HEICO Corporation (HEI) 2026 Q1 法說會逐字稿

Welcome to the HEICO Corporation first-quarter 2026 financial results call.

歡迎參加 HEICO 公司 2026 年第一季財務業績電話會議。

My name is [Samara]. I will be your operator for today's call.

我的名字是[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; our liquidity and the amount and timing of cash generation; lower commercial air travel, airline fleet changes, or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase in 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 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.

可能導致此類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；我們的流動性以及現金產生的數量和時間；商業航空旅行減少、航空公司機隊變化或航空公司採購決策，這些都可能導致對我們商品和服務的需求下降；產品規格成本和要求，這可能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，或來自現有和新競爭對手的競爭，這些都可能導致我們的銷售額下降；我們以盈利價格水平推出新產品和服務的能力，這可能會降低我們的銷售額或銷售成長；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和我們進行收購的能力產生不利影響，包括獲得任何適使用的國內和/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、利率、外匯匯率和所得稅率；以及經濟狀況，包括航空、國防、航太、醫療、電信和電子行業內外通貨膨脹的影響，這些都可能對我們的成本和收入產生負面影響。

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

鼓勵收聽本次電話會議的各方查閱 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。

I now turn the call over to Eric Mendelson, HEICO's Co-Chief Executive Officer.

現在我將電話轉交給 HEICO 的聯合執行長 Eric Mendelson。

Thank you, Samara. Good morning to everyone on this call. Thank you for joining us. We welcome you to this HEICO first-quarter fiscal '26 earnings announcement teleconference.

謝謝你，薩馬拉。各位早安。感謝您的參與。歡迎參加 HEICO 2026 財年第一季財報發布電話會議。

I'm Eric Mendelson, HEICO's Co-Chairman and Co-CEO. I am joined here this morning by Victor Mendelson, HEICO's other Co-Chairman and Co-CEO; and Carlos Macau, our Executive Vice President and CFO.

我是艾瑞克·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席執行長 Victor Mendelson，以及我們的執行副總裁兼財務長 Carlos Macau。

We received many nice comments about Victor's extemporaneous remarks, as he opened our last conference call to discuss HEICO's 2025 fourth-quarter results. We thought our listeners would appreciate a little insight into HEICO before we discuss HEICO's 2026 first-quarter results.

在上次電話會議上，維克多發表了即興講話，討論 HEICO 2025 年第四季度業績，我們收到了許多關於他的好評。我們認為，在討論 HEICO 2026 年第一季業績之前，我們的聽眾會很樂意了解一些關於 HEICO 的資訊。

Obviously, HEICO's 2026 first-quarter results reflect continued growth. We are very proud of them, especially considering that, only 36 years ago, HEICO had only $25 million in revenue, $2 million in earnings, and 200 team members.

顯然，HEICO 2026 年第一季的業績反映了持續成長。我們為他們感到非常自豪，尤其考慮到，僅僅 36 年前，HEICO 的收入只有 2500 萬美元，利潤只有 200 萬美元，團隊成員只有 200 人。

Our dad, Victor, and I would often question ourselves: How is our 36-year 23% compound annual growth rate in share price possible, especially when we were rarely leveraged at more than 2 times EBITDA?

我和父親維克多經常問自己：我們股價連續 36 年維持 23% 的複合年增長率，這怎麼可能？尤其是在我們很少使用超過 EBITDA 2 倍的槓桿的情況下。

First, we have to thank God for these results.

首先，我們要感謝上帝賜給這些結果。

But, second, we realized that Dad always had a saying, do the right thing, which was our mantra 24/7, 365 for the past 36 years.

其次，我們意識到爸爸一直有一句格言：做對的事。在過去的 36 年裡，這成了我們 24/7、365 天的座右銘。

It wasn't just the same. It was embedded in every single decision; every part sold or repaired; every company acquired; and, simply, everything we did. Obedience to the unenforceable became our DNA from the time Victor and I were small children to now, when we are 60 and 58 years old.

情況並不完全相同。它體現在我們所做的每一個決定中；每一個售出或修理的零件中；每一家收購的公司中；簡而言之，體現在我們所做的每一件事中。從我和維克多還是小孩的時候到現在，我們分別60歲和58歲了，服從無法強制執行的命令已經成為我們的基因。

Doing the right thing means making honorable choices when nobody is looking.

做正確的事意味著在無人監督的情況下做出高尚的選擇。

It means spending tens of millions of dollars on quality systems, not because our customers or regulators require them but because we know it's a good investment that protects our brand.

這意味著我們要在品質系統上投入數千萬美元，不是因為我們的客戶或監管機構要求這樣做，而是因為我們知道這是一項保護我們品牌的良好投資。

It means properly reserving for obsolete or excess inventory, not because our auditors require it but because we know it's needed and mistakes must be recognized, learned from, and never repeated, not swept under the rug in order to protect reported earnings.

這意味著要對過時或過剩的庫存進行適當的準備，不是因為我們的審計師要求這樣做，而是因為我們知道這是必要的，而且錯誤必須被承認、從中吸取教訓，並且永遠不要重蹈覆轍，而不是為了保護報告的收益而被掩蓋起來。

These are just two of the many things that HEICO has done routinely over decades and why we've never had a one-time unusual charge to earnings, whereby the economic earnings of the upcycle are largely erased, following a black-swan event, and investors don't realize much of the earnings never existed in the first place.

這只是 HEICO 幾十年來一直例行開展的眾多工作中的兩項，也是為什麼我們從未出現過一次性異常收益損失的原因。在黑天鵝事件發生後，經濟週期上升期的收益會被大幅抹去，而投資人卻沒有意識到其中許多收益原本就不存在。

Considering our terrific results, we're even more proud of them, given the added cost that many people don't appreciate but everyone benefits from in the long run.

考慮到我們所取得的卓越成果，我們更加自豪，因為雖然很多人沒有意識到額外的成本，但從長遠來看，每個人都會從中受益。

HEICO was built for long-term and sustainable cash generation, which permits our earnings and cash flow to compound decade after decade, not just year after year.

HEICO 的建立旨在實現長期可持續的現金流，這使得我們的收益和現金流能夠逐年增長，而不僅僅是逐年增長。

We are not into programs of the year, buzzwords, or comparing ourselves to others, hoping to get a higher multiple on our shares. We're designed for long-term challenging but sustainable earnings increases.

我們不追求年度最佳節目、流行語，也不與他人比較，希望獲得更高的股票估值倍數。我們的目標是實現長期、具挑戰性但可持續的獲利成長。

I hope this provided a little insight into HEICO's secret sauce, as you listen to our first-quarter results.

希望這能讓您在收聽我們第一季業績報告時，對 HEICO 的成功秘訣有所了解。

Before reviewing our operating results in detail, I want to take a moment to thank and recognize all of the people who made our excellent performance possible.

在詳細回顧我們的經營業績之前，我想藉此機會感謝並表彰所有為我們取得優異業績做出貢獻的人。

HEICO's sustained growth and consistent profitability result directly from our team members' talent, dedication, and hard work. Our team members drive our success and differentiate us from other companies. Thank you, all, for all of your continued commitment and for contributing to another strong outstanding quarter.

HEICO的持續成長和穩定獲利能力直接源自於我們團隊成員的才華、奉獻精神和辛勤工作。我們的團隊成員是我們成功的驅動力，也是我們與其他公司區分開來的關鍵因素。感謝大家一直以來的付出和努力，讓本季業績再創新高。

We are very proud of the first-quarter results, which reflect consolidated margin expansion, record net income, and strong increases in operating income and net sales. We remain very bullish and optimistic about HEICO's ability to win new opportunities in fiscal '26 and continue our growth, profitability, and strong cash generation legacy.

我們對第一季的業績感到非常自豪，這反映了綜合利潤率的擴大、淨收入的創紀錄增長以及營業收入和淨銷售額的強勁增長。我們對 HEICO 在 2026 財年贏得新機會並繼續保持成長、盈利能力和強勁現金流的傳統仍然非常樂觀。

To summarize the highlights of our first quarter of fiscal '26 record results:

總結我們2026財年第一季創紀錄的業績亮點：

Consolidated net income increased 13% to a record $190.2 million or $1.35 per diluted share in the first quarter of fiscal '26, up from $168 million or $1.20 per diluted share in the first quarter of fiscal '25.

2026 財年第一季，合併淨收入成長 13%，達到創紀錄的 1.902 億美元，即每股攤薄收益 1.35 美元，高於 2025 財年第一季的 1.68 億美元，即每股攤薄收益 1.20 美元。

Consolidated operating income and net sales in the first quarter of fiscal '26 improved by 15% and 14%, respectively, as compared to the first quarter of fiscal '25.

2026 財年第一季綜合營業收入和淨銷售額分別比 2025 財年第一季成長了 15% 和 14%。

Net income attributable to HEICO in the first quarter of fiscal '26 and '25 were both favorably impacted by a discrete income tax benefit from stock option exercises. The benefit in the first quarter of fiscal '26, net of non-controlling interests, was $21.8 million or $0.15 per diluted share, as compared to $26.5 million or $0.19 per diluted share in the first quarter of fiscal '25.

HEICO 在 2026 財年和 2025 財年第一季的淨收入均因股票選擇權行使帶來的一次性所得稅優惠而受到有利影響。2026 財年第一季的收益（扣除少數股東權益後）為 2,180 萬美元，即每股攤薄收益 0.15 美元，而 2025 財年第一季的收益為 2,650 萬美元，即每股攤薄收益 0.19 美元。

By the way, that means we got a higher benefit from the discrete income tax benefit from stock options last year, as compared to this year.

順便說一句，這意味著去年我們從股票選擇權中獲得的獨立所得稅優惠比今年更高。

The Flight Support Group delivered strong results in operating income and net sales, achieving quarterly increases of 21% and 15%, respectively, as compared to the first quarter of fiscal '25. The increases principally reflect strong organic growth of 12%, driven by increased demand across all of Flight Support Group's product lines, as well as the contributions from our fiscal '25 acquisitions.

飛行支援集團的營業收入和淨銷售額均取得了強勁的業績，與 2025 財年第一季相比，季度成長率分別為 21% 和 15%。這些成長主要反映了強勁的內生成長（12%），這得益於飛行支援集團所有產品線需求的成長，以及我們在 2025 財年收購帶來的貢獻。

The Electronic Technologies Group net sales improved 12%, as compared to the first quarter of fiscal '25. The increase principally reflects strong organic growth of 6%, driven by increased demand across most of our products, as well as contributions from our fiscal '25 and '26 acquisitions.

與 2025 財年第一季相比，電子技術集團淨銷售額成長了 12%。這一成長主要反映了 6% 的強勁內生成長，這得益於我們大多數產品需求的成長，以及我們在 2025 財年和 2026 財年收購帶來的貢獻。

Cash flow provided by operating activities was $178.6 million in the first quarter of fiscal '26.

2026財年第一季經營活動產生的現金流量為1.786億美元。

Operating cash flow for the quarter was negatively impacted by distributions of approximately $22.7 million to a long-term team member over 40 years and participant in the HEICO Leadership Compensation Plan, the LCP.

本季經營現金流受到約 2,270 萬美元的分配的負面影響，該分配是向一位工作超過 40 年的長期團隊成員發放的，該成員是 HEICO 領導力薪酬計劃 (LCP) 的參與者。

The LCP is fully funded. All sources of cash for these distributions are derived from investments in corporate-owned life insurance policies, which are considered investing cash inflows within our statement of cash flows. As a result, the LCP distributions are not an actual use of cash.

LCP專案資金已全部到位。這些分配的所有現金來源均來自公司擁有的壽險保單的投資，這些保單在我們的現金流量表中被視為投資現金流入。因此，LCP 的分配並非實際使用現金。

We will have another large LCP distribution during the remainder of fiscal '26 of approximately $73 million, which will negatively impact operating cash flows. However, since the LCP, as I said, is fully funded, the distribution will continue to be net cash-neutral to HEICO.

