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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

HEICO公司報告稱,2024財年第一季度淨銷售額強勁增長44%,營業收入增長39%,淨收入增長23%
Accesswire ·  02/26 16:30

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.

佛羅里達州好萊塢和佛羅里達州邁阿密/ACCESSWIRE/2024年2月26日/HEICO公司(紐約證券交易所代碼:HEI)(紐約證券交易所代碼:HEI)今天報告稱,2024財年第一季度的淨收益增長了23%,至1.147億美元,攤薄每股收益0.82美元,高於2023財年第一季度的9,300萬美元,攤薄每股收益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.

淨銷售額從2023財年第一季度的6.209億美元增長了44%,至2024財年第一季度的8.964億美元。營業收入從2023財年第一季度的1.294億美元增長了39%,至2024財年第一季度的1.802億美元。該公司的合併營業利潤率在2024財年第一季度爲20.1%,而2023財年第一季度的合併營業利潤率爲20.8%。

Our commercial aerospace sales growth has resulted in fourteen consecutive quarters of sequential growth in net sales at the Flight Support Group.

我們的商業航空銷售增長使飛行支持集團的淨銷售額連續十四個季度連續增長。

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財年第一季度的息稅折舊攤銷前利潤從2023財年第一季度的1.571億美元增長了43%,至2.244億美元。請參閱本新聞稿末尾的歸屬於HEICO的淨收益與息稅折舊攤銷前利潤的對賬。

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財年和2023財年第一季度歸屬於HEICO的淨收益均受到股票期權行使產生的離散所得稅優惠的有利影響。扣除非控股權益後,2024財年第一季度的收益爲1,330萬美元,高於2023財年第一季度的610萬美元。

Consolidated Results

合併業績

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董事長兼首席執行官勞蘭斯·門德爾森對公司第一季度業績發表了評論,他說:“我們很高興地報告,在飛行支持集團創紀錄的季度經營業績以及2023財年收購的貢獻的推動下,季度合併淨銷售額強勁。這些業績反映了飛行支持集團淨銷售額的12%的有機增長,這主要是由於對其商用航空航天產品和服務的需求增加。

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,我們歸屬於HEICO的總債務與淨收益的比率爲5.88倍,低於2023年10月31日的6.14倍。截至2024年1月31日,我們的淨負債與息稅折舊攤銷前利潤的比率爲2.79倍,低於2023年10月31日的3.04倍。請參閱本新聞稿末尾的總負債與淨負債的對賬。

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.

運營活動提供的現金流從2023財年第一季度的7,670萬美元增長了46%,至2024財年第一季度的1.117億美元。我們繼續預測2024財年的運營現金流將強勁。

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財年的剩餘時間,我們仍然預計飛行支持集團和電子技術集團的淨銷售額將增長,這主要是由我們2023財年收購的貢獻以及對我們大部分產品的需求推動的。此外,我們計劃繼續致力於開發新產品和服務並進一步滲透市場,同時保持我們的財務實力和靈活性。”

Flight Support Group

飛行支援組

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聯席總裁兼飛行支持小組總裁埃裏克·門德爾森評論了飛行支援集團創紀錄的第一季度業績,他說:“延續增長趨勢,與2023財年第一季度相比,我們的淨銷售額和營業收入分別實現了67%和63%的季度增長。這些業績主要反映了強勁的12%的季度有機淨銷售增長,主要是我們的商用航空零件和服務,以及我們在2023財年收購Wencor所做的貢獻,後者的表現繼續超出我們的預期,但部分被特種產品淨銷售額的下降所抵消。飛行支援集團現已連續十四個季度的淨銷售額增長。

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.

飛行支援集團的淨銷售額從2023財年第一季度的3.713億美元增長了67%,達到創紀錄的6.187億美元。淨銷售額增長反映了我們2023財年收購和12%的強勁有機增長的影響。淨銷售額的有機增長主要反映了我們的售後更換零件以及維修和大修零件和服務產品線需求的增加。

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.

飛行支援集團的營業收入從2023財年第一季度的8,360萬美元增長了63%,達到創紀錄的1.361億美元。營業收入的增長主要反映了前面提到的淨銷售增長,但被無形資產攤銷費用的增加和庫存報廢費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."

