TransDigm, AdelWiggins, & The Aerospace Aftermarket

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Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

{audio:0:14:43} I run a fairly concentrated global fund based here in the northern suburbs of Chicago; it's long only, very long term. I reached out because I'm interested in this company called HEICO, of which you're probably aware. Miami-based, they've got MRO spare parts on the commercial side, and they do similar stuff on the defense side as well.

{audio:0:15:42} I would have gone down to meet them a few times, but Covid has played hide and seek, and I haven't met the team, so I'm still getting educated on the space. There are so many dynamic pieces, but that's the angle. Before we jump into questions, I would love to hear your colorful background.

{audio:0:16:19} I've had several decades in transportation and almost all of it has been in airline and MRO. I've led different capacities in MRO from Dalfort Aviation in the early 80s and 90s, and then at Southwest Airlines where I led the maintenance and engineering group. I started there at about 170 airplanes, and when I left in 2014, there were close to 700 airplanes. Southwest did a lot of outsourcing and continues to do that, so my responsibilities were not just the domestic airline operation but also the requirements of keeping the supply chain and the components and all the repairs necessary. We did many creative things. 

{audio:0:17:23} We looked at more global opportunities than just domestic, and engines were going anywhere from Kuala Lumpur to Brazil. It was about best-in- class operations, and utilizing what we considered good quality and good value. In 2014, I was recruited to go work for HAECO, not HEICO but HAECO, Hong Kong Aircraft Engineering, and if that makes a difference in the outcome of this, honesty is a good thing for me. If I'm the wrong person, let me know. 

{audio:0:18:05} MRO is still a part of it. I don't know if you know HEICO.

{audio:0:18:10} Yes, I do. Very good friends and a very good organization; I love talking about HEICO. But at HAECO, I ran the North American business, responsible for the airframe, all through Canada to southern parts of Latin America. We had hangars throughout the US and inline maintenance throughout all the major airports. We serviced every airline, including the US Air Force, so I had a lot of responsibility. Our strategy at HAECO was, when an airplane came in, we would look at ways to take off the component work and put that within our back shop capability. We did this not just in the US but also in Asia and Hong Kong, and we utilized that as a good advantage to build our business and revenue accordingly.

{audio:0:18:59} After I left there, I was recruited to work in the railroad. I was recruited several times to go work for a large railroad. I spent four years, half of that in Montreal, and that moved me up here to Chicago. I completed that in October 2021, so just recently, and as a result of getting out of the railroad business, I've been pulled back into different parts of transportation. I started my own requirements around trying to help some services with friends that I have developed over the years, help them improve their efficiencies, lower their operating costs, and improve safety. In essence, a little over 40 years of operational experience. Most of all, that's been leading organizations of different sizes and natures, but day to day operation in MRO responsibility, supply chain planning, and all that. 

{audio:0:20:22} Since you already know HEICO and are good friends, is that with the founding family or whoever it is within the organization? I would love to hear your thoughts on HEICO as a company first.

{audio:0:21:00} I think the senior leadership group has been very professional. I came across them back at Southwest Airlines, and they were a great source for being able to take a part and look for a more competitive solution through parts manufacturing, to be able to offer better availability and offer lower cost. I was impressed with their ability to do that through a lot of complex certification, a lot of requirements that might have interfered through the OEMs to allow them to be creative in the way they looked at it. 

{audio:0:21:56} They were very smart in the way they went through with their thought in certifying parts and building them in the right capacity to ensure that it's done safely and compliantly. And it didn't conflict with the intellectual property of the OEMs. I'm very impressed with the company and its ability to take on different solutions. We used them for the most simple part to the most complex part, and they could give us good support based on that. Again, we didn't select them in some cases, but we allowed that to be part of our discussions to keep the OEM in line with lowering their costs. It was a nice way to say, if you guys can't lower your price, we'll have to look at alternate solutions to provide better availability and value. Their senior executive team has been very professional.

{audio:0:22:59} I think the father, Laurans, is more of the true father figure to Eric and Victor. Eric runs the commercial side, and he's probably the one to whom you're referring. I don't know what percent of Southwest's aircraft were leased versus owned. To what extent an aircraft was leased did the actual lessor have an issue with using PMAs when parts needed replacement? What has your experience been from the leasing side of things?

