HEICO (HEI) 19 Dec 232023 Q4 Earnings call transcript

Company Profile

Participants

Laurans Mendelson	executive
Eric Mendelson	executive
Victor Mendelson	executive
Robert Spingarn	analyst
Carlos Macau	executive
Peter Skibitski	analyst
Bert Subin	analyst
Kenneth Herbert	analyst
Scott Deuschle	analyst
Sheila Kahyaoglu	analyst
Michael Ciarmoli	analyst
Gautam Khanna	analyst
Louie Dipalma	analyst
Lawrence Solow	analyst
Mariana Perez Mora	analyst
Louis Raffetto	analyst
Colin Ducharme	analyst

Call transcript

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Operator

Welcome to the HEICO Corporation Fourth Quarter Year-End 2023 Financial Results Call. My name is Samara, and I'll be today's operator. Certain statements in this conference 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.

Factors that could cause such differences include the severity, magnitude and duration of public health threats, such as the COVID-19 pandemic or health emergencies; HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by health emergencies and their 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 cost to complete contracts; governmental and regulatory demands, export policies and restrictions; reductions in defense, space or homeland security spending by U.S. competition sales. and or could competitors, customers our reduce foreign from new existing which and/or

and but impact the filings filings limited HEICO's revenues. Parties to negatively all and to to obligation new no or synergies and any including including, ability interest, this with on encouraged increase delay of or and/or X-K. which development Our XX-K, domestic sales; revise foreign exchange introduce manufacturing our could tax XX-Q applicable any could our future to pricing Commission, now industries, a at or to information, manufacturing call reduce levels, product foreign the not I new review acquired except profitable Exchange listening and are risk, our which Form Form We space, of customer undertake Form to, Securities credit inflation the and economic Global operating development our governmental to update and electronics costs defense, which businesses; from or achieve effects and over ability Mendelson, obtaining HEICO's Apple Chief whether currency telecommunications Laurans sales and Executive statement, call Officer. otherwise, difficulties, by sales conditions, of and outside the product products growth; events income rates; could result and and the services and medical, acquisitions, to aviation, approvals make including turn of as law. within Chairman except forward-looking required publicly costs

Laurans Mendelson

and Fourth Fiscal and Teleconference. Larry very thank this on to 'XX Earnings call, the much Chairman HEICO Samara. we Mendelson, Quarter Corporation, and you, Vice Thank Carlos everyone Technologies you to HEICO's I'm CFO. Mendelson, of for morning of us, Group; joining welcome morning Flight you HEICO's here our Announcement CEO I'm we Good and Support and Executive Eric President Co-President Macau, Co-President Electronic Group; Victor by and Mendelson, joined President HEICO's and President of this HEICO and HEICO's

I detail, delivering like HEICO's moment strong talented thank Before to reviewing members for quarter all and take a would to another results our in of strong year. operating team

future on Your am into customer HEICO's fact, the never HEICO congratulate results. matter their be personally fiscal shareholders. their a Wencor very the operational also today. for record more I team continue the not results. results our would I a and translated excellence suburb terrific have I optimistic fourth to the future will And for than quarter I has with now like thank focus could I continued and family. to 'XX exceeding about the expectations pleased quarter performance optimistic more and of for We as of be summarize about HEICO. been highlights within

as of quarter to reflect Consolidated quarterly operating net quarter XX% consolidated as net by 'XX. and and as sales fourth 'XX fiscal the and fiscal mainly organic compared results respectively, the represent by our net income Electronic Group, for principally and driven net fiscal fiscal sales record Flight aerospace HEICO, mainly fourth sales and continued 'XX the from record Consolidated demand and services commercial XX%, growth 'XX of acquisitions. These income operating products impact for fourth sales improved Group in within Technologies strong XX% arising our and the contributions 'XX from quarter from acquisitions. results well Support the the

diluted the share fiscal HEICO 'XX, quarter net and income share. $X.XX diluted 'XX. during share of million net in per income to connection quarter with $XX.X fiscal the cost to approximately quarter the $X.XX $X.XX up decreased per million from or fourth diluted that acquisition. attributable 'XX, and Wencor $XXX.X the fourth HEICO or In incurred by acquisition they of per million fourth $XX.X or X% in Consolidated of increased fiscal was

though prior margins consolidated year. have related in are and mix overall margins previously healthy, the deal These communicated. meant are expectations than even lower year the Our product margins Wencor we extremely remain nonrecurring consistent expenses operating our with strong this before has

fourth 'XX, or consolidated the Wencor quarter excluding the to $XXX diluted increased income XX% per cost, acquisition $X.XX of In fiscal million share. net

debt-to-EBITDA We credit on net X.XXx our the October notes increased in facility 'XX, of the net billion the sale as October to offering compares our Our XX, and XX, $X.X Wencor. on from was our acquisition unsecured of year additional X.XXx the successful fund The notes debt-to-EBITDA facility. reflects revolving October to used XX, ratio proceeds ending of principally and as of 'XX, ratio net revolving in senior borrowings that of and 'XX. increased credit the borrowings fiscal

The to increase backlog. share flow consolidated excellent operating flow provided in Directors 'XX. support fiscal by payment. from to by of an quarter quarter declare of reflects quarter per in by and up that recently million permitted in by an Board driven activities fiscal in $X.XX fourth the our principally a $XXX.X million 'XX, dividend, our activities improved which capital, of fourth represents fiscal $XXX.X Cash generation dividend provided 'XX fourth working inventories operating the Cash flow the consecutive in continued our HEICO to semiannual of was cash increase increased XXst

Flight the time, and Mendelson, of Support fourth I like of discuss HEICO Eric results Group. Co-President and Flight of he Group, will President this would Support the quarter At HEICO's introduce to

Eric Mendelson

the to gotten the I incredibly Thank of And a optimistic been Wencor The I've to you take I the that chance fit of the Wencor facilities. very a family. over I'm the with months, to with Wencor recognize to members of Support I've future the HEICO much. the of and that caliber number team visit has. highly Wencor's the is culture, and say the last team members moment complementary would most must impressed HEICO team Wencor Group's future. contributions perfect extremely welcome to about Flight like and

more also is but brothers bringing thank an and and the have honor because Wencore we they for to continue well. to perform members to am than work We the with everyone themselves team just honored come. I a and I can really incredible had results the a like really we I and the closing excitement. done It lot We've for their to much privilege for generated individually. The them acquisition, this think them HEICO accomplish the more to We've to got one with fold Wencor HEICO new And both high people. know team been and into HEICO as amaze the really sisters these say have members. about gotten members the team, phenomenal but can excited and being that and expectations speak group, very has XXX Wencor enthusiasm And I'd welcoming a acquisitions. really absolutely acquisitions, team to to phenomenally about prior so can outstandingly a so

to Flight an thank Support for team all the you performance much XXXX. of members again, full very our fourth in the incredible and to results. quarter HEICO So On

