HEICO Corporation (HEI) 2026 Q2 法說會逐字稿

Welcome to the HEICO Corporation second quarter 2026 financial results call. My name is Samara, and I will be your operator for today's call.

歡迎參加 HEICO Corporation 2026 年第二季財務業績電話會議。我叫 Samara，將擔任今天電話會議的接線員。

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，並受風險、不確定性及或有事項影響。HEICO 的實際結果可能與該等前瞻性陳述所明示或暗示者存在重大差異。

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、規模與持續時間；我們的流動性以及現金產生的金額與時點；商業航空旅行減少、航空公司機隊變動或航空公司採購決策，可能導致對我們商品與服務的需求下降；產品規格成本與要求，可能導致我們完成合約的成本上升；政府與監管要求、出口政策與限制；美國及／或外國客戶削減國防、太空或國土安全支出，或既有與新競爭者的競爭，可能降低我們的銷售；我們以具獲利性的定價水準推出新產品與服務的能力，可能降低我們的銷售或銷售成長；產品開發或製造困難，可能增加我們的產品開發與製造成本並延遲銷售；資安事件或其他資訊科技系統中斷可能對我們的業務造成不利影響；以及我們進行併購的能力，包括取得任何適用的國內及／或國外政府核准並實現被併購業務的營運綜效；客戶信用風險、利率、外匯匯率與所得稅率；以及經濟狀況，包括航空、國防、太空、醫療、電信與電子產業內外通膨的影響，可能對我們的成本與營收造成負面影響。

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.

建議收聽本次電話會議者查閱 HEICO 向美國證券交易委員會提交的所有申報文件，包括但不限於 10-K、10-Q 與 8-K 表格之申報。除非適用法律要求，否則我們不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

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

現在我把電話交給 HEICO 共同董事長兼共同執行長 Victor Mendelson。

Thank you very much, Samara, and good morning, and thank you to everyone on this call. We thank you for joining us, and we welcome you to HEICO's second quarter fiscal '26 earnings announcement teleconference. As you've heard, I'm Victor Mendelson, HEICO's Co-Chairman and Co-Chief Executive Officer. And I'm joined here this morning by my fellow Co-Chairman and Co-Chief Executive Officer; Eric Mendelson, as well as our Executive Vice President and CFO, Carlos Macau.

非常感謝你，Samara，大家早安，也感謝所有參與本次電話會議的各位。感謝各位加入，歡迎參加 HEICO 2026 會計年度第二季盈餘公告電話會議。如各位所聽到的，我是 Victor Mendelson，HEICO 共同董事長兼共同執行長。今天早上與我一同出席的還有另一位共同董事長兼共同執行長 Eric Mendelson，以及我們的執行副總裁兼財務長 Carlos Macau。

Before we get into our record results, let's take a moment to thank the people who produced yet another set of records for HEICO, and that's our team members. It's your resolute dedication, your diligent efforts and your focus on exceeding customer expectations that produced these results. We know you are what makes HEICO unique, and we're also grateful to call you our colleagues and our friends. We are excited about the opportunities ahead and our company's future with you.

在我們進入創紀錄的業績之前，先花點時間感謝再次為 HEICO 創下另一組紀錄的夥伴們，也就是我們的團隊成員。正是你們堅定不移的投入、勤奮的努力，以及專注於超越客戶期望，才造就了這些成果。我們知道，正是你們讓 HEICO 與眾不同；我們也很感激能稱你們為同事與朋友。我們對未來的機會以及與各位一同打造公司的未來感到振奮。

We further thank our customers for your confidence and your support. We know you are why we exist. And we extend our sincere gratitude to the brave servicemen and women past and present of the United States Armed Forces and allied military forces around the world, including HEICO team members, customers, vendors and their family members.

我們也要感謝客戶對我們的信任與支持。我們知道，你們是我們存在的原因。同時，我們向美國武裝部隊及全球盟軍部隊過去與現在英勇的軍人致上誠摯的感謝，其中也包括 HEICO 的團隊成員、客戶、供應商及其家屬。

With Memorial Day just behind us, we honor and remember those who made the ultimate sacrifice in service to our country and to our allies. We remain deeply grateful for their courage, for their dedication and commitment to protecting the freedoms we all enjoy. HEICO is very proud to support the United States and its allies defense needs.

在陣亡將士紀念日剛過之際，我們向那些為國家與盟友服務而做出最高犧牲的人致敬並緬懷。我們對他們的勇氣、對守護我們共同享有自由的奉獻與承諾，始終深懷感激。HEICO 非常自豪能支持美國及其盟友的國防需求。

So getting to our results. Our record second quarter fiscal '26 results probably speak for themselves, and we'll delve into the details shortly. And though we are certainly proud of this quarter's results as well as the many preceding quarters where we repeatedly set records, it's the future that energizes us most.

接著談我們的業績。我們 2026 會計年度第二季創紀錄的成果大概不言自明，我們稍後將深入說明細節。雖然我們當然為本季的成果以及此前多個季度反覆創下紀錄而感到自豪，但最令我們振奮的是未來。

HEICO is, as they say, firing on all engines, business is very strong for us virtually across the board, including in our biggest markets, commercial aviation, defense and space. Orders continue at record or near-record levels for us in nearly all of these markets. These markets are themselves growing and they're growing rapidly. People are traveling ever more and ever more.

如同大家所說，HEICO 正全速運轉；我們的業務幾乎在各方面都非常強勁，包括我們最大的市場：商用航空、國防與太空。在這些市場中，幾乎所有領域的訂單都持續維持在創紀錄或接近創紀錄的水準。這些市場本身也在成長，而且成長迅速。人們的旅行愈來愈頻繁、也愈來愈多。

And while short-term shocks like the current just war might create short-term disruption in the inexorable upward trend, the short-term disruptions are, by definition, always brief. With more planes in the sky and an ever increasing need for what HEICO cost effectively provides. And I should add that that list of what we provide keeps on growing. Fuel prices eventually settle back. spurring even more growth.

雖然像目前這場「剛剛爆發的戰爭」這類短期衝擊可能造成短暫干擾，影響這股不可逆的上升趨勢，但短期干擾顧名思義總是短暫的。天空中有更多飛機，而對 HEICO 以具成本效益方式所提供之產品與服務的需求也持續增加。我也要補充，我們所提供的項目清單仍在不斷擴大。燃油價格終將回穩，進而帶動更多成長。

And in defense, our country and its allies have recognized the need to invest more in defense and to replace depleted stocks. We are now experiencing this in our defense sales, in our defense orders and our defense backlog. We expect this to continue and to have a multiyear tail for which we are very well prepared.

在國防方面，我國及其盟友已認知到需要加大國防投資並補充消耗的庫存。我們目前已在國防銷售、國防訂單以及國防在手訂單中感受到這一點。我們預期這種趨勢將持續，並形成為期多年的延續效應，而我們已為此做好充分準備。

In space, the industry is rocketing ahead, pun intended, and so are we. Our presence on key programs, both in the new space and traditional realms continues growing. Innovation and quality are crucial. They are crucial in everything we do and in every market we serve. We've maintained full investment in our engineering and production capabilities to handle what we're experiencing. Our company supports both historical customers as well as the new disruptors in the defense tech, new space and new commercial aircraft models.

在太空領域，產業正加速前進（雙關語），我們也是如此。我們在關鍵專案上的布局，無論是在新太空或傳統領域，都持續擴大。創新與品質至關重要。它們對我們所做的一切以及我們服務的每一個市場都至關重要。我們持續對工程與生產能力進行充分投資，以因應我們所面臨的需求。本公司同時支援歷史客戶，以及國防科技、新太空與新型商用飛機機型中的新興顛覆者。

HEICO has always been and will always be where the industry goes and where it grows. The adaptability has been one of our key traits since we took over the company roughly 36 years ago. When I ask people for words they associate with HEICO, the most common word is trust. They trust that our company will deliver real and sustainable growth that will deliver innovation, that will deliver quality, that will deliver real cash. That's very important. Real cash. And we will do all of this, honestly, among other things. They call it the HEICO culture, and we like that.

HEICO 一向、也將永遠走在產業前進與成長的方向上。自我們約 36 年前接手公司以來，適應力一直是我們的關鍵特質之一。當我請人們說出他們與 HEICO 聯想到的詞彙時，最常見的詞是「信任」。他們信任我們公司能帶來真實且可持續的成長，能帶來創新，能帶來品質，能帶來真實的現金。這非常重要。真實的現金。而我們也會誠實地做到這一切，並且還有其他許多方面。他們稱之為 HEICO 文化，而我們也很喜歡這個說法。

So our most recent quarterly and year-to-date results are just another manifestation of the HEICO culture. And summarizing those results, today, we emphasize that consolidated net income, operating income and net sales in the second quarter of fiscal '26, are, again, record results for HEICO, increasing by 49%, 41% and 25%, respectively, compared to the second quarter of fiscal '25. The Electronic Technologies Group set all-time quarterly operating income and net sales records in the second quarter of fiscal '20 and improving 56% and 34%, respectively, over the second quarter of fiscal '25. These increases principally reflect strong 17% organic growth driven by increased shipments and more demand for most of the Electronic Technologies Group's products as well as contributions from our fiscal '25 and '26 acquisitions.

因此，我們最近的季度與年初至今的業績，只是 HEICO 文化的另一種展現。概括而言，我們今天強調：在 2026 會計年度第二季，合併淨利、營業利益與淨銷售額再次創下 HEICO 的紀錄，與 2025 會計年度第二季相比分別成長 49%、41% 與 25%。電子技術事業群在 2026 會計年度第二季創下歷史單季營業利益與淨銷售額新高，並較 2025 會計年度第二季分別提升 56% 與 34%。這些成長主要反映強勁的 17% 有機成長，係由出貨增加以及對電子技術事業群多數產品需求提升所帶動，並包含我們在 2025 與 2026 會計年度併購案的貢獻。

The Flight Support Group also set all-time quarterly operating income and net sales records in the second quarter of fiscal '26, improving to 31% and 21%, respectively, over the second quarter of fiscal '25. And I might add that the second quarter of fiscal '25 itself was extremely strong as have been all the quarters surrounding it. These increases principally reflect strong 19% organic growth from increased demand across all of our product lines as well as the contributions from our fiscal '26 acquisitions.

飛行支援事業群在26會計年度第二季亦創下歷史單季營業利益與淨銷售額新高，分別較25會計年度第二季成長31%與21%。我也想補充，25會計年度第二季本身就非常強勁，前後相鄰的各季也同樣如此。這些成長主要反映各產品線需求增加所帶動的強勁19%有機成長，以及我們在26會計年度收購案的貢獻。

Consolidated net income increased 49% to a record USD233.8 million or USD1.66 per diluted share in the second quarter of fiscal '26 up from USD156.8 million or USD1.12 per diluted share in the second quarter of fiscal '25. Very notably, our cash flow provided by operating activities increased 43% to USD292 million, as I said, real cash in the second quarter of fiscal up from USD204.7 million in the second quarter of fiscal '25. That strong cash generation remains a hallmark of our strategy, and it does permit us to invest in our people and our growth while increasing shareholder value.