{audio:0:23:50} It's always been a bit of a contentious area with leasing companies. They want to ensure that their aircraft are maintained in as good or better condition as the OEM prescribes. When you think about PMA parts, there are some things that they would be insistent on, engine-related parts; they want to look at it very methodically. Other areas of the airframe, maybe flight controls, are less responsible in that area. But we always went back and ensured that we weren't making economic decisions without good data that supported strong reliability and performance. A good thing that we would always come back to is that, typically, when you reverse engineer a part, you're making it better in certain regards. You’re designing it in compliance with certifications, but you’re looking at a better process that allows them to be more competitive. Both OEM and PMA distributors learn from each other through that. 

{audio:0:25:05} The inexperienced leasing companies would take a position of no PMA parts, but the experienced leasing companies would allow you to do that. Experienced meaning they have good technical knowledge and good resources to understand that, as the operator, Southwest Airlines, our responsibility is to put a safe, reliable aircraft out there. We're ultimately responsible. At that time, in my role, no one has more skin in that game as the owner-operator than the airline. Smart people understand that sometimes the folks that are not as knowledgeable in PMA would probably be a bit more resistant. 

{audio:0:25:53} While HEICO is fairly large, they keep adding to the PMA list every year, like other PMA providers. On average, at Southwest or HAECO, did you have an X number of PMA providers that you went to for an aircraft? Or did you go just to one and have them sort of take care of that process?

{audio:0:26:32} HEICO would offer the ability to have their folks in our offices to understand our pain points from a maintenance and engineering tech ops perspective. Sometimes, we would allow that, and sometimes we wouldn't allow that, depending on the operation requirement. If we had space available, we would let that happen. They were very sharp to understand that when you look at an operation, an airline, our job is to provide safe, reliable, on-time aircraft. Anything that supports that is required but sometimes can be a headache or a nuisance. They would do their best to figure out where our pain points were. What are the materials necessary that we’re not getting good support on, and the delays that are happening with failed components? They can look at it and maybe figure out a better solution for us, and look at our supply chain and figure out delays associated with component parts, pieces, items, and provide a solution for us. 

{audio:0:27:52} That's a very astute part of their business. They don't just make contact at the executive level and show us their capability. They continually stay a part of the operation at different levels within the operation, from the folks procuring these piece parts to the decision-makers responsible for it. It was an ongoing dialogue to help us operate better and more efficiently. They did that very well, more than I saw with other companies, which is a huge part of their success. 

{audio:0:28:39} If there was an instance or two where you thought, HEICO could have been better at pricing or better at some service, does anything jump out in your 40-year experience?

{audio:0:28:59} The pricing was not an issue. Whenever they came to the table, it was always a good solution, and they understood the economics behind that. When you look at an airplane, the big things get a lot of attention: the engines and flight controls. As you go down the supply chain, the small things like the armrests and the stuff in the lavatories get less attention. You have a lot of transactional business going on at different buyer and purchaser levels and sometimes things get missed. Those are very important, and I think they were frustrating to HEICO as a result of, here's a problem, but we really can't get traction on getting it to a solution so that we can offer you some better outlook or reliability. There was so much activity going on it was hard to narrow down. 

{audio:0:30:05} With HEICO, we tried to say what our top delays and top ATA issues were and look at that. Get them involved with that, and maybe pick the top five and say, is there a solution here. That would happen at an executive level and be missed at the administration level. So the pricing from HEICO was always good. The frustration they would see is a lack of traction from the operators and resources to drive those responsibilities to fruition. 

{audio:0:30:42} As you know, going through a PMA is very costly and complex, and they want to pick the right opportunities and be profitable from that. I think that’s the bridge that sometimes creates some challenges for both the operator and them. 

{audio:0:31:05} From your standpoint, do you think the larger PMA landscape will continue to grow from here? Are there dynamics, like the lessors owning more of the aircraft, that could have a bit of an issue with these PMA things? Do you think those types of forces may constrain the growth of the PMA market from the number of parts and the dollar value itself? Any color on what you think will happen over the next five or 10 years?

{audio:0:31:43} I see it continuing to grow. It makes sense. Choices are a good thing. When you have competition, it adds better value. In a way, we would always structure our big OEMs, we'd go back to them, and we would look at and talk about some of the pain points that we have. We would always structure within our agreements – at least where I came from – an opportunity to ensure that we had choices. If you were going to give us a wiring harness and you're a big engine manufacturer, and for whatever reason, there was a supply chain issue or a quality escapement, we always had to have choices. That was part of our contract that allowed us to do it that way.

