HAIFA, Israel, May 29, 2018 /PRNewswire/ -- Elbit
Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT), (the
"Company") the international high technology company, reported
today its consolidated results for the quarter ended March 31,
2018.
In this release, the Company is providing US-GAAP results as
well as additional non-GAAP financial data, which are intended to
provide investors a more comprehensive understanding of the
Company's business results and trends. Unless otherwise stated, all
financial data presented is GAAP financial data.
The financial information presented below as of March 31, 2018 and for the three-month period
then ended, have been measured and presented according to
Accounting Standards Codification ("ASC") 606. The comparison
periods financial information for the first quarter of
2017, and for December 31, 2017, are
under ASC 605 (see Accounting Policies Update on page 3).
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems,
commented: "We are pleased with our start to 2018, especially
with the solid increase in our backlog, which grew 14% year over
year. Defense budgets in many of our target markets remain
strong. We also continue to see good revenue diversification, based
both on our geographic spread as well as by areas of operation.
These factors support the potential for top line growth in both the
short and the long term."
Continued Mr. Machlis, "Our continued organic growth,
combined with our strategy of acquiring synergistic related
businesses, support our position as an increasingly competitive
global provider of technologically advanced defense and homeland
security solutions."
First quarter 2018 results:
Revenues in the first quarter of 2018 were
$818.5 million, as compared to
$749.2 million in the first quarter
of 2017. The growth in revenues in the first quarter of 2018 was
driven by sales from the increased backlog and by the adoption of
the ASC 606 revenue recognition standard.
Non-GAAP (*) gross profit amounted to
$239.8 million (29.3% of revenues) in
the first quarter of 2018, as compared to $226.8 million (30.3% of revenues) in the first
quarter of 2017. GAAP gross profit in the first quarter of
2018 was $235.4 million (28.8% of
revenues), as compared to $221.2
million (29.5% of revenues) in the first quarter of
2017.
Research and development expenses, net were $68.2 million (8.3% of revenues) in the first
quarter of 2018, as compared to $58.4
million (7.8% of revenues) in the first quarter of 2017.
Marketing and selling expenses, net were $68.2 million (8.3% of revenues) in the first
quarter of 2018, as compared to $65.8
million (8.8% of revenues) in the first quarter of 2017.
General and administrative expenses, net were
$35.7 million (4.4% of revenues) in
the first quarter of 2018, as compared to $38.7 million (5.2% of revenues) in the first
quarter of 2017.
Non-GAAP(*) operating income was $69.4 million (8.5% of revenues) in the first
quarter of 2018, as compared to $65.5
million (8.7% of revenues) in the first quarter of
2017. GAAP operating income in the first quarter of
2018 was $63.3 million (7.7% of
revenues), as compared to $58.2
million (7.8% of revenues) in the first quarter of 2017.
Financial expenses, net were $10.2
million in the first quarter of 2018, as compared to
$8.6 million in the first quarter of
2017.
Taxes on income were $6.4
million (effective tax rate of 12.0%) in the first quarter
of 2018, as compared to $5.3 million
(effective tax rate of 10.6%) in the first quarter of 2017.
The effective tax rate is affected by the mix of the tax rates in
the various jurisdictions in which the Company's entities generate
taxable income .
Equity in net earnings of affiliated companies and
partnerships was $3.1 million (0.4%
of revenues) in the first quarter of 2018, as compared to
$1.6 million (0.2% of revenues) in
the first quarter of 2017.
Net income attributable to non-controlling interests was
$0.2 million in the first quarter of
2018, as compared to $0.3 million in
the first quarter of 2017.
Non-GAAP(*) net income attributable to the
Company's shareholders in the first quarter of 2018 was
$54.9 million (6.7% of revenues), as
compared to $51.7 million (6.9% of
revenues) in the first quarter of 2017. GAAP net income in
the first quarter of 2018 was $49.6
million (6.1% of revenues), as compared to $45.6 million (6.1% of revenues) in the first
quarter of 2017.
Non-GAAP(*) diluted net earnings per share
attributable to the Company's shareholders were
$1.28 for the first quarter of 2018,
as compared to $1.21 for the first
quarter of 2017. GAAP diluted earnings per share in the
first quarter of 2018 were $1.16, as
compared to $1.07 for the first
quarter of 2017.
