HEICO Corp (HEI.A) 2025 Q1 法說會逐字稿

Welcome to the HEICO Corporation first quarter 2025 financial results call. My name is Samara, and I will be your operator for today's call.

歡迎參加 HEICO 公司 2025 年第一季財務業績電話會議。我叫薩馬拉，今天我將擔任您的電話接線生。

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.

本次電話會議中的某些陳述將構成前瞻性陳述，這些陳述受風險、不確定性和偶然事件的影響。HEICO 的實際結果可能與這些前瞻性陳述所表達或暗示的結果有重大差異。

Factors that could cause such differences include the severity, magnitude and duration of public health threats such as the COVID-19 pandemic, HEICO's 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 cost to complete contracts; governmental and regulatory demands, export policies and restrictions; reductions in defense, space or homeland security spending by US and/or foreign customers or competition from existing and new competitors, which could reduce our sales.

可能導致此類差異的因素包括 COVID-19 大流行等公共衛生威脅的嚴重程度、規模和持續時間、HEICO 的流動性以及現金產生的數量和時間、商業航空旅行的減少、航空公司機隊變化或航空公司採購決策，這些都可能導致對我們商品和服務的需求下降；產品規格成本和要求，這可能會導致我們完成的成本和公務成本增加；會減少我們的銷售額。

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.

我們以有利可圖的價格水準推出新產品和服務的能力，這可能會減少我們的銷售或銷售成長；產品開發或製造困難，這可能會增加我們的產品開發和製造成本並延遲銷售；網路安全事件或我們資訊科技系統的其他中斷可能會對我們的業務產生不利影響。

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.

我們進行收購的能力，包括獲得任何適用的國內和/或外國政府批准並從收購的業務中實現營運協同效應；客戶信用風險、利息、外匯匯率和所得稅率；以及經濟狀況，包括航空、國防、航太、醫療、電信和電子行業內部和外部的通貨膨脹的影響，這些都可能對我們的成本和收入產生負面影響。

Parties listening to this call are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to, filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

鼓勵收聽本次電話會議的各方查看 HEICO 向美國證券交易委員會提交的所有文件，包括但不限於 10-K 表格、10-Q 表格和 8-K 表格中的文件。我們不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

I now turn the call over to Laurans Mendelson, HEICO's Chairman and Chief Executive Officer.

現在我將電話轉給 HEICO 董事長兼執行長 Laurans Mendelson。

Thank you, Samara, and good morning to everyone on the call. We thank you for joining us, and we welcome you to this HEICO first quarter fiscal '25 earnings announcement teleconference. I'm Laurans Mendelson, Chairman and CEO of HEICO Corporation. I'm joined here this morning by Eric Mendelson and Victor Mendelson, HEICO's Co-Presidents; and Carlos Macau, our Executive Vice President and CFO.

謝謝你，薩馬拉，祝電話會議中的各位嘉賓早安。感謝您的加入，歡迎您參加 HEICO 25 財年第一季財報電話會議。我是 Laurans Mendelson，HEICO 公司董事長兼執行長。今天早上與我一起參加會議的還有 HEICO 聯合總裁 Eric Mendelson 和 Victor Mendelson；以及我們的執行副總裁兼財務長 Carlos Macau。

Before highlighting our exceptional first quarter of fiscal '25 results, I would like to personally thank HEICO's incredible team members for their hard work, dedication and commitment to excellence. Their tireless efforts to exceed customer expectations and deliver outstanding results with unique efficiency are the driving force behind our remarkable success. Your efforts and accomplishments continue to shape HEICO's bright future.

在重點介紹我們 25 財年第一季的出色業績之前，我要親自感謝 HEICO 出色的團隊成員的辛勤工作、奉獻精神和對卓越的承諾。他們不懈努力，超越客戶期望，以獨特的效率提供卓越的成果，這是我們巨大成功的驅動力。您的努力和成就將繼續塑造 HEICO 的美好未來。

We're very proud of our first quarter results, which reflect consolidated margin expansion, strong cash flows and record net sales in both of our segments. I remain very bullish on HEICO's ability to win new opportunities during fiscal '25. As we look ahead to the remainder of fiscal '25, our team is filled with great optimism.

我們對第一季的業績感到非常自豪，這反映了我們兩個部門的綜合利潤率擴大、強勁的現金流和創紀錄的淨銷售額。我仍然非常看好 HEICO 在 25 財年贏得新機會的能力。展望 25 財年剩餘時間，我們的團隊充滿樂觀。

The current US administration's pro-business agenda aligns well with our long-term goals, providing an environment for innovation, investment and expansion. With our strategic focus on key markets like defense, space and commercial aviation and the exceptional talent and drive of our team members, HEICO is uniquely positioned to capitalize on new opportunities and sustain our momentum across diverse industries.

當前美國政府的親商議程與我們的長期目標非常契合，為創新、投資和擴張提供了環境。憑藉對國防、航太和商用航空等關鍵市場的戰略重點，以及團隊成員的卓越才能和幹勁，HEICO 擁有獨特的優勢，能夠利用新機會並在各個行業中保持發展勢頭。

Summarizing our first quarter fiscal '25 results, consolidated operating income and net sales in the first quarter of fiscal '25 represent record results for HEICO, improving by 26% and 15%, respectively, as compared to the first quarter of fiscal '24. Consolidated net income increased 46% to a record $168 million or $1.20 per diluted share in the first quarter of fiscal '25, and that was up from $114.7 million or $0.82 per diluted share in the first quarter of fiscal '24.

總結我們 25 財年第一季的業績，25 財年第一季的綜合營業收入和淨銷售額代表了 HEICO 創紀錄的業績，與 24 財年第一季相比分別增長了 26% 和 15%。25 財年第一季，綜合淨收入成長 46%，達到創紀錄的 1.68 億美元或每股攤薄收益 1.20 美元，高於 24 財年第一季的 1.147 億美元或每股攤薄收益 0.82 美元。

Net income attributable to HEICO in the first quarter of fiscal '25 and '24 were both favorably impacted by a discrete income tax benefit from stock option exercises. The tax benefit in the first quarter of fiscal '25, net of controlling -- noncontrolling interest was $26.5 million or $0.19 per diluted share, and that was up from $13.3 million or $0.10 per diluted share in the first quarter of fiscal '24. Excluding the impact of this tax benefit in both periods, earnings per share increased $0.29 per diluted share or 40% up.

25 財年及 24 財年第一季歸屬於 HEICO 的淨收入均受到股票選擇權行使所產生的單獨所得稅收益的正面影響。25 財年第一季的稅務收益（扣除控股和非控股權益）為 2,650 萬美元或每股攤薄收益 0.19 美元，高於 24 財年第一季的 1,330 萬美元或每股攤薄收益 0.10 美元。如果不考慮這兩個期間該稅收優惠的影響，每股收益將增加 0.29 美元，即成長 40%。

The Flight Support Group set all-time quarterly operating income and net sales records in the first quarter of fiscal '25, improving 22% and 15%, respectively, over the first quarter of fiscal '24. The increases principally reflect strong 13% organic net sales growth mainly attributable to increased demand for the Flight Support Group's aftermarket replacement parts and repair and overhaul parts and services product lines and the impact from our profitable fiscal '24 and '25 acquisitions.

飛行支援集團在 25 財年第一季創下了季度營業收入和淨銷售額的歷史新高，分別比 24 財年第一季成長了 22% 和 15%。成長主要反映了強勁的13%有機淨銷售額成長，這主要歸因於對飛行支援集團售後更換零件以及維修和大修零件和服務產品線的需求增加，以及我們24財年和25財年盈利的收購的影響。

The Electronic Technologies Group operating income and net sales improved 38% and 16%, respectively, over the first quarter of fiscal '24. These increases principally reflect strong 11% net sales growth -- organic sales growth mainly attributable to increased defense, space and aerospace product deliveries and the positive impact from our fiscal '24 and '25 acquisitions.

電子科技集團營業收入和淨銷售額比24財年第一季分別成長了38%和16%。這些成長主要反映了強勁的 11% 淨銷售額成長 - 有機銷售額成長主要歸因於國防、航太和航空產品交付量的增加以及我們 24 財年和 25 財年收購的正面影響。

Cash flow provided by operating activities increased 82% to $203 million in the first quarter of fiscal '25, and that was up from $111.7 million in the first quarter of fiscal '24. We continue to forecast strong cash flow from operations for the entire fiscal '25.

25 財年第一季度，經營活動提供的現金流量成長 82% 至 2.03 億美元，高於 24 財年第一季的 1.117 億美元。我們持續預測整個25財年的營運現金流將會強勁。

Consolidated EBITDA increased 22% to $273.9 million in the first quarter of fiscal '25, and that was up from $224.4 million in the first quarter of fiscal '24. Our net debt-to-EBITDA ratio was 2.08 times as of January 31, '25, and that compared to 2.06 times as of October 31, '24. Acquisition opportunities and M&A diligence efforts within both of our operating segments remain highly active, reflecting a robust pipeline of potential targets.

25 財年第一季度，綜合 EBITDA 成長 22% 至 2.739 億美元，高於 24 財年第一季的 2.244 億美元。截至 25 年 1 月 31 日，我們的淨負債與 EBITDA 比率為 2.08 倍，而截至 24 年 10 月 31 日比率為 2.06 倍。我們兩個營運部門內的收購機會和併購盡職調查工作仍然非常活躍，反映出潛在目標的強勁勢頭。

We consistently seek complementary acquisitions that meet our strategic and financial goals. This is guided by a disciplined approach that we pursue acquisitions that make financial sense and are accretive to our earnings while enhancing long-term shareholder value.

我們始終尋求符合我們的策略和財務目標的互補收購。我們遵循嚴謹的方法，進行具有財務意義的收購，增加我們的收益，同時提高長期股東價值。

In January '25, we paid our regular semiannual cash dividend of $0.11 per share, which was our 93rd consecutive semiannual cash dividend since 1979. We were also very busy with acquisitions, having completed several key acquisitions in fiscal '25's first quarter. In November, our Exxelia subsidiary acquired 70% of SVM Limited, a designer and manufacturer of high-performance electronic passive components and subsystems, primarily serving the health care and industrial end markets.

25 年 1 月，我們支付了每股 0.11 美元的定期半年現金股息，這是我們自 1979 年以來連續第 93 次半年現金股息。我們也忙於收購，並在 25 財年第一季完成了幾項重要收購。11 月，我們的子公司 Exxelia 收購了 SVM Limited 70% 的股份，SVM Limited 是一家高性能電子被動元件和子系統的設計商和製造商，主要服務於醫療保健和工業終端市場。

In December, we secured an exclusive license and purchased key assets from Honeywell International in order to support the Boeing 777 AMs and the 737 NGP 8E/7 via product lines. In January, we acquired a 90% interest in Millennium International, a business jet avionics repair company, which complements HEICO's growing avionics repair capabilities.

12月，我們獲得了獨家許可並從霍尼韋爾國際公司購買了關鍵資產，以透過產品線支援波音777 AM和737 NGP 8E/7。今年 1 月，我們收購了公務機航空電子設備維修公司 Millennium International 90% 的股權，這將增強 HEICO 不斷增強的航空電子設備維修能力。

All of these acquisitions were funded principally using proceeds from our revolving credit facility and cash provided by our operating activities. In addition, we expect each of these acquisitions to be accretive to our earnings within the year following the acquisition.

所有這些收購的資金主要來自我們的循環信貸收益和經營活動提供的現金。此外，我們預計每次收購都將在收購後的一年內增加我們的收益。

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

現在，我想介紹HEICO 聯合總裁兼HEICO 飛行支援集團總裁 Eric Mendelson，他將討論飛行支援集團第一季的業績。埃里克？

Thank you very much. The Flight Support Group's net sales increased 15% to a record $713.2 million in the first quarter of fiscal '25, up from $618.7 million in the first quarter of fiscal '24. The net sales increase in the first quarter of fiscal '25 reflects strong 13% organic growth and the impact from our profitable fiscal '24 and '25 acquisitions. The organic net sales growth mainly reflects increased demand for our aftermarket replacement parts and repair and overhaul parts and services.