{audio:0:32:34} We couldn't park airplanes, and we couldn't stop feeding our supply. That always continues that way and allows people to put their best foot forward. To look at other areas to capitalize on and do the better and more robust products with cheaper prices. In particular, what you see today with the supply chain issues going on, you can't be in a box. You have to look at solutions, protect your interests with your customers and your airline's operation, and look beyond that. And don't get influenced and intimidated as an airline by OEMs. You can't look at anyone. 

{audio:0:33:19} We've dealt with the toughest OEMs – I think you know who they are – and they would tell us no, we don’t want you to use PMA. We’d say, okay, fine, I've got this thing that keeps failing the way it does. If I'm going to have a delay the way it is, I need it. Or, in other cases, if someone would come to us with a business case that says we can get you better reliability, we would go back in there and say sorry, our job is safe, reliable, on-time airplanes. We’re not going to do anything to prevent this from happening or leading that way.

{audio:0:33:59} Regarding having access to more than one PMA provider, was that the common feature, or did you go with one and have them address the parts they found suitable?

{audio:0:34:20} Most PMA providers are small in their capability list, depending on what type of part it is. Because it's very complex, to not only certify, but the key to discipline to make and produce it. I think they all would like to have more offerings so we always had opportunities and choices and could look at who is the best out there that provides a solution. We weren’t just loyal to a particular house or provider; it was always what better product is out there that’s easier for us to get quickly. 

{audio:0:35:06} HEICO, TransDigm, and even Wencor all grow through acquisitions. They find these pretty niche operations and put them under their umbrella. They all have a slightly different approach to how they manage all that. I have one important question, which you sort of addressed on the HEICO side of things where pricing has not been an issue. But can you say the same thing with the other PMAs, that pricing is not an issue or has that sort of been up and down? TransDigm comes to mind, but others have increased the price and tried to keep the margin on their end. What have your experiences been?

{audio:0:36:18} It is about price. That sounds very obvious, but we'd always go back to why we are looking at a PMA, because it's a cheaper solution, it's more prevalent, and we had to leverage that. We always had to keep that in check where if it became neck and neck. We'd say, why am I going with you when I could go with an OEM and make things easier on my life if sometimes that's their capability. So yes, when you're in parts manufacturing, you have to make sure you're doing it for economics, availability, and safety; all of those work hand in hand. If you lose track of any one of those, it becomes problematic, and a situation of we don't need you, we can go somewhere else. It's just business.

{audio:0:37:20} We're about a couple of years away from the initial hit of Covid. We've heard several different data points on that. Business travel hasn't gone back to pre-Covid, where non-business has improved quite a bit. Any views on where we are and how that is likely to play out? Both on the MRO and the parts side?

{audio:0:37:53} I think everybody would agree with this; there are a lot of pent-up requirements. The airlines don't have enough crew members to keep their equipment moving. You go to the airport, and you see and experience right now that everything is full, and that's a nice thing to see, and it's because of a reason: there's not enough capacity. When you think about the equipment operating, all the ancillary service requirements that need to be done from the field to just maintaining that, and you have to ensure that you keep that moving and do it in a way that's feeding the demand. 

{audio:0:38:32} I think there will be a lot of opportunities for more growth. It's exciting to see that, and it's important to ensure that we manage that so that it's stair steps and not just a big peak and falls apart. I don't think that. I think people are trying to find ways to get out and travel and do important things, and airlines need to capitalize on that and get that where it's being managed at the right level to meet the demand that's out there. They're looking for ways to ensure that just people can supply that. They're looking for ways to ensure that people or companies are set up for success in a manageable way that’s delivering as required. Number one, I'm definitely optimistic. There's a lot of pent-up demand.

{audio:0:39:32} Even on the business side?

{audio:0:39:35} Yes, I think the ones that will do that successfully are organized and collective in their thoughts. The ones that fade away see it as a peak without a lot of thought behind it to manage that. The good ones are the people behind the scenes always working to keep the facilities and parts and things necessary and moving now. It's all about providing good quantity volume, and I think that's what they'll do.

{audio:0:40:12} You expect the larger PMA market to grow. This Covid-impacted market is a nice setup for at least the foreseeable future. On the flip side, what are you concerned about in the larger market? Why would this not play out as you are anticipating? Either on the MRO or the parts side?