The Company's backlog of orders for the quarter ended
March 31, 2018 totaled $8,046
million, as compared to $7,067
million as of March 31, 2017. Approximately 74% of the
current backlog is attributable to orders from outside Israel. Approximately 60% of the current
backlog is scheduled to be performed during 2018 and 2019.
Operating cash flow used in the quarter ended
March 31, 2018 was $147.9
million, as compared to $51.3
million in the quarter ended March
31, 2017.
Accounting Policies Update:
The Company adopted the new revenue recognition accounting
standard ASC 606, effective January 1,
2018, using the modified retrospective approach. Financial
results for reporting periods during 2018 are presented in
compliance with ASC 606. Historical financial results for the
reporting periods prior to 2018 are presented in conformity with
amounts previously disclosed under the prior revenue recognition
standard, ASC 605. The adoption of ASC 606 primarily impact the
Company's contracts where revenue was recognized using the
percentage of completion units of delivery method, which under ASC
606 can be recognized over time because control is transferred
continuously to the customer over the performance period for
contracts recognized over time. As a result, the adoption of ASC
606 influenced part of the revenue growth in the first quarter of
2018.
The cumulative effects of the transition to ASC 606 on
January 1, 2018, resulted in the
following main adjustments: a $0.1
million increase in retained earnings, a decrease in
inventories of approximately $81.9
million, an increase in contract assets (unbilled
receivables) of approximately $78.8
million and a net decrease in customer advances and other
contract liabilities and deferred tax assets in the aggregate
amount of approximately $3.2
million.
According to ASC 606, customer advances are no longer deducted
from inventories. Accordingly, on January 1,
2018, the open balances of inventories net and customer
advances were grossed up in the amount of approximately
$87 million.
* Non-GAAP financial data:
The following non-GAAP financial data is presented to enable
investors to have additional information on the Company's business
performance as well as a further basis for periodical comparisons
and trends relating to the Company's financial results. The Company
believes such data provides useful information to investors by
facilitating more meaningful comparisons of the Company's financial
results over time. Such non-GAAP information is used by the
Company's management to make strategic decisions, forecast future
results and evaluate the Company's current performance. However,
investors are cautioned that, unlike financial measures prepared in
accordance with GAAP, non-GAAP measures may not be comparable with
the calculation of similar measures for other companies.
The non-GAAP financial data includes reconciliation adjustments
regarding non-GAAP gross profit, operating income, net income and
diluted EPS. In arriving at non-GAAP presentations, companies
generally factor out items such as those that have a non-recurring
impact on the income statements, various non-cash items,
significant effects of retroactive tax legislation and changes in
accounting guidance and other items, which in management's
judgment, are items that are considered to be outside of the review
of core operating results.
In the Company's non-GAAP presentation, the Company made certain
adjustments, as indicated in the table below.
These non-GAAP measures are not based on any comprehensive set
of accounting rules or principles. The Company believes that
non-GAAP measures have limitations in that they do not reflect all
of the amounts associated with the Company's results of operations,
as determined in accordance with GAAP, and that these measures
should only be used to evaluate the Company's results of operations
in conjunction with the corresponding GAAP measures.
Investors should consider non-GAAP financial measures in addition
to, and not as replacements for or superior to, measures of
financial performance prepared in accordance with GAAP.
