Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of May 2019
_______________________
Commission File Number 000-28998
ELBIT SYSTEMS LTD.
(Translation of Registrant’s Name into English)
Advanced Technology Center, P.O.B. 539, Haifa 3100401, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x     Form 20-F            o    Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: o

o     Yes                x    No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______________






Attached hereto as Exhibit 1 and incorporated herein by reference is the Registrant’s press release dated May 28, 2019.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
ELBIT SYSTEMS LTD.
(Registrant)
 
By:
/s/ Ronit Zmiri
 
 
Name:
Ronit Zmiri
 
Title:
Corporate Secretary
Date: May 28, 2019






EXHIBIT INDEX
Exhibit No.
Description
 
1.
May 28, 2019





Exhibit
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ELBIT SYSTEMS REPORTS
FIRST QUARTER 2019 RESULTS

Backlog of orders at $9.7 billion; Revenues at $1,022 million;
Non-GAAP net income of $66 million; GAAP net income of $50 million; Non-GAAP net EPS of $1.54; GAAP net EPS of $1.18

Haifa, Israel, May 28, 2019 – Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended March 31, 2019.

In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.


 

Management Comment:

 
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “The results of the first quarter of 2019 mark the first full quarter that includes the results of IMI. I am pleased with our results, especially the 25% growth in revenue with a well-diversified global presence in which our major geographic regions grew on an absolute basis. Our economies of scale enabled us to maintain a similar level of operating margins despite lower gross margins following the IMI acquisition. The significant increase in our backlog and the progress in the integration of IMI into the Company, support our long-term growth potential.”



First quarter 2019 results:

Revenues in the first quarter of 2019 were $1,021.7 million, as compared to $818.5 million in the first quarter of 2018. The strong growth was mainly driven by the consolidation of IMI and Universal performance in the first quarter of 2019.

Non-GAAP (*) gross profit amounted to $283.4 million (27.7% of revenues) in the first quarter of 2019, as compared to $239.8 million (29.3% of revenues) in the first quarter of 2018. GAAP gross profit in the first quarter of 2019 was $277.6 million (27.2% of revenues), as compared to $235.4 million (28.8% of revenues) in the first quarter of 2018.

Research and development expenses, net were $77.4 million (7.6% of revenues) in the first quarter of 2019, as compared to $68.2 million (8.3% of revenues) in the first quarter of 2018.


_____________
* see page 3

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Marketing and selling expenses, net were $71.8 million (7% of revenues) in the first quarter of 2019, as compared to $68.2 million (8.3% of revenues) in the first quarter of 2018.

General and administrative expenses, net were $53.6 million (5.2% of revenues) in the first quarter of 2019, as compared to $35.7 million (4.4% of revenues) in the first quarter of 2018.

Other operating income, net was $1.2 million in the first quarter of 2019, due to a gain resulting from an investment and remeasurement of the Company in a subsidiary.

Non-GAAP(*) operating income was $84.0 million (8.2% of revenues) in the first quarter of 2019, as compared to $69.4 million (8.5% of revenues) in the first quarter of 2018. GAAP operating income in the first quarter of 2019 was $76.0 million (7.4% of revenues), as compared to $63.3 million (7.7% of revenues) in the first quarter of 2018.

Financial expenses, net were $13.9 million in the first quarter of 2019, as compared to $10.2 million in the first quarter of 2018. Financial expenses, net in the first quarter of 2019, include exchange rate differences of approximately $9.3 million related to the recognition of lease liabilities denominated in foreign currencies (mainly in New Israeli Shekels) as a result of the adoption of ASC 842, Leases, effective January 1, 2019.

Other (expenses) income, net were $3.4 million in the first quarter of 2019, mainly due to the non-service cost components of pension plans, in accordance with ASU 2017-07.

Taxes on income were $10.1 million (effective tax rate of 17.2%) in the first quarter of 2019, as compared to $6.4 million (effective tax rate of 12.0%) in the first quarter of 2018.

Equity in net earnings of affiliated companies and partnerships was $2.2 million (0.2% of revenues) in the first quarter of 2019, as compared to $3.1 million (0.4% of revenues) in the first quarter of 2018.

Net income attributable to non-controlling interests was $0.4 million in the first quarter of 2019, as compared to $0.2 million in the first quarter of 2018.

