Technology

ELBIT SYSTEMS REPORTS SECOND QUARTER 2024 RESULTS

Published

2 years 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

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SOURCE Elbit Systems Ltd.

Technology

GSMA MWC26 Doha opens with call to align on global industry standards and close MENA’s connectivity gap

Published

8 minutes ago

November 8, 2026

Operators, technology leaders, policymakers and innovators gather in Doha today for three days of exhibition, collaboration and debate on the future of connectivity across the Middle East and North Africa

DOHA, Qatar, Nov. 8, 2026 /PRNewswire/ — MWC26 Doha, held in partnership with Qatar’s Ministry of Communications and Information Technology (MCIT), opened today at Doha Exhibition and Convention Centre (DECC), bringing together connectivity ecosystem to shape the next phase of growth for a mobile economy forecast to add $470 billion to the Middle East and North Africa by 2030.

MWC26 Doha officially opened today, in presence of His Excellency Sheikh Saoud bin Abdulrahman bin Hassan bin Ali Al Thani, Deputy Prime Minister and Minister of State for Defence Affairs. His Excellency Mr. Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, State of Qatar delivered a welcome address.

In his opening remarks, H.E. Mr. Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, said: “The second edition of MWC Doha takes place at a time when the requirements of telecommunications infrastructure are undergoing fundamental change. As artificial intelligence advances towards executing tasks through intelligent agents, the need for more resilient networks and advanced computing capabilities continues to grow. At the same time, global challenges underscore the importance of diversifying connectivity routes and ensuring service continuity.”

GSMA Director General Vivek Badrinath and ITU Secretary-General Doreen Bogdan-Martin took to the stage for a fireside chat. Mr Badrinath set out the key priorities shaping the region’s connected future, with a continued commitment to global standards keeping networks and services interoperable across markets, as well as a renewed push to extend connectivity to populations that remain offline in MENA.

Vivek Badrinath, Director General, GSMA, said: “Progress only counts if everyone shares in it. That means two things: global standards that keep networks, services and devices working across borders, and a concerted effort to connect the people who are still offline. Over the next three days, MWC Doha, alongside its co-location with ITU’s PP-26, will bring together the policy makers, innovators and industry leaders setting these standards and building these networks, to help make this vision a reality. As the ITU Plenipotentiary continues, we are confident that the enhanced dialog which our co-location has allowed will feed into the important conversations taking place.”

SOURCE GSMA

Technology

Club Offers for Travel Enthusiasts in Germany

Published

1 hour ago

November 8, 2026

BERLIN, Nov. 8, 2026 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO), the club for travel enthusiasts, announces five of many new Club Offers for Club Members in Germany.

Rigorously vetted and negotiated for us travel enthusiasts:

FROM €99 PP—HESSE: 3 DAYS AT A CASTLE HOTEL WITH DINNER IN THE KNIGHTS’ HALL
A crackling fireplace and historic suits of armor on the walls: a cozy winter evening at Staufenberg Castle. Included for us Club Members: a 3-course dinner in the Knights’ Hall, which is more than 500 years old.

€499 PP—TUSCANY: VILLA WITH COOKING CLASS & 6-COURSE DINNER
“Fantastic cooking class, wonderful wine tasting, excellent dinner.” Club Members love Villa Patriarca, which is why we’ve negotiated another offer. Save 50% for three nights in a junior suite compared to the market price.

FROM €299 PP—NEW 5-STAR HOTEL IN PORTO WITH FLIGHTS
Three nights in a prime location next to the historic city walls. Views of the Douro River from the outdoor hot tub. A special price to celebrate the opening of this boutique hotel: the offer regularly costs €580.

€89 PP—3 DAYS AT A BOUTIQUE HOTEL ON SYLT
A ship’s wheel on the wall and a historic nautical chart on the ceiling. Or Delft tiles in the bathroom and a tiger-print rug. Every room at Haus Noge is unique. In the off-season, we travel enthusiasts pay €89 instead of €267 per person.

FROM €399 PP—TURKEY: 1 WEEK ALL-INCLUSIVE WITH FLIGHTS
Relax on a sandy beach and soak up the sun at the start of the season in April. Included for Club Members: a sea-view room and all meals and drinks. There’s also a sports and entertainment program, from beach volleyball to tennis.

Are you a travel enthusiast? Join the club today: https://travelzoo.com

Who are we?
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Travelzoo
Unter den Linden 40
10117 Berlin

Media Contact:
Natalia Cwierz – Berlin
+49 30 311 975 20
ncwierz@travelzoo.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/club-offers-for-travel-enthusiasts-in-germany-302932690.html

SOURCE Travelzoo

Technology

“Pulse @ Jurong” launches as a New Digital Community Platform connecting Everyday Life across Singapore’s West

Published

2 hours ago

November 8, 2026

Developed by Jurong Point and Link Asset Management, the app extends the mall’s role beyond its physical space to serve as a digital connector for the wider community in the West.

New community-centric app brings transport updates, local discoveries, neighbourhood happenings and offers together in one place.