'XX. margin, Group's and in 'XX. net a sales the expense. The quarter million offset the in Support quarter expense. 'XX, in record within margin margin of and million operating as profit to asset net improved reflects by parts Group's Wencor increase increased $XX.X fiscal The 'XX of Wencor's principally fourth income gross fiscal in XX% partially from profit of asset previously acquisition of of and The operating quarter XX% $XXX.X aftermarket fourth XX% fourth sales in million. mentioned from expense million Group's was quarter 'XX Flight growth Wencor compensation $XXX.X strong performance-based Support increased higher of in of amortization was Support an operating higher Wencor XX.X% net acquisition 'XX of quarter the The $XX.X fourth fourth and 'XX fiscal improved the overhaul to costs increase the principally amortization reflects of quarter net and in sales record Wencor's and Flight replacement of repair principally Fight the XX%. the 'XX. fiscal million million up $XXX.X The quarter fourth gross fiscal fourth operating parts quarter fiscal sales decrease mentioned lines. $XX.X and our growth The of $XXX the intangible of intangible in organic fourth a $XX.X operating quarter and fourth in reflects fiscal The to million million costs income the fiscal the reflects compared margin from income fiscal up the previously 'XX, product services

the $XXX.X million Excluding the was Support operating fourth XX.X%. Wencor operating quarter 'XX, increased and in acquisition asset and to the Group's XX% the of amortization intangible income fiscal margin costs expense, Flight

the Electronic Now of introduce I Technologies would like President and of Electronic Co-President fourth Group. Mendelson, Group, of quarter HEICO Victor HEICO's to Technologies discuss the to results

Victor Mendelson

to The growth. The products. a of sales XX% unfavorable XX% partially sales sales partially a Technologies of from aviation pleased net resulted as previously estimated of our as net Thank fourth million 'XX fiscal fourth sales up quarter now quarter compensation. operating the fiscal Electronic fourth margin growth. in the The 'XX Electronic from to Group's to $XXX.X quarter X% you, $XXX.X up from as expense in $XX.X XX.X% and The 'XX, The organic in income Technologies 'XX consecutive net million fiscal principally sales mentioned operating of well in impact value increased of 'XX. The 'XX, Technologies quarter in X% Eric. fiscal defense-related in acquisitions 'XX. million of fiscal Group's our Group's operating in the net 'XX. fiscal reflects fourth electronics quarter fourth products, over higher of Exxelia and in net net sequential from We're quarter in record quarter see space compensation the and 'XX the record in quarter sales fiscal the organic of reflects of fourth performance-based the of which the the increase 'XX net quarter Electronic the mainly fourth acquisition, volume, third fiscal changes costs prior XX.X% fiscal fiscal to higher of increased of other the increase net income increased million principally increase 'XX in product the contingent fourth defense, was sales from the quarter, defense growth offset of sales lower accrued offset marks commercial the higher fair compared quarter $XX.X by by fourth

from points ETG be to our true we're it contingent as As consideration basis before. I our gain note in equal reversal. a recorded and achieved was that if measure, -- million happy from from margin last sales, $X we activities, XXX we any even it by approximately consider acquisitions their amortization which with XX% is quarter, high -- excellent businesses what year's fourth that as also it view very is intangible a operational their we roughly to is not

we year, between this So the which years last while margin basis had year's fourth that operating by in income included operating the fourth total quarter. last the opposite points quarter from X XXX effect, gain, reduced year's around

fiscal contingent compensation. compensation and higher look said, changes from 'XX, business' margin in fourth of Exxelia what we I terms. this call to at Larry consider to operating unfavorable said of the principally the fair before in The performance previously All in as actual noncash the And higher we the performance-based be excellent why costs turn mentioned of lower that, reflects the acquisition acquisition, I I estimated back as is over Mendelson. accounting. absolute the before, the quarter is value

Laurans Mendelson

Thank you, Victor.

the outlook. for Now

will Electronic ahead Technologies growth in demand as of Flight our contributions the net majority from driven fiscal acquisitions sales As the Group. we be well fiscal 'XX, 'XX the as for the that Group to Support we both And products. look and anticipate our by

flexibility. ongoing and We business into to higher costs. pressures labor inflationary to integration and and work may developing lead operations, products continued penetration Wencor's actively on while strength and our plan and financial continue services further commitment market our our maintaining Additionally, to material new

HEICO remain Our new the to business expenses and extremely serve. continuously for and believe research strategic that advantage opportunities, strong collectively our of and which in We flow development take invest enable strong operating cash we margins, especially success reflect before healthy and in nonrecurring conservative that position operations. policies markets our ongoing acquisition acquisition to us

you win to would members and our in thank a I company. commitment resulted outstanding to like like you open make to for to now, in another I'd again has team closing, Their their marketplace to HEICO. And everything persistent quarter the for questions. members floor all continued In for of determination the results. HEICO drive support Thank incredible Samantha, and great team do

Operator

from [Operator We'll Robert Instructions] question first take Spingarn Melius with our Research.

