HEICO Corp (HEI.A) 2025 Q3 法說會逐字稿

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

歡迎參加 HEICO 公司 2025 年第三季財務業績電話會議。我叫薩米拉 (Samira)，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中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公共衛生威脅的嚴重程度、規模和持續時間，例如 COVID-19 大流行、HEICO的流動性以及現金產生的數量和時間；商業航空旅行減少、航空公司機隊變化或航空公司採購決策，這可能會導致對我們的商品和服務的需求降低；產品規格成本和要求，這可能會導致我們完成合約的成本增加；政府和監管要求、出口政策和限制；美國和/或外國客戶減少國防、太空或國土安全支出，或來自現有和新支出的銷售額，這可能會減少我們的企業安全支出，或來自現有和新支出。

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. 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 cost and revenues.

我們以有利可圖的價格水準推出新產品和服務的能力，可能會降低我們的銷售或銷售成長；產品開發或製造困難，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。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、外匯兌換和所得稅率；以及經濟狀況，包括航空、國防、航太、醫療、電信和電子產業內外的通貨膨脹的影響，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審查 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 Eric Mendelson, HEICO's Co-Chief Executive Officer.

現在我將電話轉給 HEICO 聯席執行長 Eric Mendelson。

Thank you, Samira, and good morning to everyone on this call. Thank you for joining us, and we welcome you to HEICO's third-quarter fiscal '25 earnings announcement teleconference. I'm Eric Mendelson, HEICO's co-CEO. I am joined here this morning by Victor Mendelson, HEICO's Co-CEO; and Carlos Macau, our Executive Vice President and CFO.

謝謝你，薩米拉，大家早安。感謝您的加入，歡迎您參加 HEICO 25 財年第三季財報公告電話會議。我是 HEICO 的聯合執行長 Eric Mendelson。今天上午，與我一起出席會議的還有 HEICO 聯席執行長 Victor Mendelson 和我們的執行副總裁兼財務長 Carlos Macau。

Before highlighting our third quarter of fiscal '25 record-setting results, I start this call by thanking all of HEICO's team members for their dedication and focus on delivering another outstanding quarter. We continue to experience high growth rates across the majority of our subsidiaries and are humbled by the hard work and commitment of our team members that they bring every day to deliver these excellent quarterly results.

在重點介紹我們 25 財年第三季創紀錄的業績之前，我首先要感謝 HEICO 所有團隊成員的奉獻精神和專注於再創佳績的季度。我們的大多數子公司繼續保持高成長率，我們團隊成員每天的辛勤工作和奉獻精神為我們帶來了這些出色的季度業績，我們對此深感榮幸。

Our customers require seamless execution and demand excellence in everything we do. Our people are the only reason we continue to win in the marketplace and generate significant shareholder value. All of our shareholders should thank our team members for everything they do for HEICO and our shareholders.

我們的客戶要求無縫執行並要求我們所做的每件事都追求卓越。我們的員工是我們繼續在市場上獲勝並創造巨大股東價值的唯一原因。我們所有的股東都應該感謝我們的團隊成員為 HEICO 和我們的股東所做的一切。

Our record third-quarter results reflect robust double-digit organic growth in our core businesses, further enhanced by the momentum from our disciplined acquisition strategy. On behalf of the Board and our executive management team, thank you for another record-breaking quarter.

我們創紀錄的第三季業績反映了我們核心業務強勁的兩位數有機成長，而我們嚴謹的收購策略帶來的勢頭進一步增強了這一成長勢頭。我代表董事會和我們的執行管理團隊，感謝你們又一個破紀錄的季度。

As we look ahead, we see significant opportunities supported by a favorable pro-business environment that encourages innovation, investment, and expansion. Our laser focus on growth within the commercial aviation, defense, and space markets, combined with the exceptional talent of our team members, gives me confidence that HEICO is well positioned to sustain strong momentum and capture additional market share gains across our diverse markets. We remain very optimistic about HEICO's future.

展望未來，我們看到，良好的親商環境將帶來巨大的機遇，鼓勵創新、投資和擴張。我們專注於商業航空、國防和航太市場的成長，再加上團隊成員的傑出才能，我相信 HEICO 完全有能力保持強勁勢頭，並在我們多樣化的市場中獲得更多市場份額。我們對 HEICO 的未來仍然非常樂觀。

In summarizing our third quarter of fiscal '25 record results, we note that consolidated net income increased 30% to a record $177.3 million or $1.26 per diluted share in the third quarter of fiscal '25, up from $136.6 million or $0.97 per diluted share in the third quarter of fiscal '24. This is quite an achievement of which we are very, very proud.

在總結 2025 財年第三季的創紀錄業績時，我們注意到 2025 財年第三季的綜合淨收入成長 30%，達到創紀錄的 1.773 億美元或每股攤薄收益 1.26 美元，高於 2024 財年第三季的 1.366 億美元或每股攤薄收益，高於 2024 財年第三季的 1.366 億美元或每股稀釋收益 0.97 美元。這是一個了不起的成就，我們對此感到非常自豪。

Consolidated operating income and net sales for the third quarter of fiscal '25 represent record results for HEICO, increasing 22% and 16%, respectively, compared to the third quarter of '24. The Flight Support Group set an all-time quarterly operating income and net sales records in the third quarter of fiscal '25, improving 29% and 18%, respectively, over the third quarter of fiscal '24. The increases principally reflect strong 13% organic growth from increased demand across all of its product lines and the impact from our profitable fiscal '25 and '24 acquisitions.

25 財年第三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 年第三季相比分別成長了 22% 和 16%。飛行支援集團在 25 財年第三季創下了季度營業收入和淨銷售額的歷史新高，分別比 24 財年第三季成長了 29% 和 18%。成長主要反映了所有產品線需求成長帶來的 13% 的強勁有機成長，以及我們 25 財年和 24 財年獲利收購的影響。

The Electronic Technologies Group set an all-time quarterly net sales record in the third quarter of fiscal '25, improving 10% over the third quarter of fiscal '24. This increase principally reflects improved demand for the majority of its products, including double-digit organic net sales growth of other electronics and space products.

電子科技集團在 25 財年第三季創下了季度淨銷售額的歷史新高，比 24 財年第三季成長了 10%。這一成長主要反映了其大部分產品需求的增加，包括其他電子和航太產品的兩位數有機淨銷售額成長。

Cash flow provided by operating activities increased 8% to $231.2 million in the third quarter of fiscal '25, up from $214 million in the third quarter of fiscal '24. For the third quarter of fiscal '25, cash flow provided by operating activities represents 130% of net income.

25 財年第三季度，經營活動提供的現金流量從 24 財年第三季的 2.14 億美元成長 8% 至 2.312 億美元。25財年第三季度，經營活動提供的現金流量佔淨收入的130%。

For over 36 years, a core tenet of HEICO's unique business model has been to fund our organic growth with cash generated by operations and not incurred debt to grow organically. This doesn't happen by accident. Our operations are painstakingly designed and managed to generate excess cash that we use to make accretive acquisitions, thereby, compounding our growth. I'm proud to report that cash generation remains exceptionally strong at HEICO.

36 年來，HEICO 獨特商業模式的核心原則一直是利用營運產生的現金來資助我們的有機成長，而不是透過債務來實現有機成長。這並不是偶然發生的。我們的營運經過精心設計和管理，以產生多餘的現金，用於進行增值收購，從而促進我們的成長。我很自豪地報告，HEICO 的現金產生能力仍然非常強勁。

Consolidated EBITDA increased 21% to $316.4 million in the third quarter of fiscal '25, up from $261.4 million in the third quarter of fiscal '24. Our net debt-to-EBITDA ratio was 1.9 times as of July 31, 2025, down from 2.06 times as of October 31, 2024. I would like to highlight that our liquidity improved significantly even after deploying $630 million on acquisitions during the past nine months. We are very pleased with HEICO's strong cash generation which drives our ability to delever quickly to support future acquisition opportunities.

25 財年第三季度，合併 EBITDA 成長 21%，達到 3.164 億美元，高於 24 財年第三季的 2.614 億美元。截至 2025 年 7 月 31 日，我們的淨負債與 EBITDA 比率為 1.9 倍，低於截至 2024 年 10 月 31 日的 2.06 倍。我想強調的是，即使在過去九個月中投入了 6.3 億美元用於收購，我們的流動性仍然顯著改善。我們對 HEICO 強大的現金產生能力感到非常滿意，這推動了我們快速降低槓桿率以支持未來的收購機會。

In July 25, we paid our 94th consecutive semi-annual cash dividend since 1979, at the rate of $0.12 per share, representing a 9% increase over the prior dividend paid in January of 2025. We continue to be very busy with acquisitions and completed our fifth acquisition of fiscal '25 in the third quarter. In July, our Electronic Technologies Group acquired 100% of the stock of Gables Engineering.

7 月 25 日，我們支付了自 1979 年以來連續第 94 次半年現金股息，每股 0.12 美元，比 2025 年 1 月支付的股息增加 9%。我們繼續忙於收購，並於第三季完成了 25 財年的第五次收購。7月，我們的電子技術集團收購了Gables Engineering 100%的股份。

Gables' designs and manufactures advanced solutions for aerospace platforms, including cockpit displays and other avionics components such as navigation, audio, surveillance, and communication panels for a wide range of aircraft. Gables is the third largest acquisition in HEICO's history and we expect Gables to be accretive to earnings within the year following the acquisition.

Gables 為航空平台設計和製造先進的解決方案，包括各種飛機的駕駛艙顯示器和其他航空電子組件，如導航、音訊、監視和通訊面板。Gables 是 HEICO 史上第三大收購，我們預計 Gables 將在收購後的一年內實現獲利成長。

Finally, we take a moment to remember Frank Schwitter, a member of our Board of Directors who passed away recently. Frank was a dear friend and CPA, who served as a Board member since 2006. He was a valued member of the HEICO family with his expertise in financial accounting and reporting having been developed over many decades serving as a partner in the national office of Arthur Andersen.

最後，我們花一點時間來紀念最近去世的董事會成員弗蘭克·施維特 (Frank Schwitter)。弗蘭克是我的一位親密朋友，也是一名註冊會計師，自 2006 年起擔任董事會成員。他是 HEICO 家族的重要成員，在擔任安達信國家辦事處合夥人數十年期間積累了豐富的財務會計和報告專業知識。

We share our thoughts and prayers with his family and thank them for the many years of service and friendship he provided to our Board. He will be greatly missed.

我們與他的家人分享我們的思念和祈禱，並感謝他們多年來為我們的董事會提供的服務和友誼。我們將非常懷念他。

I now turn the call over to Victor Mendelson, HEICO's co-CEO, to discuss the third-quarter results of our Flight Support and Electronic Technologies Groups in greater detail.

現在，我將電話轉給 HEICO 聯合執行長 Victor Mendelson，更詳細地討論我們的飛行支援和電子技術集團第三季​​的業績。

Thank you, Eric. As I discuss the operating results of our two segments, I join you in recognizing the extraordinary contributions of HEICO's team members. Through talent, determination, and innovative spirit have turned challenging objectives into real success. On behalf of our shareholders, thank you for the energy and collaboration that not only drive our performance but also make these accomplishments especially rewarding.

謝謝你，埃里克。當我討論我們兩個部門的經營績效時，我和大家一起體認到 HEICO 團隊成員的傑出貢獻。透過天賦、決心和創新精神，將具有挑戰性的目標轉化為真正的成功。我代表我們的股東感謝你們的活力和合作，這不僅推動了我們的業績，也讓這些成就特別有意義。

The Flight Support Group's net sales increased 18% to a record $802.7 million in the third quarter of fiscal '25 up from $681.6 million in the third quarter of fiscal '24. The net sales increase in the third quarter of fiscal '25 reflects strong organic growth of 13% and the impact from our profitable fiscal '25 and '24 acquisitions. The organic net sales growth reflects increased demand across all of our product lines.

飛行支援集團的淨銷售額從 2024 財年第三季的 6.816 億美元成長 18%，達到創紀錄的 2025 財年第三季的 8.027 億美元。25 財年第三季的淨銷售額成長反映了 13% 的強勁有機成長以及我們 25 財年和 24 財年獲利收購的影響。有機淨銷售額的成長反映了我們所有產品線的需求成長。

The Wencor and legacy HEICO operations continue to exceed our expectations. And obviously, this was an excellent combination, which was completed around two years ago. Our customers continue to find great value in our larger aftermarket product offerings for the aerospace parts and component repair and overall needs, which has also translated into excellent growth and opportunities and success for HEICO.

Wencor 和傳統的 HEICO 營運繼續超出我們的預期。顯然，這是一個出色的組合，大約在兩年前完成。我們的客戶繼續發現我們為航空航太零件維修和整體需求提供的更廣泛的售後產品具有巨大的價值，這也為 HEICO 帶來了出色的成長、機會和成功。

The Flight Support Group's defense business continues to present an excellent opportunity, especially as the current US presidential administration prioritize defense and cost efficiency. HEICO is well positioned to support these efforts by providing lower cost alternative aircraft replacement parts, helping the government tax payers save money while expanding our market reach.