在 2026 財年剩餘時間內，我們將進行另一次約 7,300 萬美元的大型 LCP 分配，這將對經營現金流產生負面影響。但是，正如我所說，由於 LCP 資金充足，因此分配將繼續對 HEICO 保持淨現金中性。

Consolidated EBITDA increased 14% to $312 million in the first quarter of fiscal '26, up from $273.9 million in the first quarter of fiscal '25.

2026 財年第一季合併 EBITDA 成長 14% 至 3.12 億美元，高於 2025 財年第一季的 2.739 億美元。

Our net debt-to-EBITDA ratio was 1.79 times as a result, as of January 31, '26, as compared to 1.6 times, as of October 31, '25. The increase in our leverage ratio is a direct result of the successful completion of an acquisition during the first quarter.

因此，截至 2026 年 1 月 31 日，我們的淨負債與 EBITDA 比率為 1.79 倍，而截至 2025 年 10 月 31 日，比率為 1.6 倍。我們槓桿率的上升是由於第一季成功完成收購所致。

Acquisition activity in both operating segments remains very strong, with a very healthy pipeline of opportunities. We continue to target complementary businesses that align strategically and financially, focusing on disciplined accretive transactions that enhance HEICO's long-term value.

兩個營運部門的收購活動依然非常強勁，擁有大量潛在收購機會。我們將繼續尋找在策略和財務上與公司互補的業務，專注於穩健的增值交易，以提升 HEICO 的長期價值。

In January 26, we paid our regular semi-annual cash dividend of $0.12 per share. This represented our 95th consecutive semi-annual cash dividend since 1979.

1月26日，我們依慣例派發了每股0.12美元的半年現金股利。這是自 1979 年以來我們連續第 95 次派發半年現金股利。

Now, I'd like to take a moment to discuss our recent acquisition activity:

現在，我想花點時間談談我們最近的收購活動：

In January, our Electronic Technologies Group acquired 100% of Axillon Aerospace's Fuel Containment Business, which was renamed Rockmart Fuel Containment. Rockmart designs and manufactures advanced fuel containment solutions, primarily for military fixed and rotary wing aircraft.

1 月，我們的電子技術集團收購了 Axillon Aerospace 的燃料密封業務 100% 的股份，並將其更名為 Rockmart 燃料密封。Rockmart 設計和製造先進的燃油密封解決方案，主要針對軍用固定翼和旋翼飛機。

The purchase price of this acquisition was paid in cash, using proceeds from our revolving credit facility. We are very excited that Rockmart has joined the HEICO family. We are very excited about their future contribution to HEICO's earnings.

本次收購的購買價款以現金支付，資金來自我們的循環信貸額度。我們非常高興 Rockmart 加入 HEICO 大家庭。我們非常期待他們未來能為 HEICO 的收益做出貢獻。

Earlier this month, the Flight Support Group acquired 100% of EthosEnergy Group Limited. Ethos provides repair solutions for engine components and accessories for various industrial gas turbine, aeroderivative gas turbine, aerospace and defense engine platforms.

本月初，Flight Support Group 收購了 EthosEnergy Group Limited 100% 的股份。Ethos 為各種工業燃氣渦輪機、航空衍生燃氣渦輪機、航空航天和國防發動機平台提供發動機部件和附件的維修解決方案。

I'm sure everyone on this call is keenly aware of the tremendous increase in demand for power caused by the exponential demand in AI or artificial intelligence and LLMs or large language model adoption. This power is largely expected to be created through the use of industrial gas turbines and aeroderivative gas turbines.

我相信參加這次電話會議的每個人都清楚地意識到，人工智慧和大型語言模型（LLM）的指數級需求導致了電力需求的急劇增長。預計這種電力將主要透過使用工業燃氣渦輪機和航空衍生燃氣渦輪機來產生。

HEICO is obviously excited to enter this market and bring our technical capability and OEM relationships to serve this growing power demand. We believe HEICO's acquisition of Ethos provides us with the perfect platform to sell our high-quality repair solutions to satisfy these rapidly growing needs.

HEICO顯然對進入這個市場感到興奮，並將我們的技術能力和OEM關係應用於滿足不斷增長的電力需求。我們相信，HEICO 收購 Ethos 為我們提供了一個完美的平台，讓我們能夠銷售高品質的維修解決方案，以滿足這些快速成長的需求。

The purchase price of this acquisition was paid with a combination of cash, using proceeds from our revolving credit facility and shares of HEICO Class A common stock.

本次收購的購買價款以現金、循環信貸額度以及 HEICO A 類普通股股份的組合方式支付。

This week, the Flight Support Group entered into an agreement to acquire 80% of the stock of a company that provides a range of services for commercial aviation and defense component platforms. Closing is subject to governmental approval and standard closing conditions; and is expected to occur in the second quarter of fiscal '26. The remaining 20% will continue to be owned by certain members of the seller's management team.

本週，飛行支援集團達成協議，收購一家為商業航空和國防零件平台提供一系列服務的公司的 80% 股份。交易完成須經政府批准並符合標準交割條件；預計將於 2026 財年第二季完成。剩餘的 20% 股份將繼續由賣方管理團隊的某些成員持有。

We expect these acquisitions to be accretive to our earnings within the year, following the acquisition.

我們預計這些收購將在收購完成後的一年內增加我們的收益。

I now turn the call over to Victor Mendelson, HEICO's other Co-Chairman and Co-CEO, to discuss the first-quarter results of our Flight Support and Electronic Technologies Groups in further detail.

現在我將電話轉交給 HEICO 的另一位聯合主席兼聯合執行長 Victor Mendelson，讓他更詳細地討論我們飛行支援和電子技術集團的第一季業績。

Eric, thank you very much.

埃里克，非常感謝你。

Before we get into the details, I echo what Eric mentioned at the outset of the call and thank our team members -- the HEICO team members. The results we're discussing today are a direct reflection of their talent, their discipline, and commitment to execution. Their collaboration and focus on excellence in all they do and all we do is truly inspiring.

在深入細節之前，我重申艾瑞克在通話開始時提到的內容，並感謝我們的團隊成員——HEICO 團隊成員。我們今天討論的成果直接反映了他們的才華、紀律和執行力。他們之間的合作以及對卓越的不懈追求，無論在他們自己還是在我們所做的一切事情中，都令人深受鼓舞。

The Flight Support Group's net sales increased 15% to $820 million in the first quarter of fiscal '26, up from $713.2 million in the first quarter of fiscal '25. The net sales increase in the first quarter of fiscal '25 stems from strong organic growth of 12% and the impact from our fiscal '25 acquisitions. The organic net sales growth reflects increased demand across all of our product lines.

2026 財年第一季，飛行支援集團的淨銷售額成長 15%，達到 8.2 億美元，高於 2025 財年第一季的 7.132 億美元。2025 財年第一季淨銷售額成長源自於 12% 的強勁內生成長以及 2025 財年收購的影響。有機淨銷售額成長反映了我們所有產品線需求的成長。

The Flight Support Group's operating income increased 21% to $200.7 million in the first quarter of fiscal '25, up from $166.1 million in the first quarter of fiscal '25. The operating income increase in the first quarter of fiscal '26 was principally driven by the previously mentioned net sales growth, SG&A expense efficiencies realized from the net sales growth, and an improved gross profit margin.

2025 財年第一季，飛行支援集團的營業收入成長 21%，達到 2.007 億美元，高於 2025 財年第一季的 1.661 億美元。2026 財年第一季營業收入的成長主要得益於前面提到的淨銷售額成長、淨銷售額成長帶來的銷售、管理及行政費用效率提高以及毛利率的改善。

That improved gross profit margin principally resulted from the previously mentioned higher net sales and a more favorable product mix within our repair and overhaul parts and services product lines.

毛利率的增加主要歸功於前面提到的淨銷售額增加，以及維修和大修零件及服務產品線中更有利的產品組合。

The Flight Support Group's operating margin improved to 24.5% in the first quarter -- very impressive in the first quarter of fiscal '26 -- up from 23.3% in the first quarter of fiscal '25. The increased operating margin in the first quarter of fiscal '26 principally reflects a decrease in SG&A expenses as a percent of net sales, mainly reflecting the previously mentioned SG&A expense efficiencies and improved gross margin.

飛行支援集團第一季的營業利潤率提高至 24.5%——在 2026 財年第一季度，這是一個非常令人印象深刻的成績——高於 2025 財年第一季的 23.3%。2026 財年第一季營業利潤率的提高主要反映了銷售、一般及行政費用佔淨銷售額百分比的下降，這主要反映了前面提到的銷售、一般及行政費用效率的提高和毛利率的改善。

Acquisition-related intangible amortization expense consumed 260 basis points, approximately 260 basis points of our operating income in the first quarter of fiscal '26.

收購相關的無形資產攤銷費用消耗了 260 個基點，約占我們 2026 財年第一季營業收入的 260 個基點。

The FSG's cash margin before amortization -- or EBITA, as we call it -- was approximately 27.1%, which is excellent and has been consistently excellent; and is 110 basis points higher than the comparable FSG cash margin of 26% in the first quarter of '25.

FSG 的攤銷前現金利潤率（或我們稱之為 EBITA）約為 27.1%，這非常出色，而且一直非常出色；比 2025 年第一季 FSG 的 26% 的現金利潤率高出 110 個基點。

Obviously, we are very, very happy with the continued operational excellence and improving cash generation demonstrated by the businesses in the FSG.

顯然，我們對FSG旗下各業務持續展現出的卓越營運和不斷改善的現金流感到非常非常滿意。

Now, turning to the first-quarter results for the Electronic Technologies Group:

現在，我們來看看電子技術集團第一季的業績：

The group's net sales increased 12% to $370.7 million in the first quarter of fiscal '26, up from $330.3 million in the first quarter of fiscal '25. The net sales increase was occasioned by strong 6% organic growth and the impact from our fiscal '25 and '26 acquisitions. The organic net sales growth is mainly attributable to increased sales of our aerospace and defense and other product -- electronics products -- partially offset by a decrease in space product sales.

該集團2026財年第一季淨銷售額成長12%，達到3.707億美元，高於2025財年第一季的3.303億美元。淨銷售額成長主要得益於強勁的 6% 內生成長以及 2025 財年和 2026 財年收購的影響。有機淨銷售額成長主要歸功於航空航太、國防及其他產品（電子產品）銷售額的成長，但部分被航太產品銷售額的下降所抵消。

The Electronic Technologies Group's operating income was $73.2 million in the first quarter of fiscal '26, as compared to $76.5 million in the first quarter of fiscal '25. That operating income decrease principally reflects a decrease in gross profit margin, partially offset by the previously mentioned net sales growth.

電子科技集團2026財年第一季的營業收入為7,320萬美元，而2025財年第一季為7,650萬美元。營業收入下降主要反映了毛利率下降，但部分被前面提到的淨銷售額成長所抵銷。

The decrease in gross profit margin -- and this is important -- resulted from a less favorable product mix of defense products and the previously mentioned decrease in net sales of space products, partially offset by the previously mentioned increase in net sales of our aerospace products.

毛利率下降——這一點很重要——是由於國防產品的產品組合不太有利，以及前面提到的航太產品淨銷售額下降，部分被前面提到的航空航太產品淨銷售額的成長所抵消。

As you know, quarterly margin variability in our ETG is consistent with the group's history. There are periods in which shipments of lower-, though not low-, margin products are a greater proportion of our sales than in other quarters, which is predominantly based on shipment schedules.

如您所知，我們ETG的季度利潤率波動與集團的歷史表現一致。有些時期，利潤率較低（但並非完全低）的產品的出貨量在我們銷售額中所佔的比例比其他季度要高，這主要是根據出貨計劃而定的。

Based on our backlogs and our shipment plans, we expect the ETG margins to improve, as the year progresses, particularly in the second half of the year.

