Technology
ELBIT SYSTEMS REPORTS SECOND QUARTER 2024 RESULTS
Published
3 months agoon
By
Order backlog at $21.1 billion; Revenues of $1.6 billion ; Non-GAAP net income of $93 million; GAAP net income of $78 million ; Non-GAAP net EPS of $2.08; GAAP net EPS of $1.76
HAIFA, Israel, Aug. 14, 2024 /PRNewswire/ — Elbit Systems Ltd. (“Elbit Systems” or the “Company”) (NASDAQ: ESLT) (TASE: ESLT), the international high technology defense company, reported today its consolidated results for the second quarter ended June 30, 2024.
In this release, the Company is providing US-GAAP results as well as non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company’s business results and trends. For a description of the Company’s non-GAAP definitions see page 4 below, “Non-GAAP financial data”. Unless otherwise stated, all financial data presented is US-GAAP financial data.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented:
“Elbit Systems demonstrated a 12% year-over-year increase in revenues in the second quarter. The continuous high demand for our products and solutions reinforces our position as industry leaders. Our long-term investments in technologies, research and development in collaboration with our key customers, and the expansion of our manufacturing capabilities, enable us to meet our commitments to our customers and to drive the continued growth and focus on profitability of the Company, in alignment with our strategic goals. This growth reflects the dedication and commitment of Elbit Systems’ employees in Israel and around the world, who contribute every day to the Company’s success.”
Second quarter 2024 results:
Revenues in the second quarter of 2024 were $1,626.2 million, as compared to $1,453.9 million in the second quarter of 2023.
Aerospace revenues were similar to the revenues in the second quarter of 2023. C4I and Cyber revenues increased by 11% in the second quarter of 2024, as compared to the second quarter of 2023 mainly due to radio systems sales. ISTAR and EW revenues increased by 9% mainly due to Electronic Warfare and Electro-Optic systems sales in Israel and Asia-Pacific. Land revenues increased by 37% due to the increase in ammunition and munition sales in Israel. Elbit Systems of America revenues increased by 11% due to the increase in Maritime and Warfighter systems.
For distribution of revenues by segments and geographic regions see the tables on page 12.
Non-GAAP(*) gross profit amounted to $396.2 million (24.4% of revenues) in the second quarter of 2024, as compared to $379.3 million (26.1% of revenues) in the second quarter of 2023. GAAP gross profit in the second quarter of 2024 was $389.7 million (24.0% of revenues), as compared to $372.2 million (25.6% of revenues) in the second quarter of 2023.
Research and development expenses, net were $116.8 million (7.2% of revenues) in the second quarter of 2024, as compared to $93.4 million (6.4% of revenues) in the second quarter of 2023.
Marketing and selling expenses, net were $87.7 million (5.4% of revenues) in the second quarter of 2024, as compared to $101.7 million (7.0% of revenues) in the second quarter of 2023.
General and administrative expenses, net were $68.7 million (4.2% of revenues) in the second quarter of 2024, as compared to $75.4 million (5.2% of revenues) in the second quarter of 2023.
Non-GAAP(*) operating income was $130.5 million (8.0% of revenues) in the second quarter of 2024, as compared to $115.5 million (7.9% of revenues) in the second quarter of 2023. GAAP operating income in the second quarter of 2024 was $116.5 million (7.2% of revenues), as compared to $101.6 million (7.0% of revenues) in the second quarter of 2023.
Financial expenses, net were $29.1 million in the second quarter of 2024, as compared to $32.1 million in the second quarter of 2023.
Taxes on income were $11.3 million in the second quarter of 2024, as compared to $9.2 million in the second quarter of 2023.
Non-GAAP(*) net income attributable to the Company’s shareholders in the second quarter of 2024 was $92.7 million (5.7% of revenues), as compared to $73.5 million (5.1% of revenues) in the second quarter of 2023. GAAP net income attributable to the Company’s shareholders in the second quarter of 2024 was $78.4 million (4.8% of revenues), as compared to $62.4 million (4.3% of revenues) in the second quarter of 2023.
Non-GAAP(*) diluted net earnings per share attributable to the Company’s shareholders were $2.08 for the second quarter of 2024, as compared to $1.65 for the second quarter of 2023. GAAP diluted earnings per share attributable to the Company’s shareholders in the second quarter of 2024 were $1.76, as compared to $1.40 in the second quarter of 2023.
The Company’s order backlog as of June 30, 2024 totaled $21.1 billion. Approximately 69% of the current backlog is attributable to orders from outside Israel. Approximately 43% of the backlog is scheduled to be performed during the remainder of 2024 and 2025.
Cash flow provided by operating activities in the six months ended June 30, 2024 was $26.0 million, as compared to cash flow used in operating activities of $210.7 million in the six months ended June 30, 2023. The cash flow in the six months ended June 30, 2024 was affected mainly by the increase in inventories and trade receivables, which was offset by the increase in contract liabilities.
* see page 4
Impact of the “Swords of Iron” War on the Company:
On October 7, 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of brutal attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in many other parts of Israel. Israel has also been attacked by other terrorist organizations on different fronts, including from Lebanon, which have prompted military responses from Israel. Following the attacks, the State of Israel declared a state of war, which is ongoing.
Since the commencement of hostilities, Elbit Systems has experienced a material increased demand for our products and solutions from the Israel Ministry of Defense (IMOD) compared to the demand levels prior to the war. We have also increased our support to the IMOD, mainly through deliveries of our systems and the dedicated efforts of our employees. At the same time, the Company continues its activities in the international market including through its local subsidiaries. Subject to further developments, which are difficult to predict, the IMOD’s increased demand for the Company’s products and solutions may continue and could generate material additional orders to the Company.
