Elbit Systems (NASDAQ:ESLT) Q1 2023 Earnings Conference Call May 30, 2023 9:00 AM ET

Company Participants

Rami Myerson - Investor Relations

Butzi Machlis - President, Chief Executive Officer

Kobi Kagan - Chief Financial Officer

Yossi Gaspar - Senior Executive Vice President, Business Management

Conference Call Participants

Sheila Kahyaoglu - Jefferies

Atinc Ozkan - Wood & Company

Ella Fried - Bank Leumi

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' First Quarter 2023 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

You should have all received by now the company's press release that is available in the News section of the company's website, www.elbitsystems.com.

I would now like to hand over the call to Rami Myerson, Elbit Systems' Investor Relations Director. Rami, please go ahead.

Rami Myerson

Thank you, Joni. Good day, everyone, and welcome to our first quarter 2023 earnings call. On the call with me today are Butzi Machlis, our President and CEO; Kobi Kagan, our CFO; Yossi Gaspar; Senior EVP, Business Management.

Before we begin, I would like to point out that the safe harbor statement in the company's press release issued earlier today also refers to the contents of this conference call. As we do every quarter, we will provide you with both our regular GAAP financial data as well as certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional detail to help understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release.

Kobi will begin by providing a discussion of the financial results, followed by Butzi, who will talk about some of the significant events during the quarter and beyond. We will then turn the call over to a question-and-answer session.

With that, I would like now to turn the call over to Kobi. Kobi, please?

Kobi Kagan

Thank you, Rami. Hello, everyone, and thank you for joining us today. The financial results of the first quarter 2023 reflect the sustained demand for our leading technological solutions that supported the growth in the order backlog to $15.8 billion, up 15% relative to the first quarter of 2022. I'm encouraged that our operational activities and the cost base are gradually returning to normal, following the supply chain and labor challenges in 2022. We continue to invest in the operational transformation to realize the potential presented by the large funnel of opportunities around the world, and we are on track to deliver an improved performance.