HEICO Corp (HEI) 2024 Q4 法說會逐字稿

Welcome to the HEICO Corporation fourth-quarter 2024 financial results call. My name is Samara, and I will be your operator for today's call.

歡迎參加 HEICO Corporation 2024 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將構成前瞻性陳述，這些陳述受到風險、不確定性和意外事件的影響。HEICO 的實際結果可能與這些前瞻性陳述中明示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; 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 costs and revenues.

可能導致這種差異的因素包括公共衛生威脅（例如 COVID-19 大流行）的嚴重性、規模和持續時間； HEICO 的流動性以及現金產生的金額和時間；商業航空旅行、航空公司機隊變化或航空公司購買決定減少，這可能會導致對我們的商品和服務的需求下降；產品規格成本和要求，這可能會導致我們完成合約的成本增加；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，或來自現有和新競爭對手的競爭，這可能會減少我們的銷售；我們以有利可圖的定價水準推出新產品和服務的能力，這可能會降低我們的銷售或銷售成長；產品開發或製造困難，這可能會增加我們的產品開發和製造成本並延遲銷售；網路安全事件或我們資訊科技系統的其他中斷可能會對我們的業務產生不利影響；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、外匯和所得稅率；和經濟狀況，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，這可能會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.

我們鼓勵聽取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，包括但不限於表格 10-K、表格 10-Q 和表格 8-K 上的文件。我們不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

I now turn the call over to Laurans Mendelson, HEICO's Chairman and Chief Executive Officer. And Mr. Mendelson, please go ahead.

我現在將電話轉給 HEICO 董事長兼執行長 Laurans Mendelson。門德爾森先生，請繼續。

I'm sorry. Thank you, and good morning to everyone on this call. We thank you for joining us, and we welcome you to this HEICO fourth-quarter fiscal '20 earnings announcement teleconference. I'm Larry Mendelson, Chairman and CEO of HEICO Corporation.

對不起。謝謝大家，祝這次電話會議的所有人早安。我們感謝您加入我們，並歡迎您參加本次 HEICO '20 財年第四季財報公告電話會議。我是拉里·門德爾森 (Larry Mendelson)，HEICO 公司董事長兼執行長。

I am joined here this morning by Eric Mendelson. Eric is HEICO's Co-President and President of HEICO's Flight Support Group; Victor Mendelson, HEICO's Co-President and President of HEICO's Electronic Technologies Group; and Carlos Macau, our Executive Vice President and CFO.

今天早上埃里克·門德爾森也加入了我的行列。Eric 是 HEICO 聯合總裁兼 HEICO 飛行支援集團總裁； Victor Mendelson，HEICO 聯合總裁兼 HEICO 電子技術集團總裁；以及我們的執行副總裁兼財務長卡洛斯·澳門。

Now before discussing our record operating results, I want to sincerely thank HEICO's talented team members for their exceptional contribution to our success. Your dedication to exceeding customer expectations and achieving operational excellence has driven outstanding results and reinforces my confidence in HEICO's future.

現在，在討論我們創紀錄的經營業績之前，我要真誠地感謝 HEICO 才華橫溢的團隊成員為我們的成功做出的傑出貢獻。你們致力於超越客戶期望和實現卓越運營，取得了出色的業績，並增強了我對 HEICO 未來的信心。

Over the past several years, we have achieved extraordinary growth in commercial aviation, emerging stronger than ever from a very challenging period in the aerospace industry. Our team members resilience and adaptability during this time of rapid recovery and expansion have been remarkable. Equally commendable is the agility shown by our recent acquisitions which have seamlessly integrated to our operations and enhanced our collective success.

在過去的幾年裡，我們在商業航空領域取得了非凡的成長，在航空航太業充滿挑戰的時期中變得比以往任何時候都更加強大。在這段快速恢復和擴張的時期，我們的團隊成員的韌性和適應能力非常出色。同樣值得稱讚的是我們最近的收購所表現出的敏捷性，這些收購無縫地融入了我們的營運並增強了我們的集體成功。

I'm also encouraged by our progress in expanding our presence in key markets such as defense and space. These sectors are critical to long-term strategy and our team members' commitment to delivering innovative, reliable, and best cost solutions has strengthened HEICO reputation as a trusted partner. This focus for us for continued growth and success across diverse markets.

我也對我們在國防和太空等關鍵市場擴大業務所取得的進展感到鼓舞。這些領域對於長期策略至關重要，我們的團隊成員致力於提供創新、可靠和最佳成本的解決方案，增強了 HEICO 作為值得信賴的合作夥伴的聲譽。這讓我們專注於在不同市場上的持續成長和成功。

I'll now summarize the highlights of our fourth quarter fiscal '24 record results. Consolidated operating income and net sales in the fourth quarter of fiscal '24, represent record results for HEICO and improved by 15% and 8%, respectively, as compared to the fourth quarter of fiscal '23. Consolidated net income increased 35% to a record $139.7 million or $0.99 per diluted share in the fourth quarter of fiscal '24, and that was up from $103.4 million or $0.74 per diluted share in the fourth quarter of fiscal '23.

現在我將總結我們 24 年第四季創紀錄業績的亮點。24 財年第四季的綜合營業收入和淨銷售額代表了 HEICO 創紀錄的業績，與 23 財年第四季相比分別提高了 15% 和 8%。24 財年第四季的合併淨利成長了35%，達到創紀錄的1.397 億美元，即稀釋後每股0.99 美元，高於23 財年第四季的1.034 億美元，即稀釋後每股0.74美元。

The Flight Support Group set all-time quarterly net sales and operating income records in the fourth quarter of fiscal '24, improving 15% and 35%, respectively, over the fourth quarter of fiscal '23. The increases principally reflect strong 12% organic growth, mainly attributable to increased demand for flight support group's commercial aviation products and services as well as the impact from our profitable fiscal '23 and '24 acquisitions.

飛行支援集團在 24 財年第四季創下了歷史季度淨銷售額和營業收入記錄，分別比 23 財年第四季成長了 15% 和 35%。這些成長主要反映了 12% 的強勁有機成長，這主要歸因於對飛行支援集團商業航空產品和服務的需求增加以及我們 23 和 24 財年獲利收購的影響。

Consolidated EBITDA increased 13% and to $264 million in the fourth quarter of fiscal '24, and that was up from $234.2 million in the fourth quarter of fiscal '23.

24 財年第四季的綜合 EBITDA 成長了 13%，達到 2.64 億美元，高於 23 財年第四季的 2.342 億美元。

Our net debt-to-EBITDA ratio was 2.06 times as of October 31, '24, and that was down from 3.04 times as of October 31, '23. Our excellent operating results have allowed us to early achieve the forecast we made a year ago that our net debt-to-EBITDA ratio would return to a historical level of about 2 times within roughly one year to 18 months following the Wencor acquisition, and that excluded the impact of any additional acquisitions.

截至2024年10月31日，我們的淨負債與EBITDA比率為2.06倍，低於截至2023年10月31日的3.04倍。優異的經營業績使我們提前實現了一年前的預測，即在收購 Wencor 後的大約一年到 18 個月內，我們的淨債務與 EBITDA 比率將恢復到歷史水平約 2 倍，並且排除任何額外收購的影響。

Our acquisition pipeline is extremely robust with opportunities in both Flight Support and ETG, and we intend to follow our time-tested strategy of opportunistic acquisitions that continue to expand the cash-generating ability of HEICO. Cash flow provided by operating activities increased 39% to $205.6 million in the fourth quarter of fiscal '24, and that was up from $148.4 million in the fourth quarter of fiscal '23.

我們的收購管道非常強勁，在 Flight Support 和 ETG 領域都有機會，我們打算遵循經過時間考驗的機會性收購策略，繼續擴大 HEICO 的現金產生能力。24 財年第四季營運活動提供的現金流量成長了 39%，達到 2.056 億美元，高於 23 財年第四季的 1.484 億美元。

Yesterday, HEICO's Board of Directors declared an $0.11 per share cash dividend payable in January 2025, and this represents our 93rd consecutive dividend and this reflects their continued confidence in the strong cash flow generation of HEICO.

昨天，HEICO 董事會宣布將於 2025 年 1 月派發每股 0.11 美元的現金股息，這是我們連續第 93 次派息，這反映了他們對 HEICO 強勁現金流產生的持續信心。

Now let me talk about acquisition activity. Over the past few months, our ETG Group made several strategic acquisitions, one, acquiring 70% of SVM Private Limited, in November '24. They acquired 87.9% of Mid Continent Controls in October '24. And they acquired 92.5% of Marway Power Solutions in September 2024. In addition, in August '24, our Flight Support Group acquired the Aerial Delivery and Decent Devices division of Capewell Aerial Systems.

現在讓我談談收購活動。在過去的幾個月裡，我們的 ETG 集團進行了多項策略性收購，其中之一是在 2024 年 11 月收購了 SVM Private Limited 70% 的股份。他們於 2024 年 10 月收購了 Mid Continent Controls 87.9% 的股份。他們於 2024 年 9 月收購了 Marway Power Solutions 92.5% 的股份。此外，24 年 8 月，我們的飛行支援小組收購了 Capewell Aerial Systems 的空中投送和體面設備部門。

All of these acquisitions were funded by using cash provided by operating activities, except for Capewell, which was principally funded using proceeds from our revolving credit facility. We expect each of these acquisitions to be accretive to our earnings within the following year of acquisition.

所有這些收購均透過經營活動提供的現金提供資金，但 Capewell 除外，該公司主要使用我們的循環信貸額度的收益提供資金。我們預計這些收購中的每一項都將在收購後一年內增加我們的收入。

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

這次我想介紹一下HEICO聯席總裁兼HEICO飛行支援集團總裁Eric Mendelson，他將討論飛行支援集團第四季的業績。艾瑞克？

Thank you very much. The Flight Support Group's net sales increased 15% to a record $691.8 million in the fourth quarter of fiscal '24, up from $601.7 million in the fourth quarter of fiscal '23.

非常感謝。24 財年第四季，飛行支援集團的淨銷售額成長了 15%，達到創紀錄的 6.918 億美元，高於 23 財年第四季的 6.017 億美元。

The net sales increase reflects the impact from our fiscal '23 and '24 acquisitions and very strong 12% organic growth. The organic net sales growth mainly reflects increased demand across all of our product lines.

淨銷售額的成長反映了我們 23 財年和 24 財年收購以及 12% 的強勁有機成長的影響。有機淨銷售額成長主要反映了我們所有產品線的需求增加。

The Wencor operations continued to exceed our expectations, and we are convinced this was an excellent acquisition for HEICO. Our customers continue to find great value in our larger aftermarket product offerings for their aerospace parts and component repair and overhaul leads, which is translated into excellent growth opportunities and success for both our legacy businesses and Wencor.

Wencor 的營運持續超出我們的預期，我們相信這對 HEICO 來說是一次出色的收購。我們的客戶繼續在我們更大的售後市場產品中發現其航空零件維修和大修線索的巨大價值，這為我們的傳統業務和 Wencor 帶來了絕佳的成長機會和成功。

We continue to operate Wencor as a stand-alone business operation. I have defined our strategy as cooperation, cash capabilities and consistency without consolidation. The sales, earnings and margins prove this was the perfect strategy. As I have mentioned before, we continue to make good progress working together in serving our customers in a combined seamless fashion.

