aaon-20240331

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, 2024


☐			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 April 30, 2024, registrant had outstanding a total of 82,209,281 shares of its $.004 par value Common Stock.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.


AAON, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
	March 31, 2024		December 31, 2023
Assets	(in thousands, except share and per share data)
Current assets:
Cash and cash equivalents	$	8,385	$	287
Restricted cash	19,982		8,736


Accounts receivable, net	109,662		138,108


Inventories, net	196,252		213,532
Contract assets	50,581		45,194
Prepaid expenses and other	7,365		3,097

Total current assets	392,227		408,954
Property, plant and equipment:
Land	15,918		15,438
Buildings	224,128		205,841
Machinery and equipment	401,637		391,366
Furniture and fixtures	42,861		40,787
Total property, plant and equipment	684,544		653,432
Less: Accumulated depreciation	293,980		283,485
Property, plant and equipment, net	390,564		369,947

Intangible assets, net	70,664		68,053
Goodwill	81,892		81,892
Right of use assets	16,696		11,774
Other long-term assets	878		816
Total assets	$	952,921	$	941,436

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	15,438	$	27,484

Accrued liabilities	93,198		85,508
Contract liabilities	16,527		13,757
Total current liabilities	125,163		126,749
Revolving credit facility, long-term	—		38,328
Deferred tax liabilities	5,030		12,134
Other long-term liabilities	21,926		16,807
New markets tax credit obligations1	15,994		12,194
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, 82,117,680 and 81,508,381 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	329		326
Additional paid-in capital	139,184		122,063
Retained earnings	645,295		612,835
Total stockholders' equity	784,808		735,224

SEC Form 10-Q filed by AAON Inc.