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ELBIT SYSTEMS REPORTS THIRD QUARTER 2024 RESULTS

Published

2 years ago

on

Order backlog at $22.1 billion; Revenues of $1.7 billion;
Non-GAAP net income of $99 million; GAAP net income of $79 million;
Non-GAAP net EPS of $2.21; GAAP net EPS of $1.77 

HAIFA, Israel, Nov. 19, 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 third quarter ended September 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 reports a strong quarter, with substantial growth across key performance measures exceeding our internal goals, while meeting our customers’ needs in Israel and worldwide. The Company’s order backlog, which hit a record high of over $22 billion, provides stability and resilience for the Company for years to come, as our investments in R&D create strong foundations for long-term growth and development. Our highly regarded solutions and products are experiencing high demand. This consistent growth reflects the quality and excellence driven by our dedicated and outstanding employees in Israel and in our subsidiaries around the world.”

Third quarter 2024 results:

Revenues in the third quarter of 2024 were $1,717.5 million, as compared to $1,501.6 million in the third quarter of 2023.

Aerospace revenues increased by 7% in the third quarter of 2024, as compared to the third quarter of 2023 mainly due to increased UAS sales in Israel. C4I and Cyber revenues increased by 13% in the third quarter of 2024 mainly due to radio systems and command and control systems sales. ISTAR and EW revenues increased by 13% mainly due to Electronic Warfare and Electro-Optic systems sales. Land revenues increased by 24% due to the increase in ammunition and munition sales in Israel. Elbit Systems of America revenues increased by 17% due to the increase in night-vision systems and medical instrumentation sales.

For distribution of revenues by segments and geographic regions see the tables on page 12.

Non-GAAP(*) gross profit amounted to $419.4 million (24.4% of revenues) in the third quarter of 2024, as compared to $374.2 million (24.9% of revenues) in the third quarter of 2023. GAAP gross profit in the third quarter of 2024 was $412.8 million (24.0% of revenues), as compared to $367.2 million (24.5% of revenues) in the third quarter of 2023.

Research and development expenses, net were $119.9 million (7.0% of revenues) in the third quarter of 2024, as compared to $103.3 million (6.9% of revenues) in the third quarter of 2023.

Marketing and selling expenses, net were $91.3 million (5.3% of revenues) in the third quarter of 2024, as compared to $86.0 million (5.7% of revenues) in the third quarter of 2023.

General and administrative expenses, net were $75.7 million (4.4% of revenues) in the third quarter of 2024, as compared to $71.8 million (4.8% of revenues) in the third quarter of 2023.

Non-GAAP(*) operating income was $140.7 million (8.2% of revenues) in the third quarter of 2024, as compared to $120.0 million (8.0% of revenues) in the third quarter of 2023. GAAP operating income in the third quarter of 2024 was $125.8 million (7.3% of revenues), as compared to $106.1 million (7.1% of revenues) in the third quarter of 2023.

Financial expenses, net were $45.0 million in the third quarter of 2024, as compared to $35.7 million in the third quarter of 2023.

Taxes on income were $12.8 million in the third quarter of 2024, as compared to $10.0 million in the third quarter of 2023.

Non-GAAP(*) net income attributable to the Company’s shareholders in the third quarter of 2024 was $98.8 million (5.8% of revenues), as compared to $76.5 million (5.1% of revenues) in the third quarter of 2023. GAAP net income attributable to the Company’s shareholders in the third quarter of 2024 was $79.1 million (4.6% of revenues), as compared to $60.7 million (4.0% of revenues) in the third quarter of 2023.

Non-GAAP(*) diluted net earnings per share attributable to the Company’s shareholders were $2.21 for the third quarter of 2024, as compared to $1.71 for the third quarter of 2023. GAAP diluted earnings per share attributable to the Company’s shareholders in the third quarter of 2024 were $1.77, as compared to $1.36 in the third quarter of 2023.

The Company’s order backlog as of September 30, 2024 totaled $22.1 billion. Approximately 66% of the current backlog is attributable to orders from outside Israel. Approximately 37% of the backlog is scheduled to be performed during the remainder of 2024 and 2025. 

Cash flow provided by operating activities in the nine months ended September 30, 2024 was $82.5 million, as compared to cash flow used in operating activities of $200.0 million in the nine months ended September 30, 2023. The cash flow in the nine months ended September 30, 2024 was affected mainly by the increase in contract liabilities, which was offset by the increase in inventories and trade receivables.

