Laurans Mendelson | Chairman & CEO |
Eric Mendelson | Co-President & Director |
Victor Mendelson | Co-President & Director |
Carlos Macau | EVP, CFO & Treasurer |
Robert Spingarn | Crédit Suisse |
Peter Arment | Robert W. Baird & Co. |
Gautam Khanna | Cowen and Company |
Peter Lukas | CJS Securities |
Kenneth Herbert | Canaccord Genuity |
Noah Poponak | Goldman Sachs Group |
Michael Ciarmoli | Truist Securities |
Colin Ducharme | Sterling Capital Management |
Gregory Konrad | Jefferies |
Louis Raffetto | UBS Investment Bank |
Ladies and gentlemen, thank you for standing by, and welcome to the HEICO's Fiscal Year 2021 First Quarter Earnings Results Call. Certain statements in today's call will 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 as a result of factors, including: the severity, magnitude and duration of the COVID-19 pandemic; HEICO's liquidity and timing of cash generation; lower commercial air travel caused by COVID-19 pandemic and its aftermath; 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; development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk, interest, foreign currency exchange and income tax rates; economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. Parties receiving -- listening to this call or reading a transcript of this call 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.