合併淨利在26會計年度第二季增加49%至創紀錄的2.338億美元，或稀釋後每股1.66美元，高於25會計年度第二季的1.568億美元，或稀釋後每股1.12美元。尤其值得注意的是，我們由營運活動提供的現金流量增加43%至2.92億美元；如我所說，這是26會計年度第二季的真實現金流入，高於25會計年度第二季的2.047億美元。強勁的現金創造能力仍是我們策略的標誌，並使我們得以在提升股東價值的同時，投資於人才與成長。

Consolidated EBITDA increased 37% to USD408.3 million in the second quarter of fiscal '26, up from USD297.7 million in the third quarter of fiscal '25. Meanwhile, our net debt-to-EBITDA ratio was 1.74x as of April 30, '26 and as compared to 1.6x as of October 31, '25. This increase results from our successful completion of 4 acquisitions so far in fiscal '26.

合併EBITDA在26會計年度第二季增加37%至4.083億美元，高於25會計年度第三季的2.977億美元。同時，截至26年4月30日，我們的淨負債對EBITDA比率為1.74倍，相較於25年10月31日的1.6倍。此一上升源於我們在26會計年度迄今成功完成4項收購。

In April, we announced that 3 of our subsidiaries, 3D PLUS, Exxelia and VPT supplied mission-critical electronic components on NASA's ARTEMIS II mission which successfully marked NASA's return to deep space human exploration. We congratulate NASA and the thousands of people behind this landmark mission and our honor that our subsidiaries were selected as trusted suppliers on a historic program as they are on many other key and historic programs. I guess you could say we are over the moon on this one. I'm getting some groans from that pun here in the room. I dedicate that one, by the way, to Rob Stallard.

4月，我們宣布旗下3家子公司3D PLUS、Exxelia與VPT為NASA的ARTEMIS II任務提供關鍵任務電子元件，該任務成功標誌著NASA重返深空載人探索。我們向NASA以及促成此里程碑任務的數千名人員致賀，也深感榮幸我們的子公司被選為這項歷史性計畫的可信賴供應商，正如它們在許多其他重要且具歷史意義的計畫中所扮演的角色。我想你可以說，我們對這件事「欣喜若狂」。我在現場聽到有人對這個雙關語發出些許嘆聲。順帶一提，這句話我獻給Rob Stallard。

Our recent acquisition activity also remained risk. In April, we completed two more acquisitions. The Flight Support Group acquired 80% of the stock of Sherwood Avionics and accessories which is an FAA and the EASA Part 145 repair station specializing in the maintenance, repair and overhaul of complex, mission-critical mechanical and electromechanical components for defense and select commercial aviation platforms. The purchase price was paid with a combination of mostly cash using proceeds from our revolving credit facility and some shares of HEICO Class A common stock.

我們近期的收購活動也仍然保持風險可控。4月，我們又完成了兩項收購。飛行支援事業群收購Sherwood Avionics and accessories 80%的股權；該公司為FAA與EASA Part 145維修站，專精於國防及特定商用航空平台之複雜、關鍵任務機械與機電元件的維護、修理與大修。收購價款以組合方式支付，主要以現金（使用我們循環信用額度的資金）並搭配部分HEICO A類普通股。

The Electronic Technologies Group acquired 90% of the stock of Southwest Antennas Inc which is a well-known and very well-regarded designer and manufacturer of high-performance rugged and mission-critical antennas, primarily for ground-based defense and law enforcement applications. The purchase price was paid in cash, using proceeds from our revolving credit facility. And we expect both of these acquisitions to be accretive to our earnings within the year following the acquisition. In addition, we have an excellent potential acquisition pipeline consisting of great potential transactions, both large and small.

電子技術事業群收購Southwest Antennas Inc 90%的股權；該公司是知名且備受推崇的高性能、耐用且關鍵任務天線之設計與製造商，主要應用於地面國防與執法領域。收購價款以現金支付，資金來源為我們的循環信用額度。我們預期這兩項收購在收購完成後的一年內都將對盈餘具增益效果。此外，我們也擁有極佳的潛在收購案管線，包含多項優質的潛在交易，規模有大有小。

And I'll now turn the call over to Eric Mendelson, fellow Co-Chair and Co-CEO to go into some more details about the business.

接下來我將把電話會議交給共同主席兼共同執行長Eric Mendelson，請他進一步說明業務細節。

Thank you very much, Victor. Before reviewing the numbers, I would first like to recognize and thank HEICO's outstanding team members around the world for delivering another exceptional quarter. What HEICO's continues to accomplish is remarkable. And on behalf of our leadership, the Board of Directors and shareholders, we sincerely thank all of our team members for their continued commitment to our company, our customers and to one another.

非常感謝你，Victor。在檢視數字之前，我想先表揚並感謝HEICO遍布全球的傑出團隊成員，讓我們再度交出一個卓越的季度表現。HEICO持續達成的成果令人驚嘆。我代表管理團隊、董事會與股東，誠摯感謝所有團隊成員持續投入並承諾於公司、客戶以及彼此。

The Flight Support Group's net sales increased 21% to a record USD929.4 million in the second quarter of fiscal '26, up from USD767.1 million in the second quarter of fiscal '25. The net sales increase in the second quarter of fiscal '26 reflects strong organic growth of 19% as well as the impact from fiscal 2026 acquisitions. The organic net sales growth reflects impressive double-digit organic growth across all of our product lines.

飛行支援事業群的淨銷售額在26會計年度第二季增加21%至創紀錄的9.294億美元，高於25會計年度第二季的7.671億美元。26會計年度第二季淨銷售額的成長反映19%的強勁有機成長，以及2026會計年度收購案的影響。有機淨銷售額成長反映我們所有產品線皆呈現亮眼的雙位數有機成長。

Flight Support Group's operating income increased 31% to a record USD243.1 million in the second quarter of fiscal '26 up from USD185 million in the second quarter of fiscal '25. The operating income increase principally reflects the previously mentioned net sales growth, SG&A expense efficiencies realized from the net sales growth and an improved gross profit margin. The improved gross profit margin principally reflects a more favorable product mix and higher net sales volume within our aftermarket replacement parts product line.

飛行支援事業群在26會計年度第二季的營業利益增加31%至創紀錄的2.431億美元，高於25會計年度第二季的1.85億美元。營業利益的增加主要反映前述淨銷售額成長、因淨銷售額成長而實現的SG&A費用效率，以及毛利率的提升。毛利率的提升主要反映更有利的產品組合，以及我們售後替換零件產品線較高的淨銷售量。

Flight Support Group's operating margin increased to 26.2% in the second quarter of fiscal '26, up from 24.1% in the second quarter of fiscal '25. The operating margin increase reflects a decrease in SG&A expenses as a percentage of net sales primarily driven by the previously mentioned SG&A expense efficiencies and the previously mentioned improved gross profit margin.

飛行支援事業群在26會計年度第二季的營業利益率提升至26.2%，高於25會計年度第二季的24.1%。營業利益率的提升反映SG&A費用占淨銷售額比重下降，主要由前述SG&A費用效率以及前述毛利率改善所帶動。

During the second quarter, at our customers' request, we pulled forward some defense-related sales that had previously been scheduled for delivery later in this fiscal year. The incremental margin on these sales improved our second quarter operating margin by approximately 60 basis points.

在第二季期間，應客戶要求，我們將原先排定於本會計年度稍晚交付的部分國防相關銷售提前出貨。這些銷售的增量利潤率使我們第二季營業利益率約提升60個基點。

Given that the acquisition-related intangible amortization expense consumed approximately 240 basis points of our operating margin in the second quarter of fiscal '26, the FSG's cash margin before amortization or what we internally call EBITA was approximately 28.6%, which has been consistently excellent and is 160 basis points higher than the comparable FSG cash margin of 27.0% in the second quarter of fiscal '25. While we remain grateful for these margins, we are particularly proud that we did so while simultaneously delivering significant cost savings, outstanding service and incredibly fast turnaround times to our customers.

鑑於收購相關無形資產攤銷費用在26會計年度第二季約侵蝕我們營業利益率240個基點，FSG在攤銷前的現金利潤率（或我們內部所稱的EBITA）約為28.6%；此水準一向表現優異，且較25會計年度第二季可比的FSG現金利潤率27.0%高出160個基點。在我們對這些利潤率心存感激之際，我們尤其自豪的是，我們同時也為客戶提供顯著的成本節省、卓越的服務，以及極快的周轉時間。

Victor eloquently spoke of trust in his opening comments. And these results once again show both our customers and shareholders that we can satisfy their objectives, not at the expense of one another, but simultaneously and continue to build upon the trust placed in HEICO and our culture. I have never been more optimistic on the FSG's future. The incredible value we deliver to customers each day clearly is durable and in high demand.

Victor在開場致詞中精闢地談到了信任。而這些成果再次向客戶與股東證明，我們能同時滿足他們的目標，並非以犧牲彼此為代價，而是同步達成，並持續鞏固外界對HEICO及我們文化的信任。我對FSG的未來從未如此樂觀。我們每天為客戶提供的驚人價值顯然具有持久性，且需求強勁。

Now I will discuss the second quarter results of the Electronic Technologies Group. Wow, the Electronic Technologies Group sales -- net sales increased 34% and to a record USD45.5 million in the second quarter of fiscal '26, up from USD342.2 million in the second quarter of fiscal '25. The net sales increase reflects strong organic growth of 17% and the impact from our fiscal '26 and '25 acquisitions. The double-digit net sales growth is mainly attributable to increased demand for our other electronics, defense, aerospace and space products.

接下來我將說明電子技術事業群第二季的業績。哇，電子技術事業群的銷售——淨銷售額在26會計年度第二季增加34%，並創下4.555億美元的歷史新高，高於25會計年度第二季的3.422億美元。淨銷售額的增加反映17%的強勁有機成長，以及我們在26與25會計年度收購案的影響。雙位數的淨銷售額成長主要歸因於我們其他電子產品、國防、航太與太空產品需求增加。

The Electronic Technologies Group operating income increased 56% and to a record USD121.8 million in the second quarter of fiscal '26, up from USD77.9 million in the second quarter of fiscal '25. The operating income increase reflects the previously mentioned net sales growth and improved gross profit margin and SG&A expense efficiencies realized from the net sales growth. The improved gross profit margin principally reflects the previously mentioned higher net sales and a more favorable product mix of our aerospace products.

電子技術事業群的營業利益在26會計年度第二季增加56%，並創下1.218億美元的歷史新高，高於25會計年度第二季的7,790萬美元。營業利益的增加反映前述淨銷售額成長，以及毛利率改善與因淨銷售額成長而實現的SG&A費用效率。毛利率的提升主要反映前述較高的淨銷售額，以及我們航太產品更有利的產品組合。

The Electronic Technologies Group's operating margin improved to 26.5% and in the second quarter of fiscal '26, up from 22.8% in the second quarter of fiscal '25. The operating margin increase reflects the previously mentioned improved gross profit margin and a decrease in SG&A expenses as a percentage of net sales primarily driven by the previously mentioned SG&A expense efficiencies.