Built around the needs of residents, workers and visitors, with input from a focus group and closed beta involving 270 people living and working in the West.Connects people to the diversity of Jurong, bringing together everyday convenience, neighbourhood discoveries and community happenings in one platform.Jurong Point serves as the launchpad for the wider Jurong community, with future features shaped by user feedback and potential portfolio expansion.

SINGAPORE, Nov. 8, 2026 /PRNewswire/ — Pulse @ Jurong, a new community-centric digital platform developed by Jurong Point and Link Asset Management, has officially launched to bring everyday life across Singapore’s West closer together. Designed around the needs of residents, workers, students and visitors, the app connects transport information, neighbourhood businesses, local dining and retail offers, community activities and essential amenities in one convenient platform.

With Jurong Point as its starting point, Pulse @ Jurong serves the wider Jurong community, connecting people to neighbourhood businesses, services and experiences beyond the mall. The initiative reflects Jurong Point’s evolving role as a community hub and Link’s commitment to strengthening connections between its assets and the communities they serve.

Designed around everyday needs

Whether checking bus arrival times before leaving home, looking for a nearby meal, finding an upcoming community programme or discovering a relevant dining offer, users can access multiple aspects of their day through one app. Pulse brings together transport information and alerts, parking and EV-charging information, food and dining recommendations, neighbourhood amenities and services, and community events. Users can also discover eligible retail and dining offers, claim them through the app and keep them in an in-app wallet.

At launch, Pulse includes more than 470 store listings alongside local discoveries and places of interest. The app is designed for a potential Jurong West residential catchment of more than 250,000 people (this figure does not represent registered users).

Shaped with the Community, for the Community

The platform is developed with input from focus groups and closed beta involving 270 people living and working in the West over eight months, Pulse reflects feedback on transport, deals and neighbourhood discovery. This initial launch will be followed by further enhancements shaped by community feedback and actual usage. AI-assisted tools were also used to support feedback analysis and identify recurring themes.

“Access to timely and useful local information can help residents plan their day and participate more actively in community life. I hope Pulse @ Jurong will complement existing community channels and make it easier for residents to stay informed, discover activities nearby and feel more connected to the people and places around them,” said Mr Patrick Tay, Member of Parliament for Pioneer SMC and Adviser to Pioneer Grassroots Organisations.

“We began by looking at what people across Jurong need in their everyday lives, beyond what happens within the mall. Pulse is being piloted in Jurong to make local information, community activities and neighbourhood businesses easier to discover, while exploring how a digital platform can complement physical retail spaces and strengthen community connections. This is only the beginning. We will continue refining the platform and introducing new features based on feedback from residents, merchants and community partners. As we assess adoption, sustained engagement and the outcomes of this pilot, a successful model could potentially be adapted across Link’s wider portfolio,” said Mr Andy Kau, General Manager, Jurong Point.

Making Community Happenings easier to Discover

Pulse @ Jurong is intended to complement existing community and public-service channels by helping residents discover nearby events, activities and volunteer opportunities. Where available, users can follow links to the relevant organisers’ platforms to register or learn more.

Working with The Frontier and Boon Lay Community Clubs and local stakeholders, Jurong Point aims to broaden the visibility of local activities and provide another channel through which residents can connect with their community.

Supporting Local Business and strengthening the Jurong ecosystem

Beyond community information, Pulse @ Jurong creates a new digital discovery channel connecting residents and visitors with local businesses across Singapore’s West. The platform features 200 Jurong Point tenants and more than 300 neighbourhood merchants in the surrounding precincts, bringing together a diverse mix of retail, dining, services and everyday experiences in one convenient app.

Participating businesses can increase their visibility, showcase relevant offerings and engage customers through targeted promotions and campaigns. By connecting digital discovery with physical visits, the platform aims to encourage local spending, support neighbourhood businesses and strengthen the wider commercial ecosystem.

“For hawkers and small businesses in the neighbourhood, reaching new customers beyond our regular patrons is always important. Many residents may not be aware of the variety of food and services available just around the corner. The Jurong Point team took the time to engage us personally and guide us through how to use Pulse @ Jurong, making it easier for merchants like us to come on board. The app gives us another way to showcase what we offer, reach new customers and encourage more people to explore and support local businesses. It is encouraging to see Jurong Point extending its reach beyond the mall to bring the wider business community together,” said Mr Anthony Low Hock Kee, Vice President of The Federation of Merchants’ Associations, Singapore, and owner of Xin Sheng Ngoh Hiong Prawn Cracker at Boon Lay Place Food Village.

“Many neighbourhood merchants rely on word-of-mouth and returning customers, but there is often a wider audience nearby that may not be aware of what local businesses have to offer. Pulse @ Jurong provides a valuable platform for merchants to increase their visibility and connect with more residents in the community. Beyond supporting local businesses, it also helps bring people closer to the activities, services and experiences available in the neighbourhood. We are encouraged to see Jurong Point extending its role beyond the mall to strengthen connections across the wider Jurong community,” said Mr Kuek Chiew Peng, BBM(L) Chairman, Boon Lay Merchants’ Association for Boon Lay Shopping Centre.

