AAON, INC. (NASDAQ-AAON), a leader in innovation and production of
premium quality, highly energy efficient HVAC products for
nonresidential buildings, today announced its results for the
fourth quarter of 2021.
AAON reported record fourth quarter revenue of
$136.3 million, up 16.8% from the prior-year quarter. Price
increases contributed approximately 10.0% to revenue growth in the
quarter. However, gross profit declined 21.7% to $26.5 million, or
19.5% of sales. Gross profit was impacted by supply chain issues,
which constrained production, led to operational inefficiencies and
unabsorbed fixed costs, and exacerbated the adverse effects of
inflation by slowing the turnover of our lower priced backlog and
delaying the throughput of orders placed after recent price
increases. This resulted in net income of $6.2 million and earnings
per diluted share of $0.11, down year over year 68.6%, compared to
$0.35 in the prior-year quarter.
Excluding one-time items, including
acquisition-related transaction fees of $4.4 million in the fourth
quarter of 2021 and $6.4 million of gain on insurance recoveries in
the fourth quarter of 2020, non-GAAP adjusted earnings per share
was $0.181, down year over year 35.7%, compared to $0.281 in the
prior-year quarter.
Financial
Highlights: |
Three Months Ended December
31, |
|
% |
|
|
|
Years Ending December
31, |
|
% |
|
2021 |
|
2020 |
|
Change |
|
|
|
2021 |
|
2020 |
|
Change |
|
(in thousands, except share and per share data) |
|
|
|
(in thousands, except share and per share data) |
GAAP
Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
136,282 |
|
|
$ |
116,700 |
|
|
16.8 |
% |
|
|
|
$ |
534,517 |
|
|
$ |
514,551 |
|
|
3.9 |
% |
Gross profit |
$ |
26,547 |
|
|
|
33,923 |
|
|
(21.7 |
)% |
|
|
|
|
137,830 |
|
|
|
155,849 |
|
|
(11.6 |
)% |
Gross profit margin |
|
19.5 |
% |
|
|
29.1 |
% |
|
|
|
|
|
|
25.8 |
% |
|
|
30.3 |
% |
|
|
Operating income |
$ |
5,443 |
|
|
|
25,718 |
|
|
(78.8 |
)% |
|
|
|
|
69,253 |
|
|
|
101,836 |
|
|
(32.0 |
)% |
Operating margin |
|
4.0 |
% |
|
|
22.0 |
% |
|
|
|
|
|
|
13.0 |
% |
|
|
19.8 |
% |
|
|
Net income |
$ |
6,186 |
|
|
$ |
18,892 |
|
|
(67.3 |
)% |
|
|
|
$ |
58,758 |
|
|
$ |
79,009 |
|
|
(25.6 |
)% |
Earnings per diluted share |
$ |
0.11 |
|
|
$ |
0.35 |
|
|
(68.6 |
)% |
|
|
|
$ |
1.09 |
|
|
$ |
1.49 |
|
|
(26.8 |
)% |
Diluted average shares |
|
53,948,763 |
|
|
|
53,469,759 |
|
|
0.9 |
% |
|
|
|
|
53,728,989 |
|
|
|
53,061,169 |
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
income1 |
$ |
9,523 |
|
|
$ |
14,771 |
|
|
(35.5 |
)% |
|
|
|
$ |
62,095 |
|
|
$ |
74,888 |
|
|
(17.1 |
)% |
Non-GAAP earnings per diluted share1 |
$ |
0.18 |
|
|
$ |
0.28 |
|
|
(35.7 |
)% |
|
|
|
$ |
1.16 |
|
|
$ |
1.41 |
|
|
(17.7 |
)% |
Adjusted EBITDA1 |
$ |
17,208 |
|
|
$ |
26,637 |
|
|
(35.4 |
)% |
|
|
|
$ |
103,587 |
|
|
$ |
121,746 |
|
|
(14.9 |
)% |
Adjusted EBITDA margin1 |
|
12.6 |
% |
|
|
22.8 |
% |
|
|
|
|
|
|
19.4 |
% |
|
|
23.7 |
% |
|
|
1These are non-GAAP
measures. See "Use of Non-GAAP Financial Measures" below for
reconciliation to GAAP measures. |
The Company finished the fourth quarter of 2021
with a backlog of $260.2 million, up 249.6% from $74.4 million a
year ago, and up 43.1% from $181.8 million at the end of the third
quarter of 2021. Excluding BasX's backlog, organic backlog was up
200.7% from the prior year quarter.