電子技術集團（ETG）的營業利益率改善至26.5%，在'26會計年度第二季，較'25會計年度第二季的22.8%上升。營業利益率的提升反映了前述毛利率改善，以及銷售、一般及行政（SG&A）費用占淨銷售額比重下降，主要由前述SG&A費用效率提升所帶動。

Importantly, and this is really important, before acquisition-related intangibles amortization expense, our operating margin was 30.6% and yes, 30.6% as intangibles amortization consumed around 410 basis points of our operating margin and is 390 basis points higher than the comparable ETG cash margin of 26.7% in the second quarter of fiscal '25. As we discussed last quarter, the ETG's operating margin is extremely sensitive to shipping mix, and we continue to expect volatility in our operating margin consistent with history.

更重要的是，而且這點非常重要，在扣除併購相關無形資產攤銷費用之前，我們的營業利益率為30.6%，是的，30.6%，因為無形資產攤銷約侵蝕了我們營業利益率的410個基點，且較'25會計年度第二季可比的ETG現金營業利益率26.7%高出390個基點。如同我們上季所討論，ETG的營業利益率對出貨組合極為敏感，我們仍預期營業利益率將延續歷史表現而出現波動。

On a true operating basis, these are excellent margins, and we are very pleased with this quarter's profitability. While simultaneously satisfying our customers with industry-leading quality and turnaround time at very competitive prices. We continue to expect overall GAAP operating margins between 22% and 24% for all of fiscal '26 and based on the group's current composition of companies.

以真正的營運基礎來看，這些都是非常優異的利潤率，我們對本季的獲利能力感到非常滿意。同時以極具競爭力的價格，為客戶提供業界領先的品質與交期。我們仍預期在'26會計年度全年，依據目前集團公司組成，整體GAAP營業利益率將介於22%至24%。

And now I turn the call back to my fellow, Co-Chairman and Co-CEO; Victor Mendelson, for his comments on the future outlook and closing remarks.

現在我把電話交回給我的夥伴、共同董事長兼共同執行長Victor Mendelson，請他就未來展望與結語發表評論。

Eric, thank you very much. We expect the HEICO culture will continue propelling us forward. And for the remainder of fiscal '26, we anticipate increased sales in both the Flight Support and Electronic Technologies Group that continue to be supported by our underlying demand for our products and contributions from recent acquisitions.

Eric，非常感謝。我們預期HEICO的企業文化將持續推動我們向前。在'26會計年度剩餘期間，我們預期飛航支援集團（FSG）與電子技術集團（ETG）的銷售皆將增加，並持續受我們產品的基本需求以及近期併購貢獻所支撐。

Our capital allocation approach remains opportunistic with a focus on balancing organic growth and acquisitions while maintaining liquidity and financial flexibility. Eric also point out that acquisition activity remains robust, as we've talked about a little bit already in this call across both operating segments. And that's supported by a healthy pipeline of potential opportunities we are currently evaluating.

我們的資本配置方針仍採機會導向，重點在於在維持流動性與財務彈性的同時，平衡內生成長與併購。Eric也指出，正如我們在本次電話會議中已稍作提及，兩個營運部門的併購活動仍然活躍。這也受到我們目前正在評估的一系列潛在機會所形成的健康案源管線支持。

Our long-term acquisition strategy remains unchanged. You're all familiar with it, and we continue to focus on identifying high-quality businesses that complement our existing operations, strengthen our market positions and support our long-term growth objectives. As always, we will remain disciplined approach, and we'll only pursue acquisitions that meet our strategic and financial criteria and that we believe will create meaningful long-term value for all of our shareholders.

我們的長期併購策略維持不變。各位都很熟悉，我們仍專注於辨識能與既有營運互補、強化市場地位並支持長期成長目標的高品質企業。一如既往，我們將保持紀律性的作法，只會推進符合我們策略與財務標準、且我們相信能為所有股東創造具意義長期價值的併購案。

So at this point, I'm going to turn the call back over to Samara to introduce the questions. This is the question-and-answer section of the call. Thank you, Samara.

那麼接下來，我將把電話交回給Samara，由她引導提問。現在進入本次電話會議的問答環節。謝謝你，Samara。

(Operator Instructions) Larry Solow, CJS Securities.

(接線員指示) Larry Solow，CJS Securities。

Eric, I think you described it really well by just one word, wow, really, really impressive quarterly results, I'm sure your dad is smiling up above. I guess first question, just on -- Eric, for you, just on FSG. Can you just kind of give us the really impressive growth on the organic side? Can you just run down the mix between the commercial and the defense side, I mean, on the park side and what drove that growth? And nice step-up from last quarter other than the pull forward? Do you think -- does this feel sustainable? Is there anything unusual in there or...

Eric，我覺得你用一個字形容得非常貼切：哇，真的、真的令人印象深刻的季度表現，我相信你父親在天上也在微笑。我想第一個問題，先談一下——Eric，問你關於FSG。你們在有機成長方面的表現非常亮眼，能否請你大致說明一下？能否談談商用與國防端的組合占比，也就是零件端的情況，以及是什麼驅動了這個成長？另外，相較上季除了提前拉貨之外，本季也有不錯的躍升。你覺得——這樣的表現是否可持續？裡面是否有任何不尋常的因素或……

So Larry, thank you very much. We are really proud about the performance that we had in the second quarter across the entire business, both in the FSG as well as the ETG. And I've commented many times in the past that I think we've got some of the greatest group of sandbaggers that I've ever had the pleasure of knowing. I joke around and call them Sam baggers.

Larry，非常感謝。我們對第二季整體業務的表現感到非常自豪，無論是FSG還是ETG。我過去多次提到，我認為我們擁有我所認識過最厲害的一群「保守預估者」。我開玩笑說他們是「Sam baggers」。

But actually, I think they're really trying to estimate what they think is reasonable going forward. And frankly, they -- more than sand baggers, they're really super talented and they have very aggressive goals, and they always seem to outperform. And that's what really happened in this quarter, breaking down organic growth by product line. When you look at parts, it's around 22% specialty products is 21%, and component repair is about 10%, and may say, well, why is component repair so much lower than the others.

但其實，我認為他們只是努力去估計他們認為未來合理的水準。坦白說，他們——與其說是保守預估者，不如說是非常有才華的人，而且目標非常進取，並且總是能超越預期。這正是本季發生的情況。若按產品線拆解有機成長，零件約為22%，特殊產品為21%，零組件維修約為10%，你可能會說，為什麼零組件維修比其他項目低這麼多。

One is it's an extremely competitive business, as everybody knows. But number two, it's dependent on getting parts and from suppliers in order to complete these components. And if we're missing a single part, we can't build an assembly. And so as a result, there are still significant supply chain issues.

第一，這是一個競爭極為激烈的業務，大家都知道。第二，它取決於能否從供應商取得零件，才能完成這些零組件。只要缺少任何一個零件，我們就無法組裝成品。因此，供應鏈問題仍然相當嚴重。

I mean, there's no question that it's getting better, but we've got massive backlogs in all of our FA-approved repair stations. And frankly, a lot of them are waiting on part. So I think that component repair organic growth. I know the component repair organic growth would have been higher had it not been for the parts delays. But it is also a competitive business in all fairness.

我的意思是，毫無疑問情況正在改善，但我們所有FAA核准的維修站都有大量積壓訂單。坦白說，其中很多都在等零件。所以我認為零組件維修的有機成長。我知道如果不是因為零件延遲，零組件維修的有機成長會更高。但公平地說，這也確實是一個競爭激烈的業務。

One thing also, Larry, I might want to mention -- this is Carlos. I mentioned it last quarter. Just keep in mind, we have been seeing a lot more DER and PMA friendly repairs with the acquisition of Encore. So the one dynamic that brings to us is as we can populate these repairs with more PMA product, we have less top line but more bottom line growth. In other words, a more profitable repair without having to charge customers for the high-priced OEM parts. So keep that in mind also.

另外，Larry，我也想補充一點——我是Carlos。我上季提過。請記住，隨著我們收購Encore，我們看到更多對DER與PMA更友善的維修。因此帶來的一個動態是：當我們能用更多PMA產品來配置這些維修時，我們的營收（top line）會較少，但獲利（bottom line）成長會更高。換句話說，在不必向客戶收取高價OEM零件費用的情況下，維修會更有利潤。也請把這點納入考量。

No, no, absolutely. And I think the defense specialty side, that's great numbers, and I think directionally not that big of a surprise, obviously, with what's going on today in the world on the defense side, but the commercial aviation and the parts growth this quarter really strong. And what we feel like there's a little bit of a slowdown just on the on the demand side, just from travel or a little bit. Have you seen any slowdown in travel? And is it just -- are you guys just continuing to take market share gains as oil prices continue to rise and companies look for discounts. Is that even stronger in this period?

不，不，完全同意。我認為國防特殊產品端的數字很棒，而且就方向而言，考量到當今世界在國防面的情況，這並不算太令人意外；但本季商用航空與零件的成長真的很強。我們感覺在需求端似乎有一點放緩，可能是旅行需求稍微……你們有看到旅行需求放緩嗎？還是說——你們只是持續取得市占率，因為油價持續上升、企業尋求折扣。在這段期間這種情況是否更明顯？

I think it is market share gains. We have done exceptionally well. I'm glad Carlos mentioned what he did about the component repair business and adding PMA and DER to those component repairs. I mean, I can tell you, I was at the MRO show roughly a month ago, and I'm on the phone with customers all the time. And they are -- I would literally use the word clamoring for more parts.

我認為這是市占率提升。我們做得非常好。我很高興Carlos提到零組件維修業務，以及在這些維修中加入PMA與DER。我的意思是，我可以告訴你，我大約一個月前參加了MRO展，我也一直在和客戶通電話。他們——我真的會用「爭相要求」這個詞——想要更多零件。

We -- I have never seen both our internal operations folks, our salespeople as well as customers literally pushing us to do significantly more. And yes, with regard to the war in Iran that has impacted some sales to the Middle East, but you can see that we've well overcome them elsewhere. And that's because of our market share gains and just the tremendous enthusiasm in what we're providing. Certainly, on the commercial aerospace side, but frankly, also on the defense side, where we've been extraordinarily strong in that area.

我們——我從未見過我們內部營運團隊、業務人員以及客戶，真的都在推動我們做更多、而且是顯著更多。是的，至於伊朗戰爭確實影響了部分對中東的銷售，但你可以看到我們在其他地區已充分彌補並超越。這是因為我們的市占率提升，以及市場對我們所提供價值的高度熱情。當然是在商用航太端，但坦白說，在國防端我們也非常強勁。

We did have a situation where a customer asked us to pull forward some sales that we had originally planned for in the second half of this year. And so that did boost the second quarter a little bit. And we disclosed about 60% -- 60 points -- basis point improvement in our margin as a result of that because we've got the fixed costs associated with running the business. We just moved the sales forward. So as a result, we have that kind of impact. But the demand is just very, very strong across both our commercial and defense business.