__________                    

* 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 on many other parts of the country. Israel has also been attacked by other terrorist organizations on different fronts, including from Lebanon, which have prompted military responses from Israel on these fronts. 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 its products and solutions from the Israel Ministry of Defense (IMOD) compared to the demand levels prior to the war. The Company has also increased its support to the IMOD, mainly through deliveries of its systems and the dedicated efforts of our employees. At the same time, the Company continues its activities in the international markets with the support of 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 for the Company.

While the vast majority of the facilities in Israel continue to operate uninterrupted, some operations have experienced disruptions due to supply chain and operational constraints, including among others due to limitations on exports to Israel, increase of transportation costs and delays, material and component shortages, attacks by anti-Israeli organizations, the relocation of certain production lines, evacuation of employees and employee recruitment for reserve duty. The number of employees recruited was approximately 8% as of September 30, 2024, and could fluctuate depending on future developments.

Elbit Systems has taken a number of steps to protect the safety and the security of its employees in Israel and abroad, to support its increased production, to mitigate existing and potential supply chain disruptions and to maintain business continuity, including the relocation of production lines from facilities in evacuated areas to alternative facilities; recruitment of additional employees; increased monitoring of global supply chains to identify delays, shortages and bottlenecks; rescheduling of deliveries to certain customers as necessary; and an 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)

Nine
months
ended
September
30, 2024

Nine
months
ended
September
30, 2023

Three
months
ended
September
30, 2024

Three
months
ended
September
30, 2023

Year
ended
December
31, 2023

GAAP gross profit

$  1,176.6

$  1,100.8

$     412.8

$     367.2

$  1,483.0

Adjustments:

Amortization of purchased intangible assets(*)

14.8

20.2

4.2

6.6

27.3

Restructuring of a subsidiary’s activities

—

—

—

—

17.5

Stock based compensation

1.5

1.5

0.7

0.4

1.8

Uncompensated labor costs related to “Swords of Iron” war

6.0

—

1.7

—

4.3

Non-GAAP gross profit

$  1,198.9

$  1,122.5

$     419.4

$     374.2

$  1,533.9

Percent of revenues

24.5 %

25.8 %

24.4 %

24.9 %

25.7 %

GAAP operating income

$     347.7

$     301.5

$     125.8

$     106.1

$     369.1

Adjustments:

Amortization of purchased intangible assets(*)

26.5

32.7

8.1

10.9

43.9

Restructuring of a subsidiary’s activities

—

—

—

—

17.5

Stock based compensation

10.1

9.7

4.4

3.0

12.1

Uncompensated labor costs related to “Swords of Iron” war

8.6

—

2.4

—

6.1

Non-GAAP operating income

$     392.9

$     343.9

$     140.7

$     120.0

$     448.7

Percent of revenues

8.0 %

7.9 %

8.2 %

8.0 %

7.5 %

GAAP net income attributable to Elbit Systems’ shareholders

$     231.1

$     185.1

$        79.1

$        60.7

$     215.1

Adjustments:

Amortization of purchased intangible assets(*)

26.5

32.7

8.1

10.9

43.9

Restructuring of a subsidiary’s activities

—

—

—

—

17.5

Stock based compensation

10.1

9.7

4.4

3.0

12.1

Uncompensated labor costs related to “Swords of Iron” war

8.6

—

2.4

—

6.1

Capital gain

(2.0)

—

(2.0)

—

—

Revaluation of investment measured under fair value option

7.4

—

—

—

3.0

Non-operating foreign exchange (gains) losses

(4.2)

5.7

8.1

3.3

12.0

Tax effect and other tax items, net

(5.3)

(4.2)

(1.3)

(1.4)

(10.9)

Non-GAAP net income attributable to Elbit Systems’ shareholders   

$     272.2

$     229.0

$        98.8

$        76.5

$     298.8

Percent of revenues

5.6 %

5.3 %

5.8 %

5.1 %

5.0 %

GAAP diluted net EPS

$        5.18

$        4.15

$        1.77

$        1.36

$        4.82

Adjustments, net

0.92

0.99

0.44

0.35

1.88

Non-GAAP diluted net EPS

$        6.10

$        5.14

$        2.21

$        1.71

$        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 September 20, 2024, the Company announced that at its Annual General Meeting of Shareholders held on September 19, 2024 at the Company’s offices in Haifa, each of the proposals described in the Proxy Statement to the shareholders dated August 15, 2024, was approved by the required majority.

