HEICO Corp (HEI.A) 2025 Q4 法說會逐字稿

Welcome to the HEICO Corporation fourth-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 年第四季財務業績電話會議。我叫薩馬拉，我將擔任您今天通話的接線生。

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構成前瞻性陳述，這些陳述受到風險、不確定性和突發事件的影響。HEICO的實際業績可能與這些前瞻性聲明中明示或暗示的業績有重大差異。

Factors that could cause such differences include, among others, the severity, magnitude, and duration of public health threats, such as the COVID-19 pandemic, our liquidity, and the amount and timing of cash generation, lower commercial air travel, airline fleet changes or airline purchasing decisions, which could cause lower demand for goods and services; product specification costs and requirements, which could cause an increase in our costs 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.

造成這種差異的因素包括但不限於：公共衛生威脅的嚴重程度、規模和持續時間（例如 COVID-19疫情）；我們的流動性、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（可能導致商品和服務需求下降）；產品規格成本和要求（可能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/或外國客戶削減國防、航太或國土安全支出，或來自現有和競爭對手的競爭可能導致我們的競爭可能導致國防、航太或國土安全支出，或來自現有和競爭對手的競爭可能導致我們的競爭可能導致國防、航太或國土安全支出，或來自現有和新競爭對手的競爭可能導致國防、航太或國土安全支出，或來自現有和新競爭對手的競爭可能導致我們的競爭可能導致國防、航太或國土安全支出，或來自現有和新競爭對手的競爭）。

Our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales. Cybersecurity events or other disruptions of our information technology systems could adversely affect our business, and our ability to make acquisitions, including obtaining any applicable domestic and or foreign governmental approvals, and achieve operating synergies from acquired businesses. Customer credit risk, interest, foreign currency exchange, and income tax rates, and economic conditions, including the effects of inflation within and outside of the aviation, defense, space, medical, telecommunications, and electronics industries, which could negatively impact our costs and revenues.

我們以盈利的價格水平推出新產品和服務的能力，可能會降低我們的銷售額或銷售成長；產品開發或製造方面的困難，可能會增加我們的產品開發和製造成本，並延遲銷售。網路安全事件或其他資訊科技系統中斷可能會對我們的業務以及我們進行收購的能力產生不利影響，包括獲得任何適用的國內和/或國外政府批准，以及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、電信和電子產業內外通貨膨脹的影響，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 statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. I now will turn the call over to Victor Mendelson, HEICO's Co-Chairman and Co-Chief Executive Officer.

鼓勵收聽本次電話會議的各方查閱 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。除適用法律要求外，我們不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性聲明的義務。現在我將把電話交給 HEICO 的聯合董事長兼聯合執行長 Victor Mendelson。

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

謝謝你，薩馬拉，也祝所有參加電話會議的朋友們早安。感謝您的參與，歡迎您參加 HEICO 2025 財年第四季財報發布電話會議。正如你所聽到的，我是維克多·門德爾松，HEICO 的聯合董事長兼聯合執行長。今天早上與我一同出席的還有 HEICO 的另一位聯合董事長兼聯合執行長 Eric Mendelson，以及我們的執行副總裁兼財務長 Carlos Macau。

As we start this call, Eric and I would like to take a moment to remember our father, Larry Mendelson, whom you all know was long HEICO's Chairman and CEO. As sons, we were beyond blessed to have a unique and loving father who instilled in us from our earliest days values and life methods based on fairness, on excellence, on quality. And as our father used to say, just doing the right thing.

在開始這次通話之前，我和艾瑞克想花一點時間來緬懷我們的父親拉里·門德爾松，大家都知道他曾長期擔任 HEICO 的董事長兼執行長。身為兒子，我們無比幸運地擁有一位獨特而慈愛的父親，他從我們很小的時候就向我們灌輸了基於公平、卓越和品質的價值觀和人生觀。正如我們父親常說的，做正確的事就好。

Of course, these values and life methods apply in business, too. And as a businessman, he knew how much these matter, along with a fixation on real earnings, that is to say, cash flow. Many of you on this call will remember his unrelenting emphasis on cash flow, not artificial GAAP metrics, although he always lived by those GAAP metrics and enforced them. He knew what really mattered.

當然，這些價值觀和生活方式也適用於商業領域。身為商人，他深知這些因素的重要性，同時他也非常關注實際收益，也就是現金流。在座各位很多人應該都記得，他始終堅持現金流，而不是人為的GAAP指標，儘管他自己也一直遵循並強制執行這些GAAP指標。他知道什麼才是真正重要的。

Eric and I were also blessed to have been partners with our father from well before the three of us became HEICO's largest shareholders and mounted our effort to take over management. And by the way, in a few weeks, we'll mark the 36th anniversary of our taking over here. Working with him to build HEICO day in and day out was a pleasure and an honor that few get to experience. And I can say that through his example, not only were Eric and I imbued with these values, these life methods, and his business approach, but more important, all of HEICO. All of HEICO became so imbued.

我和艾瑞克也很幸運，早在我們三人成為 HEICO 最大股東並努力接手管理權之前，我們就和父親一直是合作夥伴。順便一提，再過幾週，我們將迎來接管這裡的第 36 年。與他一起日復一日地創建 HEICO 是一種樂趣和榮幸，這種經歷很少有人能獲得。我可以說，透過他的榜樣，不僅我和艾瑞克深受這些價值觀、這些生活方法和他的商業理念的影響，更重要的是，也深受 HEICO 的所有人的影響。HEICO 的所有員工都深受影響。

That was his succession plan and was nearly always -- as was nearly always the case with our father, it worked perfectly. Our father is profoundly proud of HEICO. He was also one of the greatest optimists we ever knew. And in his closing days, even after nearly 36 remarkable HEICO years, he was more optimistic than ever about this company's prospects. I can tell you that we in the HEICO team share that optimism. I can also say how grateful we are for all that we learned from him.

那是他的繼任計劃，而且幾乎總是——就像我們父親的情況幾乎總是如此——完美地奏效了。我們的父親為HEICO感到無比驕傲。他也是我們認識的最樂觀的人之一。在他生命的最後階段，即使在 HEICO 經歷了近 36 年輝煌的歲月之後，他對公司的前景仍然比以往任何時候都更加樂觀。我可以告訴你，我們 HEICO 團隊也抱持著同樣的樂觀態度。我還要表達我們對從他身上學到的一切的感激之情。

Thank you for indulging us for a few moments there. Before turning to our fourth-quarter fiscal '25 record-setting results, which you know kept another exceptional year for HEICO, we recognize our team members' extraordinary efforts. Our team members' dedication to our customers and our endeavors across the organization were the reason for our very strong results this quarter and this year, leaving us quite optimistic about HEICO's future. We in HEICO's Board thank you for all you have done in 2025 and before, and we look forward to an even more prosperous 2026.

謝謝你們抽出幾分鐘。在介紹我們 2025 財年第四季創紀錄的業績之前（您也知道，這使得 HEICO 又度過了非凡的一年），我們要感謝我們團隊成員的卓越努力。我們團隊成員對客戶的奉獻精神以及我們在整個組織中的努力，是我們本季和今年取得非常強勁業績的原因，也讓我們對 HEICO 的未來充滿信心。HEICO董事會感謝您在2025年及以前所做的一切，我們期待2026年能更加繁榮昌盛。

So taking a moment to summarize our record results during the fourth quarter of fiscal '25, we note, first, that consolidated net income increased 35% to a record $188.3 million, or $1.33 per diluted share in the fourth quarter fiscal '25, up from $139.7 million, or $0.99 per diluted share in the fourth quarter fiscal '24. Consolidated operating income and net sales in the fourth-quarter fiscal '25 represent record results for HEICO, which improved by 28% and 19%, respectively, as compared to the fourth-quarter fiscal '24.

因此，讓我們花點時間來總結一下我們在 2025 財年第四季的創紀錄業績。首先，我們注意到，2025 財年第四季的合併淨收入成長了 35%，達到創紀錄的 1.883 億美元，即每股攤薄收益 1.33 美元，高於 2024 財年第四季的 1.397 億美元，即每股攤薄收益 0.99 美元。2025 財年第四季度，HEICO 的合併營業收入和淨銷售額均創歷史新高，與 2024 財年第四季相比分別成長了 28% 和 19%。

The Flight Support Group set all-time quarterly net sales and operating income records in the fourth-quarter fiscal '25, improving 21% and 30%, respectively, over the fourth-quarter fiscal '24. The increases principally reflect strong 16%. Strong would be an understatement, but 16% organic growth stemming from increased demand across all of the group's product lines, as well as the impact from our profitable fiscal '25 and '24 acquisitions.

2025 財年第四季度，飛行支援集團創下了季度淨銷售額和營業收入的歷史新高，分別比 2024 財年第四季成長了 21% 和 30%。成長主要反映了強勁的16%的漲幅。說「強勁」都算是保守的說法，但集團所有產品線的需求增加，以及2025財年和2024財年盈利收購的影響，實現了16%的有機增長。

The Electronic Technologies Group also set all-time quarterly net sales and operating income records in the fourth-quarter fiscal '25, improving 14% and 10%, respectively, over the fourth-quarter fiscal '24, These increases principally reflect strong organic growth for most of the group's products and the impact from our profitable fiscal '25 and '24 acquisitions.

電子科技集團在 2025 財年第四季也創下了季度淨銷售額和營業收入的歷史新高，分別比 2024 財年第四季成長了 14% 和 10%。這些成長主要反映了集團大部分產品的強勁內生成長以及我們在 2025 財年和 2024 財年獲利收購的影響。

Consolidated EBITDA increased 26% to $331.4 million in the fourth-quarter fiscal '25, up from $264 million in the fourth-quarter fiscal '24. And our net debt-to-EBITDA ratio improved to 1.6 as of October 31, '25, down from 2.06 on October 31, '24. Cash flow provided by operating activities increased 44% to $295.3 million in the fourth quarter of fiscal '25, up from $205.6 million in the fourth-quarter fiscal '24.

2025 財年第四季合併 EBITDA 成長 26% 至 3.314 億美元，高於 2024 財年第四季的 2.64 億美元。截至 2025 年 10 月 31 日，我們的淨負債與 EBITDA 比率改善至 1.6，低於 2024 年 10 月 31 日的 2.06。2025 財年第四季經營活動產生的現金流量成長 44%，達到 2.953 億美元，高於 2024 財年第四季的 2.056 億美元。

Yesterday, HEICO's Board of Directors declared a semiannual $0.12 per share cash dividend on both classes of HEICO stock, payable in January 2026, representing our 95th consecutive dividend and reflecting the Board's ongoing confidence in our company's strong cash flow generation.

昨天，HEICO 董事會宣布向 HEICO 兩類股票派發每股 0.12 美元的半年現金股息，將於 2026 年 1 月支付，這是我們連續第 95 年派發股息，也反映了董事會對公司強勁現金流的持續信心。

We completed five acquisitions in fiscal '25, three in the Electronic Technologies Group and two in the Flight Support Group, further enhancing our sales, our earnings, and our cash flow. Each of our Flight Support and Electronic Technologies Groups recently entered into agreements to acquire two separate and unrelated businesses, one of which, Ethos, was just announced earlier this week.

我們在 2025 財年完成了五項收購，其中三項在電子技術集團，兩項在飛行支援集團，進一步提高了我們的銷售額、收益和現金流。我們旗下的飛行支援和電子技術集團最近分別達成協議，收購兩家獨立且不相關的企業，其中一家名為 Ethos 的企業，就在本週稍早剛宣布成立。

As of now, we anticipate both should close in the first quarter of calendar '26, though they are, of course, subject to customary closing conditions including, among others, antitrust clearance and the sellers complying with typical representations and covenants. So we can't be certain of actual timing or actual closing. We expect these acquisitions would be accretive to HEICO's earnings within the year of each transaction's closing.

目前，我們預計這兩項交易都將在 2026 年第一季完成，當然，這還需滿足慣例成交條件，其中包括反壟斷審批以及賣方遵守典型的陳述和契約。因此，我們無法確定實際時間或實際成交日期。我們預計這些收購將在每筆交易完成後的當年內增加 HEICO 的收益。

I now turn the call over to Eric Mendelson to discuss our Flight Support and Electronic Technology Group's fourth-quarter results in greater detail. Eric?

現在我將電話轉交給埃里克·門德爾松，讓他更詳細地討論我們飛行支援和電子技術集團第四季的業績。艾瑞克？

Thank you, Victor. Before we turn to the results, I want to pause and recognize the remarkable performance of HEICO's team members. What we are reporting today is the product of extraordinary talent, relentless execution, and a culture developed over decades that consistently turns ambitious objectives into real outcomes. Time and again, they have demonstrated the ability to rise to the challenges, adapt and deliver at the highest level. Their commitment, collaboration, determination, and creative approach are the foundation of these results and make them especially rewarding.

