Global Expansion and Business Achievements
30 | 2023 Elbit Systems Proprietary
Appendix | Non-GAAP Financial Data
Non-GAAP financial data is presented to enable investors to have additional information on our business performance as well as a further basis for
periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors by facilitating more
meaningful comparisons of our financial results over time. Such non-GAAP information is used by our management to make strategic decisions, forecast
future results and evaluate our current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP,
non-GAAP measures may not be comparable with the calculation of similar measures for other companies.
The non-GAAP financial data herein includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS.
In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements,
various non-cash items, including significant exchange rate differences, significant effects of retroactive tax legislation, changes in accounting guidance and
other items and financial transactions not considered to be part of regular ongoing business, which, in management's judgment, are items that are
considered to be outside the review of core operating results. In our non-GAAP presentation, we made certain adjustments as indicated in the table below.
These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have
limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these
measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-
GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.
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