我們繼續將 Wencor 作為獨立的業務運作。我將我們的策略定義為合作、現金能力和不整合的一致性。銷售額、收益和利潤證明這是一個完美的策略。正如我之前提到的，我們在以無縫結合的方式為客戶提供服務方面繼續共同努力取得良好進展。

Some examples of how we are working together include one, utilization of all HEICO and Wencor PMAs in DERs at all repair stations. Two, commercial and defense aftermarket sales cooperation. Three, Wencor e-commerce platform lists all HEICO non-competitive PMAs.

我們如何合作的一些例子包括：在所有維修站的 DER 中使用所有 HEICO 和 Wencor PMA。二、商業及國防售後銷售合作。三、Wencor電商平台列出所有HEICO非競爭性PMA。

Four, Wencor is utilizing HEICO's manufacturing base to quote many new products. Five, engineering and regulatory cooperation. Sixth, sharing our best-in-class vendors. And seven, various back-office synergies, such as insurance, payroll, retirement benefits and export compliance that will help offset additional regulatory compliance costs such as SOX and our FAA ODA.

第四，Wencor正在利用HEICO的製造基地來報價許多新產品。五、工程與監理合作。第六，分享我們一流的供應商。第七，各種後台協同效應，例如保險、工資、退休福利和出口合規性，將有助於抵消額外的監管合規成本，例如 SOX 和我們的 FAA ODA。

In many -- in addition, the FSG's defense sales continue to grow and offer an excellent opportunity. Many people have asked us what the US presidential administration change will mean for HEICO. In short, we are very excited about it.

此外，FSG 的國防銷售持續成長，並提供了絕佳的機會。很多人問我們，美國總統換屆對 HEICO 意味著什麼。簡而言之，我們對此感到非常興奮。

Whether it's the chance to sell more of our much lower cost alternative aircraft replacement parts to save the government and taxpayers significant money or other opportunities, the possibilities are many. HEICO has always been about finding cost savings or best cost solutions for our customers, whether they're defense or commercial customers, and not about getting the highest price out of them.

無論是出售更多成本更低的替代飛機替換零件以節省政府和納稅人大量資金的機會，還是其他機會，可能性都有很多。HEICO 始終致力於為我們的客戶（無論是國防客戶還是商業客戶）尋找成本節約或最佳成本解決方案，而不是從客戶那裡獲取最高價格。

Another example of the opportunity set is the components we make for missile defense systems, which is a strong and growing business for us. Missile defenses are increasingly important to the United States and our allies, with sales of these products growing dramatically amidst what is effectively a shortage of defense missiles in a very large backlog over years. We expect meaningful growth from this existing backlog of loans.

機會集的另一個例子是我們為導彈防禦系統製造的組件，這對我們來說是一項強大且不斷增長的業務。飛彈防禦對美國和我們的盟國越來越重要，在多年來積壓的防禦飛彈實際上短缺的情況下，這些產品的銷售急劇增長。我們預計現有積壓貸款將出現有意義的成長。

Moving on to operating income. The Flight Support Group's operating income increased 35% to $154.5 million in the fourth quarter of fiscal '24, up from $114.6 million in the fourth quarter of fiscal '23. The operating income increase principally reflects the previously mentioned net sales growth, a decrease in acquisition costs, and an improved gross margin. The improved gross profit margin principally reflects higher net sales within our aftermarket parts and repair and overhaul parts and services product line.

接下來是營業收入。飛行支援集團的營業收入在 2024 財年第四季成長了 35%，達到 1.545 億美元，高於 23 財年第四季的 1.146 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、收購成本的下降以及毛利率的提高。毛利率的增加主要反映了我們的售後零件以及維修和大修零件和服務產品線的淨銷售額的增加。

The Flight Support Group's operating margin improved to 22.3% in the fourth quarter of fiscal '24, up from 19% in the fourth quarter of fiscal '23.

飛行支援集團的營業利潤率在 2024 財年第四季提高至 22.3%，高於 23 財年第四季的 19%。

Given that acquisition-related intangible amortization expense consumed approximately 270 basis points of our operating margin in the fourth quarter of fiscal '24, the FSG's cash margin before amortization or what we call EBITDA and the way we measure our businesses internally was approximately 25.0%, which has been consistently excellent during 2024, and it is 300 basis points higher than the comparable FSG cash margin of 22% in the fourth quarter of fiscal '23.

鑑於與收購相關的無形攤銷費用在24 財年第四季度消耗了我們營運利潤率的約270 個基點，FSG 攤銷前現金利潤率或我們所說的EBITDA 以及我們內部衡量業務的方式約為25.0%， 2024 年表現出色，比 23 財年第四季可比 FSG 現金利潤率 22% 高出 300 個基點。

I am extremely pleased with these results. The increased operating margin principally reflects the previously mentioned lower acquisition costs and improved gross profit margin as well as a higher level of SG&A efficiencies, resulting from the previously mentioned net sales growth.

我對這些結果非常滿意。營業利潤率的增加主要反映了前面提到的收購成本的降低和毛利率的提高，以及前面提到的淨銷售額成長所帶來的銷售、管理和行政費用（SG&A）效率的提高。

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

現在我想介紹HEICO聯席總裁兼HEICO電子技術集團總裁Victor Mendelson，討論電子技術第四季的業績。

Thank you, Eric. The Electronic Technologies Group's net sales were $336.2 million in the fourth quarter of fiscal '24 and as compared to $342.5 million in the fourth quarter of fiscal '23. The net sales decrease in the fourth quarter principally reflects lower defense and other electronics net sales, partially offset by increased space products net sales and the impact from our fiscal '24 acquisitions.

謝謝你，埃里克。電子科技集團 24 財年第四季的淨銷售額為 3.362 億美元，而 23 財年第四季的淨銷售額為 3.425 億美元。第四季淨銷售額的下降主要反映了國防和其他電子產品淨銷售額的下降，但部分被航太產品淨銷售額的增加以及我們 24 財年收購的影響所抵消。

This is in line with our expectations, as we've commented on earnings calls over the past few quarters, and is consistent with inventory destocking at some customers, particularly those in the non-aerospace and defense markets.

這符合我們的預期，正如我們在過去幾季的財報電話會議上所評論的那樣，並且與一些客戶（尤其是非航空航太和國防市場的客戶）的庫存去庫存相一致。

Our defense sales growth was nicely healthy in the fiscal '24 year though this growth varied highly by quarter, which, as you know, has historically been the case, and we anticipate the ETG's quarterly defense sales volatility will continue.

我們的國防銷售成長在 24 財年非常健康，儘管這種成長按季度差異很大，正如您所知，歷史上一直如此，我們預計 ETG 的季度國防銷售波動將持續下去。

But the overall trend remains positive. As expected, other electronic net sales were lower during the fourth quarter of fiscal '24 compared to the fourth quarter of fiscal '23 due to customer restocking. The low single-digit organic net sales decline was a much lower decline than in prior quarters. And I believe recent better order flow and backlog indicate the destocking trends are improving. I continue to expect a return to growth in these and other electronic end markets and businesses during the first half of fiscal '25.

但總體趨勢仍然積極。正如預期的那樣，由於客戶補貨，24 財年第四季的其他電子產品淨銷售額低於 23 財年第四季。有機淨銷售額的低個位數降幅遠低於前幾季的降幅。我相信最近更好的訂單流和積壓表明去庫存趨勢正在改善。我仍然預計這些和其他電子終端市場和業務將在 25 財年上半年恢復成長。

The ETG's fourth quarter record backlog and strong overall orders support our optimism and as the non-A&D markets improve, we continue to anticipate growth into our next fiscal year. The Electronic Technologies Group's operating income was $81.8 million in the fourth quarter of fiscal '24 as compared to $86.4 million in the fourth quarter of fiscal '23.

ETG 第四季創紀錄的積壓訂單和強勁的整體訂單支持了我們的樂觀情緒，隨著非 A&D 市場的改善，我們繼續預計下一財年的成長。電子科技集團 24 財年第四季的營業收入為 8,180 萬美元，而 23 財年第四季的營業收入為 8,640 萬美元。

The operating income change principally reflects a less favorable gross profit margin, mainly from the previously mentioned decreased defense and other electronics sales, partially offset by the previously mentioned increased products and net sales.

營業收入的變化主要反映了不太有利的毛利率，主要來自前面提到的國防和其他電子產品銷售的減少，部分被前面提到的產品和淨銷售額的增加所抵消。

The Electronic Technologies Group's operating margin was 24.3% in the fourth quarter of fiscal '24 as compared to 25.2% in the fourth quarter of fiscal '23. Importantly, before acquisition-related intangibles amortization expense our operating margin was above 28% as in intangibles amortization consumes around 400 basis points of our margin.

電子科技集團 24 財年第四季的營業利潤率為 24.3%，而 23 財年第四季的營業利潤率為 25.2%。重要的是，在扣除與收購相關的無形資產攤銷費用之前，我們的營業利潤率高於 28%，因為無形資產攤銷消耗了我們利潤率的約 400 個基點。

Now that's how we judge our businesses as that most closely correlates to cash. So on what we think of as a true operating basis, these are excellent margins, and we are very pleased with it. The operating margin change principally reflects the previously mentioned less favorable gross profit margin and the lower level of SG&A efficiencies.

這就是我們判斷與現金最密切相關的業務的方式。因此，根據我們認為的真實營運基礎，這些利潤率非常好，我們對此感到非常滿意。營業利潤率變動主要反映了前面提到的較不有利的毛利率和較低的銷售、管理及管理效率水準。

I turn the call back over to Larry Mendelson. Thank you.

我把電話轉回給拉里·門德爾森。謝謝。

Victor, thank you. Now as for the outlook, as we look ahead to fiscal '25, we do anticipate net sales growth in both light support and electronic technologies, driven primarily by organic growth, supported by strong demand for the majority of our products.

維克多，謝謝你。現在就前景而言，當我們展望25 財年時，我們確實預計輕型支援和電子技術領域的淨銷售額將增長，這主要是由有機增長推動的，並受到對我們大多數產品的強勁需求的支持。

In addition, we plan to drive growth through our recently completed acquisitions while positioning ourselves to capitalize on potential opportunities from future acquisitions and to provide new cost savings and best cost opportunities to our government in the new administration's efficiency efforts.

此外，我們計劃透過最近完成的收購來推動成長，同時利用未來收購的潛在機會，並在新政府的效率工作中為政府提供新的成本節約和最佳成本機會。

Our priorities include continued strong new products and services development, further expanding market penetration, and maintaining our financial strength and flexibility, all with a strong emphasis on delivering long-term value to our shareholders. In closing, I would like to reiterate my heartfelt depreciation to our exceptional team members for their steadfast support and commitment to HEICO.

我們的首要任務包括持續強勁的新產品和服務開發、進一步擴大市場滲透率以及保持我們的財務實力和靈活性，所有這些都非常重視為股東提供長期價值。最後，我謹再次向我們傑出的團隊成員表示衷心的感謝，感謝他們對 HEICO 的堅定支持和承諾。

Our strategy of cultivating a diverse portfolio of outstanding businesses continues to yield positive results for our shareholders with strong key markets fiscal '25 is poised to be another successful year.

我們培養多元化的優秀業務組合的策略繼續為擁有強大關鍵市場的股東帶來積極成果，25 財年有望又是成功的一年。

We thank you for your continued confidence in HEICO. And as I've shared before, I remain highly positive about HEICO's future. Thank you, all. And now I will turn the call over to the operator for questions.