謝謝你，維克多。在公佈結果之前，我想先停下來，稱讚一下 HEICO 團隊成員的出色表現。我們今天所報道的成果，是卓越才能、不懈執行和數十年來不斷將雄心勃勃的目標轉化為實際成果的文化的結晶。他們一次又一次地證明了自己有能力迎接挑戰，適應變化，並取得最高水準的成果。他們的投入、協作、決心和創新精神是取得這些成果的基礎，也使這些成果格外令人欣慰。

We are all sure that our dad is looking down on us today as we report these outstanding results and we close our 36th year with HEICO. As Victor said so eloquently a few moments ago, we are both so grateful for all that we learned from our dad and from all the time that we had with him. Now moving on to the results.

我們都確信，當我們報告這些傑出的成績，並結束在 HEICO 的第 36 年時，我們的父親正在天上看著我們。正如維克多剛才雄辯地說道，我們都非常感激從父親那裡學到的一切，以及和他在一起的所有時光。接下來公佈結果。

The Flight Support Group's net sales increased 21% to a record $834.4 million in the fourth quarter of fiscal '25, up from $691.8 million in the fourth quarter of fiscal '24. The net sales increase reflects strong organic growth of 16% and the impact from our fiscal '24 and '25 acquisitions. The net sales growth reflects increased demand across all of our product lines. HEICO's operations continue to exceed our expectations, underscoring our highly successful combination with Wencor.

2025 財年第四季，飛行支援集團的淨銷售額成長 21%，達到創紀錄的 8.344 億美元，高於 2024 財年第四季的 6.918 億美元。淨銷售額成長反映了 16% 的強勁內生成長以及 2024 財年和 2025 財年收購的影響。淨銷售額成長反映了我們所有產品線需求的成長。HEICO 的營運持續超出我們的預期，凸顯了我們與 Wencor 的成功合併。

Customers increasingly recognize the value of our expanded aftermarket parts and repair and overhaul offerings, which has driven strong growth opportunities and continued success across the company. The Flight Support Group's defense business remains a compelling opportunity, particularly as both the US administration and our foreign allies emphasize defense readiness and cost efficiency.

客戶越來越認識到我們擴大的售後零件、維修和大修服務的價值，這為公司帶來了強勁的成長機會和持續的成功。飛行支援集團的國防業務仍然是一個極具吸引力的機會，尤其是在美國政府和我們的外國盟友都強調國防準備和成本效益的情況下。

HEICO is extremely well-positioned to support these priorities by delivering high-quality, lower-cost alternative aircraft parts that help reduce costs for the government and taxpayers while expanding our addressable markets. Our missile defense manufacturing business is also experiencing very significant growth, fueled by rising demand from the United States and our allies.

HEICO 擁有得天獨厚的優勢來支持這些優先事項，提供高品質、低成本的替代飛機零件，幫助政府和納稅人降低成本，同時擴大我們的目標市場。受美國及其盟友不斷增長的需求所推動，我們的飛彈防禦製造業務也經歷了非常顯著的成長。

We have substantial orders and backlog to support the continued expansion of this business, and we are committed to providing cost-effective solutions in industry-leading quality to our US military and our foreign allies. The Flight Support Group's operating income increased 30% to a record $201 million in the fourth quarter fiscal '25, up from $154.5 million in the fourth quarter of fiscal '24.

我們擁有大量的訂單和積壓訂單，以支持這項業務的持續擴張，我們致力於為美國軍方和外國盟友提供具有行業領先品質的、高性價比的解決方案。2025 財年第四季，飛行支援集團的營業收入成長 30%，達到創紀錄的 2.01 億美元，高於 2024 財年第四季的 1.545 億美元。

The operating income increase reflects the previously mentioned net sales growth and improved profit margin and SG&A expense efficiencies realized from the net sales growth. The improved profit margin principally reflects net sales growth within our repair and overhaul parts and services product line and a more favorable product mix within our specialty products product line.

營業收入的成長反映了前面提到的淨銷售額成長，以及淨銷售額成長帶來的利潤率提高和銷售、管理及行政費用效率的提高。利潤率的提高主要反映了我們維修和大修零件及服務產品線的淨銷售額成長，以及我們特種產品產品線更有利的產品組合。

The Flight Support Group's operating margin improved to 24.1% in the fourth quarter of fiscal '25, up from 22.3% in the fourth quarter of fiscal '24. The increased operating margin principally reflects the previously mentioned improved gross profit margin.

2025 財年第四季，飛行支援集團的營業利潤率提高至 24.1%，高於 2024 財年第四季的 22.3%。營業利潤率的提高主要反映了前面提到的毛利率的提高。

Since acquisition-related intangible amortization expense consumed approximately 250 basis points of our operating margin in the fourth quarter fiscal '25, the Flight Support Group's cash margin, which is before amortization, or what we also call EBITDA, was approximately 26.6%, which has been consistently excellent and is 160 basis points higher than the comparable Flight Support Group cash margin of 25.0% in the fourth quarter of '24.

由於與收購相關的無形資產攤銷費用在 2025 財年第四季度消耗了我們約 250 個基點的營業利潤率，因此，飛行支持集團的現金利潤率（攤銷前，即我們所說的 EBITDA）約為 26.6%，這一數字一直非常出色，比 2024 年第四季度飛行支持集團的現金利潤率高出 25.0% 25 基 10% 10% 25 基

As I have previously discussed, we are laser-focused on cash generation at each of our businesses. I am very happy with the continued expansion of our cash margins and believe the decentralized operating structure has permitted us to expand these margins while simultaneously delivering high-quality products and services to our customers at substantial cost savings with lightning-quick turnaround times. Now I will discuss the fourth-quarter results of the Electronic Technologies Group.

正如我之前討論過的，我們非常注重旗下各業務的現金流。我對我們的現金利潤率持續成長感到非常高興，並且相信分散的營運結構使我們能夠在大幅降低成本的同時，以閃電般的速度為客戶提供高品質的產品和服務，從而擴大這些利潤率。現在我將討論電子技術集團第四季的業績。

The Electronic Technologies Group's net sales increased 14% to a record $384.8 million in the fourth-quarter fiscal '25, up from $336.2 million in the fourth quarter of fiscal '24. The net sales increase reflects strong organic growth of 7% and the impact from our fiscal '25 and '24 acquisitions. The organic net sales growth is mainly attributable to increased demand for our other electronics, defense, aerospace, and space products.

電子科技集團2025財年第四季淨銷售額成長14%，達到創紀錄的3.848億美元，高於2024財年第四季的3.362億美元。淨銷售額成長反映了 7% 的強勁內生成長以及 2025 財年和 2024 財年收購的影響。有機淨銷售成長主要歸功於市場對我們其他電子、國防、航空航太和太空產品的需求增加。

The Electronic Technology Group's operating income increased 10% to a record $89.6 million in the fourth quarter of fiscal '25, up from $81.8 million in the fourth quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth and an improved gross profit margin, partially offset by higher SG&A expenses, mainly reflecting increased share-based compensation expense. The improved gross profit margin principally reflects a more favorable mix of our medical and other electronics products.

電子科技集團2025財年第四季的營業收入成長10%，達到創紀錄的8,960萬美元，高於2024財年第四季的8,180萬美元。營業收入的成長主要反映了前面提到的淨銷售額成長和毛利率的提高，但部分被更高的銷售、一般及行政費用所抵消，這主要反映了股份支付費用的增加。毛利率的提高主要反映了我們醫療產品和其他電子產品組合的最佳化。

The Electronic Technology Group's operating margin was 23.3% in the fourth quarter of fiscal '25 as compared to 24.3% in the fourth quarter of fiscal '24. The operating margin change principally reflects an increase in SG&A expenses as a percentage of net sales, primarily from the previously mentioned higher share-based compensation expense partially offset by the previously mentioned improved gross profit margin.

電子科技集團2025財年第四季的營業利潤率為23.3%，而2024財年第四季為24.3%。營業利益率的變動主要反映了銷售、一般及行政費用佔淨銷售額百分比的增加，這主要是由於前面提到的股份支付費用增加，部分被前面提到的毛利率提高所抵銷。

Importantly, before acquisition-related intangible amortization expense, our operating margin was a very healthy 27.3% as intangible amortization consumed around 400 basis points of our operating margin. This is how we judge our business as that most closely correlates to cash. On a true operating basis, these are excellent margins and we are very pleased with them.

重要的是，在計入與收購相關的無形資產攤銷費用之前，我們的營業利潤率非常健康，達到 27.3%，因為無形資產攤銷消耗了我們營業利潤率的約 400 個基點。我們以此來衡量業務，因為這與現金流最密切相關。從實際營運角度來看，這些利潤率非常出色，我們對此感到非常滿意。

And now I turn the call back to Victor Mendelson to discuss our outlook.

現在我把電話轉回給維克多·門德爾松，讓他來談談我們的前景。

Thank you, Eric. Looking ahead to fiscal '26, we anticipate net sales growth across both the Flight Support Group and the Electronic Technologies Group, driven by organic growth from increased demand for the majority of our products, as well as growth through our recent acquisitions. We'll continue to pursue selective acquisition opportunities that complement this growth, and our disciplined financial management remains dedicated to creating long-term shareholder value through a balanced combination of organic growth and strategic acquisitions while maintaining financial resilience and flexibility.

謝謝你，埃里克。展望 2026 財年，我們預期飛行支援集團和電子技術集團的淨銷售額都將成長，這主要得益於我們大多數產品需求增加帶來的內生成長，以及我們最近收購帶來的成長。我們將繼續尋求與這種成長相輔相成的選擇性收購機會，我們嚴謹的財務管理將繼續致力於透過有機成長和策略收購的平衡組合來創造長期股東價值，同時保持財務韌性和靈活性。

Acquisition activity, of course, continues to be robust across both operating segments, supported by a healthy pipeline of potential acquisition opportunities currently under evaluation. And as such, we remain focused on identifying high-quality businesses that complement HEICO's existing operations and, of course, further strengthen our strategic positioning. Consistent with our long-standing acquisition philosophy, we will only pursue acquisitions and opportunities that meet our strict financial and strategic criteria, that are accretive and have the potential to generate durable long-term value for HEICO and for our shareholders.

當然，在兩個營運部門中，收購活動依然強勁，這得益於目前正在評估的大量潛在收購機會。因此，我們將繼續專注於尋找能夠補充 HEICO 現有業務的高品質企業，當然，還要進一步加強我們的策略地位。秉承我們一貫的收購理念，我們只會追求符合我們嚴格的財務和策略標準、能夠增值並有可能為 HEICO 和我們的股東創造持久長期價值的收購和機會。

So thank you very much for attending our call. Those are our prepared remarks, and we ask Samara, the operator, to please open the line for questions.

非常感謝您參加我們的電話會議。以上是我們準備好的發言稿，請接線生薩馬拉開通線路接受提問。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員說明）Larry Solow，CJS Securities。

I appreciate the comments on Larry and I'm sure he's smiling down on the real strong free cash flow this quarter. So congrats on that.

我很感謝大家對拉里的評價，我相信他看到本季強勁的自由現金流一定會感到欣慰。恭喜你！

First question, Eric, I guess, for you. Just on the growth in -- as we look out at FSG, I think we used to do US sort of a high-single, low-double digit grower and growth in mid-teens plus on the core business for about five-plus years. Maybe the first couple were COVID recovery. But just trying to -- as we look out, it feels like all the positives continue to align in your direction.

艾瑞克，我想第一個問題應該是問你的。就成長而言——當我們回顧 FSG 的發展歷程時，我認為我們過去在美國的業務增長速度一直保持在個位數高位到兩位數低位，核心業務的增長速度在五年多的時間裡也達到了十幾個百分點以上。也許前兩例是新冠肺炎康復期。但只要試著——當我們放眼望去，感覺所有的正面因素都在朝著你的方向發展。

But could you just help us just kind of bucket what these drivers? Clearly, the market is growing nicely, but I don't know if growth has accelerated above historical levels where we are today. But is it just your expanded parts offering? Is it market share? Is it just more acceptance of your parts? Just trying to -- if you could just bucket those multiple positives that's been driving your business.

但是，您能否幫我們把這些司機歸類？顯然，市場發展良好，但我不知道目前的成長速度是否已經超過了歷史水準。但這只是你們擴大的零件供應範圍嗎？是市佔率嗎？是不是代表人們對你的部分接受度更高了？我只是想──如果能把推動你業務發展的諸多正面因素歸類就好了。

Sure, Larry, I'd be happy to do that. And thank you very much for your kind comments. Yes, we're sure dad would be very, very happy with these results. I'm sure he is. So you're right, the organic growth has been tremendous.

當然可以，拉里，我很樂意這麼做。非常感謝您的好評。是的，我們相信爸爸看到這個結果一定會非常非常高興。我確信他是。所以你說得對，自然成長非常顯著。

And frankly, it's even surprised us and me. I've always been optimistic, and I've always thought that we would continue to outgrow the market, but we continue to do so in a much more meaningful way. So you're right. Why is that? I think it's a number of things.