Reconciliation of GAAP to Non-GAAP (Unaudited)
Supplemental Financial Data:
(US Dollars in
millions)
|
Three Months
Ended
March 31,
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
235.4
|
|
|
$
|
221.2
|
|
|
$
|
997.9
|
|
Adjustments:
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
4.4
|
|
|
5.6
|
|
|
22.2
|
|
Non-GAAP
gross profit
|
$
|
239.8
|
|
|
$
|
226.8
|
|
|
$
|
1,020.1
|
|
Percent of
revenues
|
29.3
|
%
|
|
30.3
|
%
|
|
30.2
|
%
|
|
|
|
|
|
|
GAAP operating
income
|
$
|
63.3
|
|
|
$
|
58.2
|
|
|
$
|
319.3
|
|
Adjustments:
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
6.1
|
|
|
7.3
|
|
|
28.6
|
|
Non-GAAP operating
income
|
$
|
69.4
|
|
|
$
|
65.5
|
|
|
$
|
347.9
|
|
Percent of
revenues
|
8.5
|
%
|
|
8.7
|
%
|
|
10.3
|
%
|
|
|
|
|
|
|
GAAP net income
attributable to Elbit Systems' shareholders
|
$
|
49.6
|
|
|
$
|
45.6
|
|
|
$
|
239.1
|
|
Adjustments:
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
6.1
|
|
|
7.3
|
|
|
28.6
|
|
Related tax
benefits
|
(0.8)
|
|
|
(1.2)
|
|
|
6.2
|
|
Non-GAAP net
income attributable to Elbit Systems' shareholders
|
$
|
54.9
|
|
|
$
|
51.7
|
|
|
$
|
273.9
|
|
Percent of
revenues
|
6.7
|
%
|
|
6.9
|
%
|
|
8.1
|
%
|
|
|
|
|
|
|
GAAP diluted net
EPS
|
$
|
1.16
|
|
|
$
|
1.07
|
|
|
$
|
5.59
|
|
Adjustments,
net
|
0.12
|
|
|
0.14
|
|
|
0.82
|
|
Non-GAAP diluted
net EPS
|
$
|
1.28
|
|
|
$
|
1.21
|
|
|
$
|
6.41
|
|
Recent Events:
On April 11, 2018, the
Company announced that it completed the acquisition of the assets
and operations of the privately-owned U.S. company Universal
Avionics Systems Corporation for a purchase price of approximately
$120 million.
Dividend:
The Board of Directors declared a dividend of $0.44 per share for the first quarter of 2018.
The dividend's record date is June 18,
2018. The dividend will be paid from income generated as
Preferred Income (as defined under Israel tax laws), on July 2, 2018, net of taxes and levies, at the
rate of 20%.
Conference Call:
The Company will be hosting a conference call today,
Tuesday, May 29, 2018 at 9:00 a.m. Eastern Time. On the call, management
will review and discuss the results and will be available to answer
questions.
To participate, please call one of the teleconferencing numbers
that follow. If you are unable to connect using the toll-free
numbers, please try the international dial-in number.
US Dial-in Numbers: 1-888-668-9141
Canada Dial-in Numbers: 1-866-485-2399
UK Dial-in Number: 0-800-917-5108
ISRAEL Dial-in
Number: 03-918-0609
INTERNATIONAL Dial-in Number:
+972-3-918-0609
at: 9:00 am Eastern
Time; 6:00 am Pacific Time;
2:00 pm UK Time; 4:00 pm Israel Time
This call will also be broadcast live on Elbit Systems' web-site
at http://www.elbitsystems.com. An online replay will be
available from 24 hours after the call ends.
Alternatively, for two days following the call, investors will
be able to dial a replay number to listen to the call. The dial-in
numbers are:
+1-888-326-9310 (US and Canada) or +972-3-925-5904 (Israel and International).
About Elbit Systems
Elbit Systems Ltd. is an international high technology company
engaged in a wide range of defense, homeland security and
commercial programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas
of airborne, land and naval systems, command, control,
communications, computers, intelligence surveillance and
reconnaissance ("C4ISR"), unmanned aircraft systems, advanced
electro-optics, electro-optic space systems, EW suites, signal
intelligence systems, data links and communications systems and
radios. The Company also focuses on the upgrading of existing
platforms, developing new technologies for defense, homeland
security and commercial aviation applications and providing a range
of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com or
follow us on Twitter.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by
geographical regions
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
|
This press release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1943, as
amended) regarding Elbit Systems Ltd. and/or its subsidiaries
(collectively the Company), to the extent such statements do not
relate to historical or current fact. Forward-looking statements
are based on management's expectations, estimates, projections and
assumptions. Forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. These statements are not guarantees of
future performance and involve certain risks and uncertainties,
which are difficult to predict. Therefore, actual future results,
performance and trends may differ materially from these
forward-looking statements due to a variety of factors, including,
without limitation: scope and length of customer contracts;
governmental regulations and approvals; changes in governmental
budgeting priorities; general market, political and economic
conditions in the countries in which the Company operates or sells,
including Israel and the United States among others; differences in
anticipated and actual program performance, including the ability
to perform under long-term fixed-price contracts; and the outcome
of legal and/or regulatory proceedings. The factors listed above
are not all-inclusive, and further information is contained in
Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on
file with the U.S. Securities and Exchange Commission. All
forward-looking statements speak only as of the date of this
release. The Company does not undertake to update its
forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated
companies. All other brand, product, service and process
names appearing are the trademarks of their respective
holders. Reference to or use of a product, service or process
other than those of Elbit Systems Ltd. does not imply
recommendation, approval, affiliation or sponsorship of that
product, service or process by Elbit Systems Ltd. Nothing contained
herein shall be construed as conferring by implication, estoppel or
otherwise any license or right under any patent, copyright,
trademark or other intellectual property right of Elbit Systems
Ltd. or any third party, except as expressly granted herein.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD.