飛行支援集團在2024財年第一季度的營業利潤率爲22.0%,而2023財年第一季度的營業利潤率爲22.5%。飛行支援集團營業收入佔淨銷售額百分比的小幅下降主要反映了收購Wencor導致的毛利率略低和預期無形資產攤銷支出的增加,但部分被基於績效的薪酬支出減少所抵消。”

Electronic Technologies Group

電子技術組

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聯席總裁兼HEICO電子技術集團總裁維克多·門德爾森評論了電子技術集團第一季度的業績,他說:“需求的改善使我們的航空航天產品有機淨銷售增長強勁,2023財年收購的淨銷售貢獻共同促進了兩位數的季度淨銷售增長。通過增加新產品研發支出,我們對長期增長的持續承諾得到了體現。

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.

我們的新產品研發結果,加上我們接近創紀錄的待辦事項和出貨時間表,預計將提高未來幾個季度和長期的淨銷售額和利潤率。

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.

電子技術集團的淨銷售額從2023財年第一季度的2.551億美元增長了12%,至2024財年第一季度的2.859億美元。淨銷售額增長主要歸因於我們2023財年的收購以及航空航天產品的有機淨銷售額增加的影響,但部分被我們的其他電子、醫療和商業航天產品的有機淨銷售額下降所抵消。

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.

電子技術集團在2024財年第一季度的營業收入爲5,530萬美元,而2023財年第一季度的營業收入爲5,650萬美元。營業收入的下降主要反映了不太有利的產品銷售組合,導致效率降低和新產品研發支出的增加,但部分被前面提到的淨銷售增長和2023財年第一季度與完成收購相關的收購成本所抵消。

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."

電子技術集團在2024財年第一季度的營業利潤率爲19.3%,而2023財年第一季度的營業利潤率爲22.2%。我們預計較低的營業利潤率將在未來幾個季度有所改善,這主要反映了前面提到的產品銷售組合、新產品研發費用增加以及銷售、一般和管理(“SG&A”)支出佔淨銷售額百分比的增加,這支持了我們預測的2024財年剩餘時間內強勁的淨銷售額和收益增長,但被前面提到的較低收購成本部分抵消。隨着淨銷售額的增加,我們預計,全年銷售和收購費用佔淨銷售額的百分比將減少。”

Non-GAAP Financial Measures

非公認會計准則財務指標

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").

爲了提供有關公司業績的更多信息,HEICO在本新聞稿中討論了其息稅折舊攤銷前利潤(按折舊和攤銷費用調整後的歸屬於HEICO的淨收益、歸屬於非控股權益、利息支出和所得稅支出的淨收益)、淨負債(按總債務減去現金和現金等價物計算)以及淨負債與息稅折舊攤銷前利潤的比率(按淨負債除以息稅折舊攤銷前利潤計算),即沒有按照美國普遍接受的會計原則編制美國(“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.

納入這些非公認會計准則指標是爲了補充公司根據公認會計原則列報的財務信息,也是因爲公司使用此類衡量標準來監測和評估其業務業績,並認爲這些指標的提出增強了投資者分析公司業務趨勢和評估公司相對於其行業其他公司的業績的能力。但是,這些非公認會計准則指標存在侷限性,不應單獨考慮,也不應將其作爲對根據公認會計原則報告的公司財務業績分析的替代方案。

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.

這些非公認會計准則指標不符合或取代根據公認會計准則編制的指標,可能與其他公司使用的非公認會計准則指標不同。此外,這些非公認會計准則指標並非基於任何全面的會計規則或原則。這些衡量標準只能用於評估公司的經營業績及其相應的GAAP指標。根據1934年《證券交易法》G條的要求,公司在本新聞稿的最後一個表格中提供了這些非公認會計准則指標的對賬表。

(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有兩類普通股在紐約證券交易所上市。這兩個類別,即A類普通股(HEI.A)和普通股(HEI),在所有經濟方面幾乎相同。股票類別之間的唯一區別是投票權。A類普通股(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類普通股(HEI.A)約有8,360萬股已流通,HEICO的普通股(HEI)約有5,480萬股已流通。在大多數網站上,HEICO兩類普通股的股票代碼是HEI.A和HEI。但是,一些網站將HEICO的A類普通股交易代碼(HEI.A)更改爲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.

正如先前宣佈的那樣,HEICO將於美國東部標準時間2024年2月27日星期二上午9點舉行電話會議,討論其第一季度業績。希望參加電話會議的個人應撥打:美國和加拿大(888)256-1007、國際(929)477-0448,等待會議運營商並向接線員提供會議編號8809355。會議結束兩小時後,將提供爲期14天的數字重播。要觀看重播,請訪問我們的網站 “投資者” 部分下方了解詳情。

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主要通過其總部位於佛羅里達州好萊塢的飛行支持小組和總部位於佛羅里達州邁阿密的電子技術集團,爲航空、國防、太空、醫療、電信和電子行業的某些利基細分市場設計、生產、服務和分銷產品和服務。HEICO的客戶包括世界上大多數的航空公司和檢修車間,以及世界各地的衆多國防和太空承包商和軍事機構,以及醫療、電信和電子設備製造商。有關 HEICO 的更多信息,請訪問我們的網站。

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.

