HEICO Corporation Reports Strong Growth of 44% in Net Sales, 39% in Operating Income and 23% in Net Income for the First Quarter of Fiscal 2024
HEICO Corporation Reports Strong Growth of 44% in Net Sales, 39% in Operating Income and 23% in Net Income for the First Quarter of Fiscal 2024
HOLLYWOOD, FL and MIAMI, FL / ACCESSWIRE / February 26, 2024 / HEICO CORPORATION (NYSE:HEI.A)(NYSE:HEI) today reported an increase in net income of 23% to $114.7 million, or $.82 per diluted share, in the first quarter of fiscal 2024, up from $93.0 million, or $.67 per diluted share, in the first quarter of fiscal 2023.
佛罗里达州好莱坞和佛罗里达州迈阿密/ACCESSWIRE/2024年2月26日/HEICO公司（纽约证券交易所代码：HEI）（纽约证券交易所代码：HEI）今天报告称，2024财年第一季度的净收益增长了23％，至1.147亿美元，摊薄每股收益0.82美元，高于2023财年第一季度的9,300万美元，摊薄每股收益0.67美元。
Net sales increased 44% to $896.4 million in the first quarter of fiscal 2024, up from $620.9 million in the first quarter of fiscal 2023. Operating income increased 39% to $180.2 million in the first quarter of fiscal 2024, up from $129.4 million in the first quarter of fiscal 2023. The Company's consolidated operating margin was 20.1% in the first quarter of fiscal 2024, as compared to 20.8% in the first quarter of fiscal 2023.
净销售额从2023财年第一季度的6.209亿美元增长了44％，至2024财年第一季度的8.964亿美元。营业收入从2023财年第一季度的1.294亿美元增长了39％，至2024财年第一季度的1.802亿美元。该公司的合并营业利润率在2024财年第一季度为20.1％，而2023财年第一季度的合并营业利润率为20.8％。
Our commercial aerospace sales growth has resulted in fourteen consecutive quarters of sequential growth in net sales at the Flight Support Group.
我们的商业航空销售增长使飞行支持集团的净销售额连续十四个季度连续增长。
EBITDA increased 43% to $224.4 million in the first quarter of fiscal 2024, up from $157.1 million in the first quarter of fiscal 2023. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.
2024财年第一季度的息税折旧摊销前利润从2023财年第一季度的1.571亿美元增长了43％，至2.244亿美元。请参阅本新闻稿末尾的归属于HEICO的净收益与息税折旧摊销前利润的对账。
Net income attributable to HEICO in the first quarter of fiscal 2024 and 2023 were both favorably impacted by a discrete income tax benefit from stock option exercises. The benefit in the first quarter of fiscal 2024, net of noncontrolling interests, was $13.3 million, up from $6.1 million in the first quarter of fiscal 2023.
2024财年和2023财年第一季度归属于HEICO的净收益均受到股票期权行使产生的离散所得税优惠的有利影响。扣除非控股权益后，2024财年第一季度的收益为1,330万美元，高于2023财年第一季度的610万美元。
Consolidated Results
合并业绩
Laurans A. Mendelson, HEICO's Chairman and CEO, commented on the Company's first quarter results stating, "We are very pleased to report strong quarterly consolidated net sales driven by record quarterly operating results at the Flight Support Group and the contributions from our fiscal 2023 acquisitions. These results reflect 12% organic growth in the Flight Support Group's net sales principally arising from increased demand for its commercial aerospace products and services.
HEICO董事长兼首席执行官劳兰斯·门德尔森对公司第一季度业绩发表了评论，他说：“我们很高兴地报告，在飞行支持集团创纪录的季度经营业绩以及2023财年收购的贡献的推动下，季度合并净销售额强劲。这些业绩反映了飞行支持集团净销售额的12％的有机增长，这主要是由于对其商用航空航天产品和服务的需求增加。
Our total debt to net income attributable to HEICO ratio was 5.88x as of January 31, 2024, down from 6.14x as of October 31, 2023. Our net debt to EBITDA ratio was 2.79x as of January 31, 2024, down from 3.04x as of October 31, 2023. See our reconciliation of total debt to net debt at the end of this press release.
截至2024年1月31日，我们归属于HEICO的总债务与净收益的比率为5.88倍，低于2023年10月31日的6.14倍。截至2024年1月31日，我们的净负债与息税折旧摊销前利润的比率为2.79倍，低于2023年10月31日的3.04倍。请参阅本新闻稿末尾的总负债与净负债的对账。
Cash flow provided by operating activities increased 46% to $111.7 million in the first quarter of fiscal 2024, up from $76.7 million in the first quarter of fiscal 2023. We continue to forecast strong cash flow from operations for fiscal 2024.