CONSOLIDATED
BALANCE SHEETS
(In thousands of US Dollars)
|
March
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
Unaudited
|
|
Audited
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
214,495
|
|
|
$
|
156,074
|
|
Short-term bank
deposits and marketable securities
|
5,678
|
|
|
16,497
|
|
Trade and unbilled
receivables, net
|
1,403,093
|
|
|
1,406,563
|
|
Other receivables and
prepaid expenses
|
127,473
|
|
|
128,946
|
|
Inventories,
net
|
994,105
|
|
|
902,954
|
|
Total current
assets
|
2,744,844
|
|
|
2,611,034
|
|
|
|
|
|
Investments in
affiliated companies and partnerships
|
175,623
|
|
|
172,338
|
|
Long-term trade and
unbilled receivables
|
356,066
|
|
|
295,396
|
|
Long-term bank
deposits and other receivables
|
36,241
|
|
|
38,082
|
|
Deferred income
taxes, net
|
51,131
|
|
|
51,358
|
|
Severance pay
fund
|
289,524
|
|
|
298,590
|
|
|
908,585
|
|
|
855,764
|
|
|
|
|
|
Property, plant and
equipment, net
|
496,325
|
|
|
495,716
|
|
Goodwill and other
intangible assets, net
|
755,824
|
|
|
752,403
|
|
Total
assets
|
$
|
4,905,578
|
|
|
$
|
4,714,917
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term bank
credit and loans
|
$
|
18,887
|
|
|
$
|
133,750
|
|
Current maturities of
long-term loans and Series A Notes
|
66,935
|
|
|
67,556
|
|
Trade
payables
|
520,254
|
|
|
633,689
|
|
Other payables and
accrued expenses
|
824,431
|
|
|
835,394
|
|
Customer advances,
net
|
469,344
|
|
|
418,560
|
|
|
1,899,851
|
|
|
2,088,949
|
|
|
|
|
|
Long-term loans, net
of current maturities
|
459,684
|
|
|
119,514
|
|
Series A Notes, net
of current maturities
|
123,313
|
|
|
124,865
|
|
Employee benefit
liabilities
|
404,465
|
|
|
413,117
|
|
Deferred income taxes
and tax liabilities, net
|
69,460
|
|
|
68,159
|
|
Customer
advances
|
150,382
|
|
|
133,649
|
|
Other long-term
liabilities
|
47,274
|
|
|
48,692
|
|
|
1,254,578
|
|
|
907,996
|
|
|
|
|
|
Elbit Systems Ltd.'s
equity
|
1,740,866
|
|
|
1,708,310
|
|
Non-controlling
interests
|
10,283
|
|
|
9,662
|
|
Total
equity
|
1,751,149
|
|
|
1,717,972
|
|
Total liabilities
and equity
|
$
|
4,905,578
|
|
|
$
|
4,714,917
|
|
ELBIT SYSTEMS LTD.
