Laurans Mendelson | Chairman and CEO |
Eric Mendelson | Co-President and President of Flight Support Group |
Victor Mendelson | Co-President and President of Electronic Technologies Group |
Carlos Macau | Executive Vice President and CFO |
Pete Skibitski | Alembic |
Peter Arment | Baird |
Larry Solow | CJS Securities |
Kristine Liwag | Morgan Stanley |
Robert Stallard | Vertical Research |
Ken Herbert | RBC Capital Markets |
Michael Ciarmoli | Truist Securities |
Gautam Khanna | Cowen |
Noah Poponak | Goldman Sachs |
Colin Ducharme | Sterling Capital Management |
Louis Raffetto | UBS |
Sheila Kahyaoglu | Jefferies |
Welcome to the HEICO Corporation Fourth Quarter and Full Year Fiscal 2021 Financial Results Call. My name is Renz, and I'll be your operator for today's 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 COV19 pandemic, HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by the 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 of our cost to complete contracts, governmental and regulatory demands, export policies and restrictions; reductions in defense, space or homeland security spending by U.S. and our 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 and achieve operating synergies from acquired businesses; customer credit risk, interest, foreign currency exchange and income tax rates; 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; and defense spending or budget cuts, which could reduce our defense-related revenue.