运营活动提供的现金流从2023财年第一季度的7,670万美元增长了46％，至2024财年第一季度的1.117亿美元。我们继续预测2024财年的运营现金流将强劲。
As we look ahead to the remainder of fiscal 2024, we continue to anticipate net sales growth in both the Flight Support Group and the Electronic Technologies Group, principally driven by contributions from our fiscal 2023 acquisitions and demand for the majority of our products. Additionally, we plan to continue our commitment to developing new products and services and further market penetration, while maintaining our financial strength and flexibility."
展望2024财年的剩余时间，我们仍然预计飞行支持集团和电子技术集团的净销售额将增长，这主要是由我们2023财年收购的贡献以及对我们大部分产品的需求推动的。此外，我们计划继续致力于开发新产品和服务并进一步渗透市场，同时保持我们的财务实力和灵活性。”
Flight Support Group
飞行支援组
Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's record setting first quarter results stating, "Continuing our growth trend, we achieved quarterly increases of 67% and 63% in net sales and operating income, respectively, as compared to the first quarter of fiscal 2023. These results principally reflect robust 12% quarterly organic net sales growth principally for our commercial aerospace parts and services as well as the contribution from our fiscal 2023 acquisition of Wencor, which continues to perform above our expectations, partially offset by lower specialty products net sales. The Flight Support Group has now achieved fourteen consecutive quarters of growth in net sales.
HEICO联席总裁兼飞行支持小组总裁埃里克·门德尔森评论了飞行支援集团创纪录的第一季度业绩，他说：“延续增长趋势，与2023财年第一季度相比，我们的净销售额和营业收入分别实现了67％和63％的季度增长。这些业绩主要反映了强劲的12％的季度有机净销售增长，主要是我们的商用航空零件和服务，以及我们在2023财年收购Wencor所做的贡献，后者的表现继续超出我们的预期，但部分被特种产品净销售额的下降所抵消。飞行支援集团现已连续十四个季度的净销售额增长。
The Flight Support Group's net sales increased 67% to a record $618.7 million in the first quarter of fiscal 2024, up from $371.3 million in the first quarter of fiscal 2023. The net sales increase reflects the impact from our fiscal 2023 acquisition and strong 12% organic growth. The organic net sales growth mainly reflects increased demand within our aftermarket replacement parts and repair and overhaul parts and services product lines.
飞行支援集团的净销售额从2023财年第一季度的3.713亿美元增长了67％，达到创纪录的6.187亿美元。净销售额增长反映了我们2023财年收购和12％的强劲有机增长的影响。净销售额的有机增长主要反映了我们的售后更换零件以及维修和大修零件和服务产品线需求的增加。
The Flight Support Group's operating income increased 63% to a record $136.1 million in the first quarter of fiscal 2024, up from $83.6 million in the first quarter of fiscal 2023. The operating income increase principally reflects the previously mentioned net sales growth, partially offset by an increase in intangible asset amortization expense and higher inventory obsolescence expense.
飞行支援集团的营业收入从2023财年第一季度的8,360万美元增长了63％，达到创纪录的1.361亿美元。营业收入的增长主要反映了前面提到的净销售增长，但被无形资产摊销费用的增加和库存报废费用的增加所部分抵消。
The Flight Support Group's operating margin was 22.0% in the first quarter of fiscal 2024, as compared to 22.5% in the first quarter of fiscal 2023. The small decrease in the Flight Support Group's operating income as a percentage of net sales principally reflects a slightly lower gross profit margin and higher expected intangible asset amortization expense due to the Wencor acquisition, partially offset by lower performance-based compensation expense."
飞行支援集团在2024财年第一季度的营业利润率为22.0％，而2023财年第一季度的营业利润率为22.5％。飞行支援集团营业收入占净销售额百分比的小幅下降主要反映了收购Wencor导致的毛利率略低和预期无形资产摊销支出的增加，但部分被基于绩效的薪酬支出减少所抵消。”
Electronic Technologies Group
电子技术组
Victor H. Mendelson, HEICO's Co-President and President of HEICO's Electronic Technologies Group, commented on the Electronic Technologies Group's first quarter results stating, "Improved demand resulted in strong organic net sales growth of our aerospace products and the net sales contribution from our fiscal 2023 acquisitions collectively contributed to double-digit quarterly net sales growth. Our ongoing commitment to long-term growth was exhibited through increased spending on new product research and development.