我們確實遇到一個情況：有位客戶要求我們把原本規劃在今年下半年認列的一些銷售提前。因此第二季確實被小幅拉升。我們也揭露了因此帶來約60%——60個基點——的毛利率改善，因為我們有經營業務所需的固定成本。我們只是把銷售往前移。所以結果就產生了那樣的影響。但不論是商用或國防業務，需求都非常、非常強勁。

Peter Arment, Baird.

Peter Arment，Baird。

Victor, Carlos, nice results again. Eric, I guess, sticking with you. Just maybe if you could level set us a little bit. I know historically, more of your revenue from MSC comes out of North America. But Middle East exposure, maybe if you've seen any behavior changes or maybe just give us any color just on globally, how you're seeing regional demand?

Victor、Carlos，再次交出很好的成績。Eric，我想延續問你。也許你可以幫我們稍微校準一下。我知道歷史上你們來自MSC的營收較多出自北美。但在中東的曝險方面，你們是否看到任何行為上的變化？或是能否就全球層面，分享一下你們如何看待各區域的需求？

Peter, it's a great question. And all of the areas remain very strong. I mean, there has been a little bit of a slowdown. I don't have the percentage number here. And I wouldn't want to give a misleading answer because the Middle East as a percentage of our total sales is relatively small. But we have seen strength really across the board.

Peter，這是個很好的問題。各個地區仍然都非常強勁。我的意思是，確實有一點點放緩。我手邊沒有百分比數字。而且我不想給出可能誤導的答案，因為中東占我們總銷售的比重相對較小。但我們確實看到整體各方面都很強。

And I think one of the other things that's important to note is that whenever there's angst or concern anxiety, whatever, with regard to commercial aviation, airlines realities they got to get more serious and cut costs. And that always helps us in the long term. We end -- there ends up being more interest in our products. We get approved in more spaces and that inures to greater future revenue and earnings.

我認為另外一個需要注意的重要點是：每當商用航空出現不安、擔憂或焦慮（不管怎麼稱呼），航空公司在現實面就必須更認真地削減成本。而這長期來看總是對我們有利。最後會有更多人對我們的產品產生興趣。我們會在更多領域取得認證，進而帶來更高的未來營收與獲利。

So to answer your question, nothing significant in the Middle East, but tremendous knock-on effect around the world where people realize that they got to cut cost. And there's no reason why they shouldn't buy more of a product line. We've got the quality. We've got the turn time. And certainly, we have the price. And it's just a matter of them doing what they got to do in order to buy these parts.

所以回答你的問題：中東沒有什麼顯著變化，但在全球各地有非常大的外溢效應，因為大家意識到他們必須降低成本。而且沒有理由不多買一些產品線。我們有品質。我們有交期（turn time）。當然，我們也有價格競爭力。接下來就只是他們要採取必要行動來購買這些零件。

Got it. Appreciate the color. And then yes, I appreciate that. And Victor, and just maybe quickly on kind of the space end market, which historically has kind of been a little more volatile, but the demand signals continue to be really robust there. Maybe if you could just describe how -- what you're seeing from a demand signal and just kind of the capacity to support that.

了解。感謝補充說明。然後，是的，我也很感謝。Victor，另外想快速問一下太空終端市場；歷史上這塊相對更波動，但目前需求訊號仍然非常強勁。也許你可以描述一下——你們看到的需求訊號是什麼，以及支撐該需求的產能狀況。

I think your question was specifically on space, right? So commercial space. So space, I would say actually both defense and commercial, orders are strong. I mean, the demand outlook is nice for that. But you'll recall that historically, it's somewhat volatile for us. And I would expect to continue that to be the case, so somewhat volatile by continuing up in, if you will, to the right and a positive place for us.

我想你的問題是特別針對太空，對嗎？也就是商用太空。太空方面，我會說其實不論國防或商用，訂單都很強。也就是說，需求展望不錯。但你也記得，歷史上對我們而言它確實有些波動。我預期未來仍會如此——也就是仍然有些波動，但如果你願意這麼說，整體趨勢是往右上、對我們是正向的。

And that, by the way, in a sense, maybe a little bit of a metaphor in ETG generally. If you look at the ETG business, we don't panic when it's a lower quarter like it was in the first quarter. We don't become overjoy, dramatic when it's great as it was in the second quarter. We're looking for a certain growth rate over time and over the course of the year. So we feel really good about that given the backlogs that we have, by the way, and the order flow that we've seen record backlogs and record orders.

順帶一提，某種程度上，這也許是ETG整體的一個隱喻。如果你看ETG業務，我們不會因為像第一季那樣較低的季度就恐慌。也不會因為像第二季那樣很棒就過度興奮、戲劇化。我們看的是一段時間內、以及全年過程中的某個成長率。因此，考量到我們的在手訂單（backlog）以及我們看到的訂單流入——創紀錄的在手訂單與創紀錄的接單——我們對此感覺非常好。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Gentlemen, great results. Maybe just first on the ETG segment. Are these margins reflecting just purely timing of maybe some obviously better mix benefit in the quarter? Or is there anything else you would call out as maybe structurally we should think about? And Carlos, it sounds like you're maybe thinking about the margins for the segment could be a little bit better moving forward here relative to prior commentary.

各位先生，成績很亮眼。先從ETG部門談起。這些利潤率是否純粹反映了時點因素，例如本季顯然有較佳產品組合帶來的好處？或者還有其他你們會特別指出、我們應該視為結構性因素的部分？另外Carlos，聽起來你可能認為該部門未來的利潤率相較於先前的評論，可能會更好一些。

Well, a couple of things. I think -- I'm looking at as the first half of the year. right? And that's the way I look at it. The 90-day slices of time, while they're important, I don't think they're necessarily always entirely reflective of where the business is going. So I look at the first half of the year with the first quarter being weaker than it should have been the second quarter being very strong. And I look at that average, and I think we continue to get the same growth rates in the ETG over time, and maybe we'll do better.

嗯，有幾點。我看的是上半年，對吧？我就是用這個角度來看。90天的時間切片固然重要，但我不認為它一定總能完全反映業務的走向。所以我看上半年：第一季比應有水準弱，第二季非常強。我看的是平均值；我認為ETG隨時間推進仍會維持相同的成長率，而且也許會做得更好。

I mean, the order book certainly, I would say, is continues to amaze me. And I would say we'll continue to look for that GAAP margin, which, as you heard, is 400-some-odd basis points higher and what we really look at and think of how the business runs. And I think there's potential to do better on the margin, but I would just encourage people to not get too excited yet. And like Eric said, it's not sandbagging. But our businesses are conservative and to talk to our folks they're pretty conservative.

我的意思是，訂單簿（order book）確實持續讓我驚訝。而我會說，我們會持續以那個GAAP利潤率為目標——如你所聽到的，它高出約400多個基點——那才是我們真正用來觀察並思考業務如何運作的指標。我認為利潤率有進一步改善的潛力，但我也鼓勵大家先不要太興奮。而且如Eric所說，這不是刻意保守（sandbagging）。但我們的業務一向保守，跟我們的同仁聊過就知道，他們都相當保守。

Carlos, I don't know if you have something to add to that.

Carlos，我不知道你是否要補充。

I would just say, we were blessed with the quarter where all the verticals or industry place had double-digit organic growth. And when that happens, we're going to post nice margins. That doesn't always happen, right? And so it is a lumpy business. And so to Victor's point, I think for the 6-month period, the margins in the segment were 23.5%. And I think that that's pretty damn good.

我只想說，我們很幸運遇到一個季度：所有垂直領域或產業板塊都有兩位數的有機成長。當這種情況發生時，我們就會呈現不錯的利潤率。但這並不總是會發生，對吧？所以這是一門起伏不均的生意。因此呼應Victor的觀點，我認為以6個月期間來看，該部門的利潤率是23.5%。我覺得那相當、相當不錯。

And my sense is that if we continue to catch this high growth, we'll probably be towards the high end of the overall range we've given you. But we don't want to overpromise something. And I think it's better to way on conservatism in that regard.

我的感覺是，如果我們能持續抓住這種高成長，我們可能會落在先前給你們的整體區間的高端。但我們不想過度承諾。我認為在這方面偏向保守會更好。

Thanks, Carlos. And just if I could, you've got, obviously, defense exposure in each of the operating segments. It sounds like there was some pull forward or accelerated shipments in FSG, maybe ETG as well. But I'm just curious, across the segments, if you can talk about your defense bookings, maybe across defense, what was book-to-bill for the company in the quarter or maybe just trends you're seeing in bookings because it clearly sounds like acceleration in defense is what we're seeing across both the segments.

謝謝，Carlos。另外如果可以的話，你們顯然在每個營運部門都有國防曝險。聽起來FSG有一些拉貨提前或加速出貨，ETG可能也有。但我想了解的是，跨各部門來看，你們的國防接單情況如何？也許就國防整體而言，本季公司book-to-bill是多少？或是你們在接單趨勢上看到什麼變化？因為聽起來我們看到的是國防在兩個部門都出現加速。

This is Eric. That's a great question. Unfortunately, I don't have the booking information in front of me at the moment. But I can tell you, it's been very strong in all of the areas, aerospace as well as defense in terms of the end markets. It's been incredibly strong. And I can tell you that conversations about additional business has also been very strong. So we -- if a lot of those conversations end up turning into orders, which we're hopeful they will, I think you're going to see continued growth -- continued significant growth over on our defense side.

我是 Eric。這是個很好的問題。很遺憾，我目前手邊沒有訂單（booking）資訊。但我可以告訴你，在所有領域都非常強勁，就終端市場而言，航太以及國防都很強。表現一直非常強勁。而且我也可以告訴你，關於新增業務的洽談也一直非常熱絡。所以我們——如果其中很多洽談最後轉化為訂單（我們也希望會如此），我認為你會看到我們國防業務將持續成長——持續顯著成長。

We have a unique suite of products. We deliver on time. Our costs are very reasonable, outstanding quality, and I think we're in a very, very good position to continue to fill our government needs as well as those of the needs of allies, and we're very optimistic on that.

我們擁有一套獨特的產品組合。我們準時交付。我們的成本非常合理、品質卓越，我認為我們處於非常、非常有利的位置，能持續滿足政府需求以及盟友的需求，對此我們非常樂觀。

It's interesting, Ken, from a macro standpoint, we continue to be about on a consolidated basis, just a tick under 30% defense of our sales, and that's been pretty consistent. Maybe 1% higher this quarter comparatively to the Q2 of '25. So I would say our defense business is growing at a nice clip, but what I'm trying to imply to you is that the rest of the business is keeping pace, too. They are -- all the verticals are growing at a really nice clip. So it's not just defense that's pushing the card up the hill, if you would. It's all the verticals really firing on all cylinders.