On October 28, 2024, the Company announced that it was awarded an approximately $200 million contract by the Israeli Ministry of Defense to supply high-power laser systems for the “Iron Beam” air defense system.

On November 5, 2024, the Company announced that it was awarded a follow-on contract of approximately $127 million to supply Iron Fist Active Protection Systems to General Dynamics Ordnance and Tactical Systems for upgrades to the U.S. Army’s Bradley M2A4E1 Infantry Fighting Vehicles. The contract will be performed over a period of 34 months.

On November 18, 2024, the Company announced that it was awarded contracts worth a total amount of approximately $335 million, to supply defense systems to a European country. The contracts include the supply of PULS™ (Precise and Universal Launching Systems) rocket launchers and rockets, as well as Hermes™ 900 Unmanned Aircraft Systems equipped with advanced payloads. The contracts will be performed over a period of three years and six months.

Dividend:

The Board of Directors declared a dividend of $0.50 per share. The dividend’s record date is December 23, 2024. The dividend will be paid on January 6, 2025, after deduction of withholding tax, at the rate of 16.8%. 

Conference Call:

The Company will be hosting a conference call today, Wednesday, November 19, 2024, at 10:00 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 10:00am Eastern Time; 7:00am Pacific Time; 5:00pm 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 September 30, 2024 approximately $1.7 billion in revenues and an order backlog of approximately $22.1 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 

Daniella Finn, VP, Investor Relations
Tel: +972-77-2948984
daniella.finn@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

September 30, 2024

As of

December 31, 2023

Assets

Cash and cash equivalents

$                    119,199

$                    197,429

Short-term bank deposits

4,169

10,518

Trade and unbilled receivables and contract assets, net

3,055,619

2,716,762

Other receivables and prepaid expenses

363,002

285,352

Inventories, net

2,822,733

2,298,019

Total current assets

6,364,722

5,508,080

Investments in affiliated companies and other companies

133,784

145,350

Long-term trade and unbilled receivables and contract assets

458,898

364,719

Long-term bank deposits and other receivables

41,435

87,648

Deferred income taxes, net

23,765

23,423

Severance pay fund

204,724

206,943

Total

862,606

828,083

Operating lease right of use assets

527,943

425,884

Property, plant and equipment, net

1,232,948

1,087,950

Goodwill and other intangible assets, net

1,858,870

1,889,585

Total assets

$              10,847,089

$                 9,739,582

Liabilities and Equity

Short-term bank credit and loans

$                    689,292

$                    576,594

Current maturities of long-term loans and Series B, C and D Notes

74,547

75,286

Operating lease liabilities

78,586

67,390

Trade payables

1,310,636

1,254,126

Other payables and accrued expenses

1,264,973

1,194,347

Contract liabilities

2,129,874

1,656,103

Total current liabilities

5,547,908

4,823,846

Long-term loans, net of current maturities

29,574

41,227

Series B, C and D Notes, net of current maturities

274,902

342,847

Employee benefit liabilities

499,656

510,416

Deferred income taxes and tax liabilities, net

62,464

55,240

Contract liabilities

618,546

354,319

Operating lease liabilities

451,930

363,100

Other long-term liabilities

288,863

298,296

Total long-term liabilities

2,225,935

1,965,445

Elbit Systems Ltd.’s equity

3,069,810

2,947,503

Non-controlling interests

3,436

2,788

Total equity

3,073,246

2,950,291

Total liabilities and equity

$              10,847,089

$                 9,739,582

 

 

ELBIT SYSTEMS LTD.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands of US Dollars, except for share and per share amounts)

Nine months
ended
September 30,
2024

Nine months
ended
September 30,
2023

Three months
ended
September 30,
2024

Three months
ended
September 30,
2023

Year ended
December 31,
2023

Revenues

$     4,897,655

$     4,348,950

$     1,717,547

$     1,501,567

$     5,974,744

Cost of revenues

3,721,036

3,248,104

1,304,763

1,134,393

4,491,790

Gross profit

1,176,619

1,100,846

412,784

367,174

1,482,954

Operating expenses:

Research and development, net

335,210

307,065

119,890

103,315

424,420

Marketing and selling, net

268,144

267,845

91,349

85,967

359,141

General and administrative, net

225,608

224,406

75,736

71,842

330,285

Total operating expenses

828,962

799,316

286,975

261,124

1,113,846

Operating income

347,657

301,530

125,809

106,050

369,108

Financial expenses, net

(105,219)

(91,991)

(44,953)

(35,722)

(137,827)

