Eric Mendelson: Yes, I’d be happy to do that. A couple of things. Of course, actually, they’re interesting during the pandemic, actually, customers were so €“ see problems that I don’t know that they were approving many alternative parts at that moment. However, we were very confident that we would ultimately get those parts approved. So we continue to develop, continue to manufacture them through the pandemic. So when the pandemic got to the end, we started getting a lot of parts approved. We hear from our customers that, that is not a PMA item; it’s really a HEICO specific item. HEICO developed these parts, HEICO developed these repairs. And I think that our growth is really unique for the industry. So I’d be very careful.
And I would not describe it as a broad interest in PMA. I think this is specifically a broad interest in HEICO. As we’ve gotten larger, we’re a $20 billion market cap company. We’ve got deep technology and strong financial ability and our customers see that. And I think we’ve been rewarded with a unique opportunity right now. So €“ but as far as HEICO goes, we continue to develop a lot of parts and repairs. We’ve got a lot in progress. Our distribution businesses are doing very well in taking market share from others. So I anticipate continued growth, certainly over the numbers that we did last year. Again, our first quarter numbers were, frankly, so out of the park that I’m reluctant to predict increases off of those for the next couple of quarters, and we like to mature at this level.
First, I’m not saying that we won’t, but €“ and frankly, when we did our fourth quarter call two months ago, I had no belief that we would be hitting these numbers that we’re hitting now. So, I prefer to be a little bit conservative going forward, but I do anticipate continued growth off of last year.
Kristine Liwag: Great. Thanks, Eric, and thanks everyone.
Eric Mendelson: Thank you.
Operator: Next question comes from Sheila Kahyaoglu with Jefferies. Please go ahead.
Sheila Kahyaoglu: Thank you, good morning everyone. Thanks for the time. Eric, just on your last point, FSG sales are 8% above 2019 levels. I’m guessing that has minimal gross price in there. So to your market share point, where do you think you’re gaining share? Is it just additional products, additional customers on the same product? Are you coming out with more products because customers are demanding it? Is it regional growth? Can you talk a little bit about that? And I appreciate the earlier color.
Eric Mendelson: Yes, it’s €“ good morning, Sheila and thanks for your question. I would say it is a strength across the board. We are getting significant sales of parts to customers who had not purchased those customers €“ not purchased those parts before. So, I anticipate continued increase there. Normally, when a customer switches to us, they buy all of their demand from us. So yes, part of it is we’re seeing their own recovery and the volumes are increasing. But also a large part of it is we’re doing very well and coming out with new products and getting those products sold. And then, of course, the flow-through between PMA and distribution has been very strong, and we’ve been helping our distribution principles of pain PMAs and we sell those parts as well.
And that’s worked out very well. So it’s really broad-based strength. We still have €“ as far as geographies, we still have recovery opportunity, I would say, primarily in Asia as a result of the €“ those markets are still lagging, as you know, from your weekly report. So, I think that there’s continued opportunity there. But yes, we are €“ we’re past our 2019 numbers and really very, very happy about that.
