HEICO Corporation Reports Record Net Sales (Up 37%), Operating Income (Up 45%) and Net Income (Up 34%) for the Third Quarter of Fiscal 2024
HEICO (NYSE: HEI.A, HEI) reported record financial results for Q3 FY2024:
- Net income increased 34% to $136.6 million ($0.97 per diluted share)
- Net sales rose 37% to $992.2 million
- Operating income grew 45% to $216.4 million
- Operating margin improved to 21.8%
The Flight Support Group saw 68% net sales growth and 72% operating income growth. The Electronic Technologies Group's operating income increased 2%. HEICO's cash flow from operations rose 47% to $214 million. The company expects continued growth in both segments for the remainder of FY2024, driven by acquisitions and strong product demand.
HEICO (NYSE: HEI.A, HEI) ha riportato risultati finanziari record per il terzo trimestre dell'anno fiscale 2024:
- Il reddito netto è aumentato del 34%, raggiungendo i 136,6 milioni di dollari (0,97 dollari per azione diluita)
- Le vendite nette sono cresciute del 37%, arrivando a 992,2 milioni di dollari
- Il reddito operativo è aumentato del 45%, raggiungendo i 216,4 milioni di dollari
- Il margine operativo è migliorato al 21,8%
Il Gruppo Flight Support ha visto una crescita delle vendite nette del 68% e una crescita del reddito operativo del 72%. Il reddito operativo del Gruppo Electronic Technologies è aumentato del 2%. Il flusso di cassa operativo di HEICO è salito del 47%, raggiungendo i 214 milioni di dollari. L'azienda prevede una crescita continua in entrambi i segmenti per il resto dell'anno fiscale 2024, sostenuta da acquisizioni e una forte domanda di prodotti.
HEICO (NYSE: HEI.A, HEI) reportó resultados financieros récord para el tercer trimestre del año fiscal 2024:
- Los ingresos netos aumentaron un 34% a 136.6 millones de dólares (0.97 dólares por acción diluida)
- Las ventas netas crecieron un 37% a 992.2 millones de dólares
- Los ingresos operativos crecieron un 45% a 216.4 millones de dólares
- El margen operativo mejoró al 21.8%
El Grupo Flight Support vio un crecimiento en las ventas netas del 68% y un crecimiento en los ingresos operativos del 72%. Los ingresos operativos del Grupo de Tecnologías Electrónicas aumentaron un 2%. El flujo de caja de operaciones de HEICO aumentó un 47%, alcanzando los 214 millones de dólares. La compañía espera un crecimiento continuo en ambos segmentos durante el resto del año fiscal 2024, impulsado por adquisiciones y una fuerte demanda de productos.
HEICO(NYSE: HEI.A, HEI)는 FY2024 3분기에 대한 기록적인 재무 성과를 발표했습니다:
- 순이익은 34% 증가하여 1억 3,660만 달러(희석 주당 0.97달러)에 달했습니다.
- 순매출은 37% 증가하여 9억 9,220만 달러에 도달했습니다.
- 영업수익은 45% 증가하여 2억 1,640만 달러에 달했습니다.
- 영업 마진은 21.8%로 개선되었습니다.
Flight Support Group은 68%의 순매출 성장과 72%의 영업 수익 성장을 기록했습니다. Electronic Technologies Group의 영업 수익은 2% 증가했습니다. HEICO의 운영 현금 흐름은 47% 증가하여 2억 1,400만 달러에 달했습니다. 회사는 FY2024의 남은 기간 동안 두 세그먼트 모두에서 인수 및 강력한 제품 수요에 의해 지속적인 성장을 기대하고 있습니다.
