Company: HEI-A
Filing Date: 2025-02-28
Form Type: 10-Q
Source: 0000046619-25-000015
Chunk: 46

Company: HEICO CORP
Filing Date: 2025-02-28
Form: 10-Q
Item: Item 8
Chunk 46
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 (principally the receipt of advance deposits on certain long-term customer contracts), a $12.2 million decrease in net working capital and a $4.0 million decrease in the payment of contingent consideration.

Investing Activities

Net cash used in investing activities totaled $288.0 million in the first quarter of fiscal 2025 and related primarily to acquisitions of $254.8 million, capital expenditures of $17.3 million and LCP funding of $14.6 million.  Further details regarding our fiscal 2025 acquisitions may be found in Note 2, Acquisitions, of the Notes to Condensed Consolidated Financial Statements.

Financing Activities

Net cash provided by financing activities in the first quarter of fiscal 2025 totaled $90.7 million.  During the first quarter of fiscal 2025, we borrowed $145.0 million under our revolving credit facility, which was partially offset by $20.0 million in payments made on our revolving credit facility, $15.3 million of cash dividends paid on our common stock, $10.2 million of distributions to noncontrolling interests, $6.0 million of contingent consideration payments and $3.3 million of payments to acquire certain noncontrolling interests.

Other Obligations and Commitments 

There have not been any material changes to our other obligations and commitments that were included in our Annual Report on Form 10-K for the year ended October 31, 2024.

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New Accounting Pronouncements

    See Note 1, Summary of Significant Accounting Policies - New Accounting Pronouncements, of the Notes to Condensed Consolidated Financial Statements for additional information.

Guarantor Group Summarized Financial Information

On July 27, 2023, we completed the public offer and sale of senior unsecured notes, which consisted of $600 million principal amount of 5.25% Senior Notes due August 1, 2028 (the "2028 Notes") and $600 million principal amount of 5.35% Senior Notes due August 1, 2033 (the "2033 Notes" and, collectively with the 2028 Notes, the "Notes").  The Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future subsidiaries that guarantee our obligations under our revolving credit facility ("Credit Facility") (the “Guarantor Group”).

The Notes were issued pursuant to an Indenture, dated as of July 27, 2023 (the “