我們感謝您對 HEICO 的持續信任。正如我之前所分享的，我對 HEICO 的未來仍然非常樂觀。謝謝大家。現在我將把電話轉給接線員詢問問題。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指示）Larry Solow，CJS 證券。

Congratulations on another good quarter, good year. I guess the first question, maybe a couple for Eric. You gave us a lot of good detail on the Wencor acquisition. It sounds like things are really going well there. Just curious, you mentioned some of -- obviously, it was one of the bigger acquisitions that could you've ever done, and you spoke about a lot of things there.

恭喜又一個美好的季度、美好的一年。我想第一個問題對於埃里克來說可能是幾個。您向我們提供了有關 Wencor 收購的大量詳細資訊。聽起來那裡的事情進展得很順利。只是好奇，你提到了一些——顯然，這是你曾經做過的規模更大的收購之一，你在那裡談到了很多事情。

Curious as we look out going forward, are there still opportunities to gain even more revenue synergies? Or are there things on that you've had this the hood for a little more than a year under the -- under the umbrella, excuse me, things that maybe you didn't think were available or sort of positive surprises that you can work on going forward on that side of the business?

我們很好奇，展望未來，是否還有機會獲得更多收入綜效？或者是否有一些東西，你已經在這個引擎蓋下一年多一點了——在保護傘下，對不起，一些你可能認為不可用的東西，或者是你可以工作的積極驚喜在這方面的業務進展如何？

Larry, and thanks for your question. First of all, we -- as you pointed out, we're very happy with the Wencor acquisition. It has been immensely successful and exceeded all about our wildest expectations. Number one, starting with the people. They are outstanding.

拉里，謝謝你的提問。首先，正如您所指出的，我們對 Wencor 的收購感到非常滿意。它非常成功，超越了我們最瘋狂的期望。第一，從人開始。他們很出色。

They really fit the HEICO culture. The companies are very similar, and the businesses are working extremely well together. We're in a unique situation that all of our aftermarket businesses are running, of course, at record numbers, performing exceptionally well. And they are so busy just trying to accomplish what they've each got in their backlog in terms of getting the parts out of the door and developing all this new stuff that we've just left them alone right now.

他們非常適合 HEICO 文化。這些公司非常相似，而且業務合作得非常好。我們處於一個獨特的境地，我們所有的售後業務都在以創紀錄的數量運營，表現異常出色。他們非常忙於完成他們積壓的工作，將零件運出大門並開發所有這些新東西，而我們現在就讓他們獨自一人。

I do think that there is additional opportunity in further cooperation and going to the customers with a bigger basket. But as of now, I mean, you can see with these kinds of results, 12% organic growth, 13% in the aftermarket. Following a tremendous deal like that, that beats what anybody thought was possible. So we're very, very happy with that.

我確實認為，進一步合作還有更多的機會，可以為客戶提供更大的購物籃。但到目前為止，我的意思是，你可以看到這些結果，有機成長 12%，售後市場成長 13%。在發生了這樣一筆巨大的交易之後，這超出了任何人的想像。所以我們對此非常非常滿意。

But we do think that there are additional opportunities. Our teams are working very closely together in the parts and repair side to harvest those opportunities. We've already been very successful by putting all of the HEICO and the Wencor PMAs as well as the HEICO and Wencor DER pairs together. So our repair stations can focus in particular unit and really drive costs down and service levels up to the customer. And we've been very successful in that, and we anticipate continued success in that area.

但我們確實認為還有其他機會。我們的團隊在零件和維修方面密切合作，以抓住這些機會。我們已經非常成功地將所有 HEICO 和 Wencor PMA 以及 HEICO 和 Wencor DER 對組合在一起。因此，我們的維修站可以專注於特定的單位，真正降低成本並提高客戶的服務水準。我們在這方面非常成功，我們預計在該領域將繼續取得成功。

So yes, I think as I said internally, I think Wencor is going to be the gift that keeps on giving, not only because of Wencor, but because of the HEICO legacy businesses and really being the perfect fit there and just going so well.

所以，是的，我認為正如我在內部所說的那樣，我認為 Wencor 將成為一份持續贈送的禮物，不僅因為 Wencor，還因為 HEICO 的傳統業務，而且非常適合那裡，而且進展順利。

Got it. And Eric, you mentioned that you touched on it briefly just on your opportunities maybe increasing on the military side of the business under the new administration, whether it be through dose or whatever, it just seem like there are a lot of opportunities on the military side and the government side.

知道了。艾瑞克，你提到你簡單地談到了這一點，只是在新政府的領導下，你在軍事方面的機會可能會增加，無論是通過劑量還是其他方式，看起來軍事方面有很多機會方和政府方。

Just any more color there? Is that something we should look forward to near term? Is that more of a mid to longer-term opportunity? I know you've always been kind of focused obviously getting more into the military aircrafts on, I guess, right, where I think there's not much on the PMA side there. So any more color there would be great.

還有更多顏色嗎？這是我們近期應該期待的事嗎？這是否更像是中長期機會？我知道您顯然一直專注於更多地關注軍用飛機，我想是的，我認為 PMA 方面對此沒有太多關注。所以如果有更多的顏色那就太好了。

We -- that's a great question, and we are extremely excited about this opportunity. and this is real simple, low-hanging fruit. I mean dose is something I think everybody in the country realizes that we've got to spend our dollars more wisely. And HEICO offers various solutions without getting into the specifics because we have our competitors on the call, and I welcome them to it. But of course, we can't lay out a road map for them of what we're going to do.

我們——這是一個很好的問題，我們對這個機會感到非常興奮。這是一個真正簡單、容易實現的目標。我的意思是，我認為這個國家的每個人都意識到我們必須更明智地花錢。HEICO 提供了各種解決方案，但沒有詳細說明，因為我們有競爭對手在打電話，我歡迎他們加入。但當然，我們無法為他們制定我們將要做什麼的路線圖。

But needless to say, I think there is a tremendous amount of low-hanging fruit. HEICO was working on all of this before the election. And so we were very hopeful that there would be a number of breakthroughs. We are still hopeful of that. And those just pour more fuel on the fire.

但不用說，我認為有大量唾手可得的成果。HEICO 在選舉前就致力於解決所有這些問題。因此，我們非常希望能夠取得一些突破。我們對此仍然充滿希望。而這些只會火上加油。

When you look at the budget deficit and the amount of money that has to be cut, there are tremendous cost savings opportunities. And we think that it's not only cost, but there's also an without -- I have to be very careful because, of course, I don't want to provide a road map to our competitors.

當你看看預算赤字和必須削減的資金數量時，你會發現巨大的成本節約機會。我們認為這不僅是成本問題，而且還有一個問題——我必須非常小心，因為當然，我不想向我們的競爭對手提供路線圖。

But there are a number of areas whereby, in particular, in the development of new products, where HEICO can offer increased quality. And by the way, that's not just the tagline that proven and through various rig tests, increased quality, better development timelines, and lower cost. So I think dose is going to be outstanding for us.

但在許多領域，特別是在新產品開發方面，HEICO 可以提供更高的品質。順便說一句，這不僅僅是口號，透過各種鑽孔機測試證明，可以提高品質、縮短開發時間並降低成本。所以我認為劑量對我們來說將會非常出色。

Now having said that, US is going to be short, medium or long term, I think it's going to be more medium term. I mean, in the short term, the government has money committed. So that's going to be what it is. But I do feel that this is just additional clarity and legs for HEICO as we move forward. But I expect the opportunities to be very, very substantial because it's just not only about price.

話雖如此，美國將是短期、中期或長期的，我認為它將是中期的。我的意思是，在短期內，政府已經承諾投入資金。所以事情就是這樣。但我確實覺得這只是 HEICO 在我們前進過程中的額外清晰度和支撐。但我預計機會會非常非常大，因為這不僅僅與價格有關。

Got it. Great. I appreciate all that color. And maybe just lastly a question for Carlos. Just margins. I know you guide specifically but just sort of a high-level outlook for the coming year. FSG was looking back was pretty consistent in fiscal '24. And ETG, I know it was a little bit more mix dependent. So just any thoughts as we look into fiscal '21?

知道了。偉大的。我很欣賞所有這些顏色。也許最後還有一個問題想問卡洛斯。只是利潤。我知道你有具體的指導，但只是對來年的高層展望。FSG 回顧 24 財年的情況相當一致。至於 ETG，我知道它更依賴混合。那麼，當我們研究 21 財年時，有什麼想法嗎？

I think as we look at the Flight Support Group, it's performing as expected. We're posting between 23% and 24% operating margins pretty consistently. I think our build on that will be slight improvement as we continue to grow the base of the business. We'll get SG&A leverage on our -- on some of our fixed costs, which should be additive to the margin.

我認為，當我們審視飛行支援小組時，它的表現符合預期。我們的營業利潤率一直維持在 23% 到 24% 之間。我認為，隨著我們繼續擴大業務基礎，我們的基礎將會略有改善。我們將利用我們的一些固定成本來獲得SG&A槓桿，這應該會增加利潤。

Very similar to what we did the decade prior to COVID. It will be small steps. It's not going to ratcheted moves. And look, in the ETG, I've been saying for a while that when the mix settles out, I would expect that segment on a GAAP basis to come around the 24% margin range. And this quarter, I was very pleased to see them exceed that.

與新冠疫情爆發前十年我們所做的非常相似。這將是一小步。它不會採取嚴厲的行動。看，在 ETG 中，我已經說過一段時間了，當混合確定後，我預計該細分市場在 GAAP 基礎上的利潤率將達到 24% 左右。本季度，我很高興看到他們超越了這個目標。

So as I look into '25, I would expect the business to continue to be lumpy as it always has been. We'll have quarters that are higher and lower. And but my baseline is around that 24% range.

因此，當我展望 25 年時，我預計業務將繼續像往常一樣不穩定。我們會有更高和更低的季度。但我的基線大約是 24% 的範圍。

Robert Spingarn, Melius Research.

羅伯特‧斯賓加恩 (Robert Spingarn)，Melius 研究中心。

This is Scott Mikus on for Rob Spingarn. Eric, you brought up the [margin] in saving money across the federal government. So I was just wondering, could you quantify right now what percentage of FSG sales are directly to the DoD? And then for programs other than the commercial derivatives like the P8, have you already started the process of aggregating a list of potential parts that could be sold to the DoD?

這是 Scott Mikus 為 Rob Spingarn 配音。艾瑞克，你提到了聯邦政府在節省資金方面的[利潤]。所以我只是想知道，您現在能否量化 FSG 直接銷售給國防部的百分比？然後，對於 P8 等商業衍生品以外的項目，您是否已經開始匯總可以出售給國防部的潛在零件清單？

Yes. So as far as what percentage goes to the DoD, I don't have that information in front of me. But I can tell you that defense is approximately a quarter of the FSG sales. So you get an idea there. In terms of the opportunity. We -- the opportunity is not only in the areas that you mentioned. But yes, we have come up with a list. We are aware of what the opportunities could be. Of course, I don't want to -- I can't outline it on the call, but we are -- it is quite substantial. And the government really should be saving these dollars.

是的。至於國防部的比例是多少，我沒有這些資訊。但我可以告訴你，國防業務大約佔 FSG 銷售額的四分之一。所以你在那裡得到了一個想法。就機會而言。我們——機會不僅存在於你提到的領域。但是，是的，我們已經列出了一份清單。我們知道可能有哪些機會。當然，我不想——我無法在電話會議上概述它，但我們——它是相當重要的。政府確實應該節省這些美元。

Okay. And then also going back to Encore -- they use a lot of build to print shops in the past, the manufactured parts. You talked about in-sourcing some of that manufacturing. Can you talk about where you are in that journey? And is there more cost savings to gain from in-sourcing even more of that work?

