AAON, Inc.

Thank you for standing by. At this time, I would like to welcome everyone to the Aon Inc. Third Quarter 2025 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Joseph Mondello, Director of Investor Relations. You may begin.

Thank you, Operator, and good morning, everyone. The press release announcing our third quarter financial results was issued earlier this morning and can be found on our corporate website, aaon.com. The call today is accompanied by a presentation that you can also find on our website, as well as on the listen-only webcast. We begin with our customary forward-looking statement policy. During the call, any statement presented dealing with the 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 as 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 all aware of the inherent difficulties, risks, and uncertainties in making predictive statements. Our press release in Form 10-Q that we filed this morning details 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 a duty to update our forward-looking statements. Our press release and portions of today's call use non-GAAP financial measures as defined in Regulation G. You can find the related reconciliations to GAAP measures in our press release and presentation. Joining me on the call today is Matt Tobolsky, CEO and President, and Rebecca Thompson, CFO and Treasurer. Matt will start off with some opening remarks. Rebecca will then follow with a walkthrough of the quarterly results, and Matt will finish with our outlook for the rest of the year and some closing remarks. With that, I will turn the call over to Matt.

Thanks, Joe, and good morning. The third quarter marked a decisive inflection point in our operational recovery and capacity expansion. We saw substantial improvement in production throughput at both the Tulsa and Longview facilities, which drove meaningful sequential sales growth, while continued strength in bookings contributed to further backlog growth. While margins in the quarter continue to be impacted by operational inefficiencies in Longview and the early ramp up of the new Memphis facility, we continue to make steady progress and expect sequential margin improvement to continue through the fourth quarter and into early 2026, putting us firmly on track toward our longer term goals. The basics brand continues to perform exceptionally well, fueled by strong momentum in the data center market where favorably priced bookings have risen sharply and the pipeline of opportunities remains robust. Basics branded backlog grew to $896.8 million, up 119.5% from a year ago, and up 43.9% from the prior quarter. Demand for both our air side and liquid cooling products remain strong, reflecting how well our custom solutions align with customer needs. To meet this growing demand, we remain laser focused on ramping up production capacity at our new Memphis facility. This facility adds nearly 800,000 square feet of state of the art manufacturing capacity, which provides considerable growth to our basics production capabilities and positions us well for continued growth. The ramp up of the facility is progressing as planned, with large scale production expected by year end. With a strong backlog and significant increase in capacity, we expect the Basics brand to deliver meaningful growth in 2026. The Aon brand continues to perform well, with sales rising substantially from the prior quarter and bookings remaining strong. Aon branded sales grew 28.1% sequentially, driven by over 20% production increases at both the Tulsa and Longview facilities and improved utilization of the ERP system, enabling us to better meet demand. Pulse of production returned to prior year levels. In Longview, while still about 20% below last year, showed strong progress. Based on September and October exit rates, we expect Longview is nearing full recovery. Enhanced production output of Aon branded equipment resulted in a book to bill ratio for the brand below one. successfully helping bring backlog and lead times of Aon branded equipment closer to normalized levels. While backlog for the brand remains higher than desired, we are making steady progress in reducing it. We are committed to achieving this in the near term, ensuring we can effectively serve our customers and restore a normal business cadence. Despite a soft commercial HVAC market and extended lead times, Aon branded bookings remain strong. While flat year-over-year due to a challenging comparison, bookings were up 15% on a two-year stack, reflecting continued strength in underlying demand. National account wins were particularly robust, with bookings up 96% in the third quarter and 92% year-to-date, representing 35% of total bookings for the year. Bookings of alpha class air source heat pump equipment also continued their strong momentum, up 45% quarter over quarter and 46% year to date. As I mentioned earlier, Longview's ERP implementation has progressed considerably. While production of Aon branded equipment at the facility remained about 20% below targets, output improved sequentially throughout the quarter, and by quarter end, production of Aon branded equipment was approaching full recovery. Production of the new basics branded equipment in Longview has performed exceptionally well with consistent year-to-date improvement. Despite the improvement in throughput, we continue to work through efficiency challenges that are weighing on facility profitability. We view these as temporary and expect meaningful margin improvement in the coming quarters. In Tulsa, average production levels for the quarter reflected a full recovery, and by quarter end, we're running ahead of target. We've made strong progress in improving coil supply, which supported the higher production volumes. And while our supply of coils remains constrained, we are effectively managing through these constraints. With the Longview implementation now well underway, we have gained valuable experience and insight, both operational and technical, that will guide future ERP rollouts and greatly enhance our readiness to efficiently deploy the ERP system across our other facilities. While we continue to expect some level of operational impact as future sites transition, we are far better prepared to manage these challenges with strengthened internal processes, improved training programs, and a proven framework that positions us to execute future implementations with greater speed, precision, and minimal disruption. We've applied the lessons learned from Longview to the Memphis Go Live, which occurred on November 1st, and we continue to expect Redmond to transition in the first half of 2026 with Tulsa following in the second half. I will now turn the call over to Rebecca who will walk through the financials in more detail.