HEICO Corporation Reports Record Net Income (Up 35%), Operating Income (Up 15%) and Net Sales (Up 8%) for the Fourth Quarter of Fiscal 2024
HEICO (NYSE:HEI.A)(NYSE:HEI) reported record financial results for Q4 fiscal 2024. Net income increased 35% to $139.7 million ($0.99 per diluted share), while net sales grew 8% to $1,013.7 million. Operating income rose 15% to $218.6 million, with operating margin improving to 21.6%.
For the full fiscal year 2024, net sales increased 30% to $3,857.7 million, with net income up 27% to $514.1 million. The Flight Support Group achieved its 17th consecutive quarter of growth, with 12% organic sales growth. EBITDA increased 13% to $264.0 million in Q4.
The company completed several strategic acquisitions in 2024, including SVM Private , Mid Continent Controls, and Marway Power Solutions. The Board declared a semiannual cash dividend of $0.11 per share payable in January 2025.
HEICO (NYSE:HEI.A)(NYSE:HEI) ha riportato risultati finanziari record per il quarto trimestre dell'anno fiscale 2024. Il reddito netto è aumentato del 35% raggiungendo $139,7 milioni ($0,99 per azione diluita), mentre le vendite nette sono cresciute dell'8% a $1.013,7 milioni. Il reddito operativo è salito del 15% a $218,6 milioni, con un margine operativo che migliora al 21,6%.
Per l'intero anno fiscale 2024, le vendite nette sono aumentate del 30% a $3.857,7 milioni, con un reddito netto in crescita del 27% a $514,1 milioni. Il Flight Support Group ha raggiunto il suo 17° trimestre consecutivo di crescita, con una crescita delle vendite organiche del 12%. L'EBITDA è aumentato del 13% a $264,0 milioni nel quarto trimestre.
L'azienda ha completato diverse acquisizioni strategiche nel 2024, tra cui SVM Private, Mid Continent Controls e Marway Power Solutions. Il Consiglio ha dichiarato un dividendo in contante semestrale di $0,11 per azione, pagabile a gennaio 2025.
HEICO (NYSE:HEI.A)(NYSE:HEI) reportó resultados financieros récord para el cuarto trimestre del año fiscal 2024. Los ingresos netos aumentaron un 35% alcanzando los $139.7 millones ($0.99 por acción diluida), mientras que las ventas netas crecieron un 8% a $1,013.7 millones. El ingreso operativo subió un 15% a $218.6 millones, con un margen operativo que mejoró al 21.6%.
Para el año fiscal completo 2024, las ventas netas aumentaron un 30% a $3,857.7 millones, con un incremento del ingreso neto del 27% a $514.1 millones. El Grupo de Soporte de Vuelo logró su 17º trimestre consecutivo de crecimiento, con un crecimiento orgánico de las ventas del 12%. El EBITDA aumentó un 13% a $264.0 millones en el cuarto trimestre.
La compañía completó varias adquisiciones estratégicas en 2024, incluyendo SVM Private, Mid Continent Controls y Marway Power Solutions. La Junta declaró un dividendo en efectivo semestral de $0.11 por acción que se pagará en enero de 2025.
HEICO (NYSE:HEI.A)(NYSE:HEI)는 2024 회계 연도 4분기에 기록적인 재무 결과를 보고했습니다. 순이익이 35% 증가하여 $139.7 백만 ($0.99의 희석 주당 이익)에 도달한 반면, 순매출은 8% 증가하여 $1,013.7 백만에 달했습니다. 영업이익은 15% 증가하여 $218.6 백만에 달했으며, 영업 마진은 21.6%로 개선되었습니다.
2024 회계 연도 전체에 대해, 순매출은 30% 증가하여 $3,857.7 백만에 도달했으며, 순이익은 27% 증가하여 $514.1 백만에 달했습니다. 비행 지원 그룹은 12%의 유기적 매출 성장을 기록하며 17회 연속 분기 성장 목표를 달성했습니다. EBITDA는 4분기에 13% 증가하여 $264.0 백만에 달했습니다.
회사는 2024년에 SVM Private, Mid Continent Controls 및 Marway Power Solutions를 포함한 여러 전략적 인수를 완료했습니다. 이사회는 2025년 1월에 지급될 주당 $0.11의 반기 현금 배당금을 선언했습니다.
