Call Start: 09:00 January 1, 0000 9:51 AM ET

Elbit Systems Ltd. (NASDAQ:ESLT)

Q2 2022 Earnings Conference Call

August 16, 2022, 09:00 ET

Company Participants

Rami Myerson - Director, Investor Relations

Kobi Kagan - CFO

Butzi Machlis - President & CEO

Yossi Gaspar - Senior EVP

Conference Call Participants

Ellen Page - Jefferies

Pete Skibitski - Alembic Global

Ella Fried - Bank Leumi

Operator

Welcome to Elbit Systems Second Quarter 2022 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 second 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 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 both with 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 to turn the call over to Kobi. Kobi, please?

Kobi Kagan

Thank you, Rami. Hello, everyone, and thank you for joining us today. The second quarter results reflects a pickup in demand with a series of significant contracts award for our solutions in the quarter as our customers start to implement the lessons learned from the Russian invasion of Ukraine. Second quarter revenues were similar to 2021.

This growth in Europe and Egypt offset the decline in the U.S. Our revenues by geography tend to fluctuate on a quarterly basis based on the specific programs and project performance as well as milestone reached in a particular quarter. We believe the long-term revenue trend supported by the growth in the order backlog are more representative and encouraging in most of Elbit Systems geographical end markets. I will now highlight and discuss some of the key figures and trends in our financial results.