Ken，從總體角度來看，我們在合併基礎上，國防業務占銷售額的比重仍大約略低於30%，而且一直相當一致。相較於2025年第二季，本季可能高了約1個百分點。所以我會說，我們的國防業務以不錯的速度成長，但我想向你表達的是，其餘業務也同樣跟上步伐。它們——所有垂直領域都以非常不錯的速度成長。所以如果你願意這麼說的話，並不只是國防在把牌往上推。而是所有垂直領域都在全速運轉、火力全開。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Great results. On the comments on missile defense interceptors, just would you've in the past mentioned rate positions on some of the exquisite programs like standard missile and PAC-3. You also mentioned having some supply arrangements with some of the new emerging players. Is that specifically in missile defense, is your product competitive? Any kind of how does that rank in the growth vectors for the company that you're excited about?

業績很棒。關於飛彈防禦攔截器的評論，過去你們提過在一些高端精密（exquisite）專案上有既定供應份額，例如標準飛彈（Standard Missile）與PAC-3。你們也提到與一些新興玩家有供應安排。那是否特別是在飛彈防禦領域，你們的產品具競爭力？以及大概在你們感到興奮的公司成長動能中，這部分的排序如何？

The -- on the defense tech program, so it's a number of our subsidiaries are supplying into the defense tech firms, they're applied on a variety of programs. I don't think it's just limited to missile defense in the defense tech sector. I think it's actually pretty broad. I wouldn't -- it certainly does include some missile defense in that sector. And it would make sense given the other things that we supply.

關於國防科技（defense tech）專案，我們有多家子公司在供應國防科技公司，並應用在各式各樣的專案上。我不認為在國防科技領域只限於飛彈防禦。我認為其實範圍相當廣。我不會——當然也確實包含該領域中的一些飛彈防禦。而且考量到我們供應的其他項目，這也很合理。

But that business, I believe we'll continue a growing business for us as it will be of the overall market. I don't think the historical programs are going away anytime soon. I think they still have a very important role, but the defense tech ones will continue to grow.

但我相信，這項業務對我們而言會持續成長，整體市場也會如此。我不認為那些歷史性的專案會在短期內消失。我認為它們仍然扮演非常重要的角色，但國防科技類的專案將會持續成長。

I agree, this is Eric. Just to add to what Victor just said. In addition to the missile defense in the new tech area, we also are very active in the drone and the -- the unmanned missile business. So I think that continues to remain very strong.

我同意，我是 Eric。補充 Victor 剛才所說的。除了新科技領域的飛彈防禦之外，我們在無人機以及——無人飛彈業務方面也非常活躍。所以我認為那部分也會持續非常強勁。

I mean, don't get me wrong that the exquisite legacy programs continue to be of tremendous importance to us and our major drivers of the success of the company and frankly, the ability to intercept some of the most dangerous weapons. The only way you can take it down is with these very complex expensive programs. And those continue to be very, very important to HEICO. But I think the comment is that we are also exposed on the new defense tech space. So as that gains business, HEICO is going to be able to serve that market as well.

我的意思是，別誤會我，那些高端精密的傳統（legacy）專案對我們仍然極其重要，是公司成功的主要驅動因素，而且坦白說，也是攔截某些最危險武器的能力所在。要把它打下來，唯一的方法就是依靠這些非常複雜且昂貴的專案。而這些對 HEICO 仍然非常、非常重要。但我想要表達的是，我們同時也布局在新的國防科技領域。因此，隨著該領域業務增加，HEICO 也將能服務那個市場。

And then I'll just slip another fun one for you. Just there is a proposal to go to just reporting earnings twice a year instead of 4x. Given the lumpiness in the results and kind of the consternation after last quarter, just kind of any thoughts on whether reporting only twice a year would be appropriate for the company.

然後我再給你塞一個有趣的問題。目前有一項提案，打算改成一年只公布兩次盈餘，而不是一年四次。考量到業績的波動性，以及上季之後市場的某種不安情緒，想請教你們對於一年只報告兩次是否適合公司，有沒有什麼看法。

I think this is something that we have to see. It's definitely a possibility. Definitely something that we'll talk about, and our audit committee will talk about. But I think we have to really get a little more definition on where things are going and what shareholders would like to see. There's -- there are advantages and disadvantages to east. So I think we'll have to really understand those better. But I wouldn't -- I don't think we made up our mind.

我認為這是我們需要觀察的事情。這確實是一種可能性。也確實是我們會討論的議題，我們的審計委員會也會討論。但我認為我們需要更清楚地界定事情的走向，以及股東希望看到什麼。這——各有優缺點。所以我想我們必須更充分理解這些。但我不會——我認為我們還沒有做出決定。

And this is Eric. I can say that from an operational perspective, reporting quarterly, I think it's a good thing because it gets people 4 times a year to hurry up and get things done and to make sure they close out the quarter strong. And if they only have two opportunities to do that, I don't think that, in general, for industry, I mean, while it would be convenient from a corporate perspective for the corporations to report semiannually.

我是 Eric。我可以說，從營運角度來看，我認為按季申報是件好事，因為它讓大家一年有四次機會加快腳步把事情做完，並確保季度結束時能強勢收尾。如果只有兩次機會，我不認為一般而言——就產業來說——那會更好；雖然從公司角度，企業改為半年申報會比較方便。

I think from an operating perspective, having the cadence where you've got to do your shipments monthly and then you've got to report quarterly. I think in general, for industry is a good thing. That's my only my two cents. I think a lot of our operating people may not be excited for me to say that, but that's what I believe.

我認為從營運角度來看，維持這種節奏——你必須每月出貨，然後每季申報——我認為一般而言，對產業是件好事。這只是我的一點淺見。我想我們很多營運端的人可能不太希望我這麼說，但這就是我的看法。

And the countervailing view on that, of course, is it causes a lot of short-term short-termism and 90-day slots of time and an overfocus on that. So we're going to have to discuss that and review the advantages and disadvantages.

當然，與此相反的觀點是，這會造成很多短期導向、短期主義，以及以90天為單位的時間切割，並且過度聚焦在那上面。所以我們必須討論並檢視其優缺點。

John Godyn, Citi.

John Godyn，花旗（Citi）。

Eric, I wanted to just maybe ask like a bigger picture question about this idea of peak aftermarket. That's, I would say, skeptics are focused on basically whether aftermarket heavy players like yourselves have been over-earning in recent years. And of course, the implication is there's some sort of revenue or margin cliff. At the same time, Eric, you're saying things like -- and I don't mean to mis-call you, but never been more optimistic about S future, I heard you say customers are clamoring for parts. So there's obviously just a big delta there. I was hoping you could just take a second to reflect on it. what are the skeptics missing because you've been doing this a long time, and as you mentioned, set a lot of records along the way.

Eric，我想問一個可能更宏觀的問題，關於「售後市場見頂」（peak aftermarket）這個概念。我會說，質疑者主要關注的是，像你們這樣以售後市場為主的公司，近年是否賺得過多（over-earning）。當然，其含意是營收或毛利率可能會出現某種斷崖式下滑。同時，Eric，你又在說一些話——我無意誤引你的意思——例如你說你從未對公司未來如此樂觀，我也聽到你說客戶正在急切地要零件。所以顯然兩者之間存在很大的落差。我希望你能花點時間談談：質疑者忽略了什麼？畢竟你做這行很久了，而且如你所說，一路上也創下許多紀錄。

John, I really appreciate your question. I think the skeptics really should be more focused on people who are engaged in the parts trading business. people who have big inventories of existing product that is not in production are going to be hurt as there are -- if there are increased retirements of those parts. And I can understand them being concerned.

John，我非常感謝你的問題。我認為質疑者其實應該更關注那些從事零件交易生意的人：那些擁有大量既有產品庫存、而該產品已不再生產的人，將會受到衝擊，因為——如果這些零件的退役（淘汰）增加的話。我能理解他們為何會擔心。

I think it is -- that concern is massively misplaced when a buy to a company like HEICO. Because the newer generation of equipment that we are coming out with is significantly more expensive than the order generation that it is replacing, number one. And number two, there's a lot more of it. So I heard people say, oh, 757 is -- and the engines on it is very important to HEICO. Excuse me for saying this, but that is BS. That is just absolute nonsense. There is 0 truth to that. I won't come out and say what percentage of our sales are from 757, but it's de minimis.

我認為——當買方是像 HEICO 這樣的公司時，那種擔憂被嚴重誤置了。因為我們正在推出的新一代設備，相較於它所取代的上一代設備，價格顯著更高，這是第一點。第二點是，數量也多得多。所以我聽到有人說，喔，757——以及它上面的引擎對 HEICO 非常重要。恕我直言，但那是胡扯。那完全是無稽之談。那一點真實性都沒有。我不會出來說我們的銷售有多少百分比來自 757，但那是微不足道的。

And for HEICO, I think the reason why I am more optimistic about the future is because I see all of these products, and I see how expensive they are. And that's why I think we're going to do very well. We have a new product development generation ability. And that new product development area, it has got more product than they can possibly handle in speaking with our operating folks last week and going over the backlogs in those areas. I mean, we've got more parts than we've ever had, and we have customers literally begging us to do significantly more.

而對 HEICO 而言，我想我之所以對未來更樂觀，是因為我看到所有這些產品，也看到它們有多昂貴。這就是為什麼我認為我們會做得非常好。我們具備新產品開發的能力。而在新產品開發這個領域，上週我和我們的營運同仁談過、並檢視那些領域的積壓訂單後，他們手上的產品多到根本不可能全部消化。我的意思是，我們的零件比以往任何時候都多，而且客戶真的在求著我們做更多、而且是顯著更多。

And with the price of the new generation equipment, I think we're going to do extraordinarily well. So that's why I'm very optimistic. People who are in the parts trading business. I think they've got a different dynamic that is not HEICO's dynamic.

再加上新一代設備的價格，我認為我們會表現得極其出色。所以這就是我非常樂觀的原因。至於那些做零件交易生意的人，我認為他們面臨的是不同的動態，並不是 HEICO 的動態。

Yes, we have small parts trading an extremely successful parts trading business within HEICO, but it's very small relative to our Flight Support Group, and that's intentional. We want to focus on developing proprietary parts proprietary repairs, doing outstanding distribution, specialty manufacturing, that's our business.

是的，我們在 HEICO 內部確實有一個規模不大的零件交易業務，而且非常成功，但相對於我們的 Flight Support Group 來說非常小，而這是刻意為之。我們希望專注於開發自有零件、自有維修方案，提供卓越的配銷、專業製造——這才是我們的本業。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

I have three questions. The first one is to Victor and the second one as well. Victor, what did you have for breakfast? And secondly, what did ETG have for breakfast all quarter long. Like how do you think about what really accelerated versus Q1 and how that demand continues in your various end markets within ETG into the second half.

我有三個問題。第一個是問 Victor，第二個也是問他。Victor，你早餐吃了什麼？第二，ETG 這一整季都吃了什麼早餐？也就是說，你怎麼看相較於第一季，究竟是什麼真正加速了，以及在 ETG 各個終端市場中，這樣的需求在下半年如何延續？

And by the way, Sheila, this is Eric. So I just have to tell you what Victor ate for breakfast was money.

