Elbit Programs Ltd (ESLT) Q3 2021 Earnings Name Transcript | The Motley Idiot

Elbit Programs Ltd (ESLT) Q3 2021 Earnings Name Transcript | The Motley Idiot

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Elbit Programs Ltd (NASDAQ:ESLT)Q3 2021 Earnings CallNov 23, 2021, 9:00 a.m. ETContents:
Ready Remarks
Questions and Solutions
Name Individuals
Ready Remarks:
OperatorLadies and gents, thanks for standing by. Welcome to Elbit Programs Third Quarter 2021 Outcomes Convention Name. [Operator Instructions] You need to have all now acquired the corporate’s press launch that’s out there within the Information part of the corporate’s web site www.elbitsystems.com.I might now like at hand over the decision to Rami Myerson, Elbit Programs Investor Relations Director. Rami, please go forward.Rami Myerson — Director, Investor RelationsThank you, Shangto. Good day, everybody, and welcome to our third quarter 2021 earnings name. On the decision with me right this moment are Butzi Machlis, our President and CEO; Yossi Gaspar, our Chief Monetary Officer; and Kobi Kagan, who will take over from Yossi on April 1 subsequent 12 months.Earlier than we start, I wish to level out that the Secure Harbor assertion within the firm’s press launch issued earlier right this moment additionally referred to the contents of this convention name. As we do each quarter, we’ll give you each our common GAAP monetary information in addition to sure supplemental non-GAAP info. We consider that this non-GAAP info gives extra element to assist perceive the efficiency of the continuing enterprise. Yow will discover all of the detailed GAAP monetary information in addition to the non-GAAP info and the reconciliation in right this moment’s press launch.Yossi will start by offering a dialogue of the monetary outcomes, adopted by Butzi, who will discuss among the important occasions through the quarter and past. We’ll then flip the decision over to a query and reply session.With that, I would love now to show the decision over to Yossi, please.Joseph Gaspar — Government Vice President and Chief Monetary OfficerThank you, Rami. Hiya, everybody, and thanks for becoming a member of us right this moment. I wish to start by welcoming Kobi Kagan to this name. I’ve labored intently with Kobi since he joined Elbit in 2008. We’re presently conducting a handover course of earlier than he takes over the function of Elbit Programs’ CFO from April subsequent 12 months.The outcomes of our third quarter replicate the profitable execution of our international diversification technique that’s delivering robust income development and an improved operational efficiency, which is a results of effectivity measures we mentioned prior to now. We proceed to implement mitigation plans to restrict the impression of the strengthening of the Israeli shekel. Within the short-term, this consists of the adoption of a rolling hedge coverage and effectivity measures. Over the long run, we plan to broaden our manufacturing footprint in prime quality decrease price nations to higher stability our foreign money publicity and scale back danger.I’ll now spotlight and focus on among the key figures and tendencies of our monetary outcomes. Third quarter revenues had been $1.363 billion and elevated by over 20% year-over-year. A significant a part of the expansion was natural along with the contribution from Sparton, which we acquired within the second quarter of 2021. When it comes to income breakdown throughout our areas of operation, airborne techniques accounted for 37% of the full quarterly revenues and elevated year-over-year primarily on account of airborne precision-guided munition gross sales. Land techniques accounted for 23% of whole revenues, the same stage to the revenues of the third quarter of 2020. C4ISR at 27% of revenues elevated year-over-year, primarily as a result of acquisition of Sparton. Electro-optics accounted for 10% of whole gross sales and elevated year-over-year as a result of ramp of Elbit Night time Imaginative and prescient packages. Different gross sales had been 3% of revenues and elevated year-over-year as a result of development of our U.S. medical gadget subsidiary.Our numerous geographic income base is essential to the long-term sustainability of our enterprise. Within the third quarter, Asia Pacific contributed 31% of revenues; North America 30%; Israel was 18% and Europe 17%. The expansion in U.S. was primarily as a result of Sparton acquisition and gross sales of non-defense medical units. Asia Pacific revenues elevated primarily on account of gross sales of precision-guided munitions and UAS. The expansion in European revenues was due primarily to C4ISR gross sales to the U.Ok.The non-GAAP gross margin for the third quarter was 27.2% in contrast with 26.7% within the third quarter of 2020. GAAP gross margin within the third quarter of 2021 was 26.6% of revenues in contrast with 20.9% of revenues within the third quarter of 2020. The GAAP gross margin revenue within the third quarter of 2020 included a $60 million non-cash expense from asset impairments and stock write-offs as a result of impression of COVID-19. The gross margin enchancment through the second quarter and third quarters of 2021 is encouraging and displays the advantages of the associated fee management