Robert Spingarn

put You terrific a up quarter.

about talk a start have you characterize forward? XXXX and like Is You're to could that behind is far everybody trying there so defense? move XX% an just across programs basis. few I'd even organic specific of ahead vector, Is to where it if this else that? Victor what's with to started and growth get on sequential that

Victor Mendelson

And as it's question good a you. good it's Rob, talk to with always.

market that as have So driver a we a I and think the ETG multiple has our been commercial what's right aviation. have biggest in strongest the few been of And result now particularly factors. strong businesses

products of air is in it new of introduced. its that Some the travel, recovery some we've

initiatives it of acquisition some of efficiency and is also some Some related. it's

I this a overall, So pretty would say I there. mix definitely the for mentioned commercial pretty nicely us. pockets broad headwind There us direction the for in But it's Defense well. space here for and The, moving overall for and right of there. before. us. as are is in good weakness is and it's us, holding

this that start non-aerospace defense or I thought markets this down year turn of to some probably have think signaled a been more those I our the I high-end last ago year. And would over difficult. more year, and

And serve I see those to think reverse. would on markets that we'll wanted the deliveries ahead and And levels. with to may supply year time. have of now be will few for aggressive of result overly by that's quarters, the chain coming expect actually, effects slower, out first crunch of high-end orders So electronics, that and principally the particular were with. markets And the of And some we quarter continue those dealing the next things same direction. before starts of They we it. trending that some in probably as get over customers the that kinds they and into their go are like I so are ordering opposite the in that to some their during correct a dealing inventory in medical definitely

Robert Spingarn

moves to Okay. Understood. FSG. And one then next over the

it And that XX% it So sales could could But Carlos. like look Wencor organic in Eric, sales is for December versus because filed overall outgrew I can the or an if performance continue you, I we wanted math if for be Wencor? looks comparison look you this mean and to correct. an if that be back is numbers the more. exact it mid-October, October they quarter. so, that either at ask driving It's strong for But X-K FSG. for like it's quarter not the what's

Eric Mendelson

Eric. is this Rob,

Carlos I'll that. say encore businesses. what numbers rate and My Carlos fill details. They're out the being Support to HEICO what similar of in in encore answering a the -- start in in I'm I'll sure is aftermarket So and predict Flight then Carlos businesses. They're exceptionally well has similar terms that let outperforming. in performed they very fill state hard with to that growing as the plan. of you HEICO Support some question, frankly, to that at of has and well, frankly, conservative working let's will see not have, culture But about all incredibly the doing are Flight the the it. of Group sense ahead very is on HEICO

Carlos Macau

haven't would they if divide because forma be really, exponential Rob, we delivered I I would at $XXX sort so calculated back I remember just that $XXX that growth. why acquisitions in that pro honest, we were core seeing we organic sales. tell to about forma put is to million. had -- you're before, sales million when on we you and you expect that million, in Yes, and $XXX of there, I almost 'XX them. gone as X-K the this some you that's which, just say Carlos. you have in early has on bought counting mean probably we will know, the out, I pro

richer pleased that the we're So it to is sales comes QX some say when with typically the growth. aerospace more a would I bit other of little quarters than sales.

they're And Eric's to business. this So in particularly of overall a is, performing they had same the great FSG the is year. rate at that point, parts none unexpected. But the no,

Robert Spingarn

Eric, all Okay. that X what That's are from traction? And with and of the effort? get just super the cross-selling nature expect you that? started the groups, And helpful. complementary might on to on how of Has growth we this doing

Eric Mendelson

would a sales The can that the I have that, sure that we really are going There are that borne getting a fruit. we're I on. moving projects new you a tell number But acquisitions that are much are XXXX. very more that to so would can HEICO something that I be the say to figuring maximize as style in Yes, it's started of into that's number product our to to of we have, the businesses and understand. cooperating There forward. out effort continue to we companies is make how they of are rationalization, lot run opportunities. fully say projects cooperating, heavily let

Operator

our Alembic with Skibitski Pete And next question comes Global. from

Peter Skibitski

Maybe much Eric, which was I some pricing high have power another the suppliers, out one strong. for or in for for I 'XX FSG you'd called really Eric seasonality think 'XX. know adjusted of some what you XX%, but factored the increases don't think, because out I of how would there, think is single-digit have also kind in I pricing And over But margin called Carlos. bigger

you called it other guys in XXXX all-in factors some something seems like and don't should thing. of I like approaching Laurans sort know be too there out there but we -- got you've that even or for Or I reasonable So like room though FSG? know XX% that is inflation aggressive, are to

you do out So it next how think year? nets

Carlos Macau

take that Eric. one, me Let

this Pete, Carlos. is So

from in the have amortization that pretty a acquisition. remember to Wencor coming You we big slow have

GAAP bit. of the, to to going So temper that's margin temper little the just a going some

but over I to as think we And it's I little XX% talking footprint. might too quarters, that going lumpy be sort we're settle throughout about settle good skis. when I've into the your barometer. get around when that wouldn't a proud a forward, segment doing think been the margins things be I our of looking

guidance, thinking right look like of XX that now. haven't but to I'm We what that's the kind going is given

Peter Skibitski

Okay and just curious. Go ahead.

Eric Mendelson

sorry. And I'm is this Pete, add. Eric to

asked Yes, potential. You we've no about question pricing there's got had that pricing. upside

along philosophy increases. really our our pass However, it's to been cost

maintain what our focused to to able to that's of continue to margins opportunities lot provide and so be for we've And on doing been our a customers.

very a think that potential there. So is there I large

is as part things the then buying of part, the new raised and buying One prices. if has start price come that on part, the as the a OEM not and -- higher someone's they customers pay in

So sense, significant very and get looking we're in areas. in pricing good to a we increases have some do and very at our way, been are customers, of number our we much that cost increases existing a cost but being

I we've material. And margins. you to increases do labor don't about passing and in we that cost got it's along been our need have maintain to order in because something to tell those successful

the operating before of that as hopper, can lot we past we'll on work the got in the And a have lot amortization, far things that good overall pleased As past. intangible where in I'm of think a continue HEICO performance our with as Encore things. and to margin we've quite number very, the together a perform projects very I in of

about I'm So optimistic future. the very

Peter Skibitski

run fourth guys. it expecting the in called the just quarter. of appreciate kind million think FSG? that clear out I flows rate in you're through the amortization, $XX.X 'XX I overall, And on What's you

Carlos Macau

for talking for you Are run. quarterly or just the the be Wencor segment? would whole about That

Peter Skibitski

Wencor Well, $XX.X amortization. million to the intangibles referred I was think you purchase

runs number, 'XX. I'm wondering that how just that So through

Carlos Macau

and each be valuations you quarter. of the in about we're So middle I purchase it much that that will that should all kind stuff. of and accounting caution

few each a we're to move that's ticks left, for but year, million. counting $XX.X what could or it quarter next about the right on So

Operator

next our from Stifel. Subin question take with We'll Bert

Bert Subin

to broader just in FSP noted the the margins excluding that follow where be was your look with being seems Maybe If HEICO, case you Wencor last amortization the line there's OEM a that we prepared we've years? in given on side, When just are, on up dilutive based let's above FSG, say, Eric. synergy margins do to pricing operating margin comments, and question. think levels which piece, at quarter, to back on to ETG the or margins with overall the opportunity the you you path next, opportunity parts that FY X put getting together seen 'XX to