Backlog |
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
September 31, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
Backlog |
$ |
260,164 |
|
|
$ |
181,813 |
|
|
$ |
138,131 |
|
|
$ |
96,733 |
|
|
$ |
74,417 |
|
Year over year change |
|
249.6 |
% |
|
|
114.2 |
% |
|
|
33.4 |
% |
|
|
(19.1 |
)% |
|
|
(47.9 |
)% |
On December 10, 2021, AAON completed the
acquisition of BasX, LLC (doing business as BasX Solutions,
"BasX"), which included an upfront cash payment of $107.8 million,
including acquisition-related transaction fees, net of cash
acquired. As of December 31, 2021, the Company had liquidity of
$61.1 million compared to liquidity of $107.2 million at December
31, 2020. We believe the Company's senior credit facility provides
adequate capacity to fund working capital needs and continue our
investment in long-term growth.
Rebecca Thompson, CFO, commented, “We are very
comfortable with our financial position at the end of 2021. Our
balance sheet remains in a very strong position and we will
continue to invest in our long-term growth plans. Capital
expenditures in 2021 were $55.4 million, compared to $67.8 million
in 2020. We anticipate a capital expenditure budget of $100.4
million for 2022.”
Gary Fields, President and CEO, stated, “I am
extremely pleased with the growth we have seen in our backlog and
new bookings. Backlog is up year over year 249.6% and new bookings
have maintained the strong levels we saw in the second and third
quarter. Moreover, strong demand trends continued into early 2022.
The growth reflects several factors, including solid end-market
demand, market share gains, competitive lead times, the
strengthening of our independent sales channel and the compelling
value proposition AAON equipment offers.”
Mr. Fields continued, "While we are pleased with
demand and the market share gains, sales and earnings results were
disappointing. The primary factors that contributed to the lower
than anticipated profits were supply chain constraints and material
inflation. Supply chain constraints escalated for us in October and
November, which led to lower production and less cost absorption.
Meanwhile, our cost structure has been rising as we have been
increasing headcount due to our rising backlog and in anticipation
of the robust growth we foresee in 2022. Furthermore, production
constraints magnify the price/cost inflation effect. Lower
production means we were not churning through the lower priced
backlog fast enough, delaying the recovery in gross profit. In
addition to all of this, supply chain constraints created many
operational inefficiencies. All in, this led to the underwhelming
gross profit and earnings.”
Mr. Fields continued, “On a positive note, we
believe the worst of the supply chain constraints are behind us.
December was a solid month as far as production and gross profit,
and we have seen month-to-month improvement in January and
February. Furthermore, the margin profile of our backlog is the
highest it has been in about nine months. With less supply chain
constraints, higher production capacity, and a large backlog with
an improving margin profile, we anticipate production and margins
to improve significantly through the first half of 2022."
Mr. Fields concluded, "The challenges we, as
well as much of the manufacturing sector, faced in 2021 were truly
unprecedented, at least in respect to the last 30 years. In my
view, we have navigated the headwinds extremely well and I am very
proud of our team. I also believe we are emerging from these
challenges as a much stronger Company, which will help us better
execute and absorb the robust growth we are anticipating. Despite
the recently disappointing results, we remain extremely optimistic
on the fundamentals of the business. Our legacy business and the
recently acquired BasX both have robust backlogs with paths for
significant margin improvement in 2022 and beyond. We continue to
believe the Company is best positioned to benefit from an increased
focus on decarbonization, electrification, energy efficiency,
indoor air quality and cloud-based infrastructure, and we are
investing to take advantage of the robust growth we foresee."