非常感謝。飛行支援集團的淨銷售額在25財年第一季成長了15%，達到創紀錄的7.132億美元，高於24財年第一季的6.187億美元。25 財年第一季的淨銷售額成長反映了 13% 的強勁有機成長以及我們 24 財年和 25 財年獲利收購的影響。有機淨銷售額的成長主要反映了對我們的售後更換零件以及維修和大修零件和服務的需求增加。

Wencor continues to exceed our expectations, and this was an excellent acquisition for HEICO. Our customers continue to find great value in our larger aftermarket product offerings for their aerospace parts and component repair and overhaul needs, which has translated into excellent growth opportunities and success for both our legacy businesses and Wencor.

Wencor 繼續超越我們的預期，對於 HEICO 來說，這是一次極好的收購。我們的客戶繼續發現我們更大規模的售後產品具有巨大價值，可以滿足他們的航空零件維修和大修需求，這為我們的傳統業務和 Wencor 都帶來了極好的成長機會和成功。

We continue to operate Wencor as a stand-alone business operation. I have defined our strategy as cooperation, cash, capabilities and consistency without consolidation. The results have proven this to be the absolutely correct strategy. As I've mentioned before, we continue to make good progress working together and serving our customers in a combined seamless fashion.

我們將繼續經營 Wencor 作為獨立的業務機構。我將我們的策略定義為合作、現金、能力和一致性，但不進行合併。結果證明，這是絕對正確的策略。正如我之前提到的，我們繼續在合作中取得良好進展，並以無縫銜接的方式為客戶提供服務。

Some examples of how we are working together include: one, utilization of all HEICO and Wencor PMAs and DERs at all repair stations; two, commercial and defense aftermarket sales cooperation; three, Wencor e-commerce platform lists all HEICO noncompetitive PMAs; four, Wencor is utilizing HEICO's manufacturing base to quote and build many new products; five, engineering and regulatory cooperation; six, sharing our best-in-class vendors; and seven, our back-office synergies such as payroll, insurance, retirement benefit plans, cybersecurity and export compliance that will help offset additional regulatory compliance costs such as SOX and our FAA ODA.

我們合作的一些例子包括：一、在所有維修站利用所有 HEICO 和 Wencor PMA 和 DER；二、商用及國防售後市場銷售合作；三、Wencor電子商務平台列出了所有HEICO非競爭性PMA；四、Wencor正在利用HEICO的製造基地來抵消和製造許多新產品；的監管合規成本，如 SOX 和我們的 FAA ODA。

Flight Support Group's defense sales continue to grow, presenting a strong opportunity, especially as the current US presidential administration prioritizes defense and cost efficiency. As one example, we are making progress in setting the path to selling aircraft replacement parts to DoD agencies building upon our efforts over the past 2 years and frankly, the decade before.

飛行支援集團的國防銷售持續成長，帶來了巨大的機遇，尤其是在現任美國總統政府優先考慮國防和成本效率的情況下。舉個例子，我們在過去兩年，甚至更確切地說是過去十年的努力基礎上，在向國防部各機構出售飛機替換部件的道路上取得了進展。

While we don't expect this to contribute meaningfully to our 2025 revenues, we are very excited about the significant savings the US government taxpayers can reap from buying our parts, just as so many commercial airlines do around the world. For competitive reasons, I can't get into further detail on these efforts, but I can say that serious work is going into making this happen.

雖然我們不期望這會對我們 2025 年的收入做出有意義的貢獻，但我們對美國政府納稅人透過購買我們的零件可以獲得的大量節省感到非常興奮，就像世界各地的許多商業航空公司一樣。出於競爭原因，我無法進一步詳細介紹這些努力，但我可以說，我們正在認真努力實現這一目標。

Our missile defense components business is experiencing significant growth as well, driven by increasing demand from the US and its allies. With a substantial backlog of defense missile orders and ongoing shortages, we anticipate meaningful expansion from this firm pipeline, reinforcing our commitment to delivering cost-effective solutions without compromising quality.

受美國及其盟國需求不斷增長的推動，我們的飛彈防禦部件業務也正在經歷顯著增長。由於國防飛彈訂單大量積壓和持續短缺，我們預計該公司的產品線將大幅擴張，從而加強我們在不影響品質的情況下提供具有成本效益的解決方案的承諾。

The Flight Support Group's operating income increased 22% to a record $166.1 million in the first quarter of fiscal '25, up from $136.1 million in the first quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth, SG&A expense efficiencies realized from the net sales growth and an improved gross profit margin. The improved gross profit margin principally reflects the previously mentioned higher aftermarket replacement parts net sales.

飛行支援集團的營業收入從24財年第一季的1.361億美元成長22%，至25財年第一季創紀錄的1.661億美元。營業收入的成長主要反映了前面提到的淨銷售額成長、淨銷售額成長實現的銷售、一般及行政費用效率以及毛利率的提高。毛利率的增加主要反映了前面提到的售後更換零件淨銷售額的增加。

The Flight Support Group's operating margin increased to 23.3% in the first quarter of fiscal '25, up from 22% in the first quarter of fiscal '24. The increased operating margin principally reflects the previously mentioned lower SG&A expenses as a percentage of net sales and improved gross profit margin, mainly reflecting efficiencies realized from the previously mentioned net sales growth.

飛行支援集團的營業利益率從24財年第一季的22%上升至25財年第一季的23.3%。營業利益率的提高主要反映了前面提到的銷售、一般和行政費用佔淨銷售額的百分比降低，以及毛利率的提高，這主要反映了前面提到的淨銷售額增長所實現的效率。

Acquisition-related intangible amortization expense consumed approximately 270 basis points of our operating margin in the first quarter of fiscal '25. The FSG's cash margin before amortization or what we refer to as EBITA was approximately 26%, which has been consistently excellent and is 120 basis points higher than the comparable Flight Support Group cash margin of 24.8% in the first quarter of fiscal '24.

與收購相關的無形資產攤銷費用在 25 財年第一季消耗了我們營業利潤率約 270 個基點。FSG 的攤銷前現金利潤率（或我們所說的 EBITA）約為 26%，這一水平一直很出色，比 24 財年第一季同類飛行支援集團的現金利潤率 24.8% 高出 120 個基點。

I am very happy with the continued expansion of our cash margin and believe our efficient decentralized operating structure has permitted us to expand these margins as we simultaneously delight our customers with fair prices, coupled with undisputed industry-leading quality and turnaround times. This is an incredible accomplishment, which is truly unique in our industry.

我對我們的現金利潤率的持續擴大感到非常高興，並相信我們高效的分散運營結構使我們能夠擴大這些利潤率，同時我們以公平的價格以及無可爭議的行業領先質量和周轉時間讓客戶滿意。這是一個令人難以置信的成就，在我們的行業中確實是獨一無二的。

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

現在，我想介紹HEICO 聯合總裁兼 HEICO 電子技術集團總裁 Victor Mendelson，討論電子技術集團第一季的業績。

Thank you, Eric. The Electronic Technologies Group's net sales increased 16% to $330.3 million in the first quarter of fiscal '25, up from $285.9 million in the first quarter of fiscal '24. The net sales increase reflects strong 11% organic net sales growth and the impact from our fiscal '24 and '25 acquisitions. The organic net sales growth mainly reflects increased deliveries of our defense, space and aerospace products. Further, orders remain very strong with the ETG's backlog reaching the highest ever quarter end amount on order.

謝謝你，埃里克。電子科技集團的淨銷售額在25財年第一季成長了16%，達到3.303億美元，高於24財年第一季的2.859億美元。淨銷售額的成長反映了強勁的 11% 有機淨銷售額成長以及我們 24 財年和 25 財年收購的影響。有機淨銷售額成長主要反映了我們的國防、航太和航空產品交付量的增加。此外，訂單依然強勁，ETG 的積壓訂單達到了有史以來最高的季度末訂單量。

Our non-aerospace and defense markets witnessed sequential order improvement in the first quarter, which we believe bodes well for a sales recovery in those markets later this year as customers continue working off their excess inventory.

我們非航空航太和國防市場在第一季的訂單連續改善，我們相信，隨著客戶繼續消化過剩庫存，這預示著今年稍後這些市場的銷售將出現復甦。

The Electronic Technologies Group's operating income increased 38% to $76.5 million in the fiscal -- first quarter of fiscal '25, up from $55.3 million in the first quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth, SG&A expense efficiencies realized from the net sales growth and an improved gross profit margin. The improved gross profit margin principally reflects the previously mentioned favorable mix of increased space, defense and aerospace products net sales.

電子科技集團的營業收入從24財年第一季的5,530萬美元成長38%至25財年第一季的7,650萬美元。營業收入的成長主要反映了前面提到的淨銷售額成長、淨銷售額成長實現的銷售、一般及行政費用效率以及毛利率的提高。毛利率的提高主要反映了前面提到的航太、國防和航空航太產品淨銷售額成長的有利組合。

The Electronic Technology Group's operating margin improved to 23.1% in the first quarter of fiscal '25, up from 19.3% in the first quarter of fiscal '24. The improved operating margin principally reflects lower SG&A expenses as a percentage of net sales, mainly due to the previously mentioned efficiencies and the previously mentioned improved gross profit margin due to the favorable product mix.

電子科技集團的營業利益率從24財年第一季的19.3%上升至25財年第一季的23.1%。營業利益率的提高主要反映了銷售、一般及行政費用佔淨銷售額的百分比下降，這主要得益於前面提到的效率提高，以及由於有利的產品組合導致的毛利率提高。

Importantly, before acquisition-related intangibles amortization expense, our operating margin was above 27.2% as intangibles amortization consumed around 410 basis points of our operating margin. This is -- you will recall, is how we judge our businesses as it most closely correlates to cash. On a true operating basis, these are excellent cash margins, and we are very pleased with them.

重要的是，在收購相關的無形資產攤銷費用之前，我們的營業利潤率高於 27.2%，因為無形資產攤銷消耗了我們營業利潤率的約 410 個基點。您會記得，這是我們評判業務的方式，因為它與現金最密切相關。從實際營運角度來看，這些都是極佳的現金利潤率，我們對此非常滿意。

I turn the call back over to Larry Mendelson.

我把電話轉回給拉里·門德爾松。

Thank you, Victor. As for the outlook, we look ahead to the remainder of fiscal '25 and continue to anticipate net sales growth in both the FSG and ETG divisions, primarily driven by strong organic growth supported by increased demand for most of our products. In addition, we plan to accelerate growth through our recently completed acquisitions while positioning ourselves to capitalize on our cost-saving solutions for customers.

謝謝你，維克多。至於前景，我們展望25財年的剩餘時間，並繼續預期FSG和ETG部門的淨銷售額將成長，這主要得益於大多數產品需求增加所支持的強勁有機成長。此外，我們計劃透過最近完成的收購來加速成長，同時為客戶提供節省成本的解決方案。

Our priorities remain focused on providing excellent career opportunities for our team members while advancing new products and services, development, expanding market penetration and maintaining our fiscal strength and flexibility, all with a commitment to delivering long-term value to our shareholders.

我們的首要任務仍然是專注於為團隊成員提供優秀的職業機會，同時推進新產品和服務、發展、擴大市場滲透率並保持我們的財務實力和靈活性，所有這些都致力於為我們的股東提供長期價值。

We believe the future is extremely bright for HEICO. And when we study the numbers in the first quarter and see the large gains in both margins and cash flow, we know that the balance of '25 is going to be very strong. And we feel that we have a tremendous opportunity to grow HEICO larger than what it is today, and we will continue to do so.