HEICO (NYSE: HEI.A, HEI) a annoncé des résultats financiers record pour le troisième trimestre de l'exercice 2024 :
- Le revenu net a augmenté de 34% pour atteindre 136,6 millions de dollars (0,97 dollar par action diluée)
- Les ventes nettes ont augmenté de 37% pour atteindre 992,2 millions de dollars
- Le revenu opérationnel a augmenté de 45% pour s'élever à 216,4 millions de dollars
- La marge opérationnelle s'est améliorée à 21,8%
Le Groupe Flight Support a connu une croissance des ventes nettes de 68% et une croissance du revenu opérationnel de 72%. Le revenu opérationnel du Groupe Electronic Technologies a augmenté de 2%. Le flux de trésorerie d'exploitation de HEICO a augmenté de 47% pour atteindre 214 millions de dollars. L'entreprise s'attend à une croissance continue dans les deux segments pour le reste de l'exercice 2024, soutenue par des acquisitions et une forte demande de produits.
HEICO (NYSE: HEI.A, HEI) hat Rekordergebnisse für das 3. Quartal des Geschäftsjahres 2024 bekannt gegeben:
- Der Nettoertrag erhöhte sich um 34% auf 136,6 Millionen USD (0,97 USD pro verwässerter Aktie)
- Der Nettoumsatz stieg um 37% auf 992,2 Millionen USD
- Der Operative Gewinn wuchs um 45% auf 216,4 Millionen USD
- Die operative Marge verbesserte sich auf 21,8%
Die Flight Support Group verzeichnete ein Umsatzwachstum von 68% und ein operatives Gewinnwachstum von 72%. Der operative Gewinn der Electronic Technologies Group stieg um 2%. Der Cashflow aus der betrieblichen Tätigkeit von HEICO stieg um 47% auf 214 Millionen USD. Das Unternehmen rechnet mit weiterem Wachstum in beiden Segmenten für den Rest des Geschäftsjahres 2024, unterstützt durch Übernahmen und eine starke Produktnachfrage.
- Record Q3 net income of $136.6 million, up 34% year-over-year
- Q3 net sales increased 37% to $992.2 million
- Q3 operating income grew 45% to $216.4 million
- Operating margin improved to 21.8% in Q3
- Flight Support Group saw 68% net sales growth and 72% operating income growth
- Cash flow from operations increased 47% to $214 million
- Total debt to net income ratio improved to 4.73x from 6.14x
- Net debt to EBITDA ratio improved to 2.11x from 3.04x
- Slight decrease in Electronic Technologies Group's Q3 net sales
Insights
HEICO's Q3 FY2024 results demonstrate exceptional growth across key financial metrics. The
The Flight Support Group's performance is particularly impressive, with
HEICO's financial position remains strong, with improved debt ratios and
HEICO's remarkable performance underscores the robust recovery in commercial aerospace. The Flight Support Group's 16 consecutive quarters of growth and
The company's success in defense and space markets within the Electronic Technologies Group is noteworthy, offsetting softness in other electronics segments. This diversification strategy provides resilience against sector-specific downturns.
HEICO's recent acquisition of Capewell Aerial Systems' divisions demonstrates its commitment to strategic growth in niche aerospace markets. The company's ability to integrate acquisitions and drive organic growth simultaneously is a key competitive advantage in the fragmented aerospace supply chain.
Looking ahead, HEICO's optimistic outlook for continued growth aligns with industry forecasts of increasing aircraft production rates and sustained aftermarket demand. The company's focus on innovation and market penetration should help maintain its strong market position.
HOLLYWOOD, FL and MIAMI, FL / ACCESSWIRE / August 26, 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 sixteen consecutive quarters of sequential growth in net sales at the Flight Support Group.
EBITDA increased
Consolidated Results
Laurans A. Mendelson, HEICO's Chairman and CEO, commented on the Company's third quarter results stating, "We are very pleased to report strong record quarterly consolidated net sales driven by record quarterly operating results at the Flight Support Group, as well as strong contributions from our fiscal 2023 and 2024 acquisitions. These results reflect outstanding
Our total debt to net income attributable to HEICO ratio was 4.73x as of July 31, 2024, down from 6.14x as of October 31, 2023. Our net debt to EBITDA ratio was 2.11x as of July 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
Last week, we announced our Flight Support Group acquired the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems. The purchase price of this acquisition was paid in cash, principally using proceeds from our revolving credit facility, and we expect this acquisition to be accretive to our earnings within the year following the acquisition.