飛行支援組的國防業務繼續提供絕佳的機會，特別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。HEICO 能夠透過提供成本較低的替代飛機零件來支持這些努力，幫助政府納稅人節省資金，同時擴大我們的市場範圍。

Our missile defense manufacturing business is experiencing significant growth driven by increased demand in both the US and our allies. With the substantial backlog of defense -- missile defense orders and ongoing shortages, we anticipate meaningful expansion from this pipeline, reinforcing our commitment to delivering cost-effective solutions with industry best quality.

受美國及其盟友需求成長的推動，我們的飛彈防禦製造業務正在經歷顯著成長。由於國防——導彈防禦訂單的大量積壓和持續的短缺，我們預計該管道將得到有意義的擴展，從而加強我們致力於提供具有行業最佳質量的經濟高效的解決方案的承諾。

The Flight Support Group's operating income increased 29% to a record $198.3 million in the third quarter of fiscal '25, up from $153.6 million in the third quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth and improved gross profit margin and SG&A expense efficiencies realized from the net sales growth. The improved gross profit margin principally reflects higher net sales within our repair and overhaul parts and services and specialty product lines.

飛行支援集團的營業收入從 2024 財年第三季的 1.536 億美元成長 29%，達到創紀錄的 1.983 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以及淨銷售額成長所帶來的毛利率和銷售、一般及行政費用效率的提高。毛利率的增加主要反映了我們的維修和大修零件及服務和專業產品線的淨銷售額的增加。

The Flight Support Group's operating margin improved to 24.7% in the third quarter of fiscal '25, up from 22.5% in the third quarter of fiscal '24. The operating margin increase principally reflects the previously mentioned improved gross profit margin and an impact from a decrease in SG&A expenses as a percentage of net sales, mainly reflecting the previously mentioned SG&A expense efficiencies.

飛行支援集團的營業利潤率從 24 財年第三季的 22.5% 提高到 25 財年第三季的 24.7%。營業利益率的成長主要反映了前面提到的毛利率的提高，以及銷售、一般和行政費用佔淨銷售額百分比下降的影響，這主要反映了前面提到的銷售、一般和行政費用效率的提高。

Given that acquisition-related intangible amortization expense consumed approximately 200 basis points of our operating margin in the third quarter of fiscal '25, the FSG's cash margin before amortization or EBITA, was approximately 27.3%, which has been consistently excellent and is 210 basis points higher than the comparable FSG cash margin of 25.2% in the third quarter of fiscal '24. And we know that we run the operations internally and evaluate our businesses based on EBITA, which to us, is a real cash number, not one that just takes account for a made up amortization number required by accounting regulations.

鑑於與收購相關的無形攤銷費用在 25 財年第三季度消耗了我們營業利潤率的約 200 個基點，FSG 的攤銷前現金利潤率或 EBITA 約為 27.3%，這一水平一直保持優異，比 24 財年第三季度可比基基 25.2% 的 25.2% 利潤率高出 25.2%。我們知道，我們在內部開展業務，並根據 EBITA 評估我們的業務，對我們來說，這是一個真實的現金數字，而不是僅僅考慮會計法規要求的虛構攤銷數字。

I'm very happy with the continued expansion of our cash margin. And we believe our efficient and decentralized operating structure has permitted us to expand these margins as we simultaneously delight our customers with cost savings and lightning quick turnaround.

我對我們的現金利潤率的持續擴大感到非常高興。我們相信，我們高效、分散的營運結構使我們能夠擴大這些利潤，同時我們也能以成本節約和閃電般的快速週轉取悅客戶。

For the Electronic Technologies Group, our net sales increased 10% to a record $355.9 million in the third quarter of fiscal '25, up from $322.1 million in the third quarter of fiscal '24. The net sales increase reflects strong organic growth of 7% and the impact from our fiscal '25 and 24 acquisitions.

對於電子科技集團而言，我們的淨銷售額在 2025 財年第三季成長了 10%，達到創紀錄的 3.559 億美元，高於 2024 財年第三季的 3.221 億美元。淨銷售額的成長反映了 7% 的強勁有機成長以及我們 25 財年和 24 財年收購的影響。

The organic net sales growth is mainly attributable to increase demand for our other electronics, defense, and space products. The ETG's defense organic net sales increased by over 6% during the third quarter of fiscal '25 and are anticipated to continue steady growth during the remainder of the fiscal year, as we, again, have significant order volume and a record backlog.

有機淨銷售額的成長主要歸因於對我們的其他電子、國防和航太產品的需求增加。ETG 的國防有機淨銷售額在 25 財年第三季度增長了 6% 以上，預計在本財年剩餘時間內將繼續保持穩定增長，因為我們再次擁有大量訂單和創紀錄的積壓訂單。

The ETG's other electronics organic net sales increased 16% during the quarter, continuing the trend from the previous quarter, increase in organic growth after following multiple quarters of lower demand, due in part to inventory destocking and our customers for high-end industrial and electronic components. We're optimistic for continued growth going forward.

ETG 的其他電子產品有機淨銷售額在本季度增長了 16%，延續了上一季度的趨勢，在經歷了多個季度的需求下降之後，有機增長有所增加，部分原因是庫存去化以及我們的客戶對高端工業和電子元件的需求。我們對未來的持續成長持樂觀態度。

The Electronic Technologies Group's operating income increased 7% to $81 million in the third quarter of fiscal '25, up from $75.8 million in the third quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth, partially offset by an increase in performance-based compensation expenses.

電子科技集團的營業收入在 25 財年第三季成長 7%，達到 8,100 萬美元，高於 24 財年第三季的 7,580 萬美元。營業收入的成長主要反映了前面提到的淨銷售額的成長，但部分被績效薪酬費用的增加所抵銷。

The Electronic Technology Group's operating margin was 22.8% in the third quarter of fiscal '25 as compared to 23.5% in the third quarter of fiscal '24. The operating margin was sequentially consistent with the second quarter of fiscal '25 as both (inaudible) had a similar net sales mix and growth. Lower operating margin compared to the third quarter of fiscal '24 principally reflects an increase in SG&A expenses as a percentage of net sales, mainly driven by higher performance-based compensation expense.

電子科技集團 25 財年第三季的營業利潤率為 22.8%，而 24 財年第三季的營業利潤率為 23.5%。營業利潤率與 25 財年第二季保持一致，因為兩者（聽不清楚）的淨銷售額組合和成長相似。與 24 財年第三季相比，營業利潤率較低主要反映了銷售、一般及行政費用佔淨銷售額的百分比增加，這主要是由於基於績效的薪酬費用增加所致。

Very importantly, as we talked about with the Flight Support Group, before acquisition-related intangibles amortization expense, our operating margin was 26.6% and as intangibles consumed around 380 basis points of our operating margin. Again, this is how we judge our businesses as that most closely correlates to cash. On a true operating basis, these are excellent margins, and we are very, very pleased with them.

非常重要的是，正如我們與飛行支援小組討論的那樣，在收購相關的無形資產攤銷費用之前，我們的營業利潤率為 26.6%，無形資產消耗了我們營業利潤率的約 380 個基點。再次強調，這就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，這些利潤率非常高，我們對此非常非常滿意。

I turn the call back over to Eric Mendelson.

我把電話轉回給 Eric Mendelson。

Thank you, Victor. As we look ahead, we remain confident in achieving net sales growth across both the FSG and ETG segments, driven by continued organic demand for most of our products. Additionally, we aim to accelerate growth through our recently completed acquisitions while capitalizing on new acquisition opportunities.

謝謝你，維克多。展望未來，我們仍有信心在大多數產品持續的有機需求的推動下，實現 FSG 和 ETG 部門的淨銷售額成長。此外，我們旨在透過最近完成的收購來加速成長，同時利用新的收購機會。

Our disciplined financial strategy continues to focus on maximizing long-term shareholder value through a balanced approach of strategic acquisitions and strong organic growth initiatives aimed at gaining market share while maintaining a strong financial position in preserving flexibility. Acquisition activity remains very strong across both operating segments with a solid pipeline of opportunities under review.

我們嚴謹的財務策略繼續致力於透過平衡的策略性收購和強大的有機成長計劃來實現長期股東價值最大化，旨在獲得市場份額，同時保持強勁的財務狀況並保持靈活性。兩個營運部門的收購活動依然非常強勁，並且有大量的收購機會正在審查中。

Our focus is on identifying businesses that complement HEICO's existing operations and strengthen our strategic position. True to our disciplined philosophy, we pursue only those transactions that are prudent, accretive, and capable of delivering lasting value to our shareholders.

我們的重點是尋找能夠補充 HEICO 現有業務並加強我們戰略地位的業務。我們秉承嚴謹的理念，只追求審慎、增值且能為股東帶來持久價值的交易。

Thank you very much for attending this call. Those were the prepared remarks. And now I'd like to ask Samira to please open up the floor for questions.

非常感謝您參加本次電話會議。以上是準備好的發言稿。現在我想請薩米拉開始提問。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指示） Larry Solow，CJS Securities。

It's Pete Lucas for Larry. Congrats on another great quarter. Just wondering in the ETG segment, if you could give us a little more color on how the Gables acquisition is performing relative to your expectations? Backing into it, it seems to be in line with your historical EBITDA multiples.

拉里 (Larry) 的名字是皮特·盧卡斯 (Pete Lucas)。恭喜您又一個出色的季度。只是想知道在 ETG 部分，您是否可以向我們詳細介紹 Gables 收購的表現相對於您的預期如何？從這個角度來看，它似乎與您的歷史 EBITDA 倍數一致。

And then in terms of your current leverage, how does that set you up? I know you mentioned the pipeline for M&A, but are you comfortable if something were to come up in the short term?

那麼就您目前的槓桿作用而言，這對您有何影響？我知道您提到了併購管道，但如果短期內出現某些情況，您是否感到放心？

Thank you. Those are good questions. This is Victor. So we've closed on the acquisition about a month ago. So it's early days. But so far, as we say, so good. It's doing almost exactly as we expected. But I will caution I don't make a trend out of one month. But so far, we're very, very happy with it and how it's doing and pleased with the acquisition.

謝謝。這些都是很好的問題。這是維克多。大約一個月前我們就完成了收購。所以現在還為時過早。但到目前為止，正如我們所說，一切都很好。它的表現幾乎和我們預期的完全一樣。但我要提醒大家，不要根據一個月來判斷趨勢。但到目前為止，我們對它以及它的運作情況非常滿意，對這次收購感到滿意。

And in terms of the cost of the acquisition, we can easily handle many more acquisitions, of course, depending on size, both on our existing line of credit and I think what we would very, very easily raise beyond that if we needed to. But we continue to have excellent capacity for acquisitions.

就收購成本而言，我們可以輕鬆處理更多的收購，當然，這取決於規模，既取決於我們現有的信用額度，我認為，如果需要的話，我們可以非常非常輕鬆地籌集到更多的資金。但我們仍然擁有出色的收購能力。

Very helpful. And just last one for me. It seems you saw a benefit from the tax rate this quarter due to R&D tax credits. Is that lower rate sustainable? And is that driven by the Big Beautiful Bill? And do you see any other benefits from that bill that we should think about?

非常有幫助。對我來說這只是最後一個。看來您看到了本季因研發稅收抵免而帶來的稅率優勢。較低的利率能持續嗎？這是《大美麗法案》推動的嗎？您是否認為法案還有其他值得我們考慮的好處？

Yes, this is Carlos. The only benefit we saw in the quarter really related to cash, as you may know, the full depreciation of equipment that we buy that qualifies, they retro that back to January '25. So it helped alleviate some of our third quarter tax payments when the bill was passed.

是的，這是卡洛斯。我們在本季度看到的唯一好處確實與現金有關，正如您所知，我們購買的符合條件的設備的全部折舊，他們將其追溯到 25 年 1 月。因此，該法案通過後，有助於減輕我們第三季的部分稅負。

But I think going forward, for us, it's mostly a cash benefit. We should see a little benefit from some of the changes to foreign -- the FDII regulations that came out. I think overall, our rate, it was a little -- it was around 18.9% for the quarter. And I think that going forward, if we're thinking about a 19% to 20% rate, that's probably a good effective annual rate for HEICO for the year.

但我認為，對我們來說，未來這主要是一種現金收益。我們應該看到，一些針對外國投資者——FDII 法規的修改會帶來一些好處。我認為總體而言，我們的利率有點高——本季約為 18.9%。我認為，展望未來，如果我們考慮 19% 到 20% 的利率，這可能是 HEICO 年度的良好有效年利率。

Very helpful. I'll jump back in the queue.

非常有幫助。我會重新回到隊列中。

Tony Bancroft, Gabelli Funds.

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

Congratulations, gentlemen. Very nice quarter. Just -- you were talking about missile defense a little bit. Would you maybe expound on that and maybe also talk about potential M&A in that space? It just seems like there's just so much going on with missile defense, obviously, with Golden Dome and just all the [kinetic] war going on right now. Maybe you could talk a little bit more about that?

