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10-Q Filing

HEICO CORP CIK: 46619 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0000046619-16-000092
Period End Date 20160131
Filing Date 20160229
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance hei-20160131.xml
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 75.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 75.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 26.91M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $18.37M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $29.89M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $20.23M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $33.60M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 26.91M shares Point-in-time
Accounts receivable, net ReceivablesNetCurrent $181.59M USD Point-in-time
Accounts receivable, net ReceivablesNetCurrent $173.91M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 26.91M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 26.91M shares Point-in-time
Inventories, net InventoryNet $273.49M USD Point-in-time
Inventories, net InventoryNet $243.52M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $12.69M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $9.37M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $35.53M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $33.44M USD Point-in-time
Total current assets AssetsCurrent $503.61M USD Point-in-time
Total current assets AssetsCurrent $523.43M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $112.69M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $105.67M USD Point-in-time
Goodwill Goodwill $766.64M USD Point-in-time
Goodwill Goodwill $863.92M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $391.91M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $272.59M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetNoncurrent $847.00K USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetNoncurrent $656.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $88.91M USD Point-in-time
Other assets OtherAssetsNoncurrent $87.03M USD Point-in-time
Total assets Assets $1.74B USD Point-in-time
Total assets Assets $1.98B USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $346.00K USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $357.00K USD Point-in-time
Trade accounts payable AccountsPayableCurrent $59.86M USD Point-in-time
Trade accounts payable AccountsPayableCurrent $64.68M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $86.24M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $100.16M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $9.00M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $3.19M USD Point-in-time
Total current liabilities LiabilitiesCurrent $168.39M USD Point-in-time
Total current liabilities LiabilitiesCurrent $155.45M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtAndCapitalLeaseObligations $594.58M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtAndCapitalLeaseObligations $367.24M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $110.47M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $110.59M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $105.62M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $107.65M USD Point-in-time
Total liabilities Liabilities $751.83M USD Point-in-time
Total liabilities Liabilities $968.15M USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Redeemable noncontrolling interests (Note 3) TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $91.28M USD Point-in-time
Redeemable noncontrolling interests (Note 3) TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $91.14M USD Point-in-time
Common Stock CommonStockValue $269.00K USD Point-in-time
Common Stock CommonStockValue $269.00K USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $286.22M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $289.81M USD Point-in-time
Deferred compensation obligation DeferredCompensationObligation $1.64M USD Point-in-time
Deferred compensation obligation DeferredCompensationObligation $1.78M USD Point-in-time
HEICO stock held by irrevocable trust CommonStockIssuedEmployeeStockTrust $1.64M USD Point-in-time
HEICO stock held by irrevocable trust CommonStockIssuedEmployeeStockTrust $1.78M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-25.08M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-27.54M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $574.23M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $548.05M USD Point-in-time
Total HEICO shareholders' equity StockholdersEquity $809.86M USD Point-in-time
Total HEICO shareholders' equity StockholdersEquity $837.17M USD Point-in-time
Noncontrolling interests MinorityInterest $85.05M USD Point-in-time
Noncontrolling interests MinorityInterest $83.41M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $922.22M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $893.27M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.74B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.98B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $306.23M USD 1 Quarter
Net sales SalesRevenueNet $268.19M USD 1 Quarter
Cost of sales CostOfRevenue $174.39M USD 1 Quarter
Cost of sales CostOfRevenue $194.03M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $47.39M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $59.58M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $253.61M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $221.78M USD 1 Quarter
Operating income OperatingIncomeLoss $46.41M USD 1 Quarter
Operating income OperatingIncomeLoss $52.62M USD 1 Quarter
Interest expense InterestExpenseDebt $1.57M USD 1 Quarter
Interest expense InterestExpenseDebt $1.11M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $197.00K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $-430.00K USD 1 Quarter
Income before income taxes and noncontrolling interests IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $50.62M USD 1 Quarter
Income before income taxes and noncontrolling interests IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $45.49M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $13.40M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $14.70M USD 1 Quarter
Net income from consolidated operations ProfitLoss $35.92M USD 1 Quarter
Net income from consolidated operations ProfitLoss $32.09M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.45M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.65M USD 1 Quarter
Net income attributable to HEICO NetIncomeLoss $27.64M USD 1 Quarter
Net income attributable to HEICO NetIncomeLoss $31.27M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.42 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.47 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.46 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.41 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 66.59M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 66.88M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 67.67M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 67.94M shares 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.08 USD 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.07 USD 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income from consolidated operations ProfitLoss $35.92M USD 1 Quarter
Net income from consolidated operations ProfitLoss $32.09M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $13.92M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.90M USD 1 Quarter
