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SEC Filings
6-K
ELBIT SYSTEMS LTD filed this Form 6-K on 11/14/2017
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 Earning Release
 
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ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US dollars)
 
Nine Months Ended 
 September 30,
 
Year Ended
December 31,
 
2017
 
2016
 
2016
 
Unaudited
 
Audited
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
170,692

 
$
170,994

 
$
238,808

Adjustments to reconcile net income to net cash provided by operating activities:


 


 
 
Depreciation and amortization
84,884

 
89,186

 
122,888

Write-off impairment on marketable securities

 

 
86

Stock-based compensation
13

 
58

 
70

Amortization of Series A Notes premium and related issuance costs, net
(69
)
 
(69
)
 
(92
)
Deferred income taxes and reserve, net
6,920

 
15,210

 
2,683

Gain on sale of property, plant and equipment
(2,101
)
 
(3,777
)
 
(3,347
)
Loss (gain) on sale and revaluation of investments, net
635

 
(16,752
)
 
(16,734
)
Equity in net earnings of affiliated companies and partnerships, net of dividend received (*)
(6,560
)
 
(5,855
)
 
(1,728
)
Changes in operating assets and liabilities, net of amounts acquired:


 


 
 
Increase in short and long-term trade receivables and prepaid expenses
(272,320
)
 
(268,833
)
 
(297,439
)
Increase in inventories, net
(82,674
)
 
(59,561
)
 
(8,040
)
Increase (decrease) in trade payables, other payables and accrued expenses
(57,985
)
 
121,861

 
253,413

Severance, pension and termination indemnities, net
(554
)
 
1,332

 
315

Increase (decrease) in advances received from customers
19,134

 
(75,248
)
 
(82,881
)
Net cash provided by (used in) operating activities
(139,985
)
 
(31,454
)
 
208,002

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
Purchase of property, plant and equipment and other assets
(78,136
)
 
(99,936
)
 
(124,221
)
Acquisition of subsidiaries and business operations
(25,440
)
 

 

Investments in affiliated companies and other companies
(1,078
)
 
(19,277
)
 
(19,277
)
Deconsolidation of subsidiary

 
(1,538
)
 
(1,538
)
Proceeds from sale of property, plant and equipment
4,932

 
12,514

 
15,745

Proceeds from sale of investments
12,067

 

 

Investment in long-term deposits
(717
)
 
(109
)
 
(417
)
Proceeds from sale of long-term deposits
175

 
661

 
894

Investment in short-term deposits and marketable securities
(23,746
)
 
(24,530
)
 
(25,622
)
Proceeds from sale of short-term deposits and marketable securities
28,139

 
32,146

 
36,619

Net cash used in investing activities
(83,804
)
 
(100,069
)
 
(117,817
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from exercise of options
119

 
488

 
505

Repayment of long-term loans
(166,879
)
 
(48,250
)
 
(48,250
)
Proceeds from long-term loans
118,615

 

 

Repayment of Series A Notes
(55,532
)
 
(55,532
)
 
(55,532
)
Dividends paid
(56,475
)
 
(51,336
)
 
(68,447
)
Change in short-term bank credit and loans, net
285,186

 
149,062

 
5,027

Net cash provided by (used in) financing activities
125,034

 
(5,568
)
 
(166,697
)
Net decrease in cash and cash equivalents
(98,755
)
 
(137,091
)
 
(76,512
)
Cash and cash equivalents at the beginning of the year
222,810

 
299,322

 
299,322

Cash and cash equivalents at the end of the period
$
124,055

 
$
162,231

 
$
222,810

 
 
 
 
 
 
* Dividend received from affiliated companies and partnerships
$
3,358

 
$

 
$
3,496


10


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