Eric Mendelson

at the 'XX, expenses Group, Well, in look so even our past the roughly we after operating Support when XX%. this was for margin about year onetime Flight

that amortization, to amortization. intangible back going when have are a get result Flight the within But intangible of into headwinds some we add think Support So the around additional area as XX% Group. the you you I the

we think do the XX%. you intangible I and amortization back to yes, when that get expense, the you So add M&A back

pricing I they we there that is protective buying been our want of customers I a for is be make take long there and So have existing for additional again, mean the price us. But been said, would But care that time. escalate somebody as opportunity. opportunity I very a as to that us, buying is if price for to not somebody part who pay do think a we there it parts. no had our sure existing same purchased the be question has who able part would list from not and

careful my we but upside. we not to there do opportunity far over yes, think opportunity. very pricing is get be that I think are I want skis to on pricing So because I the again, too have do customer-friendly, here

Bert Subin

being I next Boeing are years. and in Great. as of over the just higher-level production talking you've couple higher towards commercial end than then about rates a guess, target Okay. that strong. that And market much clearly Airbus follow-up, driving today's as, aviation called is out rates,

end to over Do similar aero think know would that expect fairly plays you they your what market change? remain that period? sort based how Assuming out on of you you today, Commercial

Eric Mendelson

Yes.

similar. I remain fairly think they

crisis old during is One us of at a the lot we the of of one time. things rid that got happened for aircraft COVID

been all. retired those would having of over instead So of rid aircraft time, got those headwinds have headwinds, them older as we those

been sales in distribution. So improvement upgrade and our the a if fleet look today, there's in significant our age you at

to to their So that per positive be year servicing today are that very out aircraft going the I are X a long time. points continue think HEICO. for age price there They for we're year, and

I we're backs to the think many to So for have wind that going our years.

Operator

Herbert from next our question take RBC. We'll with Ken

Kenneth Herbert

you question, to start off. a Maybe Eric, for

combined If organically how Can or you'd instance, I look the portfolio, now share kind just talk opportunities about HEICO you're you're guess you what that? in support perhaps business. your much in investing to you at 'XX and or I'm expect with seeing how gain 'XX? into Wencor PMA or curious for grow of PMA in particular to

Eric Mendelson

new Yes. performed both Wencor continuing and of HEICO generation. very invest, to well to We, find terms in new PMA We're continuing opportunities.

also key our over bring savings, part be Again, cost very availability. there's proposition. bring going through met not I've do ever but enough without generation us tell for closed, I supply the and that our going more of going HEICO to does the they business to a is seen product that can has want of enthusiastic number couple They PMA And business terms be Wencor to parts than of chain excited of after can a line. that I out year you and a with record So with. doubt, like to are seen seen, we There's since only really years, around. But clearly go customers unlike last very, constraint I've concerning a more plenty have they of we of number in we've mean come value this the and is OEMs.

that to why they to continue develop of a areas units be with on we plan driving I'm each product more broaden of to to customers. want in them that bring develop going our to have mean, it. to have advantage, parts is that able and we us. so focused HEICO, I and can amount not business So Wencor to obviously, where the we're competitive bullish our won't the parts the can is same And

Kenneth Herbert

independent How business? cash And helpful, at Carlos, some stand-alone very Okay. see business, to of somewhat. of profile Wencor And extent Eric. if Wencor maybe, to is there out to you sort legacy the an which cash generation relative the HEICO? or maybe better it's that still the That's opportunity business the look to is generation of

Carlos Macau

to was squeeze might a of wondering we little Ken, question? your hard to more Is able money it sounds out like be it how that, Wencore? that hear essentially you're but

Kenneth Herbert

Exactly. there. profile of outlook the Yes, sort cash the and

Carlos Macau

Sure.

flow EBITDA perspective, I our from that So on an expectations. a ahead quite they're They're nicely. of think cash doing basis for

as operations and our I things, consolidation be savings of back there. think coordinate sort that we some coordinate there some of office may

very the not end markets mentioned you to our hot this be I continue right As disrupt quarter, to to moves at capital going and doing not before, do any moment. consuming consolidation they now to, lot because too we're we're they that they're operations with great. think going I we'll They're if are happy. what candidly, not did And a of working

positive a all going forward 'XX. in that's So

Operator

from with question Deutsche Bank. next Deuschle We'll take Scott our

Scott Deuschle

at talk a forward little over has outlook growth kind the going the you bit like the munitions is last of FSG? the can year than Eric, what what about XXXX? growth Maybe looked into

Eric Mendelson

of growth The just. which you can sorry, product I'm line?

Scott Deuschle

curious of was the I big in I'm year. of product driver The think, line, it little growth Products, just granularity half the first in a there? I Specialty munitions a think more

Eric Mendelson

Got it. Yes.

about for speaking And tremendous those that Products and to is business, as capabilities of number it. we're Within the Missile growth and in people we a very under-invested significantly products And optimistic space of, our Everybody there's a reason, businesses. been you're doing. what Specialty Defense that area. it. imagine has are adding of a on think you amount can that I there's in we're lot been

business we're in there's be So really areas fair And within would the I we've of, we're for niche the amount products. I to able normal our XXXX, margins. But a going a that to that very anticipating out ourselves strong. cover many in defense but carved say, onetime costs think in it is

Scott Deuschle

you the better get one part about on But differentiators for of just it PMA is the availability talked allows what that is the part. Eric, price like then you two to often part. being another earlier And Okay. a seems and sale a PMA

bit sale? opposed a you price about that So just I'm the product the the availability what frequently and capabilities earlier. could you itself and mentioned are the product drives to the talk piece that As curious if of how and

Eric Mendelson

be happy to. I'd Scott. Sure,

it's order has and part got, got in the form, PMA, same get So to of the in fit to terms be function.

able that is so respect the tighter we we program. inspection yes, quality more to quality, extremely have have way therefore, And produce we are differentiate consistent an So tolerances with also to ourselves typically robust parts. we

very metal parts So outside HEICO or all hardness, that part's of inspection from metal a ship or is in they robust part vendors to those the dimensions. whether not come we various to there's a very confirm was robust we microstructure, that vendors, review grain size, ensure coatings, when vendors, material to are whether have designed. Likewise, the constituents what exactly process out the analysis,

So with the say incredibly that to area. part according to HEICO the would design basically intent, shipping regard scores high I that in

Airlines more other and significantly rate parts. are to parts than companies' the and fallout right lower or them is So the able believe, with are we use basically away consistent. install them HEICO rejection parts, with

our business, But us. where a improved are an opportunity can of offer do material dimensions or that's area So of that improvements that regard. We but is some in parts they that are smaller also be part changed. for

Scott Deuschle

about kind base Carlos. question, framework XX% something 'XX? think about in any kind XX%, of best of Is next for for ETG last to give to how framework Can a case then range to And margins you think of the good year?