我們相信 HEICO 的前景十分光明。當我們研究第一季的數據並看到利潤率和現金流都大幅成長時，我們知道 25 年的平衡將會非常強勁。我們覺得，我們有巨大的機會讓 HEICO 比現在發展得更大，而且我們將繼續這樣做。

I offer the opportunity for any of you to call or if you have some questions or comments now. But if your comments are not taken today, please call Carlos or me or Eric or Victor, and we will be happy to give you the outlook. Keep in mind that ETG has the largest backlog in its history.

如果您現在有任何問題或意見，我願意隨時打電話給您。但如果今天沒有收到您的意見，請致電卡洛斯 (Carlos) 或我或埃里克 (Eric) 或維克多 (Victor)，我們將很樂意為您提供展望。請記住，ETG 擁有史上最大的積壓訂單。

Thank you very much. And we now open the floor for questions. Samara, you can open the floor for questions.

非常感謝。我們現在開始回答提問。薩馬拉，你可以開始提問了。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指示） Larry Solow，CJS Securities。

Peter Lukas for Larry this morning. You guys covered a lot, and I do appreciate that. I guess just starting with Flight Support Group, very impressive mid-teens sales growth on top of mid-20s in the quarter -- first quarter last year. You talked about the growth drivers being organic demand for aftermarket repair services. I guess maybe if you could just give us a little more color. Is that penetration of existing customers or expansion with newer customers? How should we think about that?

今天早上，彼得盧卡斯 (Peter Lukas) 代表拉里 (Larry) 發言。你們涵蓋了很多內容，我對此非常感激。我想，從飛行支援集團 (Flight Support Group) 開始，該季度的銷售額在去年第一季的 25% 左右的基礎上又實現了令人印象深刻的 15% 左右的成長。您談到成長動力是對售後維修服務的有機需求。我想也許你能夠提供我們更多一些資訊。這是對現有客戶的滲透還是向新客戶的擴張？我們該如何思考這個問題？

Hi. This is Eric. I'd be happy to answer the question. So I think that most of the growth is coming from expansion with existing customers. We pretty much sell to everybody in the industry. So it's just deeper market penetration. You pointed out that the 13% organic growth was on top of about 12% organic growth last year.

你好。這是埃里克。我很樂意回答這個問題。因此我認為大部分成長來自於現有客戶的擴張。我們的產品幾乎銷往該行業的所有企業。所以這只是更深層的市場滲透。您指出，13% 的有機成長率是高於去年 12% 的有機成長率的。

So that really is, I think, an outstanding accomplishment and speaks to the increased market penetration and the fact that we're hanging on to this market. We're continuing to grow. Our customers want additional cost savings, products and services, and it's really taking hold very well.

所以，我認為這確實是一項傑出的成就，表明我們市場滲透率的提高以及我們牢牢掌握這個市場。我們正在繼續成長。我們的客戶希望節省更多成本，獲得更好的產品和服務，而這一點確實正在很好地實現。

And then just lastly, looking at the margins, 23% operating margins in the quarter, I guess, again, driven by higher aftermarket sales. But how should we think about that going forward? With sales expected to grow sequentially, what keeps margins would look to be kind of flat for the rest of the year? Is that simply a question of mix?

最後，看看利潤率，本季的營業利潤率為 23%，我想，這又是由於售後市場銷售額的增加所致。但今後我們該如何思考這個問題呢？預計銷售額將持續成長，那麼今年剩餘時間內利潤率將如何保持平穩？這僅僅是一個混合的問題嗎？

It's funny you asked that. So we get budgets and updated forecasts from all our subsidiaries. And somebody -- one of our investors commented to me that on the last call, I said something about our -- while our people are phenomenal, they also tend to sandbag quite well. So they turn in their numbers, they turn in their budgets. And it really -- I don't think it's sandbagging. I think it's truly what they think that they can accomplish, mildly conservative. And what ends up happening is the demand is much higher than they anticipate. And their people really come through and are able to develop the products, get the products in, get them sold, and we're able to perform and do much better.

你問這個問題很有趣。因此，我們從所有子公司獲得預算和最新預測。我們的一位投資者對我說，在上次電話會議上，我說了一些關於我們的事情——雖然我們的員工非常出色，但他們也傾向於很好地躲避批評。所以他們交了他們的數字，交了他們的預算。而事實上——我不認為這是沙袋策略。我認為這確實是他們認為自己能夠完成的事情，略帶保守。最終的結果是需求遠高於他們的預期。他們的員工確實很有​​能力，能夠開發產品、輸入產品並銷售產品，而我們能夠表現得更好。

So while I'm very happy with our roughly 26% EBITA margin in the first quarter, I'm reluctant to predict anything higher. Now if you look at the trend and what happens, we continue to move up. And we've gone on an EBITA basis from, I don't know, roughly 18% to now 26% over the last approximately 10 years. And we've just gradually taken that up.

因此，雖然我對第一季約 26% 的 EBITA 利潤率感到非常滿意，但我不願意預測更高的數字。現在，如果你觀察趨勢和發生的情況，我們會發現我們將繼續上升。在過去大約 10 年的時間裡，我們的 EBITA 比率從大約 18% 上升到了現在的 26%。我們已經逐步開始實施這項措施。

And I think that's as a result of having a team that has been working together for a very long time. They understand each other, they trust each other, they like each other. And they're able, as a result, to make, if you will, make bets take risk that the results are going to be very good and everybody is going to do their job. So while we're not forecasting increasing margins, I mean, that has been our trend and our people are working very hard to make that happen.

我認為這是因為我們的團隊已經合作了很長時間。他們互相理解、互相信任、互相喜歡。因此，如果你願意的話，他們可以打賭，承擔風險，結果會非常好，而且每個人都會做好自己的工作。因此，雖然我們沒有預測利潤率會增加，但我的意思是，這是我們的趨勢，我們的員工正在努力實現這一趨勢。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

Great quarter. So I guess my first question, just a little bit of fun here. Margins are 23% in both segments for the first time. So how do we think about the expansion from there? Eric, Victor, you both mentioned EBITDA margins well above that in the 27% range. So just how do we think about margin expansion for both segments from here and longer term, but near term, how price contributed to each segment?

非常棒的一個季度。所以我想我的第一個問題只是有點好玩。兩個部門的利潤率首次均達到 23%。那我們該如何考慮從那裡進行擴展呢？Eric、Victor，你們都提到 EBITDA 利潤率遠高於 27% 的範圍。那麼，從現在和長期來看，我們如何看待這兩個部門的利潤率擴大？但從短期來看，價格對每個部門的貢獻如何？

Sheila, this is Victor. For the Electronic Technologies Group, as you probably heard me say, I feel comfortable with that EBITA range in the 26% to 28% range. And hopefully, 28% -- hopefully higher and the goal is higher. But I'd rather everybody be comfortable at this level. And if we do better, which we're certainly working to do and hoping to do, we'll deliver on that at that time. And Eric will answer on support.

希拉，這是維克多。對於電子技術集團，您可能已經聽我說過，我對 26% 至 28% 範圍內的 EBITA 感到滿意。希望是 28%——希望更高，目標也更高。但我希望每個人都能在這個水平上感到舒服。如果我們做得更好，我們肯定會努力做到並希望做到，到時候我們就會實現這一目標。Eric 將回答有關支援的問題。

So, I mean, it's a great question with regard to the margins. And -- we never forecasted, we never predicted that the margins would end up being where they are. Our -- as you know, for following us and getting to know us over the last decade or two, has been just to keep our heads down, work very hard, execute on the details. Everything is in the details. And making sure that we minimize the obsolete inventory that we make sure, technically, the parts of where they need to be. We understand the pricing, what makes our customers happy.

所以，我的意思是，關於利潤率，這是一個很好的問題。而且──我們從來沒有預測過，我們從來沒有預見到利潤率最終會達到目前的水準。如您所知，在過去的十年或二十年裡，您對我們的關注和了解一直是埋頭苦幹，努力工作，注重細節。一切都在於細節。並確保我們將過時的庫存降到最低，從技術上確保零件位於需要的位置。我們了解定價，知道如何讓客戶滿意。

And when you look at -- Flight Support Group is not an OEM. We don't have typically proprietary products where we are the only authorizer. We go to sleep every night knowing that the vast majority, 90%-plus of our product line is also offered by somebody else. And yet we're able to turn out this 26% EBITDA, which we think is the most important margin because depreciation and CapEx are roughly equivalent.

而且您會發現—飛行支援集團並不是 OEM。我們沒有通常由我們作為唯一授權方的專有產品。我們每天晚上睡覺時都知道，我們產品線中的絕大多數（90％以上）也是由其他人提供的。然而，我們能夠實現 26% 的 EBITDA，我們認為這是最重要的利潤率，因為折舊和資本支出大致相當。

And if you're going to be in business long term, EBITDA is the correct way to look at it. But even on an EBITDA basis because that's what our peers do, we're 27%. So to be an independent business doing 27% EBITDA margin, I think is frankly phenomenal and honestly, I never thought that we would get here.

如果您要長期經營，EBITDA 是正確的看待方式。但即使以 EBITDA 計算，因為我們的同業也是這樣做的，所以我們的比例也是 27%。因此，作為一家實現 27% EBITDA 利潤率的獨立企業，我認為這真是太了不起了，老實說，我從未想過我們能達到這一水平。

So having said that, our people are working really hard in order to continue to improve efficiency. This is not done through pricing. This is done through watching our costs, increasing our product line, absorbing more fixed overhead.

話雖如此，我們的員工仍在非常努力地工作，以繼續提高效率。這不是透過定價來實現的。我們的實現方法是專注於成本、增加產品線、吸收更多的固定開銷。

So I think, look, we're going to work very hard to make those margins continue to trend up. But when you talk about 27% margins for a competitive aerospace business, I think it shows the, if you will, the uniqueness of the franchise and the fact that most others in the space don't -- in the independent space, don't operate at those type of margins. So I'm nervous to predict that they're going to go higher, but I would say I'm optimistic that -- and hopeful that they will.

所以我認為，我們將會非常努力地讓這些利潤率繼續呈現上升趨勢。但是，當你談到競爭激烈的航空航太業務的 27% 利潤率時，我認為這表明了特許經營的獨特性，以及該領域大多數其他公司——在獨立領域，都沒有以這種利潤率運作的事實。因此，我很緊張地預測它們會走高，但我會說我對此感到樂觀 - 並且希望它們會這樣做。

Sure. Maybe, Eric, if I could ask one on PMA since we didn't get to talk about this. I know you don't want to talk about defense PMA opportunities, but overall PMA adoption has become a hot topic as MRO facilities are pretty tight. What are you thinking about penetration into the market adoption? And any new product opportunities that you're seeing and thinking about in '25?

當然。也許，艾瑞克，如果我可以問一個關於 PMA 的問題，因為我們沒有談論過這個問題。我知道您不想談論國防 PMA 機會，但由於 MRO 設施非常緊張，總體而言，PMA 的採用已成為熱門話題。您對市場滲透率有何看法？在 25 年您看到並想到了什麼新的產品機會？

Yeah. So we're -- we continue to focus on broadening our product line, developing more parts. We're really very excited about the new acquisitions that we've had in Flight Support in the first quarter. One is the Honeywell aims and via product lines for -- basically, which is the avionics trains for the 777 and the 737 NG and also includes the new manufacturer of those units for the E7 and the P8 that are being delivered. So I like very much the broadening of our capability. We already had a very wide avionics business, broad avionics business, but that's an example of getting into some really critical technology, which is coupled with the display units that we acquired over a year ago.

是的。因此，我們將繼續專注於拓寬我們的產品線，開發更多的零件。我們對第一季在飛行支援方面取得的新收購感到非常興奮。一是霍尼韋爾的目標和產品線——基本上是 777 和 737 NG 的航空電子設備列車，還包括正在交付的 E7 和 P8 的新製造商。因此我非常喜歡我們能力的拓展。我們已經擁有非常廣泛的航空電子業務，但這是進入一些真正關鍵技術的一個例子，它與我們一年前收購的顯示單元相結合。

And then also, I'm very excited about our Millennium International acquisition. So this is really the leading biz jet avionics repair facility, I think, independent facility in the world. You speak to the customers, there is nobody like Millennium, not even HEICO who's doing the stuff that Millennium is doing. And we are just absolutely overjoyed that they are in the HEICO family, and we can offer our customers PMA and DER if that's what they want or if they want OEM, we're happy to do that as well. So it's whatever the customer wants.

