Financial Data and Key Metrics Changes - Net sales increased by 57.8% to $182.8 million from $115.8 million, driven by organic volume growth of approximately 21.3% and an acquisition contribution of 18.1% [7] - Gross profit rose by 38.9% to $46.1 million, with a gross margin of 25.2%, down from 28.6% in Q1 2021, impacted by higher material costs and wage increases [8][12] - Net income increased to $18.1 million or 9.9% of sales compared to $16.4 million or 14.1% of sales in Q1 2021, with diluted earnings per share rising by 10% to $0.33 [13] Business Line Data and Key Metrics Changes - Selling, general and administrative (SG&A) expenses increased by 56.9% to $23.1 million, but as a percentage of sales, it decreased to 9.7% from 12.7% in the previous year [11] - Capital expenditures for the quarter were $14 million, with expectations for total capital expenditures for the year to be approximately $100.4 million [14] Market Data and Key Metrics Changes - Backlog as of March 31 was $461.4 million, up from $260 million at the end of December and $96.7 million at the end of Q1 2021, representing a 305% organic increase year-over-year [19] - Orders in the quarter were up 150% organically year-over-year, indicating significant market share gains [20] Company Strategy and Development Direction - The company is focused on improving production capacity and operational efficiencies, with record production rates achieved in Q1 [15][21] - New product introductions, such as water source heat pumps, are contributing positively to market demand, alongside strong replacement demand and new construction trends [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second quarter, anticipating improvements in sales, margins, and earnings throughout the year, particularly in the second half [28] - Supply chain issues are easing, and the company is confident in its ability to manage costs and improve margins sequentially [44][45] Other Important Information - The acquisition of BasX Solutions is progressing well, with strong backlog and order trends, and revenue synergies developing faster than expected [27][54] - The company is transitioning to in-house production of fan wheels to enhance supply chain control and reduce vulnerability [50][51] Q&A Session Summary Question: What are the drivers of organic order growth and which product lines are seeing a surge? - Management noted broad-based product family growth, with significant orders for modular data centers and a 17% year-over-year increase in headcount in the legacy business [29][31] Question: How will the backlog convert into revenue throughout the year? - Management indicated that while the growth rate from Q4 to Q1 is not sustainable, they expect a small double-digit increase in revenue production for Q2, supported by a strong backlog [33][34] Question: Is the company comfortable with the current backlog level? - Management expressed a desire to draw down the backlog for revenue recognition but emphasized that they are not concerned about order intake [37][39] Question: What factors will contribute to achieving target margins by the end of the year? - Management highlighted that stabilizing costs and effective backlog management will lead to sequential margin improvements throughout the year [42][44] Question: Will SG&A expenses see better leverage as sales increase? - Management anticipates some leverage on SG&A expenses as they focus on adding production workers rather than overhead personnel [46]

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 March 31, 2022 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 o ...

Financial Data and Key Metrics Changes - Net sales increased by 16.8% to $136.3 million in Q4 2021 from $116.7 million in Q4 2020, primarily due to price increases contributing approximately 10% [6] - Gross profit decreased by 21.7% to $26.5 million, with gross profit as a percentage of sales dropping to 19.5% from 29.1% in the prior year, mainly due to supply chain issues and rising material costs [7] - Adjusted net income decreased by 35.5% to $9.5 million or 7% of sales, compared to $14.8 million or 12.7% of sales in the previous year [8] - For the full year 2021, net sales were up 3.9% to $534.5 million from $514.6 million in 2020, with adjusted net income decreasing by 17.1% to $62.1 million [9][13] Business Line Data and Key Metrics Changes - Selling, general and administrative (SG&A) expenses increased by 44.4% to $21.1 million in Q4 2021, with a year-over-year increase of 14.4% when excluding acquisition-related fees [8] - For the full year, SG&A expenses increased by 13.4% to $68.6 million, with SG&A as a percentage of sales increasing to 12% from 11.8% in 2020 [11][12] Market Data and Key Metrics Changes - Total backlog increased by 250% year-over-year and 43% quarter-over-quarter, with organic backlog up 201% year-over-year [28] - Organic bookings in Q4 were up 67% year-over-year, indicating strong demand [29] Company Strategy and Development Direction - The company aims for double-digit organic revenue growth over the next several years, supported by a strong backlog and strategic focus on high-performance energy-efficient HVAC equipment [21][30] - The acquisition of BasX Solutions is expected to generate accelerated growth and attractive returns for shareholders [37] Management's Comments on Operating Environment and Future Outlook - The management highlighted that the industry faced significant challenges over the past year, including rapid inflation and supply chain issues, but expressed optimism about emerging stronger from these challenges [22][27] - Management expects gross margins to recover to 30% or more by the second half of 2022, driven by price increases and improved production rates [53][76] Other Important Information - Capital expenditures for 2022 are expected to be $100.4 million, nearly double the previous year, with a focus on growth-related investments [17][49] - The company reported a working capital balance of $131.3 million and total debt of $40 million as of December 31, 2021 [14] Q&A Session Summary Question: What improvements have been seen in the supply chain? - Management noted significant improvements in supply chain conditions since October, allowing for increased production rates [58][60] Question: Will the company be able to run off the remaining lower-priced backlog in Q1? - Management indicated that a significant portion of production in January was based on higher-priced backlog, with expectations for continued improvement in Q1 [62][64] Question: How are organic order trends expected to change? - Management expressed confidence in strong organic order trends, with trailing 12-month bookings continuing to grow [70] Question: What is the expected impact of the recent price increase? - A 7% price increase was announced, expected to positively impact margins moving forward [71] Question: How has headcount changed in recent months? - Headcount increased by 11% in Oklahoma and 17% in Texas compared to the previous year, indicating growth in workforce [72][75] Question: What are the expectations for gross margins in 2022? - Management expects gross margins to strengthen throughout the year, aiming for a target of 30% or more by year-end [76]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 87-044 ...

AAON, Inc. (NASDAQ:AAON) Q3 2021 Earnings Conference Call November 4, 2021 5:30 PM ET Company Participants Gary Fields - Chief Executive Officer and President Rebecca Thompson - Chief Financial Officer Conference Call Participants Julio Romero - Sidoti & Company Brent Thielman - D. A. Davidson Operator Good afternoon, ladies and gentlemen. Welcome to AAON, Inc Third Quarter Sales and Earnings Call. [Operator Instructions] This call will last approximately 45 minutes to an hour. I would like to turn the meet ...

AAON, Inc. (NASDAQ:AAON) Q2 2021 Earnings Conference Call August 6, 2021 9:00 AM ET Company Participants Gary Fields – Chief Executive Officer and President Norm Asbjornson – Executive Chairman Rebecca Thompson – Chief Financial Officer Conference Call Participants Julio Romero – Sidoti & Company Jon Braatz – Kansas City Capital David Derman – GreenSummit Operator Good morning, ladies and gentlemen. Welcome to AAON, Incorporated Second Quarter Sales and Earnings Call. There will be a question-and-answer per ...

Aaon, Inc. (NASDAQ:AAON) Q1 2021 Earnings Conference Call May 6, 2021 4:15 PM ET Company Participants Gary Fields - President, CEO & Director Rebecca Thompson - VP, Finance, CFO, CAO & Treasurer Conference Call Participants Brent Thielman - D.A. Davidson & Co. Julio Romero - Sidoti & Company Jonathan Braatz - Kansas City Capital Associates Operator Good afternoon, ladies and gentlemen. Welcome to the AAON, Inc. Fourth Quarter Sales and Earnings Call. [Operator Instructions]. This call will last approximatel ...