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Text: I'm Larry Mendelson, Chairman and CEO of HEICO Corporation.
Now before reviewing our fourth quarter and full fiscal year results, I'd like to take a few moments to discuss the impact on HEICO's operating results from the COVID-19 global pandemic.
The results of operations in fiscal '20 were significantly affected by COVID-19 global pandemic.
The effects of the pandemic and related actions by governments around the world to mitigate its spread have impacted our employees, customers, suppliers and manufacturers.
Since the beginning of the pandemic in March 2020, we have implemented health and safety measures at our facilities in accordance with the CDC guidelines to protect team members and mitigate the spread of in COVID-19.
Most of our facilities are considered essential businesses and have remained operational during the pandemic.
The Board of Directors and management of HEICO are truly humbled by the dedication of our team members to their company during these unprecedented times.
Currently, we believe the recent vaccine progress will most notably result in a gradual recovery in demand for our commercial aerospace parts and services commencing in fiscal '21 as demand for air travel slowly recovers, we remained very confident in our ability to offer cost saving solutions and robust product development programs that we expect to increase our market share and allow us to have even a stronger presence within the commercial aviation market.
I'd like to take a few moments to summarize the highlights of our full fiscal '20 and fourth quarter results.
Despite, the many challenges faced in fiscal '20, HEICO has continued to generate excellent cash flow.
Our cash flow provided by operating activities was very strong at $409 million and $437.4 million in fiscal '20 and '19, respectively.
Cash flow provided by operating activities totaled $110.2 million, or 177% of reported net income in the fourth quarter of fiscal '20, as compared to $124 million in the fourth quarter of fiscal '19.
As all of you know, HEICO's most important metric is cash flow, and I think that the results of 2020 operations, particularly the fourth quarter are clearly indicative of this success.
We are encouraged by the sequential improvements in our fiscal '20 consolidated fourth quarter operating results over the third quarter of fiscal '20.
And during the fourth quarter, we experienced increases in consolidated operating income, net income, and net sales of 30%, 15% and 10%, respectively.
In fact, despite the continued impact from the pandemic on demand for our commercial aerospace parts and services, the Flight Support Group's operating income and net sales in the fourth quarter of fiscal '20 improved sequentially by 78% and 9%, respectively, as compared to the third quarter of fiscal '20, a significant improvement.
The Electronic Technologies Group and from now on I will call it ETG, set all-time quarterly net sales and operating income records in the fourth quarter of fiscal '20 improving 8% and 14%, respectively, over the fourth quarter of fiscal '19.
These increases principally reflect the excellent operating performance of our fiscal '20 acquisitions, as well as continued disciplined cost management on the part of our operating teams.
We recently entered into an amendment to extend the maturity date of our revolving credit agreement by one year to November 23 and to increase the committed capital to $1.5 billion.
In addition, our credit facility continues to include a feature that will allow the company to increase the capacity by $350 million to become a $1.85 billion facility through increased commitments from existing vendors or the addition of new lenders and can be extended for an additional one-year period.
Their loyalty to HEICO is demonstrated by this credit facility amendment, further offers us the financial flexibility to pursue our disciplined strategy of acquiring high-quality businesses at fair prices.
Our net debt, which we define as total debt less cash and cash equivalents of $333 million, compared to shareholders equity ratio improved to 16.6% as of October 31 '20, and this was down from 29.8% as of October 31 '19.
Our net debt to EBITDA ratio improved to 0.71 times as of October 31 '20, down from 0.93 times as of October 31 '19.
Keep in mind this is after making six acquisitions during the year.
During fiscal '20, we successfully completed six acquisitions, four of which were completed since the pandemic start.
We have no significant debt maturities until fiscal '24, and we plan to utilize our financial strength and flexibility to aggressively pursue high-quality acquisitions of various sizes and accelerate growth to maximize shareholder returns.
As we reported yesterday, we declared an $0.08 per share regular semi-annual cash dividend on both classes of common stock, payable January 21, 2021 to shareholders of record as of January 7, 2021.
This cash dividend will be our 85th consecutive semi-annual cash dividend since 1979.
HEICO's strength in the face of challenging business conditions, coupled with our optimism of the future, gave our Board of Directors the confidence to continue paying our normal cash dividend.
