Laurans Mendelson | Chairman & Chief Executive Officer |
Eric Mendelson | Co-President & President of HEICO’s Flight Support Group |
Victor Mendelson | Co-President & President of HEICO’s Electronic Technologies Group |
Carlos Macau | Executive Vice President & Chief Financial Officer |
Robert Spingarn | Credit Suisse |
Peter Arment | Baird |
Larry Solow | CJS Securities |
Gautam Khanna | Cowen |
Ken Herbert | Canaccord |
Josh Sullivan | Benchmark Company |
Sheila Kahyaoglu | Jefferies |
Michael Ciarmoli | SunTrust |
Colin Ducharme | Sterling Capital |
Louis Raffetto | UBS |
Barry Haimes | Sage Asset Management |
Ladies and gentlemen, thank you for standing by, and welcome to the HEICO Corporation Fiscal Year 2020 Second Quarter Earnings Results Conference Call. Certain statements in this conference call will constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors, including the severity, magnitude and duration of the COVID-19 outbreak; HEICO's liquidity and the amount and timing of cash generation; the continued decline in commercial air travel caused by the COVID-19 outbreak; lower demand for commercial air travel or airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our cost to complete contracts, governmental and regulatory demands; export policies and restrictions; reductions in defense, space or Homeland Security spending by US and/or foreign customers or competition from existing and new competitors, which could reduce our sales, our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development cost and delay sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions within and outside of the aviation, defense space; medical for the communications and electronic industries, which could negatively impact our cost and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. Parties listening to or reading a transcript of this call are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.