順帶一提，Sheila，我是 Eric。所以我得告訴你，Victor 早餐吃的是錢。

I had high protein breakfast egg whites with toast and some avocado. But -- and what did ETG for breakfast, maybe it's money. But in all seriousness, and I thank you, by the way, for your generous comments. In all seriousness, we -- I've been alluding over the quarters to the very strong order rate, the backlog, the shipping rate and the fact that some quarters are stronger and weaker than others. And we just -- we have a very strong order book. It continues to grow. And that's a reflection in all the markets, interestingly enough, I guess, at the end of the day, it comes down to a combination of two things.

我吃的是高蛋白早餐：蛋白配吐司，再加一點酪梨。不過——ETG 早餐吃什麼，也許是錢吧。但認真說，而且也謝謝你順便給的那些很慷慨的評論。認真說，我們——我在過去幾季一直提到非常強勁的接單速度、積壓訂單、出貨速度，以及某些季度會比其他季度更強或更弱這件事。而我們就是——我們有非常強的訂單簿。它還在持續成長。而這反映在所有市場上；有趣的是，我想歸根結底，這取決於兩件事的組合。

One, what we get what we design and sell to our customer, what we produce and do for our customers and their need, which seems to be growing in the markets, all the markets that we serve. And I'm excited about defense for -- as I mentioned, we see a tail on this. I know these framework agreements are still being worked on, and we're not sure where they all stand. But we have seen both an increase in orders over the last few months for a lot of those programs, the historical programs that we've talked about as well as new programs and R&D on those. And a lot of inquiry from our customers about how can you 6x, how can you ForEx, how can you 10x your production and components and what does that look like and give us a quotation for it. So it just feels like a good moment.

第一，我們為客戶設計並銷售什麼、我們生產什麼、以及我們為客戶做什麼來滿足他們的需求——而這些需求似乎在我們服務的所有市場都在成長。而我對國防領域感到興奮——如我提到的，我們看到這會有一段延續的尾巴。我知道這些框架協議仍在推進中，我們也不確定它們目前各自的狀態。但在過去幾個月，我們確實看到許多我們談過的既有計畫以及新計畫與其研發（R&D）都有訂單增加。而且客戶大量詢問我們：你們要怎麼把產能與零組件產出提高到 6 倍、4 倍、甚至 10 倍？那會是什麼樣子？並請我們為此報價。所以整體感覺就是一個很好的時點。

Great. And Eric, one for you to follow up on John's question. if possible. I know like a lot of misconceptions about what's going on in the aftermarket. Any color you could give us whether that's geography or when the aftermarket, and it's still hot when the aftermarket was really strong people thought about engine versus airframe? Like how are you seeing demand changes as capacity utilization comes down?

很好。Eric，我也想就 John 的問題追問你一個，如果可以的話。我知道市場對售後市場正在發生的事情有很多誤解。你能否提供一些補充資訊，不論是地理分布，或是售後市場——它仍然很熱——在售後市場非常強的時候，人們怎麼看引擎相對於機體？當產能利用率下降時，你看到需求如何變化？

We're seeing tremendous demand across the business. Our PMA business is roughly 3/4 non-engine, roughly one quarter engine sort of in that area. And we've seen just tremendous demand across the board. As I mentioned, Middle East, a little bit lower, but that -- if you look at the total across the board, that's not as impactful to us.

我們看到整個業務都有非常強勁的需求。我們的 PMA 業務大約有 3/4 是非引擎相關，大約 1/4 是引擎相關，大致在那個區間。而我們確實看到各方面都出現非常強的需求。如我提到的，中東稍微低一些，但——如果你看整體加總，對我們的影響並沒有那麼大。

And frankly, as that flying gets absorbed by the European and the North American carriers and other Asian carriers, I think we're seeing a bit of an offset there. So just sort of a rerouting around the world. while this conflict is ongoing and hopefully gets resolved quickly. But it is strength really across the board for us.

坦白說，當那部分飛行量被歐洲與北美的航空公司以及其他亞洲航空公司吸收後，我認為我們在那裡看到了一些抵銷效果。所以在這場衝突持續期間，全球航線只是某種程度的重新繞行；也希望能盡快解決。但對我們而言，整體來說確實是全面性的強勁。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

Good morning, everyone. So I'm going to switch gears a little bit to the industrial aeroderivative engines. You have owned that business for a full quarter now. Could you please discuss what were the surprises both to the upside and like the negative surprises getting into that vertical?

各位早安。我想稍微換個話題，談談工業用航改型（aeroderivative）引擎。你們現在已經完整擁有那項業務一整個季度了。能否請你們談談，進入這個垂直領域後，有哪些超出預期的正面驚喜，以及有哪些負面驚喜？

Maria, I'm sorry, the phone had cut out, you're saying with regard to which?

Maria，不好意思，電話剛剛斷斷續續，你是說針對哪一個部分？

Can you hear me better?

你現在聽得比較清楚嗎？

Yes.

是的。

Perfect. So on aeroderivative engine, the industrial ones. You have teed business for an entire quarter, what were the surprises both to the upside or the downside as you get deeper into that end market?

太好了。所以是航改型引擎，工業用的那種。你們已經擁有這項業務整整一個季度了；當你們更深入這個終端市場時，有哪些超出預期的正面或負面驚喜？

Yes. We are very excited about that. I mean, as you've seen, the aeroderivative market is incredibly strong. The industrial gas turbine market is very strong. Those are the two areas that Ethos, which is now part of Encore satisfies. And we think that that's going to be a very, very strong market for us. We've been working on this for a while, studying that business and negotiating on the transaction roughly a year ago.

是的。我們對此非常興奮。我的意思是，如你所見，航改型市場非常強勁。工業燃氣渦輪市場也非常強勁。這兩個領域正是 Ethos（現在已成為 Encore 的一部分）所服務的。我們認為那將會是我們非常、非常強勁的市場。我們已經為此努力了一段時間，大約一年前就開始研究該業務並就交易進行談判。

So we're just divided that it's part of the HEICO stable. I think they've got tremendous capability in Connecticut, in South Carolina and then also in Everdeen, Scotland. I visited that facility this quarter and really great people, great technology, focus I think we are going. We are very well positioned as the AI boom increases demand for power generation. I think Ethos is going to be in and HEICO in a great position to be able to pick up that business. So I'm very happy with it.

所以我們很高興它成為 HEICO 旗下的一員。我認為他們在康乃狄克州、南卡羅來納州，以及蘇格蘭亞伯丁（Aberdeen）都具備非常強的能力。我這一季拜訪了那個廠區，真的很棒的人才、很棒的技術與聚焦；我認為我們會——隨著 AI 熱潮推升發電需求，我們的布局非常到位。我認為 Ethos 以及 HEICO 都會處在一個很好的位置，能夠承接那部分業務。所以我對此非常滿意。

Perfect. And then on defense, you just did the Southwest Montana acquisition and mentioned a little bit about your strategy of what you acquire on defense or more like robust businesses, mature businesses. But how strong is that pipeline? And how competitive are the prices to be able to acquire those targets, especially in a market where, as you discussed, there is a lot of demand recapitalization around the world, governments that are more open to have new entrants, both like from the innovative point of view, but also, I don't know, double, triple sourced for resiliency what is the role you want to play there? Where -- what areas are you looking at? And how competitive you could be in a market that I could imagine is relatively expensive today?

很好。接著在國防方面，你們剛完成了西南蒙大拿（Southwest Montana）的收購，也稍微提到你們在國防領域的收購策略——偏向收購更具韌性、較成熟的業務。但那個併購管線到底有多強？以及在你所提到的這種市場環境下——全球有大量的需求在做資本重整（recapitalization），各國政府也更願意引入新進者，不論是從創新角度，或是為了韌性而做雙重、三重來源（double/triple sourced）——你們希望在其中扮演什麼角色？你們在看哪些領域？以及在我想像今天相對昂貴的市場裡，你們的競爭力會有多強？

Yes. So we're looking at components or subcomponents that are used in next-level systems. That's been our strategy since we started doing defense. We've obviously been very successful at that. Pricing for assets for businesses has definitely increased over time. I think more people are attracted to it, they realized what we realized long ago.

是的。我們在看的是用於下一代系統的零組件或次組件。這一直是我們自從開始做國防以來的策略。顯然我們在這方面非常成功。資產與企業的收購價格確實隨時間上升。我想有更多人被這個領域吸引，他們意識到我們很久以前就意識到的事情。

Having said that, we continue to pay reasonable and fair prices. And we're looking for businesses that are not so much mature as they are growing businesses that have excellent placement and secure placement within their markets or within their product set. But very importantly, that they're growing businesses. And so we -- as you can see, we've continued to be able to do that. I think it will be a competitive market as it's always -- or as it's become over the past number of years. It's not a recent thing.

話雖如此，我們仍然持續以合理且公平的價格出手。我們尋找的企業與其說是成熟，不如說是成長型企業——在其市場或產品組合中擁有極佳且穩固的定位。但非常重要的是，它們必須是成長中的企業。因此我們——如你所見——仍持續能做到這一點。我認為這會是一個競爭激烈的市場，就像一直以來——或說在過去這些年逐漸變成的那樣。這不是最近才發生的事。

It's probably been that way for about 10 years now. And our pipeline is kind of in a sense, filled with those kinds of companies. In particular, by the way, I should add that we are the best buyer for a seller who is looking for a good home for the business. That's really, I would say, our particular strength is that people who want an owner or a partner that often will allow them to continue to own part of the business, a few people companies do that. That's not going to resell in a few years.

大概已經是這樣約10年了。而我們的管線某種程度上也充滿了這類公司。另外我也要補充一點：對於想替企業找一個好歸宿的賣方而言，我們是最好的買家。我會說，我們特別的強項在於：對於希望找到一個所有人或合作夥伴、而且往往願意讓他們繼續持有部分股權的賣方——能做到這點的公司其實不多。而且我們不會在幾年後就把它轉手賣掉。

When we buy, we buy to own forever. Private equity is going to flip you out. and it's going to put pressure on to achieve short-term results. We don't do that. So somebody who's built the business for maybe decades, and in a sense, their name is on the door.

我們買下來，就是要永遠持有。私募股權會把你「翻手賣出」，並且施壓你去達成短期成果。我們不做那種事。所以對於可能花了數十年打造企業的人而言，某種程度上，他們的名字就掛在門口招牌上。

They love the business. They want an owner is going to continue it in the same place with the same products, the same people, the same approach to life. Those people are generally attracted to us. And I think there are enough of them who want to transact with us that it works.

他們熱愛這家公司。他們想要的是一個會在同一個地方、用同樣的產品、同樣的人、同樣的生活方式與經營方式把公司延續下去的所有人。這些人通常會被我們吸引。而我認為，願意與我們交易的這類人數量足夠多，所以這套模式行得通。

And Mariana, adding on to what Victor just so well said, if you look in our 10-K, we have third -- as of the end of last year, we had 31 partners, 31 minority partners in our businesses. In order to develop a corporate culture and a structure to be able to work with partners to be able to share and cooperate and be collaborative. That is not something that just happens overnight. And we've been doing this for nearly 30 years. We've had partners. And we understand how to work with partners, how to create a win-win.