HEICO联席总裁兼HEICO电子技术集团总裁维克多·门德尔森评论了电子技术集团第一季度的业绩，他说：“需求的改善使我们的航空航天产品有机净销售增长强劲，2023财年收购的净销售贡献共同促进了两位数的季度净销售增长。通过增加新产品研发支出，我们对长期增长的持续承诺得到了体现。
The results of our new product research and development, combined with our near record backlog and our shipment schedule, are expected to result in higher net sales and profit margins in the quarters ahead and over the long term.
我们的新产品研发结果，加上我们接近创纪录的待办事项和出货时间表，预计将提高未来几个季度和长期的净销售额和利润率。
The Electronic Technologies Group's net sales increased 12% to $285.9 million in the first quarter of fiscal 2024, up from $255.1 million in the first quarter of fiscal 2023. The net sales increase is mainly attributable to the impact from our fiscal 2023 acquisitions and increased organic net sales of our aerospace products, partially offset by lower organic net sales of our other electronics, medical and commercial space products.
电子技术集团的净销售额从2023财年第一季度的2.551亿美元增长了12％，至2024财年第一季度的2.859亿美元。净销售额增长主要归因于我们2023财年的收购以及航空航天产品的有机净销售额增加的影响，但部分被我们的其他电子、医疗和商业航天产品的有机净销售额下降所抵消。
The Electronic Technologies Group's operating income was $55.3 million in the first quarter of fiscal 2024, as compared to $56.5 million in the first quarter of fiscal 2023. The operating income decrease principally reflects a less favorable product sales mix resulting in lower efficiencies and an increase in new product research and development expenses, partially offset by the previously mentioned net sales increase and acquisition costs incurred in the first quarter of fiscal 2023 related to the closing of an acquisition.
电子技术集团在2024财年第一季度的营业收入为5,530万美元，而2023财年第一季度的营业收入为5,650万美元。营业收入的下降主要反映了不太有利的产品销售组合，导致效率降低和新产品研发支出的增加，但部分被前面提到的净销售增长和2023财年第一季度与完成收购相关的收购成本所抵消。
The Electronic Technologies Group's operating margin was 19.3% in the first quarter of fiscal 2024, as compared to 22.2% in the first quarter of fiscal 2023. The lower operating margin, which we expect to improve in the quarters ahead, principally reflects the previously mentioned product sales mix, higher new product research and development expenses, and increased selling, general and administrative ("SG&A") expenses as a percentage of net sales which supports our forecasted strong net sales and earnings growth for the remainder of fiscal 2024, partially offset by the previously mentioned lower acquisition costs. For the full year, we expect SG&A expenses to decrease as a percentage of net sales, as our net sales increase."
电子技术集团在2024财年第一季度的营业利润率为19.3％，而2023财年第一季度的营业利润率为22.2％。我们预计较低的营业利润率将在未来几个季度有所改善，这主要反映了前面提到的产品销售组合、新产品研发费用增加以及销售、一般和管理（“SG&A”）支出占净销售额百分比的增加，这支持了我们预测的2024财年剩余时间内强劲的净销售额和收益增长，但被前面提到的较低收购成本部分抵消。随着净销售额的增加，我们预计，全年销售和收购费用占净销售额的百分比将减少。”
Non-GAAP Financial Measures
非公认会计准则财务指标
To provide additional information about the Company's results, HEICO has discussed in this press release its EBITDA (calculated as net income attributable to HEICO adjusted for depreciation and amortization expense, net income attributable to noncontrolling interests, interest expense and income tax expense), its net debt (calculated as total debt less cash and cash equivalents), and its net debt to EBITDA ratio (calculated as net debt divided by EBITDA), which are not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
为了提供有关公司业绩的更多信息，HEICO在本新闻稿中讨论了其息税折旧摊销前利润（按折旧和摊销费用调整后的归属于HEICO的净收益、归属于非控股权益、利息支出和所得税支出的净收益）、净负债（按总债务减去现金和现金等价物计算）以及净负债与息税折旧摊销前利润的比率（按净负债除以息税折旧摊销前利润计算），即没有按照美国普遍接受的会计原则编制美国（“GAAP”）。
These non-GAAP measures are included to supplement the Company's financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate the performance of its business and believes the presentation of these measures enhance an investor's ability to analyze trends in the Company's business and to evaluate the Company's performance relative to other companies in its industry. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company's financial results as reported under GAAP.
纳入这些非公认会计准则指标是为了补充公司根据公认会计原则列报的财务信息，也是因为公司使用此类衡量标准来监测和评估其业务业绩，并认为这些指标的提出增强了投资者分析公司业务趋势和评估公司相对于其行业其他公司的业绩的能力。但是，这些非公认会计准则指标存在局限性，不应单独考虑，也不应将其作为对根据公认会计原则报告的公司财务业绩分析的替代方案。
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company's results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Regulation G of the Securities and Exchange Act of 1934, the Company has provided a reconciliation of these non-GAAP measures in the last table included in this press release.