坦白說，這甚至讓我們自己都感到驚訝。我一直都很樂觀，也一直認為我們會繼續超越市場，但我們確實以更有意義的方式繼續超越市場。你說得對。這是為什麼？我認為原因有很多。

Number one, of course, we want to be grateful for the rising tide environment in the industry. So that's been terrific and that's been very strong for us. But I think the other thing that's been really good is the value proposition that HEICO offers our customers. The thing that perhaps I'm most proud about is that we've had 16% organic growth in this quarter and another 5% acquired on top of that for a total of 21% sales growth. But operating income increased 30%, and at the same time, our customers are incredibly happy in getting huge value from us.

首先，我們當然要對產業蓬勃發展的環境心存感激。所以這非常棒，這對我們來說非常有利。但我認為另一件非常好的事情是 HEICO 為我們的客戶提供的價值主張。我最引以為傲的是，本季我們實現了 16% 的有機成長，再加上收購帶來的 5% 的成長，總銷售額成長了 21%。但營業收入成長了 30%，同時，我們的客戶也對從我們這裡獲得的巨大價值感到非常滿意。

So we've been able to drive operating income, if you will, primarily off of the organic sales growth, and our customers are still very happy. So I think that speaks to a tremendous sales opportunity that we have really in all of our businesses, whether it's in the PMA parts, repair, distribution, specialty manufacturing, defense, the same. And I'm talking over on the Flight Support Group side, and then, of course, on the ETG, more growth opportunity there.

因此，我們主要依靠內生銷售成長來推動營業收入的成長，我們的客戶仍然非常滿意。所以我認為這說明我們在所有業務領域都擁有巨大的銷售機會，無論是 PMA 零件、維修、分銷、特種製造還是國防，都一樣。我指的是飛行支援組那邊的情況，當然，ETG那邊也有更多的發展機會。

But I really think it's the value proposition that we offer combined with our decentralized and very entrepreneurial structure. I get e-mails before -- after we announced the earnings from a number of different people within HEICO, and -- basically thanking me for the incredible results. And I turn around and say, no, yes, we've been very good on capital allocation, but they are the ones who really deliver these results.

但我真的認為，真正吸引我們的是我們提供的價值主張，以及我們去中心化和極具創業精神的結構。在公佈收益之前和之後，我都會收到來自 HEICO 內部許多不同人士的電子郵件，他們基本上都是感謝我取得瞭如此驚人的成績。然後我轉過身來說，不，是的，我們在資本配置方面做得很好，但真正取得這些成果的是他們。

We're just reporting the results that they deliver. And it's as a result of being very intimate with their product line, understanding their customers, the whole competitive dynamic. So I think that as there are more aircraft out there and there's increased demand in both commercial aircraft as well as defense products and missile interceptors, I think that we are just incredibly well positioned.

我們只是報道他們所取得的成果。這是因為他們非常了解自己的產品線，了解自己的客戶，了解整個競爭格局。所以我認為，隨著飛機數量的增加，以及商用飛機、國防產品和飛彈攔截器需求的增加，我們正處於非常有利的地位。

So look, the organic growth has surprised me. That's one of the reasons why we don't give guidance, because we don't know where it's going to be. We just know at HEICO that we've got 11,000 people come to work every day, put their heads down and work as hard as they possibly can, and frankly, the results are the results, so -- but I do think that the value proposition is tremendous.

所以你看，這種自然成長讓我感到驚訝。這就是我們不提供指導的原因之一，因為我們不知道它會在哪裡。在 HEICO，我們只知道我們有 11,000 名員工每天來上班，埋頭苦幹，竭盡全力，坦白說，結果就是結果，所以——但我確實認為其價值主張是巨大的。

And I guess, lastly, one of the other things that I think we've seen over the last number of years is that other manufacturers are increasing their prices substantially. And I think that just further supports the HEICO value proposition. So we're -- I think we're just in a great place right now.

最後，我想說的是，過去幾年我們看到的另一個現像是，其他製造商也大幅提高價格。我認為這進一步印證了 HEICO 的價值主張。所以我覺得我們現在處境非常好。

No, no, I appreciate all that call, yeah. No, that was great. Victor, how about a question for you. Just I think you obviously had a little sluggishness last year, but a good year this year. It feels like most of your end markets, or if not all of them now, are kind of pointing up and to the right, obviously led by defense. I know the National Defense Authorization Act, which was just passed recently, feels like that was positive. So any just general thoughts on State of the Union on your outlook?

不，不，我很感謝你打來的電話，真的。不，那太棒了。維克多，我有個問題想問你。我覺得你去年顯然有點低迷，但今年表現不錯。感覺你們的大部分終端市場，或者說即使不是全部，現在也都在向上向右發展，這顯然是由國防引領的。我知道最近通過的《國防授權法案》感覺是個正面的訊號。那麼，您對國情咨文有什麼整體看法嗎？

Yeah, you know, we're projecting growth next year in ETG. As I always do, I guide people to look for, on an organic basis, mid- to low-single digits organic growth. If we do better, that's great. We'll see where everything shakes out a year from now and over quarters, but we feel very good about our businesses.

是的，你知道，我們預計明年 ETG 業務將會成長。我一直都這樣做，引導人們以自然的方式尋找個位數中低水平的自然增長。如果我們做得更好，那就太好了。一年後以及幾個季度後，一切都會如何發展，我們拭目以待，但我們對我們的業務充滿信心。

We did our budget reviews, our subsidiary annual reviews, and as a rule of thumb, our companies are feeling good. Not every company is going to march ahead next year in the way we'd like to see. But overall, we're very (inaudible).

我們進行了預算審查、子公司年度審查，總的來說，我們各公司的情況都不錯。並非每家公司明年都能按照我們希望的方式發展。但總的來說，我們非常（聽不清楚）

All right, great. I appreciate it. Thanks for the color.

好的，太好了。謝謝。謝謝你提供的色彩。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

And again, you know, my condolences about your father. The -- on the quarter itself, let's just do a couple quick things. How are things looking for M&A as we go into 2026?

再次向你表達我對你父親去世的哀悼。關於本季本身，我們先快速做幾件事。展望2026年，併購市場前景如何？

Very strong. I mean, we're working on a lot of opportunities. I would say, each quarter, we seem to feel like it can't get any busier. Our pipeline is busier and busier. But that's exactly what happened at -- in this past quarter, and actually in recent weeks since the quarter ended. So we've got a lot we're working on, a lot that we're looking at.

非常強壯。我的意思是，我們正在努力抓住很多機會。我覺得，每個季度我們都覺得工作量已經不能再增加了。我們的生產線越來越繁忙了。但這正是上個季度以及季度結束後的最近幾週所發生的事情。所以我們有很多工作要做，有很多事情正在研究。

Of course, as you know, Ron, it doesn't happen until it closes. And there's just a lot of work, a lot of diligence. We're extraordinarily discerning in what we'll buy. But there, we're fortunate in that we are known as a great home for sellers, particularly entrepreneur, founder-managers, and others who are really going to take care of the businesses, not only honor the legacy but keep the entrepreneurial environment.

當然，羅恩，你也知道，這事要等到它關門後才會發生。而且這需要付出大量的努力和勤奮。我們對購買的商品有著極為挑剔的眼光。但幸運的是，我們這裡以對賣家，特別是企業家、創始人兼經理和其他真正會照顧好企業的人，不僅會尊重傳統，還會保持創業環境而聞名。

So there's a lot of opportunity for us. We'll see what we're able to mine out but we're cautiously optimistic.

所以，我們有很多機會。我們會看看能開采出什麼，但我們持謹慎樂觀的態度。

And Ron, I would also just add to that. So we started really our acquisition program in earnest about '27 years ago. And we really acquired, I don't know, 110 companies and we really have a track record. It's not just 1-, 2-, 3-, 5-, 10-year track record. It's a very, very long track record in DNA which is embedded in the company.

榮恩，我還要補充一點。所以，我們大約在27年前才真正開始認真開展收購計畫。我們實際上收購了，我不知道，110 家公司，而且我們確實有良好的業績記錄。不只是1年、2年、3年、5年、10年的業績紀錄。這是公司在DNA領域非常非常悠久的歷史，這種DNA已經深深融入公司之中。

So when we talk to sellers, I think we're viewed in a very, very different light and as a result, we've got just a tremendous -- we've got a lot of bandwidth, and we also have a lot of different sellers who really view us as the buyer of choice. So I think we're in a really good position there.

所以當我們與賣家交談時，我認為我們被看待的方式非常非常不同，因此，我們擁有巨大的優勢——我們有很多資源，而且有很多不同的賣家真正把我們視為首選買家。所以我覺得我們在這方面處於非常有利的地位。

Got it. And [Nick], how comfortable are you guys leveraging up to do a deal, given the balance sheet's so strong?

知道了。尼克，鑑於你們的資產負債表如此強勁，你們有多大把握透過槓桿進行交易？

Ron, this is Carlos. So I would say, similar to history, we're not afraid of leverage. For the right transaction for the right deal for our shareholders, we would take on additional leverage. I don't think that our company, the culture and the way we do business would suggest we'd like to have permanent leverage in the 5 or 6 range. But if we had to spike up 4, 5, 6 times to do a deal, and I felt comfortable that within 12 to 18, 24 months, we could get that leverage back down to a manageable number, we would certainly do that if it was good for our shareholders.

榮恩，這位是卡洛斯。所以我想說，就像歷史一樣，我們不害怕利用槓桿作用。為了達成對股東最有利的交易，我們會增加槓桿。我認為，我們公司的文化和經營方式表明，我們不希望永久保持 5 或 6 倍的槓桿率。但是，如果為了達成交易，我們必須將槓桿率提高 4 倍、5 倍、6 倍，而且我覺得在 12 到 18、24 個月內，我們可以將槓桿率降回可控的水平，如果這對我們的股東有好處，我們當然會這樣做。

I think as a sort of status quo, we like leverage to be somewhere around 2 times. That's a comfortable spot for us. Right now, we're -- our permanent debt, if you would, or our bonds are sitting at about 1 turn of EBITDA. That's very comfortable. I think we could probably carry 2 turns of debt in permanent sort of financing posture and be very comfortable at HEICO with the cash generation that we have.

我認為，作為一種現狀，我們希望槓桿率保持在 2 倍左右。對我們來說，那是個很舒適的地方。目前，我們的永久債務，或者說我們的債券，大約是 EBITDA 的 1 倍。非常舒適。我認為我們或許可以以某種永久性的融資姿態承擔兩輪債務，並且憑藉我們現有的現金流，在 HEICO 會感到非常安心。

Got it. And then maybe just one last one for me. And -- how's it working on -- you guys had mentioned last year about doing PMA parts for defense. How's that going? Is there any progress on that front?

知道了。最後，也許我還能再來一杯。還有——進展如何？ ——你們去年提到要生產用於國防的PMA零件。進展如何？這方面有進展嗎？

Ron, this is Eric. So yes, there has been progress on that front. But as we always said, it was really going to be more of a medium-term project. As you know, it takes a little bit of time for the government to do all the stuff that they got to do, but we think that there's a very, very big opportunity there for us, and we're quite excited about it.

羅恩，這是埃里克。是的，這方面已經取得了一些進展。但正如我們一直所說，這實際上更像是一個中期專案。正如您所知，政府需要一些時間來完成他們必須做的所有事情，但我們認為這對我們來說是一個非常非常大的機會，我們對此感到非常興奮。

Got it. Great. Thank you, all.

知道了。偉大的。謝謝大家。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. Eric, you talked a little bit about defense and missile defense. If I remember correctly, defense in space is roughly about a quarter of the FSG segment. Do you see that mix changing much, just given all the growth you're highlighting?

結果不錯。艾瑞克，你剛才談到了國防和導彈防禦。如果我沒記錯的話，太空防禦大約佔FSG部分的四分之一。鑑於你提到的所有成長，你認為這種組合會發生很大變化嗎？

I think actually, it's going to probably remain pretty consistent because we have so much growth over on the commercial side that they're doing a great job keeping up with the huge growth over on defense. So I think it's probably going to be somewhat consistent going forward. But I do think that there are massive opportunities for us over on the defense side.

我認為實際上，這種情況可能會保持相當穩定，因為商業方面成長如此迅猛，他們做得很好，能夠跟上國防的巨大成長。所以我認為未來可能會保持相對穩定。但我認為我們在防守方面有很大的機會。

And as these -- as our customers become more familiar with our broad capabilities -- and by the way, not only our long-time large defense customers who we continue to support and have a great relationship with, but also the defense tech community, we're doing a lot of work for those guys as well and delivering huge value. We've got design capability, manufacturing capability across a very wide array of products. We're able to solve all sorts of complex problems for them. And so I think that that's just going to continue to be a big opportunity for us, along with the launch business.