根據我們的積壓訂單和發貨計劃，我們預計隨著時間的推移，ETG 的利潤率將會提高，尤其是在下半年。

The Electronic Technologies Group's operating margin was 19.8% in the first quarter of fiscal '25, as compared to 23.1% in the first quarter of fiscal '25 -- excuse me, 19.8% in the first quarter of fiscal '26, as compared to 23.1% in the first quarter of fiscal '25. The decreased operating margin principally reflects the previously mentioned lower gross profit.

電子科技集團2025財年第一季的營業利潤率為19.8%，而2025財年第一季為23.1%——抱歉，應該是2026財年第一季為19.8%，而2025財年第一季為23.1%。營業利益率下降主要反映了前面提到的毛利下降。

You may recall that we experienced similar unfavorable mixes from time to time, including the first quarter of fiscal '24; and the rest of the year was quite healthy for us. We're expecting the same thing this year.

您可能還記得，我們​​時不時會遇到類似的不利組合，包括 2024 財年第一季；而該年度的其餘時間對我們來說都相當健康。我們預計今年也會如此。

Importantly, before acquisition-related intangibles amortization expense, our operating margin was approximately 24%, as intangibles amortization consumes over 410 basis points of our margin is.

重要的是，在計入與收購相關的無形資產攤銷費用之前，我們的營業利潤率約為 24%，因為無形資產攤銷會消耗我們超過 410 個基點的利潤率。

As you know, how we judge our businesses is it most closely correlates to cash. On a true operating basis, these are still excellent margins, even though we would not be satisfied with them on a full-year basis.

如您所知，我們評判一家企業的標準，與現金流量的相關性最高。從實際營運角度來看，這些利潤率仍然非常出色，儘管我們不會對這些全年的利潤率感到滿意。

The ETG's strong margins resulted in another record backlog, demonstrating both strong demand for our products and robust end markets.

ETG 強勁的利潤率帶來了另一個創紀錄的訂單積壓，這表明市場對我們的產品有強勁的需求，終端市場也十分穩健。

Our shipments and shipment mix are typically uneven during the course of the year. We experienced some of that unevenness in our shipment mix this quarter, which was not a surprise and is a pattern we've often discussed on these calls and elsewhere.

我們的出貨量和出貨品種在一年中通常並不均衡。本季我們的出貨組合出現了一些不均衡的情況，這並不令人意外，也是我們經常在電話會議和其他場合討論過的現象。

We are pleased with the quarter's organic growth and are particularly excited about the opportunities in defense, commercial aerospace, and space for the remainder of fiscal '26.

我們對本季的有機成長感到滿意，並對 2026 財年剩餘時間裡國防、商業航空航太和太空領域的機會感到特別興奮。

I should add that this optimism is supported by the record backlog and increasing order volumes we've experienced.

我還要補充一點，這種樂觀情緒也得到了我們所經歷的創紀錄的積壓訂單和不斷增長的訂單量的支撐。

Thank you. I turn the call back over to Eric.

謝謝。我把電話轉回給埃里克。

Thank you, Victor.

謝謝你，維克多。

Our team is filled with optimism, as we look at the remainder of fiscal '26. We expect continued sales momentum in both Flight Support and the Electronic Technologies Group, supported by organic demand for our products, together with the impact of recent acquisitions.

展望 2026 財年剩餘時間，我們的團隊充滿樂觀。我們預計，在產品自身需求以及近期收購的影響下，飛行支援和電子技術集團的銷售動能將持續強勁。

The current pro-business agenda in the United States continues to align well with our long-term goals, providing key markets like defense, space, and commercial aviation with a very strong tailwind in funding.

美國目前的親商政策與我們的長期目標持續保持良好契合，為國防、航太和商業航空等關鍵市場提供了強勁的資金支持。

We remain focused on pursuing selective acquisition opportunities that align with our growth strategy.

我們將繼續專注於尋求符合我們成長策略的選擇性收購機會。

Our disciplined focus to financial management continues to emphasize long-term shareholder value through a combination of strategic acquisitions and organic growth, while preserving financial strength and flexibility.

我們始終堅持嚴謹的財務管理，透過策略性收購和內生成長相結合的方式，持續強調長期股東價值，同時保持財務實力和靈活性。

Acquisition activity remains extremely robust across both business segments, supported by an outstanding pipeline of potential opportunities currently under evaluation.

兩大業務部門的收購活動依然十分強勁，目前正在評估的大量潛在收購機會為其提供了有力支撐。

Our acquisitions teams are busier than ever, working on these potential transactions, as one of HEICO's core strengths is identifying high-quality businesses that complement and reinforce our strategic positioning.

我們的收購團隊比以往任何時候都更加忙碌，致力於這些潛在的交易，因為 HEICO 的核心優勢之一就是識別能夠補充和加強我們戰略地位的高品質企業。

We believe HEICO is the preferred buyer for sellers seeking a great home for their businesses.

我們相信，對於希望為自己的企業尋找理想歸宿的賣家而言，HEICO 是首選買家。

Consistent with our long-standing acquisition philosophy, we will only pursue opportunities that meet our strict financial and strategic criteria; are accretive and have the potential to generate durable long-term value for our shareholders.

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股東創造持久長期價值的機會。

We thank you for listening to this call.

感謝您收聽本次通話。

Now, Samara, if you'd like to open up the floor for questions, we're happy to answer them.

薩馬拉，如果你想開放提問環節，我們很樂意回答。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. First question, for Victor.

偉大的。第一個問題，問維克多。

Just, I think maybe the ETG putting a little pressure on the shares this morning, it sounds like -- and I know you referenced Q1 '24 -- the mix issue is completely temporary. It was a pretty significant sequential drop. But any more color on that: your backlog, the mix?

我覺得今天早上ETG可能給股價帶來了一些壓力，聽起來——我知道你提到了2024年第一季——產品組合問題是完全暫時的。這是一個相當大的跌幅。但還有什麼細節可以透露嗎：例如你的待辦事項清單、工作安排等等？

It doesn't sound like you have any termination and we could bounce right back to that low- to mid-[20s] range for the year. Is that fair to say?

聽起來你們沒有任何終止合約的情況，我們今年的業績可能會迅速回升到 20 萬美元左右。這樣說公平嗎？

Yeah. I think that's absolutely right. That's our expectation. Based on the shipment schedules and what we have, that's what we're expecting.

是的。我覺得完全正確。這是我們的預期。根據發貨計劃和我們現有的庫存，我們預計會是這樣。

It isn't unusual for us to move around. It may be lower than the average. But, sometimes, we get the perfect storm of good shipment schedules. Sometimes, we got the perfect storm of unfortunate shipment schedules.

我們經常搬家。可能低於平均值。但是，有時候，我們會遇到各種絕佳的出貨計劃，可謂天時地利人和。有時，我們會遇到各種糟糕的貨運安排，造成災難性的後果。

That's why we really guide people to look at the full year on the ETG, particularly as it moves on throughout the quarters.

這就是為什麼我們引導人們關注 ETG 的全年表現，尤其是在季度更迭的過程中。

The experience we had on this was in multiple different products and subsidiaries; as I said, the perfect storm on the downside, if you will, on margins; very heavily mix-related -- extremely heavily mix-related.

我們在這方面的經驗涉及多個不同的產品和子公司；正如我所說，利潤率方面出現了完美的下行風暴；這與產品組合密切相關——極其密切相關。

Right now, what we have scheduled for shipments and what our subsidiaries are showing as the year wears on is pretty exciting. Of course, we'll have to see.

目前，我們已安排的發貨計劃以及我們子公司在今年稍後所取得的成績都相當令人振奮。當然，我們拭目以待。

There are no guarantees, I always say, in life. But, right now, I'm feeling good about what our companies are telling us; feeling very good about what our companies are telling us.

我常說，人生沒有什麼是絕對有保障的。但是，就目前而言，我對我們公司告訴我們的情況感到滿意；我對我們公司告訴我們的情況感到非常滿意。

Right. It feels like a great environment for a lot of your companies, right, in the defense side, for sure?

正確的。對你們很多公司來說，尤其是在國防領域，這似乎是一個非常好的環境，對吧？

Yeah. If you look at our orders and you look at our backlog in the group and how it's been growing, it's very exciting. The mix of what's been growing is a nice mix, overall.

是的。如果你看看我們的訂單，看看我們集團的積壓訂單以及它們是如何成長的，你會感到非常興奮。整體而言，目前生長的作物種類搭配得很好。

Feeling good about it. Nothing is ever easy but feeling good about it.

感覺很好。凡事都不容易，但做起來感覺良好。

Yeah. Sure. While I got ,you a pretty nice sized acquisition, the Axillon -- you renamed Rockmart Fuel. I think it's your third largest ever in HEICO history.

是的。當然。雖然我為你帶來了一筆相當不錯的收購，Axillon——你把它改名為 Rockmart Fuel。我認為這是 HEICO 史上第三大單。

Any more color on this? Is this your usual-type multiple; and accretion we should expect, over time?

還有其他細節嗎？這是你通常所說的多次反射波嗎？隨著時間的推移，我們應該預期會發生吸積現象嗎？

It's a very nice business. It's a supplier and has done a lot of business with one of our other subsidiaries, Robertson Fuel Systems. They will be operating separately. But there's a lot that they can do for each other, in terms of production, smoothing out production; as well as new designs and being pretty innovative for our customers.

這是一家非常好的公司。它是我們的供應商，並且與我們另一家子公司 Robertson Fuel Systems 有許多業務往來。他們將獨立運作。但是，在生產方面，他們可以互相幫助很多，例如簡化生產流程；以及為我們的客戶提供新的設計和創新方案。

And so that is reporting to the Robertson business to keep things very streamlined and easy. I think it's -- we expect that to be -- it has been growing. We expect it to continue to grow.

因此，向羅伯遜公司報告工作是為了保持流程精簡便利。我認為——我們預計——它一直在增長。我們預計它將繼續增長。

There's a big aftermarket, if you will, cycle to it -- replacement cycle -- that appears to be growing. We appear to be in the early innings of that. We're pretty happy with it.

如果你願意的話，可以稱之為售後市場或更換週期——而且似乎還在持續成長。我們似乎還處於這過程的早期階段。我們對此相當滿意。

As we said, we expect it to be accretive to earnings in the first year of ownership. We've only owned it for about a month. So, so far, so good. But I would not declare victory or anything else, based on one month.

正如我們所說，我們預計在持有的第一年就能增加收益。我們才買了一個月左右。目前為止，一切順利。但我不會僅憑一個月的時間就宣布勝利或其他任何結果。

Right now, feeling pretty good about it.

現在感覺還不錯。

Great. If I could just -- one, quickly, for Eric: Just the organic growth, still very strong at 12% on a difficult comp. I'm just curious, historically, Q1, you usually have seen some seasonal slowdown. We haven't in the last couple of years in the recovery and growth on the aerospace side.

偉大的。如果我能只說一點——快速地告訴艾瑞克：就有機成長而言，在如此艱難的比較基數下，有機成長仍然非常強勁，達到 12%。我只是好奇，從歷史數據來看，第一季通常都會出現一些季節性放緩。在過去幾年裡，我們在航空航太領域的復甦和成長方面並沒有取得進展。

But just curious, any thoughts on -- are we maybe just getting into a little more normal seasonality, where Q1 actually drops a little bit from Q4, which we hadn't seen in a couple of years but we used to see if we go back?

但我很好奇，大家有什麼想法嗎？我們是否正逐漸進入更正常的季節性波動階段，第一季的業績實際上會比第四季略有下降？這種情況我們已經好幾年沒見過了，但我們過去常常觀察它是否會恢復正常？

Larry, thank you very much for your question.

拉里，非常感謝你的提問。

You're absolutely correct. In general, if you look last year, Q1 was the lightest organic growth, likewise in 2024, as well. I'm particularly proud of these results, given the high comps that we had in the prior years.