好的。然後再回到 Encore——他們過去使用大量的建造來列印車間，製造零件。您談到了部分製造的內包。你能談談你在這段旅程中的位置嗎？透過內包更多的工作是否可以節省更多成本？

Absolutely, yes. We've got very broad manufacturing capabilities at HEICO. And we are focusing on Wencor's robust new product development in terms of manufacturing that stuff within various HEICO businesses.

絕對是的。HEICO 擁有非常廣泛的製造能力。我們專注於 Wencor 在各種 HEICO 業務中的製造方面強大的新產品開發。

There is an opportunity to resource some of the existing business as long as our vendors treat us right and pair with us, we're very loyal to them. So there's -- they have nothing to worry about. And frankly, the new pipeline is so robust that it will really keep our shops very busy. But again, we think the opportunity is really very, very strong in that area.

只要我們的供應商正確對待我們並與我們合作，我們就有機會為一些現有業務提供資源，我們對他們非常忠誠。所以他們沒有什麼好擔心的。坦白說，新的管道非常強大，它確實會讓我們的商店非常繁忙。但我們再次認為，該領域的機會確實非常非常大。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特，加拿大皇家銀行資本市場。

Maybe, Eric, to start. As you look at FSG organic growth within to fiscal '25, I know you're probably not going to get too specific, but is there any reason we shouldn't see double-digit organic growth again across FSG in fiscal '25?

艾瑞克，也許可以開始吧。當您審視 25 財年 FSG 的有機成長時，我知道您可能不會說得太具體，但是我們有什麼理由不應該在 25 財年再次看到 FSG 實現兩位數的有機增長？

Yes. I -- no, I don't think there's any reason you shouldn't see it. We're very optimistic on our three disaggregated revenue bucket of parts repair and specialty products, they're all very strong. And so I said that is a double-digit expectation is reasonable. I mean, of course, we're only 45 days into the year.

是的。我——不，我不認為你有任何理由不看它。我們對零件維修和特殊產品的三個分類收入非常樂觀，它們都非常強勁。所以我說兩位數的預期是合理的。當然，我的意思是，今年才剛過去 45 天。

So we always want to be a little circumspect and always at the end of the year between Thanksgiving and the New Year, volumes can be skewed one way or the other depending on shipments from our vendors to us and then what the customers want and the way they manage their inventory.

因此，我們總是希望謹慎一點，並且總是在感恩節和新年之間的年底，數量可能會以一種或另一種方式傾斜，具體取決於我們的供應商向我們發貨，然後是客戶的需求和方式他們管理庫存。

So I don't like to take the months of November and December in order to prognosticate the rest of the year. But yes, our internal numbers are for double-digit organic growth within the Flight Support and again, very strong in all three of our segments.

所以我不喜歡用 11 月和 12 月來預測今年剩餘時間。但是，是的，我們的內部數據顯示，飛行支援領域的有機成長達到了兩位數，而且我們的所有三個細分市場都非常強勁。

This is Carlos. Just keep in mind, while we don't really have seasonality to our business, one thing Eric just pointed out is very important. Our first quarter typically with the holidays tends to be a little lighter than the second, third and fourth quarter. So just keep that in mind when you're thinking about what he just said.

這是卡洛斯.請記住，雖然我們的業務實際上沒有季節性，但艾瑞克剛剛指出的一件事非常重要。我們的第一季通常有假期，往往比第二、第三和第四季要淡一些。因此，當您思考他剛才所說的話時，請記住這一點。

Yes. And always November and December, I mean, for the 35 years I've been at the company. November and December are historically lower types of months. And January is always the month that drives the first quarter. So of course, we're not in January, so it's hard to say. But our internal numbers are very optimistic, and our business heads are extremely optimistic and frankly, more optimistic than I've ever seen them.

是的。我的意思是，我在公司工作 35 年來，總是在 11 月和 12 月。從歷史上看，十一月和十二月是較低的月份。一月始終是推動第一季發展的月份。當然，我們現在還不是一月份，所以很難說。但我們的內部數據非常樂觀，我們的業務負責人也非常樂觀，坦白說，比我見過的更樂觀。

Okay. That's very helpful. And just one more, if I could. The -- there's obviously been a lot of commentary recently around greater confidence in sort of execution in terms of new aircraft deliveries and new engine deliveries out of the OEMs. What's your view on if things do start to perform better there how quickly can fleets really start to sort of turn around to become younger?

好的。這非常有幫助。如果可以的話，就再多一個吧。最近顯然有很多關於原始設備製造商對新飛機交付和新發動機交付方面的執行信心增強的評論。如果情況確實開始變得更好，您認為機隊要多快才能真正開始轉向年輕化？

How quickly do you think spending on some of the legacy assets would actually start to slow -- and legacy aircraft would start to slow as that tide does ideally get better in 2025 and '26 in terms of just sort of the execution on the airframe and the engine OEM side, if that makes sense?

您認為一些遺留資產的支出實際上會開始放緩的速度有多快，而遺留飛機也會開始放緩，因為理想情況下，就機身的執行而言，這種趨勢在2025 年和26 年會變得更好，引擎 OEM 方面，這是否有意義？

Yes. So number one, I have tremendous respect for the airframe and the engine OEMs. They're phenomenal companies. They build incredible products. But unfortunately, they are at the they're dependent on their supply chains.

是的。第一，我非常尊重機身和引擎原始設備製造商。他們是非凡的公司。他們製造出令人難以置信的產品。但不幸的是，他們依賴自己的供應鏈。

And those supply chains, as we know, got terribly beat up through COVID, as many companies slash their orders, and the people are just not at the suppliers. So they talk about increasing the production rates, and I think that's the intent. And marginally, they have in some areas, but I think they've had a lot of challenges.

正如我們所知，這些供應鏈在新冠疫情期間受到了嚴重打擊，因為許多公司削減了訂單，而供應商的員工卻不在身邊。所以他們談論提高生產力，我認為這就是目的。邊際上，他們在某些領域有所作為，但我認為他們遇到了許多挑戰。

And I can tell you, I go around to our businesses, and I see the supply chain challenges that exist, and they are still tremendous. So I personally are not putting any money down that the supply from the OEM suppliers is going to turn around substantially.

我可以告訴你，我仔細研究了我們的業務，我看到了供應鏈的挑戰，而且它們仍然是巨大的。因此，我個人並不認為 OEM 供應商的供應會大幅改善。

I have not seen evidence of that. So I expect the aftermarket to continue to remain very strong. And I think airlines have been bitten so badly by the deferrals that they don't want to get in the situation where they don't have the legacy assets to be able to complete their routes and their schedule. So I expect them to continue to spend money, I mean not foolishly, but they've got to always have a backup plan. And that's why I think the aftermarket is going to be strong.

我還沒有看到這方面的證據。因此，我預計售後市場將繼續保持強勁。我認為航空公司因延期而受到嚴重打擊，他們不想陷入沒有遺留資產來完成航線和時間表的情況。因此，我希望他們繼續花錢，我的意思不是愚蠢地花錢，但他們必須始終有一個備用計劃。這就是為什麼我認為售後市場將會強勁。

In addition, if you look even with the OEM deliveries increasing. If you look at the available seat miles and what IATA predicted, I mean 8% available seat miles increasing in 2025. This is a huge number. And frankly, it would be very easy to absorb the additional seats and keep the older aircraft in service. So we -- based on the order trends that we see, it remains very, very strong for the legacy aircraft. So at this moment, don't see a change there.

此外，如果你看看 OEM 的交付量也在增加。如果你看看可用座位里程和 IATA 的預測，我的意思是 2025 年可用座位里程將增加 8%。這是一個龐大的數字。坦白說，吸收額外的座位並保持舊飛機繼續使用是很容易的。因此，根據我們看到的訂單趨勢，傳統飛機仍然非常非常強勁。所以目前看不到任何改變。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Yes. I was wondering, COD and PMA parts, what historically has been the disconnect there on their ability -- on their willingness to entertain buying those? Is it -- is it -- I'm just curious like do they require OEM parts? Or is it just culture? Or I'm just curious like what actually has prevented (inaudible) Yes.

是的。我想知道，COD 和 PMA 零件，從歷史上看，他們的能力——他們願意購買這些零件——之間存在什麼脫節？是嗎——是嗎——我只是好奇他們需要 OEM 零件嗎？還是這只是文化？或者我只是好奇到底是什麼阻止了（聽不清楚）是的。

They don't have a process. As Carlos says, they don't have a box to check. And what the airlines had to have, and this is what we worked on 35 years ago. When I first went into the airlines and showed them what we could do and said we could develop all these additional stuff. They said to me, that's a great idea, but we can't buy PMA parts.

他們沒有流程。正如卡洛斯所說，他們沒有需要檢查的框架。這也是航空公司必須具備的，這就是我們 35 年前所做的工作。當我第一次進入航空公司並向他們展示我們可以做什麼並說我們可以開發所有這些額外的東西時。他們對我說，這是個好主意，但我們買不到 PMA 零件。

And I said, well, what do you mean, you're already buying our combustion chambers where the fuel and air is mixed and burned, and we've supplied those parts to you for 20 years with a follow service record, why can't you should be able to buy these additional parts.

我說，好吧，你是什麼意思，你已經購買了我們的燃燒室，其中燃料和空氣混合併燃燒，我們已經向你提供這些零件 20 年了，並有跟踪服務記錄，為什麼不能'你應該能夠購買這些額外的零件。

And this is the process that we're going to use with the FAA. And frankly, this is the box that you have to check, and that's been immensely successful. So I think the government must change. This cannot be business as usual.

這就是我們將與美國聯邦航空管理局 (FAA) 一起使用的流程。坦白說，這是你必須勾選的框，而且這是非常成功的。所以我認為政府必須改變。這不能一切如常。

The United States cannot continue to irresponsibly run at these budget deficits. And there is no reason if a part is good enough for the President or the Vice President or senators or representatives or the Secretary of Defense to fly on when they fly commercially, maybe the President doesn't, but everybody else certainly does when they fly commercially, but it can't be used for the DoD. That is nonsense. It's a relic of the past. And I think the government recognizes this is low-hanging fruit.

美國不能繼續不負責任地維持這些預算赤字。如果一個零件夠好，可以讓總統、副總統、參議員、眾議員或國防部長在進行商業飛行時繼續飛行，也許總統不會，但其他人在飛行時肯定會這樣做商業用途，但不能用於國防部。那是無稽之談。這是過去的遺跡。我認為政府意識到這是唾手可得的成果。

This must change. And frankly, HEICO is the one to do it. And we've got a lot of opportunities. I need to be very careful. And obviously, you know us well, and I don't want to get into details on specifically what but you don't have to be a rocket scientist to figure out the opportunity here.

這必須改變。坦白說，HEICO 是做到這一點的人。我們有很多機會。我需要非常小心。顯然，你很了解我們，我不想詳細說明具體內容，但你不必成為火箭科學家才能找到這裡的機會。

And we think it's very substantial. And I just want to add that we still think that the current providers are going to continue to do very well. And HEICO provides products to the DoD, and there's still tremendous number of products out there and not everything lends itself to what we can provide. But I think what we can provide is very significant for HEICO.

