Technology

ELBIT SYSTEMS REPORTS SECOND QUARTER 2024 RESULTS

Published

4 months ago

August 14, 2024

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

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

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 %

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

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

kobi.kagan@elbitsystems.com

Dr. David Ravia, Investor Relations

Tel: +972-77-2947169

david.ravia@elbitsystems.com

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)

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)

Net cash used in investing activities

(112,920)

(133,563)

(210,600)

CASH FLOWS FROM FINANCING ACTIVITIES

Issuance of shares

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)

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

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.

Technology

PURE POWER FOR ALL–VAPORESSO’s Global Movement to Drive Clean Energy Solutions and Sustainable Living

Published

3 hours ago

December 25, 2024

SHENZHEN, China, Dec. 24, 2024 /PRNewswire/ — On December 2nd, VAPORESSO proudly launched its PURE POWER FOR ALL global ECO-Empowerment initiative—a powerful testament to its commitment to advancing clean energy solutions and promoting sustainable lifestyles worldwide. Anchored by the revolutionary ECO NANO SOLAR and the forward-thinking PURE POWER ACTION movement, this initiative seamlessly integrates cutting-edge technological innovation with impactful social action. Together, these efforts mark a pivotal step in the global transition toward clean energy and a more sustainable future.

ECO NANO SOLAR—Revolutionizing Sustainable Vaping in the Industry

At the heart of this initiative lies the industry’s first solar-powered open-system vape—ECO NANO SOLAR. Crafted from 70% eco-conscious materials, this innovative device features a modular structure with interchangeable components, extending product life while promoting resource efficiency and long-term sustainability.

This pioneering ECO innovation combines degradable photovoltaic technology with a recyclable modular design. Its solar panel achieves remarkable light-to-electricity efficiency and is over 80% biodegradable, advancing clean energy adoption while significantly reducing environmental impact. With the ECO NANO SOLAR, VAPORESSO sets a new standard for sustainability in the vaping industry, inspiring a broader shift toward eco-conscious practices and paving the way for a greener future in vaping and beyond.

PURE POWER ACTION: Bridging Online Engagement with Real-World Impact

The PURE POWER ACTION movement, as a key part of the PURE POWER FOR ALL initiative, engages participants worldwide through a series of interactive online activities designed to build momentum for clean energy advocacy. From simple actions like clicking to show support to vibrant community discussions on sustainable living, each activity amplifies the reach of this global movement. Together, these efforts inspire eco-friendly habits, encourage the exchange of ideas, and foster collective commitment through initiatives like the Pure Living Proposal. By empowering individuals to take small, meaningful steps, the movement unites participants in creating a ripple effect of change that transcends geographic boundaries, all while boosting the Pure Power Level—a key measure of progress.

As the Pure Power Level reaches new milestones, the initiative transitions from online engagement to tangible offline impact. Clean energy solutions, including solar-powered innovations, are introduced into vape stores worldwide, offering users hands-on opportunities to experience the convenience and benefits of renewable power sources. These offline activities, supported by the collective efforts of participants, not only bring sustainability to the forefront of the vaping industry but also demonstrate how individual contributions can culminate in meaningful, real-world changes. Through this seamless integration of online and offline efforts, VAPORESSO underscores the importance of unified action in driving the global transition toward a brighter tomorrow.

A Greener Tomorrow Begins Today

With PURE POWER FOR ALL, VAPORESSO demonstrates how ECO innovation and forward-thinking movement can lead to meaningful global impact. The groundbreaking ECO NANO SOLAR stands as a powerful benchmark for ECO innovation, inspiring the adoption of cleaner, more responsible practices in the vaping industry. At the same time, the PURE POWER ACTION initiative fosters a ripple effect of positive change, uniting individuals and communities in a shared mission to embrace sustainable living and advance clean energy solutions. Together, through collective effort and shared commitment, VAPORESSO is not only shaping the future of the vaping industry but also contributing to a healthier, more sustainable world.

For more details about the PURE POWER FOR ALL movement and ECO NANO SOLAR, please visit: https://www.vaporesso.com/activity/pure_power_for_all. Together, we create a brighter, cleaner future for all.

About VAPORESSO

VAPORESSO was founded on the belief that each action is an endeavor to achieve excellence. Our unwavering commitment to surpassing the ordinary has propelled us to become the leading vaping brand globally. We embody a vision where our technology and values merge, crafting a better, cleaner, and more enjoyable life for all.

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SOURCE VAPORESSO

Technology

SWAG, Asia’s Largest Adult Content Platform, Releases 2024 Annual Report

Published

4 hours ago

December 25, 2024

Revealing the Top 15 Searched Keywords in Asia

TAIPEI, Dec. 24, 2024 /PRNewswire/ — SWAG, Taiwan’s largest adult livestreaming platform, often known as the “Pornhub of Asia,” has released the 2024 SWAG Recap today. The report dives into the world of trending adult content, the year’s top searched keywords, and even the income of creators, sparing no details. According to the data, the top searched keyword on SWAG in 2024 was “Vietnam.” Meanwhile, two Taiwanese creators—former Army Chief Counselor “Neinei” and former Sea Dragon Frogman 177—landed in the 3rd and 6th positions as the most searched keywords thanks to their enormous social media buzz. The hashtag with the most clicks went to “Big Boobs.”