measures we adopted.The third quarter non-GAAP working earnings was $123 million or 9% of revenues in contrast with $93.1 million or 8.2% of revenues final 12 months. GAAP working earnings for the third quarter was $110 million versus EUR24 million final 12 months following the stock write-offs and impairments. The working expense breakdown within the third quarter was as follows. Web R&D bills had been 7.4% of revenues versus 8% within the third quarter of final 12 months. Advertising and promoting bills had been 6.2% of revenues versus 6.3% final 12 months. G&A bills had been 4.9% of revenues in comparison with 4.5% final 12 months. Monetary bills had been $13.5 million within the third quarter in comparison with $9.7 million in 2020. We recorded a tax expense of $8.3 million within the third quarter in contrast with $2.2 million in 2020. The efficient tax price within the third quarter was 8.6% in contrast with 15.4% in 2020. Our non-GAAP diluted EPS was $2.33 within the third quarter in contrast with $1.64 final 12 months. The GAAP diluted EPS was $2.08 in contrast with $0.38 final 12 months.Our backlog orders as of September 30, 2021 was roughly $13.6 billion, $2.7 billion greater than the backlog on the finish of September 2020 and at the same stage to the backlog on the finish of June 2021. Roughly 40% of the present backlog is scheduled to be carried out throughout 2021 and 2022 and the rest is scheduled for 2023 and past. The share of the backlog for the rest of the 12 months and the next 12 months is decrease than the third quarter final 12 months, following various multi-year contracts awarded just lately. The order backlog is equal to greater than two and a half years of revenues and gives good visibility for the long run.Money circulation from working actions for the third quarter was $150,000 outflow in contrast with $63 million outflow in the identical quarter of final 12 months. Throughout the third quarter, we efficiently accomplished the tender of three collection of notes elevating roughly $575 million. The notes shall be traded on the Tel Aviv Inventory Alternate and supply us with good long-term supply of funding for ongoing enterprise operations in addition to potential acquisitions. The board of administrators declared a dividend of $0.46 per share for the third quarter of 2021.I’ll now flip the decision over to Mr. Machlis, Elbit’s CEO. Butzi, please.Bezhalel Machlis — President and Chief Government OfficerThank you, Yossi. I wish to welcome Kobi to the decision and need him luck. I’ve labored with Kobi for a few years. As you might know, Kobi was VP, Finance at Elbit System Land and C4I after I was Basic Supervisor.Turning to the monetary outcomes, the latest months have been busy and productive with various strategic contract awards. We proceed to see good momentum throughout virtually all our finish markets, together with Israel following the approval of protection budgets.At our Investor Day in April, we mentioned the elevated significance of maritime area and the funding Elbit has made to develop options for the rising market. In November, our U.Ok. subsidiary, Elbit System U.Ok. was awarded $100 million 13-year contract from Babcock to offer the Royal Navy with new Digital Warfare capabilities. As a part of this contract, Elbit System U.Ok. will design and manufacture Maritime EW suites comprised of digital full-spectrum radar digital assist measures and EW command and management techniques. These newest era applied sciences will improve the state of affairs consciousness and anti-ship missile protection of Royal Navy ships enhancing the potential to take advantage of the electromagnetic surroundings.Elbit Programs provides digital warfare techniques for air, land and naval platforms, and lately, has signed various contracts to provide EW techniques for the U.S. Air Pressure Nationwide Guard, F-16 and German Air Pressure helicopters. We’re additionally putting in EW techniques on the Israeli Navy’s new Sa’ar 6 Corvette. In September, we acquired a $56 million contract to offer an built-in anti-submarine warfare resolution to the navy of an Asia Pacific nation. Elbit will present civil unmanned floor vessel consumed to carry out anti-submarine warfare missions and our Towed Reelable Energetic Passive Sonar or TRAPS techniques. This award follows a contract earlier this 12 months to offer Seagull USVs configured for mine countermeasure missions.The mixing of Sparton is progressing as deliberate. I’m very happy with the progress we now have delivered within the maritime market this 12 months, increasing our market positions and product portfolio. Elbit is nicely positioned for development on this market over medium time period. A couple of weeks in the past, we hosted Israeli Protection Minister, Benny Gantz on the cornerstone-laying ceremony at our new Ramat Beka facility we’re constructing within the South of Israel. Over the approaching years, we’ll switch IMI’s manufacturing actions from Central Israel to a brand new trendy facility. The brand new facility is a crucial a part of the implementation of the multi-year IMI turnaround plan and we count on to finish the transfer by 2024. These efforts ought to assist our efforts to reinforce IMI profitability.The second a part of the IMI turnover is to extend the share