HEICO (NYSE:HEI.A)(NYSE:HEI) a annoncé des résultats financiers record pour le quatrième trimestre de l'exercice fiscal 2024. Le résultat net a augmenté de 35 % pour atteindre 139,7 millions USD (0,99 USD par action diluée), tandis que les ventes nettes ont augmenté de 8 % pour atteindre 1 013,7 millions USD. Le résultat d'exploitation a augmenté de 15 % pour atteindre 218,6 millions USD, avec une marge opérationnelle améliorée à 21,6 %.
Pour l'exercice fiscal complet 2024, les ventes nettes ont augmenté de 30 % pour atteindre 3 857,7 millions USD, avec un résultat net en hausse de 27 % à 514,1 millions USD. Le Flight Support Group a réalisé son 17e trimestre consécutif de croissance, avec une croissance organique des ventes de 12 %. L'EBITDA a augmenté de 13 % pour atteindre 264,0 millions USD au quatrième trimestre.
L'entreprise a complété plusieurs acquisitions stratégiques en 2024, dont SVM Private, Mid Continent Controls et Marway Power Solutions. Le Conseil a déclaré un dividende en espèces semestriel de 0,11 USD par action payable en janvier 2025.
HEICO (NYSE:HEI.A)(NYSE:HEI) hat im vierten Quartal des Geschäftsjahres 2024 Rekordfinanzergebnisse gemeldet. Der Nettogewinn stieg um 35 % auf 139,7 Millionen USD (0,99 USD pro verwässerter Aktie), während der Nettoumsatz um 8 % auf 1.013,7 Millionen USD wuchs. Der Betriebsgewinn stieg um 15 % auf 218,6 Millionen USD, mit einer Verbesserung der Betriebsmarge auf 21,6 %.
Für das gesamte Geschäftsjahr 2024 stiegen die Nettoumsätze um 30 % auf 3.857,7 Millionen USD, während der Nettogewinn um 27 % auf 514,1 Millionen USD zunahm. Die Flight Support Group erzielte ihr 17. aufeinanderfolgendes Quartal mit Wachstum und verzeichnete ein organisches Umsatzwachstum von 12 %. Das EBITDA stieg im vierten Quartal um 13 % auf 264,0 Millionen USD.
Das Unternehmen hat im Jahr 2024 mehrere strategische Übernahmen abgeschlossen, darunter SVM Private, Mid Continent Controls und Marway Power Solutions. Der Vorstand erklärte eine halbjährliche Bardividende von 0,11 USD pro Aktie, die im Januar 2025 ausgezahlt werden soll.
- Record Q4 net income growth of 35% to $139.7 million
- Q4 net sales increased 8% to $1,013.7 million
- Operating margin improved to 21.6% from 20.2% YoY
- Flight Support Group achieved 12% organic sales growth
- Cash flow from operations increased 39% to $205.6 million in Q4
- Net debt to EBITDA ratio improved to 2.06x from 3.04x YoY
- Electronic Technologies Group showed flat to declining performance in Q4
- Electronic Technologies Group operating margin decreased to 24.3% from 25.2% YoY
- Lower defense products sales in Electronic Technologies segment
Insights
HEICO's Q4 FY2024 results showcase remarkable financial strength with record-breaking performance across key metrics. The
The Flight Support Group's seventeen consecutive quarters of growth and
The Flight Support Group's performance is particularly noteworthy, with
The Electronic Technologies Group's space products growth and record backlog suggest strong future revenue potential, despite temporary defense revenue fluctuations. The acquisition strategy across both segments demonstrates intelligent vertical integration and market expansion.
HOLLYWOOD, FL and MIAMI, FL / ACCESSWIRE / December 17, 2024 / HEICO CORPORATION (NYSE:HEI.A)(NYSE:HEI) today reported net income increased
Net sales increased
Net sales increased
Our commercial aerospace sales growth has resulted in seventeen consecutive quarters of sequential growth in net sales at the Flight Support Group.
The Company incurred acquisition costs during the fourth quarter of fiscal 2023 related to the Wencor Group ("Wencor") acquisition, which decreased net income attributable to HEICO by approximately
EBITDA increased
Consolidated Results
Laurans A. Mendelson, HEICO's Chairman and CEO, commented on the Company's fourth quarter results stating, "We are proud to announce record consolidated net sales and operating income for the fourth quarter and full fiscal year of fiscal 2024, principally driven by exceptional operating performance at the Flight Support Group and notable contributions from our fiscal 2023 and 2024 acquisitions. Furthermore, these results reflect improved demand across all of the Flight Support Group's product lines resulting in strong
Our total debt to net income attributable to HEICO ratio was 4.34x as of October 31, 2024, down from 6.14x as of October 31, 2023. Our net debt to EBITDA ratio was 2.06x as of October 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.