While this is very important to all of our shareholders, it is especially important to our team members, the vast majority of whom are fellow HEICO shareholders through the personal holdings in their 401(k) plan.
Let's talk about some of the new fourth quarter acquisitions.
As I discussed during the third quarter teleconference, we completed three acquisitions in August through our ETG Group.
First, we acquired a 75% of the equity interest in Transformational Security and Intelligent Devices.
These two companies design and develop and manufacture state-of-the-art technical surveillance countermeasures equipment.
Next, we acquired approximately 90% of the equity interest of Connect Tech.
Connect Tech designs and manufactures rugged small form factor embedded computing solutions used in rugged commercial and industrial, aerospace and defense, transportation and smart energy applications.
These acquisitions are expected to be accretive to earnings within the first 12 months following closing.
The Flight Support Group's net sales were $924.8 million in fiscal year '20, as compared to $1,240.2 million in fiscal year '19.
The Flight Support Group's net sales were $193.6 million in the fourth quarter of fiscal '20, as compared to $324.7 million in the fourth quarter of fiscal '19.
The net sales decreases are principally organic and reflect lower demand across all of our product lines, resulting from the significant decline in global commercial air travel beginning in March 2020, due to the pandemic.
Net sales in fiscal '20 follows the 13% and 12% organic growth reported in the year and fourth quarter of fiscal '19, respectively.
The Flight Support Group's operating income was $143.1 million in fiscal '20, as compared to $242 million in the fiscal year '19.
The Flight Support Group's operating income was $21.5 million in the fourth quarter of fiscal '20, as compared to $62.2 million in the fourth quarter of fiscal '19.
The operating income decreases principally reflects the previously mentioned decrease in net sales, a lower gross profit margin, and an increase in bad debt expense, due to potential collection difficulties from certain commercial aviation customers that filed for bankruptcy protection during fiscal '20 as a result of the pandemic's financial impact, partially offset by a decrease in performance-based compensation expense.
The lower gross profit margin principally reflects an increase in inventory obsolescence expense, mainly resulting from the announced retirement of certain aircraft types and engine platforms by our commercial aerospace customers, due to the pandemic's financial impact.
Additionally, the lower gross profit margin reflects the impact from lower net sales within our repair and overhaul; parts and services and aftermarket replacement parts product lines.
The Flight Support Group's operating margin was 15.5% in fiscal '20, as compared to 19.5% in fiscal '19.
The Flight Support Group's operating margin was 11.1% in the fourth quarter of fiscal '20, as compared to 19.2% in the fourth quarter of fiscal '19.
The decrease -- the operating margin decreases principally reflect the previously mentioned lower gross profit margin and an increase in SG&A expenses as a percentage of net sales, mainly from the previously mentioned higher bad debt expense and fixed cost efficiencies loss resulting from the pandemic's impact, partially offset by lower performance-based compensation expense.
The Electronic Technologies Group's net sales increased 5% to a record $875 million in fiscal '20, up from $834.5 million in fiscal '19.
The increase in fiscal '20 is attributable to the favorable impact from our fiscal '20 and '19 acquisitions, partially offset by an organic net sales decrease of 1%.
The organic net sales decrease is principally due to lower sales of commercial aerospace and medical products, largely attributable to the pandemic, partially offset by increased sales of defense and space products.
The ETG's net sales increased 8% to a record $236.7 million in the fourth quarter of fiscal '20, up from $219.5 million in the fourth quarter of fiscal '19.
The increase in the fourth quarter of fiscal '20 is attributable to the favorable impact from our fiscal '20 acquisitions and the anticipated increase in commercial space revenues.
The Electronic Technologies Group's operating income increased 5% to a record $258.8 million in fiscal '20 up from $245.7 million in fiscal '19.
The increase in fiscal '20 partially -- principally reflects the previously mentioned net sales growth, lower performance-based compensation expense and a decrease in acquisition-related expenses, partially offset by a lower gross profit margin.
The lower gross profit margin is mainly due to a decrease in net sales and less favorable product mix of certain commercial aerospace and medical products, partially offset by increased net sales of certain defense products.
The ETG's operating income increased 14% to a record $73.9 million in the fourth quarter of fiscal '20, up from $64.6 million in the fourth quarter of fiscal '19.