这些非公认会计准则指标不符合或取代根据公认会计准则编制的指标，可能与其他公司使用的非公认会计准则指标不同。此外，这些非公认会计准则指标并非基于任何全面的会计规则或原则。这些衡量标准只能用于评估公司的经营业绩及其相应的GAAP指标。根据1934年《证券交易法》G条的要求，公司在本新闻稿的最后一个表格中提供了这些非公认会计准则指标的对账表。
(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) carries 1/10 vote per share and the Common Stock (HEI) carries one vote per share.)
（注意：HEICO有两类普通股在纽约证券交易所上市。这两个类别，即A类普通股（HEI.A）和普通股（HEI），在所有经济方面几乎相同。股票类别之间的唯一区别是投票权。A类普通股（HEI.A）每股有1/10票，普通股（HEI）每股有一票。）
There are currently approximately 83.6 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 54.8 million shares of HEICO's Common Stock (HEI) outstanding. The stock symbols for HEICO's two classes of common stock on most websites are HEI.A and HEI. However, some websites change HEICO's Class A Common Stock trading symbol (HEI.A) to HEI/A or HEIa.
目前，HEICO的A类普通股（HEI.A）约有8,360万股已流通，HEICO的普通股（HEI）约有5,480万股已流通。在大多数网站上，HEICO两类普通股的股票代码是HEI.A和HEI。但是，一些网站将HEICO的A类普通股交易代码（HEI.A）更改为HEI/A或HEIa。
As previously announced, HEICO will hold a conference call on Tuesday, February 27, 2024 at 9:00 a.m. Eastern Standard Time to discuss its first quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 256-1007, International (929) 477-0448, wait for the conference operator and provide the operator with the Conference ID 8809355. A digital replay will be available two hours after the completion of the conference for 14 days. To access the replay, please visit our website at under the Investors section for details.
正如先前宣布的那样，HEICO将于美国东部标准时间2024年2月27日星期二上午9点举行电话会议，讨论其第一季度业绩。希望参加电话会议的个人应拨打：美国和加拿大（888）256-1007、国际（929）477-0448，等待会议运营商并向接线员提供会议编号8809355。会议结束两小时后，将提供为期14天的数字重播。要观看重播，请访问我们的网站 “投资者” 部分下方了解详情。
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at .
HEICO Corporation主要通过其总部位于佛罗里达州好莱坞的飞行支持小组和总部位于佛罗里达州迈阿密的电子技术集团，为航空、国防、太空、医疗、电信和电子行业的某些利基细分市场设计、生产、服务和分销产品和服务。HEICO的客户包括世界上大多数的航空公司和检修车间，以及世界各地的众多国防和太空承包商和军事机构，以及医疗、电信和电子设备制造商。有关 HEICO 的更多信息，请访问我们的网站。
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements. Factors that could cause such differences include, among others: the severity, magnitude and duration of public health threats, such as the COVID-19 pandemic; our liquidity and the amount and timing of cash generation; lower commercial air travel, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions, including obtaining any applicable domestic and/or foreign governmental approvals, and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; and economic conditions, including the effects of inflation, within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
本新闻稿中的某些陈述构成前瞻性陈述，受风险、不确定性和突发事件的影响。HEICO的实际业绩可能与这些前瞻性陈述所表达或暗示的业绩存在重大差异。可能导致这种差异的因素包括：COVID-19 疫情等公共卫生威胁的严重程度、规模和持续时间；我们的流动性以及现金产生的金额和时机；商业航空旅行、机队变动或航空公司购买决策的减少，这可能导致对我们商品和服务的需求减少；产品规格成本和要求，这可能导致我们完成合同的成本增加；政府和监管要求、出口政策和限制、国防削减，美国和/或外国客户的太空或国土安全支出或来自现有和新竞争对手的竞争，这可能会减少我们的销售；我们以有利可图的价格推出新产品和服务的能力，这可能会降低我们的销售或销售增长；产品开发或制造困难，这可能会增加我们的产品开发和制造成本并延迟销售；我们进行收购的能力，包括获得任何适用的国内和/或外国政府批准，以及从以下方面实现运营协同效应收购的业务；客户信用风险；利息、外币汇率和所得税税率；以及航空、国防、太空、医疗、电信和电子行业内外的经济状况，包括通货膨胀的影响，这可能会对我们的成本和收入产生负面影响。鼓励收到这些材料的各方查看HEICO向美国证券交易委员会提交的所有文件，包括但不限于10-K表格、10-Q表格和8-K表格上提交的文件。除非适用法律要求，否则我们没有义务公开更新或修改任何前瞻性陈述，无论是由于新信息、未来事件还是其他原因。