Deferred income tax provision (benefit) DeferredIncomeTaxExpenseBenefit $1.56M USD 1 Quarter
Deferred income tax provision (benefit) DeferredIncomeTaxExpenseBenefit $2.28M USD 1 Quarter
Share-based compensation expense StockOptionPlanExpense $1.68M USD 1 Quarter
Share-based compensation expense StockOptionPlanExpense $1.42M USD 1 Quarter
Tax benefit from stock option exercises DeferredTaxExpenseFromStockOptionsExercised $1.41M USD 1 Quarter
Tax benefit from stock option exercises DeferredTaxExpenseFromStockOptionsExercised $871.00K USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $1.41M USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $871.00K USD 1 Quarter
Employer contributions to HEICO Savings and Investment Plan DefinedContributionPlanEmployerDiscretionaryContributionAmount $1.42M USD 1 Quarter
Employer contributions to HEICO Savings and Investment Plan DefinedContributionPlanEmployerDiscretionaryContributionAmount $1.39M USD 1 Quarter
Increase (decrease) in value of contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $20.00K USD 1 Quarter
Increase (decrease) in value of contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $847.00K USD 1 Quarter
Foreign currency transaction adjustments, net ForeignCurrencyTransactionGainBeforeTax $1.37M USD 1 Quarter
Foreign currency transaction adjustments, net ForeignCurrencyTransactionGainBeforeTax $839.00K USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInReceivables $-2.08M USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInReceivables $-12.35M USD 1 Quarter
Increase in inventories IncreaseDecreaseInInventories $2.85M USD 1 Quarter
Increase in inventories IncreaseDecreaseInInventories $2.33M USD 1 Quarter
(Increase) decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.10M USD 1 Quarter
(Increase) decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.03M USD 1 Quarter
Decrease in trade accounts payable IncreaseDecreaseInAccountsPayable $-7.70M USD 1 Quarter
Decrease in trade accounts payable IncreaseDecreaseInAccountsPayable $-5.30M USD 1 Quarter
Decrease in accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilities $-14.17M USD 1 Quarter
Decrease in accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilities $-14.79M USD 1 Quarter
Increase in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $5.85M USD 1 Quarter
Increase in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $6.32M USD 1 Quarter
Other OtherNoncashIncomeExpense $419.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $536.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $45.17M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $29.45M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $49.31M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $264.32M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $5.69M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $4.25M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-474.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-76.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-53.49M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-269.54M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit $260.00M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit $56.70M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLongTermLinesOfCredit $29.00M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLongTermLinesOfCredit $32.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $5.35M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $4.67M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $2.70M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $2.56M USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $94.00K USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $1.52M USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $871.00K USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $1.41M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-112.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-86.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $220.83M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $23.28M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-177.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-1.11M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-1.86M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-3.72M USD 1 Quarter
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $18.37M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $29.89M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $20.23M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $33.60M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $18.37M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $29.89M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $20.23M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $33.60M USD Point-in-time
Stockholders Equity 12 line items
Line Item Tag Value Unit Period
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.08 USD 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.07 USD 1 Quarter
Starting Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $922.22M USD Point-in-time
Starting Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $893.27M USD Point-in-time
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $20.35M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $33.26M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $922.22M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $893.27M USD Point-in-time
Starting Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $91.28M USD Point-in-time
Starting Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $91.14M USD Point-in-time
Ending Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $91.28M USD Point-in-time
Ending Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $91.14M USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net income from consolidated operations ProfitLoss $35.92M USD 1 Quarter
Net income from consolidated operations ProfitLoss $32.09M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-11.74M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-2.67M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-11.74M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-2.67M USD 1 Quarter
Comprehensive income from consolidated operations ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $20.35M USD 1 Quarter
Comprehensive income from consolidated operations ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $33.26M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.45M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.65M USD 1 Quarter
Less: Foreign currency translation adjustments attributable to noncontrolling interests OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $-457.00K USD 1 Quarter
Less: Foreign currency translation adjustments attributable to noncontrolling interests OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $-204.00K USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeLossNetofTaxAttributabletoNoncontrollingInterestsIncludingRedeemableNoncontrollingInterests $4.45M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeLossNetofTaxAttributabletoNoncontrollingInterestsIncludingRedeemableNoncontrollingInterests $3.99M USD 1 Quarter
Comprehensive income attributable to HEICO ComprehensiveIncomeNetOfTax $16.36M USD 1 Quarter
Comprehensive income attributable to HEICO ComprehensiveIncomeNetOfTax $28.81M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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