Conference Call and Webcast
The Company will host a conference call and
webcast to discuss its financial results and outlook on February
28, 2022 at 5:15 P.M. ET. The conference call will be accessible
via a dial-in for those who wish to participate in Q&A as well
as a listen-only webcast. To access either mode, register at
https://connect.beacon360.com/ses/JmYFFym2dtuULrRqTsWTlg~~. After
registering, participants will receive an email with instructions
on how to access the dial-in and webcast. On the next business day
following the call, a replay of the call will be available on the
Company’s website at https://aaon.com/Investors.
About AAON
AAON, Inc. 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,
chillers, packaged outdoor mechanical rooms, air handling units,
makeup air units, energy recovery units, condensing units,
geothermal/water-source heat pumps, coils, and controls. Since the
founding of AAON in 1988, AAON has maintained a commitment to
design, develop, manufacture and deliver heating and cooling
products to perform beyond all expectations and demonstrate the
value of AAON to our customers. For more information, please visit
www.AAON.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “seeks”, “estimates”, “should”,
“will”, and variations of such words and 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. 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. We undertake no
obligations to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
Important factors that could cause results to differ materially
from those in the forward-looking statements include (1) the timing
and extent of changes in raw material and component prices, (2) the
effects of fluctuations in the commercial/industrial new
construction market, (3) the timing and extent of changes in
interest rates, as well as other competitive factors during the
year, and (4) general economic, market or business conditions.
Contact InformationJoseph
MondilloDirector of Investor RelationsPhone: (617) 877-6346Email:
joseph.mondillo@aaon.com
AAON, Inc. and Subsidiaries |
Consolidated Statements of Income |
(Unaudited) |
|
Three Months Ended December
31, |
|
Years Ending December
31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands, except share and per share data) |
Net sales |
$ |
136,282 |
|
|
$ |
116,700 |
|
|
$ |
534,517 |
|
|
$ |
514,551 |
|
Cost of sales |
|
109,735 |
|
|
|
82,777 |
|
|
|
396,687 |
|
|
|
358,702 |
|
Gross profit |
|
26,547 |
|
|
|
33,923 |
|
|
|
137,830 |
|
|
|
155,849 |
|
Selling, general and
administrative expenses |
|
21,110 |
|
|
|
14,622 |
|
|
|
68,598 |
|
|
|
60,491 |
|
Gain on disposal of assets and
insurance recoveries |
|
(6 |
) |
|
|
(6,417 |
) |
|
|
(21 |
) |
|
|
(6,478 |
) |
Income from operations |
|
5,443 |
|
|
|
25,718 |
|
|
|
69,253 |
|
|
|
101,836 |
|
Interest (expense) income,
net |
|
(121 |
) |
|
|
(2 |
) |
|
|
(132 |
) |
|
|
88 |
|
Other income, net |
|
24 |
|
|
|
31 |
|
|
|
61 |
|
|
|
51 |
|
Income before taxes |
|
5,346 |
|
|
|
25,747 |
|
|
|
69,182 |
|
|
|
101,975 |
|
Income tax (benefit)
provision |
|
(840 |
) |
|
|
6,855 |
|
|
|
10,424 |
|
|
|
22,966 |
|
Net income |
$ |
6,186 |
|
|
$ |
18,892 |
|
|
$ |
58,758 |
|
|
$ |
79,009 |
|
Earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.12 |
|
|
$ |
0.36 |
|
|
$ |
1.12 |
|
|
$ |
1.51 |
|
Diluted |
$ |
0.11 |
|
|
$ |
0.35 |
|
|
$ |
1.09 |
|
|
$ |
1.49 |
|
Cash dividends declared per
common share: |
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
0.38 |
|
|
$ |
0.38 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
52,467,696 |
|
|
|
52,240,829 |
|
|
|
52,404,199 |
|
|
|
52,168,679 |
|
Diluted |
|
53,948,763 |
|
|
|
53,469,759 |
|
|
|
53,728,989 |
|
|
|
53,061,169 |
|
|
AAON, Inc. and Subsidiaries |
Consolidated Balance Sheets |
(Unaudited) |
|
December 31, 2021 |
|
December 31, 2020 |
Assets |
(in thousands, except share and per share data) |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
2,859 |
|
$ |
79,025 |
Restricted cash |
|
628 |
|
|
3,263 |
Accounts receivable, net of allowance for credit losses of $549 and
$506, respectively |
|
70,780 |
|
|
47,387 |
Income tax receivable |
|
5,723 |
|
|
4,587 |
Inventories, net |
|
130,270 |
|
|
82,219 |
Contract assets |
|
5,749 |
|
|
— |
Prepaid expenses and other |
|
2,071 |
|
|
3,770 |
Total current assets |
|
218,080 |
|
|
220,251 |
Property, plant and
equipment: |
|
|
|
Land |
|
5,016 |
|
|
4,072 |
Buildings |
|
135,861 |
|
|
122,171 |
Machinery and equipment |
|
318,259 |
|
|
281,266 |
Furniture and fixtures |
|
23,072 |
|
|
18,956 |
Total property, plant and equipment |
|
482,208 |
|
|
426,465 |
Less: Accumulated depreciation |
|
224,146 |
|
|
203,125 |
Property, plant and equipment,
net |
|
258,062 |
|
|
223,340 |
Intangible assets, net |
|
70,121 |
|
|
38 |
Goodwill |
|
85,727 |
|
|
3,229 |
Right of use assets |
|
16,974 |
|
|
1,571 |
Other long-term assets |
|
1,216 |
|
|
579 |
Total assets |
$ |
650,180 |
|
$ |
449,008 |
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
|
29,020 |
|
|
12,447 |
Accrued liabilities |
|
50,206 |
|
|
46,586 |
Contract liabilities |
|
7,542 |
|
|
— |
Total current liabilities |
|
86,768 |
|
|
59,033 |
Revolving credit facility,
long-term |
|
40,000 |
|
|
— |
Deferred tax liabilities |
|
31,993 |
|
|
28,324 |
Other long-term
liabilities |
|
18,843 |
|
|
4,423 |
New market tax credit
obligation |
|
6,406 |
|
|
6,363 |
Commitments and
contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Preferred stock, $.001 par value, 5,000,000 shares authorized, no
shares issued |
|
— |
|
|
— |
Common stock, $.004 par value, 100,000,000 shares authorized,
52,527,985 and 52,224,767 issued and outstanding at
December 31, 2021 and December 31, 2020,
respectively |
|
210 |
|
|
209 |
Additional paid-in capital |
|
81,654 |
|
|
5,161 |
Retained earnings |
|
384,306 |
|
|
345,495 |
Total stockholders'
equity |
|
466,170 |
|
|
350,865 |
Total liabilities and
stockholders' equity |
$ |
650,180 |
|
$ |
449,008 |
|
AAON, Inc. and Subsidiaries |
Consolidated Statements of Cash Flows |
(Unaudited) |
|
Years Ending December
31, |
|
2021 |
|
2020 |
Operating
Activities |
(in thousands) |
Net income |
$ |
58,758 |
|
|
$ |
79,009 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
30,343 |
|
|
|
25,634 |
|
Amortization of debt issuance cost |
|
43 |
|
|
|
43 |
|
Amortization of right of use assets |
|
73 |
|
|
|
— |
|
Provision for credit losses on accounts receivable, net of
adjustments |
|
43 |
