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10-Q Filing

HEICO CORP CIK: 46619 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0000046619-18-000016
Period End Date 20180131
Filing Date 20180301
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance hei-20180131.xml
Balance Sheet 72 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 42.23M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $45.91M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $52.07M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $65.69M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 42.22M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $42.95M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 42.23M shares Point-in-time
Accounts receivable, net ReceivablesNetCurrent $222.46M USD Point-in-time
Accounts receivable, net ReceivablesNetCurrent $210.28M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 42.22M shares Point-in-time
Inventories, net InventoryNet $343.63M USD Point-in-time
Inventories, net InventoryNet $367.39M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $13.74M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $19.07M USD Point-in-time
Total current assets AssetsCurrent $631.89M USD Point-in-time
Total current assets AssetsCurrent $662.43M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $133.12M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $129.88M USD Point-in-time
Goodwill Goodwill $1.09B USD Point-in-time
Goodwill Goodwill $1.08B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $538.08M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $530.99M USD Point-in-time
Other assets OtherAssetsNoncurrent $153.04M USD Point-in-time
Other assets OtherAssetsNoncurrent $131.27M USD Point-in-time
Total assets Assets $2.51B USD Point-in-time
Total assets Assets $2.57B USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $451.00K USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $485.00K USD Point-in-time
Trade accounts payable AccountsPayableCurrent $89.72M USD Point-in-time
Trade accounts payable AccountsPayableCurrent $81.13M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $132.57M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $147.61M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $11.65M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $14.87M USD Point-in-time
Total current liabilities LiabilitiesCurrent $249.44M USD Point-in-time
Total current liabilities LiabilitiesCurrent $229.06M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtAndCapitalLeaseObligations $668.53M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtAndCapitalLeaseObligations $673.53M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $42.53M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $59.03M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $151.03M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $167.96M USD Point-in-time
Total liabilities Liabilities $1.11B USD Point-in-time
Total liabilities Liabilities $1.13B USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Redeemable noncontrolling interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $132.35M USD Point-in-time
Redeemable noncontrolling interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $131.12M USD Point-in-time
Common Stock CommonStockValue $338.00K USD Point-in-time
Common Stock CommonStockValue $422.00K USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $326.54M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $329.91M USD Point-in-time
Deferred compensation obligation DeferredCompensationObligation $3.12M USD Point-in-time
Deferred compensation obligation DeferredCompensationObligation $3.12M USD Point-in-time
HEICO stock held by irrevocable trust CommonStockIssuedEmployeeStockTrust $3.12M USD Point-in-time
HEICO stock held by irrevocable trust CommonStockIssuedEmployeeStockTrust $3.12M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-10.56M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $4.42M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $844.25M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $904.03M USD Point-in-time
Total HEICO shareholders' equity StockholdersEquity $1.16B USD Point-in-time
Total HEICO shareholders' equity StockholdersEquity $1.24B USD Point-in-time
Noncontrolling interests MinorityInterest $87.21M USD Point-in-time
Noncontrolling interests MinorityInterest $90.60M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.25B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.33B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.57B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.51B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $343.43M USD 1 Quarter
Net sales SalesRevenueNet $404.41M USD 1 Quarter
Cost of sales CostOfRevenue $249.62M USD 1 Quarter
Cost of sales CostOfRevenue $218.01M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $60.87M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $75.23M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $324.85M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $278.88M USD 1 Quarter
Operating income OperatingIncomeLoss $64.55M USD 1 Quarter
Operating income OperatingIncomeLoss $79.56M USD 1 Quarter
Interest expense InterestExpenseDebt $4.72M USD 1 Quarter
Interest expense InterestExpenseDebt $1.97M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $360.00K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $484.00K USD 1 Quarter
Income before income taxes and noncontrolling interests IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $63.06M USD 1 Quarter
Income before income taxes and noncontrolling interests IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $75.19M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $16.80M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $3.50M USD 1 Quarter
Net income from consolidated operations ProfitLoss $46.27M USD 1 Quarter
Net income from consolidated operations ProfitLoss $71.69M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.34M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $6.54M USD 1 Quarter
Net income attributable to HEICO NetIncomeLoss $65.15M USD 1 Quarter
Net income attributable to HEICO NetIncomeLoss $40.93M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.39 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.62 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.60 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.38 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 105.64M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 105.18M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 109.11M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 108.00M shares 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.07 USD 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income from consolidated operations ProfitLoss $46.27M USD 1 Quarter
Net income from consolidated operations ProfitLoss $71.69M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $19.02M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $15.25M USD 1 Quarter
Employer contributions to HEICO Savings and Investment Plan DefinedContributionPlanEmployerDiscretionaryContributionAmount $1.71M USD 1 Quarter
Employer contributions to HEICO Savings and Investment Plan DefinedContributionPlanEmployerDiscretionaryContributionAmount $1.86M USD 1 Quarter
Share-based compensation expense StockOptionPlanExpense $2.17M USD 1 Quarter
