AAON, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AAON, INC. has filed its 2023 10-K report detailing its fiscal year performance and business operations.</b>

AI Summary

AAON, INC. (AAON) filed a Annual Report (10-K) with the SEC on February 28, 2024. AAON, INC. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Nevada (NV). Its primary business is Air Conditioning & Warm Air Heating Equipment & Commercial & Industrial Refrigeration Equipment. The company's principal executive offices are located at 2425 South Yukon Ave., Tulsa, OK 74107.

Why It Matters

For investors and stakeholders tracking AAON, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AAON's financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this report to assess the company's market position, identify potential risks, and make informed investment decisions regarding AAON stock.

Risk Assessment

Risk Level: medium — AAON, INC. shows moderate risk based on this filing. The company's business is concentrated in the manufacturing of air conditioning and refrigeration equipment, which is subject to economic cycles and competitive pressures. Specific customer concentration risks are also noted in the filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand AAON's performance drivers and potential challenges in the HVAC industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• NV — State of Incorporation (Legal domicile)
• 3585 — SIC Code (Industry classification)

Key Players & Entities

• AAON, INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• Tulsa, OK (location) — Business address city and state
• NV (location) — State of incorporation
• 3585 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risks due to concentration of sales revenue with specific customers, including large crude oil refining customers and Texas Air System customers.

Industry Context

AAON, INC. operates in the Air Conditioning & Warm Air Heating Equipment & Commercial & Industrial Refrigeration Equipment sector. This industry is influenced by construction activity, energy efficiency regulations, and economic conditions.

Regulatory Implications

The company's operations are subject to various regulations related to manufacturing, environmental standards, and product safety, though no specific regulatory actions are detailed in this excerpt.

What Investors Should Do

1. Analyze the company's revenue streams and customer concentration risks detailed in the filing.
2. Examine the company's operational structure and any disclosed segment information.
3. Review the risk factors section for potential headwinds and challenges facing AAON.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from the previous year's filing (2022) is not available in this specific excerpt.

Key Financial Figures

• $39.9 m — reign sales accounted for approximately $39.9 million, $27.6 million, and $14.8 million
• $27.6 m — ounted for approximately $39.9 million, $27.6 million, and $14.8 million of our net sal
• $14.8 million — ately $39.9 million, $27.6 million, and $14.8 million of our net sales in 2023, 2022, and 202
• $507.7 million — s of February 1, 2024 was approximately $507.7 million. Management considers the orders that m

Filing Documents

• aaon-20231231.htm (10-K) — 1876KB
• aaon_10k123123ex416.htm (EX-4.16) — 7KB
• aaon_10k123123ex21.htm (EX-21) — 4KB
• aaon_10k123123ex23.htm (EX-23) — 2KB
• aaon_10k123123ex311.htm (EX-31.1) — 11KB
• aaon_10k123123ex312.htm (EX-31.2) — 11KB
• aaon_10k123123ex321.htm (EX-32.1) — 6KB
• aaon_10k123123ex322.htm (EX-32.2) — 6KB
• aaon_10k123123ex971.htm (EX-97.1) — 31KB
• aaon_10k123123ex991.htm (EX-99.1) — 623KB
• aaon-20231231_g1.jpg (GRAPHIC) — 120KB
• 0000824142-24-000030.txt (&nbsp;) — 11011KB
• aaon-20231231.xsd (EX-101.SCH) — 61KB
• aaon-20231231_cal.xml (EX-101.CAL) — 87KB
• aaon-20231231_def.xml (EX-101.DEF) — 263KB
• aaon-20231231_lab.xml (EX-101.LAB) — 790KB
• aaon-20231231_pre.xml (EX-101.PRE) — 521KB
• aaon-20231231_htm.xml (XML) — 1727KB

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (or statements otherwise made by the Company or on the Company's behalf from time to time in other reports, filings with the Securities and Exchange Commission ("SEC"), news releases, conferences, website postings, presentations or otherwise) includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not historical facts are forward-looking statements and involve risks and uncertainties. For all of these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "confident", "outlook", "project", "should", "will", and variations of such words and other words of similar meaning or 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. Important factors that could cause results to differ materially from those in the forward-looking statements include, among others: market conditions and customer demand for our products; the timing and extent of changes in raw material and component prices; naturally-occurring events, pandemics, and other disasters causing disruption to our manufacturing operations, product deliveries and production capacity; the impact caused by inflationary cost pressures, national or global health issues, such as the coronavirus pandemic ("COVID-19"), any variants or similar outbreaks (including the response thereto) and their effects on, among other things, demand for our products, suppl

Business

Item 1. Business. Overview AAON, Inc., a Nevada corporation, ("AAON Nevada") was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc., an Oklahoma corporation ("AAON Oklahoma"), AAON Coil Products, Inc., a Texas corporation ("AAON Coil Products"), and BASX, Inc., an Oregon corporation ("BASX"). Unless the context otherwise requires, references in this Annual Report to "AAON", the "Company", "we", "us", "our", or "ours" refer to AAON Nevada and our subsidiaries. AAON is a lead producer in heating, ventilation, and air conditioning ("HVAC") systems for commercial and industrial indoor environments. We are engaged in the engineering, manufacturing, and selling of premium heating, ventilation, and air conditioning equipment consisting primarily of semi-custom and custom rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. Business Segments The Company conducts its business through three business segments: AAON Oklahoma, AAON Coil Products, and BASX. AAON Oklahoma: AAON Oklahoma engineers, manufactures, and sells, semi-custom, and custom HVAC systems, designs and manufactures controls solutions, and sells retail parts to customers through retail part stores and online. AAON Oklahoma includes the operations of our Tulsa, OK and Parkville, MO manufacturing facilities, two retail locations, and the Norman Asbjornson Innovation Center ("NAIC") research and development laboratory accredited by the Air Movement and Control Association International, Inc. ("AMCA"). With the NAIC, a world-class research and development ("R&D") laboratory in Tulsa, OK, our products are continuously tested under a variety of extreme environmental conditions to ensure they deliver the ultimate performance, efficiency, and value. Also located in Tulsa, OK, our cutting-edge Customer Expl

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