隨著我們的客戶越來越熟悉我們廣泛的能力——順便說一句，不僅是我們長期以來一直支持並保持良好關係的國防大客戶，還有國防科技界，我們也為他們做了很多工作，並創造了巨大的價值。我們擁有設計能力和製造能力，產品種類非常廣泛。我們能夠為他們解決各種複雜的問題。所以我認為這將繼續成為我們的一大機遇，就像產品上市業務一樣。

We've grown -- we don't -- we're very careful at HEICO, we don't talk about specific programs, specific customers, because, frankly, we don't want to give a road map to our competitors on what we're doing. And we say, just look at our results. But I can tell you that there have been very well-known companies coming into HEICO, into our specialty products group, into our other manufacturing businesses, asking to help solve some of this country's major, major problems. And we've -- really, I'm super proud of our team. So I think there's a big opportunity there.

我們發展壯大了——我們沒有——在 HEICO，我們非常謹慎，我們不談論具體的項目、具體的客戶，因為坦白說，我們不想給競爭對手提供我們正在做的事情的路線圖。我們說，看看我們的結果就知道了。但我可以告訴你們，已經有一些非常知名的公司來到 HEICO，進入我們的特種產品集團，進入我們的其他製造業務，請求幫助解決這個國家的一些重大問題。我真的——我為我們的團隊感到無比自豪。所以我認為這裡蘊藏著巨大的機會。

I appreciate the color. Maybe, Eric and Victor, you can both comment on maybe Golden Dome, just how you see HEICO's business kind of positioned. Obviously, there's been a lot in the classified circles and behind the scenes, not much public. How do you view the opportunity set for HEICO?

我喜歡這個顏色。或許，艾瑞克和維克多，你們兩個可以就金穹頂發表一下看法，說說你們如何看待 HEICO 的業務定位。顯然，機密圈和幕後發生了很多事，但公開的資訊不多。您如何看待 HEICO 的發展機會？

This is Victor. It's a good question. Obviously, we're excited by it. Golden Dome consists of a number of existing programs, and from what we understand, because it's not, I think intentionally, so it's not entirely publicly defined or maybe not entirely that we can discuss on a public call. But you have the existing programs on which we have great presence, and have had for years, some of which Eric is alluding to in his comments, but the same in both, by the way, both ETG and FSG within the business.

這是維克多。這是個好問題。顯然，我們對此感到興奮。金頂大廈由許多現有項目組成，據我們了解，因為它並非（我認為是故意的）完全公開定義，或者也許我們無法在公開電話會議上討論它。但是，我們已經擁有一些現有的項目，並且多年來一直佔據著重要地位，埃里克在他的評論中也提到了其中一些項目，順便說一句，ETG 和 FSG 在業務方面的情況都是一樣的。

And then there's a lot of reconnaissance, surveillance, tracking that's being added to it, and networking it together. And a number of our businesses have been told that some of the things they're working on, some of the development contracts they've been getting are related to that, without being able to go into the specifics on each one of those programs, of course. And subsidiaries, we'll take our customers at their word, there is no order that comes in at the top that says Golden Dome Department, right?

此外，還增加了大量的偵察、監視、追蹤功能，並將它們聯網在一起。我們已告知多家企業，他們正在進行的一些專案、他們獲得的一些開發合約都與此有關，當然，我們無法透露每個專案的具體細節。至於子公司，我們會相信客戶的話，不會有上級下達「金頂部門」的命令，對吧？

So we will have to judge as we go down the road how much it will be. But it's definitely additive and we're definitely excited about it. And we, of course, think it's the right thing to do for the country given the success, for example, of Iron Dome. And a number of our companies have components on a number of the Iron Dome constituent parts.

所以，我們只能邊走邊判斷最後會花多少錢。但這絕對是一種加分項，我們對此感到非常興奮。當然，鑑於「鐵穹」系統的成功，我們認為這對國家來說是正確的做法。我們公司的許多產品都參與了「鐵穹」防禦系統的多個組成部分。

Terrific. Thanks again, guys. Happy holidays.

了不起。再次感謝各位。節日快樂。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Very nice results. Maybe, Eric, just to start, you've grown FSG margins pretty substantially, about 300 basis points from '21 to -- or '22 to '25. I can appreciate part of that's been mixed with Wencor. You've also seen some opportunities on pricing in other areas. How do we think about FSG margins into fiscal '26 and beyond? And is there any reason we don't see a continued pace of improvement?

結果非常好。艾瑞克，或許可以先說，你已經大幅提高了 FSG 的利潤率，從 2021 年到——或者從 2022 年到 2025 年，大約提高了 300 個基點。我能理解其中一部分與溫科爾（Wencor）的理念融合在一起。您也看到了其他領域的一些定價機會。我們該如何看待 FSG 在 2026 財年及以後的利潤率？我們為什麼看不到持續的改善步伐呢？

Ken, so thank you for your question. And yeah, I would -- while we don't give guidance, you're right, we've grown margins substantially. And at the same time, the thing that I'm really proud about is we've kept our customers very happy at that -- while doing that simultaneously.

肯，謝謝你的提問。是的，我會這麼說——雖然我們不提供業績指引，但你說得對，我們的利潤率已經大幅成長。同時，我真正引以為傲的是，我們在做到這一點的同時，也讓我們的客戶非常滿意。

I do think there's continued margin opportunity for us, continued margin expansion as we have basically greater absorption of our, what I'll call, our fixed costs, whether it's in cost of sales or SG&A. I do think that we've got additional leverage there. We've made a number of significant investments over the last number of years to broaden our manufacturing and design and distribution capabilities. And so I think we'll continue to see improved margins there.

我認為我們有持續的利潤空間，利潤空間將持續擴張，因為我們基本上能夠更好地吸收我們所謂的固定成本，無論是銷售成本還是銷售、一般及行政費用。我認為我們在這方面還有額外的籌碼。過去幾年，我們進行了許多重大投資，以擴大我們的製造、設計和分銷能力。所以我認為我們會看到那裡的利潤率繼續提高。

It's hard for me to guess what that is because the truth is I really don't know. As I mentioned, I think, before, we've got this great decentralized organization and they all submit budgets, which tend to be on the, let's just say, very conservative side. So it's very hard for me to predict going forward what it's going to be. But I just know that at the end of the day, they end up outperforming.

我很難猜到那是什麼，因為說實話，我真的不知道。正如我之前提到的，我認為，我們有一個很棒的去中心化組織，他們都會提交預算，這些預算往往比較保守。因此，我很難預測未來會發生什麼事。但我知道，最終他們一定會取得更好的成績。

So I think Carlos may have some additional thoughts on that.

所以我認為卡洛斯可能對此還有一些其他的想法。

Are you hiking the football, Tommy?

湯米，你在帶球跑嗎？

I am.

我是。

Ken, so here's the deal. I continue to believe that the FSG is going to play between 23.5% and 24.5% GAAP operating margins. And the reason that I have kind of a wide sort of vector there is because we have noticed and talked about some mixed impacts on the margin, particularly specialty products and repair and overhaul. So historically, the FSG margin store has always been about volumes.

肯，事情是這樣的。我仍然認為FSG的GAAP營業利潤率將在23.5%至24.5%之間。我之所以對這個問題有比較廣泛的關注，是因為我們已經注意到並討論了一些對利潤率的複雜影響，特別是對特種產品、維修和大修的影響。因此，從歷史上看，FSG 利潤空間一直與交易量有關。

So until that mix sort of settles down a little bit, it's kind of hard to tighten that up. But I think you could expect between those ranges. And hopefully, we'll be towards the high end of that. And there'll be reasons that are quarter-specific, if we're not. But I think that's the range you should expect.

所以，在這種混合狀態稍微穩定下來之前，很難把它調整得更完美。但我認為預期結果應該在這個範圍內。希望我們能接近這個目標的上限。如果沒有，那也會有針對特定季度的具體原因。但我認為這就是你應該預期的價格範圍。

That's helpful, Carlos. Thank you. And if I could, Eric, just one more question. It seems like each time this year we have a debate around better deliveries out of Boeing and Airbus and the implications of what that could mean for aftermarket spending. Can you just comment on what you're seeing with airlines today as they think about 2026 around aircraft retirements, obviously fuel prices are low, continued use of legacy or older assets. Just what's your view on aftermarket fundamentals into 2026?

那很有幫助，卡洛斯。謝謝。艾瑞克，如果可以的話，我還能問最後一個問題。今年似乎每次我們都會討論波音和空中巴士能否提高交付量，以及這可能對售後市場支出產生的影響。您能否就航空公司目前在考慮 2026 年飛機退役問題時的一些情況發表一下看法？顯然，目前燃油價格較低，航空公司可能會繼續使用老舊或過時的資產。您認為2026年，汽車後市場的基本面會如何發展？

Yeah, it's a great question. And we've got the utmost respect for Boeing and Airbus. And we think that -- as well, of course, Embraer. And we think that they're going to get a lot of the supply chain issues worked out. These are phenomenal companies that put out the best products, unbelievable products, and the world really needs them, and they will get all those -- their situation worked out.

是的，這是一個很好的問題。我們對波音和空中巴士都抱持著最高的敬意。我們認為——當然，巴西航空工業公司也是如此。我們認為他們會解決很多供應鏈問題。這些都是非常優秀的公司，它們生產最好的產品，令人難以置信的產品，世界真的需要它們，而且它們會解決所有這些問題——它們的處境會好起來的。

So then the question is what happens to the rest of the aftermarket there on the order aircraft. And we think that the order aircraft will continue to be in very good demand. You can see what the retirement rates have been. And again, you've got this older fleet that is a very large fleet, which is continuing to age one year per year and consume a massive amount of parts. So we think that we're in very good position.

那麼問題來了，訂購飛機的其餘售後市場會發生什麼變化？我們認為，訂單飛機的需求將繼續非常旺盛。您可以查看退休率數據。而且，這支老舊的艦隊規模非常龐大，每年都在不斷老化，消耗大量的零件。所以我們認為我們處於非常有利的地位。

Again, we're long-term investors, if you will, citizens, residents in the stock. And so if there's a dip, things move up and down a little bit, it doesn't change our view on it. So we're -- for us, we don't really look at the, if you will, the quarter to quarter and sort of the micro moves. We're looking out saying the airlines recognize that there's massive need coming down the road, they need more suppliers.

再說一遍，我們是長期投資者，可以說是股票的公民和居民。所以，即使出現下跌，價格小幅波動，也不會改變我們對它的看法。所以，對我們來說，我們並不太關注季度之間的變化和細微的波動。我們認為航空公司已經意識到未來將會有巨大的需求，他們需要更多的供應商。

We're there to fill that opportunity on both the independent side as well as the OEM align side, it's whatever our customers want. And so I think we're in a good position, but it should remain quite strong, to answer your question.

我們致力於滿足獨立廠商和 OEM 廠商的需求，一切都以客戶想要的為準。所以我認為我們處境不錯，而且應該會保持相當強勁的勢頭，回答你的問題。

Great. Thanks, Eric. Happy holidays, everybody.

偉大的。謝謝你，埃里克。祝大家節日快樂。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Maybe if I could start, and I want to give you guys condolences on Larry, because I think we're also lucky to have known him and he's impacted all of our lives in some ways.

如果我可以先說的話，我想對你們說聲拉里去世的哀悼，因為我覺得我們很幸運能認識他，他在某些方面影響了我們所有人的生活。

Maybe going back to the performance for '25, it's been (inaudible) the quarter as well. Eric, I wanted to ask you, I know everybody's harped on FSG growth and just because it's accelerated in the quarter. If you could give us any detail on maybe the parts of the business that you think will outperform as we head into fiscal '26. And also you've announced some pretty new transactions like EthosEnergy recently and another transaction. So can you talk about how those fit into the broader, both Wencor and the broader FSG?

或許回顧一下 2025 年的表現，那也是（聽不清楚）一個季度。艾瑞克，我想問你，我知道大家都在談論FSG的成長，而且只是因為本季成長加速。如果您能詳細說明您認為在進入 2026 財年時，公司哪些業務部分會表現出色，那就太好了。此外，你們最近也宣布了一些新的交易，例如 EthosEnergy 和另一筆交易。那麼，您能否談談這些是如何融入 Wencor 和 FSG 這兩個更廣泛的團體的？

Sure. I would be happy to. And Sheila, thank you also for the very nice comments about dad, and he always respected you and your fellow analysts and really enjoyed his time very much with you all. And so thank you for that.

當然。我很樂意。Sheila，也謝謝你對爸爸的美好評價，他一直都很尊敬你和你的同事分析師，並且非常享受和你們在一起的時光。所以，謝謝你。

As far as for the subsectors within Flight Support that are going to outperform, I mean, I'm sorry to sound like a broken record, but I think it's really across the board. It's in everything that we're doing. We're seeing strength across the board. So I wouldn't say that there's one area in particular. We are very excited -- you bring up Ethos, and we're very excited about that because they're strong in the IGT market.