Share-based compensation expense StockOptionPlanExpense $1.45M USD 1 Quarter
Change in value of contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $537.00K USD 1 Quarter
Change in value of contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-3.19M USD 1 Quarter
Foreign currency transaction adjustments, net ForeignCurrencyTransactionGainLossBeforeTax $-75.00K USD 1 Quarter
Foreign currency transaction adjustments, net ForeignCurrencyTransactionGainLossBeforeTax $956.00K USD 1 Quarter
Deferred income tax provision (benefit) DeferredIncomeTaxExpenseBenefit $-346.00K USD 1 Quarter
Deferred income tax provision (benefit) DeferredIncomeTaxExpenseBenefit $-17.29M USD 1 Quarter
Change in accounts receivable IncreaseDecreaseInReceivables $-26.00M USD 1 Quarter
Change in accounts receivable IncreaseDecreaseInReceivables $-14.46M USD 1 Quarter
Change in inventories IncreaseDecreaseInInventories $14.99M USD 1 Quarter
Change in inventories IncreaseDecreaseInInventories $18.30M USD 1 Quarter
Change in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.56M USD 1 Quarter
Change in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.40M USD 1 Quarter
Change in trade accounts payable IncreaseDecreaseInAccountsPayable $-6.32M USD 1 Quarter
Change in trade accounts payable IncreaseDecreaseInAccountsPayable $-9.73M USD 1 Quarter
Change in accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilities $-18.91M USD 1 Quarter
Change in accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilities $-18.48M USD 1 Quarter
Change in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $7.23M USD 1 Quarter
Change in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $7.63M USD 1 Quarter
Other OtherNoncashIncomeExpense $-492.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-616.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $55.98M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $45.01M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $6.42M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $7.58M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $6.13M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $2.79M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-419.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-16.49M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-6.00M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLongTermLinesOfCredit $40.00M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLongTermLinesOfCredit $5.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $7.39M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $6.06M USD 1 Quarter
Payments of Loan Costs PaymentsOfLoanCosts $4.07M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $1.88M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $1.99M USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $1.43M USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $1.23M USD 1 Quarter
Payment of Contingent Consideration PaymentofContingentConsideration $300.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-114.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-108.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-46.92M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-17.33M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $2.44M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-99.00K USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $2.95M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $13.62M USD 1 Quarter
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $45.91M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $52.07M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $65.69M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $42.95M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $45.91M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $52.07M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $65.69M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $42.95M USD Point-in-time
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.07 USD 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Starting Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.25B USD Point-in-time
Starting Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.33B USD Point-in-time
Comprehensive Income (Loss), Net of Tax, Attributable to Parent ComprehensiveIncomeNetOfTax $39.71M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Attributable to Parent ComprehensiveIncomeNetOfTax $80.12M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.04M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $7.54M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $44.75M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $87.66M USD 1 Quarter
Adjustments to Additional Paid in Capital, Other AdjustmentsToAdditionalPaidInCapitalOther $-994.00K USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.25B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.33B USD Point-in-time
Starting Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $132.35M USD Point-in-time
Starting Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $131.12M USD Point-in-time
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.04M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $7.54M USD 1 Quarter
Temporary Equity, Other Changes TemporaryEquityOtherChanges $994.00K USD 1 Quarter
Ending Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $132.35M USD Point-in-time
Ending Balance, Redeemable Noncontrolling Interests TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $131.12M USD Point-in-time
Comprehensive Income 18 line items
Line Item Tag Value Unit Period
Net income from consolidated operations ProfitLoss $46.27M USD 1 Quarter
Net income from consolidated operations ProfitLoss $71.69M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $15.96M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-1.52M USD 1 Quarter
Amortization of unrealized loss on defined benefit pension plan, net of tax DefinedBenefitPlanAmortizationOfGainsLosses $4.00K USD 1 Quarter
Amortization of unrealized loss on defined benefit pension plan, net of tax DefinedBenefitPlanAmortizationOfGainsLosses $7.00K USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $15.97M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-1.52M USD 1 Quarter
Comprehensive income from consolidated operations ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $44.75M USD 1 Quarter
Comprehensive income from consolidated operations ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $87.66M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.34M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $6.54M USD 1 Quarter
Less: Foreign currency translation adjustments attributable to noncontrolling interests OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $994.00K USD 1 Quarter
Less: Foreign currency translation adjustments attributable to noncontrolling interests OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $-296.00K USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.04M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $7.54M USD 1 Quarter
Comprehensive income attributable to HEICO ComprehensiveIncomeNetOfTax $39.71M USD 1 Quarter
Comprehensive income attributable to HEICO ComprehensiveIncomeNetOfTax $80.12M USD 1 Quarter

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

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