HEICO CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
HEICO 公司
简明合并运营报表
（未经审计）
（以千计，每股数据除外）
|
Three Months Ended January 31, |
||||||||
| 2024 | 2023 | |||||||
Net sales |
$ | 896,363 | $ | 620,915 | ||||
Cost of sales |
549,594 | 377,116 | ||||||
Selling, general and administrative expenses |
166,559 | 114,365 | ||||||
Operating income |
180,210 | 129,434 | ||||||
Interest expense |
(38,607) | (6,068) | ||||||
Other income |
679 | 639 | ||||||
Income before income taxes and noncontrolling interests |
142,282 | 124,005 | ||||||
Income tax expense |
16,800(a) | 21,000(b) | ||||||
Net income from consolidated operations |
125,482 | 103,005 | ||||||
Less: Net income attributable to noncontrolling interests |
10,784 | 9,978 | ||||||
Net income attributable to HEICO |
$ | 114,698(a) | $ | 93,027(b) | ||||
| Net income per share attributable to HEICO shareholders: | ||||||||
Basic |
$ | .83(a) | $ | .68(b) | ||||
Diluted |
$ | .82(a) | $ | .67(b) | ||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
138,265 | 136,655 | ||||||
Diluted |
139,893 | 138,579 | ||||||
|
Three Months Ended January 31, |
||||||||
| 2024 | 2023 | |||||||
Operating segment information: |
||||||||
Net sales: |
||||||||
Flight Support Group |
$ | 618,716 | $ | 371,278 | ||||
Electronic Technologies Group |
285,942 | 255,059 | ||||||
Intersegment sales |
(8,295) | (5,422) | ||||||
| $ | 896,363 | $ | 620,915 | |||||
Operating income: |
||||||||
Flight Support Group |
$ | 136,091 | $ | 83,609 | ||||
Electronic Technologies Group |
55,328 | 56,537 | ||||||
Other, primarily corporate |
(11,209) | (10,712) | ||||||
| $ | 180,210 | $ | 129,434 | |||||
| 三个月已结束 1月31日 |
||||||||
| 2024 | 2023 | |||||||
净销售额 |
$ | 896,363 | $ | 620,915 | ||||
销售成本 |
549,594 | 377,116 | ||||||
销售、一般和管理费用 |
166,559 | 114,365 | ||||||
营业收入 |
180,210 | 129,434 | ||||||
利息支出 |
(38,607) | (6,068) | ||||||
其他收入 |
679 | 639 | ||||||
所得税和非控制性权益前的收入 |
142,282 | 124,005 | ||||||
所得税支出 |
16,800 (a) | 21,000 (b) | ||||||
合并业务的净收益 |
125,482 | 103,005 | ||||||
减去：归属于非控股权益的净收益 |
10,784 | 9,978 | ||||||
归属于HEICO的净收益 |
$ | 114,698 (a) | $ | 93,027 (b) | ||||
| 归属于HEICO股东的每股净收益： | ||||||||
基本 |
$ | .83 (a) | $ | .68 (b) | ||||
稀释 |
$ | .82 (a) | $ | .67 (b) | ||||
已发行普通股的加权平均数： |
||||||||
基本 |
138,265 | 136,655 | ||||||
稀释 |
139,893 | 138,579 | ||||||
| 三个月已结束 1月31日 |
||||||||
| 2024 | 2023 | |||||||
运营分部信息： |
||||||||
净销售额： |
||||||||
飞行支援组 |
$ | 618,716 | $ | 371,278 | ||||
电子技术组 |
285,942 | 255,059 | ||||||
细分市场间销售 |
(8,295) | (5,422) | ||||||
| $ | 896,363 | $ | 620,915 | |||||
营业收入： |
||||||||
飞行支援组 |
$ | 136,091 | $ | 83,609 | ||||
电子技术组 |
55,328 | 56,537 | ||||||
其他，主要是公司 |
(11,209) | (10,712) | ||||||
| $ | 180,210 | $ | 129,434 | |||||
HEICO CORPORATION
HEICO 公司
Footnotes to Condensed Consolidated Statements of Operations (Unaudited)
简明合并运营报表的脚注（未经审计）
a. During the first quarter of fiscal 2024, the Company recognized a $13.6 million discrete tax benefit from stock option exercises, which, net of noncontrolling interests, increased net income attributable to HEICO by $13.3 million, or $.10 per basic and diluted share.