至於飛行支援領域內哪些子領域會表現優異，我的意思是，很抱歉我老生常談，但我認為真的是各個領域都會有所進步。它貫穿我們所做的每一件事。我們看到各方面都表現強勁。所以我不會說有某個特定的領域。我們非常興奮——你提到了 Ethos，我們對此感到非常興奮，因為他們在 IGT 市場中很強大。

And of course, you've got all these industrial gas turbines, of which some are aeroderivatives, supporting the AI power demand. And there's, as you know, there's a massive amount of power that has to be created. And these IGTs are, industrial gas turbines, are expected to play a major role there.

當然，還有所有這些工業燃氣渦輪機（其中一些是航空衍生產品），它們滿足了人工智慧的電力需求。如你所知，這裡需要產生大量的電力。而這些工業燃氣渦輪機（IGT）預計將在那裡發揮重要作用。

So we think that we're in very, very good position to help Ethos continue to support their program. And we think that there is just a tremendous amount of opportunity. We like the people very much. They have three different facilities. It's a very decentralized organization, very entrepreneurial.

因此，我們認為我們處於非常有利的地位，可以幫助 Ethos 繼續支持他們的專案。我們認為這裡蘊藏著巨大的機會。我們非常喜歡這裡的人們。他們有三個不同的設施。這是一個非常分散、非常有創業精神的組織。

I think there's going to be a big increase in demand on the various components that they overhaul. And we think that it's just a great addition to Wencor. Wencor has been, as HEICO has been, Wencor has been very successful in their markets. And we allocate out the acquisitions according to bandwidth and who's got time and capacity to be able to take on these acquisitions.

我認為他們檢修的各種零件的需求將會大幅成長。我們認為這對 Wencor 來說是一個極好的補充。與 HEICO 一樣，Wencor 在各自的市場上都取得了巨大的成功。我們根據頻寬以及誰有時間和能力進行這些收購來分配收購任務。

We're really happy that Wencor has got the talent and the technical ability to help drive that business forward. And we think that we'd get very good performance out of it.

我們非常高興 Wencor 擁有推動這項業務發展的才能和技術能力。我們認為它會表現出色。

Can you, Eric -- thank you for that color. Can you maybe also talk about the axle on fuel containment business? Does that work with Robertson? How do you think about how that will fit into the framework? And can we think about annual revenues in the $125 million range for that one?

艾瑞克，謝謝你提供的這個顏色。您能否也談談燃料儲存業務的軸心問題？羅伯遜那邊能行嗎？您認為這將如何融入現有框架中？我們能否考慮一下該專案的年收入約為 1.25 億美元？

Well -- so this is Victor. The business is separate from Robertson. It's a supplier to Robertson, so Robertson has been a customer. I think working together, they can bring additional benefits to our customers and to the marketplace and make things, in fact, even more competitive for our customers. There's opportunity there.

嗯——這位就是維克多。這家公司與羅伯森無關。它是羅伯遜公司的供應商，所以羅伯遜公司一直是它的客戶。我認為，透過合作，他們可以為我們的客戶和市場帶來更多好處，實際上也能讓我們的客戶更具競爭力。那裡蘊藏著機會。

In terms -- we didn't break out the revenue from the business, so I'm being careful, of course, on that. And of course, when it closed, of course, if it closes, right, no deal is ever certain, but that timing issues and approvals and things like that that we've got to go through will also influence the amount of revenue that we recognize in fiscal '26.

就具體情況而言——我們沒有單獨列出該業務的收入，所以我當然會謹慎對待這一點。當然，交易何時完成，當然，如果交易最終完成的話，對吧，任何交易都不是確定的，但是時間安排問題、審批等等，這些都是我們必須經歷的，也會影響我們在 2026 財年確認的收入金額。

Got it. Sure. Sorry, Victor. I forgot Robertson was in the ETG. Thank you.

知道了。當然。對不起，維克多。我忘了羅伯森也在ETG隊裡。謝謝。

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

I wanted to -- I completely appreciate that we've gone away from annual guidance a long time ago in HEICO. But at the same time, every few years, you guys reiterate that 15% to 20% net income growth kind of multiyear target. And we've had a couple of years of amazing net income growth. And I'd just kind of offer the observation that consensus expectations are for a very sharp deceleration over the next few years.

我想說——我完全理解 HEICO 很久以前就放棄了年度業績指引。但同時，你們每隔幾年就會重申15%到20%的淨收入成長這一多年目標。過去幾年，我們的淨收入實現了驚人的成長。我只想指出，市場普遍預期未來幾年經濟成長將急劇放緩。

And I just wanted to kind of revisit this idea, take the temperature. How do you feel about 15% to 20% as sort of the multiyear growth number from here a target? And is there anything that you're seeing that suggests a sharp deceleration in growth rates is likely?

我只是想重新檢視這個想法，看看大家的反應如何。您覺得將未來幾年的成長目標設定在 15% 到 20% 呢？你觀察到的任何跡象表明經濟成長率可能會急劇放緩嗎？

So John, first of all, thank you very much for your question. This is Eric. I'd be happy to answer that. As you know, the 15% to 20% has always been an aspirational number. The company is designed in a decentralized way, but rolling up into groups.

約翰，首先非常感謝你的提問。這是埃里克。我很樂意回答這個問題。如你所知，15%到20%一直是個令人嚮往的數字。該公司採用去中心化設計，但又以小組形式運作。

So we can harness the individual and entrepreneurial efforts of our people in the businesses and combine them with technology, market access, capital that the larger groups bring.

因此，我們可以利用員工在企業中的個人和創業精神，並將其與大型集團帶來的技術、市場准入和資本結合。

So I can tell you that all of the subsidiaries have organic growth targets that are consistent with the numbers that you mentioned. And we believe that on the acquisition side, we are in a very good position and continue to be the buyer of choice.

我可以告訴你，所有子公司的有機成長目標都與你提到的數字一致。我們相信，在收購方面，我們處於非常有利的地位，並將繼續成為首選買家。

The important -- obviously, the important metric for us is EBITDA, which is really operating income plus intangibles amortization due to purchase accounting, because that's really a made-up number, if you will. But I think in terms of growing our [EBITDA], nothing has changed going forward. Obviously, as we get bigger, it may become more difficult. But of course, as we've gotten bigger, we've hit the numbers and it's become easier.

顯然，對我們來說最重要的指標是 EBITDA，它實際上是營業收入加上因收購會計處理而產生的無形資產攤銷，因為這實際上是一個人為設定的數字。但我認為，就我們[EBITDA]的成長而言，未來不會有任何改變。顯然，隨著我們規模的擴大，這可能會變得更加困難。當然，隨著我們規模的擴大，我們達到了目標數字，事情變得容易了。

So all I can tell you is we remain very focused and I think we're in a good position going forward. As far as giving guidance -- for us to give guidance, as I've mentioned, is very difficult because our subsidiaries tend to give very conservative guidance to us and then we have to add a number on top of that, and who knows what that number is going to be. But I can tell you, Victor and I spend a lot of time out in the field with our businesses. We're aware of all the technology they're developing. Carlos is out there as well.

所以我只能告訴你們，我們仍然非常專注，我認為我們未來處於有利地位。至於給出業績指引——正如我之前提到的，這對我們來說非常困難，因為我們的子公司往往會給我們非常保守的業績指引，然後我們還要在此基礎上加上一個數字，而誰知道這個數字會是多少呢？但我可以告訴你，我和維克多花了很多時間在業務第一線。我們了解他們正在開發的所有技術。卡洛斯也在那裡。

And I think the future is going to be very good for us, and we're going to continue to outgrow the market. So nothing has changed with our focus on outgrowing the market.

我認為我們的未來會非常美好，我們將繼續超越市場成長。因此，我們專注於超越市場成長的策略仍然沒有改變。

Right. So despite a few great years above that range, it sounds like you don't see it likely that we're below that range for a number of years going forward. It sounds like the algorithm is still intact as far as you can tell.

正確的。所以，儘管有幾年業績遠超該範圍，但聽起來你認為未來幾年我們不太可能低於這個範圍。聽起來演算法似乎仍然完好無損。

Well, as I mentioned, look, those numbers are aspirational numbers. I think 15% is a great aspirational number. And we're working very hard to make that happen. Again, we don't provide guidance, so I want to be very careful what I say, but we are -- everything here at HEICO is structured to continue this growth.

正如我之前提到的，這些數字只是理想目標。我認為15%是一個很好的目標數字。我們正在努力實現這一目標。再次聲明，我們不提供指導，所以我說話要非常謹慎，但我們HEICO的一切架構都是為了繼續保持這種成長動能。

John, this is Carlos. Let me refer you to history here. We've done for 35 years, compounded our bottom line at 18%. So we've proven that we can do it. Every year, we sit down, we do our budgets, we look at the performance, the atmospherics in the markets, and we shoot for (technical difficulty) it becomes more challenging. But as we look out over the next three to five years, I don't see anything impeding those aspirational goals. That's what we target as a group, as a Board, and as a company to grow. So I think that's all intact.

約翰，這位是卡洛斯。這裡我需要引用歷史來佐證。35年來，我們一直這樣做，使我們的利潤增加了18%。所以我們已經證明我們能做到。每年，我們都會坐下來，制定預算，審視業績、市場氛圍，並設定目標（技術難度），這變得越來越具有挑戰性。但展望未來三到五年，我認為沒有任何因素會阻礙這些遠大目標的實現。這就是我們作為一個團隊、一個董事會和一個公司努力實現的目標。所以我覺得一切都完好無損。

And also, I would just add to what Carlos said. When you look at our leverage, roughly 1.5 times, I mean, we've got tremendous ability to make acquisitions. I mean, when you generate, what was the number, $934 million from operations, I mean, the cash is really very, very strong. And we're able then to take that cash and go buy other entrepreneurial businesses where people want to be part of HEICO. So there's no change to our program.

另外，我還要補充一下卡洛斯剛才說的話。從我們的槓桿率來看，大約是 1.5 倍，這意味著我們擁有強大的收購能力。我的意思是，當你的營運收入達到 9.34 億美元時，現金流真的非常非常強勁。這樣我們就可以把這些資金用來收購其他創業企業，讓人們願意成為 HEICO 的一份子。所以我們的專案沒有任何改變。

Very clear. Thank you, guys.

非常清楚。謝謝大家。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Those were nice comments about your father. It was great to be able to work with him.

那些對你父親的評價真好。能和他一起工作真是太好了。

Just staying on these FSG margins a bit, Carlos, you talked about mix. I guess when we look at the incremental being better in '25 than '24, are you able to parse out the pieces of that? How much of it was that mix, and can you tell us what those mix items are and what you expect them to do next year, and how much of it was any change in pricing philosophy?

卡洛斯，我們再稍微討論一下 FSG 的利潤率，你剛才提到了組合。我想，當我們比較 2025 年的增量比 2024 年的增量時，你能分析出其中的各個組成部分嗎？其中有多少是產品組合造成的？你能告訴我們這些產品組合都包含哪些產品，以及你預計它們明年的表現如何嗎？定價理念的改變又造成了多大的影響？

So the price part of that, we'd probably get, Noah, 2 or 3 points' worth of price in our numbers every year. Now we're basically covering our labor inflation. I mean, raw materials for us is a lower piece of the overall build material. So the concerns we have around here really are labor inflation, and we seem to be getting enough price out of our customers to cover that and still provide them with great value and make them feel like the value proposition is huge with HEICO to do business with us.

所以價格部分，諾亞，我們每年可能會在數據中得到 2 到 3 個點的價格。現在我們基本上可以抵銷勞動成本上漲的影響。我的意思是，對我們來說，原料只是整體建築材料中佔比很小的一部分。因此，我們這裡真正擔心的是勞動成本上漲，而我們似乎已經從客戶那裡獲得了足夠的價格來彌補這一成本，同時仍然為他們提供巨大的價值，讓他們覺得與 HEICO 做生意物有所值。

The components of the mix -- so I would say this. We've noticed a nice increase in the gross margin with our repair and overhaul business. And most of that has been attributed to heavier PMA and DER repairs that we've been doing this year. I would say the mix shift there has been a little bit more favorable towards the PMA and DER. We've also expanded our avionics repairs quite a bit this year.

混合物的組成部分——所以我想這麼說。我們注意到維修和大修業務的毛利率有了顯著提高。其中大部分歸因於我們今年進行的更繁重的 PMA 和 DER 維修工作。我認為那裡的組合變化已經稍微有利於 PMA 和 DER 了。今年，我們的航空電子設備維修業務也大幅擴展。

So those components there have had a positive lift in the gross margin, and repair and overhaul, which has translated into the overall segment margin. I'd also say that within specialty products -- the core of that business, if you spun the clock back five or six years or so ago, it was really a commercial OE play, pre-COVID, let's say. It was all about seats and thermal blankets and insulation and things like that.