Other income (expenses), net

10,269

(5,375)

7,002

(1,851)

(4,787)

Income before income taxes

252,707

204,164

87,858

68,477

226,494

Taxes on income

(35,689)

(27,957)

(12,830)

(10,014)

(22,913)

Income after taxes on income

217,018

176,207

75,028

58,463

203,581

Equity in net earnings of affiliated companies

14,625

9,247

4,284

2,395

12,275

Net income

$        231,643

$        185,454

$          79,312

$          60,858

$        215,856

Less: net income attributable to non-controlling interests

(498)

(331)

(206)

(155)

(725)

Net income attributable to Elbit Systems Ltd.’s shareholders

$        231,145

$        185,123

$          79,106

$          60,703

$        215,131

Earnings per share attributable to Elbit Systems Ltd.’s shareholders:

Basic net earnings per share

$               5.20

$               4.17

$               1.78

$               1.37

$              4.85

Diluted net earnings per share

$               5.18

$               4.15

$               1.77

$               1.36

$             4.82

Weighted average number of shares used in computation of:

Basic earnings per share (in thousands)

44,472

44,351

44,478

44,360

44,375

Diluted earnings per share (in thousands)

44,633

44,579

44,618

44,642

44,592

 

 

ELBIT SYSTEMS LTD.

CONSOLIDATED STATEMENTS OF CASH FLOW

(In thousands of US Dollars)

Nine months
ended
September 30,
2024

Nine months
ended
September 30,
2023

Year ended
December 31,
2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$         231,643

$         185,454

$         215,856

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

Depreciation and amortization

117,145

123,477

164,799

Stock-based compensation

10,060

9,732

12,141

Amortization of series B, C and D related issuance costs, net

358

445

579

Deferred income taxes and reserve, net

12,124

4,025

(13,165)

Gain on sale of property, plant and equipment

(419)

(241)

(651)

Loss on sale of investment, remeasurement of investments held under fair value method

6,079

6

4,990

Equity in net (earnings) losses of affiliated companies, net of dividend received (*)

(6,085)

5,060

10,046

Changes in operating assets and liabilities, net of amounts acquired:

Increase in trade and unbilled receivables and prepaid expenses

(466,738)

(65,444)

(96,594)

Increase in inventories, net

(529,345)

(345,201)

(351,594)

Increase (decrease) in trade payables and other payables and accrued expenses

(1,726)

30,999

175,446

Severance, pension and termination indemnities, net

(28,734)

(20,892)

(24,331)

Increase (decrease) in contract liabilities

738,177

(127,451)

16,187

Net cash (used in) provided by operating activities

82,539

(200,031)

113,709

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment and other assets(***)

(167,002)

(157,787)

(187,037)

Acquisition of subsidiaries, net of cash assumed

—

(10,380)

(10,380)

Investments in affiliated companies and other companies, net

(3,151)

(2,939)

(5,416)

Proceeds from sale of property, plant and equipment

5,013

600

1,466

Proceeds from sale of a subsidiary and an investments

24,776

—

151

Investment in short-term deposits, net

7,068

(25,576)

(9,467)

Investment in long-term deposits, net

(335)

83

83

Net cash used in investing activities

(133,631)

(195,999)

(210,600)

CASH FLOWS FROM FINANCING ACTIVITIES

Issuance of shares

7

15

30

Issuance of commercial paper

36,380

313,620

313,620

Repayment of long-term loans

(11,262)

(246,173)

(246,231)

Proceeds from long-term bank loans

—

20,000

20,000

Repayment of Series B, C and D Notes

(61,862)

(62,434)

(62,434)

Dividends paid (**)

(66,717)

(67,033)

(89,248)

Change in short-term bank credit and loans, net

76,316

347,215

147,475

Net cash provided by (used in) financing activities

(27,138)

305,210

83,212

Net decrease in cash and cash equivalents

(78,230)

(90,820)

(13,679)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

$         197,429

$         211,108

$        211,108

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

$         119,199

$         120,288

$        197,429

  (*) Dividend received from affiliated companies and partnerships

$             8,540

$           14,307

$          22,321

(**)  Dividends paid during 2023 included approximately $0.5 million dividends paid by a subsidiary to non-controlling interests.

(***) Purchase of property, plant and equipment included investments in new manufacturing facilities of approximately $87 million
for the nine months ended September 30, 2024, approximately $50 million for the nine months ended September 30, 2023, and
approximately $83 million for the year ended December 31, 2023.

