Laurans Mendelson | Chairman & Chief Executive Officer |
Eric Mendelson | Co-President & President of Flight Support Group |
Victor Mendelson | Co-President & President of Electronic Technologies Group |
Carlos Macau | Executive Vice President & Chief Financial Officer |
Robert Spingarn | Melius Research |
Peter Arment | Baird |
Pete Skibitski | Alembic |
Lee Jagoda | CJS Securities |
Ken Herbert | RBC Capital Markets |
Michael Ciarmoli | Truist Securities |
Kristine Liwag | Morgan Stanley |
Colin Ducharme | Sterling Capital Management |
Gautam Khanna | Cowen |
Ron Epstein | Bank of America |
Ellen Page | Jefferies |
Louis Raffetto | UBS |
Welcome to HEICO's Fiscal Year 2022 First Quarter Earnings Results Conference Call. My name is Polly [ph] and I will be the operator assisting today. Certain statements made during this call will constitute forward-looking statements which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed and/or implied by those forward-looking statements as a result of factors including but not limited to, the severity, magnitude and duration of the pandemic, HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by the pandemic and it's aftermath; 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 costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. 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 and manufacturing costs and delayed sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk, interest, foreign and current exchange and income tax rates; economic conditions, including the effects of inflation within and outside of the aviation, defense space, medical and telecommunications and electronic industries which could negatively impact our cost and revenues; and defense spending or budget cuts which could reduce our defense-related revenue.