我們認為這是非常重要的。我只想補充一點，我們仍然認為目前的提供者將繼續表現出色。HEICO 向國防部提供產品，而且仍有大量產品，但並非所有產品都適合我們提供的產品。但我認為我們能提供的東西對於HEICO來說非常重要。

That makes sense. And just to follow up on that, is there opportunity biggest on the commercial derivatives like Tanker and PA with where you may have comparable products on the commercial aircraft that they're built on? Or is there a big opportunity beyond that?

這是有道理的。接下來，像 Tanker 和 PA 這樣的商業衍生品是否存在最大的機會，您可能在它們所基於的商用飛機上擁有類似的產品？或者除此之外還有很大的機會嗎？

I think that there is a very large opportunity in both. On the commercial derivatives, this is a no-brainer. I mean, this is just -- it's a no-brainer. And again, they already use some of the parts. So it's not that they're fundamentally opposed, it's just they need that box to check.

我認為兩者都有很大的機會。對於商業衍生品來說，這是理所當然的。我的意思是，這只是——這是理所當然的。再說一次，他們已經使用了一些零件。所以並不是說他們從根本上反對，只是他們需要勾選這個方塊。

And then when you go outside of the commercial derivatives, there are also significant savings opportunities that can occur. And we think that there are very large opportunities there as well. But again, I don't want to over commit because these are not short term -- this is not a fiscal 2025 impact. This obviously comes later, but I think it's a very nice add-on to all of the good stuff that we're currently doing.

然後，當您走出商業衍生品時，也可能會出現大量的節省機會。我們認為那裡也存在著很大的機會。但同樣，我不想過度承諾，因為這些都不是短期的——這不是 2025 財年的影響。這顯然是後來的事情，但我認為這是我們目前正在做的所有好事情的一個非常好的補充。

That makes sense. And last one, Carlos, I was wondering if you could give us some framework for the inorganic contribution in the opening fiscal year based on what you've already acquired?

這是有道理的。最後一位，卡洛斯，我想知道您是否可以根據您已經獲得的資源，為我們提供一些關於第一個財年的無機貢獻的框架？

Yes, sure. So I don't want to give subsidiary outlook. I think that the contributions will be they're not going to be immaterial, if that's helpful. I'm being careful because we've not -- we've done recent some recent acquisitions, and I don't want to get into the subsidiary details.

是的，當然。所以我不想給附屬前景。我認為，如果有幫助的話，這些貢獻將不會是無關緊要的。我很小心，因為我們最近進行了一些收購，我不想透露子公司的詳細資訊。

But on the FSG side, Wencor lapse this quarter, and we'll have cable next year in the inorganic bucket the first three quarters. It won't be material to the segment. And of course, in TG, we had three recent acquisitions that -- again, I don't think it's going to be material for the quarter. So it's pretty much mostly organic next year.

但在 FSG 方面，Wencor 本季失效，明年前三個季度我們將把電纜納入無機桶中。這對該細分市場來說並不重要。當然，在 TG，我們最近進行了三項收購——同樣，我認為這對本季不會產生重大影響。所以明年幾乎大部分是有機的。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Good morning and thank you for the time. Eric, if I could start with you, if that's okay, please. If you could just talk about the organic growth within FSG up 12% and then just the different parts of the business, right, aftermarket price is up 13%, slightly down from 17% last quarter. How do you think about the parts business trending into '25? Can it still grow double digits? And what is the -- what are you seeing with MROs versus airlines the demand there?

早安，謝謝您的寶貴時間。艾瑞克，如果可以的話，請讓我從你開始。如果您只談論 FSG 內部有機成長 12%，然後僅討論業務的不同部分，那麼售後市場價格上漲 13%，略低於上季度的 17%。您如何看待 25 世紀零件業務的發展趨勢？還能達到兩位數成長嗎？與航空公司相比，您認為 MRO 的需求是什麼？

Well, first of all, hi, and thank you for your questions. We are very optimistic on the continued growth, as I mentioned, in all of the segments. In breaking down our organic growth, the parts side definitely had the highest organic growth in 2024.

嗯，首先，你好，謝謝你的提問。正如我所提到的，我們對所有細分市場的持續成長非常樂觀。在分解我們的有機成長時，零件方面無疑在 2024 年實現了最高的有機成長。

And the area with the lowest organic growth was our specialty products. We think that in 2025, based on backlog that we already have in the specialty products area, that our organic growth is going to accelerate in that area.

有機成長最低的領域是我們的特色產品。我們認為，到 2025 年，根據我們在特種產品領域已有的積壓訂單，我們在該領域的有機成長將加速。

And it will remain a strong double digits within the parts side. Component repair is probably going to be somewhat in between those. But we also anticipate, I would say, strong -- I said double-digit growth, and I am expecting double-digit growth, frankly, in all three of our disaggregated areas.

在零件方面，它將保持強勁的兩位數。零件維修可能介於兩者之間。但我想說，我們也預計強勁——我說的是兩位數成長，坦白說，我預計我們所有三個分類領域都將實現兩位數成長。

Okay. Sure. Maybe if we could talk about one core for a minute. Any way to quantify the revenue synergies, how you think about their 6,000 SKUs relative to our 15,000 or so. How many have penetrated into your customer base? And then maybe a PMA question unrelated to the defense side of the business, but do you see PMA becoming easier under the new administration?

好的。當然。也許我們可以花一分鐘討論一個核心。任何量化收入協同效應的方法，你如何看待他們的 6,000 個 SKU 相對於我們的 15,000 個左右。有多少已經滲透到您的客戶群？然後也許是一個與業務防禦方面無關的 PMA 問題，但您認為在新政府領導下 PMA 變得更容易嗎？

Yes. So specifically with regard to Wencor, if you take a look at our organic growth within parts and component repair, you'll see that there is a -- there's over $60 million, approximately $62 million of organic growth in the fourth quarter in just parts and repair. That's all organic. And remember, we own Wencor, basically, for the -- pretty much the entire fourth quarter of last year. For HEICO and Wencor to grow $60 million organically, no acquisitions.

是的。因此，特別是對於 Wencor，如果您看一下我們在零件維修方面的有機增長，您會發現第四季度僅零件方面的有機增長就超過 6000 萬美元，大約 6200 萬美元和修復。這都是有機的。請記住，我們基本上在去年第四季都持有 Wencor。HEICO 和 Wencor 無需收購即可實現 6,000 萬美元的有機成長。

I mean, that's huge and frankly, far beyond anything that I thought was ever possible. We've got incredible teams, incredible leaders in these businesses. I think HEICO's competitive advantage is the way that we have these businesses structured, where we have them as individual business units, each with its own business had its own leadership team, combined with central sales forces to be able to help them get out there. There is a tremendous amount of unsold potential. There is so much more help that we can give our customers.

我的意思是，坦白說，這是巨大的，遠遠超出了我認為可能的任何事情。我們在這些行業擁有令人難以置信的團隊和領導者。我認為 HEICO 的競爭優勢在於我們建立這些業務的方式，我們將它們作為單獨的業務部門，每個業務部門都有自己的領導團隊，並與中央銷售團隊結合，能夠幫助他們走出去。有大量未售出的潛力。我們可以為客戶提供更多協助。

And it's just a matter of getting out there, getting in front of them and making sure that they switch from their old legacy solution into a new HEICO solution. So I expect the future to be very strong. And I'm very encouraged when I go out and talk to our folks, so are they.

這只是一個走出去，走在他們前面並確保他們從舊的遺留解決方案切換到新的 HEICO 解決方案的問題。所以我預計未來會非常強勁。當我出去與我們的家人交談時，我感到非常鼓舞，他們也是如此。

When I look also into the specialty products, when we look at what our backlogs are in these areas, they're tremendous. And now really, the challenge is executing and getting products from the vendors out there in the field and subcontractors because the market is incredibly that I don't go to any businesses where they say, oh, yes, we're all caught up. Everything is back to 2019. Not a prayer. I mean the labor force has changed. The it's very difficult to be able to ramp. And so that's why I'm very bullish in all of our areas. You had asked about the military side.

當我還研究特種產品時，當我們看看這些領域的積壓訂單時，它們是巨大的。現在，實際上，挑戰在於執行並從現場供應商和分包商那裡獲取產品，因為市場令人難以置信，我不會去任何他們說，哦，是的，我們都陷入困境的企業。一切都回到了2019年。不是祈禱。我的意思是勞動力已經改變。能夠斜坡非常困難。這就是為什麼我對我們所有領域都非常看好。你問過軍事方面的問題。

I think that's just added opportunity. You know because we've spoken about it that for years, HEICO has operated in that area, and we've had limited success. But as a result of the comments that I made in the prior couple of questions, I think this is really low-hanging fruit for HEICO.

我認為這只是增加了機會。你知道，因為我們已經談過，多年來，HEICO 一直在該領域開展業務，但我們取得的成功有限。但根據我在前幾個問題中所做的評論，我認為這對 HEICO 來說確實是唾手可得的成果。

And the government has got to make cost savings and imperative, and the new administration certainly is doing that to a degree that we've never seen before in the history of this country, and it's wise that they do so because as a country, we're running out of money. And HEICO can provide, again, not only the cost savings as a result of using our parts or using our technology.

政府必須節省成本，而且勢在必行，新政府無疑正在以我們國家歷史上從未見過的程度這樣做，他們這樣做是明智的，因為作為一個國家，我們錢快用完了。再次強調，HEICO 不僅可以透過使用我們的零件或技術來節省成本。

But also when these systems are developed by the government, there's a tremendous approach, which slows things down. And I'm really very excited for dose because I think they can accelerate a lot of these processes and HEICO is going to be, I think, a tremendous beneficiary across our Flight Support as well as our Electronic Technologies business because we are smaller businesses that are competitively focused in various areas, lower cost, higher quality, we can get it done quickly. And if the government wants it fast, I believe it's a huge opportunity for us.

但當這些系統由政府開發時，就會有一個巨大的方法，這會減慢速度。我對劑量感到非常興奮，因為我認為它們可以加速許多此類流程，而且我認為 HEICO 將成為我們的飛行支援以及電子技術業務的巨大受益者，因為我們是規模較小的企業，我們專注於各個領域的競爭，成本更低，品質更高，我們可以快速完成。如果政府希望盡快實現，我相信這對我們來說是一個巨大的機會。

Eric, I'm sorry, I meant more on the commercial side. Do you think the administration makes it easier to PMA commercial parts as well?

艾瑞克，對不起，我的意思更多的是商業方面。您認為政府是否也會讓 PMA 商業零件變得更容易？

Yes. I think -- I mean, with the administrations have always been supportive. The FAA has been, frankly, outstanding to work with over the last 35 years. I expect that to continue. I don't expect a change there. I mean, if you will, the civilian workforce has been great to work with. So I expect everything continuing and no change in our ability to get PMAs. So I mean we've gotten more PMAs than ever, and I expect that to continue.

是的。我認為——我的意思是，政府一直給予支持。坦白說，過去 35 年中與 FAA 的合作非常出色。我希望這種情況能夠持續下去。我不希望那裡發生變化。我的意思是，如果你願意的話，與文職人員一起工作非常愉快。因此，我預計一切都會繼續下去，我們獲得 PMA 的能力不會改變。所以我的意思是，我們獲得的 PMA 比以往任何時候都多，我預計這種情況會繼續下去。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Eric, can you give us any sense for what the growth acceleration of specialty products could look like next year? Because it sounds like you've got a lot of tailwinds there between the OE ramp and the missile defense growth. And I was just looking at my model, and there was a period of time in 2022 and 2023 where specialty products was growing over 50% pretty regularly. So I'm not trying to get too excited here but just trying to get a sense of whether something like that could perhaps repeat itself.