 

 

ELBIT SYSTEMS LTD.:

DISTRIBUTION OF REVENUES

(In millions of US Dollars)

Consolidated revenues by geographical regions:

Nine
months
ended
September
30, 2024

%

Nine
months
ended
September
30, 2023

%

Three
months
ended September
30, 2024

%

Three
months
ended September 30,
2023

%

Year
ended
December 31,
2023

%

Israel

$     1,395.1

28.5

$        730.0

16.8

$        499.0

29.1

$        230.2

15.3

$     1,167.2

19.5

North America

1,082.4

22.1

1,049.6

24.1

386.8

22.5

359.7

24.0

1,417.7

23.7

Europe

1,287.2

26.3

1,329.7

30.6

429.9

25.0

496.9

33.1

1,776.4

29.7

Asia-Pacific

858.4

17.5

968.1

22.3

315.6

18.4

314.2

20.9

1,263.8

21.2

Latin America

111.8

2.3

85.1

2.0

37.9

2.2

26.9

1.8

120.7

2.0

Other countries    

162.8

3.3

186.5

4.2

48.3

2.8

73.7

4.9

228.9

3.9

Total revenue

$     4,897.7

100.0

$     4,349.0

100.0

$     1,717.5

100.0

$     1,501.6

100.0

$     5,974.7

100.0

Consolidated revenues by segments:                                

 

Nine months
ended
September 30,
2024

Nine months
ended
September 30,
2023

Three months
ended
September 30,
2024

Three months
ended
September 30,
2023

Year ended
December 31,
2023

Aerospace

External customers

$            1,216.2

$            1,188.1

$               434.0

$               404.1

$            1,613.2

Intersegment revenue

179.1

181.8

58.2

58.0

260.1

Total

1,395.3

1,369.9

492.2

462.1

1,873.3

C4I and Cyber

External customers

558.4

490.7

198.7

171.7

668.4

Intersegment revenue

39.7

41.8

14.7

16.4

52.7

Total

598.1

532.5

213.4

188.1

721.1

ISTAR and EW

External customers

832.8

735.6

271.2

242.9

996.9

Intersegment revenue

156.0

138.9

52.7

44.2

182.5

Total

988.8

874.5

323.9

287.1

1,179.4

Land

External customers

1,144.0

884.7

402.6

330.0

1,241.0

Intersegment revenue

60.6

52.1

19.2

11.3

65.2

Total

1,204.6

936.8

421.8

341.3

1,306.2

ESA

External customers

1,146.3

1,049.9

411.0

352.9

1,455.2

Intersegment revenue

7.3

5.6

5.6

1.9

9.7

Total

1,153.6

1,055.5

416.6

354.8

1,464.9

Revenues

Total revenues (external customers and intersegment) for reportable segments

5,340.4

4,769.2

1,867.9

1,633.4

6,544.9

Less – intersegment revenue

(442.7)

(420.2)

(150.4)

(131.8)

(570.2)

Total revenues

$            4,897.7

$            4,349.0

$            1,717.5

$            1,501.6

$            5,974.7

 

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View original content:https://www.prnewswire.com/news-releases/elbit-systems-reports-third-quarter-2024-results-302309659.html

SOURCE Elbit Systems Ltd.

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Rachana Shukla, MD, and Vaishalee Shukla, MD Introduce Hybrid Choice™ Concierge Program Through Concierge Choice Physicians

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November 10, 2026

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Helping patients enjoy a more personalized, connected healthcare experience with enhanced physician connectivity and availability

ROCKVILLE CENTRE, N.Y., Nov. 10, 2026 /PRNewswire/ — Rachana Shukla, MD and Vaishalee Shukla, MD, experienced internal medicine physicians serving the Westchester community, are now offering the Hybrid Choice concierge program through Concierge Choice Physicians (CCP). The program is designed to provide patients with enhanced connectivity, more personalized attention, and greater physician availability, helping foster stronger relationships and a more responsive healthcare experience.

Recognizing that many patients value additional time, communication, and support from their physician, the doctors have introduced the CCP Hybrid Choice concierge program as an option for those seeking a more personalized healthcare experience. The program complements their existing practice, allowing all patients to continue receiving care while offering members enhanced physician connectivity, greater availability, and additional conveniences

“For us, the foundation of good medicine has always been the relationship we build with our patients. This program allows us to spend more time with patients, communicate more directly, and provide the type of personalized attention that helps people feel supported, informed, and confident in their healthcare decisions,” said Dr. Rachana Shukla.