恭喜你們，先生們。非常好的季度。只是——你剛才談到了導彈防禦。您能否對此進行闡述並談談該領域的潛在併購？顯然，現在飛彈防禦系統、金色穹頂以及所有正在進行的[動能]戰爭都在忙得不可開交。也許您可以再多談一下這個？

Yes. So Tony, this is Victor. Missile defense has been a part of our business actually for many years, just about since we -- shortly after we started the ETG. And we are seeing opportunities. In fact, we are seeing some orders. I wouldn't call it yet major needle movers for things related to Golden Dome, which as you know, incorporates some existing technologies and products into something that, I'll say, layers on top.

是的。東尼，這是維克多。事實上，導彈防禦已經成為我們業務的一部分很多年了，幾乎從我們成立 ETG 後不久就開始了。我們也看到了機會。事實上，我們看到了一些訂單。我還不會稱其為與 Golden Dome 相關事物的重大推動者，正如你所知，它將一些現有技術和產品融入到某種東西中，我會說，它是頂層的東西。

So we continue to see orders from what we've been doing and getting orders on new products in addition to where we make products that are used for foreign missile defense as well, basically US products that are then sold on to -- from the US primes on to foreign countries, obviously, US allies. So it remains a great opportunity for us. It's something we've been doing for a long time.

因此，我們繼續看到我們所做的事情的訂單，以及除了我們生產用於外國導彈防禦的產品之外的新產品的訂單，基本上是美國產品，然後從美國主要國家出售給外國，顯然是美國的盟友。所以這對我們來說仍然是一個很好的機會。這是我們長期以來一直在做的事情。

And I will emphasize, we've been doing it in what you would -- people tend to consider legacy defense as well as new tech defense. And I think that's very, very important. We've always been very careful about serving all the markets and not just playing to larger customers.

我要強調的是，我們一直在按照人們的意願行事——人們傾向於考慮傳統防禦以及新技術防禦。我認為這非常非常重要。我們一直非常謹慎地服務所有市場，而不僅僅是滿足大客戶的需求。

And also, Tony, just to add, within the FSG, we also have a very big position in missile defense and are a leading manufacturer of rocket nozzles and other missile defense applications. And the market is very strong. We do look at additional acquisitions. We have a lot of organic growth capability in that area. And so I think both are going to continue to be very exciting for us.

東尼，另外，我還要補充一點，在 FSG 內部，我們在飛彈防禦領域也佔有非常重要的地位，並且是火箭噴嘴和其他飛彈防禦應用領域的領先製造商。而且市場非常強勁。我們確實在考慮額外的收購。我們在該地區擁有強大的有機成長能力。因此我認為這兩項活動都會繼續讓我們感到非常興奮。

Thanks. Great job.

謝謝。幹得好。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Great quarter. Maybe if I could ask, just going back to FSG, if we could just parse out the 13% organic growth by subsegment and by market. And I know there's been a lot of talk about engine versus airframe. Any context there?

很棒的一個季度。也許我可以問一下，回到 FSG，我們是否可以按細分市場和市場分析 13% 的有機成長。我知道關於引擎與機身的討論已經很多了。有上下文嗎？

So Carlos, do you want to do the --

那麼卡洛斯，你想做--

Yes. Sure. So Sheila, we had a very interesting quarter. The Parts business as usual, grew in the low -- it was in the low-teens this quarter. It's pretty much similar to what we saw last quarter where we saw some really nice -- some growth within the Repair and Overhaul and Specialty Products group.

是的。當然。所以，希拉，我們度過了一個非常有趣的季度。零件業務照常成長，本季成長率為百分之十幾。這與我們上個季度看到的情況非常相似，我們看到維修和大修以及特種產品組內出現了一些非常好的增長。

Repair and Overhaul was up in the mid-teens, and that was driven by a really nice mix during the quarter, which elevated our gross margin a little bit. And we're -- it's nice to see that. And as you recall, the Repair business it's pretty much a parts play. It's a component repair.

維修和大修業務的成長幅度達到了十幾歲左右，這是由於本季度非常好的組合所致，這略微提高了我們的毛利率。我們很高興看到這一點。正如您所記得的，維修業務基本上就是零件業務。這是零件維修。

As you know, we don't have hangers and we don't repair airplanes, but we do components and a lot of that work is a channel for us to really filter a lot of our PMA parts through. So that was a nice surprise during the quarter.

如您所知，我們沒有機庫，也不修理飛機，但我們生產零件，而且很多工作都是我們真正篩選大量 PMA 零件的管道。所以這對本季來說是一個驚喜。

And as Eric just mentioned, with Specialty Products, that growth was in the low double-digits, and that's been driven principally by our defense business within the Specialty Products Group. Although I would point out that now that we've seen some of the airframers getting a little bit better of a cadence, I do expect our commercial aerospace OEM work within Specialty Products to pick up a little bit or be a little more steady than it had been in the past.

正如艾瑞克剛才提到的，特種產品業務的成長率達到了兩位數，這主要得益於特種產品集團的國防業務。儘管我想指出，現在我們已經看到一些飛機製造商的節奏有所好轉，但我確實希望我們的特種產品領域的商業航空航天 OEM 工作能夠比過去有所回升或更加穩定。

So Eric, do you want to --

那麼 Eric，你想--

Yes. And then also, Sheila, to add, you asked about engine versus non-engine. As you know, we are a majority non-engine. And our -- it's hard to calculate because the businesses don't capture the information necessarily the same way.

是的。然後，希拉，還要補充一點，你問的是引擎與非引擎的問題。如您所知，我們大多數人都不是引擎專家。而且我們的——這很難計算，因為企業獲取資訊的方式不一定相同。

But I would say that the -- our engine portion of our aftermarket business is probably around 25%, roughly, a quarter. that gives you a -- HEICO historically had been had a higher percentage of engine but we've made a number of acquisitions over the last number of years, the largest of which was Wencor, and the majority of those acquisitions has been non-engine so that's why our percentage of engine is probably roughly in the one-quarter area of the aftermarket.

但我想說的是，我們的售後市場業務中引擎部分大概佔 25% 左右，約佔四分之一。這意味著——HEICO 歷史上佔有較高的引擎份額，但在過去幾年中我們進行了多次收購，其中最大的一次是 Wencor，而這些收購大多與引擎無關，所以這就是為什麼我們的引擎份額大概只佔售後市場的四分之一。

Got it. And then maybe just given news out this morning with the Pentagon thinking that taking equity stakes in defense contractors, any update on your end on PMA into the DoD?

知道了。然後也許今天早上剛發布了五角大廈考慮收購國防承包商股權的消息，您對 PMA 進入國防部有什麼最新消息嗎？

Yes. That continues to be an area where we think the Pentagon can save a lot of money. And the Pentagon is looking at a lot of things. They're trying to implement a lot of things right now, but we're very bullish on that.

是的。我們仍然認為五角大廈可以在這個領域節省大量資金。五角大廈正在關注很多事情。他們現在正嘗試實施很多事情，但我們對此非常樂觀。

So we think that, that will be continued opportunity for us. There's no reason why they shouldn't get those savings the same way as the commercial aftermarket and business aftermarket does. So we're -- we think that there's very good potential.

因此我們認為，這對我們來說仍是一個持續的機會。他們沒有理由不以與商業售後市場和企業售後市場相同的方式獲得這些節省。所以我們認為這具有很大的潛力。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Eric, Carlos, nice quarter. Eric, talking about FSG, you talked about some market share, and I know Carlos just went through what the drivers were on MRO and some of the repairs and parts. But where are you seeing the opportunities in market share? Is this still benefiting from the Wencor synergies or how should we think about that? Or is it just new parts that you're developing and introducing?

艾瑞克、卡洛斯，你們做得很好。艾瑞克，談到 FSG，你談到了一些市場份額，我知道卡洛斯剛剛介紹了 MRO 的驅動因素以及一些維修和零件。但是您在哪裡看到了市場佔有率的機會？這是否仍受益於 Wencor 的協同效應，或者我們應該如何看待這一點？或者這只是您正在開發和推出的新部件？

Yes. I think it's across the board. Yes, there are synergies with Wencor to answer that part of your question. But we have very, very strong organic growth opportunities across the entire business. So specifically, if you look at PMA and repair, I just did the strategic annual sales meeting reviews I participated in and saw, by subsidiary, the focus that they've got on developing new products, whether it's PMA or repair and it is -- it frankly blew me away.

是的。我認為這是全面的。是的，與 Wencor 有協同作用，可以回答您問題的這一部分。但我們整個業務都有非常非常強勁的有機成長機會。具體來說，如果你看一下 PMA 和維修，我剛剛參加了戰略年度銷售會議評估，並看到子公司對開發新產品的關注，無論是 PMA 還是維修 - 坦率地說，這讓我大吃一驚。

We are -- have got such technical capability, such customer support and demand that I'm really excited about the opportunities here. So I really see it very broad-based. And I think if you look at our numbers, the organic growth of 13%, with the fact that our aftermarket business is only roughly 25% engine.

我們擁有這樣的技術能力、這樣的客戶支援和需求，我對這裡的機會感到非常興奮。所以我確實認為它具有非常廣泛的基礎。我認為，如果你看一下我們的數據，你會發現有機成長率為 13%，而我們的售後市場業務僅佔引擎業務的 25% 左右。

I think we -- I was surprised after seeing where other companies report it. Our 75% of our business is non-engine and we turned in 13% organic growth. I mean, frankly, I don't know how our guys did this. It's phenomenal.

我認為我們——在看到其他公司報告後我感到很驚訝。我們的業務有 75% 是非引擎業務，實現了 13% 的有機成長。我的意思是，坦白說，我不知道我們的人是怎麼做到這一點的。這太驚人了。

And so I think that really speaks to the competitive advantage that we have where we don't run a single big integrated enterprise, we run dedicated targeted businesses that are really -- excuse me for using the expression, but are killers in what they do. And they are really good, really knowledgeable. They know all the details and the organic growth pipeline is just tremendous. And I think when you see 75% of our business being airframe, and we're up 13% organic growth. I think that speaks to the depth and the breadth of our product line and capabilities.

所以我認為這確實說明了我們的競爭優勢，我們不經營單一的大型綜合企​​業，我們經營專門的目標業務，這些業務確實是——請原諒我使用這個表達，但它們所做的事情是殺手級的。他們確實很優秀，知識淵博。他們了解所有細節，有機成長渠道非常龐大。我認為，當您看到我們的業務 75% 是機身時，我們的有機成長率就達到了 13%。我認為這體現了我們的產品線和能力的深度和廣度。

Yes. That's super helpful color there. Carlos, just on margins. FSG, I think was a really strong quarter for incremental margins. How do we think about this going forward? Is it just more mix driven than you -- for this quarter? Or do you think that margins like this can be sustained?

是的。那是非常有用的顏色。卡洛斯，只是在邊緣。我認為，對於增量利潤率而言，FSG 的一個季度確實非常強勁。我們如何看待這項未來？就本季而言，它是否比您更加重視混合驅動？或者您認為這樣的利潤率能夠持續下去嗎？

So these guys keep making lies at to me. They're so good at what they do. I had to be candid with you. The margin that we posted this quarter exceeded my expectations. Is it sustainable, look, I hope so. I still think that mix drove some of the growth in that margin, but it wasn't the super majority of the margin.

所以這些傢伙一直對我說謊。他們非常擅長他們所做的事情。我必須對你坦誠相待。我們本季公佈的利潤超出了我的預期。它是可持續的嗎？看，我希望如此。我仍然認為這種組合推動了利潤率的部分成長，但並不是利潤率的絕對多數。

I mean our gross margin was up a couple of points and a lot of that was driven by some of the mix. And I'd love to see that continue, but mix is what it is, right? So I think if I had to project the segment, I do expect now that we're somewhere in the 24s. I had previously thought 23% to 24% was our range. But this year, the guys have just they've outperformed, and they've exceeded my expectations.

我的意思是我們的毛利率上升了幾個點，其中很大一部分是由一些組合推動的。我很希望看到這種情況繼續下去，但混合就是這樣，對吧？因此，我認為如果我必須預測這個細分市場，我確實預計我們現在處於 24 秒左右的某個位置。我之前以為我們的範圍是 23% 到 24%。但今年，這些傢伙表現得非常出色，超出了我的預期。

So some more to come on that. I mean, I wouldn't project out a model or forecast at 25% margins just yet. I think you should let us bank some a few quarters under our belt to see how this plays out. But if you are modeling, if you assume around 24%, you're probably in a good ZIP code, 24% OI margins.

關於這一點，我們還會繼續討論。我的意思是，我現在還不會設計出 25% 利潤率的模型或預測。我認為你應該讓我們累積一些經驗，看看結果會如何。但如果您正在建模，如果您假設約為 24%，那麼您可能處於一個良好的郵遞區號中，即 24% 的 OI 利潤率。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Maybe just staying more, Carlos, does FSG have seasonality in the fourth quarter up or down sequentially?