b. During the first quarter of fiscal 2023, the Company recognized a $6.2 million discrete tax benefit from stock option exercises, which, net of noncontrolling interests, increased net income attributable to HEICO by $6.1 million, or $.04 per basic and diluted share.
a. 在2024财年第一季度，公司确认了股票期权行使产生的1,360万美元的离散税收优惠，扣除非控股权益后，归属于HEICO的净收益增加了1,330万美元，合每股基本和摊薄后每股收益0.10美元。
b. 在2023财年第一季度，公司确认了股票期权行使产生的620万美元离散税收优惠，扣除非控股权益后，归属于HEICO的净收益增加了610万美元，合每股基本和摊薄后每股收益0.04美元。
HEICO CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
HEICO 公司
简明合并资产负债表
（未经审计）
（以千计）
| January 31, 2024 | October 31, 2023 | |||||||
Cash and cash equivalents |
$ | 196,323 | $ | 171,048 | ||||
Accounts receivable, net |
471,697 | 509,075 | ||||||
Contract assets |
108,888 | 111,702 | ||||||
Inventories, net |
1,068,735 | 1,013,680 | ||||||
Prepaid expenses and other current assets |
66,716 | 49,837 | ||||||
Total current assets |
1,912,359 | 1,855,342 | ||||||
Property, plant and equipment, net |
327,661 | 321,848 | ||||||
Goodwill |
3,290,494 | 3,274,327 | ||||||
Intangible assets, net |
1,365,682 | 1,357,281 | ||||||
Other assets |
439,873 | 386,265 | ||||||
Total assets |
$ | 7,336,069 | $ | 7,195,063 | ||||
Short-term and current maturities of long-term debt |
$ | 4,739 | $ | 17,801 | ||||
Other current liabilities |
599,356 | 647,541 | ||||||
Total current liabilities |
604,095 | 665,342 | ||||||
Long-term debt, net of current maturities |
2,495,726 | 2,460,277 | ||||||
Deferred income taxes |
128,203 | 131,846 | ||||||
Other long-term liabilities |
425,541 | 379,640 | ||||||
Total liabilities |
3,653,565 | 3,637,105 | ||||||
Redeemable noncontrolling interests |
365,865 | 364,807 | ||||||
Shareholders' equity |
3,316,639 | 3,193,151 | ||||||
Total liabilities and equity |
$ | 7,336,069 | $ | 7,195,063 | ||||
| 2024年1月31日 | 2023年10月31日 | |||||||
现金和现金等价物 |
$ | 196,323 | $ | 171,048 | ||||
应收账款，净额 |
471,697 | 509,075 | ||||||
合同资产 |
108,888 | 111,702 | ||||||
库存，净额 |
1,068,735 | 1,013,680 | ||||||
预付费用和其他流动资产 |
66,716 | 49,837 | ||||||
流动资产总额 |
1,912,359 | 1,855,342 | ||||||
财产、厂房和设备，净额 |
327,661 | 321,848 | ||||||
善意 |
3,290,494 | 3,274,327 | ||||||
无形资产，净额 |
1,365,682 | 1,357,281 | ||||||
其他资产 |
439,873 | 386,265 | ||||||
总资产 |
$ | 7,336,069 | $ | 7,195,063 | ||||
长期债务的短期和当前到期日 |
$ | 4,739 | $ | 17,801 | ||||
其他流动负债 |
599,356 | 647,541 | ||||||
流动负债总额 |
604,095 | 665,342 | ||||||
长期债务，扣除当前到期日 |
2,495,726 | 2,460,277 | ||||||
递延所得税 |
128,203 | 131,846 | ||||||
其他长期负债 |
425,541 | 379,640 | ||||||
负债总额 |
3,653,565 | 3,637,105 | ||||||
可赎回的非控制性权益 |
365,865 | 364,807 | ||||||
股东权益 |
3,316,639 | 3,193,151 | ||||||
负债和权益总额 |
$ | 7,336,069 | $ | 7,195,063 | ||||
HEICO CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
HEICO 公司
简明合并现金流量表
（未经审计）
（以千计）
| Three Months Ended January 31, | ||||||||
| 2024 | 2023 | |||||||
Operating Activities: |
||||||||
Net income from consolidated operations |
$ | 125,482 | $ | 103,005 | ||||
Depreciation and amortization |
43,505 | 27,060 | ||||||
Employer contributions to HEICO Savings and Investment Plan |
5,665 | 3,814 | ||||||
Share-based compensation expense |
4,881 | 2,812 | ||||||