另外，我對我們收購千禧國際感到非常興奮。所以我認為這確實是世界上領先的公務機航空電子設備維修設施，也是獨立的設施。當您與客戶交談時，您會發現沒有一家公司能與 Millennium 相提並論，就連 HEICO 也沒有做 Millennium 所做的事情。我們非常高興他們加入 HEICO 大家庭，如果客戶想要 PMA 和 DER，我們可以為他們提供，或者如果他們想要 OEM，我們也很樂意這樣做。所以一切都取決於顧客的需求。

So I think that speaks to the broadening, and I think there's going to be a lot more potential for us in the biz jet space. We're very, very much focused there. People have asked us to get into it, and I'm very excited about it. But again, we just continue to broaden the capabilities. 10 years ago, nobody would have ever thought that HEICO would control the aircraft information management system of the 737 engine or the 777. And we couple that with our 20,000 PMAs and whatever it is, nearly 10,000 DERs, and it's a pretty broad offering, which just continues to grow step by step every quarter.

所以我認為這表明我們的業務範圍正在擴大，而且我認為我們在公務機領域還有很大的潛力。我們非常非常關注這一點。人們要求我們參與其中，我對此感到非常興奮。但同樣，我們只是繼續拓寬能力。 10年前，沒有人會想到HEICO會控制737引擎或777的飛機資訊管理系統。再加上我們 20,000 個 PMA 和近 10,000 個 DER，這是一個相當廣泛的產品，每個季度都在逐步增長。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克（Noah Poponak）。

I wanted to follow up on the pricing question because a few quarters ago, we had talked on here about it's not the number 1 weapon in your arsenal necessarily for expanding profitability and creating value, but it is an industry with pricing power. And then your -- some of your peers and companies in the OEM parts have had price increases well above the historical average recently in the inflationary window we've been in.

我想跟進定價問題，因為幾個季度前我們曾在這裡討論過，它不一定是擴大盈利能力和創造價值的首要武器，但它是一個具有定價權的行業。然後，在我們所處的通膨時期，您的一些同行和 OEM 零件公司的價格漲幅最近遠高於歷史平均水平。

And so you had the strategic decision of do you just keep taking even more market share, especially via PMA, which has attractive pricing? Or do you close that price gap? Or do you close -- do you do half and half? And you had talked about maybe leaning more into price than you had in the past just because that gap had opened. And so I was curious where you stood on that? How much of that was in the margin of this quarter? I think it's a really interesting question.

那麼，您做出的策略決策是，是否要繼續佔領更多的市場份額，尤其是透過具有吸引力定價的 PMA？或者你會縮小價格差距嗎？或者你會關閉——你會做一半一半嗎？您曾經談到，也許由於差距已經擴大，我們會比過去更傾向於價格。所以我很好奇您對此持什麼立場？本季的利潤是多少？我認為這是一個非常有趣的問題。

Yeah. It's a great question, Noah. And we clearly have left a lot of money on the table. We -- our philosophy always has been that we've got to cover our cost increases. And we exist because our customers need reasonable prices, coupled with the shortest turn times and the highest quality. And that's really what we've done.

是的。這是一個很好的問題，諾亞。我們顯然已經損失了很多錢。我們的理念一直是，我們必須彌補成本的增加。我們的存在是因為我們的客戶需要合理的價格、最短的周轉時間和最高的品質。這也確實是我們所做的。

So the answer is no. We have not squeezed the orange in order to deliver these numbers. We could -- frankly, I think our prices could be a lot higher, but we don't do that. And our prices have been, as you know, sort of the increases have been sort of low single digits, maybe the high end of low single digits, but really sufficient in order to cover our cost increases.

所以答案是否定的。為了得到這些數字，我們沒有擠壓橘子。我們可以——坦白說，我認為我們的價格可以高得多，但我們不會這樣做。如您所知，我們的價格一直呈現低個位數成長，也可能是高個位數成長，但足以彌補成本成長。

We do have certain contracted customers where as a result of fixed prices for a longer period of time, there could be more substantial price increases. But if you look at it on an annualized basis, it's still that, I would say, low single digits up to the high end of the low single digits. So we have not -- no, we've not pushed the pricing. We want to make sure that we're very fair. And I think when you look at the -- I know Wall Street looks at organic growth.

我們確實與某些客戶簽訂了合同，由於價格在較長時間內固定，因此價格可能會大幅上漲。但如果從年化角度來看，我認為它仍然是個位數低點到個位數高點之間的數字。所以我們沒有——不，我們沒有提高價格。我們希望確保我們非常公平。我認為當你觀察——我知道華爾街關注的是有機成長。

They want to see the revenue organic growth rate, and that seems to be the metric and 13% is great. But what I really look at is the 22% on the operating income side because that's what all of -- none of our people -- we don't talk revenue at HEICO. We talk earnings. And when you look at 22% operating income increase, of which, let's just say, 90% of that is -- or 80% of that is organic, that's huge. And we do that without jacking prices inappropriately. So I think we have a good -- a very, very good balance. And that's why we have, if you will, a lot of gas in the tank and why people want to work with HEICO.

他們希望看到收入有機成長率，這似乎是衡量標準，13% 很棒。但我真正關注的是營業收入的 22%，因為在 HEICO，我們所有人都不談論這個收入。我們談論收入。如果你看到營業收入增加了 22%，其中，可以說 90% 是——或者說 80% 是有機成長，那麼這個增幅是巨大的。我們這樣做的目的是為了避免不當地抬高價格。所以我認為我們擁有良好的——非常非常好的平衡。這就是為什麼我們擁有充足的動力，也是為什麼人們願意與 HEICO 合作。

Okay. Great. I appreciate that, Eric. And just one on ETG. The -- I guess, the defense space in Aero segment of it, up 11% in the quarter and that's been volatile, and I think a watch item for people -- and it did the having a fairly tough compare. Victor, Carlos, can you just talk about what you're seeing there, how you expect that to trend through the rest of the year?

好的。偉大的。我很感激，埃里克。ETG 上只有一個。我想，國防領域的航空領域在本季成長了 11%，而且一直很不穩定，我認為這是人們關注的問題——而且它確實有一個相當困難的比較。維克多、卡洛斯，您能談談您看到的情況嗎？您預計今年剩餘時間內的趨勢會如何？

Carlos, do you want to --

卡洛斯，你想--

I could take a stab at that. So No, we had tremendous growth in Defense space and aerospace in Q1. And it doesn't feel to me like that, that's going to subside. Now I would caution you that ETG's characteristics are very lumpy. We have big quarters and down quarters. And I think for the -- broadly speaking, for the year, I see a continuation of growth in defense and aerospace -- space, I see it being very lumpy. It was good this quarter.

我可以嘗試一下。所以，我們在第一季在國防航太和航空航太領域取得了巨大的成長。但我覺得這種情況不會消退。現在我要提醒你，ETG 的特性非常不穩定。我們既有業績成長的季度，也有業績下滑的季度。我認為，從總體上講，今年國防和航空航太業將繼續成長，但我認為成長會非常不穩定。本季表現良好。

Next quarter base would be down. It could be up. We don't know yet. And we still have what I would consider a little bit of a tailwind that's coming back in the other electronics area, which for the first quarter was pretty flattish, maybe just a tick down. And so we haven't seen the big recovery yet that we talked about in December. But I do expect, as we second quarter here that we should see some life and then that will be more tailwinds. So I have some good expectations for the ETV this year.

下個季度基數將會下降。它可能會上漲。我們還不知道。我認為，我們仍然面臨其他電子領域的一些順風，而第一季該領域的成長相當平穩，可能只是略有下降。因此，我們尚未看到 12 月談到的大幅復甦。但我確實預計，隨著第二季的到來，我們應該會看到一些生機，然後會出現更多的順風。所以我對今年的教育電視抱持著很好的期望。

Yeah. And I'll add to that. This is Victor. On the other markets, the non-A&D markets, we're seeing orders moving in the right direction, not a bow wave, not a huge amount, but definitely moving in the right direction. And I mentioned in my comments, improving a bit sequentially in the quarter. And so that, I think, bodes well there. But as Carlos said, continue to expect this volatility. That's been our pattern over literally the decades. And sometimes we break out of that, and people think we're at a different inflection point, but we tend to look over the course of the year for the overall average.

是的。我還要補充一點。這是維克多。在其他市場，非A＆D市場，我們看到訂單正朝著正確的方向發展，不是急劇上升的趨勢，數量也不是很多，但肯定是朝著正確的方向發展。我在我的評論中提到，本季的情況比上一季有所改善。所以，我認為這是個好兆頭。但正如卡洛斯所說，這種波動仍將持續。這就是我們幾十年來的模式。有時我們會突破這種界限，人們會認為我們正處於不同的轉折點，但我們往往會從一年的歷程中尋找總體平均值。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Larry, Victor, Eric, Carlos, a quick question on leverage. You ended with leverage at 2.1x, but you still deploy $155 million of capital for acquisitions in the quarter. Given how big the overall enterprise is and the amount of cash you're generating, is there any fundamental shift in how much leverage you want to operate the business with on a go-forward basis?

拉里、維克多、艾瑞克、卡洛斯，關於槓桿，我想問一個簡單的問題。您的最終槓桿率為 2.1 倍，但您仍在本季部署了 1.55 億美元的資本用於收購。考慮到整個企業的規模以及您產生的現金量，在未來經營業務時您想要使用的槓桿率是否會發生根本性的變化？

The answer is no. We are generally -- the maximum leverage we use is 3 times EBITDA, and we promised The Street that we would drop it to 2 times within 1 year, which did. We like it at 2 times. But if we see a very desirable acquisition, we can go to 3 times because we have such strong cash flow. I mean our cash flow permits us go from 3 times or 3.5 times back to 2 times within, say, 12, 14 months. So we want to take advantage of our ability to make an acquisition using cash because people like cash. And if we get a good opportunity, we will reach, and we're very careful. We want to make sure that, that opportunity will create strong cash flow itself.

答案是否定的。我們通常使用的最大槓桿是 EBITDA 的 3 倍，並且我們向華爾街承諾，將在 1 年內將其降至 2 倍，我們確實做到了。我們喜歡它 2 次。但如果我們看到非常理想的收購，我們可以進行 3 倍收購，因為我們有如此強勁的現金流。我的意思是我們的現金流允許我們在 12 到 14 個月內從 3 倍或 3.5 倍回落到 2 倍。因此，我們希望利用我們用現金進行收購的能力，因為人們喜歡現金。如果我們得到一個好機會，我們就會抓住它，而且我們會非常小心。我們希望確保這個機會本身能夠創造強勁的現金流。

Number two, that it will have earned -- increase the earnings per share and that it will be a strong business. And so far, we have accomplished those objectives. So I think that we've used our capital in a very, very careful way and you've seen the results. When we made an acquisition of Wencor, people said, Oh my God, you stretched to 3 times or so, and look at the results. So I think you're going to see more of the same. The 1 thing that I think HEICO is really good at is managing its capital. And we have shown that over the last 30 years -- and I believe that we'll continue exactly the same.

第二，它將獲得—增加每股收益，並成為一家強大的企業。到目前為止，我們已經實現了這些目標。因此我認為我們非常謹慎地使用我們的資本，而且你們已經看到了結果。當我們收購 Wencor 時，人們說，『天哪，你們把規模擴大了 3 倍左右，看看結果吧。所以我認為你會看到更多類似的情況。我認為 HEICO 真正擅長的一件事就是管理其資本。我們已經在過去 30 年裡證明了這一點 — — 而且我相信我們將繼續這樣做。

Okay. And then switching over supply chain. A lot of your peers have talked about seeing meaningful improvement in their supply chain. So I was wondering if you could provide color on how the suppliers are performing at both FSG and ETG? And then are there any sort of metrics you can provide with delivery or parts conforming to quality that are coming from your suppliers?