因此，這些組成部分對毛利率和維修和大修業務都產生了積極的提升，從而提高了整個業務部門的利潤率。我還要說，在特種產品領域——也就是該業務的核心領域——如果你把時間倒回五、六年前，比如說在新冠疫情之前，它實際上是一種商業化的原始設備製造商 (OE) 模式。一切都圍繞著座椅、保暖毯、隔熱材料之類的東西。

What we've noticed post-COVID is a real uptick, and Eric has talked about it earlier, in the defense business we have there, whether it's missile hardware, whether it's drone hardware and things like that, structural pieces that we're making. And that shift towards more of a heavier defense play within specialty products rather than the commercial OE has had a little bit of an improvement on the margins.

新冠疫情後，我們注意到國防業務出現了真正的增長，埃里克之前也談到過這一點，無論是導彈硬體、無人機硬體還是其他類似的東西，以及我們正在製造的結構部件。這種從商業原廠配套轉向專業產品中更注重防禦的趨勢，在利潤率方面取得了一些改善。

So I think those two things have helped. And then, of course, our parts business has been off the charts. It's been growing at a tremendous pace, outgrowing the other verticals. And as that business continues to outperform, it absorbs a lot of the fixed cost that Eric has talked about earlier. It does have a little bit of a, I guess, an efficiency play within our SG&A and our fixed cost spend.

所以我覺得這兩件事起到了幫助作用。當然，我們的零件業務也取得了驚人的成功。它的發展速度驚人，已經超過了其他垂直領域。隨著該業務持續取得優異業績，它吸收了艾瑞克之前提到的許多固定成本。我想，這確實在某種程度上提高了我們的銷售、一般及行政費用和固定成本支出的效率。

So those are really the key contributors to the FSG. Most of that is very durable, Noah. I mentioned earlier on the margins, I kind of said 23.5%, 24.5%, it's kind of a wide spread on my expectation. But it is because mix can play heavy or light in any one particular quarter. So I'll be able to narrow that down as we get further into next year and the year after and then see how the mix footprint plays out.

所以這些就是FSG的主要貢獻者。諾亞，其中大部分都很耐用。我之前提到過利潤率，我大概說的是 23.5%、24.5%，我的預期範圍比較廣。但這是因為混音可以在任何特定的四分之一區域內發揮重音或輕音的作用。所以，隨著我們進入明年和後年，我將能夠縮小範圍，然後看看混合佈局的效果如何。

But, Noah, it's all been positive. I think it's very durable margin improvements. And as we continue to grow, I think we can eke out small improvements just on our leverage and our fixed costs, 20, 30 bps a year, something like that. So all positive, Noah. I don't see anything that's like one-time or not durable.

但是，諾亞，一切都是正面的。我認為這是非常持久的利潤率提升。隨著我們不斷發展，我認為我們僅憑槓桿和固定成本就能實現小幅改進，每年 20 到 30 個基點，差不多就是這樣。所以一切都很順利，諾亞。我沒有看到任何一次性或不耐用的東西。

Okay, that's a really helpful color. Yeah, I mean, I think obviously you want to have some conservatism in what you're saying about the forward, but your -- the operating margin is still pretty far below the gross margin. So just all else equal, if you're growing volumes, you would have your normal incrementals and be able to just expand margins over time. Obviously, it's not always all else equal, but okay.

好的，這真是一個很有用的顏色。是的，我的意思是，顯然你在談論未來時應該保持一些保守態度，但你的——營業利潤率仍然遠低於毛利率。所以，在其他條件相同的情況下，如果你的銷售量在成長，你就會獲得正常的增量，並且能夠隨著時間的推移擴大利潤率。顯然，這並非總是意味著其他條件都相同，但好吧。

Can you size how much revenue you generate from missile and missile defense?

您能估算一下導彈和導彈防禦系統能為您帶來多少收入嗎？

Well, we don't size it. If you look in our public filings, you'll see that within the FSG, we do break out specialty products in our defense business. You can see how that business has grown, but we, for competitive reasons, don't size it.

我們不負責測量尺寸。如果你查看我們的公開文件，你會發現，在FSG內部，我們確實將國防業務中的特種產品單獨列出。你可以看到這家公司發展得有多快，但出於競爭原因，我們不對其進行規模評估。

Okay. And then how do you expect capital deployed towards acquisitions in '26 to compare to '25, size-wise?

好的。那麼，您預期 2026 年用於收購的資本規模與 2025 年相比會如何？

I mean, Eric and Victor like to buy every shiny object they can get their hands on. So I expect that we'll continue at that pace. But look, we have -- we're not capital constrained, Noah, and we have a tremendous opportunity set in front of us. We're able to be very selective at this point in time on what we deploy capital on, which is a good thing, and that the basket of opportunities is as big as it's ever been. So I think we probably should have a repeat of what we did last year into '26, would be my hope and my expectation.

我的意思是，艾瑞克和維克多喜歡買下他們能拿到手的每一個閃閃發光的東西。所以我預計我們會繼續保持這個速度。但你看，我們──我們並不缺乏資金，諾亞，而且我們面前擺著一個巨大的機會。目前，我們可以非常有選擇性地投資哪些領域，這是一件好事，而且投資機會也比以往任何時候都多。所以我認為我們應該在 2026 年重現去年的輝煌，這是我的希望和期望。

But again, you never know. And remember, we are guided by -- we want to grow 15% to 20% bottom line. It is a controlled growth strategy. So that guides us, but we do not walk away from extraordinarily good opportunities for our shareholders. So in the event that we outgrow that metric, it's because we had great opportunities in the acquisition front that we just couldn't pass on, right? And so that will also guide our thinking on how we deploy the capital.

但話說回來，誰也說不準。記住，我們的指導原則是──我們希望能實現15%到20%的利潤成長。這是一種可控成長策略。因此，這指導著我們的決策，但我們不會放棄對股東而言極為有利的絕佳機會。所以，如果我們超越了該指標，那是因為我們在收購方面有絕佳的機會，我們不能錯過，對吧？因此，這也將指導我們如何部署資金的思考。

And Noah, just also to add a little bit of color why we're so optimistic on the acquisition front. I mean, if you look, we're leveraged at 1.5 times. So we've got -- we're under --

諾亞，我還要補充一點，解釋為什麼我們對收購方面如此樂觀。我的意思是，你看，我們的槓桿是 1.5 倍。所以我們現在——我們處於劣勢。--

1.6.

1.6.

1.6. So we're underleveraged. We've got plenty of firepower. Our businesses generate a lot of cash. Just putting that cash to work is a big task. We've done 110 -- our commercial, we've done 110 acquisitions.

1.6. 因此，我們的槓桿率偏低。我們火力充足。我們的業務能創造大量現金流。讓這筆錢發揮作用本身就是一項艱鉅的任務。我們已經完成了 110 筆——我們的商業收購，我們已經完成了 110 筆收購。

We are experienced. We know what's important. We know how to motivate people. We've got dozens of entrepreneurs for sellers to speak with, explain why HEICO is the best home they could possibly imagine. And frankly, we've got an incredible acquisitions team, which is out there pounding the pavement, working really hard, making sure that we're in every process and we -- we're constantly talking to people.

我們經驗豐富。我們知道什麼才是最重要的。我們知道如何激勵員工。我們安排了數十位企業家與賣家交談，向他們解釋為什麼 HEICO 是他們能想像到的最好的家。坦白說，我們擁有一支非常出色的收購團隊，他們四處奔走，努力工作，確保我們參與到每個流程中，而且我們一直在與人們交談。

And we're talking to them years in advance of when they want to possibly sell their company. Somebody may be interested in a liquidity event 10 years from now. That's no problem, because there are so many points of contact at HEICO where we can start working with them and connecting them to the HEICO system and help their businesses, help our businesses. And when they're ready, they're ready.

我們與他們洽談的時間比他們可能出售公司的時間提前了好幾年。或許有人會對10年後的流動事件感興趣。這沒問題，因為 HEICO 有許多聯絡點，我們可以從中與他們合作，將他們連接到 HEICO 系統，幫助他們的業務，也幫助我們的業務。當他們準備好的時候，他們就準備好了。

So I think we're in great -- really great positioning there. And if you look, so many of the businesses that we buy were not available to sell for other people to other people. They didn't -- they were not interested in selling. They were only interested in selling to HEICO. And actually, Gables Engineering is a perfect example of that, where this business was sought after by so many people in the industry and they only spoke to HEICO.

所以我覺得我們處於非常有利的位置。而且如果你仔細觀察，你會發現我們收購的許多企業原本是無法賣給其他人的。他們沒有——他們對出售不感興趣。他們只對賣給 HEICO 感興趣。事實上，Gables Engineering 就是一個完美的例子，業內很多人都想與這家公司合作，但他們只與 HEICO 接洽。

And of course, they got a very full price, so -- but they only spoke to HEICO, and they wanted to make sure that they were able to continue their growth, and HEICO is able to do that.

當然，他們也拿到了全價，所以——但他們只和 HEICO 談過，他們想確保自己能夠繼續發展，而 HEICO 能夠做到這一點。

I appreciate all the detail. Thank you so much.

我很欣賞您提供的所有細節。太感謝了。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli 基金。

Obviously, pass along my condolences to Mr. Mendelson. He really was the best of the best and he's going to be sorely missed here at Gabelli.

當然，請代我向孟德爾頌先生表達慰問。他真的是最優秀的球員，加貝利學院將會非常想念他。

With the Ethos acquisition, like you discussed, it's sort of in one way is sort of going outside your scope of traditional M&A, but another way, obviously, there's a lot of adjacencies. Is -- with the backdrop of the amount of strong growth looking into -- going forward, is there maybe a sort of a new world order or a new outlook on where you would go across aerospace in a sense or maybe other areas of high growth?

正如你所說，收購 Ethos 這件事，一方面似乎超出了傳統併購的範圍，但另一方面，顯然也有很多相似之處。鑑於目前強勁的成長勢頭，展望未來，航空航太領域或其他高成長領域是否會形成某種新的世界秩序或新的發展方向？

Maybe you could talk about -- there's so many opportunities out there, and as a sense, whether you're seeing strength there. Maybe you could talk about anything that could be outside your typical adjacencies.

或許你可以談談——外面有很多機會，從某種意義上說，你是否看到了其中的優勢。或許你可以談談任何與你平常的關注點無關的話題。

Sure. Tony, so first of all, thank you very much for your nice comments about dad, and he always enjoyed his time with you and Mario and held you in the highest regard, both of you.

當然。東尼，首先非常感謝你對爸爸的讚揚，他一直都很享受和你以及馬裡奧在一起的時光，並且非常尊敬你們倆。

And as far as Ethos, we really like the IGT area. We've been in the IGT area through a number of our businesses for a number of years -- for decades. And we like growing, as we say, into adjacent white spaces where we understand the technology, whether it's the engineering or the operations of the turbine, whether it's the manufacturing or the repair technology, distribution. We think that there's a lot of point of commonality.

至於 Ethos，我們非常喜歡 IGT 區域。多年來，我們透過旗下多家企業在 IGT 地區開展業務——長達數十年之久。正如我們所說，我們喜歡發展到相鄰的空白領域，在那裡我們了解相關技術，無論是渦輪機的工程設計還是運行，無論是製造技術還是維修技術，以及分銷。我們認為兩者有許多共同點。

It's not -- some of them are aeroderivatives so they're very, very similar to the aero side. But other ones are pure industrial gas turbines, very, very large machines. And we think that we understand that space quite well. There's going to be a lot of tailwind for a long period of time. We think we can add a lot of value.

並非如此——其中一些是航空衍生產品，所以它們與航空方面非常非常相似。但其他則是純粹的工業用燃氣渦輪機，是非常非常龐大的機器。我們認為我們對這個領域有相當深入的了解。未來很長一段時間內，都會有強勁的順風。我們認為我們可以創造很多價值。

Our initial approach there is to go into that market with a very much OEM aligned strategy, and try to continue to develop and grow that. But we think it's just another very good business for us to enter.

我們最初的做法是採取與 OEM 高度契合的策略進入該市場，並努力繼續發展壯大。但我們認為這對我們來說又是一個非常好的商機。

And Tony, this is Victor. Adding to that, that's really been our history. If you look back over time, when we started out and we took over HEICO, it essentially had one product, right, the combustion chamber and the JT8D engine, and PMA part, that was it for the most part, and did some machining and milling. And over the years, we've stepped very carefully, but I think very intentionally and successfully into, as Eric would say, these white space adjacencies, and it's worked out very nicely.

東尼，這位是維克多。除此之外，這其實就是我們的歷史。回顧過去，當我們起步並接管 HEICO 時，它基本上只有一種產品，對吧，那就是燃燒室、JT8D 引擎和 PMA 零件，基本上就是這些，我們只做一些機械加工和銑削。多年來，我們非常謹慎地，但我認為也是有意識地、成功地進入了艾瑞克所說的這些空白領域，而且效果非常好。

So our product offering today is vastly expanded. It doesn't look anything like it used to but it's happened over time. The saying about boiling the frog is, in a sense, applicable here, that we just do this carefully, slowly, a lot of singles and doubles, no bet the company situations, but we just keep at it.