Increase in accrued contingent consideration, net |
1,095 | 1,336 | ||||||
Deferred income tax (benefit) provision |
(3,759) | 980 | ||||||
Payment of contingent consideration |
(6,203) | (6,299) | ||||||
Decrease (increase) in accounts receivable |
38,940 | (7,095) | ||||||
Decrease (increase) in contract assets |
4,560 | (7,303) | ||||||
Increase in inventories |
(49,846) | (52,041) | ||||||
(Decrease) increase in current liabilities |
(49,714) | 4,264 | ||||||
Other |
(2,954) | 6,153 | ||||||
Net cash provided by operating activities |
111,652 | 76,686 | ||||||
Investing Activities: |
||||||||
Acquisitions, net of cash acquired |
(46,208) | (503,736) | ||||||
Capital expenditures |
(13,377) | (10,846) | ||||||
Investments related to HEICO Leadership Compensation Plan |
(12,710) | (11,800) | ||||||
Other |
1,156 | 402 | ||||||
Net cash used in investing activities |
(71,139) | (525,980) | ||||||
Financing Activities: |
||||||||
Borrowings on revolving credit facility, net |
35,000 | 493,000 | ||||||
Payments on short-term debt, net |
(13,924) | - | ||||||
Cash dividends paid |
(13,831) | (13,668) | ||||||
Payment of contingent consideration |
(13,797) | (3,710) | ||||||
Distributions to noncontrolling interests |
(8,766) | (11,291) | ||||||
Acquisitions of noncontrolling interests |
(2,212) | (2,733) | ||||||
Redemptions of common stock related to stock option exercises |
(601) | (14,805) | ||||||
Proceeds from stock option exercises |
2,254 | 2,845 | ||||||
Other |
(852) | (463) | ||||||
Net cash (used in) provided by financing activities |
(16,729) | 449,175 | ||||||
Effect of exchange rate changes on cash |
1,491 | 3,234 | ||||||
Net increase in cash and cash equivalents |
25,275 | 3,115 | ||||||
Cash and cash equivalents at beginning of year |
171,048 | 139,504 | ||||||
Cash and cash equivalents at end of period |
$ | 196,323 | $ | 142,619 | ||||
| 截至1月31日的三个月 | ||||||||
| 2024 | 2023 | |||||||
经营活动： |
||||||||
合并业务的净收益 |
$ | 125,482 | $ | 103,005 | ||||
折旧和摊销 |
43,505 | 27,060 | ||||||
雇主对HEICO储蓄和投资计划的缴款 |
5,665 | 3,814 | ||||||
基于股份的薪酬支出 |
4,881 | 2,812 | ||||||
应计或有对价净额增加 |
1,095 | 1,336 | ||||||
递延所得税（福利）准备金 |
(3,759) | 980 | ||||||
支付或有对价 |
(6,203) | (6,299) | ||||||
应收账款减少（增加） |
38,940 | (7,095) | ||||||
合同资产减少（增加） |
4,560 | (7,303) | ||||||
库存增加 |
(49,846) | (52,041) | ||||||
流动负债（减少）增加 |
(49,714) | 4,264 | ||||||
其他 |
(2,954) | 6,153 | ||||||
经营活动提供的净现金 |
111,652 | 76,686 | ||||||
投资活动： |
||||||||
收购，扣除获得的现金 |
(46,208) | (503,736) | ||||||
资本支出 |
(13,377) | (10,846) | ||||||
与 HEICO 领导层薪酬计划相关的投资 |
(12,710) | (11,800) | ||||||
其他 |
1,156 | 402 | ||||||
用于投资活动的净现金 |
(71,139) | (525,980) | ||||||
融资活动： |
||||||||
循环信贷额度借款，净额 |
35,000 | 493,000 | ||||||
短期债务的还款额，净额 |
(13,924) | - | ||||||
支付的现金分红 |
(13,831) | (13,668) | ||||||
支付或有对价 |
(13,797) | (3,710) | ||||||
对非控股权益的分配 |
(8,766) | (11,291) | ||||||
收购非控股权益 |
(2,212) | (2,733) | ||||||
赎回与股票期权行使相关的普通股 |
(601) | (14,805) | ||||||
股票期权行使的收益 |
2,254 | 2,845 | ||||||
其他 |
(852) | (463) | ||||||
融资活动提供的（用于）净现金 |
(16,729) | 449,175 | ||||||
汇率变动对现金的影响 |
1,491 | 3,234 | ||||||
现金和现金等价物的净增长 |
25,275 | 3,115 | ||||||
