payments to the entity for third party products. •The Company purchases some supplies from entities controlled by two of the Company’s board members and a member of the Company's executive management team. •The Company periodically makes part sales and makes payments to a board member related to a consulting agreement. •The Company periodically rents space partially owned by the CEO/President for various Company meetings. •From December 10, 2021 through May 31, 2022, the Company leased a manufacturing and office facility in Redmond, Oregon from an entity in which certain members of BASX management have an ownership interest. This facility was purchased 100% by the Company on May 31, 2022.
|
| X |
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v3.23.3
Segments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
The following table summarizes certain financial data related to our segments. Transactions between segments are recorded based on prices negotiated between the segments. The Gross Profit amounts shown below are presented after elimination entries. | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | | Net Sales | | | | | (in thousands) | | | AAON Oklahoma | | | | | | | | | | External sales | $ | 246,454 | | | $ | 179,169 | | | $ | 666,670 | | | $ | 476,517 | | | | Inter-segment sales | 768 | | | 998 | | | 3,467 | | | 2,157 | | | | AAON Coil Products | | | | | | | | | | External sales | 25,769 | | | 30,504 | | | 89,262 | | | 79,193 | | | | Inter-segment sales | 11,871 | | | 8,037 | | | 28,687 | | | 24,047 | | | | BASX | | | | | | | | | | External sales | 39,747 | | | 32,932 | | | 105,948 | | | 78,480 | | | | Inter-segment sales | (74) | | | 61 | | | 1,426 | | | 61 | | | | Eliminations | (12,565) | | | (9,096) | | | (33,580) | | | (26,265) | | | | Net sales | $ | 311,970 | | | $ | 242,605 | | | $ | 861,880 | | | $ | 634,190 | | | | | | | | | | | | | Gross Profit | | | | | | | | | | AAON Oklahoma | $ | 94,174 | | | $ | 45,643 | | | $ | 231,403 | | | $ | 111,216 | | | | AAON Coil Products | 8,307 | | | 10,564 | | | 22,948 | | | 26,344 | | | | BASX | 13,628 | | | 9,384 | | | 32,930 | | | 21,471 | | | | Gross profit | $ | 116,109 | | | $ | 65,591 | | | $ | 287,281 | | | $ | 159,031 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | Long-lived assets | (in thousands) | | | AAON Oklahoma | $ | 251,298 | | | $ | 213,731 | | | | AAON Coil Products | 77,434 | | | 68,013 | | | | BASX | 45,805 | | | 35,578 | | | | Total long-lived assets | $ | 374,537 | | | $ | 317,322 | | | | | | | | | Intangible assets and goodwill | | | | | | AAON Oklahoma | $ | 3,229 | | | $ | 3,229 | | | | AAON Coil Products | — | | | — | | | | BASX | 140,564 | | | 143,269 | | | | Total intangible assets and goodwill | $ | 143,793 | | | $ | 146,498 | | |
|
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v3.23.3
General (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
Sep. 30, 2023
USD ($)
numberOfVIE
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
numberOfVIE
|
Sep. 30, 2022
USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022
USD ($)
|
Oct. 31, 2022 |
Mar. 31, 2022 |
| Basis of Presentation and Significant Accounting Policies [Abstract] |
|
|
|
|
|
|
|
|
| Number of variable interest entities with directed activities | numberOfVIE |
5
|
|
5
|
|
|
|
|
|
| Percent on overall increase in wages |
|
|
|
|
3.90%
|
|
|
3.00%
|
| Percent of cost of living increase |
|
|
|
|
|
|
3.50%
|
|
| Provision for excess and obsolete inventories, net of write-offs |
|
|
$ 2,979
|
$ 1,380
|
|
|
|
|
| Intangible assets, net |
$ 61,901
|
|
61,901
|
|
|
$ 64,606
|
|
|
| Amortization of intangible assets |
902
|
$ 902
|
2,705
|
2,698
|
|
|
|
|
| Goodwill |
$ 81,892
|
|
81,892
|
|
|
$ 81,892
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
| Provision for excess and obsolete inventories, net of write-offs |
|
|
2,979
|
1,380
|
|
|
|
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
(33,439)
|
(25,624)
|
|
|
|
|
| Provision for excess and obsolete inventories, net of write-offs |
|
|
$ 2,979
|
1,380
|
|
|
|
|
| Intellectual property |
|
|
|
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
| Useful life |
30 years
|
|
30 years
|
|
|
|
|
|
| Customer relationships |
|
|
|
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
| Useful life |
14 years
|
|
14 years
|
|
|
|
|
|
| Adjustment |
|
|
|
|
|
|
|
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
$ 1,800
|
|
|
|
|
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v3.23.3
Revenue Recognition - Disaggregated Net Sales (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
$ 311,970
|
$ 242,605
|
$ 861,880
|
$ 634,190
|
| AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
246,454
|
179,169
|
666,670
|
476,517
|
| AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
25,769
|
30,504
|
89,262
|
79,193
|
| BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
39,747
|
32,932
|
105,948
|
78,480
|
| Rooftop units |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
221,417
|
154,171
|
597,508
|
414,493
|
| Rooftop units | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
221,417
|
154,171
|
597,508
|
414,493
|
| Rooftop units | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Rooftop units | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Condensing units |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
7,636
|
12,720
|
34,304
|
33,887
|
| Condensing units | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
61
|
242
|
| Condensing units | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
