Heico corporation (HEI)
CashFlow / TTM
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

401,517

359,741

341,249

326,089

302,017

285,686

270,692

248,268

233,090

207,660

198,094

193,595

186,491

176,150

170,660

162,622

157,397

153,564

145,611

144,025

138,301

138,772

138,457

135,873

132,139

124,561

118,111

112,015

107,193

106,675

101,774

99,494

97,396

95,453

90,932

84,066

78,848

72,355

0

0

0

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

85,043

83,497

81,354

79,650

78,204

77,191

75,434

72,411

68,599

64,823

62,586

61,595

61,604

60,277

57,444

53,949

50,924

47,907

46,553

46,759

46,611

47,757

47,160

44,524

40,700

36,790

34,381

32,623

31,821

30,656

27,292

24,090

21,211

18,543

17,445

17,610

17,653

17,597

0

0

0

Share-based compensation expense

10,541

10,334

10,024

9,811

9,554

9,283

9,141

8,764

8,132

7,415

6,736

6,258

6,205

6,434

6,559

6,556

6,306

6,048

0

0

0

-

-

7,152

6,623

5,117

4,515

4,219

4,100

3,948

3,722

3,402

3,046

2,647

2,245

1,871

1,588

1,353

0

0

0

Employer contributions to HEICO Savings and Investment Plan

9,988

9,528

9,132

8,537

8,312

8,019

8,051

8,172

7,914

7,768

7,533

7,433

7,317

7,020

6,862

6,795

6,149

6,125

6,935

5,827

7,012

6,302

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in value of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

Change in value of contingent consideration

1,176

2,630

0

0

0

-

-

-

-2,632

1,100

1,655

2,532

2,753

3,063

3,340

3,030

1,120

293

0

0

0

-

-19,961

-9,732

-8,527

-1,640

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Foreign Currency Transaction Loss, before Tax

-

-

-

-

-

-

-

-

-

-

4,179

2,453

104

-13

-1,153

-729

3,169

3,704

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Income Tax Expense (Benefit)

-35,890

-6,392

-2,785

828

8,113

-12,977

-17,583

-21,344

-28,042

-11,096

-10,139

-10,935

-11,816

-9,194

-8,224

-6,397

-6,361

-7,080

-10,105

-15,450

-13,189

-16,745

-14,941

-8,075

-8,587

-5,785

-4,036

-2,633

-2,882

-2,834

-1,584

-1,270

533

29

2,319

1,449

1,735

1,817

0

0

0

Issuance of common stock to HEICO Savings and Investment Plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,985