艾瑞克（Eric），您能否告訴我們明年特種產品的成長加速會是什麼樣子？因為聽起來在 OE 坡道和飛彈防禦增長之間有很多順風車。我只是在看我的模型，在 2022 年和 2023 年的一段時間內，特種產品的成長非常有規律地超過 50%。所以我並不是想在這裡變得太興奮，而是想了解類似的事情是否會重演。

Yes. I mean, the internal numbers I've got are really strong over in specialty products. As I mentioned, really, the key is being able to get products out of certain suppliers. But I think from what we're seeing and based on what the budgets are and everything, at least 10% organic growth seems to be very reasonable. And when you think of it, I know that on a spreadsheet, and I think everybody appreciates it's on a spreadsheet.

是的。我的意思是，我得到的內部數據在特種產品方面確實很強。正如我所提到的，實際上，關鍵是能夠從某些供應商那裡獲得產品。但我認為，從我們所看到的情況以及基於預算和一切的情況來看，至少 10% 的有機成長似乎是非常合理的。當你想到它時，我知道這是在電子表格上，而且我認為每個人都喜歡它在電子表格上。

It's easy. You put in point one, and it's easy to type that in. But when you think about this, when a business grows organically by 10% a year, it doubles in 7 years. quadruples in 14 years. And these businesses to accomplish a 10% growth rate. I mean, I think that's just tremendous and incredible in this market that we've got with constrained material and trained labor. So I'm very optimistic in those areas.

這很容易。你輸入第一點，輸入起來就很容易了。但想想看，當一家企業每年有機成長 10% 時，它會在 7 年內翻倍。 14年內翻了兩番。而這些業務實現了10%的成長率。我的意思是，我認為在這個市場上，我們在材料和訓練有素的勞動力有限的情況下所擁有的市場是巨大且令人難以置信的。所以我對這些領域非常樂觀。

Okay. Great. And then just one follow-up, Eric. I think it seems like there's a number of airlines that have built up some inventory of spare aftermarket parts. I think United is one of them. I guess have you seen any evidence of customer inventory build for your specific parts or airlines generally pretty hand to mouth for HEICO parts.

好的。偉大的。接下來只有一個後續行動，艾瑞克。我認為似乎有許多航空公司已經建立了一些售後備件庫存。我認為曼聯就是其中之一。我想您有沒有看到任何證據表明客戶為您的特定零件建立了庫存，或者航空公司對於 HEICO 零件通常相當勉強。

Yes. I think on HEICO parts they're really hand to mouth. I mean they certainly don't tell us when they have a surplus. I'm not aware of any material oversupplies at the airlines. I mean they're all (inaudible) parts very bad way.

是的。我認為在 HEICO 零件上，它們真的是勉強可以。我的意思是，當他們有盈餘時，他們當然不會告訴我們。我不知道航空公司有任何材料供應過剩的情況。我的意思是它們都是（聽不清楚）部分非常糟糕。

There are always puts and takes with that, but I think it's all very strong. Also, since HEICO has got a really good delivery program, and we're able to supply so many of these parts in the month of order, airlines are -- they don't typically have to overstock our parts because they can rely on us pretty well.

總是有一些缺點，但我認為這一切都非常強大。此外，由於 HEICO 擁有非常好的交付計劃，而且我們能夠在訂單當月供應如此多的零件，因此航空公司通常不必庫存過多我們的零件，因為他們可以信賴我們很好。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

I wanted to ask about the FSG margin, fielding some questions on that last night and this morning. I think the final full year is probably a decent amount higher than what you were projecting at the beginning of the year, but also kind of outperformed through the year.

我想問一下 FSG 利潤率，昨晚和今天早上回答了一些問題。我認為最終全年的業績可能比您年初的預測高出很多，但全年的表現也略勝一籌。

And then in the fourth quarter, it's down sequentially. So I guess, is the noncash piece higher? Or can you just give me those numbers 4Q versus 3Q? Or is there anything else abnormal whether it's a cost or mix in that fourth quarter margin? And then if you could speak to where you think those margins can go next year? That would be helpful.

然後在第四季度，它連續下降。所以我想，非現金部分是否更高？或者你能給我 4Q 和 3Q 的數據嗎？或者第四季度利潤率中是否還有其他異常情況，無論是成本還是混合？那麼您是否可以談談您認為明年這些利潤率會達到什麼水平？那會有幫助的。

No, this is Carlos. Let me take a stab at that. So you're digging deep in my brain here. So we're down about 20 bps Q3 to Q4. I'd almost consider that a little noise.

不，這是卡洛斯。讓我來嘗試一下。所以你在這裡深入挖掘我的大腦。因此，第三季至第四季我們下降了約 20 個基點。我幾乎會認為這是一點噪音。

There is a little bit more amortization in the fourth quarter this year than last year. which probably contributed to that blip. There isn't a lot of -- there's not a lot of noise in either quarter for unusual things like that. I will tell you that I've been pretty open and vocal that my expectation on the FSG is that the margins go between 22% and 23%. And that's what we've done.

今年第四季的攤銷比去年有所增加。這可能是造成這現象的原因。對於此類不尋常的事情，兩個季度都沒有太多噪音。我會告訴你，我一直非常公開和直言不諱地表示，我對 FSG 的期望是利潤率在 22% 到 23% 之間。這就是我們所做的。

And we're basically for the year. So pretty much did what I thought it would do. And I think that as we move forward, the things that I can count on other than mix shifts or something like that, would be some incremental gains in that margin due to leverage on our costs. So one thing the FSG has done very well as the revenue base has grown. They've done that without in a very efficient manner.

我們基本上是為了今年。所以幾乎做了我認為會做的事情。我認為，隨著我們前進，除了混合轉變或類似的事情之外，我可以指望的事情將是由於我們的成本槓桿而導致的利潤率的一些增量收益。因此，隨著收入基礎的成長，FSG 做得非常好。他們以非常有效的方式做到了這一點。

The SG&A spend has been down as a percent of revenue consistently all year. I expect that trend to continue, and that's really where we're going to eke out these little incremental margin gains. Again, absent any big shift in mix, that's what my expectations are going to the next year.

SG&A 支出佔收入的百分比全年持續下降。我預計這種趨勢將持續下去，這確實是我們要努力維持這些微小的增量利潤成長的地方。再說一遍，如果組合沒有任何重大變化，這就是我明年的期望。

Yes. Carlos, I guess it makes sense in a way that you referenced that range over time, but there's no -- I guess that makes it sound like you expect it to be kind of flat over time.

是的。卡洛斯，我想這在某種程度上是有道理的，因為你隨著時間的推移引用了這個範圍，但沒有——我想這聽起來像是你期望它隨著時間的推移會變得平坦。

But I would think that you would have -- I mean, historically, you've had a pretty consistent 25%, 30% incremental margin in that business as you're able to -- when you're in an environment where you're growing revenue double digits or even mid- to high single you're probably not growing cost as quickly as you're growing revenue, right?

但我認為，我的意思是，從歷史上看，當你處於這樣的環境中時，你會在該業務中獲得相當穩定的 25%、30% 的增量利潤。中高個位數，您的成本成長速度可能不會像收入成長那麼快，對吧？

That's absolutely correct. And no, I don't think they're going to be flat. No, I hope I didn't mean to insinuate that. What I'm insinuating is that I expect margin improvement. It's going to be -- if you look back historically, pre-COVID over the decade prior to that, our margins were growing 20, 30 bps a year, and it was based on volume growth in the business.

這是絕對正確的。不，我認為它們不會持平。不，我希望我不是有意暗示這一點。我的意思是，我預計利潤率會有所改善。如果你回顧歷史，在新冠疫情之前的十年裡，我們的利潤率每年增長 20、30 個基點，而且這是基於業務量的增長。

As we grow, to your point, we're not the cost base isn't growing as fast as revenues. I expect that to continue. And absent any big swings in mix, then that should be the cadence that we see moving forward.

正如您所說，隨著我們的發展，我們的成本基礎的成長速度並沒有趕上收入的成長速度。我希望這種情況能夠持續下去。如果混合中沒有任何大的波動，那麼這應該是我們看到的前進節奏。

Okay. Great. That makes a lot of sense. And then I wanted to ask about the other industries outside of the defense space are within ETG. I think that down in the quarter that being the fifth quarter in a row where it's down.

好的。偉大的。這很有意義。然後我想詢問 ETG 內國防領域以外的其他產業。我認為本季出現下降，這是連續第五個季度出現下降。

So it was the first quarter where you were lapping the easier compare, but it's down again. So I guess, can you talk about what's behind that? And then what it would take to get that piece to stabilize and start to grow again?

因此，在第一季度，您可以比較輕鬆地進行比較，但它又下降了。所以我想，你能談談背後的原因嗎？那麼怎麼樣才能讓那塊碎片穩定下來並再次開始生長呢？

Yes. This is Victor, Noah. So it's not necessarily a one-year event to wash out the overordering, which took place over, I think, a longer period of time. It probably took place over 2, 2.5 years. But as I said in the comments, my general sense is that we start -- that reverses starts to reverse sometime in the first half of our year.

是的。這是維克多，諾亞。因此，消除超額訂購不一定是一年的事件，我認為這種情況發生了更長的時間。它可能發生了 2、2.5 年多的時間。但正如我在評論中所說，我的總體感覺是，我們開始逆轉——這種逆轉在今年上半年的某個時候開始逆轉。

And we see signs of that in a number of businesses where basically, it looks like the order rate has started to turn up in some instances and others, it's kind of bouncing along the bottom. And sometimes we get an occasional positive surprise, we end the month doing better than we expected in both sales and orders in a couple of cases recently.

我們在許多企業中看到了這種跡象，基本上，在某些情況下訂單率似乎已經開始上升，而在其他情況下，它有點沿著底部反彈。有時我們偶爾會得到一個正面的驚喜，在最近的幾個案例中，我們月底的銷售和訂單表現都比我們預期的要好。

And just our experience has been when this happens, that sometime in the neighborhood of half a year later, it could be a little more. It could be a little less, but somewhere in that neighborhood. It starts to show up with rising sales sequentially.

我們的經驗是，當這種情況發生時，大約半年後的某個時候，可能會多一點。可能會少一點，但在附近的某個地方。它開始隨著銷售額的連續上升而顯現出來。

And so I would expect that, that would play out like it typically does barring, of course, any unforeseen events, but that's what I would expect.

所以我希望，這會像通常那樣發生，當然，除非發生任何不可預見的事件，但這就是我所期望的。

Okay. That's helpful. Victor, appreciate it. Just one last quick one. The corporate in the quarter is fairly high compared to where it had been running. You guys don't strike me as big corporate expense guys. Is there something abnormal in that? Or how should we think about the run rate moving forward?

好的。這很有幫助。維克多，很感激。只是最後一件事。與過去相比，本季的公司業績相當高。在我看來，你們並不是大公司的開支人員。這其中有什麼不正常的地方嗎？或者我們應該如何考慮未來的運行率？

No, I think we typically run about 1.5% of sales or something like that in corporate expenses. I mean, as you can imagine, over the last four years, we've had tremendous inflation, things like insurance and benefits and all those things rise. We also have a little noise with FX. As the dollar weakened, we had some FX challenges. But nothing -- noting out of the extraordinary.