While the vast majority of our facilities in Israel continue to operate uninterrupted, some of our operations have experienced disruptions due to supply chain and operational constraints, the relocation of certain production lines, evacuation of employees and mobilization of our employees for reserve duty. The number of employees mobilized was approximately 6% as of June 30, 2024, and could fluctuate depending on future developments.
Elbit Systems has taken a number of steps to protect the safety and security of our employees, support our increased production, mitigate potential supply chain disruptions and maintain business continuity, among them relocation of production lines from facilities in areas of the country that have been evacuated to other facilities; recruitment of additional employees; increased monitoring of our global supply chain to identify delays, shortages and bottlenecks; reschedule of deliveries to certain of our customers as necessary; and increase of inventories.
The extent of the effects of the war on the Company’s performance will depend on future developments of the war that are difficult to predict at this time, including its duration and scope. We continue to monitor the situation closely.
* Non-GAAP financial data:
The following non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, restructuring activities, uncompensated costs related to “Swords of Iron” war, non-cash stock based compensation expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past, and future periods.
Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year.
We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company’s ongoing performance that enable these users to perform trend analysis using comparable data.
Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company’s shareholders while considering changes in the number of diluted shares over comparable periods.
We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company’s shareholders on a per-share basis.
The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.
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. They 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 Supplemental Financial Data:
(US Dollars in millions, except for per share amounts)
Six
months
ended
June 30,
2024
Six
months
ended
June 30,
2023
Three
months
ended
June 30,
2024
Three
months
ended
June 30,
2023
Year
ended
December 31,
2023
GAAP gross profit
$ 763.8
$ 733.7
$ 389.7
$ 372.2
$ 1,483.0
Adjustments:
Amortization of purchased intangible assets(*)
10.6
13.6
4.2
6.6
27.3
Restructuring of a subsidiary’s activities
—
—
—
—
17.5
Stock based compensation
0.9
1.0
0.5
0.5
1.8
Uncompensated labor costs related to “Swords of Iron” war
4.3
—
1.8
—
4.3
Non-GAAP gross profit
$ 779.6
$ 748.3
$ 396.2
$ 379.3
$ 1,533.9
Percent of revenues
24.5 %
26.3 %
24.4 %
26.1 %
25.7 %
GAAP operating income
$ 221.8
$ 195.5
$ 116.5
$ 101.6
$ 369.1
Adjustments:
Amortization of purchased intangible assets(*)
18.4
21.8
8.1
10.6
43.9
Restructuring of a subsidiary’s activities
—
—
—
—
17.5
Stock based compensation
5.7
6.8
3.3
3.3
12.1
Uncompensated labor costs related to “Swords of Iron” war
6.2
—
2.6
—
6.1
Non-GAAP operating income
$ 252.1
$ 224.1
$ 130.5
$ 115.5
$ 448.7
Percent of revenues
7.9 %
7.9 %
8.0 %
7.9 %
7.5 %
GAAP net income attributable to Elbit Systems’ shareholders
$ 152.0
$ 124.4
$ 78.4
$ 62.4
$ 215.1
Adjustments:
Amortization of purchased intangible assets(*)
18.4
21.8
8.1
10.6
43.9
Restructuring of a subsidiary’s activities
—
—
—
—
17.5
Stock based compensation
5.7
6.8
3.3
3.3
12.1
Uncompensated labor costs related to “Swords of Iron” war
6.2
—
2.6
—
6.1
Revaluation of investment measured under fair value option
7.4
—
7.4
—
3.0
Non-operating foreign exchange (gains) losses
(12.3)
2.4
(4.9)
(1.4)
12.0
Tax effect and other tax items, net
(4.0)
(2.8)
(2.2)
(1.4)
(10.9)
Non-GAAP net income attributable to Elbit Systems’ shareholders
$ 173.4
$ 152.6
$ 92.7
$ 73.5
$ 298.8
Percent of revenues
5.5 %
5.4 %
5.7 %
5.1 %
5.0 %
GAAP diluted net EPS
$ 3.41
$ 2.79
$ 1.76
$ 1.40
$ 4.82
Adjustments, net
0.48
0.63
0.32
0.25
1.88
Non-GAAP diluted net EPS
$ 3.89
$ 3.42
$ 2.08
$ 1.65
$ 6.70
(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.
Recent Events:
On June 10, 2024, the Company announced that S&P Global Ratings Maalot Ltd., an Israeli rating agency (“Maalot”), issued its rating report regarding Elbit Systems (the “Rating Report”). In its Rating Report, Maalot reaffirmed its long term rating of “ilAA” (on local scaling) with a stable outlook regarding the Company’s Series B, C and D Notes, and its short term rating of “ilA-1+” (on local scaling) regarding the Company’s Commercial Paper.
On July 29, 2024, the Company announced that it was awarded a contract worth approximately $190 million to supply its Iron Sting laser and GPS-guided mortar munition to the Israeli Ministry of Defense. The contract will be performed over a period of two years.
On August 1, 2024, the Company announced that it was awarded a contract in an amount of approximately $340 million for the supply of ammunition to the Israeli Ministry of Defense (IMOD). The contract will be performed over a period of ten years. Elbit Systems will establish a manufacturing facility to produce the ammunition.