Membership benefits include easy-to-secure, extended appointments, direct physician connectivity, enhanced care coordination and medical advocacy, preventive health planning, and a more personalized approach to care. Members also benefit from greater physician availability, continuity of care, and a dedicated support team focused on responsiveness and service.

“We are excited to launch this new program and look forward to welcoming our members,” said Dr. Vaishalee Shukla. “This is an exciting time for our practice, and we can’t wait to begin this new, truly personalized style of medicine.”

The physicians practice at Shukla MD, located at 150 Lockwood Avenue, Suite 30, New Rochelle, NY 10801. The Hybrid Choice program is available for an annual membership fee. For more information or to enroll, contact Concierge Choice Physicians at 877.888.5590.

About Rachana Shukla, MD
Rachana Shukla, MD is an internal medicine physician with over a decade of experience caring for adults in the Westchester community. She started her private practice, Shukla Medical Services PLLC, in 2015 and has been practicing since. She earned her medical degree from Dr. D. Y. Patil Medical College in Navi Mumbai, India, and completed her residency training in Internal Medicine at Sound Shore Medical Center of Westchester, affiliated with New York Medical College. Dr. Shukla combines extensive clinical experience with a strong commitment to preventive care, chronic disease management, and building lasting relationships that support her patients’ long-term health and wellness.

About Vaishalee Shukla, MD
Vaishalee Shukla, MD is a board-certified internal medicine physician who has served patients throughout Westchester County for more than two decades. She received her medical degree and completed her residency training in Internal Medicine at Sound Shore Medical Center of Westchester, affiliated with New York Medical College. Throughout her career, Dr. Shukla has provided care in hospital, outpatient, and community-based settings, bringing a thoughtful, patient-centered approach to preventive medicine, chronic disease management, and personalized primary care.

About Concierge Choice Physicians (CCP)
Dedicated to providing real options for patients and physicians, Concierge Choice Physicians™ is the largest private provider of the full range of concierge programs available today—Hybrid and FullFlex™. The company provides innovative, flexible and affordable models proven to work in medical practices of any size—from solo physicians to large medical practice corporations—both independent and affiliated with hospitals or health systems. Headquartered in Rockville Centre, NY, the company has worked with thousands of physicians in 35 states. For more information, please visit www.ccpmd.com.

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SOURCE Concierge Choice Physicians

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Ares Management Corporation to Present at the TD Cowen 2026 Financials & Fintech Conference

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26 minutes ago

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November 10, 2026

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NEW YORK, Nov. 10, 2026 /PRNewswire/ — Ares Management Corporation announced today that its Chief Financial Officer, Jarrod Phillips, is scheduled to present at the TD Cowen 2026 Financials & Fintech Conference on Wednesday, November 18, 2026, at 3:10pm ET.

A live audio webcast of the presentation will be available on the Investor Resources section of the Company’s website at www.ares.com. For those unable to listen to the live audio webcast, a replay will be available on the Company’s website shortly after the event.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2026, Ares Management Corporation’s global platform had approximately $691 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Investor Relations:
irares@ares.com 

Media:
media@ares.com 

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SOURCE Ares Management Corporation

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TELUS Mental Health Index: Burnout, presenteeism, and youth mental health crisis are negatively impacting Philippine business productivity

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26 minutes ago

on

November 10, 2026

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A new nationwide survey reveals 82 percent work unwell at least once a week, nearly half experience burnout, and 77 percent fear career repercussions if they disclose mental health concerns.

Quick Facts:

More than half (55 percent) of workers report that their mental health is negatively affecting work productivityNearly half (48 percent) of Filipino workers routinely end their workday mentally or physically exhausted, with younger workers (under 40) twice as likely as older peers to report constant stressWorkers feeling mentally and/or physically exhausted lose 49.5 productivity days per year, directly affecting workplace productivityEighty-two percent of employees report working while mentally or physically unwell at least once a weekMore than half (54 percent) of workers lack emergency savings to cover basic needsAlmost eight in 10 workers (77 percent) fear career damage if they disclose mental health issues, driving a culture of hidden strain and unaddressed risk

MANILA, Philippines, Nov. 11, 2026 /PRNewswire/ — Today, TELUS Health – a global digital health and workforce wellbeing company – released its first Philippines-focused TELUS Mental Health Index (“the Index”). The report reveals that burnout, exhaustion, and presenteeism have escalated into productivity risks across the Philippines, as stigma makes workforce mental health and wellbeing a critical business imperative for organizations.

