Heico corporation (HEI)
CashFlow / Quarterly
Jan'20Oct'19Jul'19Apr'19Jan'19Oct'18Jul'18Apr'18Jan'18Oct'17Jul'17Apr'17Jan'17Oct'16Jul'16Apr'16Jan'16Oct'15Jul'15Apr'15Jan'15Oct'14Jul'14Apr'14Jan'14Oct'13Jul'13Apr'13Jan'13Oct'12Jul'12Apr'12Jan'12Oct'11Jul'11Apr'11Jan'11Oct'10Jul'10Apr'10Jan'10
Operating Activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

129,802

92,573

89,059

90,083

88,026

74,081

73,899

66,011

71,695

59,087

51,475

50,833

46,265

49,521

46,976

43,729

35,924

44,031

38,938

38,504

32,091

36,078

37,352

32,780

32,562

35,763

34,768

29,046

24,984

29,313

28,672

24,224

24,466

24,412

26,392

22,126

22,523

19,891

19,526

16,908

16,030

Adjustments to reconcile net income from consolidated operations to net cash provided by (used in) operating activities:
Depreciation and amortization

21,583

21,811

21,138

20,511

20,037

19,668

19,434

19,065

19,024

17,911

16,411

15,253

15,248

15,674

15,420

15,262

13,921

12,841

11,925

12,237

10,904

11,487

12,131

12,089

12,050

10,890

9,495

8,265

8,140

8,481

7,737

7,463

6,975

5,117

4,535

4,584

4,307

4,019

4,700

4,627

4,251

Share-based compensation expense

2,646

2,660

2,687

2,548

2,439

2,350

2,474

2,291

2,168

2,208

2,097

1,659

1,451

1,529

1,619

1,606

1,680

1,654

1,616

1,356

1,422

-

-

1,589

2,600

1,662

1,301

1,060

1,094

1,060

1,005

941

942

834

685

585

543

432

311

302

308

Employer contributions to HEICO Savings and Investment Plan

2,613

2,400

2,527

2,448

2,153

2,004

1,932

2,223

1,860

2,036

2,053

1,965

1,714

1,801

1,953

1,849

1,417

1,643

1,886

1,203

1,393

2,453

778

2,388

683

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in value of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

Change in value of contingent consideration

408

-1,104

630

1,242

1,862

-

-

-

-3,195

-127

79

611

537

428

956

832

847

705

646

-1,078

20

-

-10,221

-2,249

-7,046

-445

8

-1,044

-159

-

-

-

-

-

-

-

-

-

-

-

-

Foreign Currency Transaction Loss, before Tax

-

-

-

-

-

-

-

-

-

-

3,036

-676

956

863

1,310

-3,025

839

-277

1,734

873

1,374

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Income Tax Expense (Benefit)

-25,700

-3,099

-3,941

-3,150

3,798

508

-328

4,135

-17,292

-4,098

-4,089

-2,563

-346

-3,141

-4,885

-3,444

2,276

-2,171

-3,058

-3,408

1,557

-5,196

-8,403

-1,147

-1,999

-3,392

-1,537

-1,659

803

-1,643

-134

-1,908

851

-393

180

-105

347

1,897

-690

181

429

Issuance of common stock to HEICO Savings and Investment Plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

360

1,466

1,159

0

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3

-1

871

-2

-1

-2

1,407

0

0

0

93

11

3

7

5,170

20

-4

122

13,026

-1

-14

23

7,695

0

-1

5

947

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10

-1

871

-2

-1

-2

1,407

0

0

0

93

11

3

7

5,105

19

-4

24,078

-11,983

-1

-11

-1

6,359

-1,338

-1

4

666

PaymentofContingentConsiderationinExcessofAcquisitionDateValue

175

0

3,038

0

67

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities, net of acquisitions:
Change in accounts receivable