Non-GAAP(*) net income attributable to the Company's shareholders in the first quarter of 2019 was $65.8 million (6.4% of revenues), as compared to $55.1 million (6.7% of revenues) in the first quarter of 2018. GAAP net income attributable to the Company's shareholders in the first quarter of 2019 was $50.5 million (4.9% of revenues), as compared to $49.6 million (6.1% of revenues) in the first quarter of 2018.

Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were $1.54 for the first quarter of 2019, as compared to $1.29 for the first quarter of 2018. GAAP diluted earnings per share in the first quarter of 2019 were $1.18, as compared to $1.16 for the first quarter of 2018.

The Company’s backlog of orders as of March 31, 2019 totaled $9,658 million as compared to $8,046 million as of March 31, 2018. Approximately 59% of the current backlog is attributable to orders from outside Israel. Approximately 61% of the current backlog is scheduled to be performed during 2019 and 2020.

Operating cash flow generated in the three months ended March 31, 2019 was $46.5 million, as compared to $147.9 million used in the three months ended March 31, 2018.



_____________
* see page 3


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Adoption of New Accounting Standard:

The Company adopted Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), effective January 1, 2019, using a modified retrospective transition method. Consequently, periods prior to January 1, 2019 are not restated for the adoption of ASU 2016-02.

Leases (ASC 842), as amended, requires lessees to recognize a Right of Use ("ROU") asset and lease liability on the balance sheet for most lease arrangements and expands disclosures about leasing arrangements for both lessees and lessors, among other items. We adopted ASU 2016-02 using the optional transition method whereby we applied the new lease requirements under ASU 2016-02 through a cumulative-effect adjustment.
 
We recognized approximately $370 million of ROU operating lease assets and lease liabilities as a result of adopting this standard. As part of our adoption, we elected all of the available practical expedients with the exception of the practical expedient permitting the use of hindsight when determining the lease term and assessing impairment of ROU assets. The adoption of the standard increased our financial expenses in the first quarter of 2019, in the amount of $9.3 million as a result of exchange rate differences on lease liabilities denominated in foreign currencies (mainly NIS). The comparative periods have not been restated for the adoption of ASU 2016-02.



* Non-GAAP financial data:

The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.

The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, the Company factors out items such as those that have a non-recurring impact on the income statements, various non-cash items, including significant exchange rate differences, significant effects of retroactive tax legislation and changes in accounting guidance and other items, which in management's judgment, are items that are considered to be outside of the review of core operating results.

In the Company's non-GAAP presentation, the Company made certain adjustments, as indicated in the table below.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.

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Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
(US Dollars in millions)

 
Three Months Ended 
 March 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2018
 
 
 
 
 
 
GAAP gross profit
$
277.6

 
$
235.4

 
$
976.2

Adjustments:
 
 
 
 
 
Amortization of purchased intangible assets
5.8

 
4.4

 
19.1

Expenses related to IMI acquisition

 

 
66.6

Non-GAAP gross profit
$
283.4

 
$
239.8

 
$
1,061.9

Percent of revenues
27.7
%
 
29.3
%
 
28.8
%
 
 
 
 
 
 
 
 
 
 
 
 
GAAP operating income
$
76.0

 
$
63.3

 
$
292.8

Adjustments:
 
 
 
 
 
Amortization of purchased intangible assets
9.2

 
6.1

 
26.5

Expenses related to IMI acquisition

 

 
66.8

Gain from changes in holdings
(1.2
)
 

 
(45.4
)
Non-GAAP operating income
$
84.0

 
$
69.4

 
$
340.7

Percent of revenues
8.2
%
 
8.5
%
 
9.2
%
 
 
 
 
 
 
 
 
 
 
 
 
GAAP net income attributable to Elbit Systems’ shareholders
$
50.5

 
$
49.6

 
$
206.7

Adjustments:
 
 
 
 
 
Amortization of purchased intangible assets
9.2

 
6.1

 
26.5

Expenses related to IMI acquisition

 

 
66.8

Impairment of investment

 

 
17.6

Exchange rate differences (*)
8.5

 
0.2

 
3.4

Gain from changes in holdings
(1.2
)
 

 
(45.4
)
Related tax benefits
(1.2
)
 
(0.8
)
 