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

865

867

866

1,402

1,404

1,405

1,407

93

104

107

114

5,191

5,200

5,193

5,308

13,164

13,143

13,133

13,034

7,703

7,704

7,717

7,699

951

0

0

0

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

878

867

866

1,402

1,404

1,405

1,407

93

104

107

114

5,126

5,134

5,127

29,198

12,110

12,090

12,083

-11,996

6,346

5,009

5,019

5,024

-669

0

0

0

PaymentofContingentConsiderationinExcessofAcquisitionDateValue

3,213

3,105

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

10,224

28,976

17,540

31,071

37,053

23,763

27,002

2,450

342

-7,384

-362

22,472

2,305

15,955

30,028

16,736

12,306

22,572

-3,572

-17,151

-2,495

-6,999

301

20,025

22,141

16,585

15,369

11,232

-10,549

5,782

647

953

14,352

5,327

-10,204

-5,224

-12,119

-10,684

0

0

0

Increase (Decrease) in Contract with Customer, Asset

-2,594

-11,583

-7,895

-6,754

-6,273

4,806

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in inventories

26,242

30,077

35,509

46,365

55,438

49,455

39,754

36,767

24,516

21,204

22,922

18,817

27,084

14,421

13,448

15,080

9,662

10,187

8,238

-1,363

-2,811

-126

1,543

11,380

15,453

14,877

9,936

10,199

18,329

7,484

14,523

10,233

1,475

9,405

18,037

12,328

4,322

6,359

0

0

0

Change in prepaid expenses and other current assets

-5,227

-609

1,968

-4,694

2,117

-401

-4,882

3,907

3,706

-134

4,135

-35

889

2,356

-38

-4,439

-508

-1,433

-437

-6,747

-3,053

-8,033

-4,602

6,636

-413

4,918

1,769

965

11,194

1,072

35

291

-9,857

343

1,581

1,891

1,731

549

0

0

0

Change in trade accounts payable

5,303

-3,851

-4,428

5,793

7,305

17,403

19,995

17,865

2,974

6,386

3,142

1,367

5,448

4,074

7,110

2,008

772

3,169

2,070

-2,695

161

2,511

-7,196

9,638

5,143

-23

8,916

-1,880

529

4,269

1,470

1,133

1,855

7,257

2,486

4,858

-27

125

0

0

0

Change in accrued expenses and other current liabilities

3,369

17,151

22,840

20,059

6,061

22,121

11,348

-1,564

2,225

1,794

18,173

34,327

31,158

35,279

22,724

5,193

-1,498

-883

1,389

-1,238

3,551

-3,090

-2,361

-686

8,558

12,766

13,744

14,177

9,008

5,182

-1,626

-301

-1,996

10,425

15,890

10,755

7,950

11,474

0

0

0

Change in income taxes payable

3,598

1,296

1,721

1,043

-23,796

-12,530

-1,985

-6,620

6,471

6,071

-5,755

-6,069

2,822

1,443

2,549

5,689

-99

373

641

1,635

-6,620

1,462

-4,100

-9,462

9,525

-7,273

297

-981

1,823

1,759

-1,771

460

-1,723

1,516

1,594

5,477

-4,801

-1,196

0

0

0

Increase (Decrease) in Obligation, Other Postretirement Benefits

15,092

12,920

12,836

13,743

14,057

11,610

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-1,087

-490

741

1,309

-1,031

-1,669

-4,648

-3,411

-1,902

-1,747

1,363

1,842

1,246

2,281

2,736

2,034

1,506

1,623

1,863

1,510

-4,595

-5,262

0

0

0

-

-

-

-1,954

-1,113

282

635

1,004

471

161

17

-118

248

0

0

0

Net cash provided by operating activities

468,948

437,378

427,133

403,340

326,148

328,487

323,735

293,972

284,215

288,285

266,600

254,721

270,521

259,713

223,990

210,763

188,575

172,863

184,745

200,493

186,595

190,689

166,777

142,305

152,102

131,836

152,574

137,771

154,118

138,585

118,823

119,783

99,721

125,518

118,794

112,535

104,987

101,717

0

0

0

Investing Activities:
Acquisitions, net of cash acquired

185,145

240,841

254,350

155,351

154,688

59,775

363,105

376,791

424,391

418,265

95,759

80,838

-513

263,811

374,397

381,113

381,796

166,784

56,198

57,650

57,480

8,737

96,961

221,965

221,965

222,638

160,198

37,170

56,199

197,285

236,941

228,076

214,395

94,655

29,215

30,808

59,467

39,061

0

0

0

Net Investment Related to Deferred Compensation Plan

16,801

13,701

12,250

13,900

13,300

11,500

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures

29,881

28,938

27,644

25,010

40,201

41,871

41,451

41,917

27,153

25,998

28,195

28,855

31,595

30,863

27,595

24,335

19,685

18,249

17,916

18,385

16,674

16,410

17,093

16,548

17,852

18,328

16,377

16,379

15,940

15,262

16,117

13,749

11,597

9,446

7,844

8,122

8,356

8,877

0

0

0

Other

-3,201

-2,834

-2,999

-3,015

-2,497

365

2,603

2,352

3,761

552

622

645

2,997

2,942

4,149

4,300

575

973

