Elbit reports the results of its operations in the first quarter of 2022, which ended on March 31, 2022. The company’s revenues in the first quarter of 2022 amounted to $ 1,352.8 million, compared to $ 1,118.3 million in the first quarter of 2021. Most of the increase in the company’s revenues was organic, in addition to donations. Of Spartan, which was acquired in the second quarter of 2021.
Bezalel (Muddy) Machlis, President and CEO of Elbit Systems: “Elbit Systems is well positioned to benefit from the acceleration in the growth of defense budgets, thanks to a portfolio of leading technologies and a presence in key security markets around the world. The growth in the first quarter reflects a strong demand for our solutions from customers around the world.
“Elbit Systems’ employee retention plans include compensation plans related to the company’s share price, in a way that improves our ability to realize our long-term growth potential. The increase in the share price during the first quarter of 2022, caused a sharp increase in expenses in respect of the compensation plans related to the share price. ”
Non-GAAP gross profit for the first quarter of 2022 amounted to $ 333.3 million (24.6% of total revenue), compared to gross profit of $ 286.2 million (25.6% of total revenue) in the corresponding quarter last year.
The gross profit under US-GAAP and Non-GAAP in the first quarter of 2022 includes expenses of approximately $ 20 million related to the effect of the significant increase in the company’s share price on employee compensation plans related to the share price.
Net research and development expenses for the first quarter of 2022 amounted to $ 100.7 million (7.4% of total revenue), compared to $ 84.3 million (7.5% of total revenue) in the corresponding quarter last year.
Net marketing and sales expenses for the first quarter of 2022 amounted to $ 87.0 million (6.4% of total revenue), compared to $ 51.5 million (4.6% of total revenue) in the corresponding quarter last year.
Net administrative and general expenses for the first quarter of 2022 amounted to $ 84.3 million (6.2% of total revenues), compared to $ 61.8 million (5.5% of total revenues) in the corresponding quarter last year.
The company’s backlog for March 31, 2022 was $ 13.7 billion, similar to the company’s backlog as of December 31, 2021. About 72% of the company’s backlog is for sale to customers outside Israel. About 55% of the order backlog is destined for execution during 2022 and 2023.
Cash flow from operating activities during the three months ended March 31, 2022 amounted to $ 35.5 million, compared to approximately $ 13.1 million used for operating activities during the three months ended March 31, 2022.
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