-23,734

14,156

-964

20,766

-4,982

2,720

12,567

26,748

-18,272

5,959

-11,985

24,640

-25,998

12,981

10,849

4,473

-12,348

27,054

-2,443

43

-2,082

910

-16,022

14,699

-6,586

8,210

3,702

16,815

-12,142

6,994

-435

-4,966

4,189

1,859

-129

8,433

-4,836

-13,672

4,851

1,538

-3,401

Increase (Decrease) in Contract with Customer, Asset

1,719

-4,154

-1,730

1,571

-7,270

-466

-589

2,052

3,809

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in inventories

20,449

3,058

295

2,440

24,284

8,490

11,151

11,513

18,301

-1,211

8,164

-738

14,989

507

4,059

7,529

2,326

-466

5,691

2,111

2,851

-2,415

-3,910

663

5,536

-746

5,927

4,736

4,960

-5,687

6,190

12,866

-5,885

1,352

1,900

4,108

2,045

9,984

-3,809

-3,898

4,082

Change in prepaid expenses and other current assets

3,303

-1,952

1,370

-7,948

7,921

625

-5,292

-1,137

5,403

-3,856

3,497

-1,338

1,563

413

-673

-414

3,030

-1,981

-5,074

3,517

2,105

-985

-11,384

7,211

-2,875

2,446

-146

162

2,456

-703

-950

10,391

-7,666

-1,740

-694

243

2,534

-502

-384

83

1,352

Change in trade accounts payable

-10,678

7,932

-4,085

12,134

-19,832

7,355

6,136

13,646

-9,734

9,947

4,006

-1,245

-6,322

6,703

2,231

2,836

-7,696

9,739

-2,871

1,600

-5,299

8,640

-7,636

4,456

-2,949

-1,067

9,198

-39

-8,115

7,872

-1,598

2,370

-4,375

5,073

-1,935

3,092

1,027

302

437

-1,793

1,179

Change in accrued expenses and other current liabilities

-48,319

8,354

25,393

17,941

-34,537

14,043

22,612

3,943

-18,477

3,270

9,700

7,732

-18,908

19,649

25,854

4,563

-14,787

7,094

8,323

-2,128

-14,172

9,366

5,696

2,661

-20,813

10,095

7,371

11,905

-16,605

11,073

7,804

6,736

-20,431

4,265

9,129

5,041

-8,010

9,730

3,994

2,236

-4,486

Change in income taxes payable

-1,334

524

1,913

2,495

-3,636

949

1,235

-22,344

7,630

11,494

-3,400

-9,253

7,230

-332

-3,714

-362

5,851

774

-574

-6,150

6,323

1,042

420

-14,405

14,405

-4,520

-4,942

4,582

-2,393

3,050

-6,220

7,386

-2,457

-480

-3,989

5,203

782

-402

-106

-5,075

4,387

Increase (Decrease) in Obligation, Other Postretirement Benefits

11,315

1,625

691

1,461

9,143

1,541

1,598

1,775

6,696

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-730

-1,411

-1,143

2,197

-133

-180

-575

-143

-771

-3,159

662

1,366

-616

-49

1,141

770

419

406

439

242

536

646

86

-5,863

-131

-

-

-

-743

-721

-353

-137

98

674

0

232

-435

364

-144

97

-69

Net cash provided by operating activities

81,136

123,979

135,146

128,687

49,566

113,734

111,353

51,495

51,905

108,982

81,590

41,738

55,975

87,297

69,711

57,538

45,167

51,574

56,484

35,350

29,455

63,456

72,232

21,452

33,549

39,544

47,760

31,249

13,283

60,282

32,957

47,596

-2,250

40,520

33,917

27,534

23,547

33,796

27,658

19,986

20,277

Investing Activities:
Acquisitions, net of cash acquired

45,343

5,667

100,234

33,901

101,039

19,176

1,235

33,238

6,126

322,506

14,921

80,838

0

0

0

-513

264,324

110,586

6,716

170

49,312

0

8,168

0

569

88,224

133,172

0

1,242

25,784

10,144

19,029

142,328

65,440

1,279

5,348

22,588

0

2,872

34,007

2,182

Net Investment Related to Deferred Compensation Plan

11,800

2,901

0

2,100

8,700

1,450

1,650

1,500

6,900

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures

6,850

7,267

9,075

6,689

5,907

5,973

6,441

21,880

7,577

5,553

6,907

7,116

6,422

7,750

7,567

9,856

5,690

4,482

4,307

5,206

4,254

4,149

4,776

3,495

3,990

4,832

4,231

4,799

4,466

2,881

4,233

4,360

3,788

3,736

1,865

2,208

1,637

2,134

2,143

2,442

2,158

Other

-439

-2,206

8

-564

-72

-2,371

-8

-46

2,790

-133

-259

1,363

-419

-63

-236

3,715

-474

1,144

-85

-10

-76

10

22

-26

34

346

-10

3

3

17

8

29

107

-4

-194

3

-6

307

16

-1

3

Net cash used in investing activities