On August 6, 2024, the Company announced that it was awarded a contract worth approximately $270 million to supply rocket artillery to an international customer. The contract will be performed over a period of four years.
On August 8, 2024, the Company announced that it was awarded a contract worth approximately $130 million to supply Iron Fist Active Protection Systems to BAE Systems Hägglunds. The systems will be installed on the CV90 Infantry Fighting Vehicle as part of a project of a European country. The contract will be performed over a period of five and a half years.
Dividend:
The Board of Directors declared a dividend of $0.50 per share. The dividend’s record date is October 15, 2024. The dividend will be paid on October 28, 2024, after deduction of withholding tax, at the rate of 16.8%.
Conference Call:
The Company will be hosting a conference call today, Wednesday, August 14, 2024, 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 Number: 1-866-744-5399
Canada Dial-in Number: 1-866-485-2399
Israel Dial-in Number: 03-918-0644
International Dial-in Number: 972-3-918-0644
at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time
The conference call will also be broadcast live on Elbit Systems’ website at https://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: 1-888-782-4291 (US and Canada) or +972-3-925-5900 (Israel and International).
About Elbit Systems
Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.
Driven by its agile, collaborative culture, and leveraging Israel’s technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.
Elbit Systems employs over 20,000 people in dozens of countries across five continents. The Company reported as of June 30, 2024 approximately $1.6 billion in revenues and an order backlog of approximately $21.1 billion.
For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn channels.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flows
Consolidated revenue distribution by geographical regions and by segments
Company Contact:
Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer
Tel: +972-77-2946663
Dr. David Ravia, Investor Relations
Tel: +972-77-2947169
Dalia Bodinger, VP, Communications & Brand
Tel: +972-77-2947602
dalia.bodinger@elbitsystems.com
This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. 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, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. 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; including the duration and scope of the current war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; 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.
Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. 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)
As of
June 30, 2024
As of
December 31, 2023
Assets
Cash and cash equivalents
$ 120,662
$ 197,429
Short-term bank deposits
18,160
10,518
Trade and unbilled receivables and contract assets, net
2,941,362
2,716,762
Other receivables and prepaid expenses
317,340
285,352
Inventories, net
2,698,651
2,298,019
Total current assets
6,096,175
5,508,080
Investments in affiliated companies and other companies
145,727
145,350
Long-term trade and unbilled receivables and contract assets
415,603
364,719
Long-term bank deposits and other receivables
80,777
87,648
Deferred income taxes, net
23,602
23,423
Severance pay fund
195,129
206,943
Total
860,838
828,083
Operating lease right of use assets
526,099
425,884
Property, plant and equipment, net
1,173,176
1,087,950
Goodwill and other intangible assets, net
1,863,299
1,889,585
Total assets
$ 10,519,587
$ 9,739,582
Liabilities and Equity
Short-term bank credit and loans
$ 704,285
$ 576,594
Current maturities of long-term loans and Series B, C and D Notes
73,364
75,286
Operating lease liabilities
72,488
67,390
Trade payables
1,276,826
1,254,126
Other payables and accrued expenses
1,222,019
1,194,347
Contract liabilities
2,058,219
1,656,103
Total current liabilities
5,407,201
4,823,846
Long-term loans, net of current maturities
28,330
41,227
Series B, C and D Notes, net of current maturities
272,157
342,847
Employee benefit liabilities
485,364
510,416
Deferred income taxes and tax liabilities, net
56,967
55,240
Contract liabilities
510,379
354,319
Operating lease liabilities
449,815
363,100
Other long-term liabilities
285,092
298,296
Total long-term liabilities
2,088,104
1,965,445
Elbit Systems Ltd.’s equity
3,021,235
2,947,503
Non-controlling interests
3,047
2,788
Total equity
3,024,282
2,950,291
Total liabilities and equity
$ 10,519,587
$ 9,739,582
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share amounts)
Six months
ended June 30,
2024
Six months
ended June 30,
2023
Three months
ended June 30,
2024
Three months
ended June 30,
2023
Year ended
December 31,
2023
Revenues
$ 3,180,108
$ 2,847,383
$ 1,626,157
$ 1,453,895
$ 5,974,744
Cost of revenues
2,416,274
2,113,711
1,236,472
1,081,739
4,491,790
Gross profit
763,834
733,672
389,685
372,156
1,482,954
Operating expenses:
Research and development, net
215,320
203,750
116,799
93,432
424,420
Marketing and selling, net
176,795
181,878
87,713
101,718
359,141
General and administrative, net
149,872
152,564
68,690
75,424
330,285
Total operating expenses
541,987
538,192
273,202
270,574
1,113,846
Operating income
221,847
195,480
116,483
101,582
369,108
Financial expenses, net
(60,266)
(56,269)
(29,081)
(32,057)
(137,827)
Other income (expenses), net
3,267
(3,524)
(2,029)
(1,678)
(4,787)
Income before income taxes
164,848
135,687
85,373
67,847
226,494
Taxes on income
(22,859)
(17,943)
(11,261)
(9,248)
(22,913)
Income after taxes on income
141,989
117,744
74,112
58,599
203,581