Cash flow provided by operating activities increased
Over the past few months, our Electronic Technologies Group made several strategic acquisitions, acquiring
Today, HEICO's Board of Directors declared a semiannual cash dividend of $.11 per share payable in January 2025. This cash dividend will be HEICO's 93rd consecutive semiannual cash dividend since 1979. The cash dividend confirms our Board of Director's confidence in HEICO's future while continuing to reward our shareholders and retaining sufficient capital to fund our internal growth and acquisitions.
As we look ahead to fiscal 2025, we anticipate net sales growth in both the Flight Support Group and Electronic Technologies Group, driven primarily by organic growth supported by strong demand for the majority of our products. Additionally, we plan to drive growth through our recently completed acquisitions while positioning ourselves to capitalize on potential opportunities from future acquisitions. Our priorities include advancing the development of new products and services, further expanding market penetration, and maintaining our financial strength and flexibility, all with a strong emphasis on delivering long-term value to our shareholders."
Flight Support Group
Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's record setting fourth quarter results stating, "Continuing on our growth momentum, we achieved record results in both net sales and operating income, with quarterly increases of
The Flight Support Group's net sales increased
The Flight Support Group's operating income increased
The Flight Support Group's operating income increased
The Flight Support Group's operating margin improved to
The Flight Support Group's operating margin improved to
Electronic Technologies Group
Victor H. Mendelson, HEICO's Co-President and President of HEICO's Electronic Technologies Group, commented on the Electronic Technologies Group's fourth quarter results stating, "Our quarterly results mainly featured high single-digit organic net sales growth of our space products, offset by lower defense products net sales, which are often lumpy, and slightly lower net sales of our other electronics products. We remain highly optimistic about more sustained growth across the majority of our product lines in fiscal 2025, driven by significantly higher orders and an increased quarter-end record backlog as of October 31, 2024.
The Electronic Technologies Group's net sales were
The Electronic Technologies Group's net sales increased
The Electronic Technologies Group's operating income was
The Electronic Technologies Group's operating income increased
The Electronic Technologies Group's operating margin was
The Electronic Technologies Group's operating margin was
Non-GAAP Financial Measures
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").
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.
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.
(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.)
There are currently approximately 83.8 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 55.0 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.
As previously announced, HEICO will hold a conference call on Wednesday, December 18, 2024 at 9:00 a.m. Eastern Standard Time to discuss its fourth quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 394-8218, International (646) 828-8193, wait for the conference operator and provide the operator with the Conference ID 9881151. 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 https://www.heico.com under the Investors section for details.
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 https://www.heico.com.
