Elbit Systems Business Overview
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data
(US Dollars in millions, except for share and per share amount)
Three Months Ended
March 21,
Year Ended December 31,
2018
2019
2020
2021
2021
2022
GAAP gross profit
Adjustments:
976.2
1,136.5
1,165.1
1,358.0
281.3
326.9
Amortization of purchased intangible assets
19.1
22.0
22.7
26.7
4.9
6.4
Covid-19 related expenses and write-offs
56.0
Expenses related to acquisitions
66.6
55.0
Impairment of long-lived assets
3.4
1,061.9
1,213.5
1,247.2
1,384.7
286.2
28.8%
26.9%
26.7%
26.2%
25.6%
333.3
24.6%
Non-GAAP gross profit
Percent of revenues
GAAP operating income
292.8
321.6
325.7
418.5
83.8
58.6
Adjustments:
Amortization of purchased intangible assets
26.5
36.1
39.4
47.0
9.1
10.9
Covid-19 related expenses and write-offs
56.6
Expenses related to acquisitions
66.8
55.0
Impairment of long-lived assets
3.4
Gain from change in holdings
Capital gain
Non-GAAP operating income
Percent of revenues
(45.4)
(1.2)
(31.8)
(35.0)
(14.7)
(3.7)
340.7
379.7
390.1
390.1
92.9
65.8
9.2%
8.4%
8.4%
8.5%
8.3%
4.9%
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