7,636
|
12,720
|
34,243
|
33,645
|
| Condensing units | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Air handlers |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
17,420
|
16,591
|
47,889
|
41,853
|
| Air handlers | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Air handlers | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
9,862
|
14,380
|
34,693
|
35,358
|
| Air handlers | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
7,558
|
2,211
|
13,196
|
6,495
|
| Outdoor mechanical rooms |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
62
|
176
|
482
|
1,100
|
| Outdoor mechanical rooms | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
58
|
208
|
612
|
| Outdoor mechanical rooms | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
62
|
118
|
274
|
488
|
| Outdoor mechanical rooms | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Cleanroom systems |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
5,355
|
15,283
|
35,063
|
31,568
|
| Cleanroom systems | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Cleanroom systems | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Cleanroom systems | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
5,355
|
15,283
|
35,063
|
31,568
|
| Data center cooling solutions |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
29,010
|
14,884
|
62,603
|
38,589
|
| Data center cooling solutions | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Data center cooling solutions | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
3,284
|
0
|
6,524
|
0
|
| Data center cooling solutions | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
25,726
|
14,884
|
56,079
|
38,589
|
| Water-source heat pumps |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
3,898
|
5,681
|
13,192
|
14,694
|
| Water-source heat pumps | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
3,236
|
3,128
|
8,098
|
| Water-source heat pumps | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
3,898
|
2,445
|
10,064
|
6,596
|
| Water-source heat pumps | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
0
|
0
|
0
|
0
|
| Part sales |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
18,131
|
15,900
|
48,490
|
40,304
|
| Part sales | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
17,756
|
15,724
|
47,623
|
39,797
|
| Part sales | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
4
|
0
|
5
|
0
|
| Part sales | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
371
|
176
|
862
|
507
|
| Other |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
9,041
|
7,199
|
22,349
|
17,702
|
| Other | AAON Oklahoma |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
7,281
|
5,980
|
18,142
|
13,275
|
| Other | AAON Coil Products |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
1,023
|
841
|
3,459
|
3,106
|
| Other | BasX |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net sales |
$ 737
|
$ 378
|
$ 748
|
$ 1,321
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
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v3.23.3
Leases (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Leases [Abstract] |
|
|
| Right of use assets |
$ 12,252
|
$ 7,123
|
| Lease liability, short-term |
1,858
|
1,254
|
| Lease liability, long-term |
$ 10,684
|
$ 5,993
|
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v3.23.3
Leases - Additional Information (Details) - squareFoot
|
Jul. 28, 2023 |
Nov. 30, 2022 |
Oct. 31, 2022 |
Sep. 30, 2022 |
| MISSOURI |
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
| Number of square feet |
|
|
86,000
|
51,000
|
| OKLAHOMA |
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
| Number of square feet |
|
198,000
|
|
|
| OREGON |
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
| Number of square feet |
72,000
|
|
|
|
| Lease term |
5 years
|
|
|
|
| Industrial Property |
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
| Number of square feet |
|
|
31,000
|
|
| Office Building |
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
| Number of square feet |
|
|
4,000
|
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v3.23.3
Inventories - Components (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
| Inventory Disclosure [Abstract] |
|
|
|
|
|
|
| Raw materials |
$ 209,697
|
|
$ 194,159
|
|
|
|
| Work in process |
4,379
|
|
3,501
|
|
|
|
| Finished goods |
5,219
|
|
5,806
|
|
|
|
| Total, gross |
219,295
|
|
203,466
|
|
|
|
| Less: Allowance for excess and obsolete inventories |
(4,788)
|
$ (5,281)
|
(4,527)
|
$ (3,065)
|
$ (1,871)
|
$ (1,787)
|
| Total, net |
$ 214,507
|
|
$ 198,939
|
|
|
|
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-Topic 210
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-Subparagraph (SX 210.5-02(6)(a)(1))
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- DefinitionGross amount, as of the balance sheet date, of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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-Topic 210
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v3.23.3
Inventories - Allowance (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Inventory Valuation Reserves [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 5,281
|
$ 1,871
|
$ 4,527
|
$ 1,787
|
| Provision (recovery of) for excess and obsolete inventories |
1,521
|
1,232
|
2,979
|
1,380
|
| Inventories written off |
(2,014)
|
(38)
|
(2,718)
|
(102)
|
| Balance, end of period |
$ 4,788
|
$ 3,065
|
$ 4,788
|
$ 3,065
|
| X |
- DefinitionCharge to expense for inventory that is expected to be excess or obsolete.