|
|
|
153 |
|
Provision for excess and obsolete inventories |
|
629 |
|
|
|
1,108 |
|
Share-based compensation |
|
11,812 |
|
|
|
11,342 |
|
Gain on disposition of assets and insurance recoveries |
|
(21 |
) |
|
|
(6,478 |
) |
Foreign currency transaction gain |
|
(1 |
) |
|
|
(12 |
) |
Interest income on note receivable |
|
(24 |
) |
|
|
(24 |
) |
Deferred income taxes |
|
3,669 |
|
|
|
13,027 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(9,737 |
) |
|
|
19,859 |
|
Income tax receivable |
|
(1,136 |
) |
|
|
(3,815 |
) |
Inventories |
|
(45,955 |
) |
|
|
(9,726 |
) |
Contract assets |
|
1,886 |
|
|
|
— |
|
Prepaid expenses and other |
|
1,374 |
|
|
|
(2,364 |
) |
Accounts payable |
|
10,899 |
|
|
|
(2,155 |
) |
Contract liabilities |
|
(229 |
) |
|
|
— |
|
Deferred revenue |
|
447 |
|
|
|
1,010 |
|
Accrued liabilities and donations |
|
(1,690 |
) |
|
|
2,203 |
|
Net cash provided by operating activities |
|
61,183 |
|
|
|
128,814 |
|
Investing
Activities |
|
|
|
Capital expenditures |
|
(55,362 |
) |
|
|
(67,802 |
) |
Cash paid in business combination, net of cash acquired |
|
(103,430 |
) |
|
|
— |
|
Proceeds from sale of property, plant and equipment |
|
19 |
|
|
|
60 |
|
Insurance proceeds |
|
— |
|
|
|
6,417 |
|
Principal payments from note receivable |
|
54 |
|
|
|
52 |
|
Net cash used in investing activities |
|
(158,719 |
) |
|
|
(61,273 |
) |
Financing
Activities |
|
|
|
Borrowings under revolving credit facility |
|
40,000 |
|
|
|
— |
|
Stock options exercised |
|
21,148 |
|
|
|
21,418 |
|
Repurchase of stock |
|
(20,876 |
) |
|
|
(30,060 |
) |
Employee taxes paid by withholding shares |
|
(1,590 |
) |
|
|
(1,169 |
) |
Dividends paid to stockholders |
|
(19,947 |
) |
|
|
(19,815 |
) |
Net cash provided by (used in) financing activities |
|
18,735 |
|
|
|
(29,626 |
) |
Net (decrease)
increase in cash, cash equivalents and restricted
cash |
|
(78,801 |
) |
|
|
37,915 |
|
Cash, cash equivalents
and restricted cash, beginning of period |
|
82,288 |
|
|
|
44,373 |
|
Cash, cash equivalents
and restricted cash, end of period |
$ |
3,487 |
|
|
$ |
82,288 |
|
Use of Non-GAAP Financial
Measures
To supplement the Company’s consolidated
financial statements presented in accordance with generally
accepted accounting principles (“GAAP”), additional non-GAAP
financial measures are provided and reconciled in the following
tables. The Company believes that these non-GAAP financial
measures, when considered together with the GAAP financial
measures, provide information that is useful to investors in
understanding period-over-period operating results. The Company
believes that this non-GAAP financial measure enhances the ability
of investors to analyze the Company’s business trends and operating
performance as they are used by management to better understand
operating performance. Since adjusted net income, adjusted net
income per diluted share, EBITDA, adjusted EBITDA, and adjusted
EBITDA margin are non-GAAP measures and are susceptible to varying
calculations, adjusted net income, adjusted net income per diluted
share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin, as
presented, may not be directly comparable with other similarly
titled measures used by other companies.