因此，我們今天的產品種類已大大擴展。現在它的樣子和以前完全不一樣了，但這是隨著時間的推移而發生的。從某種意義上說，溫水煮青蛙的諺語在這裡也適用，我們只是小心翼翼、慢慢地做這件事，做很多單打和雙打，不冒險，但我們堅持不懈。

And so I would expect we'll continue doing that. We don't have any other specifics or data that we can share at this point on exactly where we're going, but you can rest assured that they will be sensible and they will be somehow connected to what we're already doing.

因此，我預計我們會繼續這樣做。目前我們還沒有其他具體細節或數據可以分享，但您可以放心，我們的計劃將是合理的，並且會與我們正在做的事情有所關聯。

That's great. Thanks so much.

那太棒了。非常感謝。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Condolences again to your family and company for your [father] and Chairman. We look forward to you keeping the legacy alive by preserving the culture.

再次向您的家人和公司致以慰問，哀悼您的父親和董事長。我們期待您透過保護文化來傳承這項傳統。

Thank you. And Jon, we've known you a long time. He always admired you back when you were at Fidelity, and we appreciate your confidence and your comments.

謝謝。喬恩，我們認識你很久了。他一直很欣賞你，尤其是在你在富達工作的時候，我們感謝你的信任和評價。

So I wanted to ask, Eric, you've constantly characterized PMA for military as this medium-term opportunity. But there's been lots of executive orders and directives and we had, in particular, a pretty spirited opening statement at AUSA by the Secretary of Army, specifically about parts. So just could you give us a sense of what's really changing? Is the opportunity for you being pulled forward?

所以我想問，艾瑞克，你一直把軍事人員的 PMA 描述為一個中期機會。但已經出台了很多行政命令和指示，特別是陸軍部長在 AUSA 會議上發表了一篇非常振奮人心的開幕致辭，專門談到了零件問題。那麼，您能否為我們介紹一下究竟有哪些變化呢？你是否正面臨被推向的機會？

And then maybe talk about the difference between qualifying a PMA part for military aircraft relative to commercial? Is it longer or more complicated?

然後或許可以討論一下軍用飛機和商用飛機的 PMA 零件認證之間的差異？它更長還是更複雜？

So look, the US operates a lot of -- US military operates a lot of commercial derivative aircraft, and these a lot of these parts and repairs have been approved by the FAA. And there's no reason the government shouldn't be taking advantage of them. So we think that, sort of big picture, that's where the opportunity exists.

所以你看，美國運作很多——美國軍方運作著許多商用衍生飛機，而這些飛機的許多零件和維修都已獲得美國聯邦航空管理局的批准。政府沒有理由不利用他們。所以我們認為，從大局來看，機會就在這裡。

As you know, the gap between what comes out, as they say in the -- with the senior people in the building versus what ends up getting done sometimes can take a fair amount of time. And I think this administration is very focused on getting that done. We have to get that done. And so that's why we're very bullish on the opportunity.

如你所知，高層人士提出的想法與最終實際完成的事情之間，有時會存在相當大的差距。我認為本屆政府非常重視完成這項工作。我們必須完成這件事。所以，這就是我們非常看好這個機會的原因。

I hate to provide super detail into what we're working on because we do have competitors in everything we do. I don't like giving them a road map. But we do think that there is very good -- there continues to be very, very good opportunity. And now it's up to the government to really execute on that. And I think that as they execute, the opportunity will be very rewarding for HEICO.

我不想透露太多我們正在進行的工作的細節，因為我們在任何領域都有競爭對手。我不喜歡提供他們路線圖。但我們認為，機會依然非常非常好。現在就看政府能否真正落實這些措施了。我認為，隨著他們的執行，HEICO 將獲得非常豐厚的回報。

Thank you. Good luck with the new year.

謝謝。祝您新年快樂。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Carlos, just to clarify your response to Noah's question, are the specialty products gross margins generally higher or lower than the gross margins in the other submarkets at FSG?

卡洛斯，為了澄清你對諾亞問題的回答，FSG 的特種產品毛利率通常高於還是低於其他子市場的毛利率？

It's a good question. We don't get into vertical margin profiles. I would say that, obviously, our -- we said over the years, obviously, our PMA business is our highest-margin business. But the other verticals within the FSG all float around the average margin of the segment. So that's about the best I could do for you.

這是個好問題。我們不討論垂直邊距輪廓。顯然，多年來我們一直認為，PMA 業務是我們利潤最高的業務。但 FSG 內的其他垂直業務的利潤率都徘徊在該細分市場的平均利潤率附近。這就是我能為你做的最好的了。

Okay. And then, Eric, if we were to think about the largest and most established customers for FSGs, PMA, and repair solutions from like United, Delta or Lufthansa, are those customers generally running flat out in terms of buying essentially everything from FSG that they can or is there still a lot of white space with those existing big customers for FSG to be doing even more for them?

好的。那麼，艾瑞克，如果我們考慮一下 FSG、PMA 和維修解決方案的最大、最成熟的客戶，例如來自美聯航、達美航空或漢莎航空的客戶，這些客戶是否普遍都在竭盡全力地從 FSG 購買他們能購買的所有產品和服務，還是說 FSG 在這些現有大客戶身上仍然有很多空白市場可以為他們做更多的事情？

Yeah, I mean, without commenting on who the largest customers are, they're buying a lot of our product, but there still remains tremendous potential at each of them. And you may ask, well, why is that? Why is it, if they're such big customers and they're buying most of your product or a lot of your product, why don't they buy all of your product? And I agree with you that's very frustrating and something that we talk about all the time.

是的，我的意思是，雖然我不打算評論誰是我們最大的客戶，但他們購買了我們大量的產品，不過每個客戶仍然有巨大的發展潛力。你可能會問，這是為什麼？為什麼如果他們是這麼大的客戶，購買了你大部分或大量的產品，為什麼不購買你所有的產品呢？我同意你的看法，這確實令人沮喪，也是我們一直在討論的問題。

Sometimes they have an arrangement, a contract with somebody else. Other times, it's the time, the inertia that it takes to get these parts approved within the organizations. But I can tell you that we continue to have very big opportunities in many areas, and we are [countering] those opportunities quarter by quarter. I continue to learn of great wins with major airlines and products, whether they're parts or repair services that they had not done with us in the past. So that's why I remain very bullish.

有時他們會與其他人達成協議或合約。有時候，問題在於組織內部審批這些部件所需的時間或慣性。但我可以告訴你們，我們在許多領域仍然擁有巨大的機遇，我們正在逐季地掌握這些機會。我不斷了解到我們與各大航空公司和產品方面取得的巨大成功，無論是零件還是維修服務，這些都是他們過去從未與我們合作過的。所以這就是我依然非常看好它的原因。

Thank you very much.

非常感謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Eric Victor, condolences.

艾瑞克‧維克托，請節哀。

Thank you.

謝謝。

Thank you very much.

非常感謝。

I wanted to ask, so you operated decentralized operating structure with many disparate operating units when it comes to pursuing new business opportunities whether it be for Golden Dome or other programs, do you ever find situations where your operating units are competing against each other for the same work package? Do you force them to collaborate or do you let them pursue those business opportunities independently just to give the overall organization as many shots on goal as you can get? Just your thoughts on that.

我想問一下，你們採用分散式營運結構，下設許多不同的營運部門，在尋求新的業務機會時，無論是金穹頂項目還是其他項目，你們是否遇到過營運部門之間為了同一個工作包而相互競爭的情況？你是強迫他們合作，還是讓他們獨立追求這些商機，從而為整個組織爭取盡可能多的成功機會？你對此有何看法？

Sure. It's extremely rare that we find our businesses in competitive situations. It's far more common that they actually have cooperative situations, they can help each other out or sometimes they'll go to a customer together, occasionally, with a package or something like that. We don't, as a rule of thumb, police our businesses.

當然。我們的企業極少會面臨競爭局面。實際上，他們之間合作的情況更為常見，他們可以互相幫助，或者有時會一起去拜訪客戶，偶爾會一起送包裹之類的。一般來說，我們不會對我們的企業進行監管。

We don't tell them what they can sell or they should sell. We encourage them to work together. And they're very practical and they do, I think they find a way to rationalize things where they should.

我們不會告訴他們可以賣什麼或應該賣什麼。我們鼓勵他們合作。他們非常務實，我認為他們總是能在應該的時候找到合理化的方法。

They're always -- to tell you the truth, always most focused on finding the most cost-effective solutions for our customers, because that's what we're known for and the best solution for the customer. So I have seen it in the rare case where there is something that's dual offering, that they're just happy to let the customer make the decision. And what we don't do is curtail dual offerings. We're very careful to not do that.

說實話，他們始終最專注於為客戶尋找最具成本效益的解決方案，因為這是我們賴以成名的，也是為客戶提供最佳解決方案的方式。所以，我看過這種情況：在極少數情況下，如果某項產品或服務提供兩種選擇，他們很樂意讓顧客自己做決定。而我們不會限制雙重供應。我們非常謹慎，避免這樣做。

Right. And we also -- I can tell you, in some of our businesses whereby we have multiple locations, customers may want to deal with the location or the business that's physically closest to them because it's more convenient and they may get competing offers from different HEICO businesses, and we're fine with them deciding where they want to send the business. I mean, we want to make the customer happy. And likewise, if the customer wants an independent solution with PMA or DER, we do that. If they want an OEM solution, we do that too.

正確的。而且，我可以告訴你，在我們一些擁有多個營業地點的業務中，客戶可能更傾向於選擇離他們最近的營業地點或業務，因為這更方便，而且他們可能會收到來自不同 HEICO 業務的競爭性報價，我們完全尊重他們選擇在哪裡辦理業務的權利。我的意思是，我們希望讓顧客滿意。同樣地，如果客戶想要採用 PMA 或 DER 的獨立解決方案，我們也會這樣做。如果他們想要OEM解決方案，我們也可以做。

So we're really agnostic. We want to make sure that we're serving the customer in whatever way they want to be served. And we think that it works out quite well to have multiple businesses in the space constantly striving for lower cost, better turnaround, better quality. And that's what makes HEICO such a strong competitor out there.

所以我們其實是不可知論者。我們希望確保以客戶希望的任何方式為他們提供服務。我們認為，讓多個企業在這個領域不斷追求更低的成本、更快的周轉速度和更高的質量，效果會非常好。正因如此，HEICO 成為市場上如此強大的競爭對手。

Okay. I'll stick with one question, but I wanted to wish you and your families happy holidays and, Victor, a happy belated birthday as well. If I'm correct, your birthday was on the 11th.

好的。我只問一個問題，但我想祝您和您的家人節日快樂，也祝維克多生日快樂（雖然有點晚了）。如果我沒記錯的話，你的生日是11號。

Thank you, Scott. I appreciate it, and we wish you happy holidays as well. I'm going to have to find your birth date.

謝謝你，斯科特。非常感謝，也祝您節日快樂。我得查一下你的出生日期。

Wish you the same. Thank you.

也祝你如此。謝謝。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

I guess maybe sort of along those similar lines, how integrated are the HEICO and Wencor part and repair catalogs, and how long can that be a growth tailwind from cross-selling?

我想，或許可以沿著類似的想法來探討，HEICO 和 Wencor 的零件和維修目錄的整合程度如何，以及這種交叉銷售帶來的成長動力可以持續多久？

Well, they are -- we offer a lot of different products across the businesses. There is some overlap. And it --whatever the customer wants. If they want to buy it from one business or the other, that's fine. If they want to work new development projects with one business or the other, that's fine.

是的，我們各個業務部門提供許多不同的產品。兩者之間存在一些重疊之處。而且——一切都以客戶的要求為準。如果他們想從這家店或那家店購買，都沒問題。如果他們想與其中一家企業開展新的開發項目，那也無可厚非。

As I've said, there's -- I always use the analogy, there are many different types of food out there. And some people may want Italian food or American food or French food, whatever. And at HEICO, we really don't care, as long as we're selling them the product.

正如我所說，我總是用這個比喻，世界上有很多不同種類的食物。有些人可能想吃義大利菜、美國菜或法國菜，什麼都行。而HEICO公司，我們真的不在乎，只要我們能把產品賣出去就好。

So I think that there are a lot of additional opportunities to work together, but we've already really taken advantage of those and we've really helped the various businesses forward. And I think you can see in the results, it's really worked out quite well.

所以我認為還有很多合作機會，但我們已經充分利用了這些機會，並真正幫助各個企業向前發展。我想從結果可以看出，效果確實非常好。

Great. Thanks. Also love a diverse [diet]. Thanks.

偉大的。謝謝。也喜歡多元化[飲食]。謝謝。

Alexandra Mandery, Truist Securities.

Alexandra Mandery，Truist Securities。

This is Alexandra Mandery on for Michael Ciarmoli with Truist Securities. In terms of your PMA portfolio, what is the exposure like in terms of new engines, including the (inaudible), and do you see that as an opportunity including first-time shop visits on the PMA front?