CONSOLIDATED
STATEMENTS OF INCOME
(In thousands of US Dollars, except
for share and per share amount)
|
Three Months
Ended
March
31,
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
2017
|
|
Unaudited
|
|
Audited
|
Revenues
|
$
|
818,528
|
|
|
$
|
749,188
|
|
|
$
|
3,377,825
|
|
Cost of
revenues
|
583,104
|
|
|
528,038
|
|
|
2,379,905
|
|
Gross
profit
|
235,424
|
|
|
221,150
|
|
|
997,920
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
68,185
|
|
|
58,437
|
|
|
265,060
|
|
Marketing and
selling, net
|
68,168
|
|
|
65,777
|
|
|
280,246
|
|
General and
administrative, net
|
35,740
|
|
|
38,723
|
|
|
133,314
|
|
Total operating
expenses
|
172,093
|
|
|
162,937
|
|
|
678,620
|
|
Operating
income
|
63,331
|
|
|
58,213
|
|
|
319,300
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(10,248)
|
|
|
(8,645)
|
|
|
(34,502)
|
|
Other income,
net
|
22
|
|
|
32
|
|
|
48
|
|
Income before income
taxes
|
53,105
|
|
|
49,600
|
|
|
284,846
|
|
|
|
|
|
|
|
Taxes on
income
|
(6,362)
|
|
|
(5,251)
|
|
|
(55,585)
|
|
|
46,743
|
|
|
44,349
|
|
|
229,261
|
|
|
|
|
|
|
|
Equity in net
earnings of affiliated companies and partnerships
|
3,134
|
|
|
1,595
|
|
|
11,361
|
|
Net income
|
$
|
49,877
|
|
|
$
|
45,944
|
|
|
$
|
240,622
|
|
Less: net income
attributable to non-controlling interests
|
(243)
|
|
|
(304)
|
|
|
(1,513)
|
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
$
|
49,634
|
|
|
$
|
45,640
|
|
|
$
|
239,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Elbit Systems Ltd.'s shareholders:
|
|
|
Basic net earnings
per share
|
$
|
1.16
|
|
|
$
|
1.07
|
|
|
$
|
5.59
|
|
Diluted net earnings
per share
|
$
|
1.16
|
|
|
$
|
1.07
|
|
|
$
|
5.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
Shares used in
computation of basic earnings per share
|
42,751
|
|
|
42,748
|
|
|
42,750
|
|
Shares used in
computation of diluted earnings per share
|
42,753
|
|
|
42,751
|
|
|
42,753
|
|
ELBIT SYSTEMS LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOW
(In thousands of US dollars)
|
Three Months
Ended
March 31,
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
2017
|
|
Unaudited
|
|
Audited
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
49,877
|
|
|
$
|
45,944
|
|
|
$
|
240,622
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
27,766
|
|
|
27,716
|
|
|
114,017
|
|
Stock-based
compensation
|
—
|
|
|
11
|
|
|
13
|
|
Amortization of Series
A Notes premium and related issuance costs, net
|
(23)
|
|
|
(23)
|
|
|
(92)
|
|
Deferred income taxes
and reserve, net
|
2,612
|
|
|
894
|
|
|
28,774
|
|
Gain on sale of
property, plant and equipment
|
(37)
|
|
|
(1,859)
|
|
|
(2,440)
|
|
Loss on sale and
revaluation of investments
|
620
|
|
|
20
|
|
|
1,358
|
|
Equity in net earnings
of affiliated companies and partnerships, net of dividends received
(*)
|
(1,845)
|
|
|
(800)
|
|
|
(1,987)
|
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
Decrease (increase) in
short and long-term trade receivables and prepaid
expenses
|
22,659
|
|
|
(95,280)
|
|
|
(315,236)
|
|
Increase in
inventories, net
|
(85,896)
|
|
|
(51,336)
|
|
|
(59,699)
|
|
Increase (decrease) in
trade payables, other payables and accrued expenses
|
(149,991)
|
|
|
(23,999)
|
|
|
63,273
|
|
Severance, pension and
termination indemnities, net
|
1,336
|
|
|
3,476
|
|
|
2,003
|
|
Increase (decrease) in
advances received from customers
|
(14,952)
|
|
|
43,954
|
|
|
30,287
|
|
Net cash provided by
(used in) operating activities
|
(147,874)
|
|
|