{audio:0:40:40} You see everything from the recession to Covid, all these things that we don't think about until they start to gradually or immediately happen. I think that's the volatility of the world. We have to be prepared to ensure that we're managed through all that, to be ready as much as we can to build up the supply chain, and get it to a point where it's much more robust and resilient to these types of changes. I worry a lot about the labor part to ensure that there are people available to do the necessary trade work and the administration work and keep those companies moving. 

{audio:0:41:29} You're seeing many folks have different choices, a cultural change throughout the globe in the way people used to come into work are no longer doing that and the expectation that comes from that. You worry about what you don't see right today, which could impact you. I think our best foot would be to be prepared, build up supply chains, focus a lot on your infrastructure with your employees, be sustainable, and keep people rewarded and retained and growing in their company. Hence, they feel like there is a good choice for why they are there at that workplace. To provide a good product for the folks out there buying that. The industry has been remarkably resilient through different things, it always fares out positively, and I think this won’t be any different, but there are a lot of unknowns out there.

{audio:0:42:33} There’s the Ukraine war, and I saw that AerCap, which is the largest leasing company, has a whole bunch of planes locked up within Russia. I can certainly appreciate the type of risk factors that you're highlighting.

{audio:0:42:56} You’re seeing it right now. You know that too, a lot of companies are building up supply. Not at historic levels of where inventory is, but they're building beyond that, to ensure that there are good safeguards protecting it. They do that with a strong thought about what products and materials are at risk. Procurement people need to think about where things are manufactured and who controls the supply chain with that to look for the best way to be in front of that to have good reserves built up.

{audio:0:43:51} Both the MRO and the parts side, PMA side are fairly large in terms of dollar volume. Companies within PMA are always filing and getting new parts approved, as HEICO has been. If you were to sit down with the senior management of HEICO, and you were asked, as a forty-year expert on this, tell us how we can improve. In what areas can we improve further? What would your top two or three recommendations be?

{audio:0:44:45} From an airline perspective, going back and putting on my operator hat, it’s a relationship-based industry. You’ve got to have people you can trust and who deliver. I’ve always wanted more availability, more choices, and more solutions. I'm outsourcing that and buying it from someone because it's too complicated for me to do that. I don't want a bunch of problems thrown back at me and resources that will make it tough and tie up people to do that. But I also know that I'd have to participate. I would like that process to be easier and more aggressive for the PMA providers. They need to take that on to ensure that they're providing solutions more easily. This means cheaper, quicker, and faster for us. I don't know what to say other than that PMA is a great thing, and I wanted more of that. I wanted to see those choices out there, but I didn't want to feel like I was designing it and certifying it, and sinking a lot of resource into it.

{audio:0:46:03} HEICO has certain self-imposed constraints on how far up the engine chain, for example, they want to be versus TransDigm, Wencor, or others. Maybe they don't have a sort of self-imposed constraint. That's why I ask what other areas you would advise HEICO, over the next five or 10 years, we like everything you're offering at the price; this is where I think it can be a lot more helpful. That was the gist of my question. Are there one or two or three areas you think HEICO can acquire or just develop talent in-house? 

{audio:0:47:04} Acquisitions and M&A are all very good capability. The perspective that I saw at HEICO was that the guys invited me to come down. Not just because it's in a great part of Florida but come look at what we have in our shops. I was impressed, I saw a lot of sophisticated processes from metallurgy to procurement, analytics, and good tools, and it made me feel like, man, these guys are sharp. They understand the opportunity, have good resources, and have great relationships with the administrator, the FAA, and the folks necessary for certification. They're not just trying to put things together quickly and dabble in things. 

{audio:0:47:58} The more they can expand on that, the more they can offer that capability and make it more sophisticated, leading-edge like they are, and the better those choices become. I see solid visible investments that they've made. I've seen other shops, and I've seen PMA capability, and it's like, wow. I see their list, and I see the other folks that you mentioned, and there's always something visible going on in their operation that looks different from the folks with the smaller offer capability.

{audio:0:48:36} HEICO has had a long-term relationship with Lufthansa. That relationship has evolved. It was much bigger and it's been more focused more recently. Is a large airline connection with a PMA and an MRO operation a strength, or a weakness? How do you view one prominent global player having that relationship with a PMA provider?