of worldwide gross sales. These had been considerably decrease than Elbit after we acquired IMI. Accordingly, IMI’s worldwide orders have grown quickly because the acquisition. Within the first 9 months of 2021, 60% of IMI orders had been from worldwide clients in comparison with roughly 20% previous to the acquisition in 2018. The acquisition of IMI enhanced Elbit System portfolio for artillery options by including superior munition to our legacy portfolio of companies, mortar, goal acquisition and devoted command and management options.The Israeli MoD chosen Elbit System to develop and manufacture a brand new era of SIGMA howitzer to the IDS. SIGMA is a 1.5 millimeter self-propelled howitzer able to automated loading and laying of the gun system, speedy out and in motion occasions and excessive price of fireside. The ramp on this program is progressing as deliberate. Final week, we acquired $106 million contract to provide SIGMA totally automated self-propelled howitzer gun system to a rustic in Asia Pacific, the primary worldwide order for the SIGMA.We consider there’s a important potential for added exercise orders for militaries all over the world seeking to improve their legacy artillery techniques. Elbit Programs ATMOS howitzer participated within the U.S. Military shoot-off earlier this 12 months and we — and was on show outdoors AUSA in D.C. in October. We proceed to spend money on the growth of our U.S. footprint. In November, Elbit Programs of America introduced plans to determine a brand new 135,000 sq. foot facility in Charleston, South Carolina. The ability will maintain the ESA’s floor fight automobile meeting and integration heart of excellence. We count on operations within the facility to start by the third quarter of 2022 to assist contracts ESA acquired from the Israeli Ministry of Protection for the provision of self-propelled howitzer gun system to their IDS.The brand new facility is a part of Elbit Programs technique to broaden our engineering and manufacturing functionality within the U.S. This facility will create round 300 new jobs, will assist 280 suppliers throughout South Carolina and can be utilized for promoting integration effort for future DoD packages. In September, ESA acquired a $54 million contracts, for ENVG manufacturing from the U.S. Military. This order is a part of the OTA contract with a most worth of $442 million we acquired in 2020. In October, ESA acquired $76 million IDIQ contract to provide head mount and show techniques for the U.S. Military Apache Helicopter. In abstract, our broad-based backlog continues to offer us with good visibility, and we proceed to see important potential all over the world for our main excessive know-how options.And with that, I shall be blissful to take your questions.Questions and Solutions:OperatorThank you. [Operator Instructions] The primary query is from Greg Konrad of Jefferies. Please go forward.Greg Konrad — Jefferies — AnalystGood morning.Bezhalel Machlis — President and Chief Government OfficerGood morning, Greg.Greg Konrad — Jefferies — AnalystMaybe simply to start out on income sort of a two-part query, one sort of extra short-term, one long run. I imply simply within the short-term, is that this 12 months any completely different the place you sometimes have a This fall ramp for gross sales or had been there some gadgets sort of pulled into Q2 and Q3? After which sort of the second half, long run, I imply natural development has been working nicely forward of our expectations and likewise sort of the mid-single-digit goal you’ve got laid out prior to now. I imply, has the expansion profile been reset or are there headwinds heading into subsequent 12 months we needs to be fascinated about simply sort of how we should always take into consideration the general development goal?Joseph Gaspar — Government Vice President and Chief Monetary OfficerLook, often, as you will have talked about, the fourth quarter is often a robust quarter at Elbit Programs from perspective of revenues, and we count on this to be the case for 2021 as nicely. We did see the transformation of the robust backlog development that we had lately into revenues. Really, I might say that repeatedly, we had been requested by the markets, how come that we develop so strongly within the backlog and we don’t see a simultaneous development in revenues? As we defined, it takes a while from the expansion of the backlog till it transforms into revenues. And presently, we do see that impact occurring this 12 months.Wanting ahead, I feel the transformation of the backlog into revenues will proceed. The continued development in backlog will create steady development in revenues. Nonetheless, I’m not certain at this cut-off date that we will ship robust double-digit development by all of subsequent 12 months. We do consider that the expansion will occur due to the backlog numbers and that subsequent 12 months we’ll see development within the top-line as nicely.Greg Konrad — Jefferies — AnalystThank you for that. And perhaps simply transitioning to margins, I imply, you talked about price management measures and various perhaps efficiencies round manufacturing. I imply, how are you fascinated about the margin goal? I feel you’ve got laid out a ten% long run margin goal prior to now. I imply how