也許只是停留在停留時間，卡洛斯，FSG 在第四季的季節性是連續上升還是下降？

Typically, if you look back over time, though, the fourth quarter is typically our strongest quarter in the FSG. So yes, seasonality, I wouldn't call it seasonality, but what we do tend to see in the revenue side is our low point is typically Q1 and then it slowly builds throughout the year. So that's been our trajectory.

一般來說，如果回顧過去，第四季通常是我們 FSG 表現最強勁的一個季度。是的，季節性，我不會稱之為季節性，但我們在收入方面確實傾向於看到我們的低點通常是第一季度，然後它會在全年慢慢累積。這就是我們的軌跡。

Okay. So we can marry that with how the incrementals have played out and that will make the year of '24 and then your point previously has been you can expand a little bit from there next year with over the normal incremental?

好的。因此，我們可以將其與增量如何發揮作用結合起來，這將使 24 年成為現實，然後您之前的觀點是，明年您可以從那裡開始稍微擴大一點，超過正常的增量？

Yes. I mean I would think, as we've said in the past, Noah, we do expect -- absent big mix swings within the FSG, we do expect the normal cadence of 20, 30 bps improvement. A lot of that is just leverage on our SG&A spend. Those are the kind of things that we count on and look to achieve.

是的。我的意思是，我認為，正如我們過去所說的那樣，諾亞，我們確實預計 - 如果 FSG 內部沒有出現大的混合波動，我們確實預計正常的節奏是 20、30 個基點的改善。其中很大一部分只是利用了我們的銷售、一般和行政費用 (SG&A) 支出。這些都是我們所期望並希望實現的目標。

Things like this quarter where you can't control mix and when we have good mix quarters in particular, like Eric pointed out, with the growth in Repair and Overhaul, that that's hard to predict in any one given quarter. So I wouldn't take almost 25% operating margin and parlay that into the next future quarters.

像這個季度這樣你無法控制組合的情況，特別是當我們有好的組合季度時，就像埃里克指出的那樣，隨著維修和大修的增長，這在任何一個季度都很難預測。因此，我不會將近 25% 的營業利潤率用於未來幾季。

I mentioned to the other analysts, let's see how the next couple of quarters play out before we start getting into that ZIP code. You could probably count at 24% and let's see where we're going from there.

我向其他分析師提到，在我們開始討論郵遞區號之前，讓我們先看看接下來幾季的情況如何。您大概可以算是 24%，然後讓我們看看從那裡可以得到什麼。

Yes, that makes sense. Maybe you could similarly speak to your -- how you're thinking about ETG, which I know you've explained why that's a little bit more volatile quarter-to-quarter. It was off in the first quarter, down in the second and third; usually has some stronger seasonality in the fourth quarter. Do you expect that? And what's (technical difficulty) thinking of the rig --

是的，這很有道理。也許您可以同樣談談您對 ETG 的看法，我知道您已經解釋過為什麼它的季度波動性會更大一些。第一季出現下滑，第二季和第三季出現下滑；第四季的季節性通常更強。您期望這樣嗎？鑽孔機的技術難度如何？--

Yes. So look, I was pleased with the ETG's performance this quarter. I think I've mentioned to you and other folks I've spoken to that the third quarter, to me, always felt like a repeat of Q2. It looked that way in our forecast. And the margin sequentially was the same.

是的。所以，我對 ETG 本季的表現感到滿意。我想我已經向您以及與我交談過的其他人提到過，對我來說，第三季總是感覺像是第二季的重複。我們的預測是這樣的。且利潤率連續保持不變。

I expect that segment, on any given Sunday, is going to run between 22% and 24% operating margin, and we split it right down the middle of the gold post this quarter. So from my perspective, this is the area you can count on.

我預計，在任何一個星期日，該部分的營業利潤率將在 22% 到 24% 之間，而我們在本季度將其分成黃金部分的中間部分。所以從我的角度來看，這是你可以信賴的領域。

The numbers will move up and down from there, and it will be dependent on mix. So I think volume-wise, similar to the FSG, as we continue to grow that base of business, we will see some operating leverage in the expenses. But no, I think from a profitability standpoint and on a go-forward perspective, not much has changed in my view. I think that 22% to 24% range still holds true.

數字將從那裡上下波動，並且取決於混合。因此我認為從數量上看，與 FSG 類似，隨著我們繼續擴大業務基礎，我們將在費用中看到一些營運槓桿。但不，我認為從獲利能力的角度和未來的角度來看，並沒有太大的改變。我認為 22% 到 24% 的範圍仍然成立。

Okay. You guys say Gables was your third largest ever acquisition? And if so, is that an enterprise value? Or is that a revenue or EBITDA? And can you give us any sense for the revenue and EBITDA?

好的。你們說 Gables 是你們有史以來第三大收購項目嗎？如果是這樣，那是企業價值嗎？還是這是收入或 EBITDA？您能告訴我們收入和 EBITDA 的情況嗎？

Sure. So that was on enterprise -- purchase price, purchase consideration. And I don't know that we're breaking out other numbers, Carlos, I'm going to --

當然。這就是關於企業——購買價格、購買對價。我不知道我們是否會公佈其他數字，卡洛斯，我會--

No, we're not. So look, you'll see it -- we're going to -- in the 10-K, you'll see the cumulative acquisitions for the year. Gables on its own doesn't really cross any materiality threshold, so we won't be breaking out their specific numbers.

不，我們不是。所以你看，你會看到——我們將在 10-K 中看到今年的累計收購。Gables 本身並沒有真正跨越任何實質門檻，因此我們不會透露其具體數字。

But you'll be able to tell -- I mean, look, it was a big acquisition we had in the quarter. You'll be able to see in our cash flow is what we paid for it. It's no big secret.

但你會看到——我的意思是，看，這是我們本季的重大收購。您將能夠從我們的現金流中看到我們為此付出的代價。這不是什麼大秘密。

But as far as the numbers go, we've gotten so big now that some of these acquisitions, even though they are large from our historical standpoint, to our numbers, aren't significant or material to the overall picture. So don't give a lot of details in that regard.

但就數字而言，我們現在已經變得如此之大，以至於其中一些收購，儘管從我們的歷史角度來看規模很大，但對於我們的數字而言，並不重要或對整體情況無關緊要。因此，不要透露太多這方面的細節。

Yes, this is Victor. I will note that, that acquisition is a growing company. It's a growing business. There's a lot of new stuff, new programs, new things that they've gotten on which are quite significant to it. So we expect that to be a nice growth story internally as it unfolds over the next few years.

是的，這是維克多。我要指出的是，此次收購的是一家正在成長的公司。這是一項正在成長的業務。他們已經獲得了很多新的東西、新項目、新事物，這些對於它來說都相當重要。因此，我們預計，隨著未來幾年的展開，這將是一個良好的內部成長故事。

It's a major motivator for us. It wasn't just -- Eric, sometimes we (multiple speakers) in position and good price. This is -- it's a great business, but I think we bought it more for the growth than just where it is right now.

這對我們來說是一個很大的動力。這不僅僅是——埃里克，有時我們（多位發言者）處於有利位置並且價格合理。這是——一項偉大的業務，但我認為我們收購它更多是為了它的成長，而不僅僅是為了它現在的狀況。

Ken Herbert, RBC Capital.

肯‧赫伯特，加拿大皇家銀行資本管理公司。

Maybe, Eric, just start, as you look at the -- I think this third quarter, you were up against some of your more challenging comps in terms of FSG organic growth. Can you comment specifically within FSG, on the commercial side with your airline customers, has anything changed in the third quarter in the pricing dynamic or specifically your outlook for airline inventory levels as you move into the fiscal '26? Are you getting as good a pricing as you've gotten in prior quarters? And is there any risk on the inventory side at airlines that you'd call out in the next few quarters?

也許，艾瑞克，剛開始，當你看到——我認為在第三季度，就 FSG 有機成長而言，你面臨著一些更具挑戰性的競爭對手。您能否在 FSG 內部具體評論一下，在與航空公司客戶的商業方面，第三季度的定價動態是否有任何變化，或者俱體來說，您對進入 26 財年的航空公司庫存水平的展望是什麼？您獲得的定價是否與前幾季一樣好？在接下來的幾個季度中，您是否會指出航空公司庫存方面有任何風險？

Got it. So to take the first part of your question, with the 13% organic growth, you're right. I mean it's great numbers, especially considering that it was on top of 15% organic growth a year ago and 19% organic growth before -- in 2023. So I'm very happy with the sustained organic growth.

知道了。因此，回答你問題的第一部分，13% 的有機成長率，你是對的。我的意思是，這是一個很棒的數字，特別是考慮到它在一年前 15% 的有機增長率和 2023 年之前 19% 的有機增長率的基礎上。因此，我對持續的有機成長感到非常高興。

We are getting pricing but again, it is commensurate with our cost increases. So our philosophy always has been, and our customers understand, nobody wants a price increase. But we must pass along our price increases -- our cost increases in order to be a viable, sustainable business. And so we have been able to do that.

我們正在獲得定價，但同樣，它與我們的成本增加相稱。因此，我們的理念始終是，而且我們的客戶也理解，沒有人希望價格上漲。但為了成為一個可行、可持續的企業，我們必須將價格上漲、成本上漲的因素轉嫁出去。所以我們能夠做到這一點。

As far as -- I think you're probably also -- you're asking about inventory levels and what's going on at the customers. And it's really a mixed message. There are, as you know, when we all went through the pandemic, there were some significant shortages that occurred afterwards. And there was a certain amount of overordering in particular areas.

就——我想你可能也——你詢問的是庫存水準以及客戶的情況。這確實是一個混合的訊息。正如你們所知，當我們經歷疫情時，隨後出現了一些嚴重的短缺。並且在某些特定區域存在一定程度的過度訂購。

And we are seeing some destocking in some areas yet we continue to see huge shortages in others. So therefore, the way I look at it on the HEICO portfolio is they net each other out. And we -- overall, we are not seeing destocking. But that is -- again, there are pockets of destocking, and pockets of customers just clamoring and can't get enough because the supply chain is just too thin for what they need. So I would characterize it that way.

我們看到一些地區庫存減少，但其他地區仍然出現嚴重短缺。因此，我看待 HEICO 投資組合的方式是它們互相抵消。整體而言，我們沒有看到去庫存現象。但那是——再次，存在一些庫存減少的情況，也存在一些客戶吵著要買但買不到足夠的產品的情況，因為供應鏈太薄弱，無法滿足他們的需求。所以我會這樣描述它。

That's helpful, Eric. And on the destocking comment, is there any more granularity you could provide on that either with reference to your engine versus non-engine exposure or any other parts of the aftermarket, maybe specifically where you're seeing more inventory pressure from your customers that are destocking?

這很有幫助，埃里克。關於去庫存的評論，您是否可以提供更多詳細信息，參考您的發動機與非發動機暴露或售後市場的任何其他部分，也許具體到您看到來自去庫存客戶的庫存壓力更大的地方？

Yes. I would say, I think in the areas of destocking are probably less on the engine side, there are some and are probably slightly greater on the non-engine side. But then as I said, again, for us, it all nets itself out, and we don't see a destocking phenomenon on our parts on average across the board.

是的。我想說，我認為在引擎方面的去庫存化程度可能較低，在非引擎方面的去庫存化程度可能略高一些。但正如我所說，對我們來說，一切都會好起來，而且我們並沒有看到我們所在地區出現全面去庫存現象。

We continue to see extremely strong demand, a tremendous demand. And frankly, sometimes it's a little hard for me to understand and to parse out where the market is growing versus where our market is going. Our people are very focused on growing organically and gaining market share, and they do that in, of course, the PMA and Repair but they also do that in the distribution.

我們繼續看到極其強勁的需求，巨大的需求。坦白說，有時我很難理解和分析市場在成長的地方以及我們的市場的發展方向。我們的員工非常注重有機成長和獲得市場份額，他們當然在 PMA 和維修領域這樣做，但他們也在分銷領域這樣做。

And I really believe that HEICO has increased market share over in the distribution side and, frankly, is so good through our distribution businesses in selling our principles product that it can hide what can be going on in the marketplace. Because our folks are so good at bringing on additional principles and making sure that we operate with a small company mindset where we get very high market share, and we don't drop the ball.

我確實相信 HEICO 在分銷方面已經增加了市場份額，坦白說，透過我們的分銷業務，我們很好地銷售了我們的主要產品，以至於它可以隱藏市場上可能發生的事情。因為我們的員工非常擅長引入額外的原則，並確保我們以小公司思維運營，從而獲得很高的市場份額，並且不會失誤。

We don't -- at HEICO, there's never an excuse that, oh, that fell between the cracks. That just doesn't happen. And our distribution businesses are very focused at picking up all of the sales that they possibly can. So I think that also could be a reason why we don't see destocking because our folks are just out there picking up every single thing they can, and I think that's somewhat uncharacteristic of the industry.

我們不會——在 HEICO，我們從來不會有任何藉口，哦，那是漏網之魚。那是根本不可能發生的事。我們的分銷業務非常注重盡可能地提高銷售量。所以我認為這也可能是我們沒有看到去庫存的原因，因為我們的員工只是在盡可能地購買每一件東西，我認為這在某種程度上不符合這個行業的典型特徵。

Nice results across the board.