{audio:0:49:16} I think it's a great strength. They're not just looking domestically; they're looking for best practices and better solutions. Again, it sounds like a commercial, but that's what I appreciate. I saw the HEICO leadership team in different capacities, from the aeronautical repair station association to IADA, to different things that they're engaged in. They’re trying to figure out ways to get things done quicker and more economically and who to partner with to provide a better solution. Some folks don't have that sophisticated approach, and they're close-minded about what they're looking at. I think it’s a good thing to be able to look at Lufthansa. They have a very strong relationship with them, and they can figure out what they can help provide solutions for and where they could do it better, or someone else could provide a solution is always where you want to be able to connect that. They did that very well, and they continue to do that very well.

{audio:0:50:26} Despite that strong relationship with a global player who can be the spokesperson for PMA, the opportunity set still has that limitation imposed from some angle; I thought it was the lessors. It looks like as an MRO executive, you want more PMA. It makes total sense on paper, but some force is acting against that expansion. How does HEICO address it? How does the larger PMA market address it, and how does that play out for a provider like HEICO over time?

{audio:0:51:27} Behind the scenes again, I saw their team, and I've seen other PMA distributors do the same thing, but they have good relationships with the OEMs. They know that they have to be able to work with them, and they try to ensure there are ways to look for more amicable solutions. An OEM might be falling short, and they could say hey, the customer really needs this. It's complicated, it's a relationship industry, but they work through it. They don't just say, oh, we can't do that because of this OEM; some folks would do that. They're looking for ways to go back. If you get the owner or operator, telling them I need this makes it a lot easier. They've got to be able to leverage that. 

{audio:0:52:21} Once they start leveraging that, the operator can start opening those doors up and say, look, you're not delivering on this, I need this as a solution, it's cheaper, it's better, and unless you can provide that, I can't do without that. You start to wear them down over a period of time. But do it in an intellectual way that makes sense and work with them to find a solution. Sometimes the OEM can get a bit of something positive out of that, depending on what it is, but they're smart enough to partner with them when necessary. They do not share the same economics but work together in their room.

{audio:0:53:05} I like the senior management at HEICO. I haven't, as I said, met them personally. I hope to meet them sometime later this year. As somebody who has done this a long time, from the larger landscape of MRO and PMA, who else do you think I should look at as a company? Not necessarily a publicly traded stock but as a company or in that space; who else is as good as or even better than HEICO?

{audio:0:53:48} Again, look at who provides the capability. Maybe I'm a bit biased. I liked HEICO because they were very accessible and easy to understand, and I felt like I could work with them easily to help get things that were accomplished. But also from a procurement standpoint, our purchasing team would understand, to your point, who else has the capability and the sophisticated ones have a good capability list. You have to look at that and figure out the competition that's out there and what the differences are with those companies. They all do things like that. The companies you mentioned, the people at NORDAM, they all do things. I liked working with those folks when my opportunities were there from both airlines and as an MRO.

{audio:0:55:05} If I wanted to start a new operation on the MRO-PMA side, knowing the challenges involved and the relationships required, how difficult would it be for someone like that if capital was not a constraint? They just wanted to compete in the space. What else could be a constraint for somebody coming in as a new competitor to the larger landscape?

{audio:0:55:45} It's the intellectual, proprietary part of that; the people. If I was in your shoes and wanted to start that business, I've got to ensure I have strong talent on the team that understands the business inside and out, has done it before and understands what path needs to be taken to get a part to certification and deliverability. It's the people, like anything else in our industry. And you've got to pay for those good people, because most of them are in comfortable jobs and well-compensated. If you want to take on a business like that, you've got to make it a better opportunity for them to understand the chances of all that success are.

{audio:0:56:36} How about this consolidation? We saw Frontier and Spirit recently, but this is not just in the US; it’s on a global scale. Consolidation has been a common theme, but it has slowed down a bit during Covid. In your view, is that negatively impacting the MRO or the parts side?

{audio:0:57:03} No, because the equipment is underutilized, there’s a lot of demand, it’s pent-up, it’s going to move. As you understand, we're not going to see the Continental, United, USAir, the American. The Department of Justice has got it down to where they think they're going to be able to manage it. I don't think you're going to see those big mergers but the smaller folks, definitely. It has to ensure that it provides the smaller folks, who you mentioned, Spirit, JetBlue, Frontier, and a few more in that bucket could latch into a bigger airline or merge to become a bigger airline. It's about providing a better price at a better quality to ensure that it's making sense. Providing the equipment is always a good thing, meaning that stuff has to move passengers. Regardless of what company it's operating under, historically, it will continue to move. From my perspective, we don't see a decline in business; we always look for ways to capitalize on that and figure out better ways to get more revenue from that. 