本新聞稿中的某些陳述構成前瞻性陳述,受風險、不確定性和突發事件的影響。HEICO的實際業績可能與這些前瞻性陳述所表達或暗示的業績存在重大差異。可能導致這種差異的因素包括:COVID-19 疫情等公共衛生威脅的嚴重程度、規模和持續時間;我們的流動性以及現金產生的金額和時機;商業航空旅行、機隊變動或航空公司購買決策的減少,這可能導致對我們商品和服務的需求減少;產品規格成本和要求,這可能導致我們完成合同的成本增加;政府和監管要求、出口政策和限制、國防削減,美國和/或外國客戶的太空或國土安全支出或來自現有和新競爭對手的競爭,這可能會減少我們的銷售;我們以有利可圖的價格推出新產品和服務的能力,這可能會降低我們的銷售或銷售增長;產品開發或製造困難,這可能會增加我們的產品開發和製造成本並延遲銷售;我們進行收購的能力,包括獲得任何適用的國內和/或外國政府批准,以及從以下方面實現運營協同效應收購的業務;客戶信用風險;利息、外幣匯率和所得稅稅率;以及航空、國防、太空、醫療、電信和電子行業內外的經濟狀況,包括通貨膨脹的影響,這可能會對我們的成本和收入產生負面影響。鼓勵收到這些材料的各方查看HEICO向美國證券交易委員會提交的所有文件,包括但不限於10-K表格、10-Q表格和8-K表格上提交的文件。除非適用法律要求,否則我們沒有義務公開更新或修改任何前瞻性陳述,無論是由於新信息、未來事件還是其他原因。

HEICO CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

HEICO 公司
簡明合併運營報表
(未經審計)
(以千計,每股數據除外)

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
三個月已結束
1月31日
2024 2023
淨銷售額
$ 896,363 $ 620,915
銷售成本
549,594 377,116
銷售、一般和管理費用
166,559 114,365
營業收入
180,210 129,434
利息支出
(38,607) (6,068)
其他收入
679 639
所得稅和非控制性權益前的收入
142,282 124,005
所得稅支出
16,800 (a) 21,000 (b)
合併業務的淨收益
125,482 103,005
減去:歸屬於非控股權益的淨收益
10,784 9,978
歸屬於HEICO的淨收益
$ 114,698 (a) $ 93,027 (b)
歸屬於HEICO股東的每股淨收益:
基本
$ .83 (a) $ .68 (b)
稀釋
$ .82 (a) $ .67 (b)

已發行普通股的加權平均數:

基本
138,265 136,655
稀釋
139,893 138,579
三個月已結束
1月31日
2024 2023
運營分部信息:
淨銷售額:
飛行支援組
$ 618,716 $ 371,278
電子技術組
285,942 255,059
細分市場間銷售
(8,295) (5,422)
$ 896,363 $ 620,915
營業收入:
飛行支援組
$ 136,091 $ 83,609
電子技術組
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)

簡明合併運營報表的腳註(未經審計)

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財年第一季度,公司確認了股票期權行使產生的1,360萬美元的離散稅收優惠,扣除非控股權益後,歸屬於HEICO的淨收益增加了1,330萬美元,合每股基本和攤薄後每股收益0.10美元。
b. 在2023財年第一季度,公司確認了股票期權行使產生的620萬美元離散稅收優惠,扣除非控股權益後,歸屬於HEICO的淨收益增加了610萬美元,合每股基本和攤薄後每股收益0.04美元。

HEICO CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)

HEICO 公司
簡明合併資產負債表
(未經審計)
(以千計)