Equity in net earnings of affiliated companies
10,341
6,852
4,492
3,824
12,275
Net income
$ 152,330
$ 124,596
$ 78,604
$ 62,423
$ 215,856
Less: net income attributable to non-controlling interests
(292)
(176)
(239)
(72)
(725)
Net income attributable to Elbit Systems Ltd.’s shareholders
$ 152,038
$ 124,420
$ 78,365
$ 62,351
$ 215,131
Earnings per share attributable to Elbit Systems Ltd.’s shareholders:
Basic net earnings per share
$ 3.42
$ 2.81
$ 1.76
$ 1.41
$ 4.85
Diluted net earnings per share
$ 3.41
$ 2.79
$ 1.76
$ 1.40
$ 4.82
Weighted average number of shares used in computation of:
Basic earnings per share (in thousands)
44,469
44,346
44,476
44,348
44,375
Diluted earnings per share (in thousands)
44,641
44,548
44,623
44,637
44,592
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
Six months
ended June 30,
2024
Six months
ended June 30,
2023
Year ended
December 31,
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 152,330
$ 124,596
$ 215,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
78,122
80,735
164,799
Stock-based compensation
5,705
6,761
12,141
Amortization of series B, C and D related issuance costs, net
248
311
579
Deferred income taxes and reserve, net
6,045
(448)
(13,165)
Gain on sale of property, plant and equipment
(317)
(232)
(651)
Loss on sale of investment, remeasurement of investments held under fair value method
7,834
—
4,990
Equity in net (earnings) losses of affiliated companies, net of dividend received (*)
(4,999)
(1,808)
10,046
Changes in operating assets and liabilities, net of amounts acquired:
Increase in trade and unbilled receivables and prepaid expenses
(300,943)
(109,320)
(96,594)
Increase in inventories, net
(405,263)
(269,281)
(351,594)
Increase (decrease) in trade payables and other payables and accrued expenses
(47,845)
(43,738)
175,446
Severance, pension and termination indemnities, net
(23,272)
(13,337)
(24,331)
Increase in contract liabilities
558,352
15,032
16,187
Net cash (used in) provided by operating activities
25,997
(210,729)
113,709
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and other assets
(115,528)
(97,237)
(187,037)
Acquisition of subsidiaries, net of cash assumed
—
(10,380)
(10,380)
Investments in affiliated companies and other companies, net
(1,098)
(1,035)
(5,416)
Proceeds from sale of property, plant and equipment
4,362
590
1,466
Proceeds from sale of a subsidiary and an investment
7,376
—
151
Investment in short-term deposits, net
(7,591)
(25,584)
(9,467)
Investment in long-term deposits, net
(441)
83
83
Net cash used in investing activities
(112,920)
(133,563)
(210,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of shares
6
1
30
Issuance of commercial paper
36,380
—
313,620
Repayment of long-term loans
(11,203)
(226,118)
(246,231)
Proceeds from long-term bank loans
—
—
20,000
Repayment of Series B, C and D Notes
(61,862)
(62,434)
(62,434)
Dividends paid (**)
(44,473)
(44,857)
(89,248)
Change in short-term bank credit and loans, net
91,308
578,272
147,475
Net cash provided by financing activities
10,156
244,864
83,212
Net decrease in cash and cash equivalents
(76,767)
(99,428)
(13,679)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
$ 197,429
$ 211,108
$ 211,108
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
$ 120,662
$ 111,680
$ 197,429
(*) Dividend received from affiliated companies and partnerships
$ 5,342
$ 5,044
$ 22,321
(**) Dividends paid during 2023 included approximately $0.5 million dividends paid by subsidiaries to non-controlling interests.
ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES
(In millions of US Dollars)
Consolidated revenues by geographical regions:
Six
months
ended
June 30,
2024
%
Six
months
ended
June 30,
2023
%
Three
months
ended
June 30,
2024
%
Three
months
ended
June 30,
2023
%
Year
ended
December 31,
2023
%
Israel
$ 896.0
28.2
$ 499.9
17.6
$ 444.0
27.3
$ 244.5
16.8
$ 1,167.2
19.5
North America
695.6
21.9
690.0
24.2
368.4
22.7
337.7
23.2
1,417.7
23.7
Europe
857.3
27.0
832.9
29.3
472.5
29.1
464.1
31.9
1,776.4
29.7
Asia-Pacific
542.8
17.1
653.9
23.0
235.7
14.5
315.3
21.7
1,263.8
21.2
Latin America
73.9
2.3
58.2
2.0
39.7
2.4
28.0
1.9
120.7
2.0
Other countries
114.5
3.5
112.5
3.9
65.9
4.0
64.3
4.5
228.9
3.9
Total revenue
$ 3,180.1
100.0
$ 2,847.4
100.0
$ 1,626.2
100.0
$ 1,453.9
100.0
$ 5,974.7
100.0
Consolidated revenues by segments:
Six months
ended June 30,
2024
Six months
ended June 30,
2023
Three months
ended June 30,
2024
Three months
ended June 30,
2023
Year ended
December 31,
2023
Aerospace
External customers
$ 782.2
$ 784.1
$ 414.7
$ 421.9
$ 1,613.2
Intersegment revenue
120.9
123.7
66.5
65.1
260.1
Total
903.1
907.8
481.2
487.0
1,873.3
C4I and Cyber
External customers
359.6
318.9
175.1
157.1
668.4
Intersegment revenue
25.1
25.5
12.6
11.6
52.7
Total
384.7
344.4
187.7
168.7
721.1
ISTAR and EW
External customers
561.6
492.7
264.4
243.4
996.9
Intersegment revenue
103.3
94.7
54.4
49.3
182.5
Total
664.9
587.4
318.8
292.7
1,179.4
Land
External customers
741.4
554.7
380.7
276.2
1,241.0
Intersegment revenue
41.4
40.8
22.0
17.9
65.2
Total
782.8
595.5
402.7
294.1
1,306.2
ESA
External customers
735.3
697.0
391.3
355.3
1,455.2
Intersegment revenue
1.7
3.7
1.6
—
9.7
Total
737.0
700.7
392.9
355.3
1,464.9
Revenues
Total revenues (external customers and intersegment) for reportable segments
3,472.5
3,135.8
1,783.3
1,597.8
6,544.9
Less – intersegment revenue
(292.4)
(288.4)
(157.1)
(143.9)
(570.2)
Total revenues
$ 3,180.1
$ 2,847.4
$ 1,626.2
$ 1,453.9
$ 5,974.7
Logo: https://mma.prnewswire.com/media/2017806/Elbit_Systems_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/elbit-systems-reports-second-quarter-2024-results-302222062.html
SOURCE Elbit Systems Ltd.