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; cybersecurity events or other disruptions of our information technology systems could adversely affect our business; and 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.
HEICO CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
| Three Months Ended October 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Net sales |
| $ | 1,013,665 |
|
| $ | 936,447 |
|
Cost of sales |
|
| 619,773 |
|
|
| 572,004 |
|
Selling, general and administrative expenses |
|
| 175,246 |
|
|
| 174,995 |
|
Operating income |
|
| 218,646 |
|
|
| 189,448 |
|
Interest expense |
|
| (35,406 | ) |
|
| (43,423 | ) |
Other income |
|
| 646 |
|
|
| 1,040 |
|
Income before income taxes and noncontrolling interests |
|
| 183,886 |
|
|
| 147,065 |
|
Income tax expense |
|
| 33,000 |
|
|
| 33,500 |
|
Net income from consolidated operations |
|
| 150,886 |
|
|
| 113,565 |
|
Less: Net income attributable to noncontrolling interests |
|
| 11,198 |
|
|
| 10,139 |
|
Net income attributable to HEICO |
| $ | 139,688 |
|
| $ | 103,426 | (a) |
|
|
|
|
|
|
|
| |
Net income per share attributable to HEICO shareholders: |
|
|
|
|
|
|
|
|
Basic |
| $ | 1.01 |
|
| $ | .75 | (a) |
Diluted |
| $ | .99 |
|
| $ | .74 | (a) |
|
|
|
|
|
|
|
| |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
| 138,655 |
|
|
| 138,162 |
|
Diluted |
|
| 140,536 |
|
|
| 139,774 |
|
|
|
|
|
|
|
|
| |
| Three Months Ended October 31, | |||||||
|
| 2024 |
|
|
| 2023 |
| |
Operating segment information: |
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 691,780 |
|
| $ | 601,665 |
|
Electronic Technologies Group |
|
| 336,233 |
|
|
| 342,537 |
|
Intersegment sales |
|
| (14,348 | ) |
|
| (7,755 | ) |
| $ | 1,013,665 |
|
| $ | 936,447 |
| |
|
|
|
|
|
|
|
| |
Operating income: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 154,513 |
|
| $ | 114,604 |
|
Electronic Technologies Group |
|
| 81,814 |
|
|
| 86,380 |
|
Other, primarily corporate |
|
| (17,681 | ) |
|
| (11,536 | ) |
| $ | 218,646 |
|
| $ | 189,448 |
| |
|
|
|
|
|
|
|
| |
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 25,255 |
|
| $ | 24,003 |
|
Electronic Technologies Group |
|
| 18,715 |
|
|
| 19,032 |
|
Corporate |
|
| 715 |
|
|
| 693 |
|
| $ | 44,685 |
|
| $ | 43,728 |
| |
HEICO CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
| Fiscal Year Ended October 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Net sales |
| $ | 3,857,669 |
|
| $ | 2,968,105 |
|
Cost of sales |
|
| 2,355,943 |
|
|
| 1,814,617 |
|
Selling, general and administrative expenses |
|
| 677,271 |
|
|
| 528,149 |
|
Operating income |
|
| 824,455 |
|
|
| 625,339 |
|
Interest expense |
|
| (149,313 | ) |
|
| (72,984 | ) |
Other income |
|
| 2,444 |
|
|
| 2,928 |
|
Income before income taxes and noncontrolling interests |
|
| 677,586 |
|
|
| 555,283 |
|
Income tax expense |
|
| 118,500 | (b) |
|
| 110,900 | (c) |
Net income from consolidated operations |
|
| 559,086 |
|
|
| 444,383 |
|
Less: Net income attributable to noncontrolling interests |
|
| 44,977 |
|
|
| 40,787 |
|
Net income attributable to HEICO |
| $ | 514,109 | (b) |
| $ | 403,596 | (c)(d) |
|
|
|
|
|
|
|
|
|
Net income per share attributable to HEICO shareholders: |
|
|
|
|
|
|
|
|
Basic |
| $ | 3.71 | (b) |
| $ | 2.94 | (c)(d) |
Diluted |
| $ | 3.67 | (b) |
| $ | 2.91 | (c)(d) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
| 138,455 |
|
|
| 137,185 |
|
Diluted |
|
| 140,198 |
|
|
| 138,905 |
|
|
|
|
|
|
|
|
| |
| Fiscal Year Ended October 31, | |||||||
|
| 2024 |
|
|
| 2023 |
| |
Operating segment information: |
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 2,639,354 |
|
| $ | 1,770,185 |
|
Electronic Technologies Group |
|
| 1,263,626 |
|
|
| 1,225,222 |
|
Intersegment sales |
|
| (45,311 | ) |
|
| (27,302 | ) |
| $ | 3,857,669 |
|
| $ | 2,968,105 |
| |
|
|
|
|
|
|
|
| |