In this year’s top searched keyword ranking, “Vietnam” and Vietnamese creator Rosa (@rosababyvip) dominated the top two spots with overwhelming search volume, highlighting the loyalty of Vietnamese enjoyers of SWAG. Meanwhile, keywords like “Ex-Army Chief Counselor Neinei” and “Sea Dragon Frogman 177” maintained high visibility throughout the year, landing them in 3rd and 6th places, respectively.

Analyzing average daily login time by users from different countries, SWAG users spent 15 minutes and 56 seconds per session on average globally, 49 seconds longer than last year. Taiwan emerged as the undisputed champion with an average daily login time of 16 minutes and 21 seconds, the only country above the platform average. On the flip side, Japanese users clocked in at just 11 minutes and 25 seconds, becoming the quickest to reach post-nut clarity. Notably, Vietnamese users soared from last year’s last place to the 4th longest with their online duration time, surpassing users from Singapore and the U.S.

Among SWAG’s nearly 200 hashtags, “Big Boobs” reclaimed its crown from last year’s champion, “Schoolgirl,” becoming the most searched hashtag of the year. “Schoolgirl” fell to 4th, edged out by “Gangbang.” Surprisingly, the long-beloved tag “Creampie” dropped to its record-low position, only ranking 9th.

SWAG noted that nearly 5,000 new creators joined this year, with 40% hailing from Vietnam, making it the country with the most new creators, followed by Taiwan. Among the talents, luna (@rouav) and Jolly (@jollyntr) were crowned as the most popular creator and best newcomer respectively! After a brief hiatus, Luna made a strong comeback by captivating fans with her “natural melons,” “S-line waist,” “perky booties,” and “flawless legs.” Her popularity skyrocketed by 891 spots, earning her the title of SWAG’s Most Popular Creator 2024. The best newcomer, Jolly, who only joined SWAG less than a year ago, gained immense popularity for her housewife aesthetic and NTR-themed content. Fans of the married lady buzzed over her livestreams and videos, where her husband reportedly has been watching helplessly behind the camera, further fueling her meteoric rise.

In other creator data, SWAG’s “Fan Following Clock” is ticking faster than ever! On average, a creator gains a new follower every 5.7 seconds on the platform. Additionally, 8.8% of new creators earn USD 30,000 in less than four months, with Betty (@bettyqueen) achieving this milestone in just three weeks, making her the fastest-earning newcomer of 2024.

Does SWAG make creators rich? The numbers prove everything. This year, Shirley (@shirleybebe) posted a story, which was unlocked by over 3,000 users within 48 hours, earning her approximately $1,500 instantly as the post became the most profitable story of 2024. Best Newcomer Jolly also delivered impressive results. After debuting in May, one of her long videos attracted over 2,000 viewers, earning her $17,000 just from that one single upload.

When it comes to SWAG’s most lucrative money-making features, livestreaming and private messaging definitely top the list. For example, when Grape (@stellajs) hosted her birthday livestream this year, she generated USD 37,000 in just three hours. Meanwhile, Nini Baby (@ninibaby), well-known for her private chats, sent 380,000 text messages to users this year, receiving 85,000 replies and countless chat gifts. Her private messaging income alone earned a staggering USD 490,000 in revenue, a 17% increase from last year, securing her throne as SWAG’s Queen of private chat.

《2024 SWAG Recap》: https://swag.live/blog/en/swag_2024_recap/

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SOURCE SWAG

Technology

Higer New V Series, Leading Bus New Trend

Published

5 hours ago

December 25, 2024

SUZHOU, China, Dec. 24, 2024 /CNW/ — In November 2024, Higer New V Series buses officially launched in the Philippines, this batch of electric buses was the first batch of new energy buses introduced by the Philippines and put into commercial operation. And it has aroused extensive attentions and heated discussions from the Philippines local government, media and people.

Higer New V Series products were launched globally in March 2024, and then made a stunning debut at the Higer Global Partners Conference. The New V-series products with a new shape and a new platform are committed to creating new classic models with high quality, high safety and high intelligence.

In 3 years, more than 1000 people participated in the process of R&D, a one-time investment of more than 100 million yuan was made in the R&D and manufacturing of key components, equipment, tooling, molds, inspection tools, verification of components and vehicle, achieving comprehensive innovation, realizing a significant improvement in product quality and reliability, maintenance convenience and customer experience. Measuring from 8 to 13 meters in length, they can be powered by fossil fuels, electricity, hydrogen, etc. and are readily adaptable for the tourist transportation market, urban public transportation market, etc. The luggage compartment volume is 21.6% greater than similar products, the seating space is 50mm larger, and the middle aisle is 30mm wider. The overall component universality rate was greatly improved by the platform, modular, and universal design concept, and the number of component types decreased by 58%.

It is worth mentioning that Higer is committed to creating a technological experience, redefining the domain-centralized electronic and electrical architecture, and Higer launched the industry’s first mass-produced intelligent cabin. It will help the driver concentrate on driving. The new model provides a mobile phone control interface, drivers and tour guides can control lighting, multimedia, air conditioning, etc. through app. In addition, the intelligent cabin can be customized according to the operational needs of the transport company, realizing intelligent dispatching, intelligent charging, intelligent maintenance, AI interaction, and human-computer interaction.

So far, Higer new V series coaches have already received orders from more than 20 countries like Italy, Qatar, UAE, Saudi Arabia, Algeria and etc., showing a fast rising popularity in the international market.

Higer new V series are committed to providing customers with new “classic models” with better quality, higher efficiency, achieving sustainable development and exploring more possibilities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/higer-new-v-series-leading-bus-new-trend-302339047.html

SOURCE HIGER