will we take into consideration the trail to get there between perhaps combine, among the effectivity measures you’ve got sort of put in place and simply total quantity leverage?Joseph Gaspar — Government Vice President and Chief Monetary OfficerI assume that our long-term plan is unquestionably underway and we began to see the constructive outcomes of our long-term strategic plan of discount of overheads of price, of enhancing efficiencies, of mixing manufacturing traces and all the opposite efficiencies, together with centralized acquisitions and so forth. All of that is occurring.Up to now, we talked about additionally what we name the one ERP system that’s applied throughout the entire group. We’re nicely over 50% already applied and we count on to finish that someplace — most of it throughout subsequent 12 months and could also be some very small components within the 12 months after that. And we already begin to see to see the advantages of that, though the most important half will are available 2022 and 2023 when we now have a lot of the firm underneath the identical ERP system. This all effort will proceed. And as I stated it is a part of the long-term plan that’s applied and thus assist us within the improved efficiency from the perspective of profitability.Along with that, we now have some headwinds due to the native foreign money alternate price. We’re making all of the efforts doable as a way to mitigate that. And that effort can even proceed into the long run. We are also taking a look at varied manufacturing websites as a way to allow us to fabricate and do some in addition to engineering efforts in prime quality, low price nations that may allow us to cut back our price base within the varied areas of price within the firm.One of many components that helps us to cut back the general share of prices of the working bills is after all the very robust development within the top-line. And when the corporate is rising, then the discount in share of price within the G&A, the share of price of R&D and different bills can be useful in enhancing the working revenue line.Greg Konrad — Jefferies — AnalystI will depart it there. Thanks, and a great quarter. Thanks.Bezhalel Machlis — President and Chief Government OfficerThanks, Greg.OperatorThe subsequent query is from Pete Skibitski of Alembic World. Please go forward.Pete Skibitski — Alembic World Advisors — AnalystYeah. Good quarter, guys. And Yossi, congratulations in your pending retirement.Joseph Gaspar — Government Vice President and Chief Monetary OfficerThank you. I shall be round for a while.Bezhalel Machlis — President and Chief Government OfficerHe isn’t retiring but.Pete Skibitski — Alembic World Advisors — AnalystUnderstood. So yeah, second straight quarter of — it appears by my math, type of mid-teens natural income development. And I feel the final quarter, you talked about a big precision-guided munition sale to an Asia Pacific nation as being a key driver of that second quarter development. And so I am guessing perhaps that was a giant driver within the third quarter as nicely. Are you able to give us a way for when that enormous program could begin to run off, simply so we will perhaps get an concept for the timing of perhaps transitioning from this type of mid-teens development to extra of a such as you talked about your long-term purpose of mid-single-digit plus sort development?Joseph Gaspar — Government Vice President and Chief Monetary OfficerOur revenues are positively impacted by varied packages of this type. This isn’t the one program that we’re working. This particular program, it goes by the following 12 months as nicely. And nonetheless, there are some important different packages with related traits that we now have acquired in our backlog and can finally substitute the revenues from this program as we often do through the years.Pete Skibitski — Alembic World Advisors — AnalystOkay, OK. After which can we discuss money circulation for a second. There’s a giant receivables billed this quarter. I feel I heard you bought — I do not know if that is associated to the PGM sale or — however I additionally heard you guys say that the Israeli protection funds was accredited, which I feel you had been hoping that that might enhance money circulation. So I am simply questioning perhaps you may converse to expectations for fourth quarter money circulation and sort of catching up on among the receivables billed?Joseph Gaspar — Government Vice President and Chief Monetary OfficerWell, the one good factor that has occurred in November is that the Israeli Authorities has accredited and division has accredited the funds for the remainder of 2021 and 2022. This after all has been mirrored in approving all of the expense components, the budgets of the MoD in Israel, and that has translated in funds — important funds that had been delayed by the Israeli Ministry of Protection for a lot of quarters truly, in order that at this cut-off date, I can — I’m blissful to report {that a} important a part of the delayed funds have been paid. And we count on by the remainder of this 12 months to receives a commission for a lot of the delayed funds of the Ministry of Protection.So from that perspective, that is excellent information and issues are again on observe as they need to have