While we did recognize a net favorable change in the estimated profitability of long-term contracts this quarter of about $500,000. This compares to a $3.3 million improvement recognized in the fourth quarter of 2019. Fourth quarter selling technical general and research expenses increased from $51.3 million in the prior year quarter to $54.8 million in the current quarter and increased as a percentage of net sales from 19.9% to 24.1%. The increase in the amount of the expense was driven primarily by higher incentive compensation expense and an increase in foreign currency revaluation losses from 1.4 million in Q4 of 2019 to 3 million this quarter. These items were partially offset by lower travel expenses in the fourth quarter of 2020 compared to the same period in 2019.

Feb 11, 2024 / receipt, needs a key / Stephen, other | earnings call 2024-02-11 | transcript 5a610ea9-8490-4de5-97e4-7907b64bfa84 | chars 12640-13422 | segment 13

Second, In 2020, due to the COVID-19 pandemic, we incurred a significantly lower level of travel expense in the segment than in prior years. While this helped the bottom line to the tune of about $6 million, this was not ideal from a business perspective, as we depend on strong customer relationships to develop insight into customer needs and to drive product development and support. We are expecting to resume our prior level of travel during 2021, although in Q1, travel will likely continue to suffer from some COVID effects.

Feb 11, 2024 / receipt, needs a key / Stephen, other | earnings call 2024-02-11 | transcript 5a610ea9-8490-4de5-97e4-7907b64bfa84 | chars 18382-18913 | segment 18

I spent my first few weeks getting more familiar with operations, traveling to numerous sites across the business, meeting with our team, and having meaningful conversations at all levels of the company, from the shop floor to the C-suite.

Nov 7, 2023 / receipt, needs a key / Gunnar Cleveland, CEO | earnings call 2023-11-07 | transcript 31954b4e-8455-408a-b0a3-ab7a1960212e | chars 3005-3244 | segment 3

Domestic airline travel is leading the way while international travel is still slow to come back.

Feb 16, 2022 / receipt, needs a key / Bill Higgins, CEO | earnings call 2022-02-16 | transcript a0b43bb3-454a-44e6-a5b2-2136c03c75be | chars 4373-4470 | segment 4

During the fourth quarter, we began to see the impact on the segment of higher input costs, including raw material, labor, and logistics, hitting the P&L. However, these were more than offset by some non-recurring benefits, by higher fixed cost absorption, and by a continued low level of travel due to the global prevalence of the Omicron variant.

Feb 16, 2022 / receipt, needs a key / Bill Higgins, CEO | earnings call 2022-02-16 | transcript a0b43bb3-454a-44e6-a5b2-2136c03c75be | chars 21690-22038 | segment 22

Finally this year, we are likely to see the long-expected return to our normal level of travel. While we have expected the return to normalcy to occur before now, it has been repeatedly delayed as the incidence of COVID variants has continued to constrain our ability to travel. We now hope that those travel restrictions are largely behind us and we expect machine clothing travel and R&D will rise by close to $5 million in 2022 compared to 2021.

Feb 16, 2022 / receipt, needs a key / Chief Financial Officer, CFO | earnings call 2022-02-16 | transcript a0b43bb3-454a-44e6-a5b2-2136c03c75be | chars 23285-23733 | segment 23

As we look forward to 2022, we will continue to see negative mixed effects on our gross margins. The growth on the LEAF program is expected to exceed the total growth of the segment, implying a net reduction of revenue on the higher margin fixed price programs that make up the remainder of our segment revenue. This will lead to a meaningful decline in our full year average gross margin. Beyond the mix effects, we are seeing some impact from cost growth. First, similar to the MC segment, we are seeing inflation impacting all of our input costs. While we are contraction insulated from cost increases on many of our raw materials, That is not true of all the materials we consume, nor is it typically true of labor and logistics. As a result, we'll see inflation-driven increases in both cost of goods sold and SG&A. Second, we expect a return to normal travel. And third, we continue to invest in both R&D and sales and marketing, predominantly to support near-term identified pursuits. While these investments will depress near-term profitability, we believe that the long-term benefits more than justify the expense.

Feb 16, 2022 / receipt, needs a key / Chief Financial Officer, CFO | earnings call 2022-02-16 | transcript a0b43bb3-454a-44e6-a5b2-2136c03c75be | chars 27222-28345 | segment 27

While R&D was up over 1 million this quarter, and while we also incurred higher travel expenses, these were more than offset by a foreign currency revaluation gain this quarter compared to a foreign currency revaluation loss in the same quarter last year.

Oct 26, 2021 / receipt, needs a key / Stephen, CFO | earnings call 2021-10-26 | transcript dcf140c0-8ec4-4c44-b3a4-5c983723d7f1 | chars 12363-12618 | segment 12

In addition, late in the third quarter and early in the fourth quarter, we have seen some relaxation of travel restrictions in certain regions and are beginning to see our level of visits to customers increase, which will result in somewhat higher SG&A in the fourth quarter.

Oct 26, 2021 / receipt, needs a key / Stephen, CFO | earnings call 2021-10-26 | transcript dcf140c0-8ec4-4c44-b3a4-5c983723d7f1 | chars 18382-18657 | segment 18

We're cautiously watching how the Delta variant might affect this recovery, particularly international air travel and the less vaccinated regions of the world.

Jul 27, 2021 / receipt, needs a key / Bill Higgins, CEO | earnings call 2021-07-27 | transcript 07210b59-ed10-47b4-a0e9-8a4850d67949 | chars 3274-3433 | segment 3

In our engineered composite segment, as domestic airline travel recovers, we expect to benefit from our position on narrow-body aircraft with LEAP engines and our partnership with Saffron, As we mentioned last quarter, we're working closely with Saffron to coordinate ramping production as LEAP demand picks up on recovering narrowbody OEM production.

Jul 27, 2021 / receipt, needs a key / Bill Higgins, CEO | earnings call 2021-07-27 | transcript 07210b59-ed10-47b4-a0e9-8a4850d67949 | chars 3590-3941 | segment 3

The increase in the amount of expense reflects higher incentive compensation expense, higher R&D spending, higher travel expenses, and higher foreign currency revaluation losses.

Jul 27, 2021 / receipt, needs a key / Bill Higgins, CEO | earnings call 2021-07-27 | transcript 07210b59-ed10-47b4-a0e9-8a4850d67949 | chars 11742-11920 | segment 12

Aircraft N780JH, registered to JACK HENRY & ASSOCIATES INC, landed at KSFM (Sanford Seacoast Regional Airport) on 2026-08-21. KSFM is 15.0 miles from the headquarters of Albany International Corporation in Rochester, NH.

company_statement / Aug 21, 2026 / receipt