好的。然後切換供應鏈。許多同業都表示看到了其供應鏈的顯著改善。所以我想知道您是否可以介紹一下 FSG 和 ETG 供應商的表現？那麼，您能否提供任何有關來自供應商的交付或符合品質標準的零件的指標？

Yeah. So look, this is Victor. I'll start with it. The supply chain issues we had experienced a while ago, have really improved and we've talked about that on some prior calls. And I would call it more or less noise level now across the EPG. There are some businesses that are particularly affect still and others that are not.

是的。瞧，這就是維克多。我就從它開始吧。我們之前遇到的供應鏈問題確實已經改善，我們在之前的一些電話會議中已經討論過這個問題。現在我可以說整個 EPG 中的噪音水平或多或少都存在。有些企業受到的影響尤其嚴重，有些則沒有。

But to me, it feels fairly normal in that regard. I don't have any specific metrics on that company-wide. I can say that our past dues, if you will, the hour past due in our backlog has dropped dramatically. I don't think it was terrible. I think though at one point, as I recall, a couple of years ago, we felt it was about $50 million or so in total, where we had things shifting out to the right, but it's dramatically less than that now, and I'd call it more in the normal range.

但對我來說，在這方面感覺相當正常。我沒有關於整個公司的具體指標。我可以說，如果你願意的話，我們的逾期款項積壓中的逾期時間已經大幅減少。我不認為那有多糟糕。我認為，雖然在某一時刻，我記得，幾年前，我們覺得總額大約為 5,000 萬美元左右，當時我們的事態正在朝著好的方向發展，但現在這個數字已經大大低於這個數字，而且我認為它更處於正常範圍內。

And Eric, I don't know if you have a take for Flight Support business.

艾瑞克，我不知道您對飛行支援業務有何看法。

Yeah. I would say, in general, things are getting a little bit better. There are some areas getting better. There are other areas getting worse. I can tell you that our sales could have been nicely higher if all of our suppliers were able to deliver. There's been just a massive -- our suppliers have a significant issue with regard to labor. I think that, that's getting settled out now. The answer is yeah. We do look at the on-time metrics by dollars, by orders, by quantity in all of the businesses.

是的。我想說，總的來說，情況正在好轉一些。有些方面正在好轉。其他地區的情況也正在惡化。我可以告訴你，如果我們所有的供應商都能夠交貨，我們的銷售額就會更高。我們的供應商在勞動力方面遇到了重大問題。我認為，現在這個問題已經解決了。答案是肯定的。我們確實會根據美元、訂單和數量來查看所有業務的準時指標。

So we do study it. I'm not prepared to share the details right now, especially since we operate a decentralized business, and I don't have a, if you will, a consolidated report, which pulls all that together, but we do review it at each of the businesses. So I would say getting better, but not great. And then, of course, this most recent issue with SPS and the unfortunate fire that they had is obviously going to further constrain the industry. And what we'll have to see, I think that's going to impact a lot of participants in the industry.

所以我們確實研究它。我現在還沒有準備好分享細節，特別是因為我們經營的是分散的業務，而且我沒有一份將所有內容匯總在一起的綜合報告，但我們確實會在每項業務中對其進行審查。因此我想說情況有所好轉，但並不是很好。當然，SPS 最近出現的問題以及不幸發生的火災顯然會進一步限制該行業的發展。我們必須看到，我認為這將影響許多行業參與者。

Jan Engelbrecht, Baird.

簡‧恩格爾布雷希特，貝爾德。

Eric, Victor and Carlos, I'm on for Peter Arment this morning. Congrats on a really strong quarter. Victor, maybe a question for you on and just defense. Just given the constant news flow, we're seeing tied to they're currently reviewing Pentagon contracts. Could you just provide your updated view on HEICO's positioning within defense markets?

艾瑞克、維克多和卡洛斯，今天早上我代替彼得‧阿門特發言。恭喜您本季業績表現強勁。維克多，也許我要問你一個關於辯護的問題。從不斷湧現的新聞來看，我們看到他們正在審查五角大廈的合約。您能否提供一下對 HEICO 在國防市場中的定位的最新看法？

And your opportunity to win meaningful content just given the value-based approach that you follow? And obviously, this aligns really well with the current administration's goals? And -- is there any particular area maybe within sort of supporting, I guess, airborne fleets or defense electronics with radar and Marcelle defense platforms that you see as a really strong area to target?

鑑於您遵循的基於價值的方法，您贏得有意義的內容的機會有多大？顯然，這與現任政府的目標非常一致？並且—我猜，在空中艦隊或配備雷達和馬塞爾防禦平台的防禦電子設備方面，是否存在您認為真正值得瞄準的特定領域？

So I think there's some very nice opportunity for us in there. And to be clear, I believe -- we believe there'll be winners and losers in this hasn't shaken out yet as to what we'll win and what we'll lose. So we can't say with certainty what we'll experience. But as you pointed out, our focus has always been on cost saving solutions for the customers where we provide seller cost alternative than to what they could do otherwise. And so that continues to be the case. I think the things that we're excited about particular are some of the missile defense programs.

所以我認為這對我們來說是一個非常好的機會。需要明確的是，我相信──我們相信這場戰爭中有贏家和輸家，但目前還無法確定我們會贏什麼、會輸什麼。所以我們無法肯定地說我們將會經歷什麼。但正如您所指出的，我們的重點一直是為客戶節省成本的解決方案，我們為賣方提供成本替代方案，而不是他們原本可以做的。這種情況一直持續下去。我認為讓我們特別興奮的是一些導彈防禦計劃。

We have some very good content on those. Some of the newer space-based programs where I think we can operate solutions there in the ETG as well as that basic blocking and tackling that I talked about. And again, we've always, as Eric mentioned, with our PMA parts business, we've never pushed on the pricing lever. That has been our strategy and approach on long to deliver great value to the customers. So they're not looking to go somewhere else or figure out how to go somewhere else. So I think it definitely endures to our benefit all the time, but especially at a moment like this.

我們對此有一些非常好的內容。對於一些較新的太空計劃，我認為我們可以在 ETG 中操作解決方案，以及我之前談到的基本阻止和處理。正如 Eric 所提到的那樣，對於我們的 PMA 零件業務，我們從未提高定價槓桿。這是我們長期以來為客戶提供巨大價值的策略和方法。所以他們不想去其他地方，也不想弄清楚如何去其他地方。所以我認為它肯定會一直對我們有利，特別是在這樣的時刻。

For the Flight Support Group, Eric may want to address that, but I do think there's some very nice revenue upside for us, not necessarily this year, but as we get a little further out on commercial parts equivalent parts for military use.

對於飛行支援組，埃里克可能想解決這個問題，但我確實認為這對我們來說是一個非常好的收入增長，不一定是今年，但隨著我們在商業零件等效於軍事用途的零件方面取得進一步進展。

Yeah. Victor, I agree with everything that you said. I think that are going to be very good opportunities within the defense department. For competitive reasons, we never get into specific customers nor products. But obviously, the spend is tremendous. And we all know that there's tremendous areas for improvement that everybody acknowledges that.

是的。維克多，我同意你說的一切。我認為這對國防部來說將是一個非常好的機會。出於競爭原因，我們從不涉及特定的客戶或產品。但顯然，花費是巨大的。我們都知道，還有很大的進步空間，每個人都承認這一點。

And I really need to, if you will, congratulate the administration on this focus because everybody has known this for a long time, and frankly, not much or anything has done about it. And even everybody in the industry and all of the AIA members agree that there's tremendous opportunity for efficiency gains in terms of process, cost alternatives.

如果你願意的話，我真的需要對政府在這方面的關注表示祝賀，因為每個人都早就知道這一點，但坦白說，並沒有採取任何行動。甚至業界所有人和所有 AIA 成員都同意，在流程、成本替代方面有巨大的效率提升機會。

So I think HEICO is going to be very well positioned. You're familiar with our product line, whether it's parts, repairs, distribution and defense sustainment to specialty manufacturing, I think we are going to be in the sweet spot here. And that's what HEICO has been built to do, to deliver those types of savings. So I'm quite optimistic. But again, this is not going to be a fiscal '25 story. Maybe there'll be a little bit of revenue in fiscal '26, but a lot has to be done. And that will take a little bit of time. But I think at least we're on our way.

因此我認為 HEICO 的地位將非常有利。您熟悉我們的產品線，無論是零件、維修、分銷和國防維持到專業製造，我認為我們都會在這裡處於最佳位置。這就是 HEICO 成立的目的，以實現上述類型的節約。所以我非常樂觀。但同樣，這不會成為 2025 年財務故事。也許 26 財年會有一點收入，但還有很多工作要做。這需要一點時間。但我認為至少我們已經在路上了。

Perfect. Victor, it's very helpful. Just a quick follow-up. Just perhaps Eric, back to your call is just some high-level thoughts on commercial aerospace, global travels at record levels, but the OEM build rates are directionally moving higher, specifically at Boeing in 2025. You just talk about for FSG, just the impact, if any, on medium-term margins, call it, the next one to three years as the industry mix towards aftermarket towards more of an OEM mix?

完美的。維克多，這非常有幫助。只是一個快速的跟進。艾瑞克，回到你的電話會議，也許只是對商業航空航太的一些高層想法，全球旅行達到了創紀錄的水平，但 OEM 的建造率正在朝著更高的方向發展，特別是波音公司在 2025 年的建造率。您剛才談到對於 FSG 來說，如果有的話，對中期利潤率的影響，那麼在未來一到三年內，隨著行業組合向售後市場轉向更多的 OEM 組合，會怎麼樣？

Yeah, that's been spoken about now for a couple of years. And yeah, some of the Boeing in particular, has had more challenges. But if you look, I mean, Airbus has been delivering a lot of new aircraft. And -- if you look at the way the fleet is expanding and how people want to travel as incomes increase around road, I spent the first three days of this week, reviewing our sales with all of our sales leaders in the various businesses. And I can tell you they don't see any slowdown whatsoever.

是的，這個問題已經討論了好幾年了。是的，波音公司的部分產品尤其面臨更多挑戰。但如果你看一下，空中巴士已經交付了許多新飛機。而且——如果你看看車隊的擴張方式以及隨著收入的增加人們希望如何出行，我花了本週的前三天與各個業務部門的銷售主管一起審查了我們的銷售情況。我可以告訴你，他們沒有看到任何放緩。

So I think things are going to be very strong. And I'm really not -- I'm just not worried about it. If down the road, there's a reduction, then fine. We go ahead and handle it. We've been through in the last 35 years, so many phases of this industry. But fundamentally, you look at the age of the fleet out there and how you've got this -- whatever it is 20-something thousand Aircraft aging, one per year. Yeah, some of the older ones will come out. But the vast majority of them are going to continue to consume a lot of parts at higher price points.

所以我認為事情將會變得非常強勁。而我真的不——我只是不擔心這件事。如果以後有所減少，那就好了。我們繼續處理。在過去的 35 年裡，我們經歷了這個行業的許多階段。但從根本上來說，你要看機隊的年齡以及情況如何——無論是 2 萬多架飛機，每年都會老化一架。是的，一些較老的會出現。但絕大多數企業仍將繼續以更高的價格消費大量零件。

And I think HEICO is very well positioned. If a customer want OEM material, we've got it for them. If a customer wants alternative material, we've got it for them. The OEMs that we represent want to develop alternatives and want to expand their business. There is no better distributors to go with than steal dynamics and Wencor. I mean they knock the ball out of the park continually. They are able to grow their principles business because once you locked out of a particular program, you can't access it.