Carlos Macau

you tell for can ETG. this the Well, I

it's be think lumpy. I to going

little areas. they believe, defense Victor a But defense down have, going as our mentioned benefit. earlier, are look have turned business, and to lot we a have we calm parts space the like that think of non-aerospace That bit. we to will reliable high-end I sales

going year. But ballpark probably for to would at say is the right go you're XX%, if all margin I in the would place. So let a us over quarters underneath see next of the get I this into you're the what to going I lumpy be based we think a margin. we commit Because, and before before to right little it's a year. on now, going backlog we again, couple

Operator

We'll Sheila with Jefferies. take Kahyaoglu from our next question

Sheila Kahyaoglu

of performance update us seeing questioning an 'XX about ETG Victor, can tempers profile Maybe the you're of fiscal terms the just into of profitability just continuing kind what with of that your of on how business? you to provide profitability. underlying Exxelia, And line the that in with talk there, expectations.

just well beyond as that Carlos just as period. said As

Victor Mendelson

Sheila. Sure,

right be XXX but doing our been exactly case. basis as to been do, I or So the time, the to I level rest points. margins And before, over more by march to not business continue up the Exxelia less ETG. growing. And that about on what probably The has will has of expect much said I, of expected a to expect that bit we've the margin penalizes would we their pretty would plan. it operating

product the So opportunities good very producing we're very have of Continuing business. been opportunities. strong. have a out They happy working that. beyond They're development, on other backlog, to mined has out lot new which their

and there. happy very overall, the happy So very people with

Sheila Kahyaoglu

the you also, And you potentially Okay. lots price how will think you. for I know way since the Any PMA portfolio? quantify GTF maybe, Eric, and any on benefit you got price. cumulative us? thoughts questions one could And HEICO's for of issues on XXXX that over last,

Eric Mendelson

So beyond I great front increases. information cost action, all due difficult be I would we And regard have HEICO's we to our that don't say that as But not would With not, of in together. price very have price decentralized of nature, to pushed that in general, pull have me. said I it before, to question.

people our parts, they new have gone buy who costs doing would our very and the labor customers up. pay the that and have increased purchasing that. as prices a parts past, for the newer the been the material continue treated reflect time and in therefore, to parts been they long haven't plan price, course But well and purchased have So it's of

GTF, great these with the through a the regard for keep will to then aircraft them. through for have question strong that up I And fortunately, slack. work assume I able to should in say, they'll that long really to I time. in problems. fleet no would pick going But meantime, the existing ultimately the that And demand the are while the very get to GTF and take be aftermarket. a So, a It's indicator,

may as demand. think overshoot recovery, or a Well, looks working increased nicely. Originally, perhaps overshoot. bit said whenever GTF because I that like result it the little there's got we of always delayed happen, a So that, there's just a you an either that's issue of quite out always be that won't

tremendous. backlogs are Our

I continues but challenged are there suppliers tremendous that be and up better demand to doing than regard, in to Our services. tremendous, we're keep think most products there's our for

Operator

We'll take our next question from Michael Ciarmoli with Truist Securities.

Michael Ciarmoli

and the I be FSG Carlos, organic, acceleration press a acceleration expectations? think out ETG, us you the detail I top on the ETG and of there. maybe But know more a defense revenue that Can more release, on see growth you in the for XX% improvement. of growth with or expect kind mean, bit just would maybe so tough FSG called X%. assuming direction any on this We get lapping maybe us comp of can sequential in growth give you some kind 'XX? little you will clarity give showing to line unlikely I outlook

Carlos Macau

growth next sitting going Well, here our from I mean, we're acquisition is year as solid today, to revenue. be

We're to right. referring lapping XX-plus% now. quarters you're organic, you growth years for are If X

nice I be to you're should year. next we going think low will think is a ETG, double on FSG, could, It should continue I it peel think to growth counting don't think high I will to something growth mean think peels I I I'm if think that it it be bit. with right to ETG's the not quite organic single back, in but now. a on what, continue it lumpy that. backlog digits. that. but that mid-single look the see anticipating like do based side, rate, a back at Not the in I So be, the And Michael. little FSG what I digits, ton, will the

Michael Ciarmoli

Okay. correct. I through. take think times amortization then as flowing about take. of called XX%? FSG you sure we've through know, flows had $XX.X at guys margins? think million back as the to to kind other you from all of That's to helpful. Wencor those got amortization couple to you make there want the out a Wencor that But Carlos, math Just give what guess, the the do Where you to XX.X%, And I margins, just that plans, was well get integration the can And or been running of kind

Carlos Macau

talking just Michael, are about or you segment? Wencor the

Michael Ciarmoli

just Wencor. was on The first question

The that at the second XX%. segment was in total

Carlos Macau

X%, of Wencor And think $XX in the percent that part to a going I believe, run of And you're are I X.X%, So I amortization. segment. million that. for Wencor close amortization like said, when sales quarter to is in for the number is

year. we're So next looking that's what at

Michael Ciarmoli

thoughts it. guys process? that, on those just Wencore then any take Got through you Okay. level XX.X% kind where could And margins? from integrate you and that Like as of the go

Eric Mendelson

is this Eric. Michael, So

help Let if with me little can you I a see that bit. out

income million. If intangible about for add $XX.X the $XX.X you Wencor you you of the then quarter. a $XX the amortization. million operating of number And for take of get the million Then back quarter, to

divide by you million when adding get So margin XX% $XX to the approximately the of that about million intangible sales Wencor $XXX back amortization.

very the Wencore similar, for we're So tick would fourth coming very below year. to HEICO. is this is, to but Support similar quarter To saying it's in a I if say on be Flight area that. based just, just going Group was that XX% the HEICO