各方面都取得了不錯的成績。

Jonathan Siegmann, Stifel.

喬納森·西格曼（Jonathan Siegmann），Stifel。

Could you maybe comment a little bit on how Europe is trending? The company has got a larger exposure there with the acquisitions. Just are you seeing any impact from the headlines of stronger defense spending there? And how is the business faring?

您能否對歐洲的趨勢發表一些評論？透過收購，該公司在那裡獲得了更大的曝光。您是否從增加國防開支的新聞中看到了任何影響？業務進度如何？

Sure. John, this is Victor. So Europe is doing quite well for us. It's been a success story. As you know, we expanded in Europe through what was then, I guess, what still is our second largest acquisition, Exxelia, which has done very well, and in part because of defense. That has really shined for them and for us.

當然。約翰，這是維克多。所以，對我們來說，歐洲表現相當不錯。這是一個成功的故事。如您所知，我們透過當時（我想，現在仍然是）我們的第二大收購項目 Exxelia 在歐洲實現了擴張，該項目表現非常出色，部分原因是因為國防。這對他們和我們來說都是一件非常有意義的事。

And then other defense sales, including in the Flight Support Group on missile defense, which Eric mentioned a little bit earlier, as well as sales from our other businesses, by the way, that we've owned in Europe for much longer and some US based. So right now, that's good for us.

然後是其他國防銷售，包括埃里克之前提到的導彈防禦飛行支援小組的銷售，以及我們其他業務的銷售，順便說一下，我們在歐洲擁有這些業務的時間更長，還有一些在美國。所以現在，這對我們來說是好事。

Look, we are also mindful of nationalism issues and things like that. So we understand where the limits might be in US-based business is selling into Europe as we get a little further out to the future, hence, our appetite for acquisitions on the continent.

你看，我們也關注民族主義議題和諸如此類的事情。因此，我們了解，隨著我們放眼未來，美國企業向歐洲銷售產品的限制可能存在，因此，我們有興趣在歐洲大陸進行收購。

And also I can tell you, as far as the Flight Support area, we're doing extremely well with our customers over in Europe, whether it's PMA, repair or distribution. And in particular, our distribution businesses have very large European network. We've got many, many people on the ground over in Europe focused on distribution to hundreds of people. And so we -- I think our market share is very good, and that remains a critical and important market for us, and it's doing very well.

而且我也可以告訴你，就飛行支援領域而言，我們與歐洲客戶的合作非常順利，無論是 PMA、維修或分銷。特別是我們的分銷業務擁有非常龐大的歐洲網絡。我們在歐洲有很多工作人員，致力於向數百人分發物資。因此，我認為我們的市場佔有率非常好，這對我們來說仍然是一個關鍵且重要的市場，而且表現得非常好。

Great to hear. And with -- in this favorable environment, are there new opportunities to organically invest or should we expect just acquisitions being the primary use of cash?

很高興聽到這個消息。在這種有利的環境下，是否存在新的有機投資機會，或者我們是否應該預期收購是現金的主要用途？

I think it's both. We have been expanding in Europe, both our footprint. We just completed -- I still consider the UK part of Europe, although it's not EU. And we just completed a new facility in the UK and one of our businesses. We're starting in another outside of Paris and another business, as well as some capital improvements, facility improvements and additions in other places in Europe. So I would expect it to be both organic and acquired.

我認為兩者都有。我們一直在歐洲擴大我們的足跡。我們剛剛完成——我仍然認為英國是歐洲的一部分，儘管它不是歐盟。我們剛在英國建造了一座新工廠，這也是我們的一項業務。我們正在巴黎郊外的另一家公司和另一家企業開始營業，同時也在歐洲其他地方進行了一些資本改善、設施改善和擴建。因此我希望它既是有機的又是後天獲得的。

And Jonathan, as I mentioned in the beginning of my prepared remarks, our cash flow remains very strong. So I think one of the unique things is that we're able to grow in all geographies and also in Europe and still generate cash from that region that we're able to use in acquisitions.

喬納森，正如我在準備好的演講開始時提到的那樣，我們的現金流仍然非常強勁。因此，我認為獨特之處之一是我們能夠在所有地區以及歐洲實現成長，並且仍然從該地區產生可用於收購的現金。

So we're able to grow organically. We don't have to tie up all sorts of capital in order to grow organically. And we can actually take additional cash that comes out of the businesses and use it for acquisitions. And that's really what creates this whole compounding effect at HEICO.

因此我們能夠有機地成長。我們不必為了實現有機成長而佔用各種資本。我們實際上可以從業務中獲取額外的現金並將其用於收購。這正是 HEICO 產生複合效應的真正原因。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Maybe just a quick question on capacity. With all the growth you're seeing across both your commercial businesses and your defense businesses, is there any way where you're just squeezed on capacity?

也許只是一個關於容量的簡單問題。隨著你們的商業業務和國防業務的不斷增長，你們的產能是否有受到擠壓的情況？

Yes, there are a number of areas. There are a number of facilities that we've got to expand. It is still hard to hire people in certain geographies, although that is getting easier. I think AI and what's going on in the economy is helping in that area.

是的，有很多領域。我們必須擴大許多設施。儘管在某些地區招募人員變得越來越容易，但仍然很困難。我認為人工智慧和經濟領域的發展正在對該領域有所幫助。

But overall, I would say we're well -- we're very well positioned. We've made the investments to be able to handle future growth. And I think the other unique thing in HEICO is we haven't squeezed the fruit in terms of operating at our various facilities in excess of their ability so we've got plenty of capacity to be able to continue to grow and expand. So I think we're good in that area. We're always very mindful of that.

但總的來說，我想說我們的情況很好——我們處於非常有利的位置。我們已進行投資，以應對未來的成長。我認為 HEICO 的另一個獨特之處在於，我們並沒有過度壓榨各個設施的運作能力，因此我們有足夠的能力繼續發展和擴張。所以我認為我們在這方面做得很好。我們始終非常注意這一點。

I could use a few more debts from my accountants. But other than that, I think you're right. (laughter)

我可以從會計師那裡得到更多的債務。但除此之外，我認為你是對的。（笑聲）

Got you. And then how are your supply chains doing, right? I mean, the suppliers to you, maybe on raw materials and other things?

明白了。那麼你的供應鏈運作得怎麼樣呢？我的意思是，您的供應商可能是原料和其他東西的供應商？

Yes. They're -- in general, they're -- things are much improved. There are still some -- there are a number of areas of continued shortage and where we've got parts on backlog, and we're dying to get parts in our sales could be considerably higher if we had those parts. So that still remains a challenge, but there's no question that the amount has gone down significantly.

是的。整體而言，情況已經有很大改善。仍然存在一些問題——許多地區持續存在零件短缺的情況，我們的零件積壓，我們迫切需要獲得這些零件，如果我們有這些零件，我們的銷售額可能會高得多。所以這仍然是一個挑戰，但毫無疑問數量已經大幅下降。

One of the other things that we watch is we do a tremendous amount of incoming inspection at HEICO. And we don't just go dock the stock. We, instead, inspect the parts and we've got a very robust inspection process. And I can tell you that 1.5 years ago, two years ago, the backlog in incoming inspection was quite large.

我們關注的另一件事是，我們在 HEICO 進行了大量進貨檢驗。我們不只是去扣留庫存。相反，我們會檢查零件，我們有一個非常嚴格的檢查流程。我可以告訴大家，一年半前、兩年前，進貨檢驗的積壓量相當大。

And our folks have done a great job in working that down. And I think that speaks to the capacity issues, adding people, adding facilities to be able to get all this stuff through. So we're -- we've made very good progress in that area.

我們的員工為解決這個問題做出了巨大貢獻。我認為這說明了容量問題，需要增加人員、增加設施才能完成所有這些工作。所以我們——我們在該領域取得了非常好的進展。

Ron, I would say -- Carlos. I was just going to add to that. I do think I'm a big believer in this. While administratively, it's a little challenging, we don't have centralized purchasing. The ability for our -- we probably have 100 supply chains. And the ability for our guys to bob and weave and negotiate and beg and whatever they need to do to get product in times where we've experienced shortages, I think it allows us to be a lot more flexible and meet our customers' needs.

榮恩，我想說──卡洛斯。我只是想補充一點。我確實認為我非常相信這一點。雖然從管理上來說有點困難，但我們沒有集中採購。我們的能力－我們可能有 100 條供應鏈。當我們遇到產品短缺時，我們的員工能夠想辦法、協商、懇求，盡一切努力來獲得產品，我認為這讓我們更加靈活，能夠滿足客戶的需求。

It's probably a more expensive process at the end of the day. I mean, I think it's less efficient than centralized processing. But the truth of the matter is, from a customer perspective, as to Eric's point, we don't tend to run out of things because our guys are able to negotiate locally for raw materials and supplies. And I think that does give us a competitive advantage.

最終，這可能是一個更昂貴的過程。我的意思是，我認為它比集中處理效率低。但事實是，從客戶的角度來看，正如艾瑞克所說，我們不會出現缺貨的情況，因為我們的員工能夠在當地協商原料和供應品。我認為這確實給了我們競爭優勢。

Got it. And have you -- I mean, Carlos, if you guys had to keep a little more inventory around just to smooth any gaps?

知道了。而你們——我的意思是，卡洛斯，你們是否必須保留更多的庫存才能彌補任何缺口？

So we've always given our subsidiary the green light to make sure they have what they need for their customers. I mean, candidly, a few years ago, post-COVID, it got a little lot of hand in my judgment. I think we invested a little too much in inventory. What you've seen, and you saw it in our cash flow statement probably was our investment inventory has come down.

因此，我們始終為我們的子公司開綠燈，以確保他們能夠為客戶提供所需的產品。我的意思是，坦白說，幾年前，在新冠疫情之後，它對我的判斷產生了很大的影響。我認為我們在庫存上的投資有點太多了。您所看到的，以及您在我們的現金流量表中看到的，可能是我們的投資庫存已經下降了。

The ETG candidly has done an excellent job this year on managing inventory. They had very little use of working capital the first nine months of the year as it relates to investment in inventory. FSG's investment in inventory has been commensurate with our organic growth. So I think the situation on the inventory side for us this year is pretty positive.

坦白說，ETG 今年在庫存管理方面做得非常出色。由於與庫存投資有關，今年前九個月他們很少使用營運資金。FSG 對庫存的投資與我們的有機成長相稱。所以我認為今年我們的庫存情況相當正面。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

What would you say is the average price gap now between one of your PMA parts and the OEM part?

您認為現在您的 PMA 零件和 OEM 零件之間的平均價格差距是多少？

Yes. That's really a hard number to estimate. I think that if you were to look across the entire business, it of course, depends on how long somebody has been buying a product because if a customer has been buying a product for a very long time and has it on contract, then we give them some form of price protection.

是的。這確實是一個很難估計的數字。我認為，如果你縱觀整個行業，這當然取決於某人購買產品的時間長短，因為如果客戶已經購買產品很長時間並且簽訂了合同，那麼我們會給予他們某種形式的價格保護。

Our -- I don't -- I can't tell you what our average is. I can take a guess, but I can tell you that I would say the range is from a 20% discount on the low end and on parts where customers have been buying them for a long time. And we've been able to control our cost, it could be as high as the 70% discount.

我們的——我不知道——我無法告訴你我們的平均水平是多少。我可以猜一下，但我可以告訴你，我認為折扣範圍是從低階產品的 20% 開始，到客戶長期購買的零件。而且我們能夠控製成本，折扣最高可達 70%。

So if you want to, say, probably on average, we're probably from one-third to 40% below the OEM price, I would say, something like that. But I don't have a number across the board.

因此，如果你想說，平均而言，我們的價格可能比 OEM 價格低三分之一到 40%，我想說，就是這樣。但我沒有一個全面的數字。

The other thing is, of course, in our Repair business, we have a lot of proprietary repairs, which save our customers considerable dollars. And there, the savings can be easily north of 50%.

當然，另一件事是，在我們的維修業務中，我們有許多專有維修，這為我們的客戶節省了大量資金。在那裡，節省的費用很容易達到 50% 以上。

That's really helpful. And maybe this is a range question, too, but anything that you could share on what your average market share is or customer wallet share is across the portfolio?

這真的很有幫助。也許這也是一個範圍問題，但您可以分享一下您的整個投資組合的平均市場份額或客戶錢包份額是多少嗎？

We're careful over on the PMA side. We never want to take a majority market share in any particular part that we go after. It would be hard to come up with that number, depending on what the denominator is. But I do believe that there is still plenty of, if you will, unsold potential so I'm very confident of our continued growth and market penetration.