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v3.23.3
Intangible Assets (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Less: Accumulated amortization |
$ (6,512)
|
|
$ (6,512)
|
|
$ (3,807)
|
| Total, net |
47,330
|
|
47,330
|
|
50,035
|
| Indefinite-lived intangible assets |
14,571
|
|
14,571
|
|
14,571
|
| Total intangible assets, net |
61,901
|
|
61,901
|
|
64,606
|
| Amortization of intangible assets |
902
|
$ 902
|
2,705
|
$ 2,698
|
|
| 2022 |
3,600
|
|
3,600
|
|
|
| 2023 |
3,600
|
|
3,600
|
|
|
| 2024 |
3,600
|
|
3,600
|
|
|
| 2025 |
3,600
|
|
3,600
|
|
|
| 2026 |
3,600
|
|
3,600
|
|
|
| Intellectual property |
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Definite-lived intangible assets |
6,295
|
|
6,295
|
|
6,295
|
| Customer relationships |
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Definite-lived intangible assets |
$ 47,547
|
|
$ 47,547
|
|
$ 47,547
|
| X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 350
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-Topic 928
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Supplemental disclosure: |
|
|
|
|
| Interest paid |
$ 1,187
|
$ 974
|
$ 3,814
|
$ 1,507
|
| Income taxes paid |
12,081
|
3,086
|
45,724
|
14,067
|
| Non-cash investing and financing activities: |
|
|
|
|
| Non-cash capital expenditures |
$ (1,536)
|
$ 306
|
$ 35
|
$ 985
|
| X |
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-Topic 230
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v3.23.3
| X |
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| Namespace Prefix: |
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| Data Type: |
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|
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v3.23.3
Warranties - Change in Accruals (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Movement in Standard Product Warranty Accrual [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 16,900
|
$ 14,381
|
$ 15,682
|
$ 13,769
|
| Payments made |
(3,337)
|
(2,196)
|
(7,653)
|
(5,094)
|
| Provisions |
4,248
|
3,046
|
9,782
|
6,556
|
| Balance, end of period |
$ 17,811
|
$ 15,231
|
$ 17,811
|
$ 15,231
|
| X |
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-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
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-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(2)
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-Section 50
-Paragraph 8
-Subparagraph (c)(3)
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|
v3.23.3
Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Accrued Liabilities |
|
|
| Warranty |
$ 17,811
|
$ 15,682
|
| Due to representatives |
15,888
|
15,545
|
| Payroll |
18,105
|
11,901
|
| Profit sharing |
7,349
|
5,451
|
| Workers' compensation |
428
|
367
|
| Medical self-insurance |
1,745
|
1,178
|
| Customer prepayments |
1,462
|
3,750
|
| Donations, short-term |
419
|
637
|
| Litigation settlement (Note 17) |
7,500
|
0
|
| Accrued income taxes |
113
|
12,472
|
| Employee vacation time |
10,131
|
6,329
|
| Lease liability, short-term |
1,858
|
1,254
|
| Property taxes |
2,493
|
0
|
| Extended warranties, short-term |
2,909
|
1,330
|
| Other |
2,775
|
2,734
|
| Accrued liabilities |
90,986
|
78,630
|
| Other Long-Term Liabilities |
|
|
| Lease liability |
10,684
|
5,993
|
| Extended warranties |
5,009
|
4,539
|
| Donations and other |
554
|
976
|
| Total |
$ 16,247
|
$ 11,508
|
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-Topic 210
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-Topic 460
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Topic 450
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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v3.23.3
Revolving Credit Facility (Details)
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
Sep. 30, 2023
USD ($)
letterOfCredit
|
Sep. 30, 2022 |
Sep. 30, 2023
USD ($)
letterOfCredit
|
Sep. 30, 2022 |
Apr. 25, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
May 27, 2022
USD ($)
|
Nov. 24, 2021
USD ($)
|
Oct. 24, 2019
USD ($)
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Revolving credit facility, long-term |
$ 78,420,000
|
|
$ 78,420,000
|
|
|
$ 71,004,000
|
|
|
|
| Number of standby letters of credit | letterOfCredit |
2
|
|
2
|
|
|
|
|
|
|
| Ratio of total liability to net worth |
0.33
|
|
0.33
|
|
|
|
|
|
|
| Maximum ratio of total liability to net worth for compliance |
3
|
|
3
|
|
|
|
|
|
|
| Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Credit facility maximum borrowings |
|
|
|
|
$ 23,000,000
|
|
|
$ 100,000,000
|
$ 23,000,000
|
| Option to increase maximum borrowing capacity |
|
|
|
|
|
|
$ 200,000,000
|
|
|
| Standby letter of credit |
$ 2,300,000
|
|
$ 2,300,000
|
|
|
|
|
|
|
| Borrowings available under the revolving credit facility |
$ 119,300,000
|
|
$ 119,300,000
|
|
|
|
|
|
|
| Debt, weighted average interest rate, |
6.50%
|
3.50%
|
6.30%
|
2.50%
|
|
|
|
|
|
| Revolving Credit Facility | Base Rate |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Stated percentage |
0.50%
|
|
0.50%
|
|
|
|
|
|
|
| Revolving Credit Facility | SOFR |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Stated percentage |
1.00%
|
|
1.00%
|
|
|
|
|
|
|
| Revolving Credit Facility | Minimum |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Applicable margin |
1.25%
|
|
1.25%
|
|
|
|
|
|
|
| Commitment fee percentage |
|
|
0.10%
|
|
|
|
|
|
|
| Revolving Credit Facility | Maximum |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Applicable margin |
1.75%
|
|
1.75%
|
|