Through its tenant relationships, on-site touchpoints and engagement with local merchants, Jurong Point is helping connect the mall with the wider Jurong community.

The launch also marks an important step in Link’s approach to digital placemaking, exploring how technology can complement physical retail assets, deepen customer engagement and create measurable value for tenants and community partners. Insights from adoption, usage and merchant participation will guide the platform’s continued development and potential expansion.

Discover More of the West with Pulse @ Jurong

To celebrate the launch, new users who sign up for Pulse @ Jurong from 7 November 2026 can enjoy dining and retail vouchers at the designated sign-up booths within Jurong Point, giving them an added incentive to discover and experience the offerings.

Adding to the excitement, users will also have the opportunity to stand a chance to win a JAECOO 6, an off-road-inspired electric SUV, as part of a launch lucky draw. Further details on participation and eligibility will be announced.

Pulse @ Jurong is available for download on the Apple App Store and Google Play Store. Residents and visitors are invited to download the app to explore real-time transport information, neighbourhood dining and retail offers, local discoveries and community happenings across Singapore’s West.

Download Pulse @ Jurong:

Apple App Store: https://apps.apple.com/sg/app/id6770556908
Google Play Store: https://play.google.com/store/apps/details?id=com.mll.pls

Stay connected with Pulse @ Jurong:

Follow Pulse @ Jurong on Facebook and Instagram for the latest neighbourhood discoveries, community happenings, exclusive offers and updates on upcoming activities.

Facebook: https://www.facebook.com/pulseatjurong/
Instagram: https://www.instagram.com/pulseatjurong/

Everyday Information in One Place

Pulse @ Jurong enables users to:

Plan their journeys
Access transport information and alerts, including bus arrival timings, traffic and train alerts, parking availability and EV-charging information.Discover what is nearby
Browse store listings, alongside local food and dining recommendations, neighbourhood amenities, services and places of interest across Pioneer, Jurong and nearby areas.Stay connected with the community
Discover upcoming community events, programmes and volunteer opportunities, with direct links to the relevant platforms for users to register their interest.Access relevant offers
Discover retail and dining offers, claim them through the app and store them in the in-app wallet.

About Pulse @ Jurong

Pulse @ Jurong is a community-centric digital platform developed by Jurong Point and Link Asset Management Limited to connect people, places, businesses and everyday experiences across Singapore’s West.

Designed for residents, workers, students and visitors, the app brings together real-time transport information, neighbourhood discoveries, dining and retail offers, local amenities and community happenings in one convenient platform. It also provides a digital discovery channel for Jurong Point tenants and neighbourhood merchants, helping local businesses connect with customers and encouraging greater participation in the local economy.

For more information about Pulse @ Jurong, please visit https://www.pulseatjurong.com.sg/

About Jurong Point

With 750,000 square feet of lettable space, Jurong Point is one of Singapore’s largest suburban lifestyle destination for shoppers in Singapore. Strategically located in the western part of Singapore and connected to Boon Lay MRT and Bus Interchange, the mall attracts an average footfall of 5.6 million visits a month.

Jurong Point is also home to a number of thematic precincts, such as, Japanese Food Street and Mongkok streets. The mall aims to meet shoppers’ diverse needs with anchor tenants like FairPrice Xtra, Harvey Norman, Kopitiam, Malaysia Boleh, Don Don Donki and more than 400 retail and food & beverage outlets that offer a dazzling array of merchandise, services and culinary delights.

Apart from being a retail destination, it also shares its space with a large cluster of 11 community and civic institutions, such as SAGE, AMP, TARA and My First Skool. The mall not only serves a 250,000 residential population but a 100,000 PMET Workforce as well within its 5 kilometre radius.

For more information about Jurong Point, please visit https://sg.linkreit.com/malls/jurong-point/

About Link Asset Management Limited

Link Asset Management Limited (Link) is a leading, independent, and fully integrated real estate investor and manager focusing on the APAC region. It manages Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823), the largest REIT in Asia, and its real estate investment portfolio. Link also aims to leverage its investment management capabilities to serve as a trusted investment manager to capital partners through its business line, Link Real Estate Partners.

Building on its strong track record over almost two decades, Link targets to deliver resilient returns and growth to its unitholders. Link offers a “REIT plus” investment case through its strategic focus on diversifying the Link REIT Portfolio across geographies and asset classes in APAC and expanding its investment management business.

Link aspires to be the trusted partner in APAC real estate sector for unitholders, capital partners, tenants, and the wider communities it serves.

For more information about Link, please visit https://www.laml.com/en/

Chinese Translations

Jurong Point 裕廊坊

Link Asset Management Limited 领展资产管理有限公司

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/pulse–jurong-launches-as-a-new-digital-community-platform-connecting-everyday-life-across-singapores-west-302932680.html

SOURCE Jurong Point and Link Asset Management