{audio:0:58:27} This is a very global business. We've mostly talked about the US side of things, even though Lufthansa has a big relationship with HEICO. How do European and Asian MROs and PMAs play out over time?

{audio:0:58:51} Globally, there are better solutions than there are domestically for many reasons. Where I came from at Southwest, we were repairing engines and a big client that was under the OEM umbrella; 120 day turn time. Then when we started outsourcing it to other places, we were getting it down to 45 days. How does that happen? You have a more aggressive workforce that's probably retained better because you have better-subsidized ability to provide housing, all those things in certain geographic regions.

{audio:0:59:38} In contrast, in the US and Canada, it might not be considered a benefit for a frontline worker other than them coming into work each day at a high wage rate. Whereas someone else gets an education, medical, housing, all these things help them retain and attract labor and be denser with labor to help ensure that their products are being done correctly. I think MRO, definitely Latin America, Central America, is probably the hot spot and will continue to be. Still, as an operator, I know that I write out the same check for the same price, regardless of where it goes. I mainly looked at the safety and reliability and the total aircraft time; how long was it sitting in that hangar. I wanted to ensure that it moved efficiently to keep my availability. 

{audio:1:00:37} Again, globally you look at Asia; it's a great place for big airframes, it's a great place for engine work, component work, all those things necessary. Of course, you've got some constraints going on, particularly in China, but it doesn't shut the door; you have to continue to look at that. I think it will be utilized because it's got capacity, and it's got labor. That's what you're looking at is the labor to support that. There are better choices than what we see here domestically. The same thing in Europe. Europe has got pretty strong with their labor constraints, very high waged in some cases with the MRO part of the business, not as efficient, slower, and more entitled. And you’re not going to survive that way, so you've got to figure out what your niche is to be better and drive productivity, technology, and necessary things. The globe has a lot of different potentials, and people do things better in certain parts of that globe. Any operator would be foolish to think domestically, this is the place to come. That’s wrong, completely wrong. 

{audio:1:02:06} That’s hopefully an opportunity for somebody like a HEICO over time. You mentioned that you brought the number of days down from 120 to 45. In those 45 days, could you give a quick example of either Southwest or some other aircraft that comes in, what does it go through in that 45 days?

{audio:1:02:34} It's an engine, like a CFM-56. What made that successful in its term time was to put all the capability within that complex, that shop. Don't send it just to get chromed or flame sprayed or somewhere else that someone else is doing that has a constraint attached. It's building that capability and allowing it to support the volume and having enough capacity with material and parts to support it if something interrupts the necessary schedule. It was very clear to see that. Everything is done internally. It's not sent out, and it's not going anywhere else. You go to some of these other locations, and it's lost in the supply of many outsourced, triple outsourced requirements. It became essential for them to understand that the competitor was domestically the US, and they thought, well, we're going to show them and do it better, cheaper, faster, and that's exactly what they did. It was a great thing to see that.

{audio:1:03:45} That's good. I can color so much more, but in the last couple of minutes, if you were in my shoes, just as an outsider looking at a company like a HEICO or Wencor or TransDigm, what are the top two or three things you would suggest I focus on?

{audio:1:04:15} The culture within the company, the employees. That's everything. When you go down there, you'll see that it's not a house of cards. It's well organized, sophisticated, and look at the turnover rate. The employees there have retired from that company; they're happy at that company, they're well compensated, and they feel like contributors. That's the important thing that makes it a success, and I think if you look at other companies, you'll see very transient things in some cases and high turnover and volatility from that. So you'll come across with a good warm feeling that there's something unique going on here that's well supported; that family approach that's making it successful.

{audio:1:05:10} Thanks a lot for your time. And thanks for putting me in front of you today. I greatly appreciate your time and your answers.

{audio:1:05:30} You bet, thanks. Anything you ever need, call me, and best success ahead. 

HEICO: Airline MRO Customer Perspective

Former VP, Maintenance Operations at Southwest Airlines

inpractise.com/articles/heico-airline-mro-customer-perspective

Executive Bio

Former VP, Maintenance Operations at Southwest Airlines

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