Operator

from Gautam take next We'll TD Khanna with Cowen. question our

Gautam Khanna

questions. A couple of

demand changes the I sells the to Eric, channel? side any between more Was channels? two seen in I by the if was you've directly PMA discernible the HEICO there differences First, you whereas said any airlines. on Wencor, in or differences MROs, guys pager wondering customer think to

Eric Mendelson

No, far. would been thus say there I really hasn't

activities, basically opportunity will business. And forward. own to. think such Yes, as opportunities, stand-alone ones an leadership we Wencor P&L. an think alluding the its us but we're a with but that that, for And, as mine, there that be continues I I some will to be Again, operate opportunity. as operated go to it very own coordinating and has you're is its I that, think much

Gautam Khanna

has And airlines you non-PMA are customers to Airlines some you at you're to of curious, more just increase be that expect switch any among seeing than given some from appear Okay. looking challenges? would seen financial inquiries I'm number volume distress just in incrementally. certain Or in have over? the that, customers buying now the of the

Eric Mendelson

PMAs, mean, invention". And parts pretty great in they're, purchased the the a that been I parts it has question. saying they of everybody the old uses motherhood but using much is is in past. And there haven't using that "Necessity what increase it's Yes, an HEICO

have as ahead when gratifying it's particularly HEICO. and happen. people that see And can't sometimes get they'll apart seen matter go then they'll it and of fact, then from do And the certainly OEMs buy OEM, we a from you that. And

to order that's we know get see specifics, nice we alternative HEICO their and been, it's not when because to outstanding. the quality but purchasing is in demand meet going Wencor obviously, So, I'm OEMs the the very parts into and

Gautam Khanna

discernible some customers? it. not a earlier And of sort can you those to questions due is quickly say change or Appreciate defense just that what that there, book-to-bill letup is a And then, Victor, about any really Or driver? of on related is past this backlog? maybe you What, in saw the trends sequentially. improvement among the of order

Victor Mendelson

think I right moving defense, in on is our the book-to-bill direction. positive defense, On Yes. and

I it, say, chain would supply if any, businesses, be of very defense catch our would For little up.

$XX in think ago, the worth In approximately where the don't shipments higher. whole maybe we we, I the to we million that right, moved to million that quarter, I in range reached estimate know, quarter, So our were, right? even compare year fact, companies roughly up of or $XX a

optimistic that in out than which defense have for is So and the have trended higher the on overall Carlos is year. Again, subsidiaries, we throughout products very much some and that's sensitivity others how be important. definitely margin the as falls business. direction it important. a Because backlog right And on lumpy. will us our emphasized, mix

the on the margin expect, side would following quarters. example, I than So to for be quarter for first tougher us

Gautam Khanna

Eric. I to if may, just back Last one,

two between the Can number HEICO on of and entities, the expect introduce you legacy that. us On update to Wencor. PMA parts just you

year. next the Over

Eric Mendelson

Yes.

to HEICO been I XXX about XXX year. And in parts running running Wencor has that think been in roughly XXX XXX a has area. area,

So I those that anticipate numbers way. continuing would

Operator

we'll And our question from Louie Blair. next with take DiPalma William

Louie Dipalma

unique started Or Wencor there is synergy assets revenue of of e-commerce the morning. And the projects When the was with parts many Wencor's Victor Good more HEICO HEICO cost on that of marketplace? and of online event? touted a the platform the are synergies. Eric, potential Wencor for one Has process Larry, as any and XXXX? deal, planned XXXX discussing selling Carlos.

Eric Mendelson

Yes. that. answer Louie, This be is Eric. to happy I'd

sure we HEICO observe mentioned, what's just I confirm that the got first then leave when philosophy to changes. it before is alone our making we substantial view, we and acquire on. make We've to and a initial want As business going

extremely projects has businesses, Wencor, Wencor which in on sharing business So go And product ownership between outside. sending period a of the to terms rationalization, HEICO, to used of the gone of well. working yes, resources number we are

platform, going well. think to we're all be that we specifically that, at now. for that the looking e-commerce to is right of regard opportunity going with So that's XXXX. It's something an

to date, because asset. We no, going because go continue but to do we They best not way huge believe to to But are very that's to have we're the all sort utilization done to on at that's to such the a able be projects believe we it running focus businesses high a frankly, studying both we them don't taking we do benefit as it, us ahead handle much want them. and that that. just not going we But to of XXXX. a of people be that don't that tremendous can in of be have for percentage are

Louie Dipalma

a follow-up And on Great. that.

cost Like think the let Wencor event it operate then stand-alone of you to generally in plan synergies, long then? a to operate let mode. we mode? as you a stand-alone that you of terms how a In would more in plan Should said synergies XXXX

Eric Mendelson

can synergies swapping. they revenue are the quickly. they're of as of looking taking find product upon some to business to then to than cost product start lines. far does another, particular as and And one work themselves business at synergies, units where areas more think If I together going Well, rationalize a the the it accruing are

volumes maintain at we running way, are high workforces. can the businesses We've got this the all factor. So a tremendous and utilization

we that. people efficient we want more redirect but So, to do if activities, can to

that revenue taking benefits cost of but us I 'XX. and be of something and in are that's of say we synergies to synergies the the So would advantage some going both 'XX

Operator

Larry And our from take Securities. CJS next question Solow we'll with

Lawrence Solow

have Great. been Thanks. Most morning. questions answered. of Good my

just cash there. flow, free guess, I couple one, Just a on

have getting on of inventory? terms of How in Sort working capital to maybe do sort flow you're without leverage do you to guys A your build of to to cash be free to. would think outlook are going expect than flow. question more that you guidance general you specific needs, out? shake then priorities little used part that's more kind of for And free cash

be So of sort #X of debt I'm just priority curious, down? in would acquisitions? that these pay Maybe front strategic

Carlos Macau

So that, me a It's Carlos. stab Larry. at take let

as we to sure is years place inventory of And make you the might inventory that the quarters due few I and investment in customers. But costs Rates on in build. we Part product to up. firm are 'XX inventory. anymore, sometimes free do as have inventory that for carrying supply on a we mentioned, that our I that think I ago, suspect significant much the side, deal had for a did the as a isn't right? bit challenges into 'XX, chain have X commitment little with think shelf to we orders more

as working we do the the And back think That's we're that get into 'XX, little on capital So expectation. usage. bit hope a get rationalization is, towards we cognizant I of my very that. half year, is of more the my

working free continue orders our nail [indiscernible]. think question, the answer And some Once cash to to firm will free I I head. be of support as do you've I flows. the Does company cash the your hit tempered, investment flow, far the slightly that conversion capital the commitment Larry? to As has expect have think growth on these and strong