You may like
Technology
The Home of Herk Nation A Highlight Of AFLive’s “Base Bites” an Original Streaming Series
Published
6 minutes agoon
November 15, 2024By
“The Air Force Services Center recognizes that people are its greatest asset; accordingly, we are putting audiences behind the scenes of service members’ lives in the new ‘Base Bites’ series. The newly created culinary show is just one of the many in production for our media channel, AFLive app. Each series showcases Airmen’s and Guardians’ most coveted interests, base life and remarkable talents,” remarks Richard Cooper, Strategic Marketing & Branding Specialist.
JOINT BASE SAN ANTONIO, LACKLAND, Texas, Nov. 15, 2024 /PRNewswire-PRWeb/ — The Air Force Services Center (AFSVC) is thrilled to announce the newest episode for AFLive’s Base Bites: Little Rock. The 4th episode is now streaming only on the AFLive app and at www.AFLive.TV. Preview the episode here.
In this episode, “Base Bites” heads to the Home of Herk Nation, Little Rock AFB, AR! While on base, we glimpse the powerful C-130 aircrafts and dive into base history with MSGT Jason Armstrong, Commandant of the Airman Leadership School. But it’s not all work—the base in Little Rock is surrounded by outdoor adventures, from trout fishing to exploring a legendary film set.
Also in this episode, we go behind the scenes with Ariana Garrido, Rickenbacker’s Snack Bar Manager, to hear more about their classic pulled pork nachos and the buffalo panini. You don’t want to miss this flavor-packed episode!
“BASE BITES,” an exclusive new series produced by AFSVC, takes viewers inside the dining facilities and eateries serving unique menu offerings across the United States Air Force and Space Force bases. Along with the ever entertaining host Rudy Jay, the new series visits nine installations to explore a slice of life for servicemen and women. Through talking with chefs, kitchen prep staff, service members, squadron and division leaders “Base Bites” gets the insider scoop on the best dishes and base activities. This exciting new series is available exclusively on the AFLIVE streaming app.
“The Air Force Services Center recognizes that people are its greatest asset; accordingly, we are putting audiences behind the scenes of service members’ lives in the new ‘Base Bites’ series. The newly created culinary show is just one of the many in production for our media channel, AFLive app. Each series showcases Airmen’s and Guardians’ most coveted interests, base life and remarkable talents,” remarks Richard Cooper, Strategic Marketing & Branding Specialist.
“In launching this new series, we celebrate not just the culinary delights found on our installations but the incredible men and women who serve our nation,” says Gary Lott, Chief Integrated Marketing and Branding. “The AFLive app stands as a testament to the rich tapestry of interests within the Air Force and Space Force communities. ‘Base Bites’ is more than just a culinary journey; it’s a heartfelt tribute to the dedication of our Airmen and Guardians.” Watch the season trailer here.
Produced by Air Force Services Center, the series is exclusively on the AFLive app. To catch the new series download AFLive app for iOS and Android.
About the Air Force Services Center (AFSVC):
The Air Force Services Center (AFSVC) provides morale, welfare, and recreation programs to support the total force and their families. From fitness and sports to child and youth programs, food operations, and more, AFSVC is committed to enhancing the quality of life for Airmen and Guardians around the world.
Follow the Series:
Twitter: @TheAFLive
Facebook: @TheAFLive
Instagram: @TheAFLive
Streaming at www.AFLive.tv
Website: www.TheAFLive.com
Media Contact
Richard Cooper, The Air Force Services Center, 1 210.395.7500, richard.cooper.12@us.af.mil, https://www.afimsc.af.mil/Units/Air-Force-Services-Center/
Mercedes Romana, Press Junkie PR, 1 (512) 387-1021, press@pressjunkiepr.com, www.pressjunkiepr.com
View original content to download multimedia:https://www.prweb.com/releases/the-home-of-herk-nation-a-highlight-of-aflives-base-bites-an-original-streaming-series-302306787.html
SOURCE The Air Force Services Center
SAN JOSE, Calif., Nov. 15, 2024 /PRNewswire/ — Cisco today announced that it will participate in the following event with the financial community. This session will be via webcast. Interested parties can register and view these events on Cisco’s Investor Relations website at https://investor.cisco.com.
No new financial information will be discussed on this conference call.