-63,554

-13,629

-109,317

-42,126

-115,574

-24,228

-9,318

-56,572

-23,393

-341,326

-21,569

-89,317

-6,003

-18,216

-7,331

-13,058

-269,540

-116,212

-10,938

-5,366

-53,490

-4,159

-12,966

-3,469

-4,593

-93,402

-137,393

-4,802

-5,711

-28,682

-14,385

-23,418

-146,223

-69,172

-2,950

-7,559

-24,219

-2,441

-5,031

-36,448

-4,343

Financing Activities:
Proceeds from Long-term Lines of Credit

45,000

25,000

159,000

36,000

93,000

-

-

-

-

-

-

-

-

0

0

0

260,000

105,000

7,000

5,000

56,696

0

7,000

82,000

23,000

85,000

142,000

0

145,000

18,000

10,000

6,000

157,000

44,000

0

0

28,000

0

0

36,000

1,000

Payments on revolving credit facility

38,000

103,000

75,000

88,000

17,000

94,000

67,000

38,000

5,000

77,877

29,000

44,000

40,000

52,000

52,000

34,000

32,000

37,000

34,000

32,000

29,000

57,000

57,000

24,000

21,000

27,000

51,000

26,000

22,000

40,000

32,000

22,000

6,000

8,000

7,000

17,000

18,000

33,000

17,000

15,000

13,000

Cash dividends paid

10,762

0

9,386

0

9,305

0

7,968

0

7,395

0

6,748

0

6,059

0

5,374

0

5,350

0

4,677

0

4,666

0

3,990

0

27,225

0

3,716

0

116,645

0

3,163

0

2,526

0

2,402

102

1,990

-68

1,976

68

1,570

Payments of Loan Costs

-

-

-

-

-

-

-

-

4,067

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interests

4,881

6,170

96,509

5,395

2,795

5,930

2,680

2,567

1,882

5,477

9,027

1,911

1,986

2,861

10,649

2,811

2,696

2,285

2,681

2,176

2,557

2,495

5,605

69,504

1,608

1,611

1,511

2,147

2,310

2,296

1,744

2,044

3,006

8,565

1,878

2,181

2,269

3,176

2,738

1,938

2,508

Common Stock Issued Repurchased and Retired Related To Stock Option Exercises

2,562

28,414

7,856

27,594

150

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

273

0

0

0

2,364

-

-

-

0

8,866

0

1,061

4,371

0

1,034

0

-353

Payment of Contingent Consideration

325

0

3,790

0

283

0

5,125

0

300

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10

-1

871

-2

-1

-2

1,407

0

0

0

93

11

3

7

5,105

19

-4

112

11,983

-1

-11

-1

6,359

0

-1

4

666

Revolving credit facility issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

767

0

0

0

570

0

0

0

3,028

0

0

0

0

-

-

-

-

Acquisitions of noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,243

0

0

0

16,610

0

0

7,616

0

-

-

-

-

-

-

-

-

Proceeds from stock option exercises

1,528

277

2,742

5,462

66

995

1,043

568

1,425

1,488

1,874

1,067

1,230

1,093

3,360

1,377

94

415

304

1,438

1,516

114

194

242

158

117

60

0

286

446

112

196

79

79

282

1,511

295

348

82

1,153

232

Other

-213

-233

-211

-205

29

-293

-144

-118

-114

-101

130

-263

-108

793

-91

-95

-86

-98

-89

-94

-112

-397

-146

-755

-181

-200

229

-173

-152

-465

382

390

-93

-23

-108

-66

-59

-142

-50

-68

-34

Net cash (used in) provided by financing activities

-10,215

-112,540

-31,010

-79,732

63,562

-96,270

-82,192

-11,740

-17,333

234,830

-49,810

37,775

-46,923

-53,228

-71,704

-39,129

220,833

66,030

-34,144

-27,834

23,284

-59,505

-59,547

-12,017

-29,046

56,317

85,464

-28,313

-10,260

-24,296

-26,597

-25,089

154,409

18,624

-11,117

-26,141

7,965

-35,902

-22,079

19,356

-15,567

Effect of exchange rate changes on cash

-397

168

113

-594

703

-618

-1,089

-644

2,443

91

2,546

631

-99

-89

-274

1,552

-177

514

-384

157

-1,106

-507

-177

197

-170

269

62

-345

326

182

-272

82

-345

-60

-22

61

29

53

-36

107

-10

Net (decrease) increase in cash and cash equivalents

6,970

-2,022

-5,068

6,235

-1,743

-7,382

18,754

-17,461

13,622

2,577

12,757

-9,173

2,950

15,764

-9,598

6,903

-3,717

1,906

11,018

2,307

-1,857

-715

-458

6,163

-260

2,728

-4,107

-2,211

-2,362

7,486

-8,297

-829

5,591

-10,088

19,828

-6,105

7,322

-4,494

512

3,001

357