AAON(AAON)2024-02-27 16:00Financial Performance - Net sales for Q4 2023 increased 20.4% to a record 254.6 million in Q4 2022[2] - Gross profit for the quarter rose 42.3% to 0.56, compared to 63.9 million, with an operating margin of 20.8%[4] - Net income for 2023 was 100,376 thousand in 2022, representing a 77% increase[15] - Net income for December 2023 was 38,898 thousand in December 2022, representing a growth of 21.7%[22] - EBITDA for 2023 was 135,482 thousand in 2022, marking a 65% increase[19] - EBITDA for December 2023 reached 56,184 thousand in December 2022, reflecting an increase of 37.1%[22] - Adjusted net income for 2023 was 100,376 thousand in 2022, reflecting an increase of 83%[18] - Adjusted EBITDA for the year ended December 2023 was 162,266 thousand for the previous year, marking a growth of 73.2%[22] Cash Flow and Assets - Cash flows from operating activities grew year-over-year by 189.0% in Q4 2023 and 159.1% for the full year, exceeding capital expenditures[6] - Current assets increased to 349,116 thousand in 2022, a growth of 17%[13] - Cash and cash equivalents at the end of the period rose to 5,949 thousand in 2022, an increase of 51%[15] - The company reported a net cash provided by operating activities of 61,318 thousand in 2022, a growth of 159%[15] Liabilities and Equity - Total liabilities decreased to 227,189 thousand in 2022, a reduction of 9%[13] - Total stockholders' equity increased to 560,714 thousand in 2022, a rise of 31%[13] Market Outlook and Strategy - The company anticipates sales and earnings growth in 2024, albeit at slower rates than in recent years, due to external market factors[6] - The company is focused on enhancing productivity and leveraging new refrigerant technology to gain market share[6] Inventory and Capital Expenditures - The company’s inventories increased to 198,939 thousand in 2022, a rise of 7%[13] - Capital expenditures for 2023 were 54,024 thousand in 2022, indicating a 93% increase[15] Other Financial Metrics - Gross profit margin for the full year 2023 was 34.1%, up from 26.7% in 2022[4] - Depreciation and amortization expenses increased to 9,482 thousand in December 2022, a rise of 37.0%[22] - Interest expense decreased slightly to 933 thousand in December 2022, a decline of 5.3%[22] - Income tax expense rose to 6,871 thousand in December 2022, an increase of 134.5%[22] - The company recorded a litigation settlement effect of (750) thousand, indicating a negative impact on adjusted EBITDA[22] - The company continues to focus on enhancing its EBITDA performance through strategic initiatives and operational efficiencies[22] Backlog - Backlog at the end of Q4 2023 was 490.6 million at the end of Q3 2023, but down 6.9% from $548.0 million at the end of Q4 2022[5]