Operating income: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 593,074 |
|
| $ | 387,297 |
|
Electronic Technologies Group |
|
| 288,193 |
|
|
| 285,053 |
|
Other, primarily corporate |
|
| (56,812 | ) |
|
| (47,011 | ) |
| $ | 824,455 |
|
| $ | 625,339 |
| |
|
|
|
|
|
|
|
| |
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 98,793 |
|
| $ | 55,656 |
|
Electronic Technologies Group |
|
| 73,725 |
|
|
| 71,774 |
|
Corporate |
|
| 2,813 |
|
|
| 2,613 |
|
| $ | 175,331 |
|
| $ | 130,043 |
| |
HEICO CORPORATION
Footnotes to Condensed Consolidated Statements of Operations (Unaudited)
(a) During the fourth quarter of fiscal 2023, the Company incurred acquisition costs related to the Wencor acquisition, which decreased net income attributable to HEICO by approximately
(b) During the first quarter of fiscal 2024, the Company recognized a
(c) During the first quarter of fiscal 2023, the Company recognized a
(d) During the fiscal year ended October 31, 2023, the Company incurred acquisition costs related to the Wencor and Exxelia International SAS acquisitions, which decreased net income attributable to HEICO by approximately
HEICO CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
| October 31, 2024 |
|
| October 31, 2023 |
| |||
Cash and cash equivalents |
| $ | 162,103 |
|
| $ | 171,048 |
|
Accounts receivable, net |
|
| 538,487 |
|
|
| 509,075 |
|
Contract assets |
|
| 112,235 |
|
|
| 111,702 |
|
Inventories, net |
|
| 1,170,949 |
|
|
| 1,013,680 |
|
Prepaid expenses and other current assets |
|
| 78,518 |
|
|
| 49,837 |
|
Total current assets |
|
| 2,062,292 |
|
|
| 1,855,342 |
|
Property, plant and equipment, net |
|
| 339,034 |
|
|
| 321,848 |
|
Goodwill |
|
| 3,380,295 |
|
|
| 3,274,327 |
|
Intangible assets, net |
|
| 1,334,774 |
|
|
| 1,357,281 |
|
Other assets |
|
| 476,427 |
|
|
| 386,265 |
|
Total assets |
| $ | 7,592,822 |
|
| $ | 7,195,063 |
|
|
|
|
|
|
|
|
|
|
Short-term and current maturities of long-term debt |
| $ | 4,107 |
|
| $ | 17,801 |
|
Other current liabilities |
|
| 659,744 |
|
|
| 647,541 |
|
Total current liabilities |
|
| 663,851 |
|
|
| 665,342 |
|
Long-term debt, net of current maturities |
|
| 2,225,267 |
|
|
| 2,460,277 |
|
Deferred income taxes |
|
| 114,156 |
|
|
| 131,846 |
|
Other long-term liabilities |
|
| 525,986 |
|
|
| 379,640 |
|
Total liabilities |
|
| 3,529,260 |
|
|
| 3,637,105 |
|
Redeemable noncontrolling interests |
|
| 366,156 |
|
|
| 364,807 |
|
Shareholders' equity |
|
| 3,697,406 |
|
|
| 3,193,151 |
|
Total liabilities and equity |
| $ | 7,592,822 |
|
| $ | 7,195,063 |
|
HEICO CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
|
| Fiscal Year Ended October 31, |
| |||||
| 2024 |
|
| 2023 |
| |||
Operating Activities: |
|
|
|
|
|
| ||
Net income from consolidated operations |
| $ | 559,086 |
|
| $ | 444,383 |
|
Depreciation and amortization |
|
| 175,331 |
|
|
| 130,043 |
|
Share-based compensation expense |
|
| 18,775 |
|
|
| 15,475 |
|
Employer contributions to HEICO Savings and Investment Plan |
|
| 17,617 |
|
|
| 15,276 |
|
Impairment of intangible assets |
|
| 7,500 |
|
|
| - |
|
Deferred income tax benefit |
|
| (22,002 | ) |
|
| (26,531 | ) |
Decrease in accrued contingent consideration, net |
|
| (9,884 | ) |
|
| (686 | ) |
Payment of contingent consideration |
|
| (6,203 | ) |
|
| (6,299 | ) |
Amendment and termination of contingent consideration agreement |
|
| - |
|
|
| (9,057 | ) |
Increase in accounts receivable |
|
| (20,815 | ) |
|
| (65,595 | ) |
Decrease (increase) in contract assets |
|
| 1,294 |
|
|
| (11,642 | ) |
Increase in inventories |
|
| (132,934 | ) |
|
| (124,782 | ) |
Increase in current liabilities, net |
|
| 32,492 |
|
|
| 79,059 |
|
Other |
|
| 52,113 |
|
|
| 9,091 |
|
Net cash provided by operating activities |