Cisco at the 2024 RBC Capital Markets Global TMIT Conference
Nov 20, 2024
8:20 a.m. PT / 11:20 a.m. ET
Cisco Speaker:
Scott Herren, EVP and Chief Financial Officer
Mark Patterson, EVP and Chief Strategy Officer
Moderator:
Matthew Hedberg, Managing Director, RBC Capital Markets
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
Investor Relations Contact:
Press Contact:
Sami Badri
Robyn Blum
Cisco
Cisco
469-420-4834
408-930-8548
View original content to download multimedia:https://www.prnewswire.com/news-releases/cisco-to-participate-in-rbc-conference-302307193.html
SOURCE Cisco Systems, Inc.
Technology
LAKESIDE HOLDING PROVIDES FIRST QUARTER OF FISCAL YEAR 2025 RESULTS
Published
6 minutes agoon
November 15, 2024By
ITASCA, Ill., Nov. 15, 2024 /PRNewswire/ — Lakeside Holding Limited (“Lakeside” or the “Company”) (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics (“ABL”), today announced financial results for the first quarter of fiscal 2025, ended September 30, 2024.
Q1 2025 Financial Results:
Total revenues decreased by $66,922, or 1.6%, from $4,148,476 for the three months ended September 30, 2023, to $4,081,554 for the three months ended September 30, 2024. The decrease was primarily driven by a decrease in revenues from our cross-border airfreight solutions, partially offset by an increase in revenues from our cross-border ocean freight solutions.Revenue from our cross-border airfreight solutions segment decreased by $0.2 million or 8.2%, from $2.4 million in the three months ended September 30, 2023, to $2.2 million in the three months ended September 30, 2024. The decrease was primarily due to a decrease in the volume of cross-border air freight processed, from approximately 7,816 tons for the three months ended September 30, 2023, to approximately 7,273 tons for the three months ended September 30, 2024.Revenue from our cross-border ocean freight solutions segment increased by $0.1 million, or 7.8%, from $1.7 million in the three months ended September 30, 2023, to $1.8 million in the three months ended September 30, 2024. This growth was primarily due to an increase in the volume of cross-border ocean freights processed and forwarded, rising from 1,290 TEU in the three months ended September 30, 2023, to 1,430 TEU in the three months ended September 30, 2024.
Revenues by Customer Geographic
For the three months ended September 30,
2024
2023
Revenues
Amount
% of
total
Revenues
Amount
% of
total
Revenues
Amount
Increase
(Decrease)
Percentage
Increase
(Decrease)
Asia-based
customers
$
2,809,636
68.8
%
$
1,694,223
40.8
%
$
1,115,413
65.8
%
U.S.-
based customers
1,271,918
31.2
%
2,454,253
59.2
%
(1,182,335)
(48.2)
%
Total revenues
$
4,081,554
100.0
%
$
4,148,476
100.0
%
$
(66,922)
(1.6)
%
Revenues from Asia-based customers increased by $1.1 million, or 65.8%, from $1.7 million in the three months ended September 30, 2023, to $2.8 million in the three months ended September 30, 2024. The increase in revenues from Asia-based customers was driven by a surge in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of the U.S. e-commerce market.Revenues from U.S.-based customers decreased by $1.2 million, or 48.2%, from $2.5 million in the three months ended September 30, 2023, to $1.3 million in the same period in 2024.Cost of revenues increased by $0.1 million, or 1.7%, from $3.5 million in the three months ended September 30, 2023, to $3.6 million in the three months ended September 30, 2024.Gross profit decreased by $0.1 million, or 19.3%, from $0.6 million in the three months ended September 30, 2023, to $0.5 million in the three months ended September 30, 2024. Our gross margin was 12.8% for the three months ended September 30, 2024, compared to 15.6% for the three months ended September 30, 2023. The decline in gross margin was primarily attributable to reduced revenue from the airfreight solutions segment and 2) an increase in our cost of revenue in warehouse services, customs declaration, and terminal charges.General and administrative expenses increased by $1.0 million, or 114.7%, from $0.9 million in the three months ended September 30, 2023, to $1.8 million in the three months ended September 30, 2024. These expenses represented 45.0% and 20.6% of our total revenues for the three months ended September 30, 2024 and 2023, respectively. The increase was primarily attributed to higher salary and employee benefit expenses, professional fees, office and travel expenses, insurance, and entertainment expenses. The increase was primarily attributed to the following:Salaries and employee benefits expenses increased by $0.3 million, or 116.9%, from $0.5 million in the three months ended September 30, 2023, to $0.8 million in the three months ended September 30, 2024. Our salaries and employee benefits expenses represented 50.3% and 66.8% of our total general and administrative expenses for the three months ended September 30, 2024, and 2023, respectively. The increase was mainly due to recruiting additional sales, customer services, and back-office support personnel to support our business growth.Professional fees increased by $0.3 million, or 1,839.6%, from $17,535 in the three months ended September 30, 2023, to $340,114 in the three months ended September 30, 2024. Our professional fee represented 18.5% and 2.0% of our total general and administrative expenses for the three months ended September 30, 2024 and 2023, respectively. The increase was primarily due to audit fees, legal fees, consulting expenses, investor-related expenses, and financial reporting service fees for the three months ended September 30, 2024. In the three months ended September 30, 2023, most expenses directly related to the offering were not included in professional fees, as they were accounted for as deferred initial public offering assets.Net loss was $1.3 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively.
Management Commentary
Henry Liu, Chairman and Chief Executive Officer of Lakeside, commented, “Our first quarter results for fiscal year 2025 reflect both ongoing growth opportunities and some temporary challenges in our cross-border airfreight segment. Although total revenue declined slightly by 1.6% compared to the same quarter last year, we achieved solid gains in cross-border ocean freight, with segment revenues increasing by 7.8% due to stronger demand from Asia-based customers. This demand surge, particularly among large e-commerce clients, affirms our strategy to focus on expanding high-growth markets and highlights the success of our operational partnerships in the region.”
