ELBIT SYSTEMS LTD. (Registrant) | |||
By: | /s/ Ronit Zmiri | ||
Name: | Ronit Zmiri | ||
Title: | Corporate Secretary |
Exhibit No. | Description | |
1. | November 20, 2018 |
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Nine Months Ended September 30, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2017 | |||||||||||||||
GAAP gross profit | $ | 741.3 | $ | 714.5 | $ | 255.9 | $ | 251.0 | $ | 997.9 | |||||||||
Adjustments: | |||||||||||||||||||
Amortization of purchased intangible assets | 14.0 | 16.9 | 4.8 | 5.3 | 22.2 | ||||||||||||||
Non-GAAP gross profit | $ | 755.3 | $ | 731.4 | $ | 260.7 | $ | 256.3 | $ | 1,020.1 | |||||||||
Percent of revenues | 29.0 | % | 30.9 | % | 29.1 | % | 32.0 | % | 30.2 | % | |||||||||
GAAP operating income | $ | 254.2 | $ | 215.7 | $ | 79.1 | $ | 82.2 | $ | 319.3 | |||||||||
Adjustments: | |||||||||||||||||||
Amortization of purchased intangible assets | 19.4 | 21.7 | 6.6 | 7.0 | 28.6 | ||||||||||||||
Gain from changes in holdings | (45.4 | ) | — | — | — | — | |||||||||||||
Non-GAAP operating income | $ | 228.2 | $ | 237.4 | $ | 85.7 | $ | 89.2 | $ | 347.9 | |||||||||
Percent of revenues | 8.8 | % | 10.0 | % | 9.6 | % | 11.1 | % | 10.3 | % | |||||||||
GAAP net income attributable to Elbit Systems’ shareholders | $ | 205.6 | $ | 169.7 | $ | 64.1 | $ | 61.5 | $ | 239.1 | |||||||||
Adjustments: | |||||||||||||||||||
Amortization of purchased intangible assets | 19.4 | 21.7 | 6.6 | 7.0 | 28.6 | ||||||||||||||
Fair value adjustment of investment | 5.1 | — | — | — | — | ||||||||||||||
Gain from changes in holdings | (45.4 | ) | — | — | — | — | |||||||||||||
Related tax benefits | (2.5 | ) | (3.6 | ) | (0.9 | ) | (1.2 | ) | 6.2 | ||||||||||
Non-GAAP net income attributable to Elbit Systems' shareholders | $ | 182.2 | $ | 187.8 | $ | 69.8 | $ | 67.3 | $ | 273.9 | |||||||||
Percent of revenues | 7.0 | % | 7.9 | % | 7.8 | % | 8.4 | % | 8.1 | % | |||||||||
GAAP diluted net EPS | $ | 4.81 | $ | 3.97 | $ | 1.50 | $ | 1.44 | $ | 5.59 | |||||||||
Adjustments, net | (0.55 | ) | 0.42 | 0.13 | 0.13 | 0.81 | |||||||||||||
Non-GAAP diluted net EPS | $ | 4.26 | $ | 4.39 | $ | 1.63 | $ | 1.57 | $ | 6.41 |
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Company Contact: Joseph Gaspar, Executive VP & CFO Tel: +972-772946663 j.gaspar@elbitsystems.com David Vaaknin, VP, Head of Corporate Communications Tel: +972-772946691 david.vaaknin@elbitsystems.com Elbit Systems Ltd. | IR Contact: Ehud Helft Kenny Green GK Investor Relations Tel: 1-646-201-9246 elbitsystems@gkir.com |
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September 30, | December 31, | ||||||
2018 | 2017 | ||||||
Unaudited | Audited | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 152,229 | $ | 156,074 | |||
Short-term bank deposits and marketable securities | 3,030 | 16,497 | |||||
Trade and unbilled receivables, net | 1,505,599 | 1,406,563 | |||||
Other receivables and prepaid expenses | 139,405 | 128,946 | |||||
Inventories, net | 1,069,005 | 902,954 | |||||
Total current assets | 2,869,268 | 2,611,034 | |||||
Investments in affiliated companies and partnerships | 217,882 | 172,338 | |||||
Long-term trade and unbilled receivables | 305,594 | 295,396 | |||||
Long-term bank deposits and other receivables | 28,883 | 38,082 | |||||
Deferred income taxes, net | 43,717 | 51,358 | |||||
Severance pay fund | 286,099 | 298,590 | |||||
882,175 | 855,764 | ||||||
Property, plant and equipment, net | 514,431 | 495,716 | |||||
Goodwill and other intangible assets, net | 806,846 | 752,403 | |||||
Total assets | $ | 5,072,720 | $ | 4,714,917 | |||
Liabilities and Equity | |||||||
Short-term bank credit and loans | $ | 111,530 | $ | 133,750 | |||
Current maturities of long-term loans and Series A Notes | 63,114 | 67,556 | |||||
Trade payables | 524,375 | 633,689 | |||||
Other payables and accrued expenses | 790,692 | 835,394 | |||||
Customer advances | 572,200 | 418,560 | |||||
2,061,911 | 2,088,949 | ||||||
Long-term loans, net of current maturities | 459,800 | 119,514 | |||||
Series A Notes, net of current maturities | 59,522 | 124,865 | |||||