我認為 HEICO 的定位非常明確。如果客戶想要 OEM 材料，我們可以為他們提供。如果客戶需要替代材料，我們可以提供給他們。我們所代表的原始設備製造商希望開發替代品並希望擴大業務。沒有比 Steal Dynamics 和 Wencor 更好的經銷商了。我的意思是他們不斷地將球擊出球場。他們能夠發展自己的主要業務，因為一旦你鎖定某個特定程序，你就無法訪問它。

And between sales dynamics and Wencor, they're tied in with all the airlines and the principles come to them, and we provide opportunity to be able to grow their business as a result of the connection with all of the other HEICO and Wencor PMA and other opportunities. But we're able to deliver a product and a service that nobody else in the industry can earn on. So I'm quite optimistic that regardless of what happens with Boeing starting to deliver more aircraft that HEICO has got a lot of tailwinds here.

在銷售動態和 Wencor 之間，它們與所有航空公司緊密相連，原則也傳達給他們，我們透過與所有其他 HEICO 和 Wencor PMA 以及其他機會的聯繫，為他們提供發展業務的機會。但我們能夠提供業內其他任何人都無法獲利的產品和服務。因此，我非常樂觀地認為，無論波音公司開始交付更多飛機後發生什麼情況，HEICO 都將獲得很大的順風。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特（Tony Bancroft），加貝利基金（Gabelli Funds）。

Gentlemen, very well done as always. Any update just interested in the previous acquisition you made a little while ago on Honeywell, and I apologize I got on late into the call. But on Honeywell's avionics businesses that you guys did. Any update with that? Are there any more -- anything out there that you're interested in? Do you still like that area? Maybe just what your appetite is there?

先生們，一如既往地做得很好。您有任何更新嗎？我只是對您不久前對霍尼韋爾的收購感興趣，很抱歉我接聽電話晚了。但是你們確實開展了霍尼韋爾的航​​空電子業務。有什麼更新嗎？還有其他－您感興趣的嗎？你還喜歡那個地區嗎？也許那裡正好有你的胃口？

Yeah. We -- Tony, great question. Honeywell is a phenomenal company. They put out incredible products, and we're very happy to be partnered with them. And now we have purchased three product lines from them in the last 18 months, and I think it's worked out extraordinarily well. Because they are able to take their limited floor space in their limited number of members and allocate them to higher-value activities. And HEICO is a great partner when it comes to buying these product lines. We execute extremely well. We're very knowledgeable about the products, and we are very well liked by the customers.

是的。我們 —— 東尼，這個問題問得很好。霍尼韋爾是一家非凡的公司。他們推出了令人難以置信的產品，我們很高興能與他們合作。在過去的 18 個月裡，我們已經從他們那裡購買了三條產品線，我認為效果非常好。因為他們能夠將有限數量會員的有限樓面空間分配給更高價值的活動。在購買這些產品線時，HEICO 是個很好的合作夥伴。我們的執行非常出色。我們對產品非常了解，並且深受顧客喜愛。

So I think not all but all many different manufacturers out there, we've now purchased product lines from. And we have really a very successful time-tested process where we're able to buy, whether it's Northrop or Triumph or Honeywell or others that we don't even talk about, we've been able to buy product lines, get this integrated, make sure that the customers are happy, and it works out very well.

所以我認為，我們現在購買的產品線並不是全部，而是許多不同製造商的產品。我們確實有一個非常成功的、經過時間考驗的流程，我們可以購買，無論是諾斯羅普、凱旋、霍尼韋爾還是其他我們甚至沒有談到的公司，我們都能夠購買產品線，進行整合，確保客戶滿意，而且效果非常好。

So I'm overjoyed with the product lines that we bought in terms of the display units and the aircraft information management system for the -- and the ELT, the emergency locator transmitters for commercial aircraft. And I think that there continues to be very good opportunity because we're known as a very reliable partner.

因此，我對我們購買的產品線感到非常高興，包括顯示器單元和飛機資訊管理系統——以及 ELT，商用飛機的緊急定位發射器。我認為，我們仍擁有非常好的機會，因為我們被視為非常可靠的合作夥伴。

And then maybe I guess, I mean I haven't caught you talking about, obviously, Berkshire acquired your shares. Just I think it's pretty obvious, but just want to get your thoughts and let you explain why you think they bought you -- bought your company, obviously, in new position for them? And would it ever be possible that they would just -- I mean, if you want to buy your entire company, you guys have done so well and they're sort of fine with essentially all their values? Just wanted to get thoughts on that.

然後也許我想，我的意思是我還沒有聽到你談論伯克希爾收購了你的股份。我只是覺得這很明顯，但我只是想聽聽你的想法，並讓你解釋一下你認為他們為什麼收購了你——收購了你的公司，顯然，這對他們來說是一個新的職位？他們有沒有可能就這樣——我的意思是，如果你想收購整個公司，你們已經做得很好了，而且他們對你們的價值觀基本上都滿意？只是想了解這一點。

Yeah. So I mean, we're obviously overjoyed that Berkshire has become an investor in HEICO. And we think that definitely, as you point out, our culture is aligned, and there's a lot of similarities in the business. We didn't, if you will, set out to sort of copy Berkshire's culture. We just set out on this path 35 years ago when it was a small $25 million company to do what made sense.

是的。所以我的意思是，我們顯然很高興伯克希爾成為 HEICO 的投資者。我們認為，正如您所指出的，我們的文化是一致的，而且業務上有很多相似之處。如果你願意這麼說的話，我們並沒有打算複製波克夏的文化。35 年前，當我們還是一家價值 2,500 萬美元的小公司時，我們就踏上了這條道路，做著有意義的事情。

And what we saw was that by operating this decentralized model with incredible operators, you're able to produce phenomenal results. And Warren Buffett is the father and the genius behind -- originally behind that whole strategy, and he does it obviously in a significantly larger scale than we do it.

我們看到的是，透過與優秀的營運商合作經營這種分散式模型，你就能產生驚人的成果。華倫‧巴菲特是這整個策略的幕後推手和天才，而且他實施的規模顯然比我們大得多。

So we're very happy. As far as your comments about Berkshire wanting to -- possibly buying HEICO. HEICO is not interested in selling the business. We're very happy with the continued growth. Berkshire is really -- has been absolutely phenomenal, a great shareholder. And frankly, we can learn a lot from them. So I think Warren Buffett's got an incredible team, and it's a very deep organization, and we will continue to, I think, grow our relationship with them.

所以我們非常高興。就您關於伯克希爾可能想要收購 HEICO 的評論而言。HEICO 對出售該業務不感興趣。我們對持續的成長感到非常高興。波克夏確實是一位非常出色的股東。坦白說，我們可以從他們身上學到很多。所以我認為華倫巴菲特擁有一支令人難以置信的團隊，這是一個非常深厚的組織，我認為我們將繼續發展與他們的關係。

Scott Deuschle, Deutsche Bank.

德意志銀行的 Scott Deuschle。

Eric, I know fasteners aren't really an aftermarket part, but Specialty Products does do a good amount of commercial OE work. And this is maybe a naive question, but I was curious if Specialty Products has any capabilities in the fastener space. And if not, is that a business you could ever see the company getting into, particularly given the recent events at PCC?

艾瑞克，我知道緊固件實際上並不是售後零件，但 Specialty Products 確實做了很多商業 OE 工作。這也許是一個幼稚的問題，但我很好奇 Specialty Products 在緊固件領域是否有能力。如果不是，您是否認為該公司會涉足這項業務，特別是考慮到最近 PCC 發生的事件？

Yeah. I -- look, PCC, they operate a phenomenal business, whether you look at their castings, their forgings, their fasteners. I think for HEICO to get into business trying to compete with PCC would be foolish. They have got it so ground in and they know exactly what they're doing and they're phenomenal. So look, there could be little opportunity here and there, but no, in the mainstream. I don't see us ever wanting to get into -- to try to do what PCC, what they do.

是的。我看，PCC，他們經營著一家非凡的公司，無論你看他們的鑄件、鍛件還是緊固件。我認為 HEICO 試圖與 PCC 競爭是愚蠢的。他們對此有著深入的了解，他們非常清楚自己在做什麼，他們是傑出的。所以看起來，這裡或那裡可能會有一點機會，但在主流中則不然。我認為我們永遠不會想要嘗試做 PCC 所做的事情。

The whole fire thing is a very unfortunate thing, but that's an incredibly well-run company and knowing PCC and the way that we do, I think that they will figure out very quickly how to get those products resourced, built elsewhere, they've got their facility up and running. So I've got a lot of confidence they're going to come back online much quicker than anybody else would with this kind of problem.

整個火災事件是一件非常不幸的事情，但這是一家經營良好的公司，並且了解PCC和我們的做事方式，我認為他們會很快找到如何獲得這些產品的資源，在其他地方生產，他們的工廠已經建成並投入運營。因此，我有信心，遇到此類問題時，他們會比其他任何人都更快地恢復正常。

Okay. And then, Eric, do you think PMA parts are fully penetrated in auxiliary power units at this point relative to where it can go? Or is there still meaningful opportunity there? And I'm focused less in terms of customer adoption and more in terms of whether you think the business has PMA all the SKUs that you think represent the opportunity on APUs or if you think there's still more SKUs that the company can go after?

好的。然後，艾瑞克，您是否認為 PMA 零件目前已完全滲透到輔助動力裝置中，相對於其可以應用的範圍而言？還是那裡仍然有意義的機會？我關注的重點不是客戶採用情況，而是您是否認為公司已經對所有代表 APU 機會的 SKU 進行了 PMA，或者您是否認為公司還可以追求更多的 SKU？

I don't really -- it's our policy to not comment on particular products. Honeywell does a great job on their APUs, and they've got big market share. That has not been historically a huge area for HEICO. And I would -- I mean, while I'm capable of providing details, just in order to be consistent with what we do with other products, I'd rather not comment, but it has not been a big part of our business.

我不太清楚——我們的政策是不對特定產品發表評論。霍尼韋爾在 APU 方面表現出色，並且擁有很大的市場份額。從歷史上看，這並不是 HEICO 關注的重點領域。我的意思是，雖然我有能力提供詳細信息，但為了與我們對其他產品的做法保持一致，我寧願不發表評論，但這並不是我們業務的重要組成部分。

David Strauss, Barclays.

巴克萊銀行的戴維·施特勞斯（David Strauss）。

This is Josh on for David. So I wanted to ask you, you've done about $400 million in acquisitions over the last two quarters. Could you give us an idea of how much those deals add in annualized revenue?

這是喬希 (Josh) 取代大衛 (David)。所以我想問您，在過去兩個季度裡，您完成了約 4 億美元的收購。您能否告訴我們這些交易能增加多少年收入？

This is Carlos. So the deals that we've done have all been -- they've not been individually material. So we don't really want to discuss the financial operations of one of those deals to be listening with the way we report it in our public filings.

這是卡洛斯。所以，我們所做的交易都不是單獨而言的重大交易。因此，我們實際上並不想討論這些交易的財務運作情況，而是希望聽取我們在公開文件中報告的方式。

Okay. And then to follow up, I think, on an earlier question, could you talk about how you see the sustainability of each of the 15% organic for growth and then the 11% organic MRO growth order?

好的。然後我想跟進一下之前的問題，您能否談談您如何看待 15％ 有機增長和 11％ 有機 MRO 增長順序的可持續性？

We -- I'm very happy with the growth that we've had. I mean, obviously, we're gaining share. We're doing very well. I've been reluctant to predict those numbers. The thing that we -- as I mentioned earlier that we really focused on is the earnings growth. Because at the end of the day, when you is honestly meaningless, it's all about the earnings because that's the money that we can reinvest in the business and continue to grow our inventories and our footprint and everything else.