“As we look ahead, we anticipate a rebound in revenue for the next quarter, driven by increased air freight demand for the upcoming holiday season as online purchases ramp up. We have expanded our production capacity to accommodate higher volumes and are prepared to meet rising customer demand efficiently. Additionally, the continued decrease in ocean freight charges is fueling import and export activities, while the broader shift toward e-commerce underscores the need for timely and competitively priced deliveries. We are confident in our ability to deliver on these needs, backed by our investments in advanced logistics technology and strategic facility expansions, including our new Dallas-Fort Worth site. We believe these efforts position us well for the quarters ahead as we strive to enhance value for our shareholders and customers, ” said Mr. Liu.
Q1 2025 Operational Highlights
In July, we closed our upsized initial public offering of 1,500,000 shares of common stock at a public offering price of $4.50 per share to the public for a total of $6,750,000 of gross proceeds to the Company before deducting underwriting discounts and offering expenses.In July, we entered into a one-year renewable agreement with a leading Asia-based e-commerce platform to provide logistics services, including freight, customs, and parcel handling. The partnership uses advanced API integration to offer real-time supply chain visibility for sellers, enhancing the customer experience.In August, we announced a partnership to provide customs brokerage services for a major social media and e-commerce platform, offering real-time logistics data through API integration. This deal streamlines customs clearance and enhances inventory and delivery visibility for platform sellers.In September, we announced the launch of a Pick & Pack Fulfillment service for a major Chinese logistics company, offering inventory management and order processing across U.S. hubs. The service improves lead times and optimizes fulfillment efficiency.In September, we announced the expansion of our Dallas-Fort Worth operations, more than doubling its space to 46,657 sq. ft. and increasing staff to meet growing demand. The new facility is equipped with advanced technology to improve logistics efficiency and support business growth.
About Lakeside Holding Limited
Lakeside Holding Limited, based in Itasca, IL, is a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market, including China and South Korea. Operating under the brand American Bear Logistics, we primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers’ requirements and needs in transporting goods into the U.S. We are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typically Asia- and U.S.-based logistics service companies serving large e-commerce platforms, social commerce platforms, and manufacturers to sell and transport consumer and industrial goods made in Asia into the U.S. For more information, please visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors,” may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
*** tables follow ***
LAKESIDE HOLDING LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of
As of
September 30,
June 30,
2024
2024
(unaudited)
(audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalent
$
2,739,275
$
123,550
Accounts receivable – third parties, net
1,786,451
2,082,152
Accounts receivable – related party, net
505,361
763,285
Prepayment and other receivable
113,198
–
Contract assets
41,301
129,506
Due from related parties
645,318
441,279
Total current assets
5,830,904
3,539,772
NON-CURRENT ASSETS
Investment in other entity
15,741
15,741
Property and equipment at cost, net of accumulated depreciation
314,496
344,883
Right of use operating lease assets
4,320,579
3,471,172
Right of use financing lease assets
29,881
37,476
Deferred tax asset
–
89,581
Deferred offering costs
–
1,492,798
Deposit and repayment
298,217
202,336
Total non-current assets
4,978,914
5,653,987
TOTAL ASSETS
$
10,809,818
$
9,193,759
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payables – third parties
$
758,963
$
1,161,858
Accounts payables – related parties
70,872
227,722
Accrued liabilities and other payables
869,109
1,335,804
Current portion of obligations under operating leases
1,891,877
1,186,809
Current portion of obligations under financing leases
34,214
37,619
Loans payable, current
484,725
746,962
Dividend payable
98,850
98,850
Tax payable
79,825
79,825
Due to shareholders
138,107
1,018,281
Total current liabilities
4,426,542
5,893,730
NON-CURRENT LIABILITIES
Loans payable, non-current
105,166
136,375
Obligations under operating leases, non-current
2,646,597
2,506,402
Obligations under financing leases, non-current
13,233
17,460
Total non-current liabilities
2,764,996
2,660,237
TOTAL LIABILITIES
$
7,191,538
$
8,553,967
Commitments and Contingencies
EQUITY
Common stocks, $0.0001 par value, 200,000,000 shares authorized,
7,500,000 and 6,000,000 issued and outstanding as of
September 30, 2024 and June 30, 2024, respectively*
750
600
Subscription receivable
–
(600)
Additional paid-in capital
4,942,791
642,639
Accumulated other comprehensive income
15,965
2,972
Deficits
(1,341,226)
(5,819)
Total equity
3,618,280
639,792
TOTAL LIABILITIES AND EQUITY
$
10,809,818
$
9,193,759
LAKESIDE HOLDING LIMITED
CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
For the Three Months Ended
September 30,
2024
2023
Revenue from third party
$
3,599,787
$
4,054,287
Revenue from related parties
481,767
94,189
Total revenue