我們在 PMA 方面非常謹慎。我們從來不想在我們所追求的任何特定領域佔據大部分市場份額。很難得出這個數字，這取決於分母是什麼。但我確實相信，如果你願意的話，仍然有大量未售出的潛力，所以我對我們的持續成長和市場滲透非常有信心。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

I just want to circle -- I just want to circle back to the Gables deal just because it seems like you guys have made a number of avionics acquisitions at this point. And so I just wonder if you could speak to the strategy if they're just one-off deals? Or is there a deeper strategy there in terms of maybe moving up the value chain in the commercial OE world or just maybe these deals are mostly aftermarket? I'm not sure. But I was wondering if you could speak to the strategy after a number of avionics deals.

我只是想繞一圈——我只是想回到 Gables 交易的話題，因為看起來你們現在已經進行了一些航空電子設備收購。所以我想知道，如果它們只是一次性交易，您是否可以談論該策略？或者是否有更深層的策略，例如提升商業 OE 領域的價值鏈，或者這些交易可能主要是售後市場？我不知道。但我想知道您是否可以談談在達成多筆航空電子交易之後的策略。

Sure. So the answer is we've been active in avionics and cockpit electronics actually since 1999, I think, when we made our first two acquisitions in this space. One was in our Repair and Overhaul when we started with an acquisition called Air Radio and Instrument. And at the same time, Rating and Power business with emergency backup power supplies and some other things and panels that are used in cockpit.

當然。所以答案是，實際上自 1999 年我們在這個領域進行了前兩次收購以來，我們就一直活躍在航空電子和駕駛艙電子領域。其中一個是在我們開始收購「航空無線電和儀器」專案時，負責維修和大修工作。同時，額定功率和電力業務包括緊急備用電源以及駕駛艙中使用的一些其他物品和麵板。

So it's always been an attractive sector for us. We've expanded in that over the years; in 2001, with another acquisition and then beyond that with a series of others, mostly in Repair and Overhaul. But also adding other things like emergency locator transmitters, which are related, and panels and displays over the years. So it's an attractive area where we've been able to expand somewhat opportunistically.

因此，這對我們來說一直是一個有吸引力的行業。多年來，我們在該領域不斷擴張；2001 年，我們進行了另一次收購，之後又進行了一系列其他收購，主要涉及維修和大修領域。但多年來也添加了其他相關的東西，例如緊急定位發射器以及面板和顯示器。因此，這是一個很有吸引力的領域，我們可以趁機擴張。

We're not just -- I wouldn't say we're looking to rise in the food chain. That is not our objective. We're really looking to go where there are excellent opportunities and excellent, both OEM opportunities as well as aftermarket. Aftermarket is a big part, of course, of the strategy.

我們不僅僅是——我不會說我們想要在食物鏈中上升。這不是我們的目標。我們確實希望去那些有絕佳機會的地方，包括 OEM 機會和售後市場。當然，售後市場是該策略的重要組成部分。

And in the case of Gables Engineering, it is, as we talked about in the press release, a storied company founded in 1946, which had a wealth of suitors. I mean many, many, many people wanted to buy this company, would have loved to have acquired it.

就 Gables Engineering 而言，正如我們在新聞稿中提到的，它是一家成立於 1946 年的傳奇公司，擁有眾多追求者。我的意思是，有很多人都想收購這家公司，都希望能夠收購它。

But ultimately, we had established a relationship over a fair number of years, also being a local company here in South Florida, located near a number of our other facilities, including our offices where we're sitting right now. And so the opportunity presented itself. They were ready to do something.

但最終，我們在相當長的一段時間內建立了合作關係，作為南佛羅裡達州的一家本地公司，我們位於許多其他設施附近，包括我們現在的辦公室。於是機會就出現了。他們準備採取行動。

But most importantly, they wanted a good home for the business. They wouldn't sell it to just anyone. They did select us out of many other opportunities. And it wasn't just based on economics. It was really based on what they thought we would do with the business, how we could grow it and that we would be a great steward.

但最重要的是，他們希望為企業找到一個好的歸宿。他們不會把它賣給任何人。他們確實從眾多機會中選擇了我們。這不僅僅是基於經濟學。這實際上是基於他們對我們將如何處理業務、如何發展業務以及我們將成為出色的管家的看法。

So the answer to your question is it's a combination of things, which is very typical of our acquisitions. That is very often the case. We may target something but we may not be able to make acquisitions in it either affordably or sensibly.

所以，你的問題的答案是，這是多種因素的結合，這在我們的收購中非常典型。這種情況經常發生。我們可能會瞄準某個目標，但我們可能無法以可承受的價格或合理的方式對其進行收購。

And that's how we've grown the business. We don't just stop there and say, okay, we can't get what we want on a path, on a product road map; we're going to look beyond that. We're going to take adjacencies and move. And I think that's been a big part of our success is our willingness and ability to bob and weave over the years.

這就是我們的業務成長方式。我們不會止步於此，說，好吧，我們無法在產品路線圖上得到我們想要的東西；我們要放眼更遠的地方。我們將採取鄰接並移動。我認為，我們成功的很大一部分原因在於我們多年來不斷創新的意願和能力。

So we're very happy to have that acquisition, again, being a very unique company in the industry. In fact, I'll just add that their terms are like Kleenex is the generic term or Xerox. People refer to panels and cockpits as Gables' panels. I mean that is a term in the industry. So it's a really special business.

因此，我們很高興再次收購這家業內非常獨特的公司。事實上，我只想補充一點，他們的術語就像 Kleenex 是通用術語或 Xerox 一樣。人們將面板和駕駛艙稱為山牆面板。我的意思是這是行業內的術語。所以這是一項非常特殊的業務。

That's great. Yes. Very helpful. And just, Victor, and all these deals that you've done in the avionics world, you continue to run them separately. You're not integrating them into one big avionics company. Is that right?

那太棒了。是的。非常有幫助。維克多，您在航空電子領域達成的所有這些交易，您都繼續單獨運作。你不會將它們整合到一家大型航空電子公司。是嗎？

Yes. We're not integrating them into one large avionics company. However, the businesses do cooperate. And I think that's where HEICO has been particularly successful over the decades, is being able to get what I call, we call, soft synergies where they cooperate going to customers for new programs. They cooperate technically. They cooperate on production, quality, and others. They will use other HEICO companies as suppliers, which is very common and increasingly common.

是的。我們不會將它們整合成一家大型航空電子公司。然而，企業確實會進行合作。我認為這就是 HEICO 幾十年來特別成功的地方，能夠獲得我所說的軟性協同效應，也就是他們合作為客戶開發新專案。他們在技術上進行合作。他們在生產、品質和其他方面進行合作。他們會使用其他 HEICO 公司作為供應商，這種情況非常常見，而且越來越常見。

And of course, a major, major benefit has been and continues to be distribution. We have an amazing distribution business led by some really remarkable people who have built that business over time, really absolutely stunning and a unique distribution business, which I don't know if Eric has to comment on. But over the years, we have put a lot of distribution with that business. And I think that's been a big part of our success in the cockpit and avionics and electronic space.

當然，一個主要的好處一直是並將繼續是分銷。我們擁有令人驚嘆的分銷業務，由一些非常傑出的人才領導，他們隨著時間的推移建立了這項業務，這確實令人驚嘆，而且是一項獨特的分銷業務，我不知道埃里克是否需要對此發表評論。但多年來，我們在該業務上投入了大量的分銷。我認為這是我們在駕駛艙、航空電子和電子領域取得成功的重要因素。

Yes. I would agree, Pete, that the distribution has been very key to making a number of these acquisitions more accretive and significantly more successful because we do have a unique position with our customers who are able to increase our market share and do exceptionally well and I think provide a very, very strong outlet. So that's been a big key.

是的。皮特，我同意這一點，分銷對於使這些收購更具增值性和更成功至關重要，因為我們在客戶中確實擁有獨特的地位，他們能夠增加我們的市場份額，做得非常好，我認為這提供了一個非常非常強大的出口。所以這是一個重要的關鍵。

To your question as to whether there's a broader strategy. HEICO started out life as a JT8D engine parts manufacturer, and then we got into other engines and components. And as time has gotten on, into structures and avionics. And we're looking to continue to build out our capabilities, yet leave them very entrepreneurial.

關於是否存在更廣泛的戰略的問題。HEICO 最初是一家 JT8D 引擎零件製造商，後來我們開始涉足其他引擎和零件。隨著時間的推移，它逐漸發展成為結構和航空電子設備。我們希望繼續增強我們的能力，同時也保持創業精神。

So everybody is very much focused on their unique technology. And our thought is if we're very good at the details that there'll be a very good solution. But we do have, as you pointed out, in avionics, we did acquire Gables. We acquired wonderful Honeywell product lines and display units and aircraft information management systems. We bought Millennium avionics. I mean we do have a very, very strong avionics business within HEICO.

所以每個人都非常關注自己獨特的技術。我們的想法是，如果我們非常擅長處理細節，就會有一個非常好的解決方案。但正如您所指出的，在航空電子設備方面，我們確實收購了 Gables。我們收購了霍尼韋爾出色的產品線和顯示單元以及飛機資訊管理系統。我們購買了千禧航空電子設備。我的意思是，HEICO 內部確實擁有非常強大的航空電子業務。

And that's been built over a long period of time. Something we have a lot of experience in.

這是經過長期努力才建成的。我們在這方面有很多經驗。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

Eric, Victor, Carlos, nice results. Eric, I have a quick question on the organic investment opportunities, particularly in the PMA business. When you're evaluating what parts to pursue, how do you form that business case? Are you looking for a payback over a year or two or does the part eventually you have to be able to generate, say, $3 million-plus in revenue with accretive margins to make it worthwhile? Just how do you think about evaluating that process?

艾瑞克、維克多、卡洛斯，成績不錯。艾瑞克，我有一個關於有機投資機會的問題，特別是在 PMA 業務方面。當您評估要追求哪些部分時，您如何形成商業案例？您是否希望在一兩年內收回投資，或者最終該部分是否必須能夠產生 300 萬美元以上的收入，並增加利潤率，才值得投資？您認為如何評估流程？

I mean we look at a lot of things. We look at how similar it is to something that we've done before, how much the customer wants it, what the payback looks like, what the investment is, how quickly we can get it from the vendor? I mean there's all of that stuff put together.

我的意思是我們看了很多東西。我們會考慮它與我們以前做過的事情有多相似，客戶有多想要它，回報是什麼樣的，投資是多少，我們能多快從供應商那裡得到它？我的意思是把所有這些東西放在一起。

And then basically, that goes into an IRR analysis, and we've got -- we evaluate that because, obviously, that's important and pull it all together. So I would say it's a complex process. But we want to continue to develop as many parts as we possibly can. We plan on being everywhere so we tend not to exclude things.

然後基本上，這會進入 IRR 分析，我們會對其進行評估，因為顯然這很重要，並將其整合在一起。所以我想說這是一個複雜的過程。但我們希望繼續開發盡可能多的零件。我們計劃無處不在，所以我們傾向於不排除任何事物。

Okay. And then thinking of the margins at FSG, they're very good again. Is there still more margin expansion opportunity from in-sourcing more work that Wencor had previously used build-to-print shops for?

好的。然後考慮一下 FSG 的利潤率，它們又非常好。透過內部採購 Wencor 之前使用按圖生產車間完成的更多工作，是否還能帶來更多的利潤成長機會？

The answer is yes. I think that there is additional opportunity for the Wencor companies to continue to grow with the other hydro companies. As far as resourcing product that's already made by an existing vendor, we do have the capability to do that, and we have done that, but that's probably not our preference.

答案是肯定的。我認為 Wencor 公司還有更多機會與其他水電公司一起繼續成長。至於為現有供應商已經生產的產品提供資源，我們確實有能力做到這一點，而且我們已經這樣做了，但這可能不是我們的偏好。

Our preference would be to be loyal to our vendors and give our other family companies the opportunity to bid on new product going forward. And so I think that's more of the that's more of the focus.

我們傾向於忠誠於我們的供應商，並讓我們的其他家族公司有機會在未來競標新產品。所以我認為這才是更重要的重點。

As far as the margin, of course, in the third quarter, FSG was 24.7% operating margin, which frankly, is beyond any number I thought it could be. The thing which I think we're even more impressed with is that our EBITA margin was 27.3%, which is really more than we ever thought that could be. And that's done while we continue to deliver great value to our customers, and we don't take advantage of them.

至於利潤率，當然，在第三季度，FSG 的營業利潤率為 24.7%，坦白說，這超出了我的預期。我認為更讓我們印象深刻的是我們的 EBITA 利潤率達到了 27.3%，這確實比我們想像的要高。在我們繼續向客戶提供巨大價值的同時，我們並沒有利用他們。

So I -- if you would have asked me 10 years ago when we were roughly 10% below this number, in that area. If we could ever get to this number, I would have told you not in the foreseeable future, not something that I'm really thinking about. But we just put one foot in front of the other and work hard every day, and the numbers don't mind and they are what they are. So I think that there is additional in-sourcing opportunity and we'll just have to see how that plays out.