年初的现金和现金等价物 |
171,048 | 139,504 | ||||||
期末的现金和现金等价物 |
$ | 196,323 | $ | 142,619 | ||||
HEICO CORPORATION
Non-GAAP Financial Measures (Unaudited)
(in thousands, except ratios)
HEICO 公司
非公认会计准则财务指标（未经审计）
（以千计，比率除外）
| Three Months Ended January 31, | ||||||||
EBITDA Calculation |
2024 | 2023 | ||||||
Net income attributable to HEICO |
$ | 114,698 | $ | 93,027 | ||||
Plus: Depreciation and amortization |
43,505 | 27,060 | ||||||
Plus: Net income attributable to noncontrolling interests |
10,784 | 9,978 | ||||||
Plus: Interest expense |
38,607 | 6,068 | ||||||
Plus: Income tax expense |
16,800 | 21,000 | ||||||
EBITDA (a)
|
$ | 224,394 | $ | 157,133 | ||||
| Trailing Twelve Months Ended | ||||||||
EBITDA Calculation |
January 31, 2024 | October 31, 2023 | ||||||
Net income attributable to HEICO |
$ | 425,267 | $ | 403,596 | ||||
Plus: Depreciation and amortization |
146,488 | 130,043 | ||||||
Plus: Net income attributable to noncontrolling interests |
41,593 | 40,787 | ||||||
Plus: Interest expense |
105,523 | 72,984 | ||||||
Plus: Income tax expense |
106,700 | 110,900 | ||||||
EBITDA (a)
|
$ | 825,571 | $ | 758,310 | ||||
Net Debt Calculation |
January 31, 2024 | October 31, 2023 | ||||||
Total debt |
$ | 2,500,465 | $ | 2,478,078 | ||||
Less: Cash and cash equivalents |
(196,323) | (171,048) | ||||||
Net debt (a)
|
$ | 2,304,142 | $ | 2,307,030 | ||||
Total debt |
$ | 2,500,465 | $ | 2,478,078 | ||||
Net income attributable to HEICO (trailing twelve months) |
$ | 425,267 | $ | 403,596 | ||||
Total debt to net income attributable to HEICO ratio |
5.88 | 6.14 | ||||||
Net debt |
$ | 2,304,142 | $ | 2,307,030 | ||||
EBITDA (trailing twelve months) |
$ | 825,571 | $ | 758,310 | ||||
Net debt to EBITDA ratio (a)
|
2.79 | 3.04 | ||||||
| 截至1月31日的三个月 | ||||||||
息税折旧摊销前利润计算 |
2024 | 2023 | ||||||
归属于HEICO的净收益 |
$ | 114,698 | $ | 93,027 | ||||
另外：折旧和摊销 |
43,505 | 27,060 | ||||||
另外：归属于非控股权益的净收益 |
10,784 | 9,978 | ||||||
加：利息支出 |
38,607 | 6,068 | ||||||
加：所得税支出 |
16,800 | 21,000 | ||||||
税前利润 (a)
|
$ | 224,394 | $ | 157,133 | ||||
| 过去十二个月已结束 | ||||||||
息税折旧摊销前利润计算 |
2024年1月31日 | 2023年10月31日 | ||||||
归属于HEICO的净收益 |
$ | 425,267 | $ | 403,596 | ||||
另外：折旧和摊销 |
146,488 | 130,043 | ||||||
另外：归属于非控股权益的净收益 |
41,593 | 40,787 | ||||||
加：利息支出 |
105,523 | 72,984 | ||||||
加：所得税支出 |
106,700 | 110,900 | ||||||
税前利润 (a)
|
$ | 825,571 | $ | 758,310 | ||||
净负债计算 |
2024年1月31日 | 2023年10月31日 | ||||||
债务总额 |
$ | 2,500,465 | $ | 2,478,078 | ||||
减去：现金和现金等价物 |
(196,323) | (171,048) | ||||||
净负债 (a)
|
$ | 2,304,142 | $ | 2,307,030 | ||||
债务总额 |
$ | 2,500,465 | $ | 2,478,078 | ||||
归属于HEICO的净收益（过去十二个月） |
$ | 425,267 | $ | 403,596 | ||||
归因于HEICO的总债务与净收益的比率 |
5.88 | 6.14 | ||||||
净负债 |
$ | 2,304,142 | $ | 2,307,030 | ||||
息税折旧摊销前利润（过去十二个月） |
$ | 825,571 | $ | 758,310 | ||||
净负债与息税折旧摊销前利润比率 (a)
|
2.79 | 3.04 | ||||||
(a) See the "Non-GAAP Financial Measures" section of this press release.
(a) 参见本新闻稿的 “非公认会计准则财务指标” 部分。
CONTACT:
联系人：
Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570
Victor H. Mendelson (305) 374-1745 分机 7590
小卡洛斯 L. 澳门 (954) 987-4000 分机 7570
SOURCE: HEICO Corporation
来源：HEICO 公司