4,081,554
4,148,476
Cost of revenue from third party
2,994,285
2,905,597
Cost of revenue from related parties
564,730
595,336
Total cost of revenue
3,559,015
3,500,933
Gross profit
522,539
647,543
Operating expenses:
General and administrative expenses
1,837,206
855,778
Loss from deconsolidation of a subsidiary
–
73,151
Provision of allowance for expected credit loss
12,837
52,122
Total operating expenses
1,850,043
981,051
Loss from operations
(1,327,504)
(333,508)
Other income (expense):
Other income, net
109,788
46,949
Interest expense
(28,110)
(22,785)
Total other income, net
81,678
24,164
Loss before income taxes
(1,245,826)
(309,344)
Income taxes expense (recovery)
89,581
(2,059)
Net loss and comprehensive loss
(1,335,407)
(307,285)
Net loss attributable to non-controlling interest
–
(3,025)
Net loss attributable to common stockholders
(1,335,407)
(304,260)
Other comprehensive loss
Foreign currency translation gain
12,993
3,122
Comprehensive loss
(1,322,414)
(304,163)
Less: comprehensive loss attributable to non-controlling interest
–
(3,119)
Comprehensive loss attributable to the common shareholders
$
(1,322,414)
$
(301,044)
Loss per share – basic and diluted
$
(0.18)
$
(0.05)
Weighted average shares outstanding – basic and diluted*
7,500,000
6,000,000
LAKESIDE HOLDING LIMITED
CONDENSSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Three Months Ended
September 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(1,335,407)
$
(307,285)
Adjustments to reconcile net loss to net cash provided by operating
activities:
Depreciation – G&A
17,995
17,995
Depreciation – cost of revenue
18,164
18,165
Amortization of operating lease assets
466,723
219,571
Depreciation of right-of-use finance assets
7,595
7,332
Provision of allowance for expected credit loss
12,837
52,122
Deferred tax expense (benefit)
89,581
(2,059)
Loss from derecognition of shares in subsidiary
–
73,151
Changes in operating assets and liabilities:
Accounts receivable – third parties
282,864
(138,491)
Accounts receivable – related parties
257,924
(65,995)
Contract assets
88,205
26,213
Due from related parties
(77,812)
49,182
Prepayment, other deposit
(176,572)
2,623
Accounts payables – third parties
(402,895)
133,904
Accounts payables – related parties
(156,850)
141,213
Accrued expense and other payables
(24,876)
37,739
Operating lease liabilities
(470,260)
(225,023)
Net cash (used in) provided by operating activities
(1,402,784)
40,357
Cash flows from investing activities:
Payment made for investment in other entity
–
(29,906)
Net cash outflow from deconsolidation of a subsidiary (Appendix A)
–
(48,893)
Prepayment for system installation
(32,507)
–
Acquisition of property and equipment
(5,772)
–
Net cash used in investing activities
(38,279)
(78,799)
Cash flows from financing activities:
Proceeds from loans
–
225,000
Repayment of loans
(265,456)
(122,137)
Repayment of equipment and vehicle loans
(27,990)
(29,678)
Principal payment of finance lease liabilities
(7,632)
(6,425)
Proceeds from initial public offering, net of share issuance costs
5,351,281
–
Advanced to related parties
(126,227)
–
Repayment to shareholders
(879,574)
–
Net cash provided by financing activities
4,044,402
66,760
Effect of exchange rate changes on cash and cash equivalents
12,386
3,216
Net decrease in cash and cash equivalent
2,615,725
31,534
Cash and cash equivalent, beginning of the period
123,550
174,018
Cash and cash equivalent, end of the period
$
2,739,275
$
205,552
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid for income tax
$
—
$
—
Cash paid for interest
$
6,274
$
6,462
SUPPLEMENTAL SCHEDULE OF NON-CASH IN FINANCING
ACTIVITIES
Deferred offering costs within due to shareholders
$
—
$
230,000
NON-CASH ACTIVITIES
Right of use assets obtained in exchange for operating lease
obligations
$
1,244,140
$
—
Right of use assets obtained in exchange for finance lease obligation
$
—
$
—
APPENDIX A – Net cash outflow from deconsolidation of a
subsidiary
Working capital, net
$
29,812
Investment in other entity recognized
(15,741)
Elimination of NCl at deconsolidation of a subsidiary
10,187
Loss from deconsolidation of a subsidiary
(73,151)
Cash
$
(48,893)
View original content:https://www.prnewswire.com/news-releases/lakeside-holding-provides-first-quarter-of-fiscal-year-2025-results-302307095.html
SOURCE Lakeside Holding Limited
The Home of Herk Nation A Highlight Of AFLive’s “Base Bites” an Original Streaming Series
Cisco to Participate in RBC Conference
LAKESIDE HOLDING PROVIDES FIRST QUARTER OF FISCAL YEAR 2025 RESULTS
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days agoWalletConnect Foundation and Reown establish UX standards framework
-
Near Videos5 days ago[REDACTED] Day 2 | NEAR is the Blockchain for AI
-
Technology3 days agoXChange TEC.INC RECEIVES NASDAQ MINIMUM BID PRICE DEFICIENCY NOTICE
-
Technology3 days agoAspen Aerogels, Inc. to Present at the Barclays 15th Annual Global Automotive and Mobility Tech Conference
-
Technology3 days ago3rd Global Sustainable Rice Conference and Exhibition – Transforming Food, Climate, and People
-
Technology3 days agoMedcrypt Expands Strategic Partnerships with BioT, Extra Security, RTI and Stratigos Security to Enhance Cybersecurity in Medical Devices
-
Coin Market5 days agoBitcoin’s move to $80,000 could trigger a rally in ETH, SOL, SUI, and AAVE
-
Technology3 days agoCybersecurity Market to Surge by USD 107.1 Billion (2024-2028), Driven by Rising Mobile Device Usage, AI-Driven Report Highlights Evolving Market Landscape – Technavio