我們－我對我們的成長感到非常高興。我的意思是，顯然我們的份額正在增加。我們做得很好。我一直不願意預測這些數字。正如我之前提到的，我們真正關注的是獲利成長。因為到最後，當你真的毫無意義時，一切都是為了收益，因為這些錢我們可以再投資於業務，繼續增加我們的庫存、我們的足跡和其他一切。

So when you look, we've had 22% growth in operating income in Flight Support Group of that was organic. I feel the tailwinds that we've got and the fundamentals in the industry should continue. But we don't provide guidance reason because we don't know specifically what it's going to be. We get most of our orders in the month of shipment.

所以您可以看到，我們的飛行支援集團的營業收入實現了 22% 的有機成長。我覺得我們所擁有的順風和產業基本面應該可以持續下去。但我們不提供指導理由，因為我們不知道具體會是什麼。我們的大部分訂單都是在出貨月份收到的。

So it becomes very difficult to call out on the edge. And frankly, I think people are used to go performing so that they know that at the end of the day, whatever the industry is going to do to HEICO's going to be right at the top of it. And we have a history of 35 years of doing it. So I feel very strongly that there is a lot of tail -- But to predict specific numbers going forward, really isn't what we do and just becomes very difficult because we're very, very quantitative and that has driven and certain projections it becomes very difficult.

因此，在邊緣處呼叫變得非常困難。坦白說，我認為人們已經習慣了表演，所以他們知道，到最後，無論這個行業對 HEICO 做什麼，HEICO 都會處於領先地位。我們已經有 35 年這樣做的歷史了。所以我強烈感覺到有很多尾部——但要預測未來的具體數字，實際上並不是我們所做的，而且這變得非常困難，因為我們非常非常量化，這推動了某些預測變得非常困難。

[João Santos], UBS.

[若昂桑托斯]，瑞銀。

This is João Santos speaking on behalf of Gavin Parsons from UBS. I know you guys already talked a bit about pricing. But in terms of pricing, are you able to share with us how much of your portfolio is on long-term agreements versus how much you can reprice them annually?

這是瑞銀加文帕森斯 (Gavin Parsons) 的代表若昂桑托斯 (João Santos) 發言。我知道你們已經討論了一些定價問題。但在定價方面，您能否與我們分享您的投資組合中有多少是長期協議，以及您每年可以重新定價多少？

We can reprice, I would say, annually within the next couple of years. But this is a split there in terms of the long-term agreements and the repricing annually. I don't have in front of me what that is again because it's centralized to pull all that together from all of the operating subsidiaries. But my guess is in roughly the 50-50 category, something like that.

我想說，我們可以在未來幾年內每年重新定價。但就長期協議和每年重新定價而言，這是一個分歧。我面前沒有那是什麼，因為它是集中將所有營運子公司的所有資訊匯總在一起的。但我的猜測是，可能性大概是 50-50，諸如此類。

Great. And in terms of aftermarket, how should we think of pricing power in the segment, given the supply chain and competitive dynamics?

偉大的。在售後市場方面，考慮到供應鏈和競爭動態，我們應該如何看待該領域的定價權？

We think that, frankly, we're leaving a lot of money on the table. We're making our customers very happy. We started out very small. I mean -- and I showed you know the history of the company, but we started out very small. And when -- in particular, when you're small, you have to treat people right in order to business. And we maintain that philosophy for -- now.

坦白說，我們認為我們損失了很多錢。我們讓顧客非常高興。我們一開始規模很小。我的意思是──我向你展示了公司的歷史，但我們起步的時候規模很小。尤其是當你的企業規模還很小的時​​候，為了做生意必須善待他人。目前我們仍堅持這項理念。

Having said that, we have to cover our cost increases. And under no -- it's not possible for us to absorb cost increases and to not pass that along to the customers. We have to do that. And even if there's various catch-ups with customers, pricing for a period of time, we've got to go ahead and do that. And we've been successful with that.

話雖如此，我們必須彌補成本增加。在任何情況下，我們都不可能吸收增加的成本而不將其轉嫁給客戶。我們必須這麼做。即使在一段時間內需要與客戶進行各種定價調整，我們也必須繼續這樣做。而我們已成功實現這一目標。

But we stress to our customers that take advantage of them price-wise. We only go for a minority market share on all of the products that we do. So we think that there is a lot of value to these customers. So I think there's a lot of pricing opportunity for us, but we have not taken

但我們向客戶強調，要充分利用價格優勢。我們生產的所有產品都只佔有少數市場份額。因此我們認為這對這些客戶來說非常有價值。所以我認為我們有很多定價機會，但我們還沒有抓住

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦 (Ron Epstein)。

So I mean a couple of quick questions. Maybe following up on your commentary, Eric, about the fleet and the age of the 22,000 airplanes that you get your older. Do you guys have an internal kind of guesstimate on when average age of the fleet will actually start to come down? Because it seems like to me that might not happen until like the early 2030s, but I don't know if you guys agree with that or kind of how you think about that?

我只想問幾個簡單的問題。艾瑞克，也許我可以繼續你關於機隊和 22,000 架飛機的機齡的評論。你們對於船隊平均船齡何時會真正開始下降有沒有內部估計？因為在我看來這可能要到 2030 年代初才會發生，但我不知道你們是否同意這一點或你們對此有何看法？

Yeah. We probably wouldn't look at the average. So for us, what we would look at is the number of aircraft in each of the age cohort. So we think that continues to increase. So as you get the new aircraft delivered, you're still going to be flying the older aircraft. And I think, especially in times where you've got higher interest rates that makes newer aircraft less attractive. But we think also if you look at the newer generation aircraft, they're very, very expensive to maintain. I mean these are insane to maintain.

是的。我們可能不會看平均值。因此對我們來說，我們要關注的是每個年齡層的飛機數量。因此我們認為這一數字還會繼續增加。因此，當您收到新飛機時，您仍會駕駛舊飛機。我認為，特別是在利率上升的時期，新飛機的吸引力就會降低。但我們也認為，如果你看看新一代飛機，它們的維護成本非常非常昂貴。我的意思是，維持這些是瘋狂的。

So the cost per equivalent unit. So we think that the time is right and our market share is still relatively small, that we can also grow our market share. And then frankly, we compounded with the acquisition. So you put all that together and the fact that they'll deliver more new aircraft that concern me.

所以每單位等價成本。因此我們認為時機已到，而且我們的市場份額仍然相對較小，我們還可以擴大我們的市場份額。然後坦白說，我們透過收購實現了複合成長。所以，把所有這些因素綜合起來，再加上他們將交付更多令我擔憂的新飛機這一事實，我就不多說了。

Got it. Got it. Got it. Yeah. I mean it does seem like there's a really long runway there, and I want to make sure we're thinking about it. And another one to follow up on a question or a comment that you made around the unfortunate fire at SPS. My understanding is those pushing tomb facility that made a lot of fasteners. How disruptive do you think it could potentially be, honestly, on the industry? And then I guess how does that blow back on you guys?

知道了。知道了。知道了。是的。我的意思是那裡確實看起來有一條很長的跑道，我想確保我們正在考慮這一點。另外還有一條是關於您對 SPS 不幸火災提出的問題或評論的後續問題。我的理解是那些推墓設施製造了許多緊固件。說實話，您認為它可能對行業造成多大的破壞？那麼我想這會為你們帶來什麼影響呢？

Yeah, I think it's going to be quite disruptive. However, SB's precision gas products being incredibly well run. And I got to -- anybody is going to have that kind of a problem. Those guys are the ones who will figure it out, number one. Number two, the necessity is the mother of invention. And while they may be sole-sourced on a bunch of stuff, they, I'm sure, will be able to get their other facilities up and running and be able to solve a lot of that.

是的，我認為這將會產生很大的破壞作用。然而，SB的精密氣體產品運作得非常好。我要說的是──任何人都會遇到這樣的問題。首先，這些人將會找到解決辦法。第二，需要是發明之母。儘管他們可能在許多產品上都是單一來源，但我確信他們能夠讓其他設施正常運轉，並能解決許多問題。

So I think it's a little early to be able to define what that's going to be. But there definitely is going to be an impact in the -- both OE as well as the aftermarket, I think everybody is going to be impacted. I want to be careful not to get too far over much fees complements on what they can do. But our experience in working with them is those guys are really sharp and they're going to move heaven and earth to get this resolved quickly.

因此我認為現在定義這個還為時過早。但這肯定會對原始設備市場和售後市場產生影響，我認為每個人都會受到影響。我要小心，不要對他們能做的事情收取過多的費用。但我們與他們合作的經驗是，這些人非常敏銳，他們會竭盡全力迅速解決這個問題。

Got it. And then maybe one last one. How are you guys thinking about tariffs given how global supply chains are in commercial aero to, I guess, to a far lesser extent in defense? In commercial aero, it's so global. I mean how do you guys think about it what it could mean ultimately?

知道了。也許還有最後一個。考慮到全球供應鏈在商用航空領域的影響，以及在國防領域的影響（我想，在國防領域的影響要小得多），你們如何看待關稅？在商用航空領域，它已經非常全球化。我的意思是，你們如何看待它最終意味著什麼？

I mean, Ron, this is Carlos. Most of our supply chain is focused on local markets, right? We have 100 subsidiaries and they're all dealing with vendors in local markets. So we're not purchasing big bulk in one central location. So our risk, if you would, is diffused. And our -- the cost of raw materials within our products. When you peel it back, it's not a huge component of the overall cost. So we've done some back of the envelope. I think it could be anywhere from net-net, 3% to 5% increase to our product cost assuming that there was a tariff on half the countries we do business. And I think if that was the case, we have no problem passing it on to our customers. So from our standpoint, we're not terribly concerned with the outcome of that.

我的意思是，羅恩，這是卡洛斯。我們的供應鏈大部分都集中在本地市場，對嗎？我們有 100 家子公司，它們都與當地市場的供應商打交道。因此，我們不會在一個中心地點進行大量採購。因此，如果你願意的話，我們的風險就被分散了。以及我們的產品原料的成本。如果你仔細分析一下，你會發現它並不是總成本的很大一部分。因此，我們做了一些背面的工作。我認為，假設與我們開展業務的一半國家都徵收關稅，我們的產品成本可能會淨增加 3% 到 5%。我認為，如果事實確實如此，我們會毫無顧忌地將其傳遞給我們的客戶。因此從我們的角度來看，我們並不太關心其結果。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

I was wondering on DoD PMA. What -- do you have any sense for the development time lines would be to get parts qualified and uses would be much different from what you guys encountered normally with the FAA and the other --

我對 DoD PMA 感到疑惑。您是否認為，開發時間表將使零件獲得認證，並且用途與 FAA 和其他機構通常遇到的情況有很大不同？--

Yeah. I would say that there's going to be really continued work in development in that area. I'm reluctant to get into specifics because we don't want to tell our competitors what we are doing. And therefore, we really don't want to get into the details on what we're -- what our strategy is. But we do think that there is a very significant market. And we'll have to see really how that develops. But again, we don't see that as -- that has not been a revenue contributor to date, and we're not forecasting it in our '25 numbers.

是的。我想說，該領域的開發工作將會持續下去。我不願意談論具體細節，因為我們不想告訴競爭對手我們在做什麼。因此，我們真的不想詳細談論我們的策略是什麼。但我們確實認為這是一個非常重要的市場。我們必須觀察事情究竟會如何發展。但是，我們再次認為，這還沒有成為我們迄今為止的收入貢獻者，而且我們也沒有在我們的 25 年數據中預測到這一點。

Maybe more fundamentally, is there a process already in place? And is there any PMA penetration on military products today?

也許更根本的問題是，是否已經有一個流程到位？目前PMA對軍用產品有滲透嗎？

So the government doesn't -- they have their own approval process. So in general, just give some the PMA, does it mean that the government would use it. But the answer is yeah. We sell a large amount to the government in various businesses that we're in. So we're pretty familiar with the government across what it takes to get stuff done. Clearly, this focus on cost and readiness is going to be, I will be very helpful for HEICO.