|
| 672,370 |
|
|
| 448,735 |
|
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
| (219,293 | ) |
|
| (2,421,788 | ) |
Capital expenditures |
|
| (58,261 | ) |
|
| (49,434 | ) |
Investments related to HEICO Leadership Compensation Plan |
|
| (19,910 | ) |
|
| (18,892 | ) |
Other |
|
| 4,264 |
|
|
| 5,647 |
|
Net cash used in investing activities |
|
| (293,200 | ) |
|
| (2,484,467 | ) |
|
|
|
|
|
|
|
| |
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of senior unsecured notes |
|
| - |
|
|
| 1,189,452 |
|
(Payments) borrowings on revolving credit facility, net |
|
| (235,000 | ) |
|
| 975,000 |
|
Distributions to noncontrolling interests |
|
| (34,318 | ) |
|
| (36,591 | ) |
Redemptions of common stock related to stock option exercises |
|
| (29,912 | ) |
|
| (14,847 | ) |
Cash dividends paid |
|
| (29,069 | ) |
|
| (27,370 | ) |
Acquisitions of noncontrolling interests |
|
| (26,567 | ) |
|
| (2,733 | ) |
Payment of contingent consideration |
|
| (24,797 | ) |
|
| (12,610 | ) |
Payments on short-term debt, net |
|
| (13,924 | ) |
|
| (1,593 | ) |
Debt issuance costs |
|
| - |
|
|
| (10,060 | ) |
Proceeds from stock option exercises |
|
| 7,951 |
|
|
| 6,713 |
|
Other |
|
| (3,757 | ) |
|
| (312 | ) |
Net cash (used in) provided by financing activities |
|
| (389,393 | ) |
|
| 2,065,049 |
|
|
|
|
|
|
|
|
| |
Effect of exchange rate changes on cash |
|
| 1,278 |
|
|
| 2,227 |
|
|
|
|
|
|
|
|
| |
Net (decrease) increase in cash and cash equivalents |
|
| (8,945 | ) |
|
| 31,544 |
|
Cash and cash equivalents at beginning of year |
|
| 171,048 |
|
|
| 139,504 |
|
Cash and cash equivalents at end of year |
| $ | 162,103 |
|
| $ | 171,048 |
|
HEICO CORPORATION
Non-GAAP Financial Measures
(Unaudited)
(in thousands, except ratios)
|
| Three Months Ended October 31, |
| |||||
EBITDA Calculation |
| 2024 |
|
| 2023 |
| ||
Net income attributable to HEICO |
| $ | 139,688 |
|
| $ | 103,426 |
|
Plus: Depreciation and amortization |
|
| 44,685 |
|
|
| 43,728 |
|
Plus: Net income attributable to noncontrolling interests |
|
| 11,198 |
|
|
| 10,139 |
|
Plus: Interest expense |
|
| 35,406 |
|
|
| 43,423 |
|
Plus: Income tax expense |
|
| 33,000 |
|
|
| 33,500 |
|
EBITDA (a) |
| $ | 263,977 |
|
| $ | 234,216 |
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended October 31, | |||||||
EBITDA Calculation |
|
| 2024 |
|
|
| 2023 |
|
Net income attributable to HEICO |
| $ | 514,109 |
|
| $ | 403,596 |
|
Plus: Depreciation and amortization |
|
| 175,331 |
|
|
| 130,043 |
|
Plus: Net income attributable to noncontrolling interests |
|
| 44,977 |
|
|
| 40,787 |
|
Plus: Interest expense |
|
| 149,313 |
|
|
| 72,984 |
|
Plus: Income tax expense |
|
| 118,500 |
|
|
| 110,900 |
|
EBITDA (a) |
| $ | 1,002,230 |
|
| $ | 758,310 |
|
|
|
|
|
|
|
|
| |
Net Debt Calculation |
| October 31, 2024 |
|
| October 31, 2023 |
| ||
Total debt |
| $ | 2,229,374 |
|
| $ | 2,478,078 |
|
Less: Cash and cash equivalents |
|
| (162,103 | ) |
|
| (171,048 | ) |
Net debt (a) |
| $ | 2,067,271 |
|
| $ | 2,307,030 |
|
|
|
|
|
|
|
|
| |
Total debt |
| $ | 2,229,374 |
|
| $ | 2,478,078 |
|
Net income attributable to HEICO |
| $ | 514,109 |
|
| $ | 403,596 |
|
Total debt to net income attributable to HEICO ratio |
|
| 4.34 |
|
|
| 6.14 |
|
|
|
|
|
|
|
|
| |
Net debt |
| $ | 2,067,271 |
|
| $ | 2,307,030 |
|
EBITDA |
| $ | 1,002,230 |
|
| $ | 758,310 |
|
Net debt to EBITDA ratio (a) |
|
| 2.06 |
|
|
| 3.04 |
|
|
|
|
|
|
|
|
| |
(a) See the "Non-GAAP Financial Measures" section of this press release. |
|
|
|
|
|
|
|
|
Contact Information
Victor H. Mendelson
(305) 374-1745 ext. 7590
Carlos L. Macau, Jr.
(954) 987-4000 ext. 7570
SOURCE: HEICO
View the original press release on accesswire.com
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