Lawrence Solow

Yes. a to down, is Absolutely. prior And or... Debt pay that probably priority I guess just

Carlos Macau

Yes. quick Look, as stated and we to objective before, now, our delever mean, is I possible. as try right as

acquisition our X% leverage of months. XX I Wencor the out close we I to goal within they're is we say for need complete the shareholders. will completing from months, draw around plan That's what that our after would to would get goal on ratio, to plan set something do the say to acquisitions to the our normal, a roughly. acquisitions. if Our us XX to debt XX range, to we on a do doing that good prohibits those smaller that line not that XX for

and our is of on that now. I as creative, think next to I deleveraging are do highest cash that horizon now. Wencor don't best might XX And right they use if don't that be something free the very as months, I deals, but point, get to we would sort we've the know got think, something to XX larger large over your right probably I have unique. of expect

Operator

We'll take America. Bank question from Ron with our of next Epstein

Mariana Perez Mora

This Mora on for Perez today. Mariana Ron is

year picture than your ask highlited, ahead, If been in to are big industry end you Larry, what market? you about the the HEICO think a about? about When going excited are never you It's particular question. HEICO's is I'm optimistic more future prepared most you have competitive a remarks today. position?

Laurans Mendelson

and the I think areas, above all other too. of

spot. that I Wencor think the acquisition puts in a us very unique

working thing. that As the a we've company out is excellent as told anticipated. tell you wonderful better a culture like than culture I To And can really having Wencor, today, it's you, large actually HEICO, critical. of a is we acquisition

bottom key a And the that, the and at on as learned, look is CPA our started our financial in line. ultimately a cash we have what I flow ago, I person, is cash. But culture, I'm long and important. very We course, drives when finance look culture of at originally

is this good. So very, very

Exxelia the what the hand, has almost come off On other acquisition expected. exactly we

it good. we to expected is and be and it So, good,

that we so the look company, matter bottom many legal guidance, I've about prior investment be fact, a of these said XX% So on be able and if a line. those in we size banking over growing that a at knowing know forth I 'XX. I repeat XX% budgets expenses feel times nonrecurring able we to clearly, or to give And the will add year, XX%. confident XX%, up. acquisition, of don't growth. that I back XX% everything we as now goal I wind the grew we you the where XX% grow year the our but also will XX% current incurred, all 'XX, things have we we for very that, will of and I we believe feel We when and to focus the in But that think

than HEICO and operate. much bigger a mean So, is so, sizable a factor that's has it's the making it I today we then in major these after this, ever them stronger, digesting been. and industries acquisitions in company

So the HEICO confident a those for for I HEICO. become of and has all say for extremely powerhouse, future reasons, those reasons, Does I feel your answer would that question?

Mariana Perez Mora

Like about when where Yes. gets you And are at what to? you you at then you challenges, like close up think potential attention paying night, up night? keeps

Laurans Mendelson

believe where other company in not depth down great belongs. we're have the thing is about But I'm like which the exogenous highly strange far Well, events, decision-making as HEICO, I we confident operation and the that's as a we words, We're worry consolidated. control In leave only management. we since diversified of this. at the can't level things that because we or I it

my entities, their you many operating market, do? to will do. these who operating knows say better in doesn't have running people budget? And what it to are the tell And have great market, them, customer for market businesses they corporate years. the what nobody have the businesses. confidence, these their Nobody, do opinion, I been we than how their should people So labor in We extent, accomplish your you to that think

So it over over and and and done over they've again.

HEICO though, this They've doing No. this Can of the close is line years, bottom it's it? growth. compounded years. well, So I something they record XX% accomplish XX-some for not do they can has it? over been a many as to mean, new, growing

they're Eric detailed leaders unit and that, They So run to I of and has business they great, doing. I them extremely an what with Victor weekly. the they great go meet by out because financial speak mean, and report those confidence Carlos have constantly. in companies, phone.

receivables growth, everything. cash So we keep the of the flows, track of backlog,

things those about So don't wars of company. that. I like might about, worry it. for impact can't it that, but things COVID, don't change really our reasons, But because I can't which worry all worry control and the The about us. I I like operation I just

done can well and we've with be I team Eric, and as done think our company Victor in as control. members have as operations the done of terms well,

So those worry none of me. things

Mariana Perez Mora

mentioned the pipeline could if two then M&A? please Could for one on number target? on may, of we pricing opportunities there? the I But color question I'm it, rate I'm also is of that And Perfect. And like, dig discuss sides leverage? interest curious how like the last you targeted environment increasing like and influences One, Carlos. deeper if how, curious any you if deleveraging. What and

Carlos Macau

to me Well, want to debt I mean clearly, operation causes here. down that's right? motor higher kind pay interest of quicker, rates our

Within the in been next low set out, goal Xx, targeting That I'm we the was what somewhere norms, months, which Xx. than XX that XX historic to our have the close that's are. us and gets to and slightly somewhere when objectives lower

for would we've trigger. would delevered something that, to over day to as deals very are we markets handful long, pull focused $XXX deals there'll as plan that which spent process, We'll on we see it earlier, that opportunities. like next larger I if deals, unlikely sense That $X mentioned makes less such where the and Wencor I of far we things goes, would probably be spend like find think have very over and As damage all backlog months like segments won't teams I both our would those we be It's pursue year, active that. far every the XX that and until M&A categorize a and have opportunistic. And a as billion, XX that our million as we'll smaller a that as shareholders, bit. that delever. But

Operator

We'll Engebret with ] Baird. take [ Ian our next from Franz question

Unknown Analyst

narrow-body, I wide-body Eric, and North China. activity of over Europe next of then months, a terms sort sort if XX of just can flight the and just question, across high-level in America,

how of of there's for thinking If us for a strength potential the business potential regions areas where watch you let can about know item sort aftermarket? and you're just your

Eric Mendelson

the strength, We're across frankly, Yes. seeing board.

