HEICO Corp. Files 2024 10-K Report
Ticker: HEI-A · Form: 10-K · Filed: Dec 19, 2024 · CIK: 46619
| Field | Detail |
|---|---|
| Company | Heico CORP (HEI-A) |
| Form Type | 10-K |
| Filed Date | Dec 19, 2024 |
| Risk Level | medium |
| Pages | 14 |
| Reading Time | 17 min |
| Key Dollar Amounts | $26.2 million, $3,857.7 million, $2.0 million, $514.1 m, $36.7 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, annual-report, aerospace
TL;DR
HEICO filed its 2024 10-K. Financials look solid, check the details.
AI Summary
HEICO Corp. filed its 2024 10-K report for the fiscal year ending October 31, 2024. The company, headquartered in Hollywood, Florida, operates in the aircraft engines and engine parts industry. The filing details its financial performance and business operations, including assets, liabilities, and long-term debt.
Why It Matters
This 10-K filing provides investors and stakeholders with a comprehensive overview of HEICO Corp.'s financial health and operational status for the fiscal year 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- FY 2024 — Fiscal Year (Reporting period for the 10-K)
Key Players & Entities
- HEICO CORP (company) — Filer of the 10-K report
- 20241031 (date) — Fiscal year end date
- 3000 TAFT ST (location) — HEICO Corp. business address
- HOLLYWOOD (location) — City of HEICO Corp. headquarters
- FL (location) — State of HEICO Corp. headquarters
FAQ
What is HEICO Corp.'s primary industry classification?
HEICO Corp. is classified under AIRCRAFT ENGINES & ENGINE PARTS [3724].
What is the fiscal year end date for HEICO Corp. in this filing?
The fiscal year end date is 20241031.
Where is HEICO Corp. headquartered?
HEICO Corp. is headquartered at 3000 TAFT ST, HOLLYWOOD, FL 33021.
What is the accession number for this 10-K filing?
The accession number for this filing is 0000046619-24-000111.
What is the SEC file number for HEICO Corp.?
The SEC file number for HEICO Corp. is 001-04604.
Filing Stats: 4,284 words · 17 min read · ~14 pages · Grade level 15.5 · Accepted 2024-12-19 16:55:54
Key Financial Figures
- $26.2 million — m continuing operations have grown from $26.2 million in fiscal 1990 to $3,857.7 million in f
- $3,857.7 million — wn from $26.2 million in fiscal 1990 to $3,857.7 million in fiscal 2024, representing a compound
- $2.0 million — proved our net income 2 Index from $2.0 million to $514.1 million, representing a compo
- $514.1 m — ncome 2 Index from $2.0 million to $514.1 million, representing a compound annual g
- $36.7 million — fiscal 1991, increased to approximately $36.7 million in fiscal 2024, $26.4 million in fiscal
- $26.4 million — oximately $36.7 million in fiscal 2024, $26.4 million in fiscal 2023 and $22.2 million in fis
- $22.2 million — 2024, $26.4 million in fiscal 2023 and $22.2 million in fiscal 2022. We believe that the FSG
Filing Documents
- hei-20241031.htm (10-K) — 2485KB
- a103124heiq4exhibit19.htm (EX-19) — 26KB
- a103124heiq4exhibit21.htm (EX-21) — 116KB
- a103124heiq4exhibit22.htm (EX-22) — 35KB
- a103124heiq4exhibit23.htm (EX-23) — 2KB
- a103124heiq4exhibit311.htm (EX-31.1) — 9KB
- a103124heiq4exhibit312.htm (EX-31.2) — 10KB
- a103124heiq4exhibit321.htm (EX-32.1) — 5KB
- a103124heiq4exhibit322.htm (EX-32.2) — 5KB
- hei-20241031_g1.jpg (GRAPHIC) — 127KB
- hei-20241031_g2.jpg (GRAPHIC) — 132KB
- 0000046619-24-000111.txt ( ) — 15898KB
- hei-20241031.xsd (EX-101.SCH) — 94KB
- hei-20241031_cal.xml (EX-101.CAL) — 163KB
- hei-20241031_def.xml (EX-101.DEF) — 761KB
- hei-20241031_lab.xml (EX-101.LAB) — 1140KB
- hei-20241031_pre.xml (EX-101.PRE) — 991KB
- hei-20241031_htm.xml (XML) — 2420KB
Business
Item 1. Business 1 Information About Our Executive Officers 16
Risk Factors
Item 1A. Risk Factors 18
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 27
Cybersecurity
Item 1C. Cybersecurity 27
Properties
Item 2. Properties 29
Legal Proceedings
Item 3. Legal Proceedings 29
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 30 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30
[Reserved]
Item 6. [Reserved] 33
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 51
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 113
Controls and Procedures
Item 9A. Controls and Procedures 113
Other Information
Item 9B. Other Information 116
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 116 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 117
Executive Compensation
Item 11. Executive Compensation 117
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 119
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 119 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 119
Form 10-K Summary
Item 16. Form 10-K Summary 123 SIGNATURES 125 Index PART I
BUSINESS
Item 1. BUSINESS The Company HEICO Corporation through its subsidiaries (collectively, "HEICO," "we," "us," "our" or the "Company") believes it is the world's largest manufacturer of Federal Aviation Administration ("FAA")-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers ("OEMs") and their subcontractors. HEICO also believes it is a leading manufacturer of various types of electronic equipment for the aviation, defense, space, medical, telecommunications and electronics industries. The Company was originally organized in 1957 as a holding company known as HEICO Corporation. As part of a reorganization completed in 1993, the original holding company (formerly known as HEICO Corporation) was renamed as HEICO Aerospace Corporation and a new holding corporation known as HEICO Corporation was created. The reorganization did not result in any change in the business of the Company, its consolidated assets or liabilities or the relative interests of its shareholders. Our business is comprised of two operating segments: The Flight Support Group . Our Flight Support Group ("FSG"), consisting of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. and their collective subsidiaries, accounted for 68%, 60% and 57% of our net sales in fiscal 2024, 2023 and 2022, respectively. The FSG uses proprietary technology to design and manufacture jet engine and aircraft component replacement parts for sale at lower prices than those manufactured by OEMs. These parts are approved by the FAA and are the functional equivalent of parts sold by OEMs. In addition, the FSG repairs, overhauls and distributes jet engine and aircraft components, avionics and instruments for domestic and foreign commercial air carriers and aircraft repair companies as well as military and business aircraft operators. The FSG also manufactures and sells specialty parts as a subcontractor for aerospace and industrial original equipment manu