所以政府沒有——他們有自己的審批程序。所以一般來說，只要給一些 PMA，是否意味著政府會使用它。但答案是肯定的。我們在所從事的各項業務中向政府出售大量產品。因此，我們非常熟悉政府如何完成任務。顯然，專注於成本和準備情況對於 HEICO 來說將非常有幫助。

Yeah. I know it's an -- because again, I don't want to discuss it, but I'm more curious about, obviously, you guys sell a lot of defense products to the government. But I was wondering if specifically, are you -- have you been selling defense products? Or are they OEM-branded components, the ATG and specialty products?

是的。我知道這是一個——因為我再也不想討論它了，但我更好奇的是，顯然你們向政府出售了很多國防產品。但我想知道具體來說您是否一直在銷售國防產品？或者它們是 OEM 品牌組件、ATG 和特殊產品？

No, we sell HEICO proprietary parts, yeah, to the DoD. We sell parts that are interchangeable with the original manufacturers parts. Yeah. We have done that, we have a lot of experience doing that. It's relatively small but it's -- there are many examples of it. And yeah, so they're not a strange -- that's what you're getting to.

不，是的，我們向國防部出售 HEICO 專有零件。我們銷售的零件可以與原始製造商的零件互換。是的。我們已經做到了這一點，我們在這方面有很多經驗。它相對較小，但有許多這樣的例子。是的，所以他們並不奇怪——這就是你要說的。

No, that's what I was wondering. If there's precedent for it already, it sounds like there is. What do you think the -- what do you think the constraint on broader adoption has been historically?

不，這正是我好奇的。如果已經有先例，那聽起來就是有的。您認為從歷史上看，廣泛採用的限制因素是什麼？

I don't really want to speculate on it. But I think a large part of it probably was no one was concerned about cost. And now we're in a new world. And we've got -- we have the massive budget deficit. We've got to cut our costs. We have to increase the defense output. And I think that this is just low-hanging fruit.

我實在不想對此進行猜測。但我認為很大一部分原因可能是沒有人關心成本。如今我們進入了一個新世界。而且，我們還面臨巨大的預算赤字。我們必須削減成本。我們必須增加防禦輸出。我認為這只是唾手可得的成果。

Got you. Cool. And then Eric, I was curious on when core the aerospace integration, you mentioned a number of the initiatives you guys have already implemented to make sure there's cross-selling. I was curious how well penetrated you think that cross-sell has been? Or do you feel like you're far along in that journey? Or is it early? How much opportunity --?

明白了。涼爽的。然後艾瑞克，我很好奇航空航天整合的核心是什麼，你提到了你們已經實施的一些舉措，以確保進行交叉銷售。我很好奇，您認為交叉銷售的滲透程度如何？還是你感覺你已經在這段旅程中走得很遠了？還是說還早呢？有多少機會--？

Yeah. I think we've done well. I mean, look, we operate the businesses independently. But clearly, when you put the 2 product lines together, you've got much more compelling savings. So I think we're early in the -- definitely in the first half, I think that there is a lot more opportunity that -- a lot more opportunity out there. I'm very happy with the progress that we've made to date, but I think our sales folks have a lot more potential out there, significant.

是的。我認為我們做得很好。我的意思是，我們獨立經營業務。但顯然，當您將這兩條產品線放在一起時，您將獲得更具吸引力的節省。所以我認為我們正處於早期階段——肯定是在上半場，我認為還有更多的機會——更多的機會。我對我們迄今為止所取得的進展感到非常高興，但我認為我們的銷售人員還有更大的潛力。

And last one, on the defense demand strength you mentioned some product areas. Maybe if you could just broaden that. Is this pretty broad-based or you've seen the demand strength in the missile specifically, and that's kind of disproportionate? Or I'm just curious how broad the demand improvement across the portfolio?

最後一個問題，關於國防需求強度，您提到了一些產品領域。也許你可以拓寬一下範圍。這種需求是否具有廣泛的基礎，或者您是否特別看到了導彈方面的需求強度，而這有點不成比例？或者我只是好奇整個投資組合的需求改善程度有多廣泛？

It certainly varies by subsidiary and some have a greater uptake than others and some are actually negative. So on balance, it works out to how it's done. I would say it's pretty -- fortunately, it's been fairly broadly based for us on defense, particularly in some of our larger lines.

當然，各個子公司的吸收情況有所不同，有些子公司的吸收情況比其他子公司要好，而有些子公司的吸收情況實際上是負面的。所以總的來說，它的效果是這樣的。我想說的是——幸運的是，它對我們的防禦有相當廣泛的基礎，特別是在我們的一些較大的防線上。

So we're excited about that. And of course, in addition to that, you may remember, we made an acquisition in France in January of 2023, a company called Exxelia and one of the motivators for that was the European defense budgets, and we thought we needed a European business to help us with that. That has proven to be the correct thesis, and that's worked out extremely well.

我們對此感到很興奮。當然，除此之外，您可能還記得，我們​​在 2023 年 1 月在法國收購了一家名為 Exxelia 的公司，收購的動機之一是歐洲國防預算，我們認為我們需要一家歐洲企業來幫助我們實現這一目標。事實證明，這是正確的論點，而且效果非常好。

By the way, Exxelia is doing very well for us. We are very happy with it, been a very nice acquisition. And we are anticipating more growth and more interest from our customers. So overall, feeling good about the And with the caveat that I mentioned earlier and the caveats that I mentioned earlier, but overall it has the right feel for the moment. And again, one of those caveats being, it will remain volatile by quarter. That will always be the case in my opinion.

順便說一句，Exxelia 為我們做得很好。我們對此感到非常高興，這是一次非常好的收購。我們期待獲得更大的發展並獲得更多客戶的興趣。因此總體而言，對於我之前提到的警告和我之前提到的警告感覺良好，但總體而言，目前感覺正確。再次強調，其中一個需要注意的問題是，按季度計算，它仍將保持波動。我認為情況永遠都是這樣的。

Louis Raffetto, Wolfe Research.

路易斯·拉菲托（Louis Raffetto），沃爾夫研究公司。

Maybe one for you. You said before that you guys offer OE parts if customers want more alternatives. I guess, just to clarify on that, are you selling like a PMA part and an OE part? Or is that more an OE part and a DER repair? Or is that sort of more not on the same product, I guess?

也許有一個適合你。您之前說過，如果客戶想要更多選擇，你們可以提供 OE 零件。我想，只是為了澄清一下，您銷售的是 PMA 零件還是 OE 零件？或者這更多的是 OE 零件和 DER 維修？還是我猜這不屬於同一種產品？

So it would typically not be on the same product on the part side. So we represent a number of OEs on the distribution side. And so we sell OE parts. Typically, if we're doing the distribution on something we don't also offer PMA to sometimes we do. Look most of the time, it's just the straight representation of the OE, and we are able for those OEs to develop additional PMAs for them.

因此它通常不會出現在零件側的相同產品上。因此，我們在分銷方面代表了許多 OE。因此我們銷售 OE 零件。通常情況下，如果我們對某些東西進行分發，我們不會提供 PMA，但有時我們會提供。大多數時候，它只是 OE 的直接表示，我們能夠為這些 OE 開發額外的 PMA。

So I know we were just say out on the 737, but they didn't get on A320 on the particular product they may. So what we can do is go out to the A320 customers and through our PMA network, get those parts -- get those customers to support the development of and commit to purchase those parts.

所以我知道我們只是針對 737 進行了評論，但是他們沒有在特定產品上採用 A320。因此，我們可以做的是透過我們的 PMA 網絡，找到 A320 客戶，獲取這些零件——讓這些客戶支援開發並承諾購買這些零件。

And then we can have the OE fully distributed manufacture those PMA parts. And that's been a very successful part of our strategy. But then also separate from that, I was talking about really referring to the repair business that we're the largest independent component overhaul for, I believe, in the work of non-OEM, non-airline, nongovernment. And although we're a lot bigger than a lot of OEMs provide to government, but it's a very significant component repair business. And there, we do what our customers want. If they want OE parts, and we use OE parts. If they want alternatives, PMA or DER, then we'll use those, it's really customer-driven on what they want. So in that case, we stock both, the HEICO PMA parts as well as the OE parts and they make the decision.

然後我們可以讓 OE 完全分散式製造這些 PMA 零件。這是我們策略中非常成功的一部分。但除此之外，我實際上談論的是維修業務，我相信我們是最大的獨立零件維修企業，涉及非原始設備製造商、非航空公司和非政府機構。儘管我們的規模比許多原始設備製造商向政府提供的服務規模大得多，但這是一項非常重要的零件維修業務。在那裡，我們做客戶想要做的事。如果他們想要 OE 零件，我們就使用 OE 零件。如果他們想要替代方案，PMA 或 DER，那麼我們就會使用它們，這確實是以客戶需求為導向的。因此在這種情況下，我們既備有 HEICO PMA 零件，也有 OE 零件，然後由他們做出決定。

Any way you can size how big distribution is within Flight Support, just now it went towards -- a little less easy to tell?

您能用什麼方式來衡量飛行支援範圍內的分佈有多大嗎？只是現在它走向了——有點不太容易說出來？

Yeah. No, we don't due to all the disaggregation rules, we don't get into that. So we did disaggregated parts, repair and the repair business now, I'm looking at roughly what we did in the first quarter. I mean it's over a $600 million business. So it's become quite a large enterprise. And then you (multiple speakers) no, no. And then just looking at parts, that's -- for the three months -- for the first quarter, we did over $450 million in aftermarket replacement parts. So that's roughly $1.8 billion in sales. So that's a very significant business as well.

是的。不，我們不會，由於所有的分解規則，我們不會涉及這一點。所以我們現在對零件、維修和維修業務進行了分類，我大致回顧了我們在第一季所做的事情。我的意思是這是一項價值超過 6 億美元的生意。所以它已經成為一個相當大的企業。然後你（多位發言者）說不，不。然後只看零件，在第一季的三個月裡，我們的售後更換零件銷售額超過 4.5 億美元。所以銷售額大約是 18 億美元。所以這也是一項非常重要的事業。

Carlos, just a quick one for you. In the past, you sort of give us how you were thinking about the combined impact of taxes, minority interest expense. I didn't know if you're able to provide that for this year?

卡洛斯，我只想問你一個簡單的問題。過去，您曾向我們介紹您如何看待稅收、少數股東權益費用的綜合影響。我不知道您今年是否能夠提供這個？

Yeah. So we had a pretty favourable rate in the first quarter. I think as we look at the next -- if I back out the impact in the period for the taxes, we get between 20% and 21% rates on. So I think if you consider them for the next three quarters, we should run around 21%, maybe a tick above or below depending on what transpires. And I think the NCI rate for the year runs around 7%, maybe 7.5% of pretax income, similar metrics to what we've had in the past, but I think that's where we've kind of fall out for the year. Effective rate for the year is just be somewhere between 18% and 19% is what I'm estimating.

是的。因此，我們在第一季的利率相當優惠。我認為，如果我們看一下接下來的情況——如果我消除該期間稅收的影響，我們會得到 20% 到 21% 之間的稅率。因此我認為如果考慮未來三個季度，我們的成長率應該在 21% 左右，具體可能略高或略低，具體取決於實際情況。我認為今年的 NCI 率約為 7%，大概是稅前收入的 7.5%，與我們過去的水平相似，但我認為這就是我們今年的水平。我估計今年的實際利率將在 18% 至 19% 之間。

And at this time, I will turn the conference back to Laurans Mendelson for any additional or closing remarks.

現在，我將把會議交還給 Laurans Mendelson，請他發表任何補充意見或結束語。

Thank you very much to everybody on this call. We appreciate your interest, and we are available for any kind of conference that you may want to have in the future. So thank you, and we will speak to you in the next -- second quarter. Thank you, and this ends the conference.

非常感謝電話會議中的每個人。我們感謝您的關注，我們將願意參加您將來想要舉辦的任何類型的會議。所以謝謝您，我們將在下一季（第二季）與您聯繫。謝謝大家，會議到此結束。

And this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。