Global Expansion and Business Achievements
31 | 2023 Elbit Systems Proprietary
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data
Years Ended December 31,
2021
2022
Years Ended December 31,
2021
2021
GAAP gross profit
1,358.0
1,373.3
Adjustments:
GAAP net income attributable to Elbit Systems' shareholders
Adjustments:
274.4
275.4
Amortization of purchased intangible assets (*)
26.7
Non-GAAP gross profit
1,384.7
31.7
1,405.0
Amortization of purchased intangible assets (*)
Capital gain
47.0
49.2
(24.9)
(20.5)
Percent of revenues
26.2%
25.5%
Revaluation of investment measured under fair value method
(17.3)
10.2
Non-operating foreign exchange (gains) losses
10.6
(10.5)
GAAP operating income
418.5
367.5
Non-recurring grant
(28.6)
Tax effect and other tax items, net
77.8
(6.3)
Adjustments:
Amortization of purchased intangible assets (*)
47.0
49.2
Non-GAAP net income attributable to Elbit Systems' shareholders
367.6
268.9
Capital gain
(14.7)
(31.5)
Percent of revenues
7.0%
4.9%
Non-recurring grant
(28.6)
Non-GAAP operating income
450.8
356.6
GAAP diluted net EPS
Percent of revenues
8.5%
6.5%
Adjustments, net
Non-GAAP diluted net EPS
6.20
6.18
2.10
(0.15)
8.30
6.03
(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.
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