The Index is based on an independent, nationally representative survey of 2,000 employed adults across diverse sectors, regions, and demographics of the general Philippine workforce. The research evaluates workforce wellbeing on a 0–100 scale, where higher scores reflect better mental health and lower risk. Scores are categorized across optimal (80–100), strained (50–79), and distressed (0–49) ranges. Overall, the Philippine national benchmark score sits at 61.6, indicating widespread strain among workers in the country.

According to the Index, unaddressed employee strain directly impairs national economic performance, with 55 percent of workers reporting that mental health challenges actively undermine their daily productivity.

Compounded by financial stress where half of the workforce (50 percent) report personal finances as the primary source of personal stress, more than half (54 percent) lack emergency savings to cover basic needs and employees are increasingly turning up to work while unwell. Eighty-two percent report experiencing “presenteeism”, also known as working while functioning below their capacity as a result of being unwell, at least one day per week. Workers reporting feeling mentally or physically exhausted at the end of their workday costs organizations up to 49.5 days in lost productivity.

Workplace stigma is a key barrier to address wellbeing in the workplace, as 77 percent of employees fear disclosing mental health challenges due to potential career repercussions, forcing Filipino workers to suffer in silence while organizations absorb the hidden costs of reduced performance and employee turnover.

“Presenteeism is a costly hidden expense for Philippine businesses today, as 82 percent of employees report working while unwell at least once a week and the impact on operational output should not be ignored,” said Paula Allen, Global Leader of Research and Insights, TELUS Health. “Stigma is a factor in this and it’s damaging in two ways. Firstly, stigma makes people feel the need to hide, which drains their energy. Secondly, it prevents people from seeking necessary help, including confidential health support. This crisis is hitting the younger workforce hardest, with workers under 40 being twice as likely to feel under constant stress and 70 percent more likely to end their day completely exhausted. When young employees push through physical and mental strain without proper support, companies burn out the future leaders driving their organizations.”

This report reveals distinct vulnerabilities across age groups, financial obligations, and regional populations:

Younger workers feel the pressure: Workers under 40 are twice as likely as those over 50 to feel under constant stress and twice as likely to cite mental health as their primary personal stressor. Workers under 40 are twice as likely as workers over 50 to report a lack of work-life balance as a source of work stress and 70 percent more likely than those over 50 to end their workday feeling mentally or physically exhausted.Financial stress is driving mental health strain: Everyday financial obligations have created a persistent state of strain across the workforce, with 41 percent of workers reporting they feel under constant stress. Workers without emergency savings continue to experience a lower mental health score (55.5) than the overall group (61.6). This financial pressure takes a toll on productivity and wellbeing, as workers stressed about money lose 44.6 working days annually.Climate impact on mental health: Environmental factors heavily affect regional gaps as 24 percent of workers report losing income due to climate disaster-related work stoppages, and 14 percent report difficulty working remotely due to power outages or connectivity failures during natural disasters.

The cultural stigma remains as managers are unequipped to support workforce wellbeing

The cultural stigma around disclosing mental health is a major barrier to receiving support. Seventy-seven percent of workers report they would be concerned about their career options if their workplace was aware of a mental health issue. Deep-seated self-stigma is also on the rise, with 63 percent of workers admitting they would feel negatively about themselves if they experienced a mental health issue.

“Workplace culture and cultural stigma are barriers to workforce wellbeing in the Philippines,” said Jamie MacLennan, Region Head, Asia-Pacific, TELUS Health. “More than three-quarters of employees fear their career progression will be impacted by disclosing mental health challenges and this silent suffering is costing companies in lost productivity. People leaders don’t feel equipped to handle wellbeing conversations, so businesses have a responsibility to support managers with proper training to address workplace stigma and ensure accessible, judgment-free support systems for every employee.”

More than half of Filipino workers (52 percent) report that cost is the top barrier to seeking professional mental health support. The second biggest barrier is a lack of guidance on what type of care is best (32 percent), followed by where to find care (29 percent). Closing communication gaps, training leadership with structured facilitated training, and delivering accessible mental health and wellbeing programs are essential steps for employers aiming to reduce organizational risk and support sustainable performance.

This TELUS Mental Health Index includes insights related to anxiety and isolation, highlighting the critical importance of human connection and community support. Checking in with others and giving back to our communities can significantly boost mental wellbeing. As a company rooted in social purpose, TELUS Health is committed to improving health outcomes and fostering community connections. Read the full Philippines TELUS Mental Health Index here.