你說得完全正確。總的來說，如果你回顧去年，第一季是有機成長最慢的季度，2024 年的情況也是如此。考慮到前幾年的高競爭水平，我對這些成績感到格外自豪。

We had very high comps, basically, for the last four years and to post 12% organic growth on top of them, I think, is really outstanding.

過去四年，我們的同店銷售額一直很高，而在此基礎上還能實現 12% 的有機成長，我認為這真的非常出色。

If you will, we didn't stuff the channel. There's a whole bunch of inventory that could have gone out, which didn't go out for various reasons. But we're very careful to make sure that we do what the customers want.

換句話說，我們並沒有濫用這個頻道。有很多庫存商品本來可以發出去，但由於各種原因沒有發出去。但我們會非常謹慎地確保滿足客戶的需求。

I'm very happy with these numbers. I think they reflect very well on the group.

我對這些數據非常滿意。我認為這很好地體現了團隊的形象。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results, as usual. Victor, maybe we could just drill in a little bit to try to understand the space mix. I know, in the past, it's been a nice margin contributor for ETG. But could you describe (inaudible) a little bit?

結果一如既往地好。維克多，或許我們可以稍微深入研究一下，看看能否了解太空成分。我知道，過去它一直是 ETG 的一個不錯的利潤貢獻者。能稍微描述一下（聽不清楚）嗎？

I think you were a little more GEO-oriented versus, like, the LEO market. Is that still true, just given the overall mix; and just how you see the overall set-up for HEICO, given all the demand for LEO market?

我認為你們更偏向 GEO 市場，而不是 LEO 市場。考慮到整體市場格局，上述觀點是否仍然成立？鑑於 LEO 市場的巨大需求，您如何看待 HEICO 的整體佈局？

Yeah. It's a very good question.

是的。這是一個很好的問題。

Originally, the business was more heavily GEO -- and, over time, I would say, now, we're more heavily LEO. That -- in the businesses that were GEO, originally, shifting to LEO isn't cheap, right? The margins are less. There's a lot of different product design and R&D that goes into that but, that, I think we're getting through, if you will, the other side of that over the course of this year.

最初，我們的業務更側重於 GEO——隨著時間的推移，我認為現在，我們的業務更專注於 LEO。也就是說，對於原本採用 GEO 模式的企業來說，轉向 LEO 模式並不便宜，對吧？利潤空間較小。這其中涉及許多不同的產品設計和研發工作，但我認為，如果我們要說的話，我們今年將會克服這些困難。

We still have a pretty good offering for GEO. But we go where the customers are. That's really the LEO market.

我們仍然為GEO用戶提供相當不錯的產品。但我們去顧客所在的地方。這才是真正的執法部門市場。

We have some great businesses with very strong margins in LEO, too, by the way. Actually, I think, now, some really strong margins there. But, that, as you may recall, too, has been a very uneven -- very, very uneven business, from quarter to quarter.

順便一提，我們在 LEO 也有一些利潤率非常高的優秀企業。實際上，我認為現在那裡的利潤空間非常大。但是，您可能還記得，這方面的業務也一直非常不穩定——每個季度都非常非常不穩定。

We like space. But we're not going to be too much of a space company for that reason. You probably noticed that. We've limited. We've been careful how we've grown in space for that reason.

我們喜歡太空。但也因為如此，我們不會成為一家過於專注於太空領域的公司。你可能已經注意到了。我們數量有限。正因如此，我們在太空領域的發展一直非常謹慎。

Got it. I appreciate the color there. And then, Eric, just briefly, can you give a little commentary there (inaudible) a competitor bought a PMA business. Obviously, you guys still, I think, are the leader in PMAs.

知道了。我喜歡那裡的顏色。然後，艾瑞克，你能否簡單評論一下（聽不清楚）競爭對手收購了一家 PMA 公司？顯然，我認為你們仍然是PMA領域的領導者。

Is this a deal that had overlap with you? How should we view that?

這筆交易與你的交易有重疊嗎？我們該如何看待這個問題？

Thanks, Peter, for your question.

謝謝你的提問，彼得。

Well, you know how the old saying goes, imitation is the highest form of flattery. For years, when we started doing this, people thought we were crazy to be in the PMA business. And then, they thought we were crazy to be in the repair business and distribution and all the things we did.

俗話說得好，模仿是最高的讚美。多年來，當我們開始做這件事的時候，人們都認為我們瘋了才會從事 PMA 行業。然後，他們覺得我們從事維修、分銷以及我們所做的事情簡直是瘋了。

Those people who were smart enough to invest in HEICO did extremely well.

那些有遠見投資 HEICO 的人都獲得了非常好的回報。

We think this is a sign that the PMA market is incredibly strong. There are a tremendous number of PMA candidates out there.

我們認為這表明 PMA 市場非常強勁。PMA候選人數量非常龐大。

People have asked me, what does this mean for HEICO's competitive positioning? We feel very strongly about HEICO's competitive positioning.

有人問我，這對 HEICO 的競爭地位意味著什麼？我們對HEICO的競爭地位充滿信心。

We've been running this company for 36 years. We've always focused on the customer and always focused on generating value for the customer.

我們經營這家公司已經36年了。我們始終以客戶為中心，始終致力於為客戶創造價值。

I would venture to guess we probably have the best customer relationships in the entire industry. I don't anticipate that to change.

我估計我們可能擁有整個行業中最好的客戶關係。我預計這種情況不會改變。

That's because we add value. We do what we say we're going to do. People know when they work with HEICO that they're getting a top-quality product.

那是因為我們創造了價值。我們說到做到。人們知道，與 HEICO 合作，就能獲得一流的產品。

So we still have a tremendous presence in that market. We are totally committed to it. I think it shows that others are recognizing the value of the PMA business.

因此，我們在該市場仍然擁有巨大的影響力。我們對此全力以赴。我認為這表明其他人也認識到了PMA業務的價值。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Yeah. Eric, maybe just wanted to follow up on your just comments there. I think there's a belief that PMA represents one of the real secular growing markets coming out of the pandemic, as the industry continues to face a lot of service challenges.

是的。艾瑞克，或許我只是想對你剛才的評論做個補充。我認為人們普遍認為，PMA 代表了疫情後真正持續成長的市場之一，因為該行業仍在面臨許多服務挑戰。

Can you just maybe comment, from an industry perspective, what growth you're seeing in PMA; and where maybe you see specific opportunities for HEICO, either in markets you typically haven't been in or maybe with customer sets or any other ways you look at the market to help us better frame how PMA is actually really doing broadly and, for you, obviously, here, as we continue to see the recovery?

您能否從行業角度談談您在PMA領域看到的增長情況；以及您認為HEICO在哪些方面有具體的機會，例如在您通常沒有涉足的市場、客戶群或其他任何您看待市場的方式，以幫助我們更好地了解PMA的整體發展狀況，當然，就您而言，隨著我們繼續看到復甦，您能否談談PMA在您這裡的具體情況？

Yeah. Ken, I would be happy to answer that.

是的。肯，我很樂意回答這個問題。

First of all, I really recognize you, as you were one of the early -- one of the analysts who, very early on, figured out that what HEICO was doing in the PMA space was going to be very successful, both to the airlines, as well as for our shareholders and team members. Those who followed your advice have profited handsomely.

首先，我非常了解你，因為你是最早一批分析師之一，很早就意識到 HEICO 在 PMA 領域所做的一切都將非常成功，無論對航空公司、股東或團隊成員都是如此。那些聽從你建議的人都獲得了豐厚的回報。

We are very committed and have never been more excited about the PMA business than we are today. We've got roughly 20,000 different parts. It is a huge catalog and a huge competitive advantage because when we want to develop a new part -- there's very little stuff in this world, which is truly, truly new to us.

我們對 PMA 業務充滿熱情，從未像今天這樣興奮過。我們有大約 20,000 個不同的零件。這是一個龐大的產品目錄，也是一個巨大的競爭優勢，因為當我們想要開發一個新零件時——世界上真正對我們來說是全新的東西非常少。

We've got this catalog. We're able to go back and reference the drawings, the specifications, the vendors, the manufacturing processes. The barrier to entry is tremendous in doing that.

我們有這份產品目錄。我們可以回顧並參考圖面、規格、供應商和製造流程。這樣做的進入門檻非常高。

What we really need is greater acceptance at the airlines. We've spoken about this for many years: Why don't the airlines buy even more? Why don't they push us to buy even more?

我們真正需要的是航空公司給我們更大的接納。多年來我們一直在討論這個問題：為什麼航空公司不買更多？為什麼他們不鼓勵我們買更多東西？

We're very happy with what we've done. But why isn't it even more?

我們對自己的工作非常滿意。但為什麼還不夠多呢？

I do think, to your point, that, coming out of COVID, they recognize what we've said all along that PMA isn't only about price. It's about turn-time; and making sure that you've got an alternate vendor and you have the part on the shelf.

我確實認為，正如你所說，從新冠疫情中走出來後，他們認識到我們一直以來所說的，PMA 不僅僅是價格問題。關鍵在於週轉時間；也要確保你有備用供應商，並且貨架上有所需的零件。

I have got tremendous respect for all of our competitors who supply parts to the industry. It's a very hard thing to forecast the demand for a particular part. You never know what it's going to be. It depends on so many things, including the type of build that was done by either the airline or the repair station at the prior shop visit for the engine or the component.

我非常尊重所有向該行業供應零件的競爭對手。預測某個特定零件的需求量是一件非常困難的事。你永遠無法預知會發生什麼事。這取決於許多因素，包括航空公司或維修站上次對引擎或零件進行維修時所採用的組裝方式。

If times were good; they had plenty of money; and then, they put a lot of new parts in, then when the component comes back, you're not going to need a lot of parts. But if times weren't good and they did the minimum, then you're going to need a lot of parts.

如果情況好轉，他們資金充裕，並且投入了大量新零件，那麼當組件出現故障時，就不需要很多零件了。但如果情況不好，他們只做了最少的工作，那你就需要很多零件。

The problem is, for all of the vendors, it becomes extremely difficult to forecast in that situation. What we've always said is that HEICO provides not only top-quality, outstanding value, and cost savings but we also provide availability. This is something that has become front and center since COVID. We're happy about that.

問題是，在這種情況下，所有供應商都很難進行預測。我們一直強調的是，HEICO 不僅提供一流的品質、卓越的價值和成本節約，還能保證供應。自新冠疫情以來，這個問題已成為關注的焦點。我們對此感到高興。

When you look at the -- you asked, specifically, the products that we're doing: Our sales in the PMA business are roughly three-quarters non-engine, which would be components, airframe, interior; and about 25% engine.

當你查看——你具體問到我們正在做的產品：我們在 PMA 業務中的銷售額大約四分之三是非發動機產品，包括零件、機身、內飾；大約 25% 是發動機產品。

Our engine business is at a record level. We are doing extremely well. We are developing more engine parts. The airlines want us to develop more engine parts.

我們的引擎業務達到了歷史最高水準。我們做得非常好。我們正在研發更多引擎零件。航空公司希望我們開發更多引擎零件。

I think you've written about the cost of engine overhaul. The cost to overhaul some of these new engines is significantly higher than the cost to overhaul some of the existing engines. We think that there's going to be tremendous opportunity for us throughout the entire value chain.

我想你寫過關於引擎大修費用的文章。部分新型引擎的大修成本遠高於部分現有引擎的大修成本。我們認為，在整個價值鏈中，我們都將擁有巨大的發展機會。

I don't want to pick on just engines but on components, as well. The newer components are extraordinarily expensive. They are off-the-charts nuts on the prices that they are charging.

我不僅想挑引擎的毛病，還想挑零件的毛病。新型零件價格極為昂貴。他們收取的價格簡直離譜。

I think that HEICO is going to do extraordinarily well in our PMA and repair businesses, as we help airlines reduce their costs, keep them somewhat manageable, and provide an alternate source of supply.