|
|
|
|
|
| Commitment fee percentage |
|
|
0.20%
|
|
|
|
|
|
|
| Letter of Credit | Minimum |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Commitment fee percentage |
|
|
1.25%
|
|
|
|
|
|
|
| Letter of Credit | Maximum |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Commitment fee percentage |
|
|
1.75%
|
|
|
|
|
|
|
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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-Name Accounting Standards Codification
-Topic 210
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v3.23.3
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Current |
$ 14,892
|
$ 8,763
|
$ 33,364
|
$ 17,849
|
| Deferred |
521
|
(436)
|
(3,917)
|
(563)
|
| Income tax provision |
$ 15,413
|
$ 8,327
|
$ 29,447
|
$ 17,286
|
v3.23.3
v3.23.3
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Tax Credit Carryforward [Line Items] |
|
|
|
|
| Share-based payment arrangement, expense, tax benefit |
$ 494
|
$ 534
|
$ 6,319
|
$ 1,253
|
| Expected effective income tax rate for the year |
|
|
24.10%
|
|
| Income tax benefit |
(15,413)
|
$ (8,327)
|
$ (29,447)
|
$ (17,286)
|
| Investment Tax Credit Carryforward |
|
|
|
|
| Tax Credit Carryforward [Line Items] |
|
|
|
|
| Tax credit carryforward |
3,800
|
|
3,800
|
|
| Income tax benefit |
$ 3,100
|
|
$ 3,100
|
|
| X |
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v3.23.3
Share-Based Compensation - Additional Information (Details)
$ in Thousands |
|
|
|
6 Months Ended |
9 Months Ended |
|
|
Aug. 16, 2023 |
May 24, 2016
shares
|
May 22, 2007
shares
|
Jun. 30, 2023 |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
May 12, 2020
shares
|
May 15, 2018
shares
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Stock split, conversion ratio |
1.5
|
|
|
|
|
|
|
|
| Stock authorized to be issued under plan (in shares) | shares |
|
13,400,000
|
|
|
|
|
|
|
| Total intrinsic value of options exercised during period |
|
|
|
|
$ 27,600
|
$ 6,700
|
|
|
| Cash received from options exercised during period |
|
|
|
|
$ 25,251
|
$ 10,990
|
|
|
| Award requisite service period |
|
|
|
|
1 year
|
|
|
|
| 2007 Long-Term Incentive Plan |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Stock authorized to be issued under plan (in shares) | shares |
|
600,000
|
5,000,000
|
|
|
|
|
|
| Exercise price of shares granted may not be less than fair market value (percentage) |
|
|
100.00%
|
|
|
|
|
|
| 2016 Long-Term Incentive Plan |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Stock authorized to be issued under plan (in shares) | shares |
|
5,100,000
|
|
|
|
|
3,800,000
|
3,900,000
|
| Exercise price of shares granted may not be less than fair market value (percentage) |
|
100.00%
|
|
|
|
|
|
|
| Performance Award |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Unrecognized pre-tax compensation cost |
|
|
|
|
$ 5,000
|
|
|
|
| Weighted average recognition period (in years) |
|
|
|
|
1 year 8 months 12 days
|
|
|
|
| Performance Award | 2016 Long-Term Incentive Plan |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting period |
|
|
|
|
3 years
|
|
|
|
| Performance Award | Minimum |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award, percent of conversion in common stock |
|
|
|
|
0.00%
|
|
|
|
| Performance Award | Maximum |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award, percent of conversion in common stock |
|
|
|
|
200.00%
|
|
|
|
| Equity Option |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Unrecognized pre-tax compensation cost |
|
|
|
|
$ 10,700
|
|
|
|
| Weighted average recognition period (in years) |
|
|
|
|
1 year 3 months 18 days
|
|
|
|
| Restricted Stock | 2007 Long-Term Incentive Plan |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Unrecognized pre-tax compensation cost |
|
|
|
|
$ 5,700
|
|
|
|
| Weighted average recognition period (in years) |
|
|
|
|
1 year 6 months
|
|
|
|
| Key Employee Awards |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Unrecognized pre-tax compensation cost |
|
|
|
|
$ 300
|
|
|
|
| Weighted average recognition period (in years) |
|
|
|
|
3 months 18 days
|
|
|
|
| Employees |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting rights, percentage |
|
|
|
20.00%
|
33.30%
|
|
|
|
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v3.23.3
Share-Based Compensation - Summary of Stock Options Outstanding (Details)
$ / shares in Units, $ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
|---|
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
| Number of shares vested and exercisable (in shares) | shares |
2,273,691
|
| Options vested and exercisable weighted average remaining contractual life |
5 years 3 months 21 days
|
| Options vested and exercisable weighted average exercise price (in dollars per share) |
$ 28.32
|
| Options vested and exercisable intrinsic value | $ |
$ 64,918
|
| $8.17 - $41.37 |
|
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
| Range of exercise prices, lower range (in dollars per share) |
$ 13.95
|
| Range of exercise prices, upper range (in dollars per share) |
$ 27.58
|
| Number of shares vested and exercisable (in shares) | shares |
1,528,983
|
| Options vested and exercisable weighted average remaining contractual life |
4 years 6 months 7 days
|
| Options vested and exercisable weighted average exercise price (in dollars per share) |
$ 24.70
|
| Options vested and exercisable intrinsic value | $ |
$ 49,191
|
| $42.42 - $65.24 |
|
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
| Range of exercise prices, lower range (in dollars per share) |
$ 28.28
|