所以——如果你 10 年前問我，那時我們在那個領域的收入大約比這個數字低 10%。如果我們真的能夠達到這個數字，我會告訴你，在可預見的未來這是不可能的，這不是我真正考慮的事情。但我們只要一步一腳印，每天努力工作，數字就不會影響我們，數字就是數字。因此我認為存在額外的內部採購機會，我們只需要看看其如何發揮作用。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Eric, Victor, and Carlos, can you talk about the supply chain and it sounds like (technical difficulty) disruptive --

Eric、Victor 和 Carlos，你們可以談談供應鏈嗎？聽起來像是（技術難題）顛覆性的--

Kristine, I think, unfortunately, your connection. Can you repeat that? You may have to call back in if the connection is not good. I'm sorry, we can't hear you. If you call back in, we'll get to your question very quickly.

克里斯汀，不幸的是，我認為你的聯繫。你能重複一遍嗎？如果連線不好，您可能需要回撥。抱歉，我們聽不到您的聲音。如果您再次致電，我們很快就會解答您的問題。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

I was curious on the -- Carlos, you made that comment about FSG profit rates exceeding even your expectations. And mix is a part of it. But I'm curious, has the profitability of the various product lines themselves just increased aftermarket parts, repair, et cetera, have you seen an increase in profitability just in the baseline PMA business or the Repair business?

我很好奇——卡洛斯，你說 FSG 的利潤率甚至超出了你的預期。混合是其中的一部分。但我很好奇，各個產品線本身的盈利能力是否僅僅增加了售後零件、維修等，您是否看到僅在基線 PMA 業務或維修業務中盈利能力有所增加？

I would say that -- yes, look, I would say I highlighted repair because it has -- it did have a positive impact on the quarter and it was due to mix. And honestly, with the Repair business, you kind of eat what you kill every week. And so it's very difficult to predict what we're going to repair next quarter, by example. I mean you get RFPs to do jobs.

我想說的是——是的，看，我想說我強調了修復，因為它——它確實對本季度產生了積極的影響，而且它是由於混合而產生的。老實說，從事修復行業，你每週都會吃掉你殺死的東西。因此，很難預測我們下個季度要修復什麼。我的意思是，你得到了 RFP 來完成工作。

And what we have seen in the Repair business is the one thing that is helpful to profitability is the PMA friendly side of those repairs. So we've had a nice quarter where there's a lot of PMA friendly repairs that we did. Our guys, to Eric's point, continue to develop new DER repairs every day.

我們在維修業務中看到的是，有助於盈利的一件事是這些維修的 PMA 友好方面。因此，我們度過了一個愉快的季度，我們進行了許多符合 PMA 要求的維修。正如 Eric 所說，我們的員工每天都在繼續開發新的 DER 修復方法。

And so I think as that -- if that continues, it does have a very positive impact on our margins. Now, not every quarter feels like this one, you with me on the repair side. It does -- it is hit or miss. But no, I was very happy with that.

所以我認為——如果這種情況持續下去，它確實會對我們的利潤產生非常積極的影響。現在，並不是每個季度都有這樣的感覺，你和我一樣在維修方面。確實如此——它是碰運氣的。但不，我對此感到非常高興。

And then also, don't forget, we mentioned Specialty Products. The defense business we have there, we've banked gosh, three years' worth of firm backlog there, and those guys are working super hard and we're expanding that business, and that is good business for us. And so I think those two factors, coupled with the very strong Parts business that we've seen all year, is really what's driven this margin.

另外，別忘了，我們提到了特色產品。我們在那裡的國防業務，我們已經在那裡積累了三年的積壓訂單，那些人非常努力地工作，我們正在擴大這項業務，這對我們來說是個好生意。因此，我認為這兩個因素，再加上我們全年看到的非常強勁的零件業務，才是推動這一利潤率的真正因素。

And Gautam, I should also add that while Carlos is absolutely right on the -- our independent proprietary Repair business does have very strong margins. I should also add that we are doing exceptionally well on OEM aligned, OEM licensed repairs as well. And those continue to be of great value to our customers as well as the HEICO as well as to our OEM partners.

高塔姆，我還應該補充一點，雖然卡洛斯說得完全正確——但我們獨立的專有維修業務確實擁有非常高的利潤率。我還應該補充一點，我們在 OEM 校準、OEM 許可維修方面也做得非常出色。這些對我們的客戶、HEICO 以及我們的 OEM 合作夥伴來說仍然具有巨大的價值。

So HEICO is really agnostic when it comes to what product we want to sell. I mean we want to be out there. There are some customers who want an alternative product. And we're obviously the largest in that space and we'll deliver it to them.

因此，當談到我們想要銷售什麼產品時，HEICO 確實持不可知論的態度。我的意思是我們想去那裡。有些客戶想要替代產品。顯然我們是該領域最大的公司，我們會將其交付給他們。

But there are other customers who want an OEM product, and we are absolutely there and aligned to develop that OEM product, whether it's through our Repair business, even our PMA business as OEM licensed product. Our distribution is all OEMs, all OEM. So we're really very strong across the board, and it's whatever our customers want. And it's not so much us pushing one thing or the other, it's responding to their needs and requests.

但還有其他客戶想要 OEM 產品，我們絕對會致力於開發該 OEM 產品，無論是透過我們的維修業務，還是作為 OEM 授權產品的 PMA 業務。我們的分銷全部是OEM，全部是OEM。所以我們在各方面都非常強大，可以滿足客戶的所有需求。我們不是在推動某件事或那件事，而是在回應他們的需求和要求。

That makes sense. I'm curious on the -- Wencor integration or maybe said differently, cross-selling opportunity, how far along you are there? And the basis of my original question was on the PMA, just aftermarket parts side, given the OEM equivalent products seem to be getting a lot of pricing each year, I would think we would start to see the base level of the PMA aftermarket sales, just the profitability, continuing to rise just because you get a discount off of the OEM list price, which keeps going up at a rate well above inflation.

這很有道理。我很好奇 - Wencor 整合，或者換句話說，交叉銷售機會，您進展到哪一步了？我最初提出這個問題的基礎是關於 PMA，即售後零件市場方面，鑑於 OEM 同等產品似乎每年都會獲得很多定價，我認為我們會開始看到 PMA 售後市場銷售的基本水平，即盈利能力，繼續上升，因為你可以獲得 OEM 標價的折扣，而 OEM 標價的上漲速度一直遠高於通貨膨脹率。

Are you seeing -- maybe if you could speak to both of those? Or are you seeing the base PMA aftermarket business profit rates increase perhaps because of that lift as are linked to OEM prices? And secondly, where are you on that Wencor cross-sell opportunity? How far along are you in that journey?

您是否看到了——也許您可以談談這兩個問題？或者您看到基礎 PMA 售後市場業務利潤率增加，也許是因為與 OEM 價格相關的提升？其次，您在 Wencor 交叉銷售機會方面處於什麼位置？您在這趟旅程中走了多遠？

So let me start on the Wencor cross-sell opportunity, we've made good progress. And I'm glad you used the term cross-sell opportunity and not consolidation because we do operate these businesses separately. But there is an opportunity where a customer comes to us and they want a bigger product line of a particular area and we're able to deliver it.

那麼讓我開始談談 Wencor 交叉銷售機會，我們已經取得了良好的進展。我很高興您使用了交叉銷售機會而不是合併這個術語，因為我們確實是單獨經營這些業務。但當客戶來找我們，他們想要某個特定領域的更大的產品線時，我們就有機會提供。

And the Wencor combination has been incredibly successful. The DNA of Wencor matches HEICO beautifully and we're able to really satisfy our customers. And you can see for after two years of -- two years of this, how well we are doing and how happy our customers are. So that's a given.

Wencor 組合取得了令人難以置信的成功。Wencor 的 DNA 與 HEICO 完美匹配，我們能夠真正滿足客戶的需求。您可以看到，經過兩年的時間——兩年的時間，我們做得非常好，我們的客戶也非常滿意。這是理所當然的。

As far as the margins, we've always said that we're going we need to pass along our cost increases. And we've done that. We have not used increasing prices as a profit grab. We're continuing to make sure that we deliver value to our customers in all areas that we provide, whether it's independent or whether it's OEM aligned. So I think that's why we're capturing so much market share.

就利潤而言，我們一直說我們需要轉嫁成本增加。我們已經做到了。我們沒有利用漲價來牟取利潤。我們將繼續確保在我們提供的所有領域為客戶提供價值，無論是獨立的還是與 OEM 一致的。所以我認為這就是我們佔據如此多市場份額的原因。

And frankly, our -- I think the margins are getting better because our people just work exceptionally hard and they really go the extra mile. And they figure out how to get the customers, what the customer needs, while we make sure we take care of our suppliers, as I mentioned in the prior question about Wencor and their suppliers and how we're loyal to them. And I think it's just doing good business. And there's just a general efficiency increase. And as we put more volume across the platform, we're able to drive higher operating margins.

坦白說，我們的利潤率正在提高，因為我們的員工工作非常努力，而且他們真的付出了額外的努力。他們想辦法獲得客戶，了解客戶的需求，同時我們確保照顧好我們的供應商，正如我在先前的問題中提到的，關於 Wencor 及其供應商以及我們如何忠誠於他們。我認為這只是在做一件好事。整體效率有所提高。隨著我們在整個平台上投放更多的流量，我們能夠提高營業利潤率。

You mind if i interject? One thing that's helpful -- this is Carlos. One thing that's helpful in understanding some of what Eric just said, is that a lot of our large PMA relationships are done on long-term contracts. And we continue to commit to our customers anywhere from three to five years in these contracts. And more often than not, we will lock in pricing with either CPI inflator or flat pricing.

你介意我插嘴一下嗎？有一件事很有幫助——這是卡洛斯。有助於理解 Eric 剛才所說的內容的一點是，我們的許多大型 PMA 關係都是透過長期合約達成的。並且我們將繼續在這些合約中為客戶提供三至五年的服務承諾。通常情況下，我們會使用 CPI 通膨指數或固定價格來鎖定價格。

And there's a lot of reasons strategically to do that. It's additive to our business. They have more parts every year, but it does guarantee pricing for them. And that's part of the reason why, when you start thinking about pricing our PMA business, many times we are locked in.

從策略角度來看，這樣做有很多理由。它對我們的業務有附加作用。他們每年都會有更多的零件，但這確實保證了它們的價格。這就是為什麼當你開始考慮為我們的 PMA 業務定價時，很多時候我們會陷入困境。

Now, we are able to go back in inflationary times as we've shown over the last five years to get a little price to cover our costs even when we have these type of arrangements. But to your earlier question about the OEM prices rising at much faster rates, even if those prices go up, maybe our standard price list mirrors that growth, but our true net revenue or net sale is based off contractual relationships, which more often than not in the PMA space, is going to have a fixed price component. So it's not really impacted by that type of movement in the market.

現在，正如我們過去五年所表明的那樣，即使我們有這種安排，我們也能夠回到通貨膨脹時期，獲得少量價格來彌補我們的成本。但對於您之前關於 OEM 價格上漲速度更快的問題，即使這些價格上漲，也許我們的標準價格表反映了這種增長，但我們真正的淨收入或淨銷售額是基於合約關係的，在 PMA 領域，合約關係通常會有一個固定價格部分。因此它實際上並沒有受到市場此類波動的影響。

David Straus, Barclays

巴克萊銀行大衛·斯特勞斯

This is Josh Korn on for David. Lots already been asked. I just wanted to ask how much of a headwind will intangible amortization be from Gables on margins for ETG?

我是喬許‧科恩 (Josh Korn)，為大衛 (David) 報道。已經有很多問題了。我只是想問一下，Gables 的無形資產攤銷對 ETG 的利潤率會造成多大的不利影響？

I mean, look, we're probably -- we're looking somewhere around $1 million a month in amortization right now. So you can do the math there and figure out what it is on the OI margin.

我的意思是，你看，我們可能會——我們現在每個月的攤銷金額大約是 100 萬美元。因此，您可以進行計算並計算 OI 保證金是多少。

Okay. I'll just stick to one.

好的。我只堅持一個。

And by the way, just to add, as you know, and I just want to make sure we reiterate, the intangible amortization is really, as far as we're concerned, an accounting made up number. And it really doesn't impact the performance of the company. The performance of the company is outstanding.

順便說一句，正如你所知，我只是想確保我們重申一下，就我們而言，無形攤銷實際上是一個會計虛構的數字。這實際上不會影響公司的業績。該公司業績表現優異。

And really, the way that we look at these acquisitions is EBITA. And it's a little frustrating because a lot of people in the industry look at acquisitions via EBITDA. And to us, depreciation is a real expense. This is something that we -- if you're going to be in business long term, you've got to make capital expenses, which typically equal or similar in the same range as depreciation.

實際上，我們看待這些收購的方式是 EBITA。這有點令人沮喪，因為許多業內人士都透過 EBITDA 來看收購。對我們來說，折舊是真正的開銷。如果您要長期經營，就必須進行資本支出，其金額通常與折舊金額相等或相似。

But it's really the EBITA number that's important. And especially when you look at EBITDA, Gables is really outstanding, just simply outstanding company.