我認為，隨著我們幫助航空公司降低成本、使其保持在可控範圍內並提供替代供應來源，HEICO 將在 PMA 和維修業務方面取得非常好的成績。

I can't get into obvious specific product types or manufacturer types for competitive reasons. We'd rather just go do our thing and satisfy the airlines.

出於競爭原因，我不能透露具體產品類型或製造商類型。我們寧願做好自己的事，讓航空公司滿意。

Yeah. I appreciate all the color, Eric. Just to put a finer point on that (multiple speakers) --

是的。艾瑞克，我喜歡這些色彩。再補充一點：（多位發言者）——

Hey, Ken?

嘿，肯？

Yes?

是的？

I might just add to what Eric just said, just to maybe put a few leaves on the tree, if you would.

我只想補充一下艾瑞克剛才說的話，希望能為這棵樹添上幾片葉子。

Our organic growth in our aftermarket business, which is our parts and repair business, was up organically in the teens. Specialty Products is in the high-single digits.

我們在售後市場業務（即零件和維修業務）的自然成長率達到了兩位數。特種產品佔比接近兩位數。

To echo what Eric said, our end markets in aerospace are very robust. Our guys are executing.

正如艾瑞克所說，我們在航空航太領域的終端市場非常強勁。我們的隊員正在執行任務。

I just thought you might find that nugget helpful.

我只是覺得你可能會覺得這個小技巧有用。

I appreciate that, Carlos. Maybe just to put a finer point on it: Historically, the argument was the lessors and maybe some of the emerging market airlines didn't use PMA much. Are you seeing any shift in customer types and adoptions?

謝謝你，卡洛斯。或許更準確地說：從歷史上看，租賃公司和一些新興市場航空公司並不經常使用 PMA。您是否觀察到客戶類型和採用情況的變化？

Yeah. We are seeing shifts in customer types and adoptions. The airlines recognize they need this. I'm aware of all sorts of activity and initiatives, which I'd rather not call out on this call for competitive reasons. But we think that they are going to benefit HEICO tremendously.

是的。我們看到客戶類型和採用方式正在改變。航空公司意識到他們需要這樣做。我知道各種各樣的活動和舉措，但出於競爭原因，我不想在此次通話中一一提及。但我們認為這將為 HEICO 帶來巨大的好處。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Maybe my first question, I just wanted to clarify something -- I joined later on the call. With Ethos, was it paid through A Class shares? Eric, how do we think about those distributions happening because I think you were mentioning it? Why was it A Class versus the common stock?

我的第一個問題，我只是想澄清一下——我是後來才加入通話的。Ethos的收益是透過A類股份支付的嗎？艾瑞克，我們該如何看待這些分佈的發生？因為我記得你之前有提到過。為什麼是A類股而不是普通股？

Yeah. I'd be happy to answer.

是的。我很樂意回答。

Most of the consideration was cash. I think it was roughly -- Carlos knows the exact percentage. But I think it was over 80% in cash, if I'm not mistaken. Carlos, is that correct?

大部分對價是現金。我覺得大概是──卡洛斯知道確切的百分比。但我記得沒錯的話，其中超過 80% 是現金支付的。卡洛斯，是這樣嗎？

That's correct. It was a small quantity of A shares. They wanted to feel like owners. It was their request.

沒錯。那是一小股A股。他們想要體驗主人翁的感覺。這是他們的要求。

They -- yeah. Look, sometimes, we do this because people are very happy to own the HEICO stock. The request was for A shares. That is why we granted the A shares. That was the concept there. But we're very excited about that acquisition.

他們——是的。你看，有時候，我們這樣做是因為人們非常樂意擁有 HEICO 的股票。請求的是A類股。這就是我們授予A股的原因。這就是當時的理念。但我們對此次收購感到非常興奮。

Okay. Got it. No. It certainly seems like the right end market to be in.

好的。知道了。不。這看起來確實是個合適的終端市場。

And then, maybe, Victor, one for you. As we think about ETG profitability, going forward -- I know it ebbs and flows -- is there any way you could bridge us on the margins in the quarter and, like, how to look forward?

然後，或許，維克多，還有一杯給你。當我們考慮 ETG 的盈利能力時，展望未來——我知道它有起有落——您能否幫助我們了解本季利潤率的變化，以及未來的發展方向？

Look, we continue to expect 22% to 24% GAAP margins in the business, which is 26% to 28% over the course of the year. You're going to have quarters that are above and below that amount, which is, again, historically the case.

你看，我們仍然預期該業務的 GAAP 利潤率為 22% 至 24%，全年利潤率為 26% 至 28%。某些季度的數據會高於或低於這個數額，而歷史上也確實如此。

There's nothing new to this. I try to remind people this as often as possible that there will be variability in the margins and the growth rate of the ETG.

這沒什麼新鮮的。我會盡可能經常提醒人們，ETG 的利潤率和成長率會有波動。

There's nothing that's changed. There's nothing that's fundamentally changed in the business.

一切都沒有改變。這個行業並沒有根本性的變化。

By the way, Sheila, just to expand on what I said about Ethos: The sellers recognized that this market was really a tremendously growing market.

順便說一下，Sheila，關於 Ethos，我想補充一點：賣家們意識到這個市場確實是一個成長迅猛的市場。

For them to part with one of the foremost repair and overhaul shops focusing on industrial gas turbines and aeroderivative gas turbines, they really wanted to be compensated. The request for HEICO A shares was in order to help reward them.

他們要放棄一家專注於工業燃氣渦輪機和航空衍生燃氣渦輪機的頂尖維修和大修店，他們真的希望得到補償。請求發行 HEICO A 類股票是為了獎勵他們。

We're very excited. Everybody is very knowledgeable about what's going on in the power generation space.

我們非常興奮。大家對發電領域正在發生的事情都非常了解。

Ethos has incredible capabilities in developing and executing on parts repairs, component repairs, and the access to that market. They've got three different facilities: in Connecticut, South Carolina, and Aberdeen, Scotland. They've got great access to the market; great people; great technology.

Ethos 在零件維修、組件維修的開發和執行以及進入該市場方面擁有令人難以置信的能力。他們有三個不同的工廠：分別位於康乃狄克州、南卡羅來納州和蘇格蘭阿伯丁。他們擁有良好的市場進入條件；優秀的人才；先進的技術。

By putting it with HEICO, I think that it's going to provide HEICO with the ability to access what is, as you know, a tremendously growing market. The A shares were just a component, if you will -- a sweetener -- because if they're going to part with what we think is an incredible asset, they wanted something additional.

我認為，透過與 HEICO 合作，將使 HEICO 進入一個眾所周知的、成長迅速的市場。A股只是一個組成部分，或者說是一種附加條件，因為如果他們要放棄我們認為是一項了不起的資產，他們想要一些額外的好處。

We were able -- the other thing, which is important, it's very easy to buy companies. But to buy companies at prices where it's accretive, using cash is extremely difficult. We were able to get this deal done at a reasonable price. The A shares were part of that enticement.

我們能夠──還有一點很重要，那就是收購公司非常容易。但是，用現金以能夠帶來收益的價格收購公司是極為困難的。我們以合理的價格完成了這筆交易。A股也是誘餌的一部分。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Victor, there's some elevated inflation, right now, in certain parts of the microelectronics supply chain, particularly for memory. I was wondering if you could speak to what ETG is seeing there; and if you expect to see any margin pressure there, either now or in the future?

Victor，目前微電子供應鏈的某些環節，特別是記憶體環節，存在一些較高的通貨膨脹。我想請您談談ETG目前的情況；以及您是否預計現在或將來會出現任何利潤率壓力？

Thank you, Scott. It's a good question.

謝謝你，斯科特。這是個好問題。

We're definitely experiencing that elevated inflation rate in some of the components. We typically are able to pass those on to our customers. I think they accept that. They understand that.

我們確實在某些組成部分中感受到了較高的通貨膨脹率。我們通常能夠將這些優惠轉讓給我們的客戶。我認為他們會接受這一點。他們明白這一點。

But there is a lag effect. That does take some time. You've got to work off the POs and items that are in the backlog.

但存在滯後效應。這確實需要一些時間。你必須先處理積壓的採購訂單和物料。

It is what I would consider a headwind but more in the noise level and not particularly notable.

我認為這算是逆風，但更多的是噪音方面，並不特別明顯。

By the way, it varies business by business. But, overall, on a consolidated basis, more in the noise level.

順便說一句，具體情況因公司而異。但整體而言，從綜合角度來看，噪音水平更高。

Okay. Are you generally able to get all the product that you need? Like, is supply chain itself a limiter? Or is it just a cost issue?

好的。通常您都能買到所需的所有產品嗎？比如說，供應鏈本身是否是限制因素？還是僅僅是成本問題？

I would say it's essentially normal, what it's been outside of that supply chain crunch, which is to say that there's always something. There's always a hot-list item that's late and holding things up somewhere in the system.

我覺得基本上是正常的，除了供應鏈危機之外，情況一直如此，也就是說，總是會有一些事情發生。總是會有一些優先順序很高的專案因為延誤而耽誤了系統裡的某個環節。

But, for the most part, everything is running normal. It's like airline schedules on a typical day. There are a certain number of delays. That's how it's running now.

但總的來說，一切運作正常。這就像航空公司平常一天的航班時刻表一樣。存在一定的延誤。現在就是這樣運作的。

Okay. And then, for Eric, do you see any opportunity for AI to help accelerate any of the maybe reverse engineering analysis for PMA and the speed at which new products can be brought to market? Or, alternatively, do you think AI could help yourself or your airline customers better query parts catalogs and identify new, maybe, previously unexplored PMA opportunities?

好的。那麼，艾瑞克，你認為人工智慧是否有可能幫助加速 PMA 的逆向工程分析，以及加快新產品上市的速度？或者，您是否認為人工智慧可以幫助您或您的航空公司客戶更好地查詢零件目錄，並發現新的、或許以前未曾探索過的 PMA 機會？

Just trying to better understand how HEICO can use AI to sustain or even accelerate growth.

我只是想更了解 HEICO 如何利用人工智慧來維持甚至加速成長。

Yeah. That question has a lot of insight.

是的。這個問題很有見地。

I think the answer is, definitely, with regard to both developing new parts, streamlining processes.

我認為答案是肯定的，無論是在開發新零件方面，還是在簡化流程方面。

I was just up at one of our subsidiaries last week. They showed me there was a certain process in our quality acceptance area, where we had multiple documents and multiple forms had to be filled out. They were able, through AI, to come up with a revised process, which is significantly more efficient than what we were doing before. We're already using it in the operations at HEICO.

我上星期才去過我們的子公司。他們向我展示了我們優質驗收領域的特定流程，其中需要填寫多份文件和多份表格。他們借助人工智慧技術，提出了一種改進的流程，這比我們以前的做法效率要高得多。我們已經在 HEICO 的運作中使用它了。

As far as the engineering, I think there is a lot of opportunity there. It is, as well, being used over in the engineering process.

就工程領域而言，我認為有很多機會。它也被用於工程過程中。

I agree with you, for customers to be able to figure out what they need to buy and look at the HEICO performance rate, our quality rate, our quality rating, how happy everybody is with us, I think that it will be a continued tailwind for HEICO.

我同意你的看法，如果客戶能夠弄清楚他們需要購買什麼，並查看 HEICO 的業績率、品質率、品質評級以及客戶對我們的滿意度，我認為這將持續推動 HEICO 的發展。

There's no reason why customers aren't buying more of our product line. I think AI will accelerate our growth.

沒有理由解釋為什麼顧客不購買更多我們的產品。我認為人工智慧將加速我們的發展。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Just as a follow-on here: If you look at some of the evolving contract structures that are going on with some of the big defense primes -- in particular, the seven-year framework agreements -- so far, we've seen a handful of Lockheed, a bigger handful with RTX -- what impact do you expect that to have on you guys, if, at all, where, potentially, you could get visibility on contracts out maybe seven years?