been for regular course of enterprise. And I might emphasize that this isn’t mirrored but the improved assortment from the Ministry of Protection in Israel isn’t mirrored within the third quarter numbers, as a result of the funds was accredited in November, we’ll see that within the fourth quarter.From a perspective of the opposite components, sure, when you will have elevated revenues, then after all, you will have elevated receivables and we count on to gather all of that in time. So trying on the subsequent quarter, I might cautiously be optimistic by saying that we in all probability will enhance our working capital and we’ll see stronger money era.Pete Skibitski — Alembic World Advisors — AnalystOkay. In order that’s nice information. I admire that. Possibly I can sneak one final one in, perhaps for Butzi. Butzi, plenty of information I take into consideration alternatives for Israeli corporations typically, however definitely for Elbit for, I’ll name it, non-Israel protection gross sales. I feel you guys have tended to Dubai Airshow just lately, and there was an announcement that you’re organising a brand new unit in UAE. So are you able to discuss perhaps how optimistic you might be about these sort of new alternatives and sort of timing and magnitude and it simply sort of looks like a complete new market has opened as much as you pretty rapidly?Bezhalel Machlis — President and Chief Government OfficerThank you. It is true. We participated for the primary time within the Dubai Airshow. The Abraham agreements are opening new alternatives in new markets for Elbit, and I can let you know that there’s a lot of curiosity in a number of nations for know-how. And I’m optimistic that it’ll generate revenues sooner or later for us on this new market. We’re working with the native industries already and we all know the market fairly nicely. And I’m fairly optimistic that we’ll proceed to see revenues on this market sooner or later as nicely. And this isn’t true only for UAE. It’s true for added nations that are open for us proper now based mostly on the settlement, which was declared 12 months and a half years in the past.Pete Skibitski — Alembic World Advisors — AnalystThat’s nice. I admire all the colour, guys.Bezhalel Machlis — President and Chief Government OfficerThank you.OperatorThe subsequent query is from Ella Fried of Financial institution Leumi. Please go forward.Ella Fried — Financial institution Leumi — AnalystHello. First, I wish to congratulate the brand new CFO, Kobi, on his appointment and need him plenty of success. And I’ve a couple of questions. The primary query pertains to the operational revenue and the hedge stage. You might have achieved on this quarter fairly a pleasant price of operational revenue, definitely non-GAAP. And we additionally keep in mind that this 12 months, you set the hedge stage at ILS3.3 for greenback. What about going — I additionally keep in mind that you established now a steady hedge. So what are you anticipating the following 12 months? Did you catch a pleasant stage for the forward-going quarters?Joseph Gaspar — Government Vice President and Chief Monetary OfficerYeah. We’ve got hedged our shekel bills for this 12 months and that features the fourth quarter. For subsequent 12 months, we now have been profitable to hedge a part of that primarily within the first half of subsequent 12 months. And we after all are retaining observe on the adjustments within the foreign money and in search of alternatives to proceed our coverage of steady hedging because it comes alongside.Ella Fried — Financial institution Leumi — AnalystSo you will have two sure quarters. You had a couple of which might be totally — virtually totally hedged on the present stage. After which it’s a must to try to preserve it on.Joseph Gaspar — Government Vice President and Chief Monetary OfficerI stated and I say a part of subsequent 12 months, sure.Ella Fried — Financial institution Leumi — AnalystPart of subsequent 12 months. I made a decision it is my resolution that it is half of subsequent 12 months. Okay. And the following query is definitely about — I do not know to whom it is associated, but it surely’s about eradicating amenities. You talked about it for a few years and now I feel the time is now as a result of the extent are actually — the alternate ranges are actually unparalleled. And once you talked about Charleston, may it’s one of many amenities to truly settle for the eliminated operations or it is only a completely different mission and the operations shall be eliminated to nations with even cheaper labor prices?Bezhalel Machlis — President and Chief Government OfficerHi, Ella. Good afternoon.Ella Fried — Financial institution Leumi — AnalystGood afternoon.Bezhalel Machlis — President and Chief Government OfficerAs you already know, we now have dozens of firms all all over the world, in Brazil, within the U.S., within the U.Ok., in Germany, in India and plenty of different locations. And we, in all these markets, it is crucial to create native jobs and to do improvement and to do manufacturing. So we’re making the most of the positions we now have in these markets and we’re increasing our amenities there. It helps us first to be extra native, to be extra crafted and to do extra jobs on the bottom. And