Non-GAAP Adjusted Net
Income
The Company defines non-GAAP adjusted net income
as net income adjusted for any one-time events, such as acquisition
related costs or insurance proceeds received, net of profit sharing
and tax effect, in the periods presented
The following table provides a reconciliation of
net income (GAAP) to non-GAAP adjusted net income for the periods
indicated:
|
|
Three Months Ended December
31, |
|
Years Ending December
31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Net income, a GAAP disclosure |
|
$ |
6,186 |
|
|
$ |
18,892 |
|
|
$ |
58,758 |
|
|
$ |
79,009 |
|
Acquisition-related fees |
|
|
4,367 |
|
|
|
— |
|
|
|
4,367 |
|
|
|
— |
|
Insurance recoveries |
|
|
— |
|
|
|
(6,417 |
) |
|
|
— |
|
|
|
(6,417 |
) |
Profit sharing effect |
|
|
(437 |
) |
|
|
642 |
|
|
|
(437 |
) |
|
|
642 |
|
Tax effect |
|
|
(593 |
) |
|
|
1,654 |
|
|
|
(593 |
) |
|
|
1,654 |
|
Non-GAAP adjusted net
income |
|
$ |
9,523 |
|
|
$ |
14,771 |
|
|
$ |
62,095 |
|
|
$ |
74,888 |
|
Non-GAAP adjusted earnings per
diluted share |
|
$ |
0.18 |
|
|
$ |
0.28 |
|
|
$ |
1.16 |
|
|
$ |
1.41 |
|
EBITDA and Adjusted EBITDA
EBITDA (as defined below) is presented herein
and reconciled from the GAAP measure of net income because of its
wide acceptance by the investment community as a financial
indicator of a company's ability to internally fund operations. The
Company defines EBITDA as net income, plus (1) depreciation and
amortization, (2) interest expense (income), net and (3) income tax
expense. EBITDA is not a measure of net income or cash flows as
determined by GAAP.
The Company’s EBITDA measure provides additional
information which may be used to better understand the Company’s
operations. EBITDA is one of several metrics that the Company uses
as a supplemental financial measurement in the evaluation of its
business and should not be considered as an alternative to, or more
meaningful than, net income, as an indicator of operating
performance. Certain items excluded from EBITDA are significant
components in understanding and assessing a company's financial
performance. EBITDA, as used by the Company, may not be comparable
to similarly titled measures reported by other companies. The
Company believes that EBITDA is a widely followed measure of
operating performance and is one of many metrics used by the
Company’s management team and by other users of the Company’s
consolidated financial statements.
Adjusted EBITDA is calculated as EBITDA adjusted
by items in non-GAAP adjusted net income, above, except for taxes,
as taxes are already excluded from EBITDA.
The following table provides a reconciliation of
net income (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA
(non-GAAP) for the periods indicated:
|
|
Three Months Ended December
31, |
|
Years Ending December
31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Net income, a GAAP measure |
|
$ |
6,186 |
|
|
$ |
18,892 |
|
|
$ |
58,758 |
|
|
$ |
79,009 |
|
Depreciation and amortization |
|
|
7,811 |
|
|
|
6,663 |
|
|
|
30,343 |
|
|
|
25,634 |
|
Interest expense (income), net |
|
|
121 |
|
|
|
2 |
|
|
|
132 |
|
|
|
(88 |
) |
Income tax expense |
|
|
(840 |
) |
|
|
6,855 |
|
|
|
10,424 |
|
|
|
22,966 |
|
EBITDA, a non-GAAP
measure |
|
|
13,278 |
|
|
|
32,412 |
|
|
|
99,657 |
|
|
|
127,521 |
|
Acquisition-related fees |
|
|
4,367 |
|
|
|
— |
|
|
|
4,367 |
|
|
|
— |
|
Insurance recoveries |
|
|
— |
|
|
|
(6,417 |
) |
|
|
— |
|
|
|
(6,417 |
) |
Profit sharing effect1 |
|
|
(437 |
) |
|
|
642 |
|
|
|
(437 |
) |
|
|
642 |
|
Adjusted EBITDA, a non-GAAP
measure |
|
$ |
17,208 |
|
|
$ |
26,637 |
|
|
$ |
103,587 |
|
|
$ |
121,746 |
|
Adjusted EBITDA margin |
|
|
12.6 |
% |
|
|
22.8 |
% |
|
|
19.4 |
% |
|
|
23.7 |
% |
1Profit sharing
effect of acquisition-related fees and insurance recoveries in the
respective period. |
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