As we look ahead to the remainder of fiscal 2024, we remain optimistic about achieving net sales growth in both the FSG and ETG. This growth is expected to be largely fueled by the contributions from our fiscal 2023 and 2024 acquisitions, along with sustained demand for the majority of our products. Additionally, we are committed to ongoing product and service innovation, further market penetration, and maintaining our financial strength and flexibility."
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 third quarter results stating, "Building on our growth trajectory, we achieved 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 was
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 third quarter results stating, "The Electronic Technologies Group's profitability continues to improve led by strong organic growth in net sales from our defense, space and aerospace products in comparison to the corresponding period of the prior year.
The Electronic Technologies Group's net sales were
The Electronic Technologies Group's net sales increased
The Electronic Technologies Group's operating income increased
The Electronic Technologies Group's operating income increased
The Electronic Technologies Group's operating margin improved to
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 54.8 million shares of HEICO's Common Stock (HEI) outstanding. The stock symbols for HEICO's two classes of common stock on most websites are HEI.A and HEI. However, some websites change HEICO's Class A Common Stock trading symbol (HEI.A) to HEI/A or HEIa.
As previously announced, HEICO will hold a conference call on Tuesday, August 27, 2024 at 9:00 a.m. Eastern Daylight Time to discuss its third quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 204-4368, International (646) 828-8193, wait for the conference operator and provide the operator with the Conference ID 3601863. 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 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 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; cyber security 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 July 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Net sales |
| $ | 992,246 |
|
| $ | 722,902 |
|
Cost of sales |
|
| 602,976 |
|
|
| 444,168 |
|
Selling, general and administrative expenses |
|
| 172,824 |
|
|
| 129,367 |
|
Operating income |
|
| 216,446 |
|
|
| 149,367 |
|
Interest expense |
|
| (36,788 | ) |
|
| (12,120 | ) |
Other income |
|
| 659 |
|
|
| 906 |
|
Income before income taxes and noncontrolling interests |
|
| 180,317 |
|
|
| 138,153 |
|
Income tax expense |
|
| 32,500 |
|
|
| 25,400 |
|
Net income from consolidated operations |
|
| 147,817 |
|
|
| 112,753 |
|
Less: Net income attributable to noncontrolling interests |
|
| 11,240 |
|
|
| 10,730 |
|
Net income attributable to HEICO |
| $ | 136,577 |
|
| $ | 102,023 |
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to HEICO shareholders: |
|
|
|
|
|
|
|
|
Basic |
| $ | .99 |
|
| $ | .74 |
|
Diluted |
| $ | .97 |
|
| $ | .74 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
| 138,516 |
|
|
| 137,006 |
|
Diluted |
|
| 140,305 |
|
|
| 138,668 |
|
|
|
|
|
|
|
|
| |
|
|
| Three Months Ended July 31, |
| ||||
|
| 2024 |
|
|
| 2023 |
| |
Operating segment information: |