(8.1
)
Non-GAAP net income attributable to Elbit Systems' shareholders
$
65.8

 
$
55.1

 
$
267.5

Percent of revenues
6.4
%
 
6.7
%
 
7.3
%
 
 
 
 
 
 
 
 
 
 
 
 
GAAP diluted net EPS
$
1.18

 
$
1.16

 
$
4.84

Adjustments, net
0.36

 
0.13

 
1.42

Non-GAAP diluted net EPS
$
1.54

 
$
1.29

 
$
6.26


(*) Exchange rate differences in the first quarter of 2019 included exchange rate differences of $ 9.3 million on lease contracts as a result of the implementation of ASC 842, effective as of January 1, 2019, as well as other assets and liabilities denominated in non U.S. dollars.


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Recent Events:

On March 27, 2019, the Company announced that it was awarded an approximately $125 million (approximately NIS 460 million) contract from the Israeli Ministry of Defense to supply fully automatic self-propelled howitzer gun systems to the Israeli Defense Forces. The contract, which also includes the supply of training simulators, will be performed over a 12-year period.

On April 5, 2019, the Company announced that its U.S. subsidiary, Elbit Systems of America, LLC, signed a definitive agreement with Harris Corporation ("Harris") for the acquisition of Harris’ Night Vision business for a purchase price of $350 million. The transaction is conditioned on completion of Harris' proposed merger with L3 Technologies, Inc, as well as customary closing conditions, including receipt of regulatory approvals.

On April 9, 2019, the Company announced that it obtained the commitment of several institutional investors in Israel to purchase 1,408,921 ordinary shares of the Company, par value 1.0 New Israeli Shekel ("NIS") per share (the "Offered Shares"), at a purchase price per Offered Share of approximately NIS 472 (approximately $132 million), for gross proceeds of approximately NIS 665 million (approximately $186 million). The Offered Shares were held by the Company as treasury shares.

On April 11, 2019, the Company announced that it was awarded an approximately $30 million contract to supply STYLET, a precise Guided Mortar Munition to a country in Asia-Pacific. The contract will be performed over a two-year period.

On May 26, 2019 , the Company announced that it was awarded a $127 million contract to supply vehicular tactical radio systems to the Army of a country in South Asia. The contract will be performed over a three-year period.

Dividend:

The Board of Directors declared a dividend of $0.44 per share for the first quarter of 2019. The dividend’s record date is June 7, 2019. The dividend will be paid from income generated as Preferred Income (as defined under Israel tax laws), on June 24, 2019, net of taxes and levies, at the rate of 20%.

Conference Call:

The Company will be hosting a conference call on Tuesday, May 28, 2019 at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.

To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Numbers: 1 888 407 2553
Canada Dial-in Numbers: 1 888 604 5839
UK Dial-in Number: 0 800 917 5108
ISRAEL Dial-in Number: 03 918 0610
INTERNATIONAL Dial-in Number: +972 3 918 0610

at: 9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm Israel Time

This call will also be broadcast live on Elbit Systems’ web-site at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.

Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:

1 888 782 4291 (US and Canada) or +972 3 925 5925 (Israel and International).

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About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of airborne, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com or follow us on Twitter.

Attachments:

Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by geographical regions

Company Contact:

Joseph Gaspar, Executive VP & CFO
Tel: +972-772946663
j.gaspar@elbitsystems.com
David Vaaknin, VP, Head of Corporate Communications
Tel: +972-772946691
david.vaaknin@elbitsystems.com
Elbit Systems Ltd.
IR Contact: 

Ehud Helft
Kenny Green
GK Investor Relations
Tel: 1-646-201-9246
elbitsystems@gkir.com



This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1943, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements.


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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)



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ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
 
March 31, 2019
 
December 31, 2018
 
Unaudited
 
Audited
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
184,659

 
$
208,479

Short-term bank deposits and restricted deposits
12,003

 
16,447

Premises evacuation
334,125

 

Trade and unbilled receivables and contract assets, net
1,686,862

 
1,712,915

Other receivables and prepaid expenses
194,039

 
199,148

Inventories, net
1,214,498

 
1,141,996

Total current assets
3,626,186

 
3,278,985

 
 
 
 