Mariana，補充 Victor 剛才講得非常好的內容，如果你看我們的 10-K，截至去年年底，我們有31位合作夥伴——31位在我們企業中的少數股權合作夥伴。要建立一種企業文化與架構，能夠與合作夥伴共事、分享、協作並且合作無間，這不是一夕之間就會發生的。我們做這件事將近30年了。我們一直都有合作夥伴。我們了解如何與合作夥伴合作，如何創造雙贏。

As Victor said, when private equity buys a business, they're just looking to find the right time to sell. For us, all of our businesses are intended to be owned in perpetuity. We don't sell them. And that goes to all of the decisions that we make in with regard to operating the companies and the investments that our partners want to make. And these partners have spent their lives building these companies, and they really care about where they are going.

如 Victor 所說，私募股權買下一家公司，只是在找對的時機賣出。對我們而言，我們所有的企業都打算永久持有（in perpetuity）。我們不賣。而這也反映在我們對於公司營運、以及合作夥伴想要進行的投資等所有決策上。這些合作夥伴用一輩子打造這些公司，他們非常在乎公司未來要走向哪裡。

And that's why, as Victor said, that's our greatest differentiator. I would also add to your comment about pricing going up, that the aerospace and defense industry over the last number of years has attracted a lot of new entrants. Because people think, oh, this is a place, this is an easy place to make money. And of course, we came out of the whole industry came out of COVID. So it came off of a relatively low bottom, which caused people to get very excited about it.

這也是為什麼，如 Victor 所說，這是我們最大的差異化。我也想補充你提到的價格上升：過去幾年，航太與國防產業吸引了很多新進者。因為大家覺得，喔，這是一個地方——這是一個很容易賺錢的地方。當然，我們整個產業也剛從 COVID 走出來。因此是從相對低的谷底回升，這讓人們對它非常興奮。

But one of the other things that we're able to do since we've made about 110 acquisitions, we have a tremendous depth of knowledge into what makes a business work and what doesn't. And I can tell you that the aerospace and defense industry is littered with private equity and other corporate deals where people overpaid and they are significantly underperforming. And HEICO has been very careful to not go into those pitfalls. And as Victor said, when we find a business that is looking for a long-term owner, there is no better home than HEICO.

但我們還能做到的另一件事是：由於我們做過大約110起收購，我們對於什麼讓一家公司運作良好、什麼不行，有非常深厚的理解。我可以告訴你，航太與國防產業裡充斥著私募股權與其他企業交易——人們付了過高的價格，結果表現大幅低於預期。而 HEICO 一直非常謹慎，避免落入那些陷阱。而且如 Victor 所說，當我們找到一家在尋找長期所有人的企業時，沒有比 HEICO 更好的歸宿。

And I think with regard to pit falls, we see books on companies that want to come to market or they want to start talking early about coming to market. And you really have to understand the subtleties of that. And I think one day, there's going to be quite a shakeout with regard to those businesses.

我想就陷阱而言，我們會看到一些公司在市場上流傳的資料（books），它們想要上市、或想要提早開始談上市。你必須真正理解其中的細微差別。而我認為，總有一天，這些企業會出現相當程度的洗牌。

I do agree that that is your secret sauce when you go to acquire, and that's a culture that it's hard to mimic if it's not like coming from within. If I may, one more follow-up. On this new agreement, you mentioned the framework agreements before. There is a lot of like talk around like cash neutrality, but you generally don't approach businesses that way. You actually care about like operating profit and free cash flow generation. What is your appetite to acquire businesses that are less profitable than your core, at least for the near term?

我確實同意，這就是你們在收購時的「秘密武器」，而且如果不是由內而外形成的文化，是很難模仿的。如果可以的話，我再追問一個問題。關於這個新協議，你之前提到過框架協議（framework agreements）。市場上有很多在談所謂的現金中性（cash neutrality），但你們通常不會用那種方式看企業。你們其實更在乎營業利益與自由現金流的創造。那麼，對於收購短期內獲利能力低於你們核心水準的企業，你們的意願有多大？

Look, as a rule of thumb, we don't like to acquire businesses with less than a 20% operating or we call it EBITDA margin. There have been exceptions to that, which we've made where we felt that the margin would improve where we bought a money-losing business and we were consolidating with something else. And we knew that the margin would be much higher than that in short order.

你看，作為一個經驗法則，我們不喜歡收購營業利益率——或我們稱之為 EBITDA 利潤率——低於20%的企業。當然也有例外：我們曾在判斷收購後利潤率會改善的情況下破例，例如我們買過虧損的企業，並把它與其他業務整併。而我們知道利潤率會在很短時間內大幅高於那個水準。

So those are the exceptions. If there is something extremely strategic that we think will get to those margins. But the likelihood of us just buying something that we think will remain sub-20% operating margin in, let's say, perpetuity or for the foreseeable future is unlikely for us.

所以那是例外情況。如果有某個極具策略性的標的，我們認為它能達到那些利潤率。但如果只是買一個我們認為會在可預見的未來——比如說永久（in perpetuity）——都維持在20%以下營業利益率的企業，我們這麼做的可能性不高。

And look, we've also got a very strong balance sheet, and we're able to make investments. But the way that we have to anchor and justify those investments is with concrete long-term agreements. And assuming that we can get those, and we've been able to get a number of those, we are willing and able to spend the capital, hire the people, expand the facilities around the world to be able to do this. So it's really a matter.

另外，我們的資產負債表也非常強健，我們有能力進行投資。但我們必須用具體的長期協議來作為這些投資的錨點並加以論證其合理性。只要我們能拿到那些協議——而且我們也已經拿到不少——我們就願意且有能力投入資本、聘用人才、在全球擴建設施來做到這件事。所以這真的取決於——

I think the US government would be well served with regard to these multiyear framework deals to make sure that the industry has got the money, can really rely on that because if you look historically, within aerospace and defense, it runs in boom-bust cycles. And that's not good when it comes to hiring or for capital allocation. And if the Department of War comes forward with these multiyear procurements, I think that that's going to be extremely helpful to both the Department of War as well as to the companies and most importantly, to the voters and to the people who really impacts.

我認為，美國政府在這些多年期框架協議方面若能確保產業端有資金、並且能真正依賴這些資金，將會非常有利；因為從歷史來看，航太與國防產業是以景氣循環的榮枯（boom-bust）方式運作。而這對於招募人力或資本配置都不是好事。如果戰爭部（Department of War）提出這些多年期採購，我認為這將對戰爭部以及企業都極為有幫助，而最重要的是，對選民以及真正受到影響的民眾也會有利。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

This is [Matt Martello] on for Scott Mikus. One more question for Eric. So you acquired the 777 AMS and 737 NG via product line day product lines a little over a year ago from Honeywell. So you now support Boeing's new builds on the 777 classic and 737 NG derivatives like the PA E7 in addition to servicing the aftermarket. If Boeing and Airbus were to launch next-gen narrow-bodies later this decade or in early 2030s, would your operating units bid for work packages, so they're specked into the program from inception?

我是代替 Scott Mikus 出席的 [Matt Martello]。我還有一個問題要問 Eric。你們在一年多前，透過產品線日（product line day）從 Honeywell 收購了 777 AMS 與 737 NG 產品線。因此你們現在除了服務售後市場之外，也支援波音在 777 classic 與 737 NG 衍生機型（例如 PA E7）的新機製造。如果波音與空中巴士在本十年稍晚或 2030 年代初推出下一代窄體機，你們的營運單位是否會競標工作包（work packages），以便從專案一開始就被納入該計畫規格中？

First of all, I have to complement you with your knowledge of the business because it's exceptional, and you know it. And you're absolutely correct in everything that you said. And yes, we definitely would -- I can't comment specifically on whether those particular products, we would bid in terms of work packages. But I can tell you, across HEICO. We do have very good capability to be able to develop additional products. And for example, in our Gables engineering subsidiary, and they've got the ability and our -- I think, would be a phenomenal partner to develop additional products for both the airframers as well as for the avionics subsystem suppliers.

首先，我必須稱讚你對這個業務的了解，真的非常出色，你很懂。而且你剛才說的每一點都完全正確。是的，我們肯定會——我無法就那些特定產品是否會以工作包形式投標做出具體評論。但我可以告訴你，在整個 HEICO 範圍內，我們確實具備很強的能力來開發更多產品。例如在我們的 Gables 工程子公司，他們具備相關能力；而且我認為他們會是非常出色的合作夥伴，能為機體製造商以及航電子系統供應商共同開發更多產品。

We are in a great position to be able to support both and that's what we currently do. With regard to the aftermarket for the products which you mentioned, yes, of course, over time, that is, if you will, a melting ice cube. And those products will decrease in demand. But frankly, we have been very, very happy with the performance of those businesses. And we think that there is a massive amount of business to be had over the next many decades on those programs.

我們處於非常有利的位置，能同時支援兩者，而這也是我們目前正在做的事。至於你提到的那些產品的售後市場，是的，當然，隨著時間推移，那可以說是一個逐漸融化的冰塊（melting ice cube）。那些產品的需求會下降。但坦白說，我們對那些業務的表現一直非常、非常滿意。而且我們認為，在未來數十年，這些機型專案上仍有大量商機可做。

And I do also have to -- just to call out frankly, to the folks over at Sunshine Avionics, who are probably on this call who have done a marvelous job on the display unit and the AMS and the VA business. I mean, we've heard from our partner on that business that the integration that Sunshine Avionics accomplished on those programs has been the best that they've ever seen and that was due to a tremendous amount of hard work focusing on the details. And I can tell you that Carlos, Victor and I are just absolutely grateful to the people at Sunshine and Louis. More over at HEICO parts and repair, who made all of this happen.

我也必須——坦白點名表揚 Sunshine Avionics 的各位，他們可能也在線上，並且在顯示器單元、AMS 與 VA 業務上做得非常出色。我的意思是，我們從該業務的合作夥伴那裡聽到，Sunshine Avionics 在這些專案上完成的整合，是他們見過最好的，而這是因為投入了大量辛勤工作並專注於細節。我可以告訴你，Carlos、Victor 和我都對 Sunshine 的同仁以及 Louis 心懷無比感激。也要感謝更多 HEICO 零件與維修團隊的同仁，讓這一切得以實現。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Thank you. Good morning, and great margins. Just a follow-up on your earlier comment about a bit of a pull forward on sales. Did you -- could you quantify how much you think that was not just from a margin standpoint, from a sales standpoint.

謝謝。早安，毛利率很漂亮。我想追問你先前提到銷售有一點提前拉貨（pull forward）。你能否量化一下你認為那大概是多少——不只是從毛利率角度，而是從銷售額角度？

Gautam, it's Eric. It's about roughly between USD15 million and USD20 million.

Gautam，我是 Eric。大約在 1,500 萬到 2,000 萬美元之間。

Got you. And I wanted to ask, since the fuel prices have gone up since the beginning of the award, have you seen new customers approach HEICO about PMA parts? Or I'm just curious if you've seen a change in customer behavior to take advantage of the lower cost offering that you guys have? Is that...