The increase in the fourth quarter of fiscal '20 principally reflects the previously mentioned net sales growth and improved gross profit margin.
The improved gross profit margin principally reflects a more favorable product mix and increased net sales of certain space and defense products, partially offset by a decrease in net sales of certain commercial and aerospace products.
The Electronic Technologies Group's operating margin improved to 29.6% in fiscal '20, up from 29.4% in fiscal '19.
The ETG's operating margin improved to 31.2% in the fourth quarter of fiscal '20, up from 29.4% in the fourth quarter of fiscal '19.
The increase in the fourth quarter of fiscal '20 mainly reflects efficiencies gained from the previously mentioned net sales growth, and the improved gross profit margin.
Moving on to diluted earnings per share, consolidated net income per diluted share decreased 4% to $2.29 in fiscal '20, as compared to $2.39 in fiscal '19.
Consolidated net income per diluted share decreased 27% to $0.45 in the fourth quarter of fiscal '20, as compared to $0.62 in the fourth quarter of fiscal '19.
Those decreases principally reflect the previously mentioned lower operating income of Flight Support, partially offset by lower income tax expense, less net income attributable to non-controlling interest, as well as lower interest expense.
Depreciation and amortization expense totaled $88.6 million in the fiscal '20, up from $83.5 million in fiscal '19 and totaled $23.3 million in the fourth quarter of fiscal '20, up from $21.8 million in the fourth quarter of fiscal '19.
The increase in the fiscal year and fourth quarter of fiscal '20, principally reflects the incremental impact from our fiscal '20 and '19 acquisitions.
Research and development -- significant ongoing new product development efforts are continuing at both ETG and Flight Support.
R&D expense was $65.6 million in fiscal '20 or about 3.7% of net sales and that compared to $66.6 million in fiscal '19%, or 3.2% of net sales.
R&D expense was $16.6 million in the fourth quarter of fiscal '20, or 3.9% of net sales, and that compared to $17.9 million in the fourth quarter of fiscal '19 and that was 3.3% of net sales.
SG&A expenses consolidated decreased by 14% to $305.5 million in fiscal '20, and that was down from $356.7 in fiscal '19.
The decrease in consolidated SG&A expense in fiscal '20 reflects a decrease in performance-based compensation expense, a reduction in other G&A expenses, and a reduction in other selling expenses, including outside sales commissions, marketing and travel.
These decreases were partially offset by the impact of our fiscal '19 and '20 acquisitions, as well as the previously mentioned increase in bad debt expense, and that was due to collection difficulties from certain commercial aviation customers that filed for bankruptcy protection during fiscal '20 as a result of the financial impact of the pandemic.
Consolidated SG&A expense decreased by 18% to $72.6 million in the fourth quarter of fiscal '20, down from $88.8 million in the fourth quarter of fiscal '19.
The decrease in consolidated SG&A expense in the fourth quarter of fiscal '20 reflects a reduction in other general and administrative expense, decrease in performance-based compensation expense, and a reduction in other selling expenses including outside sales commissions, marketing and travel.
The decreases were partially offset by the impact of our fiscal '20 and '19 acquisitions, as well as the increase in bad debt expense.
Consolidated SG&A expense as a percentage of net sales dropped to 17.1% in fiscal '20, and that was down slightly from 17.4% in fiscal '19.
The decrease in consolidated SG&A expense as a percentage of net sales in fiscal '20, again is due to lower performance-based compensation expense and a decrease in other selling expenses, partially offset by the impacts of higher other G&A expense as a percentage of net sales and an increase in bad debt expense.
Consolidated SG&A expense as a percentage of net sales increased to 14% -- I'm sorry, 17% in the fourth quarter of fiscal '20, and that was up slightly from 16.4% in the fourth quarter of fiscal '19.
The increase in consolidated SG&A expense as a percentage of net sales in the fourth quarter of fiscal '20, reflects higher other general and administrative expense as a percentage of net sales, due to the decreased sales volume and the aforementioned increase in bad debt expense, partially offset by a decrease in lower performance-based compensation expense, and a decrease in other selling expenses.
Interest expense decreased to $13.2 million of fiscal '20 and that was down significantly from $21.7 million of fiscal '19 and it decreased to $2.5 million in the fourth quarter of fiscal '20, down from $5.2 million in the fourth quarter of fiscal '19.