這裡我想補充一點：如果你觀察一下一些大型國防承包商正在演變的合約結構——特別是七年框架協議——到目前為止，我們已經看到洛克希德·馬丁公司有一些這樣的協議，RTX公司則有更多——你認為這會對你們產生什麼影響？如果有的話，你們能否提前了解未來七年的合約狀況？

How does that impact your business? How are you thinking about it?

這對您的業務有何影響？你是怎麼考慮的？

Yeah, Ron. Good question.

是的，羅恩。問得好。

We think it's a net-positive. We have a number of companies that supply on a lot of those programs. It's something that gives us nice visibility into the future; helps us plan better.

我們認為這總體上是件好事。我們有很多公司為這些項目中的許多項目提供產品。它讓我們對未來有了更清晰的了解，有助於我們更好地進行規劃。

On capacity, we've got really good capacity availability. It's usually a question of hiring people; and bringing more people in and figuring a way to do that in different shifts.

就產能而言，我們的產能可用性非常好。通常來說，問題在於招募人員；需要增加人手，並想辦法安排不同的輪班。

Overall, I think that's a net-positive for us.

總的來說，我認為這對我們來說是件好事。

Also, just to add to that: In the Flight Support Group - Specialty Products division, we think that that's going to have a very good impact because we produce a lot of these different components.

另外，補充一點：在飛行支援集團 - 特種產品部門，我們認為這將產生非常好的影響，因為我們生產許多不同的零件。

Having the advanced visibility into what's coming down the road is going to be extremely helpful. That's been a good tailwind for that business, as well, with record backlogs for missile defense products.

提前了解未來發展趨勢將非常有幫助。這對相關業務來說也是一個不錯的順風，導彈防禦產品的積壓訂單創下了歷史新高。

Got it. Got it. Got it. And then, we've talked about some supply chain stuff. Have you had any impact from critical minerals or magnets or whatever else? How you've been managing that in places where you do?

知道了。知道了。知道了。然後，我們討論了一些供應鏈的問題。你是否受到關鍵礦物質、磁鐵或其他任何東西的影響？在你工作的地方，你是如何處理這種情況的？

Yeah. It's very, very minimal. It has not been a significant issue for us.

是的。它非常非常簡潔。對我們來說，這並不是什麼大問題。

So far, we do not expect that it will become one. In fact, there could be opportunities for us as a result of that, when some of the new supply comes online in the US vis-à-vis acquisitions and things of that nature. But that's further down the road.

目前來看，我們預計它不會成為那樣。事實上，隨著美國一些新的供應上線，透過收購等方式，這可能會為我們帶來機會。但這都是以後的事了。

Got it. Got it. And then, maybe one more, if I can, to both of you guys. What are you seeing broadly in the acquisition market around valuation and so on and so forth?

知道了。知道了。然後，如果可以的話，也許再給你們兩個加一句。您認為目前併購市場的估價等面向整體狀況如何？

As you both know, no doubt, the sector has gotten pretty hot. How is that impacting how you're looking at valuations and how you can do M&A, going forward, where it is accretive in the framework of time that you guys like?

正如你們所知，毫無疑問，這個行業已經變得非常火爆。這會如何影響你們看待估值的方式，以及你們未來如何進行併購，尤其是在你們所期望的時間框架內實現增值的情況下？

Yeah. Ron, it's definitely pushed multiples up over a long period of time. It isn't anything new; maybe a little bit more than historically.

是的。羅恩，這無疑在很長一段時間內推高了倍數。這並非什麼新鮮事；或許比歷史上的情況稍微多一點。

For us, certainly, that's why we're working so hard to make sure that we do as well as we've done in the past. One of the important factors with us, I think, is the seller.

對我們來說，當然，這就是為什麼我們如此努力確保我們能像過去一樣取得好成績的原因。我認為，對我們來說，重要的因素之一是賣家。

Is the seller someone who's looking for something unique? Particularly, a good home for the business. Someone who's going to retain the legacy and the operations in a similar capacity as operated in the past.

賣家在尋找獨一無二的東西嗎？尤其是，一個適合企業發展的理想場所。能夠保留公司傳統並以與過去類似的方式運作的人。

That gives us a really big advantage we've discovered, historically. It doesn't mean we're going to buy everything we want. But it means there's a very nice pipeline.

這給我們帶來了一個我們在歷史上發現的巨大優勢。但這並不意味著我們會買下所有我們想要的東西。但這意味著有一條非常好的輸油管。

We have to count on a little more future growth, I think, and believe in the growth stories a little more than we used to. And so we're spending more time doing that to ensure that we think we're going to get the growth out of the businesses that's estimated.

我認為，我們應該對未來的成長抱持更多的期望，並且比以往更加相信成長前景。因此，我們正在投入更多時間進行這項工作，以確保我們認為能夠從企業中獲得預期的成長。

And then, also, just to add to that for a moment, Ron, as we mentioned, our acquisition teams are busier than ever. Their pipelines are full. I would expect additional acquisition activity this year.

另外，羅恩，正如我們之前提到的，我們的收購團隊比以往任何時候都更加忙碌。他們的管道已經滿了。我預計今年還會出現更多收購活動。

I think, our shareholders, my guess is they're going to be very happy about what we're doing.

我認為，我們的股東們，我猜他們會對我們正在做的事情感到非常滿意。

The other key thing is that, as Victor said, by differentiating ourselves and providing the best home for the seller, that has tremendous value. It's very easy to go out, pay high prices, and win an acquisition. It's another thing to make it work financially.

另一件關鍵的事情是，正如維克多所說，透過讓我們與眾不同，為賣家提供最好的房子，這將具有巨大的價值。很容易就能花高價收購一家公司。但要讓它在經濟上可行，又是另一回事了。

HEICO has a very rigorous cash flow requirements. We model each deal on its own, where it's got to support its own debt service, its own working capital needs, et cetera.

HEICO對現金流的要求非常嚴格。我們對每筆交易都進行單獨建模，使其能夠支持自身的債務償還、自身的營運資金需求等等。

That's how we've been able to compound. You don't compound by going out and paying crazy prices for something. You compound by buying something that can stand on its own and is very reasonable.

這就是我們能夠實現複利成長的方式。你不會因為花高價買東西而導致複利成長。你透過購買一件本身就很有意義且價格非常合理的商品來實現這一點。

When you look at the -- some of the prices of -- switching topics for a moment -- some of what I believe are the defense tech businesses, I think they're extremely exaggerated. We look for businesses that generate cash now and in the future.

當你看到一些——暫且換個話題——我認為是國防科技企業的價格時，我認為這些價格被嚴重誇大了。我們尋找的是現在和未來都能產生現金流的企業。

Paying extremely high multiples for something that really doesn't generate cash is just not what HEICO is about and not what we plan on doing.

為實際上無法產生現金的東西支付極高的倍數，這並非 HEICO 的宗旨，也不是我們計劃要做的事情。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

I was curious, do you have a sense of how inventory levels are at your airline customers? Because you mentioned that you didn't want to stuff inventory into the channel.

我很好奇，您是否了解您的航空公司客戶的庫存水準？因為你提到你不想把庫存塞進渠道。

And then, I was also curious, within your distribution businesses, have there been any noticeable changes over the past several quarters in how fast they are moving inventory, as the pace picked up as airlines prep for the summer travel season?

另外，我還想了解一下，在你們的分銷業務中，隨著航空公司為夏季旅遊旺季做準備，庫存週轉速度在過去幾個季度是否有任何明顯的變化？

Yes. I would say the inventory levels are very consistent to what we've seen in the past. There are certain parts which they can be overstocked on; other parts where they're understocked on. But, in general, there hasn't been a big change.

是的。我認為庫存水準與我們過去看到的非常一致。有些零件他們庫存過剩；而有些零件他們庫存不足。但總的來說，並沒有發生太大的變化。

As far as our distribution businesses, we've done extremely well. They are extremely busy, supporting the demands of the aftermarket.

就我們的分銷業務而言，我們做得非常好。他們非常忙碌，需要滿足售後市場的需求。

But I really see it very much as business-as-usual and not much of a change for HEICO there.

但我真的覺得一切照舊，對 HEICO 沒有太大改變。

Okay. And then, thinking back a year ago, a lot of us were asking about DOGE and how that could benefit your business. We're now one year into the current administration.

好的。回想起一年前，我們很多人都在問 DOGE 以及它如何能為你的企業帶來好處。本屆政府執政至今已滿一年。

Have you started to see the Pentagon get the ball rolling on acquiring more alternative parts to both reduce maintenance costs and improve readiness rates for military aircraft? Are they at least doing it on the derivatives like the P-8s and KC-46s?

您是否已經開始看到五角大廈著手購買更多替代零件，以降低軍用飛機的維護成本並提高其戰備率？他們至少在 P-8 和 KC-46 等衍生機型上這樣做了嗎？

We've seen some movement there, yes. We always said that this would be a medium-term project. It's very hard to get things fully moving at the speed that we would like.

是的，我們看到那方面有些進展。我們一直都說這將是一個中期項目。要讓事情以我們希望的速度全面推進是非常困難的。

But we are seeing good progress there. We do anticipate further progress to come. So we feel very good.

但我們看到那方面取得了良好進展。我們預計未來將取得進一步進展。我們感覺非常好。

You look at the President's defense budget. Something's got to be a bill payer for these tremendous increases. This is very logical.

你看看總統的國防預算。這些巨額成長總得有人來買單吧。這非常合乎邏輯。

I think what the Secretary of War is doing makes a lot of sense. They just can't keep on paying these high prices.

我認為戰爭部長的做法很有道理。他們實在無法繼續支付如此高的價格。

I'm still very optimistic, in that regard.

在這方面，我仍然非常樂觀。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

Eric, I wanted to follow up on the energy business, Ethos, and what you're doing there. You offered a number of data points and breadcrumbs.

艾瑞克，我想跟進一下能源業務、Ethos以及你在那裡所做的事情。你提供了一些數據點和線索。

We see different companies across [A&D] attacking this in different ways. I just wanted to talk about it big-picture.

我們看到航空航太與國防領域的不同公司正在以不同的方式應對這項挑戰。我只是想從宏觀角度談談這件事。

But the types of questions on my mind are, did you go down this path based on reverse inquiries from customers? What types of components do you expect to supply? Is it based on your existing SKUs? Or do you think that you're going to develop new SKUs?

但我心中的疑問是，你們走上這條路是否是基於客戶的反向詢問？你們預計供應哪些類型的組件？它是基於您現有的 SKU 嗎？還是你打算開發新的SKU？

There are so many questions here. I can't go through all of them but I just wanted to give you a chance to talk through this a bit more.

這裡有很多問題。我不可能一一解答，但我只是想給你一個機會再詳細談談這件事。

Sure. Thank you. I think that's a great area, which frankly, hasn't been focused on by a lot of people.

當然。謝謝。我認為這是一個很棒的領域，坦白說，很多人並沒有註意到這一點。

We thought that this would be a great market. If you look -- we've been working on Ethos now for approximately a year. We started that project a year ago.

我們認為這將是一個巨大的市場。如果你仔細觀察——我們開發 Ethos 已經大約一年了。我們一年前啟動了這個計畫。

We saw what was going on in the industrial gas turbine space and, to a lesser extent, the aeroderivative. We thought that this would be a very strong area.

我們看到了工業燃氣渦輪機領域以及（在較小程度上）航空衍生領域正在發生的事情。我們認為這將是一個發展勢頭強勁的地區。

So we went out very aggressively to work with the seller and come up with a deal that made sense.

因此，我們積極主動地與賣方協商，最終達成了合理的交易。

I think we also developed a very good relationship with the operating folks at the businesses. We were definitely their preferred buyer.