Investments in affiliated companies and partnerships and other companies
196,481

 
196,180

Long-term trade and unbilled receivables and contract assets
255,284

 
297,145

Premises evacuation
39,231

 
365,436

Long-term bank deposits and other receivables
44,324

 
42,962

Deferred income taxes, net
43,220

 
42,804

Severance pay fund
295,347

 
278,732

 
873,887

 
1,223,259

 
 
 
 
Operating lease right of use assets
359,652

 

Property, plant and equipment, net
695,514

 
686,620

Goodwill and other intangible assets, net
1,285,659

 
1,261,921

Total assets
$
6,840,898

 
$
6,450,785

 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
Short-term bank credit and loans
$
167,841

 
$
208,821

Current maturities of long-term loans and Series A Notes
405,059

 
62,546

Operating lease liabilities
55,758



Trade payables
708,791

 
776,100

Other payables and accrued expenses
1,103,404

 
1,081,992

Contract liabilities
850,592

 
780,994

 
3,291,445

 
2,910,453

 
 
 
 
Long-term loans, net of current maturities
127,346

 
467,649

Series A Notes, net of current maturities
58,498

 
56,303

Employee benefit liabilities
762,006

 
736,798

Deferred income taxes and tax liabilities, net
83,738

 
78,677

Operating lease liabilities
310,234

 

Contract liabilities
118,561

 
175,890

Other long-term liabilities
182,759

 
170,607

 
1,643,142

 
1,685,924

 
 
 
 
Elbit Systems Ltd.'s equity
1,883,856

 
1,832,453

Non-controlling interests
22,455

 
21,955

Total equity
1,906,311

 
1,854,408

Total liabilities and equity
$
6,840,898

 
$
6,450,785


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ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share amount)
   
Three Months Ended 
 March 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2018
 
Unaudited
 
Audited
Revenues
$
1,021,723

 
$
818,528

 
$
3,683,684

Cost of revenues
744,101

 
583,104

 
2,707,505

Gross profit
277,622

 
235,424

 
976,179

 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
Research and development, net
77,354

 
68,185

 
287,352

Marketing and selling, net
71,832

 
68,168

 
281,014

General and administrative, net
53,640

 
35,740

 
160,348

Other operating income, net
(1,234
)
 

 
(45,367
)
Total operating expenses
201,592

 
172,093

 
683,347

Operating income
76,030

 
63,331

 
292,832

 
 
 
 
 
 
Financial expenses, net(*)
(13,925
)
 
(10,248
)
 
(44,061
)
Other (expenses) income, net
(3,430
)
 
22

 
(11,449
)
Income before income taxes
58,675

 
53,105

 
237,322

 
 
 
 
 
 
Taxes on income
(10,099
)
 
(6,362
)
 
(26,445
)
 
48,576

 
46,743

 
210,877

 
 
 
 
 
 
Equity in net earnings (losses) of affiliated companies and partnerships
2,247

 
3,134

 
(2,222
)
Net income
$
50,823

 
$
49,877

 
$
208,655

Less: net income attributable to non-controlling interests
(366
)
 
(243
)
 
(1,917
)
Net income attributable to Elbit Systems Ltd.'s shareholders
$
50,457

 
$
49,634

 
$
206,738

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Elbit Systems Ltd.'s shareholders:
 
 
 
 
Basic net earnings per share
$
1.18

 
$
1.16

 
$
4.84

Diluted net earnings per share
$
1.18

 
$
1.16

 
$
4.84

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of shares (in thousands)
 
 
 
 
 
Shares used in computation of basic earnings per share
42,753

 
42,751

 
42,753

Shares used in computation of diluted earnings per share
42,756

 
42,753

 
42,753


(*) Financial expenses in the first quarter of 2019 included exchange rate differences of $9.3 million on lease contracts as a result of the implementation of ASC 842.


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ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US dollars)
 
Three Months Ended 
 March 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2018
 
Unaudited
 
Audited
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
50,823

 
$
49,877

 
$
208,655

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
33,206

 
27,766

 
118,205

Adjustment to fair value investment

 

 
13,334

Stock-based compensation
1,090

 

 
1,387

Amortization of Series A Notes premium and related issuance costs, net
(23
)
 
(23
)
 
(92
)
Deferred income taxes and reserve, net
4,072

 
2,612

 
13,724

Loss (gain) on sale of property, plant and equipment
(459
)
 
(37
)
 
2,080

Loss (gain) on sale and revaluation of investments
116

 
620

 
(41,822
)
Equity in net earnings of affiliated companies and partnerships, net of dividend received (*)
(897
)
 
