Elbit Systems Limited (NASDAQ:ESLT) Q3 2022 Earnings Conference Call November 29, 2022 9:00 AM ET

Company Participants

Butzi Machlis - President, Chief Executive Officer

Kobi Kagan - Chief Financial Officer

Yossi Gaspar - Senior Executive Vice President, Business Management

Rami Myerson - Investor Relations

Conference Call Participants

Pete Skibitski - Alembic Global

Ellen Page - Jefferies

Ella Fried - Bank Leumi

Ilya Fainer - Leader Capital Markets

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems’ third quarter 2022 results conference call.

All participants are at present in listen-only mode. Following management’s formal presentation, instructions will be given for the question and answer session. 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 Mr. Rami Myerson, Elbit Systems Investor Relations Director. Rami, please go ahead.

Rami Myerson

Thank you Michal. Good day everyone and welcome to our third quarter 2022 earnings call. On the call with me today are Butzi Machlis, our President and CEO; Kobi Kagan, our CFO, and Yossi Gaspar, Senior EVP, Business Management.

Before we begin, I would like to point out that the Safe Harbor statement regarding the 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 reconciliations 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 third quarter results reflect the strong demand for our solutions and the investments we are making to realize the growing potential presented by increased geopolitical tensions and growing defense budgets. Third quarter revenues were similar to 2021 as growth in Europe offset lower Asia Pacific revenues. Our revenues by geography tend to fluctuate on a quarterly basis based on specific programs and project performance, as well as milestones reached in a particular quarter. We believe the longer term revenue trends supported by the growth in the order backlog are more representative, as we have discussed with you in the past.