但真正重要的是 EBITA 數字。尤其是當你看 EBITDA 時，Gables 確實很出色，簡直就是一家出色的公司。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

I'll try and be quick here. Just Carlos, on the FSG margins, I think you called out SG&A efficiency as well. Are there any other actions you guys are taking to strip out costs or consolidate? Maybe it dovetails in with the Wencor ongoing synergies?

我會盡量快一點。卡洛斯，關於 FSG 利潤率，我認為您也提到了 SG&A 效率。你們還採取了其他措施來削減成本或整合嗎？也許它與 Wencor 正在進行的協同效應相吻合？

No, we're not -- Michael, as you know, we run all these decentralized operations. So there's no real corporate program. I think what you wind up having with HEICO is you have a lot of very efficiently run subsidiaries that when you add revenue growth on top of that, they don't often need to expand their SG&A footprint.

不，我們不是——邁克爾，如你所知，我們負責所有這些分散的業務。因此不存在真正的企業計劃。我認為，HEICO 最終將擁有許多營運效率極高的子公司，當其收入成長時，它們通常不需要擴大銷售、一般和行政費用 (SG&A) 規模。

They can handle the additional volumes or maybe it requires a few more salespeople. But the truth of the matter is there's not a big spend on overhead and SG&A type activities that aren't directly related to a sale that we typically incur.

他們可以處理額外的銷量，或者可能需要更多的銷售人員。但事實是，我們在與銷售無直接關係的管理費用及銷售、一般及行政費用（SG&A）類活動上的支出並不大。

So that leverage that we're getting, it's been the story at HEICO ever since I've gotten here. We seem to always -- the revenues outpace our SG&A spend, and we get a little leverage off it. I expect that will continue.

因此，我們所獲得的槓桿作用，自從我來到這裡以來就一直是 HEICO 的故事。我們似乎總是——收入超過銷售、一般及行政費用支出，並且我們從中獲得了一些槓桿。我預計這種情況將會持續下去。

Got it. And then, Eric, just real quick on the destocking. On your Specialty Products, are you seeing anything specifically related to Boeing to the MAX? We've heard that specifically on the destocking and potentially it could be a drag into next year. But anything on -- from that customer or that program?

知道了。然後，艾瑞克，我們來快速談談去庫存問題。在您的特色產品中，您是否看到任何與波音 MAX 特別相關的東西？我們聽說，特別是關於去庫存的問題，這可能會拖累明年的發展。但是有關於那個客戶或那個專案的任何資訊嗎？

Talking from an OE basis or an aftermarket basis?

從 OE 基礎還是售後市場基礎來說？

Sorry, on an OE new production basis.

抱歉，基於 OE 新產品。

On an OE basis. No. I mean we've seen a little bit of it in certain areas. We've seen a little bit of it, but we're very confident that Boeing is going to be extraordinarily successful with the MAX. And we feel very well positioned there. And I think anybody who's buying into that program is going to do very well, the whole industry, all of the OEMs, yes.

以 OE 為基礎。不。我的意思是我們在某些​​領域已經看到了一點這種情況。我們已經看到了一些，但我們非常有信心波音 MAX 將會取得巨大的成功。我們覺得自己在那裡處於非常有利的位置。我認為任何參與該計劃的人都會做得很好，包括整個行業、所有的 OEM，是的。

Louis Raffetto, Wolfe Research.

路易斯‧拉菲托 (Louis Raffetto)，沃爾夫研究公司。

Maybe just on M&A. As we think about future deals, are you focused on remaining a designer, manufacturer, and providing repair services? Or are you open to some of these more software-oriented product offerings?

也許只是在併購方面。當我們考慮未來的交易時，您是否專注於繼續作為設計師、製造商和提供維修服務？或者您願意接受一些更以軟體為導向的產品？

Yes. We're open to that for sure. And in fact, some of our businesses have software products and sales and offerings. It's not a huge part of what we do, but we would be eager to grow in that. And I suspect we will over time. Again, as I was talking about earlier, in avionics, when we started, we get a foothold and we try to grow affordably and sensibly so I would imagine over time that will happen.

是的。我們對此持開放態度。事實上，我們的一些企業有軟體產品、銷售和供應。這不是我們工作的很大一部分，但我們渴望在這方面取得進步。我相信隨著時間的推移我們會的。再次，正如我之前所說的，在航空電子領域，當我們起步時，我們站穩了腳跟，並嘗試以可承受且合理的方式發展，因此我可以想像隨著時間的推移這將會發生。

Great. Appreciate it. And then maybe just one more on Gables. I guess when you guys did Exxelia, you were pretty, I think, open about that it would be dilutive to margins, whether that was operating margins or EBITDA margins. Is there just no impact from Gables just given how the size of it or it's relatively within the overall segment view?

偉大的。非常感謝。然後也許再來一次關於 Gables 的事。我想，當你們做 Exxelia 的時候，你們相當坦誠地表示，這會稀釋利潤率，無論是營業利潤率還是 EBITDA 利潤率。考慮到 Gables 的規模或它在整個細分市場中的相對地位，它是否沒有產生影響？

So Louis, this is Carlos. I mean we bought that thing the last week of July, the last week of our quarter, so there wasn't any impact, obviously, to Q3. We're still studying the business and we're still integrating and doing the things we need to do. So there'll be more on that topic in Q4.

路易斯，這是卡洛斯。我的意思是，我們是在 7 月的最後一周，也就是本季的最後一周購買的，所以顯然對第三季沒有任何影響。我們仍在研究業務，仍在整合並做我們需要做的事情。因此第四季將會有更多關於該主題的內容。

I think it was mentioned earlier, it's a very unique business with incredible demand and really nice positions on a lot of OEM platforms. So more to come on that. I don't think it will be dilutive to the margins. I do think that in the early years, we will have some heavy amortization, so that will dampen the OI margin a little bit on the business, but I don't think it should be as pronounced as the Exxelia deal was when we did that back in January '23.

我想我們之前已經提到過，這是一項非常獨特的業務，有著令人難以置信的需求，並且在許多 OEM 平台上佔據著非常好的地位。對此我們還有更多內容。我認為這不會稀釋利潤。我確實認為，在最初幾年，我們會有一些較大的攤銷，因此這會稍微抑制業務的 OI 利潤率，但我認為它不應該像我們在 2023 年 1 月進行 Exxelia 交易時那樣明顯。

Kristine Liwag, Morgan Stanley

克莉絲汀‧利瓦格，摩根士丹利

Guys, sorry about earlier. Can you hear me now?

夥計們，對之前的事感到抱歉。現在你能聽到我說話嗎？

Perfectly.

完美。

Okay. Great. So Eric, Victor, Carlos, I just want to touch on a supply chain question. You guys mentioned earlier that, look, the approach that you have for bobbing and weaving and not having a centralized supply chain has been very helpful in getting you the parts that you need in this period of supply chain disruption. But I guess, at this point, we're seeing demand for aerospace and defense continue to be strong, things to be moving in the right direction and the supply chain stabilizing. And look, before, compared to pre-COVID, you're a much bigger company now.

好的。偉大的。所以 Eric、Victor、Carlos，我只想談談供應鏈問題。你們之前提到過，看，你們所採取的靈活變通和不採用集中式供應鏈的方法，對於在供應鏈中斷期間獲取所需的零件非常有幫助。但我想，目前，我們看到對航空航太和國防的需求持續強勁，事情正朝著正確的方向發展，供應鏈也趨於穩定。看看吧，與疫情之前相比，你們現在的公司規模要大得多。

So at some point, would you consider going through a more centralized supply chain? And if you go in that direction, how much could you potentially save? I think, Carlos, you mentioned that your current approach does probably cost you more money, but as things stabilize and you move in that direction, how much in margin could you potentially capture?

那麼在某個時候，您會考慮採用更集中的供應鏈嗎？如果您朝這個方向努力，您能省下多少錢？卡洛斯，我想，你提到過，你目前的方法確實可能會花費你更多的錢，但隨著情況穩定下來，你朝著這個方向發展，你可能獲得多少利潤？

I'll give you my two cents on that. I don't think culturally at this point that in the next three to five years, I don't see that as being a direction we head. Look, as the company matures and we get larger, maybe those things will come into play. Right now, I don't think it's necessary. And like I said, over the next three to five years, I don't think that strategy would work.

對此我給出我的看法。從文化角度來看，我認為在未來三到五年內，這不會是我們前進的方向。你看，隨著公司逐漸成熟，規模越來越大，也許這些事情就會發揮作用。目前，我認為沒有必要。正如我所說，在未來三到五年內，我認為該策略不會奏效。

Now, there could be -- we could migrate to pockets of purchasing where we have businesses in similar end markets or similar product areas where they might co-source together on certain products. And by the way, we do some of that now but it isn't housed in what I would call centralized purchasing and like that.

現在，我們可以轉移到一些採購領域，在這些領域，我們在類似的終端市場或類似的產品領域有業務，他們可能會共同採購某些產品。順便說一句，我們現在確實做了一些這樣的事情，但這不是我所說的集中採購之類的。

So I think, Kristine, I think that's where we're at right now, to be honest with you, I haven't done a study to give you a precise number. Obviously, if you consolidated everything from a pure G&A spend, I think it would be cheaper. But I do think that the potential for lost customer revenue and for disrupting our happy customer base, it's probably not worth it for HEICO at this point in our life cycle.

所以我認為，克里斯汀，我認為這就是我們現在所處的境地，老實說，我還沒有做過研究來給你一個精確的數字。顯然，如果你將純粹的 G&A 支出中的所有內容合併起來，我認為會更便宜。但我確實認為，對於 HEICO 來說，在我們生命週期的這個階段，這可能意味著客戶收入的損失以及我們滿意的客戶群的破壞，這可能是不值得的。

Yes. That makes sense. And if I could follow on, Eric, you mentioned earlier for PMA, you have some products that are maybe 50% or 70% discount to the OEM and some of this are due to your long-standing price guarantees with customers. But I guess broadly speaking, I mean, because the OEMs have raised prices so much in the last five years, those are probably parts you could potentially increase pricing, but your customer is still getting a significant savings.

是的。這很有道理。艾瑞克，如果我可以繼續的話，你之前提到過，對於 PMA，你們的一些產品可能比 OEM 有 50% 或 70% 的折扣，其中一些是由於你們長期以來與客戶的價格保證。但我想從廣義上講，因為原始設備製造商在過去五年中大幅提高了價格，所以這些可能是您可以提高價格的部分，但您的客戶仍然可以節省大量成本。

How should we think about potential margin opportunity there? And are you seeing some of those contracts roll off in the near term to give you a little bit of tailwind on margin?

我們該如何看待那裡的潛在利潤機會？您是否看到其中一些合約在短期內到期，從而給您帶來一點利潤方面的順風？

Yes, that's a great question. And we do see contracts rolling off over time. When the percentage savings is that high, it's typically after somebody has been purchasing the part from us for a long time, which would, in many cases, imply that they are more mature products.

是的，這是一個很好的問題。我們確實看到合約隨著時間的推移而減少。當節省的百分比如此之高時，通常意味著有人已經從我們這裡購買了很長時間的零件，這在許多情況下意味著它們是更成熟的產品。

So look, if we wanted to be -- if we wanted to maximize short-term margin, yes, we could absolutely increase prices substantially. But these are products that are at the longer end of the tail of their lifetimes, our customers have been very loyal to us. And yes, around the fringes, we do have to obviously increase our price to cover our increased costs and some of those costs have been substantial and we will do that without a question of a doubt. But in terms of really resetting and doing a profit grab, that's really not the HEICO way. And so I would not model that kind of activity.

所以，如果我們想要——如果我們想要最大化短期利潤，是的，我們絕對可以大幅提高價格。但這些產品的使用壽命已經很長了，我們的客戶對我們非常忠誠。是的，在邊緣方面，我們確實必須提高價格以彌補增加的成本，其中一些成本相當可觀，毫無疑問我們會這樣做。但就真正重置和獲取利潤而言，這確實不是 HEICO 的方式。所以我不會模仿這種活動。

Thank you. Well, we thank everyone for participating. I think that is the end of the questions. Samira, do we have anybody else with questions?

謝謝。好吧，我們感謝大家的參與。我想這些問題到此就結束了。薩米拉，還有其他人有問題嗎？

There are no additional questions.

沒有其他問題。

Okay. Well, thank you, everyone, for participating. We will have the fourth quarter results call in late December, and we look forward to your continued interest, and we thank you for your continued interest in HEICO.

好的。好的，謝謝大家的參與。我們將在 12 月下旬召開第四季度業績電話會議，期待您繼續關注，也感謝您對 HEICO 的持續關注。

If anyone has any additional questions, of course, as always, feel free to reach out to Carlos, Victor, or me, Eric, and we'd be happy to fill you in. But we wish you a pleasant end of the summer, and thank you for your support of HEICO over the years. And that concludes today's call.

當然，如果任何人有任何其他問題，一如既往，請隨時聯繫卡洛斯、維克多或我埃里克，我們很樂意為您解答。但我們祝您夏天愉快，並感謝您多年來對 HEICO 的支持。今天的電話會議到此結束。

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

謝謝。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。