(1,845
)
 
17,929

Changes in operating assets and liabilities, net of amounts acquired:
 
 
 
 
 
Decrease (increase) in short and long-term trade and unbilled receivables and contract assets and prepaid expenses
62,262

 
22,659

 
(89,099
)
Increase in inventories, net
(72,062
)
 
(85,896
)
 
(117,221
)
Decrease in trade payables, other payables and accrued expenses
(48,830
)
 
(149,991
)
 
(89,956
)
Severance, pension and termination indemnities, net
5,126

 
1,336

 
(31,363
)
Increase (decrease) in contract liabilities
12,093

 
(14,952
)
 
185,898

Net cash provided by (used in) operating activities
46,517

 
(147,874
)
 
191,659

 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
Purchase of property, plant and equipment and other assets
(27,140
)
 
(25,267
)
 
(102,301
)
Acquisition of subsidiaries and business operations
(5,601
)
 
(4,000
)
 
(504,447
)
Investments in affiliated companies and other companies
(1,350
)
 
(350
)
 
(7,538
)
Deconsolidation of subsidiary

 

 
(2,873
)
Proceeds from sale of property, plant and equipment
983

 
233

 
4,388

Investment in long-term deposits

 
(141
)
 
(183
)
Proceeds from sale of long-term deposits

 

 
82

Investment in short-term deposits and marketable securities
(15,649
)
 
(2,835
)
 
(10,361
)
Proceeds from sale of short-term deposits and marketable securities
20,584

 
13,484

 
30,363

Net cash used in investing activities
(28,173
)
 
(18,876
)
 
(592,870
)
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from exercise of options

 
48

 
48

Repayment of long-term loans
(893
)
 
(14
)
 
(775
)
Proceeds from long-term loans

 
340,000

 
342,528

Repayment of Series A Notes

 

 
(55,532
)
Dividends paid

 

 
(75,305
)
Change in short-term bank credit and loans, net
(41,271
)
 
(114,863
)
 
242,652

Net cash (used in) provided by financing activities
(42,164
)
 
225,171

 
453,616

 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(23,820
)
 
58,421

 
52,405

Cash and cash equivalents at the beginning of the year
208,479

 
156,074

 
156,074

Cash and cash equivalents at the end of the period
$
184,659

 
$
214,495

 
$
208,479

 
 
 
 
 
 
* Dividend received from affiliated companies and partnerships
$
1,350

 
$
1,289

 
$
15,707


10


http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12930668&doc=3
 Earning Release
 
 

ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES



Consolidated Revenues by Areas of Operation:

 
Three Months Ended March 31,
 
Year Ended December 31,
 
2019
 
2018
 
2018
 
 
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Airborne systems
368.3

 
36.1
 
311.0

 
38.0
 
1,470.1

 
39.9

C4ISR systems
243.6

 
23.8
 
275.2

 
33.6
 
1,130.1

 
30.7

Land systems
303.4

 
29.7
 
114.4

 
14.0
 
649.1

 
17.6

Electro-optic systems
77.9

 
7.6
 
88.0

 
10.8
 
333.9

 
9.1

Other (mainly non-defense engineering and production services)
28.5

 
2.8
 
29.9

 
3.6
 
100.5

 
2.7

Total
1,021.7

 
100.0
 
818.5

 
100.0
 
3,683.7

 
100.0

                                                                             


Consolidated Revenues by Geographical Regions:

 
Three Months Ended March 31,
 
Year Ended December 31,
 
2019
 
2018
 
2018
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Israel
261.9

 
25.6
 
185.6

 
22.7
 
740.2

 
20.1
North America
275.6

 
27.0
 
208.7

 
25.5
 
979.2

 
26.6
Europe
196.5

 
19.2
 
152.7

 
18.7
 
737.1

 
20.0
Asia-Pacific
216.6

 
21.2
 
173.6

 
21.2
 
791.8

 
21.5
Latin America
31.8

 
3.1
 
40.2

 
4.9
 
192.4

 
5.2
Other countries
39.3

 
3.9
 
57.7

 
7.0
 
243.0

 
6.6
Total
1,021.7

 
100.0
 
818.5

 
100.0
 
3,683.7

 
100.0

                                                                                                                            


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