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TransDigm Group Incorporated Management Discusses Q1 2013 Results Kenneth Herbert Imperial Capital, LLC, Research DivisionGood day, ladies and gentlemen, and welcome to the First Quarter 2013 TransDigm Group Incorporated Earnings Conference Call. My name is Chanel, and I will be your operator for today. [ Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Ms. Liza Sabol, Investor Relations. Thank you. Good morning. I would like to thank you all that have called in today and welcome you to TransDigm s fiscal 2013 first quarter earnings conference call. With me on the call this morning are TransDigm s Chairman and Chief Executive Officer, Nick Howley; President and Chief Operating Officer, Ray Laubenthal; and our Executive Vice President and Chief Financial Officer, Greg Rufus. Before we begin, the company would like to remind you that statements made during this call, which are not historical in fact, are forward looking statements. For further information about important factors that could cause actual results to differ materially from those expressed or implied in the forward looking statements, please refer to the company s latest filings with the Securities and Exchange Commission. The company would also like to advise you that during the course of the call, we will be referring to EBITDA, specifically EBITDA As Defined, adjusted net income and adjusted earnings per share, all of which are non GAAP financial measures. Please see the tables and related footnotes in the earnings release for a presentation of the most directly comparable GAAP measures and a reconciliation of EBITDA and EBITDA As Defined, adjusted net income and adjusted earnings per share to those measures. With that, please let me now turn the call over to Nick. Good morning, and thanks to everyone for calling in this quarter to hear about our company. Today, as usual, I ll start off with some comments about our consistent strategy, an overview of our Q1 fiscal 2013 performance, some comments on acquisitions and then I ll give an update on the 2013 outlook. To restate, we believe our business model is unique in the industry, both in its consistency and its ability to sustain and create intrinsic shareholder value through all phases of the aerospace cycle. To summarize some of the reasons why we believe this, about 90% of our net sales are generated by proprietary products and around 3/4 of our net sales come from products for which we believe we are the sole source provider. Excluding the small ground transportation business, about 57% of our revenue and a much higher percent of our EBITDA As Defined comes from aftermarket sales. As most of you know, aftermarket revenues have historically UGG Short Beige produced higher gross margins and have generally provided stability in the downturns. Because of our uniquely high underlying EBITDA margins, typically in the 50% of revenue range, and relatively low capital expenditures, typically less than 2% of revenue, TransDigm year in, year out has generated very strong free cash flow. We pay close attention to our capital structure and view it as another means to create shareholder value. As you know, we have in the past and continue to be willing to lever up when we either see good opportunities or view our leverage as suboptimum for value creation. We typically begin to delever pretty quickly. In keeping with that philosophy, due to a combination of suboptimum capital structure, a hot credit market, significant liquidity and significant borrowing capacity post dividend, we declared and paid a $12.85 per share special dividend, or about $700 million for the dividend and related items, in Q1 of fiscal year 13. Coinciding with this, we raised $550 million of high yield bonds and about $150 million of senior debt. After paying the special dividends, as of 12/29/12, we have $550 million in cash, $300 million in unrestricted and undrawn revolver and additional capacity under our credit agreement. With no additional acquisitions, cash should be over $900 million by fiscal year 13 year end and net leverage a little under 4x EBITDA as adjusted. As usual, we will address our use of cash as the year proceeds and make a determination based on acquisition opportunities, capital markets and other factors that exist at that time. We have a well proven, value based operating strategy focused around what we refer to as our 3 value drivers: new business development, continual cost improvement and value based pricing. We stick to these concepts as the core of our operating management methodology. This consistent boy ugg boots approach has worked for us through up and down markets and has allowed us to continually improve and increase the intrinsic value of our businesses, while steadily investing in new businesses and platform positions. We have also been successful in regularly acquiring and integrating businesses. We acquire proprietary aerospace products with significant aftermarket content. We have been able to acquire and improve aerospace businesses through all phases of the cycle. Through our consistent focus on our operating value drivers, a clear acquisition strategy and close attention cheap ugg boots online uk to our capital structure, we have been able to create intrinsic value for our shareholders for many years through up and down markets. In uncertain times like this, we focus on these fundamental elements of value creation as the things we can control. In October of 2012, we announced an agreement to acquire the Goodrich Pump Engine Control business for about $235 million. This was subject to Department of Justice review under a consent agreement between UTC or United Technologies and the Department of Justice. We and UTC expected this to close in the late December time frame. Under the consent agreement, the process was overseen by an independent trustee, and we understand that we were prescreened by both UTC and the trustee for potential antitrust issues. In December of 2012, we were informed that the DOJ would not approve the transaction. The rationale used to reject this transaction is unclear to us.

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