secondly, additionally to hedge a few of our actions, which we do in Israel and different amenities.So it is a long-term course of and it is a part of enchancment we try to realize within the OP, as Yossi talked about, it is one component there. It is already efficient, as you all noticed within the final outcomes. Different components are rising productiveness, which is Boca — the Raton Boca facility will assist us with that and centralized procurement and the brand new ERP are the measures which had been talked about by Yossi earlier. So all collectively, we now have a long-term plan to enhance the profitability of the corporate, and we’re implementing it. It is fairly efficient and we’ll proceed to do it sooner or later. Simply on amenities only one piece on this quarter.Ella Fried — Financial institution Leumi — AnalystOkay. Thanks. And the final query was truly additionally for you, it is a extra advertising query. Do you propose to maintain within the long-term IMI label otherwise you plan to combine it a sure — throughout the few years into Elbit Programs label as a result of there are completely different websites to it? So what — do you will have a particular plan now?Bezhalel Machlis — President and Chief Government OfficerIt’s a great query. And for that — I can let you know that IMI have excellent status throughout the globe, primarily for mission and for land platforms. So in the interim, we intend to maintain the title of the product. We wish to acquire advantages of the status — of the nice status IMI is having in lots of nations.Ella Fried — Financial institution Leumi — AnalystOkay. Thanks for taking my questions.Bezhalel Machlis — President and Chief Government OfficerThank you, Ella.OperatorThe subsequent query is from Elad Kraus of Excellence. Please go forward.Elad Kraus — Excellence — AnalystThanks. Hello, Butzi, Yossi and Kobi. I’ve a few questions. First, concerning the gross sales. I see that Israel is just 19% of the gross sales. Do you see {that a} pattern that Israel ought to go decrease or it is one-time that often will come again to the traditional the place it was once a couple of quarters in the past? And the second query can be concerning the margins. Do you see any adjustments within the surroundings proper now you can say that the margins needs to be greater or decrease or the identical in comparison with the final quarters?Joseph Gaspar — Government Vice President and Chief Monetary OfficerAs you already know, Elad, the Israeli market is a restricted market. As the corporate grows, then a giant a part of our development is worldwide. So with all of the optimism that the Israeli protection funds continues to develop, and it does, it appears like we’re rising sooner and our growth is within the worldwide market. So based mostly on that, taking a look at the long run and assuming that the corporate will proceed to develop at a comparatively excessive price then the percentage-wise, the Israeli market will in all probability be — shall be declining. Nonetheless, absolutely the worth anticipated to develop at some price. So that is concerning your first query.Relating to the profitability stuff, I feel we defined that and we’re doing the whole lot doable as a way to enhance it. I feel we’re on observe. The costs available in the market are outlined by the market itself. So the development within the profitability, we count on it to come back from enchancment in operations of the corporate. So that is truly the plan and we see very profitable outcomes out coming from that plan.Elad Kraus — Excellence — AnalystYeah. So that’s nonetheless on the similar stage? I imply there is no such thing as a greater competitors?Joseph Gaspar — Government Vice President and Chief Monetary OfficerWell, the competitors is actually there. It was there. It continues to be there, and we count on it to be there sooner or later as nicely.Elad Kraus — Excellence — AnalystAll proper. Thanks.Operator[Operator Instructions] There are not any additional questions presently.Earlier than I ask Mr. Machlis to go forward along with his closing assertion, I wish to remind contributors {that a} replay of this name shall be out there two hours after the convention ends. Within the U.S., please name 1888-782-4291. In Israel, please name 03-925-5900. And internationally, please name 9723-925-5900. A replay of the decision can even be out there on the firm’s web site, www.elbitsystems.com.Mr. Machlis, would you wish to make your concluding assertion?Bezhalel Machlis — President and Chief Government OfficerYes. Thanks. I wish to thank all our workers once more for his or her continued onerous work, significantly in these difficult occasions. To everybody on the decision, thanks for becoming a member of us right this moment and in your continued assist and curiosity in our firm. Have a great day, and good bye.Operator[Operator Closing Remarks]Length: 39 minutesCall contributors:Rami Myerson — Director, Investor RelationsJoseph Gaspar — Government Vice President and Chief Monetary OfficerBezhalel Machlis — President and Chief Government OfficerGreg Konrad — Jefferies — AnalystPete Skibitski — Alembic World Advisors — AnalystElla Fried — Financial institution Leumi — AnalystElad Kraus — Excellence — Analyst
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