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
現金和現金等價物
$ 196,323 $ 171,048
應收賬款,淨額
471,697 509,075
合同資產
108,888 111,702
庫存,淨額
1,068,735 1,013,680
預付費用和其他流動資產
66,716 49,837
流動資產總額
1,912,359 1,855,342
財產、廠房和設備,淨額
327,661 321,848
善意
3,290,494 3,274,327
無形資產,淨額
1,365,682 1,357,281
其他資產
439,873 386,265
總資產
$ 7,336,069 $ 7,195,063
長期債務的短期和當前到期日
$ 4,739 $ 17,801
其他流動負債
599,356 647,541
流動負債總額
604,095 665,342
長期債務,扣除當前到期日
2,495,726 2,460,277
遞延所得稅
128,203 131,846
其他長期負債
425,541 379,640
負債總額
3,653,565 3,637,105
可贖回的非控制性權益
365,865 364,807
股東權益
3,316,639 3,193,151
負債和權益總額
$ 7,336,069 $ 7,195,063


HEICO CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)


HEICO 公司
簡明合併現金流量表
(未經審計)
(以千計)

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日的三個月
2024 2023
經營活動:
合併業務的淨收益
$ 125,482 $ 103,005
折舊和攤銷
43,505 27,060
僱主對HEICO儲蓄和投資計劃的繳款
5,665 3,814
基於股份的薪酬支出
4,881 2,812
應計或有對價淨額增加
1,095 1,336
遞延所得稅(福利)準備金
(3,759) 980
支付或有對價
(6,203) (6,299)
應收賬款減少(增加)
38,940 (7,095)
合同資產減少(增加)
4,560 (7,303)
庫存增加
(49,846) (52,041)
流動負債(減少)增加
(49,714) 4,264
其他
(2,954) 6,153
經營活動提供的淨現金
111,652 76,686
投資活動:
收購,扣除獲得的現金
(46,208) (503,736)
資本支出
(13,377) (10,846)
與 HEICO 領導層薪酬計劃相關的投資
(12,710) (11,800)
其他
1,156 402
用於投資活動的淨現金
(71,139) (525,980)
融資活動:
循環信貸額度借款,淨額
35,000 493,000
短期債務的還款額,淨額
(13,924) -
已支付的現金分紅
(13,831) (13,668)
支付或有對價
(13,797) (3,710)
對非控股權益的分配
(8,766) (11,291)
收購非控股權益
(2,212) (2,733)
贖回與股票期權行使相關的普通股
(601) (14,805)
股票期權行使的收益
2,254 2,845
其他
(852) (463)
融資活動提供的(用於)淨現金
(16,729) 449,175
匯率變動對現金的影響
1,491 3,234
現金和現金等價物的淨增長
25,275 3,115
年初的現金和現金等價物
171,048 139,504
期末的現金和現金等價物
$ 196,323 $ 142,619

HEICO CORPORATION
Non-GAAP Financial Measures (Unaudited)
(in thousands, except ratios)

HEICO 公司
非公認會計准則財務指標(未經審計)
(以千計,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日的三個月
息稅折舊攤銷前利潤計算
2024 2023
歸屬於HEICO的淨收益
$ 114,698 $ 93,027
另外:折舊和攤銷
43,505 27,060
另外:歸屬於非控股權益的淨收益
10,784 9,978
加:利息支出
38,607 6,068
加:所得稅支出
16,800 21,000
稅前利潤 (a)
$ 224,394 $ 157,133
過去十二個月已結束
息稅折舊攤銷前利潤計算
2024年1月31日 2023年10月31日
歸屬於HEICO的淨收益
$ 425,267 $ 403,596
另外:折舊和攤銷
146,488 130,043
另外:歸屬於非控股權益的淨收益
41,593 40,787
加:利息支出
105,523 72,984
加:所得稅支出
106,700 110,900
稅前利潤 (a)
$ 825,571 $ 758,310
淨負債計算
2024年1月31日 2023年10月31日
債務總額
$ 2,500,465 $ 2,478,078
減去:現金和現金等價物
(196,323) (171,048)
淨負債 (a)
$ 2,304,142 $ 2,307,030
債務總額
$ 2,500,465 $ 2,478,078
歸屬於HEICO的淨收益(過去十二個月)
$ 425,267 $ 403,596
歸因於HEICO的總債務與淨收益的比率
5.88 6.14
淨負債
$ 2,304,142 $ 2,307,030
息稅折舊攤銷前利潤(過去十二個月)
$ 825,571 $ 758,310
淨負債與息稅折舊攤銷前利潤比率 (a)
2.79 3.04

(a) See the "Non-GAAP Financial Measures" section of this press release.

(a) 參見本新聞稿的 “非公認會計准則財務指標” 部分。

CONTACT:

聯繫人:

Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

Victor H. Mendelson (305) 374-1745 分機 7590
小卡洛斯 L. 澳門 (954) 987-4000 分機 7570

SOURCE: HEICO Corporation

來源:HEICO 公司


声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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