-161

-54

-70

40

376

344

373

342

13

31

57

161

140

-62

-88

-201

110

320

316

325

0

0

0

Net cash used in investing activities

-228,626

-280,646

-291,245

-191,246

-205,692

-113,511

-430,609

-442,860

-475,605

-458,215

-135,105

-120,867

-44,608

-308,145

-406,141

-409,748

-402,056

-186,006

-73,953

-75,981

-74,084

-25,187

-114,430

-238,857

-240,190

-241,308

-176,588

-53,580

-72,196

-212,708

-253,198

-241,763

-225,904

-103,900

-37,169

-39,250

-68,139

-48,263

0

0

0

Financing Activities:
Proceeds from Long-term Lines of Credit

265,000

313,000

0

0

0

-

-

-

-

-

-

-

-

260,000

365,000

372,000

377,000

173,696

68,696

68,696

145,696

112,000

197,000

332,000

250,000

372,000

305,000

173,000

179,000

191,000

217,000

207,000

201,000

72,000

28,000

28,000

64,000

37,000

0

0

0

Payments on revolving credit facility

304,000

283,000

274,000

266,000

216,000

204,000

187,877

149,877

155,877

190,877

165,000

188,000

178,000

170,000

155,000

137,000

135,000

132,000

152,000

175,000

167,000

159,000

129,000

123,000

125,000

126,000

139,000

120,000

116,000

100,000

68,000

43,000

38,000

50,000

75,000

85,000

83,000

78,000

0

0

0

Cash dividends paid

20,148

18,691

18,691

17,273

17,273

15,363

15,363

14,143

14,143

12,807

12,807

11,433

11,433

10,724

10,724

10,027

10,027

9,343

9,343

8,656

8,656

31,215

31,215

30,941

30,941

120,361

120,361

119,808

119,808

5,689

5,689

4,928

5,030

4,494

4,426

4,000

3,966

3,546

0

0

0

Payments of Loan Costs

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interests

112,955

110,869

110,629

16,800

13,972

13,059

12,606

18,953

18,297

18,401

15,785

17,407

18,307

19,017

18,441

10,473

9,838

9,699

9,909

12,833

80,161

79,212

78,328

74,234

6,877

7,579

8,264

8,497

8,394

9,090

15,359

15,493

15,630

14,893

9,504

10,364

10,121

10,360

0

0

0

Common Stock Issued Repurchased and Retired Related To Stock Option Exercises

66,426

64,014

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

273

273

273

2,364

0

0

0

-

-

-

9,927

14,298

5,432

6,466

5,405

681

0

0

0

Payment of Contingent Consideration

4,115

4,073

4,073

5,408

5,408

5,425

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

878

867

866

1,402

1,404

1,405

1,407

93

104

107

114

5,126

5,134

5,127

5,232

12,110

12,090

12,083

11,970

6,346

6,347

6,357

6,362

669

0

0

0

Revolving credit facility issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

767

767

767

767

570

570

570

570

3,028

3,028

3,028

3,028

0

0

0

0

-

-

-

-

Acquisitions of noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,243

1,243

1,243

1,243

16,610

16,610

16,610

24,226

7,616

0

0

0

-

-

-

-

-

-

-

-

Proceeds from stock option exercises

10,009

8,547

9,265

7,566

2,672

4,031

4,524

5,355

5,854

5,659

5,264

6,750

7,060

5,924

5,246

2,190

2,251

3,673

3,372

3,262

2,066

708

711

577

335

463

792

844

1,040

833

466

636

1,951

2,167

2,436

2,236

1,878

1,815

0

0

0

Other

-862

-620

-680

-613

-526

-669

-477

-203

-348

-342

552

331

499

521

-370

-368

-367

-393

-692

-749

-1,410

-1,479

-1,282

-907

-325

-296

-561

-408

155

214

656

166

-290

-256

-375

-317

-319

-294

0

0

0

Net cash (used in) provided by financing activities

-233,497

-159,720

-143,450

-194,632

-126,640

-207,535

123,565

155,947

205,462

175,872

-112,186

-134,080

-210,984

56,772

176,030

213,590

224,885

27,336

-98,199

-123,602

-107,785

-160,115

-44,293

100,718

84,422

103,208

22,595

-89,466

-86,242

78,427

121,347

136,827

135,775

-10,669

-65,195

-76,157

-30,660

-54,192

0

0

0

Effect of exchange rate changes on cash

-710

390

-396

-1,598

-1,648

92

801

4,436

5,711

3,169

2,989

169

1,090

1,012

1,615

1,505

110

-819

-1,840

-1,633

-1,593

-657

119

358

-184

312

225

-109

318

-353

-595

-345

-366

8

121

107

153

114

0

0

0

Net (decrease) increase in cash and cash equivalents

6,115

-2,598

-7,958

15,864

-7,832

7,533

17,492

11,495

19,783

9,111

22,298

-57

16,019

9,352

-4,506

16,110

11,514

13,374

10,753

-723

3,133

4,730

8,173

4,524

-3,850

-5,952

-1,194

-5,384

-4,002

3,951

-13,623

14,502

9,226

10,957

16,551

-2,765

6,341

-624

0

0

0