Employee benefit liabilities | 391,274 | 413,117 | |||||
Deferred income taxes and tax liabilities, net | 66,956 | 68,159 | |||||
Customer advances | 116,269 | 133,649 | |||||
Other long-term liabilities | 43,218 | 48,692 | |||||
1,137,039 | 907,996 | ||||||
Elbit Systems Ltd.'s equity | 1,863,445 | 1,708,310 | |||||
Non-controlling interests | 10,325 | 9,662 | |||||
Total equity | 1,873,770 | 1,717,972 | |||||
Total liabilities and equity | $ | 5,072,720 | $ | 4,714,917 |
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Nine Months Ended September 30, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2017 | |||||||||||||||
Unaudited | Unaudited | Audited | |||||||||||||||||
Revenues | $ | 2,605,844 | $ | 2,368,221 | $ | 895,150 | $ | 800,734 | $ | 3,377,825 | |||||||||
Cost of revenues | 1,864,515 | 1,653,762 | 639,231 | 549,753 | 2,379,905 | ||||||||||||||
Gross profit | 741,329 | 714,459 | 255,919 | 250,981 | 997,920 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development, net | 214,366 | 192,598 | 69,626 | 67,092 | 265,060 | ||||||||||||||
Marketing and selling, net | 207,559 | 199,003 | 69,442 | 66,934 | 280,246 | ||||||||||||||
General and administrative, net | 110,582 | 107,160 | 37,797 | 34,791 | 133,314 | ||||||||||||||
Other operating income, net | (45,367 | ) | — | — | — | — | |||||||||||||
Total operating expenses | 487,140 | 498,761 | 176,865 | 168,817 | 678,620 | ||||||||||||||
Operating income | 254,189 | 215,698 | 79,054 | 82,164 | 319,300 | ||||||||||||||
Financial expenses, net | (29,142 | ) | (24,810 | ) | (8,145 | ) | (9,333 | ) | (34,502 | ) | |||||||||
Other (expenses) income, net | (5,063 | ) | 37 | 25 | 5 | 48 | |||||||||||||
Income before income taxes | 219,984 | 190,925 | 70,934 | 72,836 | 284,846 | ||||||||||||||
Taxes on income | (22,542 | ) | (30,151 | ) | (8,904 | ) | (14,579 | ) | (55,585 | ) | |||||||||
197,442 | 160,774 | 62,030 | 58,257 | 229,261 | |||||||||||||||
Equity in net earnings of affiliated companies and partnerships | 9,140 | 9,918 | 2,695 | 3,500 | 11,361 | ||||||||||||||
Net income | $ | 206,582 | $ | 170,692 | $ | 64,725 | $ | 61,757 | $ | 240,622 | |||||||||
Less: net income attributable to non-controlling interests | (969 | ) | (996 | ) | (670 | ) | (280 | ) | (1,513 | ) | |||||||||
Net income attributable to Elbit Systems Ltd.'s shareholders | $ | 205,613 | $ | 169,696 | $ | 64,055 | $ | 61,477 | $ | 239,109 | |||||||||
Earnings per share attributable to Elbit Systems Ltd.'s shareholders: | |||||||||||||||||||
Basic net earnings per share | $ | 4.81 | $ | 3.97 | $ | 1.50 | $ | 1.44 | $ | 5.59 | |||||||||
Diluted net earnings per share | $ | 4.81 | $ | 3.97 | $ | 1.50 | $ | 1.44 | $ | 5.59 | |||||||||
Weighted average number of shares (in thousands) | |||||||||||||||||||
Shares used in computation of basic earnings per share | 42,753 | 42,749 | 42,753 | 42,751 | 42,750 | ||||||||||||||
Shares used in computation of diluted earnings per share | 42,755 | 42,753 | 42,755 | 42,753 | 42,753 |
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Nine Months Ended September 30, | Year Ended December 31, | ||||||||||
2018 | 2017 | 2017 | |||||||||
Unaudited | Audited | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 206,582 | $ | 170,692 | $ | 240,622 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 84,974 | 84,884 | 114,017 | ||||||||
Adjustment to fair value investment | 5,114 | — | — | ||||||||
Stock-based compensation | 347 | 13 | 13 | ||||||||
Amortization of Series A Notes premium and related issuance costs, net | (69 | ) | (69 | ) | (92 | ) | |||||
Deferred income taxes and reserve, net | 6,601 | 6,920 | 28,774 | ||||||||
Gain on sale of property, plant and equipment | (30 | ) | (2,101 | ) | (2,440 | ) | |||||
Loss (gain) on sale and revaluation of investments | (42,868 | ) | 635 | 1,358 | |||||||
Equity in net earnings of affiliated companies and partnerships, net of dividend received (*) | (221 | ) | (6,560 | ) | (1,987 | ) | |||||
Changes in operating assets and liabilities, net of amounts acquired: | |||||||||||