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 681,626 |
|
| $ | 405,040 |
|
Electronic Technologies Group |
|
| 322,129 |
|
|
| 325,867 |
|
Intersegment sales |
|
| (11,509 | ) |
|
| (8,005 | ) |
| $ | 992,246 |
|
| $ | 722,902 |
| |
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 153,594 |
|
| $ | 89,172 |
|
Electronic Technologies Group |
|
| 75,788 |
|
|
| 74,157 |
|
Other, primarily corporate |
|
| (12,936 | ) |
|
| (13,962 | ) |
| $ | 216,446 |
|
| $ | 149,367 |
| |
|
|
|
|
|
|
|
| |
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 25,305 |
|
| $ | 10,215 |
|
Electronic Technologies Group |
|
| 18,300 |
|
|
| 18,479 |
|
Other, primarily corporate |
|
| 705 |
|
|
| 837 |
|
| $ | 44,310 |
|
| $ | 29,531 |
|
HEICO CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
|
| Nine Months Ended July 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Net sales |
| $ | 2,844,004 |
|
| $ | 2,031,658 |
|
Cost of sales |
|
| 1,736,170 |
|
|
| 1,242,613 |
|
Selling, general and administrative expenses |
|
| 502,025 |
|
|
| 353,154 |
|
Operating income |
|
| 605,809 |
|
|
| 435,891 |
|
Interest expense |
|
| (113,907 | ) |
|
| (29,561 | ) |
Other income |
|
| 1,798 |
|
|
| 1,888 |
|
Income before income taxes and noncontrolling interests |
|
| 493,700 |
|
|
| 408,218 |
|
Income tax expense |
|
| 85,500 | (a) |
|
| 77,400 | (b) |
Net income from consolidated operations |
|
| 408,200 |
|
|
| 330,818 |
|
Less: Net income attributable to noncontrolling interests |
|
| 33,779 |
|
|
| 30,648 |
|
Net income attributable to HEICO |
| $ | 374,421 | (a) |
| $ | 300,170 | (b) |
|
|
|
|
|
|
|
| |
Net income per share attributable to HEICO shareholders: |
|
|
|
|
|
|
|
|
Basic |
| $ | 2.71 | (a) |
| $ | 2.19 | (b) |
Diluted |
| $ | 2.67 | (a) |
| $ | 2.17 | (b) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
| 138,389 |
|
|
| 136,859 |
|
Diluted |
|
| 140,086 |
|
|
| 138,616 |
|
|
|
|
|
|
|
|
|
|
|
| Nine Months Ended July 31, |
| |||||
|
|
| 2024 |
|
|
| 2023 |
|
Operating segment information: |
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 1,947,574 |
|
| $ | 1,168,520 |
|
Electronic Technologies Group |
|
| 927,393 |
|
|
| 882,685 |
|
Intersegment sales |
|
| (30,963 | ) |
|
| (19,547 | ) |
| $ | 2,844,004 |
|
| $ | 2,031,658 |
| |
|
|
|
|
|
|
|
| |
Operating income: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 438,561 |
|
| $ | 272,693 |
|
Electronic Technologies Group |
|
| 206,379 |
|
|
| 198,673 |
|
Other, primarily corporate |
|
| (39,131 | ) |
|
| (35,475 | ) |
| $ | 605,809 |
|
| $ | 435,891 |
| |
|
|
|
|
|
|
|
|
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Flight Support Group |
| $ | 73,538 |
|
| $ | 31,653 |
|
Electronic Technologies Group |
|
| 55,010 |
|
|
| 52,742 |
|
Other, primarily corporate |
|
| 2,098 |
|
|
| 1,920 |
|
| $ | 130,646 |
|
| $ | 86,315 |
|
HEICO CORPORATION
Footnotes to Condensed Consolidated Statements of Operations (Unaudited)
(a) During the first quarter of fiscal 2024, the Company recognized a
(b) During the first quarter of fiscal 2023, the Company recognized a
HEICO CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
|
| July 31, 2024 |
|
| October 31, 2023 |
| ||
Cash and cash equivalents |
| $ | 202,940 |
|
| $ | 171,048 |
|
Accounts receivable, net |
|
| 525,750 |
|