了解。我還想問，自從得標以來燃油價格上升，你們是否看到有新客戶就 PMA 零件來找 HEICO？或者我只是好奇，你們是否看到客戶行為出現變化，想要利用你們較低成本的產品？是這樣嗎……

The simple one-word answer to that is yes. when we have in many different markets. I mean, you can't go into the details, but I had a call with the head of a customer who we've been talking to for many years about doing product and it would be a new business and, I think, very powerful for us. Look, it's just continued. I think we've got a lot of kinetic energy built up at HEICO. We've got a lot of customer goodwill. We've got the ability to design these parts and repairs. The customers want it.

對此最簡單的一個字答案是：是。且在許多不同市場都是如此。我的意思是，不能談太多細節，但我剛和一位客戶的負責人通話；我們多年來一直在和他們談產品合作，這會是一筆新業務，而且我認為對我們會非常有力。你看，這股趨勢就是持續在發生。我認為 HEICO 已經累積了很強的動能。我們累積了很多客戶善意。我們具備設計這些零件與維修方案的能力。客戶想要這些。

We are not a threat to our OEM competitors we're also in the OEM business. This just supplements what they do. there's always a demand. Some people want to stay in whatever the Ritz-Carlton and the Four Seasons and other people have a budget whatever, for a Marriott and the Hilton. And we, at HEICO can support both. So I think in the -- on the commercial side, we're very strong on the defense side, incredibly entrepreneurial and high-performing cost conscious, high-quality and we've got tremendous ability in that area and tremendous ability to scale. So I think we're just in a very good place.

我們不是 OEM 競爭對手的威脅——我們自己也在做 OEM 業務。這只是補充他們所做的事；市場永遠有需求。有些人想住麗思卡爾頓、四季等；也有人有預算考量，選擇萬豪或希爾頓。而我們 HEICO 兩種需求都能支援。所以我認為，在商用端我們非常強；在國防端，我們極具創業精神、績效表現出色、成本意識強、品質高，而且在那個領域有很強的能力，也有很強的擴張能力。因此我認為我們正處於非常好的位置。

And are you seeing those customers -- are they also saying, hey, can you reverse engineer these parts? Like are they giving you new product development ideas at a quicker pace than was the case prior to the conflict?

那你是否看到這些客戶——他們也在說，嘿，你們能不能把這些零件做逆向工程？例如他們是否比衝突發生前更快地提供新的產品開發想法？

Same answer. Yes. Yes, that 100%. They are -- because they realize if you continue doing what you've done in the past, you'll get the same thing. And what's the old Thomas Edison quote, the definition of insanity is trying the same thing over and over again, expecting different results. And they know that if they want to get high-quality, short-term times at better prices, HEICO's the answer.

答案一樣。是。是的，百分之百。他們——因為他們意識到，如果你一直做過去做的事，你就會得到同樣的結果。還有那句老的湯瑪斯・愛迪生名言：所謂瘋狂，就是一再做同樣的事，卻期待不同的結果。他們知道，如果想以更好的價格取得高品質、短交期，HEICO 就是答案。

And last one, I think it's fair to assume, but since the quarter, demand has also been very good. It sounds like, right? There has not been a deceleration.

最後一個問題，我想這樣推論應該合理：但在本季之後，需求也一直非常好，聽起來是這樣，對吧？並沒有出現放緩。

Correct.

正確。

If you're willing to -- okay.

如果你願意——好。

With the exception, I mean, I have mentioned about, of course, the Middle East, that's a little bit lower, but in general, your statement is correct.

除了——我的意思是，我當然提過中東那邊稍微低一些，但整體而言，你的說法是正確的。

David Straus, Wells Fargo.

David Straus，Wells Fargo。

This is Josh Korn on for David. We talked about margins a lot earlier. Any way you could quantify the -- how much the mix impact was in each segment versus kind of the other levers?

我是代替 David 的 Josh Korn。我們先前談了很多毛利率。你們能否量化一下——各事業部中，組合（mix）影響占比多少，相對於其他槓桿因素？

Yes, I would say -- this is Carlos. I would say both segments experienced favorable mix during the quarter. And that also was coupled with high volume growth. So there wasn't a lever or it felt like for the quarter is a little unique. But all verticals, all end markets were pushing at similar paces. So there's nothing really to call out that was unique or unusual. I think it was just a situation where candidly, we're busting at the seams. And when that happens, we're going to get some margin expansion.

可以，我會說——我是 Carlos。我會說兩個事業部在本季都受惠於有利的產品組合。同時也伴隨著高量的成長。所以並不是某一個單一槓桿在發揮作用；可以說本季有點特別。但所有垂直領域、所有終端市場都以相近的速度在推進。因此沒有什麼特別需要點出的獨特或異常之處。我認為只是坦白說，我們的產能幾乎被塞爆。而當這種情況發生時，我們就會看到一些毛利率擴張。

And some of that, again, is due to mix. And a lot of it, Eric mentioned it earlier, we do get a lot of leverage incremental margin growth on our fixed cost base because on our fixed costs are very low. And our G&A spend was down as a percent of revenue. So that's going to continue, by the way, I think, as we continue to grow and add more volume, our relatively flat structure allows us to get a little margin expansion as a result of that. We don't have to hire seven different more layers of Vice Presidents to manage the business or guys managed to juggle many balls at one time and get things done. So that's the story. I know what you're searching for. There's nothing -- there's not one area that I would call out as being more impactful than the other, it was just a solid push across the entire platform.

而其中一部分，再次，是由於組合因素所致。另外很大一部分，Eric 先前也提到，我們在固定成本基礎上能取得相當大的營運槓桿、帶動增量毛利率成長，因為我們的固定成本非常低。而且我們的 G&A（一般及行政）支出占營收比重也下降了。順帶一提，我認為這種情況會持續，因為隨著我們持續成長並增加更多出貨量，我們相對扁平的組織結構讓我們因此能有一些利潤率擴張。我們不需要再多聘七層不同的副總裁來管理業務；我們的團隊能同時兼顧多項工作並把事情完成。所以這就是原因。我知道你在找什麼。沒有——沒有任何一個領域我會特別點名說比其他更具影響力；這只是整個平台全面穩健推進的結果。

Louis Raffetto, Wolfe Research

Louis Raffetto，Wolfe Research

So maybe, Carlos, you talked about the GAAP margin for ETG being 22% to 24%. Given what we've seen this year and over the last few years in FSG, how should we think about the margin potential there?

那麼也許，Carlos，你提到 ETG 的 GAAP 利潤率為 22% 到 24%。考量我們今年以及過去幾年在 FSG 所看到的表現，我們應該如何看待那邊的利潤率潛力？

I knew somebody was going to ask. It's a good question and one that we've pondered quite a bit here. I do think that what we're seeing now -- two things with the incredible growth that we're seeing in our aftermarket business and the surge, if you would, in some of the military business in the FSG, I do think that we've got a little bit more of a stable margin lift. If I was impressed to give you a range, my thinking right now is probably 24% to 26% is that those two end posts that I think will float between.

我就知道一定會有人問。這是個好問題，也是我們在這裡思考了不少的問題。我確實認為，我們現在看到的——有兩件事：我們售後市場業務的驚人增長，以及（如果你願意這麼說）FSG 中部分軍事業務的激增——我確實認為這讓我們的利潤率有更穩定的上升。如果你要我給一個區間，我目前的想法大概是 24% 到 26%，我認為會在這兩個端點之間浮動。

And depending on any given 90-day period, if we have one vertical outperforming the other, we'll migrate to the high or low end of that range. But I think that's kind of where we're at. And yes, it's my thinking on that has come up a little bit from prior quarters.

而且取決於任何一個 90 天期間，如果某一個垂直領域表現優於另一個，我們就會往該區間的高端或低端移動。但我認為大致就是這樣。是的，與前幾季相比，我對此的看法確實上調了一些。

All right. I appreciate that. And maybe, Eric, I know, obviously, you've sort of given us the color on the accelerated deliveries. Just to be clear, was that -- does that flow through the specialty products? Or is that through the parts, you called out the 20% organic growth. So just curious.

好的。謝謝你的說明。另外，Eric，我知道你顯然已經就加速交付提供了一些背景。我想確認一下，那是——會反映在特種產品上嗎？還是反映在零件上？你提到零件有 20% 的有機成長。所以我只是好奇。

I'm sorry, can you say your question one more time? I'm a little confused.

不好意思，你能再說一次你的問題嗎？我有點搞不清楚。

Sure. So you said that you had 20% organic growth in aftermarket replacement parts and also through specialty products. I was just curious, the incremental kind of USD15 million to USD20 million of pull forward was that flowing through your specialty products? Or is that flowing through the parts business?

當然。你說售後替換零件以及特種產品都有 20% 的有機成長。我只是好奇，那額外約 1,500 萬到 2,000 萬美元的提前拉貨，是反映在你們的特種產品上嗎？還是反映在零件業務上？

Yes, that would be probably be a little bit in both the way we end up accounting for it. But it was all defense. It was all of the defense market.

是的，依我們最後的會計認列方式來看，可能兩邊都會有一點。但那全部都是國防。全部都來自國防市場。

Gavin Parsons, UBS.

Gavin Parsons，UBS。

How many PMA parts are you introducing annually now? And what would be the considerations to taking that number higher?

你們現在每年大約導入多少個 PMA 零件？若要把這個數字提高，需要考量哪些因素？

I'd say we're in the 500 area, and we've got the ability to do more. We've got to scale the whole thing. There always is the question, do we do more or do we pick higher value potential product? I mean, that's always up for consideration. But I'd say it's in the 500 area.

我會說大約在 500 個左右，而且我們有能力做更多。我們必須把整個體系擴大規模。一直都會有個問題：我們是做更多，還是挑選更高價值潛力的產品？這一直都是需要考量的。但我會說大概在 500 個左右。

And the other thing that's important to also understand is that when we're developing these parts, sometimes we do so in conjunction with our principles. So sometimes they hold the PMA, sometimes we hold the PMA. And the other thing which is really important is the DER repairs. Because the DER repairs basically can frequently or very frequently perform the same function, the same effective function as the PMA part, and we achieved the sales through that channel.

另外一個也很重要、需要理解的是，當我們開發這些零件時，有時會與我們的委託方（principals）共同進行。所以有時他們持有 PMA，有時則由我們持有 PMA。還有一點非常重要的是 DER 維修。因為 DER 維修基本上經常、甚至非常頻繁地可以執行與 PMA 零件相同的功能、同等有效的功能，而我們也能透過那個渠道達成銷售。

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

此時，我將把電話會議交回 Victor Mendelson，請他做任何補充或結語。

Thank you very much, Samara. Thank you, everybody, for being on the call. We look forward to talking with you on our next call. And if in between, you have other questions, feel free to contact us. Thank you very much for your confidence and your support. Have a good day.

非常感謝你，Samara。也謝謝各位參與本次電話會議。我們期待在下一次電話會議再與各位交流。如果在此期間你們還有其他問題，歡迎隨時與我們聯繫。非常感謝各位的信任與支持。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。