Increase in short and long-term trade receivables and prepaid expenses | (38,460 | ) | (272,320 | ) | (315,236 | ) | |||||
Increase in inventories, net | (131,635 | ) | (82,674 | ) | (59,699 | ) | |||||
Increase (decrease) in trade payables, other payables and accrued expenses | (157,024 | ) | (57,985 | ) | 63,273 | ||||||
Severance, pension and termination indemnities, net | (7,357 | ) | (554 | ) | 2,003 | ||||||
Increase in advances received from customers | 53,790 | 19,134 | 30,287 | ||||||||
Net cash provided by (used in) operating activities | (20,256 | ) | (139,985 | ) | 100,893 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchase of property, plant and equipment and other assets | (66,664 | ) | (78,136 | ) | (107,880 | ) | |||||
Acquisition of subsidiaries and business operations | (127,569 | ) | (25,440 | ) | (25,440 | ) | |||||
Investments in affiliated companies and other companies | (7,181 | ) | (1,078 | ) | (4,964 | ) | |||||
Deconsolidation of subsidiary | (2,873 | ) | — | — | |||||||
Proceeds from sale of property, plant and equipment | 1,380 | 4,932 | 6,270 | ||||||||
Proceeds from sale of investments | — | 12,067 | 12,067 | ||||||||
Investment in long-term deposits | (120 | ) | (717 | ) | (1,396 | ) | |||||
Proceeds from sale of long-term deposits | 81 | 175 | 176 | ||||||||
Investment in short-term deposits and marketable securities | (5,132 | ) | (23,746 | ) | (40,893 | ) | |||||
Proceeds from sale of short-term deposits and marketable securities | 18,314 | 28,139 | 46,491 | ||||||||
Net cash used in investing activities | (189,764 | ) | (83,804 | ) | (115,569 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from exercise of options | 48 | 119 | 119 | ||||||||
Repayment of long-term loans | (39 | ) | (166,879 | ) | (167,425 | ) | |||||
Proceeds from long-term loans | 340,397 | 118,615 | 118,623 | ||||||||
Repayment of Series A Notes | (55,532 | ) | (55,532 | ) | (55,532 | ) | |||||
Dividends paid | (56,479 | ) | (56,475 | ) | (75,300 | ) | |||||
Change in short-term bank credit and loans, net | (22,220 | ) | 285,186 | 127,455 | |||||||
Net cash (used in) provided by financing activities | 206,175 | 125,034 | (52,060 | ) | |||||||
Net decrease in cash and cash equivalents | (3,845 | ) | (98,755 | ) | (66,736 | ) | |||||
Cash and cash equivalents at the beginning of the year | 156,074 | 222,810 | 222,810 | ||||||||
Cash and cash equivalents at the end of the period | $ | 152,229 | $ | 124,055 | $ | 156,074 | |||||
* Dividend received from affiliated companies and partnerships | $ | 8,919 | $ | 3,358 | $ | 9,374 |
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Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
$ millions | % | $ millions | % | $ millions | % | $ millions | % | ||||||||||||
Airborne systems | 1,033.4 | 39.7 | 897.2 | 37.9 | 355.1 | 39.7 | 304.3 | 38.0 | |||||||||||
C4ISR systems | 855.1 | 32.8 | 814.1 | 34.4 | 292.0 | 32.6 | 268.8 | 33.6 | |||||||||||
Land systems | 409.7 | 15.7 | 337.2 | 14.2 | 153.2 | 17.1 | 126.5 | 15.8 | |||||||||||
Electro-optic systems | 231.5 | 8.9 | 252.4 | 10.7 | 76.7 | 8.6 | 82.8 | 10.3 | |||||||||||
Other (mainly non-defense engineering and production services) | 76.1 | 2.9 | 67.3 | 2.8 | 18.1 | 2.0 | 18.3 | 2.3 | |||||||||||
Total | 2,605.8 | 100.0 | 2,368.2 | 100.0 | 895.1 | 100.0 | 800.7 | 100.0 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
$ millions | % | $ millions | % | $ millions | % | $ millions | % | ||||||||||||
Israel | 512.8 | 19.7 | 509.3 | 21.5 | 160.8 | 18.0 | 174.3 | 21.8 | |||||||||||
North America | 691.3 | 26.5 | 591.4 | 25.0 | 230.2 | 25.7 | 189.6 | 23.7 | |||||||||||
Europe | 487.2 | 18.7 | 528.5 | 22.3 | 171.5 | 19.2 | 163.6 | 20.4 | |||||||||||
Asia-Pacific | 588.3 | 22.6 | 510.5 | 21.6 | 224.3 | 25.1 | 181.6 | 22.7 | |||||||||||
Latin America | 151.4 | 5.8 | 149.3 | 6.3 | 60.4 | 6.7 | 56.3 | 7.0 | |||||||||||
Other countries | 174.8 | 6.7 | 79.2 | 3.3 | 47.9 | 5.3 | 35.3 | 4.4 | |||||||||||
Total | 2,605.8 | 100.0 | 2,368.2 | 100.0 | 895.1 | 100.0 | 800.7 | 100.0 |
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