Investing For Growth - New Products and Research

(in millions) Investing For Growth (in millions) $80 $60 $40 $20 CAPEX 14% THI $0 2017 $20 $15 $10 $5 $0 50 2018 Capex 2019 12% . 10% 8% 6% 2020 2021 -% of Sales R&D НИМ 2017 2018 R&D 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 2020 2021 - % of Sales 2019 • In the trailing five years, we increased capex by a CAGR of 15.8%, spending on average 10.1% of sales. In 2017-2021, most of capex investments were growth-focused. Annual maintenance capex made up $20-$30 million. In the trailing five years, we increased R&D by a CAGR of 6.7%, spending on average 3.2% of sales. As a percent of equipment sales, peer average in 2021 was 2.1%. AAON 11

View entire presentation