| Range of exercise prices, upper range (in dollars per share) |
$ 37.16
|
| Number of shares vested and exercisable (in shares) | shares |
534,293
|
| Options vested and exercisable weighted average remaining contractual life |
6 years 8 months 19 days
|
| Options vested and exercisable weighted average exercise price (in dollars per share) |
$ 30.91
|
| Options vested and exercisable intrinsic value | $ |
$ 13,870
|
| $65.29 - $79.81 |
|
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
| Range of exercise prices, lower range (in dollars per share) |
$ 37.63
|
| Range of exercise prices, upper range (in dollars per share) |
$ 69.62
|
| Number of shares vested and exercisable (in shares) | shares |
210,415
|
| Options vested and exercisable weighted average remaining contractual life |
7 years 5 months 8 days
|
| Options vested and exercisable weighted average exercise price (in dollars per share) |
$ 48.06
|
| Options vested and exercisable intrinsic value | $ |
$ 1,857
|
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v3.23.3
Share-Based Compensation - Summary of Stock Option Activity (Details)
|
9 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Shares [Roll Forward] |
|
| Outstanding, beginning of period (in shares) | shares |
4,560,520
|
| Granted (in shares) | shares |
326,506
|
| Exercised (in shares) | shares |
(864,524)
|
| Forfeited or Expired (in shares) | shares |
(106,291)
|
| Outstanding, end of period (in shares) | shares |
3,916,211
|
| Exercisable, end of period (in shares) | shares |
2,273,691
|
| Weighted Average Exercise Price [Roll Forward] |
|
| Outstanding, beginning of period (weighted average exercise price) | $ / shares |
$ 30.14
|
| Granted (weighted average exercise price) | $ / shares |
61.16
|
| Exercised (weighted average exercise price) | $ / shares |
29.19
|
| Forfeited or Expired (weighted average exercise price) | $ / shares |
33.90
|
| Outstanding, end of period (weighted average exercise price) | $ / shares |
32.83
|
| Exercisable, end of period (weighted average exercise price) | $ / shares |
$ 28.32
|
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v3.23.3
Share-Based Compensation - Summary of Unvested Awards (Details)
|
9 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Restricted Stock |
|
| Shares [Roll Forward] |
|
| Unvested, beginning of period (in shares) |
217,168
|
| Granted (in shares) |
73,633
|
| Vested (in shares) |
(92,977)
|
| Forfeited (in shares) |
(4,846)
|
| Unvested, end of period (in shares) |
192,978
|
| Weighted Average Grant Date Fair Value [Roll Forward] |
|
| Unvested, beginning of period (weighted average grant date fair value) | $ / shares |
$ 33.34
|
| Granted (weighted average grant date fair value) | $ / shares |
59.70
|
| Vested (weighted average grant date fair value) | $ / shares |
32.57
|
| Forfeited (weighted average grant date fair value) | $ / shares |
38.52
|
| Unvested, end of period (weighted average grant date fair value) | $ / shares |
$ 43.64
|
| Performance Award |
|
| Shares [Roll Forward] |
|
| Unvested, beginning of period (in shares) |
93,982
|
| Granted (in shares) |
58,130
|
| Vested (in shares) |
0
|
| Forfeited (in shares) |
0
|
| Unvested, end of period (in shares) |
152,112
|
| Weighted Average Grant Date Fair Value [Roll Forward] |
|
| Unvested, beginning of period (weighted average grant date fair value) | $ / shares |
$ 36.62
|
| Granted (weighted average grant date fair value) | $ / shares |
84.42
|
| Vested (weighted average grant date fair value) | $ / shares |
0
|
| Forfeited (weighted average grant date fair value) | $ / shares |
0
|
| Unvested, end of period (weighted average grant date fair value) | $ / shares |
$ 54.88
|
| Performance Award | Cliff Vesting December 31, 2023 |
|
| Shares [Roll Forward] |
|
| Vested (in shares) |
(22,222)
|
| Performance Award | Cliff Vesting December 31, 2024 |
|
| Shares [Roll Forward] |
|
| Vested (in shares) |
(71,760)
|
| Performance Award | Cliff Vesting December 31, 2025 |
|
| Shares [Roll Forward] |
|
| Vested (in shares) |
(58,130)
|
| Key Employee Awards |
|
| Shares [Roll Forward] |
|
| Unvested, beginning of period (in shares) |
39,899
|
| Granted (in shares) |
0
|
| Vested (in shares) |
0
|
| Forfeited (in shares) |
0
|
| Unvested, end of period (in shares) |
39,899
|
| Weighted Average Grant Date Fair Value [Roll Forward] |
|
| Unvested, beginning of period (weighted average grant date fair value) | $ / shares |
$ 53.45
|
| Granted (weighted average grant date fair value) | $ / shares |
0
|
| Vested (weighted average grant date fair value) | $ / shares |
0
|
| Forfeited (weighted average grant date fair value) | $ / shares |
0
|
| Unvested, end of period (weighted average grant date fair value) | $ / shares |
$ 53.45
|
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v3.23.3
Share-Based Compensation - Summary of Unvested Restricted Stock Awards (Details) - Restricted Stock
|
9 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Shares [Roll Forward] |
|
| Unvested, beginning of period (in shares) | shares |
217,168
|
| Granted (in shares) | shares |
73,633
|
| Vested (in shares) | shares |
(92,977)
|
| Forfeited (in shares) | shares |
(4,846)
|
| Unvested, end of period (in shares) | shares |
192,978
|
| Weighted Average Grant Date Fair Value [Roll Forward] |
|
| Unvested, beginning of period (weighted average grant date fair value) | $ / shares |
$ 33.34
|
| Granted (weighted average grant date fair value) | $ / shares |
59.70
|
| Vested (weighted average grant date fair value) | $ / shares |