(51,282)
|
|
|
100,893
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(25,267)
|
|
|
(31,554)
|
|
|
(107,880)
|
|
Acquisitions of
subsidiaries and business combinations
|
(4,000)
|
|
|
(2,579)
|
|
|
(25,440)
|
|
Advance payment on
investment
|
—
|
|
|
(6,586)
|
|
|
—
|
|
Investments in
affiliated companies and other companies
|
(350)
|
|
|
(173)
|
|
|
(4,964)
|
|
Proceeds from sale of
property, plant and equipment
|
233
|
|
|
2,725
|
|
|
6,270
|
|
Proceeds from sale of
investment
|
—
|
|
|
—
|
|
|
12,067
|
|
Investment in long-term
bank deposits, net
|
(141)
|
|
|
(446)
|
|
|
(1,396)
|
|
Proceeds from sale of
long-term bank deposits, net
|
—
|
|
|
133
|
|
|
176
|
|
Investment in
short-term deposits
|
(2,835)
|
|
|
(22,268)
|
|
|
(40,893)
|
|
Proceeds from sale of
investments in short-term deposits
|
13,484
|
|
|
14,542
|
|
|
46,491
|
|
Net cash used in
investing activities
|
(18,876)
|
|
|
(46,206)
|
|
|
(115,569)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from exercise
of options
|
48
|
|
|
55
|
|
|
119
|
|
Repayment of long-term
loans
|
(14)
|
|
|
(23,869)
|
|
|
(167,425)
|
|
Proceeds from long-term
loans
|
340,000
|
|
|
—
|
|
|
118,623
|
|
Repayment of Series A
Notes
|
—
|
|
|
—
|
|
|
(55,532)
|
|
Dividends
paid
|
—
|
|
|
—
|
|
|
(75,300)
|
|
Change in short-term
bank credit and loans, net
|
(114,863)
|
|
|
34,737
|
|
|
127,455
|
|
Net cash provided by
(used in) financing activities
|
225,171
|
|
|
10,923
|
|
|
(52,060)
|
|
Net increase
(decrease) in cash and cash equivalents
|
58,421
|
|
|
(86,565)
|
|
|
(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
|
$
|
214,495
|
|
|
$
|
136,245
|
|
|
$
|
156,074
|
|
* Dividends
received from affiliated companies and partnerships
|
$
|
1,289
|
|
|
$
|
795
|
|
|
$
|
9,374
|
|
ELBIT SYSTEMS LTD.
DISTRIBUTION OF
REVENUES
Consolidated Revenues by Areas of Operation:
|
Three Months
Ended
|
|
Year
Ended
|
|
March
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2017
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Airborne
systems
|
311.0
|
|
|
38.0
|
|
|
290.3
|
|
|
38.7
|
|
|
1,272.1
|
|
|
37.7
|
|
C4ISR
systems
|
275.2
|
|
|
33.6
|
|
|
279.0
|
|
|
37.2
|
|
|
1,144.8
|
|
|
33.9
|
|
Land
systems
|
114.4
|
|
|
14.0
|
|
|
79.0
|
|
|
10.5
|
|
|
503.9
|
|
|
14.9
|
|
Electro-optic
systems
|
88.0
|
|
|
10.8
|
|
|
76.4
|
|
|
10.2
|
|
|
341.2
|
|
|
10.1
|
|
Other (mainly
non-defense engineering and production services)
|
29.9
|
|
|
3.6
|
|
|
24.5
|
|
|
3.4
|
|
|
115.8
|
|
|
3.4
|
|
Total
|
818.5
|
|
|
100.0
|
|
|
749.2
|
|
|
100.0
|
|
|
3,377.8
|
|
|
100.0
|
|
Consolidated Revenues by Geographical Regions:
|
Three Months
Ended
|
|
Year
Ended
|
|
March
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2017
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Israel
|
185.6
|
|
|
22.7
|
|
|
167.4
|
|
|
22.3
|
|
|
741.9
|
|
|
22.0
|
|
North
America
|
208.7
|
|
|
25.5
|
|
|
192.9
|
|
|
25.8
|
|
|
827.6
|
|
|
24.5
|
|
Europe
|
152.7
|
|
|
18.7
|
|
|
161.8
|
|
|
21.6
|
|
|
764.0
|
|
|
22.6
|
|
Asia-Pacific
|
173.6
|
|
|
21.2
|
|
|
166.2
|
|
|
22.2
|
|
|
670.5
|
|
|
19.8
|
|
Latin
America
|
40.2
|
|
|
4.9
|
|
|
34.4
|
|
|
4.6
|
|
|
193.4
|
|
|
5.7
|
|
Other
countries
|
57.7
|
|
|
7.0
|
|
|
26.5
|
|
|
3.5
|
|
|
180.4
|
|
|
5.4
|
|
Total
|
818.5
|
|
|
100.0
|
|
|
749.2
|
|
|
100.0
|
|
|
3,377.8
|
|
|
100.0
|
|
View original
content:http://www.prnewswire.com/news-releases/elbit-systems-reports-first-quarter-of-2018-results-300655611.html
SOURCE Elbit Systems Ltd.