5/4/2023

speaker
Operator
Conference Call Operator

Welcome to the Aon Inc. First Quarter 2023 Earnings Conference Call. Our host for today's call is Joe Mondillo, Director of Investors Relations. At this time, all participants will be in a listen-only mode. Later, we will conduct a question and answer session. I would now like to turn the call over to your host, Mr. Mondillo. You may begin, sir.

speaker
Joe Mondillo
Director of Investor Relations

Thank you, Operator, and good afternoon, everyone. The press release announcing our first quarter financial results was issued after market closed today and can be found on our website, aaon.com. The call today is accompanied with a presentation that you can also find on our website as well as on the Listen Only webcast. Please go to slide two of the presentation. We begin with our customary forward-looking statement policy. During the call, any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, the Securities Act of 1933, and the Securities and Exchange Act of 1934. Each is amended. As such, it is subject to the occurrence of many events outside of AON's control that could cause AON's results to differ materially from those anticipated. You are also aware of the inherent difficulties, risks, and uncertainties in making predictive statements. Our press release and Form 10-Q that we filed this afternoon detail some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note that we do not have the duty to update our forward-looking statements. Joining me on today's call is Rebecca Thompson, CFO and Treasurer, and Gary Fields, President and CEO. Gary will provide some opening remarks. Rebecca will then walk through the quarterly results, and we'll then finish with Gary for some commentary on the quarter in Outlook. With that, I'll turn the call over to Gary.

speaker
Gary Fields
President and CEO

Good afternoon. Overall, we're very pleased with our first quarter results. We reported record sales for a fifth straight quarter. Organic volume was up year over year 23.5%. That was against a quarter a year ago where organic volume was up 21.3%. Our operations team is doing a great job managing the robust demand by increasing production capacity quickly while maintaining solid productivity. Backlog continued to grow. Quarter marked a seventh straight quarter of record backlog and a ninth straight quarter that backlog grew sequentially. Despite how successful we've been with adding production capacity, bookings continue to outpace production. The environment for us remains positive. Bookings trends are still on the rise and our channel partners are very optimistic. Thus, we maintain a positive outlook for the year. I'll now hand over the call to Rebecca to go over the financial results.

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

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Investor presentation