32.57
|
| Forfeited (weighted average grant date fair value) | $ / shares |
38.52
|
| Unvested, end of period (weighted average grant date fair value) | $ / shares |
$ 43.64
|
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v3.23.3
Share-Based Compensation - Summary of Grant Date Fair Value of Awards (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Grant date fair value of awards during the period: |
|
|
|
|
| Options |
$ 106
|
$ 480
|
$ 5,224
|
$ 5,979
|
| Performance Awards |
0
|
109
|
4,907
|
2,190
|
| Restricted stock |
246
|
164
|
4,396
|
3,319
|
| Total |
352
|
753
|
14,527
|
11,488
|
| Share-based compensation expense: |
|
|
|
|
| Options |
2,228
|
2,104
|
6,604
|
6,483
|
| PSUs |
737
|
188
|
1,820
|
665
|
| Restricted stock |
1,053
|
768
|
2,903
|
2,290
|
| Key employee awards |
261
|
261
|
775
|
791
|
| Total |
4,279
|
3,321
|
12,102
|
10,229
|
| Income tax benefit related to share-based compensation: |
|
|
|
|
| Options |
478
|
531
|
5,639
|
1,022
|
| Restricted stock |
16
|
3
|
680
|
231
|
| Total |
$ 494
|
$ 534
|
$ 6,319
|
$ 1,253
|
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v3.23.3
Employee Benefits (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
| Defined contribution employee automatic contribution, percent |
|
|
6.00%
|
|
| Administrative expense |
|
|
$ 0
|
$ 0
|
| Contributions, net of forfeitures, made to the defined contribution plan |
$ 4,497,000
|
$ 4,189,000
|
$ 13,164,000
|
10,768,000
|
| Profit sharing, percent of pre-tax profit paid to eligible employees on quarterly basis |
|
|
10.00%
|
|
| Profit sharing bonus plan and employee incentive plan expense |
6,954,000
|
4,137,000
|
$ 17,772,000
|
8,952,000
|
| Medical premium payments |
4,455,000
|
3,429,000
|
11,255,000
|
7,418,000
|
| Health saving account contributions |
$ 1,460,000
|
$ 968,000
|
$ 3,718,000
|
$ 2,871,000
|
| BasX |
|
|
|
|
| Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
| Profit sharing, percent of pre-tax profit paid to eligible employees on quarterly basis |
|
|
5.00%
|
|
| Effective January 1, 2016 |
|
|
|
|
| Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
| Percent of match |
|
|
175.00%
|
|
| Defined contribution employer, maximum match percent |
|
|
6.00%
|
|
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v3.23.3
Earnings Per Share (Details)
$ / shares in Units, $ in Thousands |
|
3 Months Ended |
9 Months Ended |
Aug. 16, 2023 |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
| Earnings Per Share [Abstract] |
|
|
|
|
|
|
|
| Net income | $ |
|
|
$ 48,078
|
$ 27,473
|
$ 130,574
|
[1] |
$ 61,478
|
| Basic weighted average shares (in shares) |
[2] |
|
81,418,800
|
79,777,987
|
81,140,473
|
|
79,543,925
|
| Effect of dilutive stock options and restricted stock (in shares) |
|
|
1,974,254
|
1,160,087
|
1,993,664
|
|
1,135,815
|
| Effect of dilutive shares related to contingent consideration (in shares) |
|
|
0
|
0
|
141,071
|
|
203,058
|
| Diluted weighted average shares (in shares) |
[2] |
|
83,393,054
|
80,938,074
|
83,275,208
|
|
80,882,798
|
| Basic (in dollars per share) | $ / shares |
[2] |
|
$ 0.59
|
$ 0.34
|
$ 1.61
|
|
$ 0.77
|
| Diluted (in dollars per share) | $ / shares |
[2] |
|
$ 0.58
|
$ 0.34
|
$ 1.57
|
|
$ 0.76
|
| Anti-dilutive shares (in shares) |
|
|
360,408
|
1,146,759
|
296,072
|
|
1,040,848
|
| Stock split, conversion ratio |
|
1.5
|
|
|
|
|
|
|
|
| X |
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 230
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Stockholders' Equity (Details)
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
121 Months Ended |
164 Months Ended |
180 Months Ended |
|
|
|
|
Aug. 18, 2023
$ / shares
|
Aug. 16, 2023
USD ($)
shares
|
May 18, 2023
$ / shares
|
Mar. 01, 2023
$ / shares
|
Dec. 10, 2021
USD ($)
$ / shares
shares
|
Nov. 08, 2018
$ / shares
|
May 18, 2018
$ / shares
|
Sep. 30, 2023
USD ($)
$ / shares
|
Sep. 30, 2022
$ / shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
|
[2] |
Nov. 03, 2022
USD ($)
|
Mar. 13, 2020
USD ($)
|
| Schedule of Shareholders' Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock repurchase program, authorized amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50
|
$ 20,000,000
|
| Remaining authorized repurchase amount |
|
|
|
|
|
|
|
|
$ 25,000,000
|
|
|
$ 25,000,000
|
|
|
|
|
|
|
|
|
| Stock repurchased during period (in shares) | shares |
|
|
|
|
|
|
|
|
|
|
|
423,091
|
|
234,011
|
|
|
22,444,127
|
|
|
|
| Aggregate price of shares repurchased since inception |
|
|
|
|
|
|
|
|
|
|
|
$ 26,211,000
|
|
$ 8,921,000
|
|
$ 302,976,000
|
|
|
|
|
| Average price of shares repurchased since inception (per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 61.95
|
|
$ 38.12
|
|
|
$ 13.50
|
|
|
|
| Cash dividends declared per common share (in dollars per share) | $ / shares |
[1] |
|
|
|
|
|
|
|
$ 0.08
|
|
$ 0
|
$ 0.24
|
|
$ 0.13
|
|
|
|
|
|
|
| Annualized dividends paid per common share (in dollars per share) | $ / shares |
|
$ 0.32
|
|
$ 0.32
|
$ 0.32
|
|
$ 0.32
|
$ 0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock split, conversion ratio |
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock split, additional shares issued (in shares) | shares |
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock split, original number of shares held (in shares) | shares |
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash paid in lieu of fractional shares |
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock split, common stock value reclass |
|
|
100,000
|
|
|
|
|
|
$ 325,000
|
[2] |
|
$ 325,000
|
[2] |
|