這裡是 Truist Securities 的 Alexandra Mandery，為您帶來 Michael Ciarmoli 的報導。就您的 PMA 投資組合而言，在新引擎方面（包括（聽不清楚））的曝光情況如何？您是否認為這是一個機會，包括在 PMA 方面進行首次車間訪問？

Yeah, so we normally don't get into details about specific product types or competitors. But in general, I can tell you that when an engine is new, it tends to be under warranty, and that's not a big opportunity for us over on the PMA side. It may be more so over on the repair side. And it's as those platforms age and customers want alternatives, that's when it sort of comes into focus with us.

是的，所以我們通常不會詳細介紹特定的產品類型或競爭對手。但總的來說，我可以告訴你，當引擎是新的時，它通常還在保固期內，這對我們PMA這邊來說並不是一個大的機會。維修方面可能更是如此。隨著這些平台的老化，客戶想要尋找替代方案，這時我們才開始關注這個問題。

So I would just sort of leave it at that. And -- but I can tell you that our technology that we use to be able to engineer parts is consistent across all engines, all components. And we're very confident about our ability to technically develop the current generation, the next generation, as far as we're concerned, all within our (inaudible).

所以我就先說到這裡吧。但我可以告訴你，我們用來製造零件的技術在所有引擎、所有組件中都是一致的。我們對自己開發當前世代和下一代產品的技術能力非常有信心，就我們而言，所有這些都在我們自己的掌控之中。（聽不清楚）

Great, that makes sense. Can you provide any additional color on general trends in ETG, given the portfolio being well-suited for space and defense tech, including next-gen systems and where you see bookings going?

太好了，這說得通。鑑於ETG的產品組合非常適合航太和國防技術，包括下一代系統，您能否就ETG的總體趨勢提供一些補充信息，並說明您認為訂單將朝著哪個方向發展？

Yeah. So this is Victor. And I think that the trends that we talked about a little bit earlier in the call and the optimism for our various markets is intact, and for some of the reasons that you mentioned. Not -- by the way, not all of every market is good and not all of every market offers opportunity. So in space, there's a lot of opportunity, but there's a lot of profitless opportunity there.

是的。這位是維克多。我認為，我們在電話會議中早些時候談到的一些趨勢以及我們對各個市場的樂觀情緒依然存在，這也包含了一些你提到的原因。順便說一句，並非每個市場都很好，也並非每個市場都提供機會。所以，太空領域有很多機會，但也有很多無利可圖的機會。

And I think we've been pretty good at avoiding those situations and really going where we can add particular value to our customers and get recognized -- or be recognized for that in terms of profitability and market position and so on.

我認為我們一直很擅長避免這種情況，真正去做那些能夠為客戶創造特殊價值並獲得認可的事情——或者說，在盈利能力和市場地位等方面獲得認可的事情。

And the same applies in defense. There's opportunity, which we take advantage of, in the more established segments of the market as well as some of the newcomers in the defense tech sector. So we sell to both and are proud to do so. And we also believe that the market will continue to evolve such that there will be very important places for both, that one won't necessarily just replace the other. So it's important for us in a sense to be everywhere.

這一點也適用於國防領域。在市場中較成熟的領域以及國防科技領域的一些新興企業中，都存在著機遇，我們會充分利用這些機會。所以我們同時向這兩類客戶銷售產品，也為此感到自豪。我們也相信市場將繼續發展，使兩者都佔據非常重要的地位，一種不一定會取代另一種。所以從某種意義上來說，對我們來說，無所不在非常重要。

And I think our business is not I think I know, our businesses have been particularly successful at doing that for a long time. One other note on defense. As we look at the government's focus on cost and we look at the government's focus on speed, and particularly somebody earlier in the call mentioned the comments from the army secretary. HEICO has always been based on speed. We're not a cost-plus-fixed-fee company. overwhelmingly.

而且我認為我們的業務並非如此，我想我知道，我們的業務在這方面已經取得了特別大的成功，而且這種成功已經持續了很長時間。關於防守還有一點要說明。當我們審視政府對成本的重視程度，以及政府對速度的重視程度時，特別是通話早些時候有人提到了陸軍部長的評論。HEICO一直以來都以速度為導向。我們絕非成本加固定費用的公司。

We have very little, tiny amount of revenue on the cost-plus-fixed-fee column. It's all on our dime. We develop it. It may be developed to specification, it may be developed to something else, but we develop it on our dime and sell it. And it's based on doing it and doing it quickly and responding very quickly to our customers.

我們在成本加固定費用這一項上幾乎沒有任何收入。全部費用都由我們負擔。我們開發它。它可能是按規格開發的，也可能是按其他用途開發的，但我們是用自己的錢開發並出售的。而這一切都建立在行動、快速行動以及對客戶快速回應的基礎上。

So we are used to doing that and we are extremely well situated for the environment should it evolve to more of that.

所以我們已經習慣了這樣做，如果環境朝著這個方向發展，我們已經做好了非常有利的準備。

Great. Thank you so much.

偉大的。太感謝了。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

My condolences. Larry was a fantastic, kind of a legend in the industry, always very generous of his time.

節哀順變。拉里是個了不起的人，可以說是業內傳奇人物，總是非常慷慨地抽出時間來幫助別人。

I just had a couple of quick ones. One, I remember asking Larry, probably like seven years ago on an earnings call, how he viewed the Class A stock and just what the -- if there's ever going to be a desire to remove it and just get the common. What are your opinions on that?

我只是匆匆吃了兩口。我記得大概七年前，在一次財報電話會議上，我問拉里，他對 A 類股票的看法，以及——是否有可能取消 A 類股票，只發行普通股。你對此有何看法？

At the moment, I believe it's status quo. We've talked about the issues over time with dad. And of course, the idea of collapsing them requires an exchange value. And were we to do that at one to one, then we'd have perhaps upset common holders. And if we did that at current market prices, we'd have upset Class A holders.

目前，我認為現狀維持不變。我們和爸爸時不時會討論這些問題。當然，將它們摧毀的想法需要交換價值。如果我們以1:1的比例這樣做，那麼我們可能會惹惱普通股股東。如果我們以目前的市價這樣做，就會惹惱A類股持有人。

And as you know, the two classes are identical in all respects, except for voting. So, identical, the dividends, the economic benefits, the share of earnings, everything, so they really belong ultimately at the same price. There have been times over the years where they've converged. We do believe at some point they will converge and that the Class A is really sort of a screaming value.

如你所知，這兩個班級在所有方面都完全相同，唯一的區別在於投票權。因此，股息、經濟效益、收益份額等等都完全相同，所以它們最終應該享有相同的價格。多年來，它們曾多次交匯。我們相信，在某個時候它們會趨於一致，而且 A 級股票確實具有極高的性價比。

And in fact, you may notice that when we recently bought shares or directors, purchase shares every year equal to a certain portion of their retainer. And when they bought the shares, they all bought, I think, all bought Class A common shares. So that really is a screaming value. And I think over time, a rational market will recognize that and push them together.

事實上，您可能會注意到，當我們最近購買股份或董事時，每年都會購買相當於其酬金一定比例的股份。而且，我認為，當他們買股票時，他們買的都是A類普通股。所以這真的是超值之選。我認為隨著時間的推移，理性的市場會認識到這一點，並推動它們走到一起。

Got you. Okay. And I wanted to ask also just in terms of demand by region, other companies in the sector have said like China may have bought spare parts, pulled forward some purchases. Have you seen any sort of trends that would suggest anything to that -- of prebuying or -- of the PMA parts?

抓到你了。好的。我還想問一下，就各地區的需求而言，該行業的其他公司曾表示，像中國這樣的國家可能已經購買了備件，提前採購了一些產品。你有沒有發現任何跡象表明存在預購或PMA零件採購方面的問題？

No. We see strength in all of our areas. So I would not say that we've seen that. It can be lumpy a little bit because people may buy parts a couple of times a year for each part number, and therefore, it can be a little lumpy. But no, I wouldn't say that we've seen any region particularly stronger than the others.

不。我們在各個領域都看到了優勢。所以，我不會說我們已經看到了這種情況。由於人們可能每年多次購買相同零件編號的零件，因此數據可能會有些波動，導致數據略有波動。但是，我並不認為我們看到了哪個地區比其他地區特別強大。

Okay. And then just my last one, in terms of pipeline of new PMA parts that are going to be introduced, typically, you guys have given a range, could be as many as 500 in a given year. What does the pipeline look like for '26 in terms of what you're introducing to the market?

好的。最後，關於即將推出的新型 PMA 零件的供應情況，你們通常給出的範圍是，一年內可能多達 500 個。2026 年，你們計劃向市場推出哪些產品？

Yeah. I would say it's consistent with what we've done historically. Really, no change there. We're very happy with the with the number of parts that we've come out with. We've been at a similar number for a number of years. It went up when we bought Wencor.

是的。我認為這與我們歷來的做法是一致的。確實，這方面沒有任何變化。我們對目前推出的零件數量非常滿意。多年來，我們的人數一直維持在類似的水平。自從我們收購Wencor之後，股價就上漲了。

But I think you can see from the numbers that I think our decision has been quite good in that regard. And so I wouldn't see any substantive change.

但我認為從數據中可以看出，從這個角度來看，我們的決定相當明智。因此，我認為不會有任何實質的改變。

All right. Thanks a lot, guys, and happy holidays. Appreciate it.

好的。非常感謝各位，祝你們節日快樂。謝謝。

Cashen Keeler, BNP.

卡申‧基勒，法國巴黎銀行。

This is Cashen on behalf of Matt today. I guess just going off that last question, just wanted to ask on PMA. How supportive has the FAA been regarding parts approvals there? It seems like everything related to FAA approvals, whether it be interiors or new aircraft, has just taken longer, so has that had any impact on your pipeline of new parts?

今天我是卡申，代表馬特發言。我想就接上一個問題，問問PMA的狀況。美國聯邦航空管理局（FAA）在零件審批方面給予了多大的支持？似乎所有與美國聯邦航空管理局 (FAA) 審批相關的事項，無論是內飾還是新飛機，都需要更長時間才能完成，這是否對你們的新零件供應造成了任何影響？

No, we've got a great relationship with the FAA, and we interface with them in many different ways, and I would say it's really business as usual for us. We -- no change there. All is progressing very well for us.

不，我們與美國聯邦航空管理局（FAA）保持著良好的關係，我們透過多種方式與他們溝通，可以說對我們來說一切照常。我們——這方面沒有任何變化。一切進展都很順利。

Okay, thanks.

好的，謝謝。

Louis Raffetto, Wolfe Research.

Louis Raffetto，Wolfe Research。

Victor, maybe for you, maybe I missed this, but could you give the end market growth within ETG for the quarter? I don't know how -- defense versus electronics.

Victor，也許你錯過了，也許我錯過了，但你能提供一下本季 ETG 的終端市場成長情況嗎？我不知道該怎麼做——國防和電子產品之間該如何抉擇。

We did not break that out publicly, Lou.

我們沒有公開這件事，盧。

Okay. All right, I'll take a look in the 10-K. Maybe, Carlos, for you, CapEx, you guys aren't one to really spend, but you spent a little bit more in the fourth quarter. Anything you can sort of point to what that extra spending went to?

好的。好的，我會看看10-K表格。卡洛斯，也許對你來說，資本支出方面，你們並不是那種會大手大腳花錢的人，但你們在第四季確實多花了一些錢。能具體指出一下這筆額外的開銷都用在哪裡了嗎？

No, I think it was sort of business as usual, Lou. We had -- around year end, you wind up getting projects accelerated sometimes because you get year-end deals as the calendar year goes out. So we still spend around, I think, 1.5%, maybe 1.6% of our revenues on CapEx. That's about where we've been historically on the CapEx spend side. And I think as we look into '26, it should be in a similar range, 1.5, 1.6 times revenues or something like that.

不，我覺得一切照舊，盧。到了年底，我們有時會看到一些項目因為年底達成的交易而加速推進。所以，我認為我們仍然將收入的 1.5% 到 1.6% 左右用於資本支出。從歷史數據來看，我們在資本支出方面一直處於這個水準。我認為展望 2026 年，它應該在類似的範圍內，也就是營收的 1.5 倍、1.6 倍左右。

All right. Thank you very much.

好的。非常感謝。

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

此時，我將把會議交還給管理團隊，請他們作補充或總結發言。

Thank you very much, Samara. We appreciate your coverage of the call for us. We wish everybody on the call wonderful holiday season, and we thank you for listening today, and we look forward to talking with you on the next call or, if not, sooner. Thank you very much.

非常感謝你，薩馬拉。感謝您對我們此次電話會議的報道。我們祝福所有參加電話會議的人節日快樂，感謝大家今天的收聽，我們期待在下次電話會議中與您交流，或者，如果沒有下次，也期待盡快與您交流。非常感謝。

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了。