About the TELUS Mental Health Index research methodology

Data for this report was collected through an online survey of 2,000 people living in the Philippines who are currently employed or were employed within the last six months. This is not an internal survey of TELUS or TELUS Digital team members. Participants are selected to represent the age, gender, industry, and geographic distribution in the Philippines, with survey responses gathered between July 24 and August 5, 2026.

The TELUS Mental Health Index is based on a response scoring system that turns individual responses into point values. Higher point values are associated with better mental health and less mental health risk. Benchmark scores out of 100 represent optimal (80–100), strained (50–79), and distressed (0–49) mental health categories.

Frequently Asked Questions

What is the primary source of stress for workers in the Philippines?

Fifty percent of workers cite personal finances as their primary source of personal stress. This financial pressure directly impacts workforce performance, causing stressed employees to lose an average of 44.6 working days per year in productivity. An additional 10 percent cite broader economic conditions such as the cost of living as their leading stressor.

How many Philippine employees lack emergency savings for basic needs?

More than half (54 percent) of workers lack emergency savings to cover basic needs. Workers without emergency savings continue to experience a lower mental health score (55.5) than the overall group (61.6).

What percentage of Philippine workers suffer from workplace burnout and fatigue?

Forty-eight percent of workers often end their workday feeling mentally and/or physically exhausted. Exhausted employees lose 49.5 productivity days per year—nearly 20 full working days more than non-exhausted peers. Workers under 40 are 70 percent more likely than those over 50 to experience end-of-day exhaustion.

Does mental health stigma affect career advancement in the Philippines workforce?

Seventy-seven percent of workers would be concerned that their career options would be limited if they had a mental health issue that their workplace was aware of. This fear of professional fallout is accompanied by high self-stigma, as 63 percent report they would feel negatively about themselves if they experienced mental health challenges.

What is presenteeism and how much does it cost Philippine employers?

Presenteeism is the practice of working while feeling mentally or physically unwell, reported by 82 percent of Filipino employees at least one day per week. Workers who never work while unwell lose only 17.3 days of productivity per year, whereas employees working while unwell 4 to 5 days a week lose between 64 and 71 working days annually per person. The loss in working days translates to a significant financial loss for businesses, highlighting the commercial imperative to address mental health issues.

What can support Philippine workers to get mental health support?

Employee Assistance Programs provide confidential, professional mental health support at no cost to the worker. The support given is personalized to the individual’s needs. It is also available every hour of every day, which enables immediate intervention for crisis situations. When well communicated in a workplace, the value is significant. Cost is the primary barrier for 52 percent of workers, while 42 percent report that their manager has never communicated the availability of employer health and wellbeing programs. Additionally, 32 percent do not know what type of care is best for them, and 29 percent refrain from seeking support due to fear of social judgment.

How do natural disasters and typhoons impact workplace productivity in the Philippines?

Nearly eight in 10 workers report a direct impact on their work performance due to recent natural disasters. Specifically, 24 percent lost income due to work stoppages, 16 percent were unable to commute, and 14 percent experienced remote work disruptions from power and internet outages. Workers experiencing disaster-related emotional distress lose an average of 54.8 working days per year. The critical incident support offered through and EAP addresses the major upheaval that these situations create, and supports workers with the skills and confidence to manage through difficulty. 

How does TELUS Health support the wellbeing of its own workforce?

Team member wellbeing is foundational to our culture, and we lead by example through comprehensive physical, psychological, and financial support systems. Our team members and their eligible family members have access to confidential counseling and mental health services through our Employee Assistance Program (EAP), alongside digital health platforms and mental health support. TELUS actively invests in specialized leadership training to ensure managers are equipped to recognize burnout, champion psychological safety, and ensure team members can access support without fear of career repercussions.

About TELUS Health
TELUS Health is a global technology leader advancing health data infrastructure and workforce wellbeing. Across healthcare systems, we build interoperable digital technology uniting electronic medical records, pharmacy management platforms, and virtual care so vital health information flows securely across the entire ecosystem. For organizations, we deliver comprehensive, life-stage support that integrates physical, mental, and financial wellbeing. By connecting care systems and empowering workforces, TELUS Health drives better health outcomes for individuals, organizations, governments and healthcare providers worldwide. For more information, visit telushealth.com. 

Media Contact:
Kaya Arai
TELUS Health Public Relations
kaya.arai@telus.com 

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SOURCE TELUS Health; TELUS Communications Inc.

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