|
|
|
$ 322,000
|
|
|
| Stock split, retained earnings reclass |
|
|
$ (100,000)
|
|
|
|
|
|
$ 572,285,000
|
[2] |
|
$ 572,285,000
|
[2] |
|
|
|
|
$ 461,657,000
|
|
|
| BasX, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Shareholders' Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration |
|
|
|
|
|
$ 78,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity interest issued (in shares) | shares |
|
|
|
|
|
1,560,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity interests issuable (in dollars per share) | $ / shares |
|
|
|
|
|
$ 0.004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent liability |
|
|
|
|
|
$ 60,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued (in shares) | shares |
|
|
|
|
|
|
|
|
|
|
|
580,000
|
|
730,000
|
|
|
|
|
|
|
| Dividend Declared |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Shareholders' Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared per common share (in dollars per share) | $ / shares |
|
$ 0.08
|
|
$ 0.08
|
$ 0.08
|
|
$ 0.16
|
$ 0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
| Open market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Shareholders' Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock repurchased during period (in shares) | shares |
|
|
|
|
|
|
|
|
|
|
|
402,873
|
|
53,218
|
6,893,924
|
|
|
|
|
|
| Aggregate price of shares repurchased since inception |
|
|
|
|
|
|
|
|
|
|
|
$ 25,009,000
|
|
$ 2,030,000
|
$ 106,625,000
|
|
|
|
|
|
| Average price of shares repurchased since inception (per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 62.08
|
|
$ 38.14
|
$ 15.47
|
|
|
|
|
|
| 401(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Shareholders' Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock repurchased during period (in shares) | shares |
|
|
|
|
|
|
|
|
|
|
|
0
|
|
155,904
|
|
|
12,462,552
|
|
|
|
| Aggregate price of shares repurchased since inception |
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
$ 5,913,000
|
|
|
$ 171,789,000
|
|
|
|
| Average price of shares repurchased since inception (per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
$ 37.93
|
|
|
$ 13.78
|
|
|
|
| Employees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Shareholders' Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock repurchased during period (in shares) | shares |
|
|
|
|
|
|
|
|
|
|
|
20,218
|
|
24,889
|
|
3,087,651
|
|
|
|
|
| Aggregate price of shares repurchased since inception |
|
|
|
|
|
|
|
|
|
|
|
$ 1,202,000
|
|
$ 978,000
|
|
$ 24,562,000
|
|
|
|
|
| Average price of shares repurchased since inception (per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 59.45
|
|
$ 39.29
|
|
$ 7.95
|
|
|
|
|
|
|
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- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(22))
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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| X |
- DefinitionAmount of accumulated undistributed earnings (deficit). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
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| X |
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| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-SubTopic 10
-Topic 505
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147481549/505-30-45-1
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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-Paragraph 1
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|
v3.23.3
New Market Tax Credit (Details) - USD ($)
|
Apr. 25, 2023 |
Oct. 24, 2019 |
Nov. 24, 2021 |
| Subsidiary |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Due to subsidiary |
$ 23,800,000
|
$ 22,500,000
|
|
| Investor |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Loans receivable |
$ 16,700,000
|
$ 15,900,000
|
|
| Loans receivable, term |
25 years
|
25 years
|
|
| Loans receivable, interest rate |
1.00%
|
1.00%
|
|
| Proceeds from financing obligation, net of issuance costs |
$ 16,700,000
|
$ 15,900,000
|
|
| Interest from counterparty |
5,700,000
|
6,500,000
|
|
| Debt issuance costs |
$ 400,000
|
$ 300,000
|
|
| Loans and Leases Receivable, Gross, Compliance Period |
7 years
|
7 years
|
|
| Revolving Credit Facility |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Credit facility maximum borrowings |
$ 23,000,000
|
$ 23,000,000
|
$ 100,000,000
|
| X |
- DefinitionInterest from Counterparty
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| X |
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| X |
- DefinitionLoans and Leases Receivable, Gross, Interest Rate
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| X |
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
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| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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| X |
- DefinitionThe cash inflow from additional borrowings, net of cash paid to third parties in connection with debt origination. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
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| X |
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| Namespace Prefix: |
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| Namespace Prefix: |
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v3.23.3
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| Period Type: |
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|
| X |
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionAmount awarded to other party in judgment or settlement of litigation.