不，我認為我們通常將銷售額的 1.5% 左右用於公司開支。我的意思是，正如你可以想像的那樣，在過去的四年裡，我們經歷了巨大的通貨膨脹，保險和福利等所有這些都在上漲。我們在 FX 方面也有一些噪音。隨著美元走軟，我們面臨一些外匯挑戰。但沒什麼——注意到非凡的事。

I mean I think the trend going forward, we should continue to be 1.4%, 1.5% of sales in that. As the company grows, we don't have lavish expenditures, but we do need arms and legs to keep track of everything. So that's principally, the Zip code will run in.

我的意思是，我認為按照未來的趨勢，我們應該繼續佔銷售額的 1.4%、1.5%。隨著公司的發展，我們沒有大筆的開支，但我們確實需要手腳來掌控一切。所以主要是，郵遞區號將會運作。

Michael Ciarmoli, Truist Securities.

邁克爾·恰莫利 (Michael Ciarmoli)，Truist 證券公司。

Happy holidays here. Eric, just -- I mean, we've talked a lot about FSG and the trajectory and -- but I guess, just looking at the sequential growth, one of the lowest sequential growth rates that we've seen in several quarters. Was there anything unusual in this quarter versus last quarter? I mean, it sounds like all business lines, all capabilities are running up record levels, any notable changes or behavioral changes from customers that maybe pick that sequential FSG revenue down a bit?

這裡節日快樂。艾瑞克，我的意思是，我們已經討論了很多關於 FSG 和軌蹟的問題，但我想，只是看看連續成長，這是我們幾個季度以來看到的最低連續成長率之一。本季與上季相比有什麼異常嗎？我的意思是，聽起來所有業務線、所有功能都在達到創紀錄水平，客戶是否有任何顯著變化或行為變化可能會導致 FSG 收入連續下降？

Yes. I mean a couple of things. Number one, I should state that one of the metrics that we never look at HEICO in any of the businesses is sequential growth rate. Because things can move around, they can bounce around and that can exaggerate it. The number that we always look at is the annual growth rates are compared to what we've done in the prior year.

是的。我的意思是幾件事。第一，我應該指出，我們從未在任何業務中關注 HEICO 的指標之一是連續成長率。因為物體可以四處移動，它們可以四處彈跳，這可能會誇大它。我們始終關注的數字是與前一年相比的年增長率。

And when I look at our FSG organic growth, I mean, basically, it was approximately in the first quarter, 12%. Second quarter, 12%. Third quarter, 15%. And fourth quarter, 12%. I mean, as far as I'm concerned, that's out of the park, that is phenomenal and is so far above what anybody else does in this industry with regard to organic growth.

當我看到我們的 FSG 有機成長時，我的意思是，基本上，第一季的成長率約為 12%。第二季度，12%。第三季度，15%。第四季為 12%。我的意思是，就我而言，這是不可思議的，這是驚人的，並且在有機增長方面遠遠高於該行業中的其他任何人。

So I'm super happy with it. And we just don't look and compare one quarter to the next. I mean if we didn't get overly excited when between basically the second quarter to the third quarter, we had big sequential growth. I mean that can be due to various deals or all sorts of stuff. I mean, what's more important is the comparison to the annual.

所以我對此非常滿意。我們只是不觀察並比較一個季度與下一個季度。我的意思是，如果我們在第二季到第三季之間沒有過度興奮的話，我們就會大幅連續成長。我的意思是這可能是由於各種交易或各種各樣的事情造成的。我的意思是，更重要的是與年度的比較。

And we think that, that is incredibly strong. And sometimes these moves and the numbers move in various jumps. So it's really dangerous to look at it in a sequential basis like that.

我們認為，這是非常強大的。有時這些移動和數字會發生不同的跳躍。因此，像這樣按順序查看它確實很危險。

Got it. No, that's helpful. And then just one other housekeeping one for Eric -- or sorry, for Victor. Victor, did you give the ETG organic growth rate for the quarter at the consolidated level?

知道了。不，這很有幫助。然後是艾瑞克的另一項家事服務——或者抱歉，是維克多的。Victor，您是否給出了該季度 ETG 綜合有機成長率？

Did we provide that?

我們提供了嗎？

I mean ATG, I can do it. BTG was down low single digits, it's like approximately 4% down for the quarter organically. And contributing to that was what we talked about earlier, the other electronics and defense offset by space. That's pretty much what happened. I think in total for the quarter, we were up 3% with some acquired growth in there, but the organic side was down roughly 4%.

我的意思是ATG，我能做到。BTG 下跌了低個位數，本季有機下跌約 4%。對此做出貢獻的是我們之前談到的，其他電子設備和國防被太空抵消了。這就是發生的事情。我認為本季整體成長了 3%，其中有一些後天成長，但有機方面下降了約 4%。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Just a couple of quick ones maybe for Carlos. Carlos, just because DNA is a pretty big add-back for you guys in cash flow. Do you have an expectation for DNA for '25? And then also I was just wondering sort of post COVID, post-Wencor, the use of working capital, especially in inventory has been larger. I'm just wondering if that was kind of a short-term thing or if we should expect to a greater build in inventory going forward?

也許對卡洛斯來說只是幾個快速的。卡洛斯，只是因為 DNA 對你們來說在現金流方面是一個相當大的附加回報。你對'25的DNA有期待嗎？然後我還想知道在新冠疫情之後、Wencor 之後，營運資金的使用，特別是庫存的使用量是否更大了。我只是想知道這是否是短期的事情，或者我們應該期望未來會有更大的庫存建設？

Sure. So actually, I think our D&A expected to be very similar next year to this year. Depending on how many acquisitions we do next year, it could flex up on the A side. But as a percentage, I expect it to be roughly the same as it was this year. As far as working capital, it's interesting.

當然。所以實際上，我認為我們明年的 D&A 預計將與今年非常相似。根據我們明年進行的收購數量，它可能會在 A 方面發生變化。但從百分比來看，我預計與今年大致相同。就營運資金而言，這很有趣。

We came into this year with a lot of commitments on products that our guys purchased multiple years ago because of some of the supply chain challenges we had. And we took delivery on that stuff towards beginning of last year and the beginning of this year.

由於我們面臨的一些供應鏈挑戰，今年我們對我們的員工多年前購買的產品做出了許多承諾。我們在去年初和今年年初交付了這些東西。

And we talked a little bit about how that would probably skew our annual inventory being a little higher than what we normally expect as far as spend line goes. I do expect that to moderate that as we get into because a lot of those firm commitments we had made on inventory coming out of COVID where some of these deals had two-year lead times and we had to commit two years in advance. A lot of that stuff we sort of took our last deliveries on as we got into the beginning of this fiscal year.

我們討論了這可能會如何使我們的年度庫存稍微高於我們通常預期的支出線。我確實希望隨著我們的進入，這種情況會有所緩和，因為我們對新冠疫情期間的庫存做出了很多堅定的承諾，其中一些交易的交付週期為兩年，我們必須提前兩年做出承諾。當我們進入本財年之初時，我們就已經交付了很多這樣的東西。

So we should see a little bit of a calm down in inventory as we grow the business organically, we've got to support it with more in-store spend. But I don't know that the slope of that spend will be as high as it had been in the prior few years.

因此，隨著業務的有機發展，我們應該會看到庫存下降，我們必須透過更多的店內支出來支持它。但我不知道這筆支出的斜率是否會像前幾年一樣高。

Our receivable management is impeccable. We have we had very little consumption of working capital for receivables, which given our growth is amazing at least. So I think our guys and we as a management team are highly focused on working capital and going forward, I expect we're going to probably return to more consumption of working capital like you've seen historically versus over the last two or three years.

我們的應收帳款管理無可挑剔。我們的應收帳款營運資金消耗很少，考慮到我們的成長至少是驚人的。因此，我認為我們的員工和我們作為管理團隊高度關注營運資本，展望未來，我預計我們可能會恢復更多的營運資本消耗，就像您在歷史上看到的那樣，與過去兩三年相比。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Thanks. Good morning. I wanted to follow up, I think there was a NOS question. So the FSG margin, I guess, either for Carlos or Eric, in terms of -- I think, Eric, you gave some relative growth parameters around the individual kind of subsegments between parts, repair and especially in cost. How do you see that those relative growth rates within their influencing the margin for FSG in '25?

謝謝。早安.我想跟進，我認為有一個 NOS 問題。因此，我想，無論是卡洛斯還是埃里克，FSG 利潤率——我認為，埃里克，你給出了一些圍繞零件、維修、尤其是成本之間的各個子細分類型的相對增長參數。您如何看待這些相對成長率對 25 年 FSG 利潤率的影響？

I think it would help. So I think it will help. I think the FSG margin story has been, I think, one of the least reported and yet most important things that frankly happened to this company. I mean when we look at what our operating margin basically from roughly 2015 to 2019 was in the 18% to 19% area. Now the operating margin is up in the 22% to 23% area.

我認為這會有幫助。所以我認為這會有幫助。我認為，FSG 的利潤率故事是坦率地發生在這家公司的報導最少但也是最重要的事情之一。我的意思是，當我們觀察 2015 年至 2019 年左右的營業利潤率時，基本上在 18% 至 19% 的範圍內。現在，營業利潤率上升至 22% 至 23%。

So we've gone up about 500 basis points over that period of time after making a number of lower margin acquisitions and going through COVID and all the turmoil that happened there. So I think the HEICO businesses are exceptionally good at just continuing to wring efficiencies out of their operations year by year. We don't make a thing over it but they just increased the amount of volume. They focus on efficiency. They get the cost down.

因此，在進行了多次利潤率較低的收購併經歷了新冠疫情和那裡發生的所有動盪之後，我們在那段時間上漲了約 500 個基點。因此，我認為 HEICO 業務非常擅長繼續年復一年地提高營運效率。我們並沒有對此做任何改變，但他們只是增加了數量。他們注重效率。他們降低了成本。

We don't have programs here at the corporate office like HEICO '25 or HEICO '26 or '27 or something like that. Instead, we just work with them and they do this as a matter, of course. And we just continually grind higher on the operating margin. So I think that, that there's no change from our perspective and what we want to continue to do.

我們公司辦公室沒有像 HEICO '25 或 HEICO '26 或 '27 或類似的程序。相反，我們只是與他們合作，他們當然會這樣做。我們只是不斷提高營業利潤率。所以我認為，我們的觀點和我們想要繼續做的事情沒有改變。

Obviously, it bounces around year-over-year, and it depends on various investments that we have to make. But I would anticipate the operating margins to continue heading north while still providing huge cost savings and benefits to our customers. and doing that not via price, but via cost and volume to what you were alluding to.

顯然，它會逐年反彈，這取決於我們必須進行的各種投資。但我預期營業利潤率將持續上升，同時仍為我們的客戶帶來巨大的成本節約和利益。並且不是透過價格來做到這一點，而是透過成本和數量來做到你所提到的。

Okay. Terrific. And I don't think -- I don't think you specifically said on ETG, but would you expect ETG to grow revenue organically next year into 25? And if so, is it more low single digit or mid-single digit?

好的。了不起。我不認為 - 我認為您沒有具體提到 ETG，但您是否預計 ETG 明年的收入有機增長到 25？如果是這樣，是低個位數還是中個位數？

Sure. This is Victor. So we expect in our budgeting for growth in the ETG next year. Organically, I think we're being careful and putting it in the lower single digits range. organically with acquisitions, hopefully more than that.