The decreases are principally due to a lower weighted average interest rate on borrowings outstanding under our credit facility.
Our effective tax rate in fiscal '20 was 7.9%, as compared to 17.8% in fiscal '19.
The decrease in fiscal '20 is mainly attributable to a larger tax benefit recognized in fiscal '20 from stock option exercises, compared to fiscal '19, and that resulted from more stock options being exercised, as well as the strong appreciation in HEICO's stock price during the optionees' holding period.
Our effective tax rate in the fourth quarter of fiscal '20 was 22.3% and that compared to 19.8% in the fourth quarter of fiscal '19.
Net income attributable to non-controlling interest was $21.9 million in fiscal '20, and that compared to $31.8 million in fiscal '19.
The decrease in fiscal '20, principally reflects a decrease in operating results of certain subsidiaries of Flight Support, in which non-controlling interests are held, as well as the impact of a dividend paid by HEICO Aerospace in June '19 -- 2019, that is -- that effectively resulted in the transfer of 20% non-controlling interest held by Lufthansa Technik in eight of our existing subsidiaries and that was transferred back to our Flight Support Group.
Net income attributable to non-controlling interest was $5.3 million in the fourth quarter of fiscal '20, and that compared to $6.9 million in the fourth quarter of fiscal '19.
The decrease in the fourth quarter of fiscal '20, principally reflects a decrease in the operating results of certain subsidiaries of the Flight Support Group in which non-controlling interests are held.
For the full fiscal year '21 at the present time, we anticipate a combined tax and non-controlling interest rate of approximately 23% to 24%.
Moving onto the balance sheet and cash flow, as you all know, our financial position and forecasted cash flow remain very strong.
Previously, I mentioned cash flow provided by operating activities was consistently strong at $409.1 million and $437.4 million in fiscal '20 and '19, respectively.
Cash flow provided by operating activities totaled $110.2 million, or 177% of net income in the fourth quarter of fiscal '20 and that compared to $124 million in the fourth quarter of fiscal '19.
We currently anticipate capital expenditures of approximately $40 million in fiscal '21, and that would be up from the $22.9 million spent in fiscal '20.
Our working capital ratio, which is, of course, current assets divided by current liabilities, improved to 4.8 as of October 31, '20, as compared to 2.8 as of October 31, '19.
Days sales outstanding, DSOs of accounts receivable approved -- improved to 45 days as of October 31, '20 and that compared favorably to the 47 days as of October 31, '19.
We continue to closely monitor all receivable collection efforts in order to limit our credit exposure.
No one customer accounted for more than 10% of sales, and our top five customers represented approximately 24% and 20% of consolidated net sales in fiscal '20 and '19, respectively.
Our inventory turnover rate increased to 153 days for the year ended October 31, '20, as compared to 124 days for the year ended October 31, '19.
That increase in turnover rate principally reflects certain long-term and non-cancelable inventory purchase commitments, which were based on pre-pandemic net sales expectations and also to support the backlog of certain of our business.
As we look ahead to fiscal '21, the pandemic will likely continue to negatively impact commercial, aerospace industry, as well as HEICO.
Given this uncertainty, HEICO cannot provide fiscal '21 net sales and earnings guidance at this time.
However, we do believe our ongoing fiscal conservative policies, healthy balance sheet, increased liquidity will permit us to invest in new research and development and gain market share as the industry recovers.
In addition, our time-tested strategy of maintaining low debt and acquiring -- operating high cash-generating businesses across a diverse base of industries, besides commercial aerospace and these industries are defense-based and other high-end markets; including electronics and medical, puts us in good financial position to weather this uncertain economic period.
We are cautiously optimistic that the recent vaccine progress should generate increased commercial air travel and will result in a gradual recovery in demand for our commercial aerospace parts and services commencing in fiscal '21.
Their dedication to HEICO's customers and to the safety of their fellow team members has been exemplary.
I am confident that our future is bright and we will exit this COVID-19 period as a stronger and more competitive company.

user
compname reports q4 earnings per share of $0.45.
q4 earnings per share $0.45.
will not provide fiscal 2021 guidance at this time.
believe ongoing fiscal conservative policies, balance sheet, increased liquidity will permit us to invest in new research, development.

assistant