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
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| Namespace Prefix: |
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| X |
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-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe cash outflow for acquisition of buildings (properties) whether for investment or use. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
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| Namespace Prefix: |
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| Period Type: |
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|
v3.23.3
Related Parties (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
May 31, 2022 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
| Net sales |
$ 311,970
|
$ 242,605
|
$ 861,880
|
$ 634,190
|
|
|
| Payments to affiliates |
90
|
30
|
872
|
1,033
|
|
|
| Due from affiliates |
160,108
|
|
160,108
|
|
$ 127,158
|
|
| Due to affiliates |
29,917
|
|
29,917
|
|
45,513
|
|
| Percentage of facility purchased |
|
|
|
|
|
1
|
| Affiliate |
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
| Net sales |
1,047
|
$ 450
|
4,811
|
$ 3,529
|
|
|
| Due from affiliates |
190
|
|
190
|
|
432
|
|
| Due to affiliates |
$ 232
|
|
$ 232
|
|
$ 0
|
|
| X |
- DefinitionPercentage Of Facility Acquired
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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v3.23.3
Segments (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Number of reportable segments | segment |
|
|
3
|
|
|
| Net Sales |
$ 311,970
|
$ 242,605
|
$ 861,880
|
$ 634,190
|
|
| Gross Profit |
116,109
|
65,591
|
287,281
|
159,031
|
|
| Long-lived assets |
374,537
|
|
374,537
|
|
$ 317,322
|
| Goodwill |
143,793
|
|
143,793
|
|
146,498
|
| AAON Oklahoma |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
246,454
|
179,169
|
666,670
|
476,517
|
|
| AAON Coil Products |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
25,769
|
30,504
|
89,262
|
79,193
|
|
| BasX |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
39,747
|
32,932
|
105,948
|
78,480
|
|
| Operating Segments | AAON Oklahoma |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Gross Profit |
94,174
|
45,643
|
231,403
|
111,216
|
|
| Long-lived assets |
251,298
|
|
251,298
|
|
213,731
|
| Goodwill |
3,229
|
|
3,229
|
|
3,229
|
| Operating Segments | AAON Coil Products |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Gross Profit |
8,307
|
10,564
|
22,948
|
26,344
|
|
| Long-lived assets |
77,434
|
|
77,434
|
|
68,013
|
| Goodwill |
0
|
|
0
|
|
0
|
| Operating Segments | BasX |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Gross Profit |
13,628
|
9,384
|
32,930
|
21,471
|
|
| Long-lived assets |
45,805
|
|
45,805
|
|
35,578
|
| Goodwill |
140,564
|
|
140,564
|
|
$ 143,269
|
| Inter-segment | AAON Oklahoma |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
768
|
998
|
3,467
|
2,157
|
|
| Inter-segment | AAON Coil Products |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
11,871
|
8,037
|
28,687
|
24,047
|
|
| Inter-segment | BasX |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
(74)
|
61
|
1,426
|
61
|
|
| Segment Reconciling Items | AAON Oklahoma |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
246,454
|
179,169
|
666,670
|
476,517
|
|
| Segment Reconciling Items | AAON Coil Products |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
25,769
|
30,504
|
89,262
|
79,193
|
|
| Segment Reconciling Items | BasX |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
39,747
|
32,932
|
105,948
|
78,480
|
|
| Consolidation, Eliminations |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net Sales |
$ (12,565)
|
$ (9,096)
|
$ (33,580)
|
$ (26,265)
|
|
| X |
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Grafico Azioni AAON (NASDAQ:AAON)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni AAON (NASDAQ:AAON)
Storico
Da Giu 2023 a Giu 2024