|
| 509,075 |
|
Contract assets |
|
| 104,412 |
|
|
| 111,702 |
|
Inventories, net |
|
| 1,124,765 |
|
|
| 1,013,680 |
|
Prepaid expenses and other current assets |
|
| 69,068 |
|
|
| 49,837 |
|
Total current assets |
|
| 2,026,935 |
|
|
| 1,855,342 |
|
Property, plant and equipment, net |
|
| 330,254 |
|
|
| 321,848 |
|
Goodwill |
|
| 3,291,962 |
|
|
| 3,274,327 |
|
Intangible assets, net |
|
| 1,299,870 |
|
|
| 1,357,281 |
|
Other assets |
|
| 473,415 |
|
|
| 386,265 |
|
Total assets |
| $ | 7,422,436 |
|
| $ | 7,195,063 |
|
|
|
|
|
|
|
|
| |
Short-term and current maturities of long-term debt |
| $ | 4,208 |
|
| $ | 17,801 |
|
Other current liabilities |
|
| 610,497 |
|
|
| 647,541 |
|
Total current liabilities |
|
| 614,705 |
|
|
| 665,342 |
|
Long-term debt, net of current maturities |
|
| 2,254,889 |
|
|
| 2,460,277 |
|
Deferred income taxes |
|
| 117,033 |
|
|
| 131,846 |
|
Other long-term liabilities |
|
| 509,632 |
|
|
| 379,640 |
|
Total liabilities |
|
| 3,496,259 |
|
|
| 3,637,105 |
|
Redeemable noncontrolling interests |
|
| 329,271 |
|
|
| 364,807 |
|
Shareholders' equity |
|
| 3,596,906 |
|
|
| 3,193,151 |
|
Total liabilities and equity |
| $ | 7,422,436 |
|
| $ | 7,195,063 |
|
HEICO CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
|
| Nine Months Ended July 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Operating Activities: |
|
|
|
|
|
| ||
Net income from consolidated operations |
| $ | 408,200 |
|
| $ | 330,818 |
|
Depreciation and amortization |
|
| 130,646 |
|
|
| 86,315 |
|
Share-based compensation expense |
|
| 14,088 |
|
|
| 10,412 |
|
Employer contributions to HEICO Savings and Investment Plan |
|
| 13,677 |
|
|
| 10,647 |
|
Impairment of intangible assets |
|
| 6,000 |
|
|
| - |
|
Deferred income tax benefit |
|
| (15,227 | ) |
|
| (22,974 | ) |
(Decrease) increase in accrued contingent consideration, net |
|
| (10,892 | ) |
|
| 1,218 |
|
Payment of contingent consideration |
|
| (6,203 | ) |
|
| (6,299 | ) |
Amendment and termination of contingent consideration agreement |
|
| - |
|
|
| (9,057 | ) |
Increase in accounts receivable |
|
| (15,334 | ) |
|
| (15,615 | ) |
Decrease (increase) in contract assets |
|
| 9,009 |
|
|
| (7,863 | ) |
Increase in inventories |
|
| (102,183 | ) |
|
| (86,681 | ) |
(Decrease) increase in current liabilities, net |
|
| (9,652 | ) |
|
| 5,512 |
|
Other |
|
| 44,618 |
|
|
| 3,924 |
|
Net cash provided by operating activities |
|
| 466,747 |
|
|
| 300,357 |
|
|
|
|
|
|
|
|
| |
Investing Activities: |
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
| (55,208 | ) |
|
| (526,702 | ) |
Capital expenditures |
|
| (42,175 | ) |
|
| (34,176 | ) |
Investments related to HEICO Leadership Compensation Plan |
|
| (16,510 | ) |
|
| (14,000 | ) |
Other |
|
| 1,743 |
|
|
| 689 |
|
Net cash used in investing activities |
|
| (112,150 | ) |
|
| (574,189 | ) |
|
|
|
|
|
|
|
| |
Financing Activities: |
|
|
|
|
|
|
|
|
Payments on revolving credit facility, net |
|
| (205,000 | ) |
|
| (275,000 | ) |
Proceeds from issuance of senior unsecured notes |
|
| - |
|
|
| 1,189,452 |
|
Cash dividends paid |
|
| (29,069 | ) |
|
| (27,370 | ) |
Acquisitions of noncontrolling interests |
|
| (26,567 | ) |
|
| (2,733 | ) |
Payment of contingent consideration |
|
| (24,797 | ) |
|
| (12,610 | ) |
