Company: HEI-A
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0000046619-25-000062
Chunk: 11

Company: HEICO CORP
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 1
Chunk 11
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 notes are an integral part of these condensed consolidated financial statements.

6

HEICO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(in thousands)

Nine months ended July 31,20252024Operating Activities:Net income from consolidated operations$542,769 $408,200 Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities:Depreciation and amortization144,869 130,646 Share-based compensation expense18,346 14,088 Employer contributions to HEICO Savings and Investment Plan14,186 13,677 Increase (decrease) in accrued contingent consideration, net8,974 (10,892)Impairment of intangible assets— 6,000 Payment of contingent consideration(2,190)(6,203)Deferred income tax benefit(28,789)(15,227)Changes in operating assets and liabilities, net of acquisitions:Increase in accounts receivable(36,063)(15,334)(Increase) decrease in contract assets(20,305)9,009 Increase in inventories(60,157)(102,183)Decrease (increase) in prepaid expenses and other current assets14,874 (14,821)Increase in trade accounts payable28,919 995 Increase (decrease) in accrued expenses and other current liabilities11,903 (1,113)Decrease in income taxes payable(27,675)(9,534)Net changes in other long-term liabilities and assets related to    HEICO Leadership Compensation Plan23,042 19,550 Other6,237 39,889 Net cash provided by operating activities638,940 466,747 Investing Activities:Acquisitions, net of cash acquired(629,928)(55,208)Capital expenditures(46,038)(42,175)Investments related to HEICO Leadership Compensation Plan (21,689)(16,510)Other(39)1,743 Net cash used in investing activities(697,694)(112,150)Financing Activities:Borrowings on revolving credit facility495,000 50,000 Payments on revolving credit facility(275,000)(255,000)Cash dividends paid(31,968)(29,069)Distributions to noncontrolling interests(27,248)(23,302)Payment of contingent consideration(5,954)(24,797)Acquisitions