我認為我們也與各業務部門的營運人員建立了非常好的關係。我們絕對是他們首選的買家。

As far as the aeroderivative connection, that makes a lot of sense. Everybody is very familiar with what HEICO does and, really, what we can bring to some of the aeroderivative parts, should customers want that, as well on the industrial gas turbine parts.

至於航空衍生品之間的聯繫，這很有道理。大家都很熟悉 HEICO 的業務，也知道如果客戶需要，我們可以為一些航空衍生零件以及工業用燃氣渦輪機零件帶來什麼。

Both on the IGT and the aerooderivative, Ethos has very strong OEM relationships. They're approved by various OEMs to support those products. They've been doing so for a very long time.

無論在IGT或空氣動力學衍生領域，Ethos都與OEM廠商建立了非常牢固的合作關係。它們已獲得多家原始設備製造商的批准，可為這些產品提供支援。他們這樣做已經很久了。

We are going to continue to support those channels and not offer an alternative, if there is an OEM relationship there. Where there aren't OEM relationships, we'll try to form them with different companies. If not, we think that there is very good opportunity to continue penetrating the markets there.

我們將繼續支援這些管道，如果存在 OEM 合作關係，我們將不會提供替代方案。如果現有廠商沒有與我們建立合作關係，我們會嘗試與其他公司建立合作關係。否則，我們認為仍有很好的機會繼續開拓當地市場。

There's just a huge demand. You see what's going on with all the power companies.

需求量龐大。你看看所有電力公司都發生了什麼事。

Ethos has an extremely wide array of products that it services. It does blades, veins, all sorts of various static parts, rotating parts, components. We think that their technology lines up perfectly with ours.

Ethos提供的服務涵蓋極為廣泛的產品。它可以製作刀片、血管、各種靜態部件、旋轉部件和組件。我們認為他們的技術與我們的技術完美契合。

We are super excited to have made this acquisition. We think that it's going to be extremely successful and a great entree for HEICO.

我們非常高興完成了這項收購。我們認為這將非常成功，並成為 HEICO 的絕佳切入點。

If HEICO were to try to enter the (inaudible) industrial gas turbine or the aeroderivative market on its own, it would be extremely difficult. We didn't have much of a relationship with those customers.

如果 HEICO 試圖獨自進入（聽不清楚的）工業燃氣渦輪機或航空衍生性商品市場，那將極其困難。我們和那些客戶並沒有建立太多的關係。

Here, Ethos has been an incredible supplier for decades with these companies. Actually, Ethos -- the genesis of it -- is it used to be the Wood Group Aero Accessories and Components group. They have decades of working with the energy companies and the turbine suppliers.

幾十年來，Ethos一直是這些公司的重要供應商。實際上，Ethos 的前身是 Wood Group Aero Accessories and Components 集團。他們與能源公司和渦輪機供應商有著數十年的合作經驗。

We think we've got a great platform to leverage and move forward.

我們認為我們擁有一個可以利用並向前發展的強大平台。

This is such a big market. I'm just -- this is a very big-picture question but do you see this as something that could become so large for HEICO over -- in the fullness of time that, as, symbolically, we might even have an IGT segment -- a third segment -- for the first time or something like that? Could it be that big?

這是一個非常大的市場。我只是——這是一個非常宏觀的問題，但您是否認為隨著時間的推移，這對 HEICO 來說可能會變得如此重要，以至於，從象徵意義上講，我們甚至可能會第一次擁有 IGT 業務板塊——第三個業務板塊——或者類似的事情？真的有那麼大嗎？

That would be very aspirational. I don't want to get over my skis here and promise that. But we do have very high expectations for the business.

那將是非常令人嚮往的。我不想在這個時候做出這樣的承諾。但我們對這家公司寄予厚望。

I would say it's in early innings, right now. The company has got great capability; great people; three locations.

我認為現在還處於比賽初期。公司實力雄厚，人才濟濟，有三個辦公地點。

I hope what you're saying is correct. I'm sure that our team members at Ethos and at [Wyncor] are listening to this call. They are inspired by your question and outlook for it.

我希望你說的是正確的。我相信我們在 Ethos 和 [Wyncor] 的團隊成員都在收聽這通通話。他們深受你的問題和見解的啟發。

Matthew Akers, BNP Paribas.

Matthew Akers，法國巴黎銀行。

Most of mine have been asked already but I wanted to just touch on the balance sheet and just how you feel 1.8 times leverage. Obviously, (inaudible) has come down quite a bit since went (inaudible). I think, historically, you've been a little bit lower.

我的大部分問題都已經被問過了，但我只想簡單談談資產負債表以及你對 1.8 倍槓桿的看法。顯然，（聽不清楚）自那以後已經下降了不少。（聽不清楚）我認為，從歷史數據來看，你們的水平一直略低一些。

Just how you feel -- are you comfortable at this level? Would you prefer to be lower? It sounds like there's a lot of potential M&A deals in the pipeline. Just how you're thinking about the balance sheet here.

你感覺如何？你對目前的水平滿意嗎？你希望排名更低嗎？聽起來有很多潛在的併購交易正在籌備中。就像你現在這樣看待資產負債表一樣。

I'm happy to take that question.

我很樂意回答這個問題。

Our leverage right now is under 2 times. I'm very comfortable at this leverage point.

我們目前的槓桿率低於2倍。我覺得在這個關鍵時刻很有把握。

I expect that what we've done in the past will continue in the future. We'll continue to use a line of credit as a primary vehicle for funding acquisitions, which then affords us the opportunity to quickly pay that down and reload for the next deals. And so we'll still use that type of a structure.

我希望我們過去的做法在未來能持續下去。我們將繼續使用信貸額度作為收購融資的主要工具，這樣我們就有機會快速償還貸款並為下一筆交易重新註資。所以，我們還是會採用這種結構。

Right now, our permanent debt or the bonds that we have are running less than [1] turn of EBITDA. I think our capital structure is quite flexible. We're not capital constrained.

目前，我們的永久債務或債券的運作規模不到 EBITDA 的 [1] 倍。我認為我們的資本結構相當靈活。我們資金並不緊張。

From a balance sheet perspective, we could go higher on leverage. I think, if we did that, it would be very opportunistic and there would have to be a pathway to generate significant cash to bring us back down in the 2 times, 2.5 times leverage ratio.

從資產負債表的角度來看，我們也可以提高槓桿率。我認為，如果我們這樣做，那將是投機取巧，而且必須找到一條產生大量現金的途徑，才能使我們的槓桿率降回 2 倍、2.5 倍。

I would think that that's something that's doable for us. I don't think HEICO is going to be a 7 times-levered business. That's not in the cards for us.

我認為這是我們能夠做到的。我不認為 HEICO 會成為一家槓桿率高達 7 倍的公司。這對我們來說是不可能的。

But I'm not going to rule out for an incredibly good acquisition. If we went to that level and had a pathway to get back down into the [2s] over a reasonable period of time, we would certainly consider that and execute on it, if was good for our shareholders.

但我不會排除出現一筆非常好的收購的可能性。如果我們能達到那個水平，並且有辦法在合理的時間內回到 [2] 水平，如果這對我們的股東有好處，我們當然會考慮並執行。

That's helpful. Yeah. And then, just one on ETG, was the government shutdown, at all, related to any of the mix impact that you guys discussed in the quarter? Or is that not the driver?

那很有幫助。是的。還有一點關於ETG的問題，政府停擺是否與你們在本季討論的任何投資組合影響有關？還是那不是司機？

That wasn't the driver. It did have some impact a little bit, stuff shifting out. And so we'll pick up the benefit of that later on in the year but I wouldn't call it a material impact.

那不是司機。確實產生了一些影響，一些東西發生了轉移。因此，我們將在今年稍後享受這項措施的好處，但我不會稱之為實質影響。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

You have Max Miller, on for Gavin.

馬克斯·米勒替補加文上場。

It's pretty clear that a lot of the tightness in the aftermarket and some of the OEM pricing you're seeing actually increases the value proposition of a HEICO alternative.

很明顯，售後市場的緊張局面以及你所看到的一些原廠定價實際上提高了 HEICO 替代方案的價值主張。

If we hypothetically flip that script, what are the implications for HEICO in a world where maybe some new aircraft come online; some of the older platforms come out of the fleet; and aftermarket or, at least, the fleet age begins to normalize a little bit?

如果我們假設情況反過來，在這樣一個世界裡，一些新飛機投入使用；一些老舊平台退出機隊；售後市場或至少機隊年齡開始逐漸正常化，這對 HEICO 意味著什麼？

Does that change the math for PMA utilization and where you see HEICO thriving?

這是否會改變 PMA 利用率的計算方式，以及您認為 HEICO 將會蓬勃發展的領域？

We don't think so.Our business is always impacted by, first and foremost, the growth in fleet hours or available seat miles.

我們不這麼認為。我們的業務始終首先受到機隊飛行小時數或可用座位里程成長的影響。

And then, it is -- the sub-components of that are, you look at the age of the aircraft. You've got this 20-something thousand aircraft fleet, which is aging one year per year.

然後，它的子組成部分是──你要看飛機的機齡。你們擁有兩萬多架飛機的機隊，每年機齡都在增加一年。

The OEMs do a really good job of making sure that they escalate prices very aggressively to make up for any of that; to take advantage of that.

原始設備製造商（OEM）非常擅長透過大幅提高價格來彌補任何損失，從而從中牟利。

And ,then when you look at the fleet retirement, that typically hasn't been a big part of the equation. But it is something that we continue to look at.

然後，當你審視艦隊退役情況時，這通常不是一個重要的考慮因素。但我們會繼續關注此事。

There are also -- I think there's a very big opportunity for all of these new aircraft that have been delivered, roughly, over the last 10 years. The price of the spares on those aircraft is significantly higher than on the spares on the aircraft that they replace.

我認為，過去 10 年左右交付的所有這些新飛機都蘊藏著巨大的機會。這些飛機的備件價格遠高於它們所取代的飛機的備件價格。

If you look at line for line, the same-line (inaudible) [LRU] on an older aircraft versus a newer aircraft, the newer ones are significantly more expensive.

如果逐行比較，舊飛機上的同一條線路（聽不清楚）[LRU]與新飛機上的同一條線路，新飛機上的同一條線路要貴得多。

All of this is to say, I agree with you. I think our value proposition increases substantially. I think that we're going to be in a very good place.

總而言之，我同意你的觀點。我認為我們的價值主張大幅提升。我認為我們會處境非常好。

We're already taking advantage of the opportunity in a lot of these markets. I think that will continue.

我們已在許多市場中抓住了機會。我認為這種情況還會持續下去。

Michael Ciarmoli, Truist.

Michael Ciarmoli，Truist。

Maybe quickly, Eric, just to go back to John's energy line of questioning -- and I don't know if this is a quick one or a bigger conversation for another time -- but the CFM56 and its potential use in the power generation market -- you've obviously got a lot of content on some of those legacy platforms, should we expect that -- assuming it gains traction in the energy marketplace, can that be a significant tailwind, in terms of those platforms generating a materially more amount of parts, thinking that they've got life after or additional life, besides the traditional aircraft market?

艾瑞克，或許我們可以簡單談談，回到約翰關於能源的問題上——我不知道這算不算一個簡短的問題，還是以後可以展開更深入的討論——但CFM56發動機及其在發電市場的潛在用途——你顯然對一些傳統平台有很多研究，我們是否可以期待——假設它在能源市場獲得認可，這能否成為一個重要的順風，使這些平台產生更多壽命的零部件，除了它們的使用壽命，因為它們還有什麼壽命，使這些平台產生更多壽命的零部件，除了它們的使用壽命，因為它們還有什麼壽命

Yes. I think, definitely. When you look at the aeroderivative market, there is tremendous life in repurposing those engines. There are many companies doing that, whether it's on some of the old CF6s or the CFM56s.