Distributions to noncontrolling interests |
|
| (23,302 | ) |
|
| (29,934 | ) |
Payments on short-term debt, net |
|
| (13,924 | ) |
|
| (404 | ) |
Redemptions of common stock related to stock option exercises |
|
| (4,836 | ) |
|
| (14,847 | ) |
Debt issuance costs |
|
| - |
|
|
| (9,055 | ) |
Proceeds from stock option exercises |
|
| 6,387 |
|
|
| 5,484 |
|
Other |
|
| (2,939 | ) |
|
| 1,098 |
|
Net cash (used in) provided by financing activities |
|
| (324,047 | ) |
|
| 824,081 |
|
|
|
|
|
|
|
|
| |
Effect of exchange rate changes on cash |
|
| 1,342 |
|
|
| 4,510 |
|
|
|
|
|
|
|
|
| |
Net increase in cash and cash equivalents |
|
| 31,892 |
|
|
| 554,759 |
|
Cash and cash equivalents at beginning of year |
|
| 171,048 |
|
|
| 139,504 |
|
Cash and cash equivalents at end of period |
| $ | 202,940 |
|
| $ | 694,263 |
|
HEICO CORPORATION
Non-GAAP Financial Measures (Unaudited)
(in thousands, except ratios)
|
| Nine Months Ended July 31, |
| |||||
EBITDA Calculation |
| 2024 |
|
| 2023 |
| ||
Net income attributable to HEICO |
| $ | 374,421 |
|
| $ | 300,170 |
|
Plus: Depreciation and amortization |
|
| 130,646 |
|
|
| 86,315 |
|
Plus: Net income attributable to noncontrolling interests |
|
| 33,779 |
|
|
| 30,648 |
|
Plus: Interest expense |
|
| 113,907 |
|
|
| 29,561 |
|
Plus: Income tax expense |
|
| 85,500 |
|
|
| 77,400 |
|
EBITDA (a) |
| $ | 738,253 |
|
| $ | 524,094 |
|
|
|
|
|
|
|
|
| |
|
| Three Months Ended July 31, |
| |||||
EBITDA Calculation |
|
| 2024 |
|
|
| 2023 |
|
Net income attributable to HEICO |
| $ | 136,577 |
|
| $ | 102,023 |
|
Plus: Depreciation and amortization |
|
| 44,310 |
|
|
| 29,531 |
|
Plus: Net income attributable to noncontrolling interests |
|
| 11,240 |
|
|
| 10,730 |
|
Plus: Interest expense |
|
| 36,788 |
|
|
| 12,120 |
|
Plus: Income tax expense |
|
| 32,500 |
|
|
| 25,400 |
|
EBITDA (a) |
| $ | 261,415 |
|
| $ | 179,804 |
|
|
|
|
|
|
|
|
|
|
|
| Trailing Twelve Months Ended |
| |||||
EBITDA Calculation |
| July 31, 2024 |
|
| October 31, 2023 |
| ||
Net income attributable to HEICO |
| $ | 477,847 |
|
| $ | 403,596 |
|
Plus: Depreciation and amortization |
|
| 174,374 |
|
|
| 130,043 |
|
Plus: Net income attributable to noncontrolling interests |
|
| 43,918 |
|
|
| 40,787 |
|
Plus: Interest expense |
|
| 157,330 |
|
|
| 72,984 |
|
Plus: Income tax expense |
|
| 119,000 |
|
|
| 110,900 |
|
EBITDA (a) |
| $ | 972,469 |
|
| $ | 758,310 |
|
|
|
|
|
|
|
|
|
|
Net Debt Calculation |
| July 31, 2024 |
|
| October 31, 2023 |
| ||
Total debt |
| $ | 2,259,097 |
|
| $ | 2,478,078 |
|
Less: Cash and cash equivalents |
|
| (202,940 | ) |
|
| (171,048 | ) |
Net debt (a) |
| $ | 2,056,157 |
|
| $ | 2,307,030 |
|
|
|
|
|
|
|
|
| |
Total debt |
| $ | 2,259,097 |
|
| $ | 2,478,078 |
|
Net income attributable to HEICO (trailing twelve months) |
| $ | 477,847 |
|
| $ | 403,596 |
|
Total debt to net income attributable to HEICO ratio |
|
| 4.73 |
|
|
| 6.14 |
|
|
|
|
|
|
|
|
| |
Net debt |
| $ | 2,056,157 |
|
| $ | 2,307,030 |
|
EBITDA (trailing twelve months) |
| $ | 972,469 |
|
| $ | 758,310 |
|
Net debt to EBITDA ratio (a) |
|
| 2.11 |
|
|
| 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 Corporation
View the original press release on accesswire.com
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