當然。這是維克多。因此，我們預計明年 ETG 的預算將會成長。從有機角度來看，我認為我們正在謹慎行事，並將其置於較低的個位數範圍內。有機地進行收購，希望不止於此。

And we've got some great acquisitions in the pipeline as well. And look, I don't know where we'll wind up to be clear. I mean, we're all only -- we've only finished one month of the new fiscal year. But it's my belief, based on talking to our companies and hearing from them that the ones who felt that they came up a little short this year, are being very conservative in their projection for next year.

我們也正在進行一些偉大的收購。聽著，我不知道我們要到哪裡才能澄清。我的意思是，我們都只是 - 我們只完成了新財政年度的一個月。但我相信，根據與我們公司的交談和聽取他們的意見，那些認為自己今年表現有些不足的公司對明年的預測非常保守。

Some people call that sandbagging. I'm not going to say that or accuse them because I think it's good that our companies are conservative and they plan to spend money according to what they think they're going to see on the revenue side.

有些人稱之為沙袋。我不會這麼說或指責他們，因為我認為我們的公司保守是件好事，他們計劃根據他們認為在收入方面會看到的情況來花錢。

But as I sit here at this moment, I'm hopeful that we'll do better than our internal budget. But we'll see, and I don't want to commit to that at this point. And of course, just to point out, that as it always has been throughout our existence in the ETG, it will be lumpy throughout the year. We're going to have bigger quarters than others. Some may be up. And in fact, the budgets have that some up much more than others.

但當我此刻坐在這裡時，我希望我們能做得比我們的內部預算更好。但我們拭目以待，我現在不想承諾這一點。當然，我想指出的是，正如我們在 ETG 存在期間一直以來的情況一樣，全年都會出現波動。我們將擁有比其他人更大的宿舍。有些可能會起來。事實上，有些預算比其他預算高得多。

And that is based upon what their expected production rates are as a result of many factors, including when the customer wants the product shipped and a variety of other factors. But I would expect that to continue in multiple ways, by the way, not just in sales and income, but -- as well as by end market, which we've seen historically.

這是基於許多因素造成的預期生產力，包括客戶希望何時出貨以及各種其他因素。但我預計這種情況會以多種方式繼續下去，順便說一句，不僅僅是在銷售和收入方面，而且在我們歷史上看到的終端市場方面也是如此。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Yes. A lot has been asked, but nobody really asked this one yet. So what's your expectation for maybe the change in the M&A environment with the new administration?

是的。人們問了很多，但還沒有人真正問過這個問題。那麼您對新政府併購環境的變化有何期望？

Well, as you know, we've been very strong in the acquisitions area, and we bought this fiscal year five different businesses. Our teams, by the way, are busier than they've ever been looking at a whole variety of deals in both segments, all sizes.

嗯，如您所知，我們在收購領域一直非常強大，我們在本財年收購了五家不同的企業。順便說一句，我們的團隊比以往任何時候都更加忙碌，需要關注這兩個細分市場、各種規模的各種交易。

So for HEICO, it's been a strong market. I would anticipate, obviously, people expect less scrutiny, more pro business evaluation going forward. But I think for HEICO, we're very much a preferred buyer because we don't have some of the complications that other folks have. So I think the regulatory environment improves, but it will still remain very good for HEICO.

所以對於 HEICO 來說，這是一個強勁的市場。顯然，我預期人們期望未來會有更少的審查、更專業的商業評估。但我認為對於 HEICO 來說，我們是非常受歡迎的買家，因為我們沒有其他人所遇到的一些複雜情況。所以我認為監管環境有所改善，但對 HEICO 來說仍然非常有利。

(inaudible)

（聽不清楚）

One of the things to point out, of course, is that we have always been, as we said earlier in the call, sort of a price and value preferred supplier to our customers. We've always never pushed on the pricing button. We never pushed on like the monopoly buttons and things of that sort.

當然，需要指出的一件事是，正如我們之前在電話中所說，我們一直是客戶的價格和價值首選供應商。我們從來沒有按下定價按鈕。我們從來沒有像壟斷按鈕之類的那樣繼續推動。

And as a consequence, we've never had any issues to begin with in regulatory approvals. And of course, I think people generally expect, as Eric said, the regulatory environment to be more favorable to business into companies like ours.

因此，我們在監管審批方面從未遇到任何問題。當然，正如艾瑞克所說，我認為人們普遍期望監管環境對像我們這樣的公司開展業務更加有利。

Got it. Got it. And then if I kind of keep pulling on the string a little bit, what's your appetite for doing another big one. You guys have gotten bigger. And then maybe two, if you can say, it's no secret that Boeing has been shopping some stuff around. Is there anything there that you guys would be interested in?

知道了。知道了。然後，如果我繼續稍微拉一下繩子，你有什麼興趣再做一次大的事情。你們已經長大了。如果你可以說的話，也許還有兩個，波音公司一直在四處採購一些東西，這已經不是什麼秘密了。那裡有什麼你們會感興趣的嗎？

Yes. Our appetite for acquisitions of all sizes, including larger ones remains the same. And we do larger deals. We've done them when they make sense. We won't do them just for the sake of doing them or adding revenue.

是的。我們對各種規模的收購（包括較大規模的收購）的興趣保持不變。我們做更大的交易。當它們有意義時我們就做了它們。我們不會僅為了做事或增加收入而做事。

It's all to us about the bottom line. So that appetite is the same as well as for smaller acquisitions, as you've seen, including small bolt-ons or fold-in acquisitions for our companies. And the opportunities, by the way, are spread out across the board. Historically, we've been an opportunistic buying everything that makes sense to buy and nothing that doesn't make sense to buy.

對我們來說，這一切都是為了底線。因此，正如您所看到的，對於小型收購的興趣是相同的，包括我們公司的小型補充或合併收購。順便說一句，機會是廣泛分佈的。從歷史上看，我們一直是機會主義者，購買一切有意義的東西，而不購買任何沒有意義的東西。

And I think, Ron, if you look at Wencor, which was, of course, our largest acquisition to date, it's been an absolute home run. So I think we've proven to the market that we can execute and win and execute and assimilate these businesses and continue to generate the cash to basically get our leverage ratio back down so we can reload and do more. So I feel 100% confident in our ability to continue to do larger acquisitions.

我認為，羅恩，如果你看看 Wencor，這當然是我們迄今為止最大的收購，這絕對是一次本壘打。因此，我認為我們已經向市場證明，我們可以執行、獲勝、執行和吸收這些業務，並繼續產生現金，基本上使我們的槓桿率回落，這樣我們就可以重新加載並做更多的事情。因此，我對我們繼續進行更大規模收購的能力充滿信心。

Louis Raffetto, Wolfe Research.

路易斯·拉菲托，沃爾夫研究中心。

Eric, just to make sure I'm levels here. So 13% organic growth in aftermarket repair parts, do you have MRO and specialty products for the quarter? I know MRO had been a little bit lighter. It seemed like maybe that did accelerate in the fourth quarter?

埃里克，只是為了確保我在這裡的水平。售後維修零件有機成長 13%，本季您有 MRO 和特種產品嗎？我知道 MRO 稍微輕鬆一點。看來第四季確實加速了？

Yes. So MRO looks -- is about 11% in the fourth quarter, and specialty products was 11% in the fourth quarter.

是的。因此，MRO 看起來——第四季約為 11%，第四季特種產品約為 11%。

And then maybe, Carlos, for you, it looks like there was another small impairment and a contingency adjustment in the quarter. I just didn't know -- it looks like that actually may be waived. I don't know if that was in either or both segments or ran through corporate? Just any color there?

卡洛斯，也許對你來說，本季似乎又出現了一次小額減損和緊急調整。我只是不知道——看起來實際上可能會被放棄。我不知道這是否是在其中一個或兩個部門中進行的，還是透過公司進行的？那裡有什麼顏色嗎？

Yes. We had a small impairment to a trade name in the fourth quarter. It was about $1.5 million. It's just normal course of business stuff, wrapping up the year. not a big deal there. And any -- I guess you're talking about what contingency adjust, contingent earn-out adjustments, Louis?

是的。第四季我們對一個商品名稱進行了小額減損。大約是 150 萬美元。這只是正常的業務流程，結束這一年。那裡沒什麼大不了的。還有任何 - 我猜你正在談論什麼應急調整，應急盈利調整，路易斯？

Yes, look at there's $1 million. Again, both of those, I think, would be again a negative to the earnings. So I think margins would have been sort of better ex these, I'll call them sort of one-timers or you and I have talked about the contingencies. I know it's like if it's a negative, it's actually a positive long term. So just trying to square the where that may have been?

是的，看看有100萬美元。我認為，這兩者都會再次對收益產生負面影響。因此，我認為除了這些之外，利潤率會更好，我稱之為一次性產品，或者你和我已經討論過意外情況。我知道，雖然它是負面的，但從長遠來看，它實際上是正面的。那麼只是想對可能的位置進行平方嗎？

Yes. So okay. So the trade name was in -- and the roughly net $1 million increase in the contingent earn-out liability was split pretty much evenly between the two segments, and it's just relating to accreting that liability to terminal value. It's just the normal noise that we have every quarter for the discounted liability getting accretive to payout value, nothing usual there.

是的。那麼好吧。因此，商號就出現了——或有收益負債大約淨增加 100 萬美元，在這兩個部分之間幾乎平均分配，而這只是與將該負債累加到終值有關。這只是我們每季都會聽到的正常噪音，因為折現負債會增加支付價值，這並不常見。

Yes, no, makes sense. But again, I might explain some of the questioning or look at the sequential step down in the FSG margins, if you got even $0.5 million. I'm not sure what that works out to. But just was curious. All right, that wraps up for me.

是的，不是的，有道理。但同樣，如果你得到 50 萬美元，我可能會解釋一些問題，或者看看 FSG 利潤率的連續下降。我不確定這會產生什麼結果。但只是好奇。好吧，我的就到此為止了。

Yes. Just as a reminder, is, we have those adjustments every quarter because you can't -- I wish I could put the full earn-out value on the balance sheet on day 1, but you have to fair value it and then accrete it up to pay out value. So every quarter, we're going to have a little noise like that. And the fourth quarter was just normal. There was nothing unusual about those adjustments.

是的。提醒一下，我們每個季度都會進行這些調整，因為你不能——我希望我可以在第一天將全部盈利價值放在資產負債表上，但你必須對其進行公允價值評估，然後將其累加直至支付價值。所以每季我們都會有這樣的一些噪音。第四季也很正常。這些調整並沒有什麼異常。

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

此時，我將把會議轉回勞蘭斯·門德爾森 (Laurans Mendelson) 進行補充或結束語。

I would like to thank everybody on this call for their interest in HEICO. And we look forward to our next earnings call, which would be for the first quarter of $25 million. Personally, I'm very optimistic about the outlook for HEICO. We see opportunity in acquisition and internal growth. And I feel that the company is doing extremely well, and it will continue to do so.

我要感謝這次電話會議上的每個人對 HEICO 的興趣。我們期待下一次財報電話會議，第一季的營收為 2,500 萬美元。就我個人而言，我對HEICO的前景非常樂觀。我們看到了收購和內部成長的機會。我覺得公司做得非常好，而且會繼續這樣做。

So let us know if you have any other questions that we haven't answered during this call. And otherwise, we stand ready to speak to you at the end of the first quarter '25. Thank you very much.

因此，如果您還有我們在本次電話會議中未回答的任何其他問題，請告訴我們。除此之外，我們隨時準備在 25 年第一季末與您交談。非常感謝。

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。