是的。我覺得肯定沒錯。當你審視航空衍生性商品市場時，你會發現這些引擎的再利用蘊藏著巨大的潛力。很多公司都在這樣做，無論是在一些舊款 CF6 還是 CFM56 上。

But the use of the HEICO parts in those repairs and overhauls is, I expect, going to be substantial. I think that there is a very good tailwind for us there.

但我預計，在這些維修和大修中，HEICO 零件的使用量將會相當大。我認為我們在那裡會遇到非常有利的順風。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Congratulations on the quarter. Just one for Carlos.

恭喜你本季取得佳績。給卡洛斯一杯。

Just looking back at space organic growth in ETG, in the Q, last year, it was exceptional, $13.5 million, year over year.

回顧 ETG 去年第一季的太空有機成長情況，非常出色，年增 1,350 萬美元。

You're going to give us how much it was down this quarter? In this Q, can you preview what that decline is?

你們打算告訴我們這季下降了多少嗎？在這個問題中，您能否預先說明一下這種下降趨勢是什麼？

Yeah. I can give you some color on that. The decline in space, organically, was in the high-single digits for the quarter compared to Q1 of '25.

是的。我可以補充一些細節給你。與 2025 年第一季相比，本季空間自然成長下降了近 10%。

As Victor mentioned earlier, Jonathan, it's not a result of order volume kicking down or backlog not being there. It's really just a function of shipments. Always is, with space.

正如 Victor 之前提到的，Jonathan，這不是訂單量下降或積壓訂單減少所造成的。這其實只是出貨量的問題。始終如此，留有空間。

And so I wouldn't read too much into that, to be candid with you. I think you'll see some of that recover in the subsequent quarters, as we catch those shipments, going forward.

所以坦白說，我不會對此過度解讀。我認為隨著我們逐步接收這些貨物，在接下來的幾個季度裡，你會看到部分情況有所改善。

That helpful?

這樣有幫助嗎？

I think that shows it has to do with that great strong comp last year.

我認為這說明這與去年激烈的競爭有關。

The other question I've heard folks ask us is, you have exceptional positioning with the legacy space and defense hardware providers, how is your penetration with new customers in this area? Are you guys able to maintain positions at these new people in space and defense?

我還聽到有人問我們，你們在傳統航太和國防硬體供應商領域擁有卓越的地位，那麼你們在這個領域的新客戶滲透率如何呢？你們能否在這些新晉太空和國防人才中保持職位？

Thank you, John. It's a good question.

謝謝你，約翰。這是個好問題。

The answer to that is yes. We picked up a number of new space and defense tech customers along the way. So far, we're holding on to them.

答案是肯定的。我們在此過程中獲得了一些新的航太和國防技術客戶。到目前為止，我們還在持有它們。

The way we generally look at it is that we are going to supply the customer base. They need our parts, our products, regardless of who they are. For the most part, that seems to be holding true.

我們通常的看法是，我們要為客戶群提供產品。無論他們是誰，他們都需要我們的零件和產品。在大部分情況下，情況似乎確實如此。

Thanks for the question.

謝謝你的提問。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli 基金。

Great job. Mine, obviously, is revolving around the defense budget.

幹得好。很顯然，我的問題都圍繞著國防預算。

You saw the proposed, potentially, a $1.5 trillion budget. Even if that doesn't come to fruition over a number of years, is still -- it's a big number, just directionally. How do you see that impacting your business? Maybe just broad strokes on that?

你看到了擬議的預算案，金額可能高達 1.5 兆美元。即使幾年後這未能實現，但即便如此，這仍然是一個巨大的數字，只是從方向上看。您認為這會對您的業務產生什麼影響？或許只要大致概括一下？

And then, obviously, all the announcements earlier this year from the Department of War on the programs, drone dominance, arsenal freedom, you name it, what have you been told that you've spoken to the Department of War; and just maybe an overall view on those dynamics?

然後，很顯然，今年早些時候戰爭部宣布了所有關於無人機優勢、武器庫自由等計劃，你和戰爭部談過，他們告訴你什麼？你對這些動態有什麼整體看法嗎？

Well, first, Tony, thank you very much for joining us and for your comments. We very much appreciate them.

首先，托尼，非常感謝你加入我們並發表你的評論。我們非常感謝他們。

In terms of the outlook for us, the impact on us, first question that you asked, of the increased defense budgets and some of these orders, that, definitely, is beneficial. Obviously, the devil will be in the details; ultimately, where that falls over the years.

就我們的前景而言，對我們產生的影響，你提出的第一個問題，即國防預算增加和其中一些訂單，這無疑是有益的。顯然，魔鬼藏在細節裡；最終，這取決於多年來的發展。

But, from what we see and have heard -- and we talked a little bit earlier about some of these multi-year buys that the government is doing on programs -- we're on both sides of the business. This applies to both the Electronic Technologies and Flight Support groups.

但是，從我們所看到的和所聽到的來看——我們之前也稍微談到過政府正在進行的一些多年期採購項目——我們在這筆交易中扮演著買賣雙方的角色。這適用於電子技術組和飛行保障組。

There's definitely an impact and a benefit. Maybe we're even seeing some of that in our backlogs now. That's a good thing.

這肯定會產生影響，也會帶來好處。或許我們現在積壓的工作已經出現了一些這種情況。這是件好事。

In terms of the Golden Dome possibilities, it's not that completely defined publicly. But from what we know and what we see, it consists of a lot of existing programs; particularly, obviously, missile defense programs. Again, we're on both sides of the business: Flight Support and Electronic Technologies.

至於金穹頂的各種可能性，目前還沒有完全公開的定義。但就我們所知所見，它包含許多現有項目；特別是，顯然是導彈防禦項目。我們再次強調，我們在業務的兩個方面都有涉足：飛行支援和電子技術。

We're on a lot of those programs. There appear to be some newer tracking and reconnaissance parts of that system.

我們參與了很多這類節目。該系統似乎包含一些較新的追蹤和偵察部件。

From what we're told, some of the things we're selling on -- I can't go on obviously, specifics, but we're told that they are for Golden Dome. There's no Golden Dome department. You don't get a letter head that says Golden Dome is officially Golden Dome. There was this list of companies they put out as primary vendors. But, remember, we're down a layer in the supplier base.

據我們所知，我們正在出售的一些東西——顯然我不能透露具體細節，但據說它們是為金穹頂準備的。沒有金頂部門。你不會收到一份抬頭寫著「金頂大樓是金頂大樓官方名稱」的信箋。他們公佈了一份主要供應商名單。但是，請記住，我們的供應商基礎已經減少了一層。

And then, of course, as I answered earlier, I mentioned the defense tech guys are participating there, it appears, in a variety of ways. We're picking that up, as well.

當然，正如我之前回答的那樣，我提到國防技術人員似乎以各種方式參與其中。我們也注意到了這一點。

Overall, both are positives for us. We feel good about them; again, both sides of the business.

總的來說，這兩點對我們來說都是好消息。我們對他們感到滿意；再次強調，交易雙方都是如此。

Louis Raffetto, Wolfe Research.

Louis Raffetto，Wolfe Research。

Maybe one for Carlos. Just the stock comp expense was pretty high in the quarter. I know it was called out in the press release, as well.

或許給卡洛斯一個。本季股票補償支出就相當高。我知道新聞稿裡也提到了這一點。

Just curious, does that level continue throughout the year? Or does it step down? Or does it ramp up?

我只是好奇，這種水平會全年保持嗎？還是會退居幕後？或者情況會逐漸好轉？

It's a good question, Louis.

路易斯，你問得好。

The -- if you recall -- you may remember last year, we talked a little bit about the performance feature that were attached to our options in '25. What winds up happening is when -- normally, our options, historically, have always just been time-based. They vest over five years.

如果你還記得的話，你可能還記得去年我們稍微討論了一下 2025 年我們選配配置中的性能特性。最終的結果往往是——通常情況下，從歷史上看，我們的選擇總是基於時間的。五年內分期歸屬。

Now, we added a performance feature last year for growth in the business. What winds up happening is the amortization of that expense actually accelerates, as a result of that.

去年，我們為了促進業務成長，增加了一個效能功能。結果就是，這筆費用的攤銷速度其實會加快。

It's part of the accounting rules that drive us crazy sometimes. But, nonetheless -- so what will happen is we'll probably catch a little bit more of that elevated expense in the front half of this year; and then, it will taper off towards the end of the year.

這是會計規則中一些有時會讓我們抓狂的部分。但是，儘管如此——所以可能會出現的情況是，我們今年上半年會遇到更多上漲的支出；然後，到年底時，支出將會逐漸減少。

In fact, as we get into the following fiscal year, it should taper down probably on par or lower than what it had been, historically, because we would have amortized a lot of those '25 grants in fiscal '26.

事實上，隨著我們進入下一個財政年度，它應該會逐漸減少，可能會與歷史上的水平持平或更低，因為我們會在 2026 財政年度攤銷很多 2025 年的撥款。

(multiple speakers) --

（多位發言者）——

I appreciate it, Carlos. Yeah. I know how much you love all the accounting on that.

謝謝你，卡洛斯。是的。我知道你有多喜歡做那些會計的工作。

Yeah, right.

是啊，沒錯。

Maybe one for Victor and Eric, just, again, big-picture here.

或許可以給 Victor 和 Eric 一個，但話說回來，這裡要從大局著眼。

Obviously, you guys have grown a ton over your 36 years. You're in the $5 billion neighborhood.

顯然，你們在過去的36年裡取得了巨大的進步。你的資產規模接近50億美元。

Just, how do you guys think about the scale of the business; the sheer number of underlying businesses that are operating? At some point, do you see some other potential portfolio action as making sense?

你們如何看待這家公司的規模？它旗下經營著數量龐大的子公司？您認為在某個時候，進行其他一些潛在的投資組合調整是否可行？

Yeah. Listen, we've been able to adjust and grow with the business; and morph, if you will, the organization as we've gone.

是的。聽著，我們能夠隨著業務的發展而調整和成長；而且，如果你願意的話，我們也能夠隨著業務的發展而改變組織結構。

There was a point in time where everything reported either to Eric or to me -- this is Victor, speaking -- reported to one of us. Over time, we've gone to more of a bit of a working supervisor model, if you will -- really extraordinary and talented people, who show an ability to handle multiple companies at one time and acquisitions, as well.

曾經有一段時間，所有事情要么向埃里克匯報，要么向我匯報——我是維克多，正在說話——總之，所有事情都會匯報給我們其中一人。隨著時間的推移，我們逐漸轉向了一種更注重實際工作的管理模式——我們擁有真正傑出且才華橫溢的人才，他們能夠同時管理多家公司並進行收購。

Multi-site situations, for example. They are leading groups. We've been breaking this down into groups of both sides of the business. That's going to continue.

例如，多站點情況。他們是領導團體。我們已將此問題分解為業務雙方的各個小組。這種情況還會繼續下去。

The acquisition, you probably noticed the acquisitions we've made have generally been into those groups or into or under -- reporting to another subsidiary. We want to keep that talent doing it that way.

您可能已經注意到，我們進行的收購通常都是針對這些集團，或隸屬於其他子公司—向其報告。我們希望這種人才繼續以這種方式發展下去。

We think that's very scalable.

我們認為這非常具有可擴展性。

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, everyone, for participating in our call and for those who asked questions.

非常感謝各位參與我們的電話會議，也感謝各位提出問題。

We are always available. That's Eric, Victor, or Carlos, for any of your additional questions that you may want to ask offline.

我們隨時為您服務。如果您還有其他問題想私下諮詢，可以聯絡 Eric、Victor 或 Carlos。

We look forward to speaking with you again on our second-quarter fiscal '26 conference call at the end of May.

我們期待在 5 月底舉行的 2026 財年第二季電話會議上再次與您交談。

Thank you very much. This concludes our call.

非常感謝。通話到此結束。

Thank you. This does conclude today's call.

謝謝。今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。