Heico — Dec 17, 2024 release

Mendelson, HEICO’s Chairman and CEO, commented on the Company's fourth quarter results stating, "We are proud to announce record consolidated net sales and operating income for the fourth quarter and full fiscal year of fiscal 2024, principally driven by exceptional operating performance at the Flight Support Group and notable contributions from our fiscal 2023 and 2024 acquisitions. Furthermore, these results reflect improved demand across all of the Flight Support Group’s product lines resulting in strong 12% organic net sales growth for that operating segment. Our total debt to net income attributable to HEICO ratio was 4.34x as of October 31, 2024, down from 6.14x as of October 31, 2023. Our net debt to EBITDA ratio was 2.06x as of October 31, 2024, down from 3.04x as of October 31, 2023. See our reconciliation of total debt to net debt at the end of this press release. Cash flow provided by operating activities increased 39% to $205.6 million in the fourth quarter of fiscal 2024, up from $148.4 million in the fourth quarter of fiscal 2023. Cash flow provided by operating activities increased 50% to $672.4 million in the fiscal year ended October 31, 2024, up from $448.7 million in the fiscal year ended October 31, 2023. Over the past few months, our Electronic Technologies Group made several strategic acquisitions, acquiring 70% of SVM Private Limited in November 2024, 87.9% of Mid Continent Controls, Inc. in October 2024, and 92.5% of Marway Power Solutions, Inc. in September 2024. Additionally, in August 2024, our Flight Support Group acquired the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems ("Capewell"). These acquisitions were funded using cash provided by operating activitie