So number we level. part the down into dive

across just the straight very broad-based it's So very, board. strength

out call to board. want across wouldn't very area or I just one really the strong So another. It's

Unknown Analyst

beyond. I about have No, and you have And think that in just supply ETG. just answer of with you the Victor, could outlook But may makes sense. chain could sort talk a just if XXXX if quick I follow-up.

of an less there's So impact.

I of Does think for mentioned keep the XXXX? on $XX that guys improving you million. remainder

Victor Mendelson

case. that expect be the would to I

there's think go. improved. times room to Lead still it's but I have improved dramatically,

times, -- and would it, little I I reflect in even Of it ordinary course, on supply as and crunch complicated we there expect will are a of some categorize components chain experienced always that before. a are products. products I as would elevated like "Chips", still vendors when that think real the that's as but world wouldn't There some there and say particularly would are be the one delayed,

And so within calendar will I I think normal would time, XXXX. some expect to return it at

Operator

And question from we'll with Raffetto next Louis Research. our take Wolfe

Louis Raffetto

up up defense for high quarter? I quarter yet? Victor, it a again. guess we I was have so it's I defense. was last year-over-year guess, know great to or see this lapped it down last growth single digits year

Victor Mendelson

up quarter. was this it Yes,

Louis Raffetto

Wencor could million Any of between way sort can you there? the help subsegments for us Okay. within? just Great. then, baseline Eric, sales $XXX And you help out of

Eric Mendelson

don't areas. would disaggregation of we're that of the can't. me now. those broadly revenue. of don't well But But into doing into it that of at in and moment. in both of have in say the in I fall I I in terms but parts information very right actually have front front I would me that

Louis Raffetto

right all sort we of should Appreciate then anything just time? make guess, the fiscal in year Carlos, Great. million as think right. sure going of based Or on, into there Was to level the $XX quarter. cost on level? as I the 'XX All it. And one this we're interest

Carlos Macau

question. good Louis, that's a

letter million related line costs in interest fund the the commitment of there within we So quarter, a to Wencor deal. this had onetime the to worth $X.X

into price. basically $X.X So letter we we write say good were purchase to to a going had million that won't to that That's there, pay onetimer about the to the bank get a repeat. for

as million looking you're So looking that pull then if roughly delever. decreasing $XX as we next out, year, and you forward at you're

Louis Raffetto

guess, Okay. next for year? think about And to I Any way then taxes taxes. just

Carlos Macau

some better. to remain, kind to This impact and little year, fiscal on rate similar on remain help leadership this market them positive our us XX% us compensation earnings because, plan always the, generally Yes. that a because on have we I we planning frankly, hurting 'XX did deferred of It's up as what I'm to hope I the they year. opposed they through rate. a year, last we a where were year. was our tax count that has XX% for that did have to

going the to So I shape. if to range, you're think in you're be XX% in XX% good

Louis Raffetto

of sort or rate? onetime step-ups that, the then And to like amortization. million Was clean-up $XX.X sort the no that your on Okay. go-forward just anything point, of intangible there last was,

Carlos Macau

do, base Wencor manufacturing. one Yes, their manufacturing was what we like I'll doesn't a outsource of thing lot have it a call they about,

there any manufacturing of but Luis. out wasn't on repair a accounting pull numbers. pull anything bit little So side, profit wasn't purchase it notable, to of to maybe out the the the I mean

I a run number. is million $XX.X pretty that good rate say So would

Operator

next Colin take Sterling Ducharme from question with Capital. our We'll

Colin Ducharme

to view impression for of Carlos, question potential one for may. the and actually for the I on? And you're now, significant of of one continue demand while conditions witnessed just memory one favorable the could in macroeconomist, kind and take that for capacity delevering things develop financial here so. GTF you question Eric, your had then on then please and favorably to the driver significant Carlos, facing need could that the stepping sheet just and Wencor you're of you of clarify do clarification earlier, I materiality I'm the if for mover Eric month have you on that processes change win HEICO. that that back attain sitting the just et cetera, additional then your then post recent perhaps for XXXX. market And work to needle most no an Exxelia thinking or and a And And all? you subsidiaries last in certifications, to we've in to you have Do as incremental that XXXX. any balance

regarding and/or about pace on. to this journey that you has that your as just Any playbook? steps and I at the or it So all delevering you're of to kind change wanted prosecute your ask changed of thinking cost thinking

Eric Mendelson

of Colin, GTF-powered demand legacy was as What referring aircraft engines that taken question, so result to overhauled, their I'll have in service create start in additional would concerning prior for GTF out. aircraft. I the order that the to was a to of out response the being

So tailwind. campaign, the clearly, I utilization going don't out material. non aircraft. not be that I more to call of fleet is regard GTF-powered involvement to than that HEICO's GTF to the good it a would as use anything in But it's want say for of the With

any on frankly, are paid by being service being the the the done We that's manufacturer. now material PMAs supplying GTF quantity. And not in is

would for little I we've a If revenue got businesses out supplying bit that a there would could onetime So not item. OEM, into that no, But then demand special that. of increased it opportunity are for be a us. parts be not as the call

Carlos Macau

delevering. horizon XX,XXX we that a on make a family the have that is on we company Colin, is hardened anything lot going attached got want my know and almost has don't my that uncountly to power. number of sure members battle are the team and staying In this members those to Carlos. of people, we've change I view mind, to

with delever try you net mind I my to levered. will it's balance so to sheet. that highly like back we're as for to quick me, norms. historical Xx, at this, possible, at I'd as could And I we leverage so is derisk mean, not objective down the in tell and prefer be But

to shareholders marching result question? for couple are orders into plan. we stated the that right of next of the it But good will a tell the continue how thoughts of now the not and Does see years, opportunities our goals you, delevering. that out. I miss that can your kind plays answer as that's So are we'll of

Operator

We'll this our questions have time. It additional with and no Bank from question Jordan appears America. disconnected next take we of [Lanes] at

Laurans Mendelson

has I you who everybody a satisfied give call, you give hope know, to Victor, would if I that to been you Well, like, Carlos, us and thank we've Eric, available, want very thank are not, listening we you much. information this you call. as Okay. call, end from very And months happy, And speaking that's the And season, be in and will myself. forward you quarter now. we holiday call. few all we you a to a healthy in first New wish this of Year. to which look the of

Operator

you And call. this concludes Thank you. your for today's participation. Thank

disconnect. now may You

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