Aaon (AAON) FY2021 results: revenue $535 million, up 3.9% on the year

Aaon, Inc. (AAON) reported revenue of $535 million for fiscal 2021, the year ended 31 December 2021, up 3.9% on the year before. Net income was $59 million, down 25.6%, and diluted earnings per share $0.73. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$535 million

+3.9% on the year

FY2014FY2021

Operating margin

13.0%

19.8% a year earlier

FY2014FY2021

Net income

$59 million

-25.6% on the year

FY2014FY2021

Diluted EPS

$0.73

-26.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	535	515	469	+3.9%
Cost of revenue	397	359	350	+10.6%
Gross profit	138	156	119	-11.6%
Gross margin	25.8%	30.3%	25.4%
Research and development	16.6	17.4	14.8	-4.6%
Selling, general and administrative	68.6	60.5	52.1	+13.4%
Operating income	69.3	102	67.0	-32.0%
Operating margin	13.0%	19.8%	14.3%
Pre-tax income	69.2	102	67.0	-32.2%
Income tax	10.4	23.0	13.3	-54.6%
Effective tax rate	15.1%	22.5%	19.9%
Net income	58.8	79.0	53.7	-25.6%
Net margin	11.0%	15.4%	11.4%
Diluted EPS	$0.73	$0.99	$0.68	-26.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	61.2	129	97.9	-52.5%
Capital expenditure	55.4	67.8	37.2	-18.3%
Free cash flow	5.8	61.0	60.8	-90.5%
Free cash flow margin	1.1%	11.9%	12.9%
Cash from investing	-159	-61.3	-37.0
Cash from financing	18.7	-29.6	-18.5
Depreciation and amortisation	30.3	25.6	22.8	+18.4%
Share-based compensation	11.8	11.3	11.8	+4.1%
Dividends paid	19.9	19.8	16.6	+0.5%
Dividend per share	$0.25	$0.25	$0.21	0.0%
Diluted shares, weighted	81m	80m	79m	+1.3%
Shares outstanding at period end	79m	78m	78m	+0.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	466	351	290	+32.9%
Debt	40.0	0.0	6.3
Operating lease liabilities	15.5	1.4	n/a	+1,029.8%
Finance lease liabilities	0.0	n/a	n/a
Other liabilities	129	96.8	75.0	+32.8%
Total liabilities and equity	650	449	371	+44.8%
Fixed assets	258	223	178	+15.5%
Goodwill	85.7	3.2	3.2	+2,554.9%
Intangible assets	70.1	0.0	0.3	+184,428.9%
Securities held for sale or to maturity	n/a	0.0	0.0
Cash and equivalents	2.9	79.0	26.8	-96.4%
Receivables	70.8	47.4	67.4	+49.4%
Inventory	130	82.2	73.6	+58.4%
Other assets	32.4	13.8	22.0	+135.0%
Total assets	650	449	371	+44.8%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.