Elbit Systems Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 15, 2023

There are 8 speakers on the call.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems Second Quarter 2023 Results Conference Call. All participants are at present in listen only mode. Following management's formal presentation, instructions will be given for the question and answer session. As a reminder, this conference is being recorded.

Operator

You should have all received by now the company's press release that is available in the News section of the company's website atwww.elbitsystems.com. I would now like to hand over the call to Mr. Rami Meyerson, Over to System Investor Relations Director, Rami, please go ahead.

Speaker 1

Thank you, Nathan. Good day, everyone, and welcome to our Q2 2023 Earnings call. On the call with me today are Rusty Bakkers, our President and CEO Kobi Kagan, our CFO and Yossi Grafmann, Senior EVP, Business Management. Before we begin, I would like to point out that the Safe Harbor statement in the company's press release issued earlier today also refers to the contents of this conference call. As we do every quarter, we will provide you with both our regular GAAP financial data as well as certain supplemental non GAAP information.

Speaker 1

We believe that This non GAAP information provides additional detail to help us understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non GAAP Financial information and the reconciliation in today's press release. Kobi will begin by providing a discussion of the financial results, followed by Gudzi, who will talk about some of these significant events during the quarter and beyond. We will then turn the call over to a question and answer session. With that, I would like now to turn the call over to Kobi.

Speaker 1

Kobi, please. Thank you, Rami. Hello, everyone, and thank you for joining us today. The financial results of the Q2 of 2023 reflect sustained demand of our for our solutions. Increased production capacity and gradual easing of supply chain pressures that supported the revenue growth.

Speaker 1

The sequential increase in operating profitability provides an encouraging initial indication of the successful implementation of the operational improvement plan. We continue our efforts across the company to improve profitability and cash generation and realize our potential. Before I discuss some of the key figures and trends in our financial results, I would note that the sale of the Shuttershallon to Fini opportunity funds was completed at the end of the Q2 of 2022 and our results in the Q2 of 2023 do not include a contribution from Assertoskeletons. 2nd quarter revenues increased by 12% to $1,454,000,000 compared to $1,303,000,000 in the Q2 of 2022 with growth across all business segments. In terms of quarterly revenue by segment, Aerospace revenue increased by 19% in the Q2 of 2023 Compared to the Q2 of 2022, mainly due to training and simulation sales in Europe, C4I and Cyber revenues increased by 1% year over year.

Speaker 1

Istar and EW revenues increased by 21%, mainly due to European electronic warfare sales. Land revenues increased by 3% mainly due to armored vehicle upgrades and ammunition sales. LV Systems of America revenues increased by 7% in the 2nd quarter due to growth in night vision sales. LV Systems benefit from a diverse geographic revenue base that reduces revenue volatility and supports the long term sustainability of our business. In the Q2, Europe was our largest market contributing 32% of group revenues.

Speaker 1

North America was 23%, Asia Pacific 22% and Israel contributed 17% of revenues. European revenues mainly due to growth in training and simulation sales. Asia Pacific revenues declined mainly due to lower precision guided munitions sales. The non GAAP gross margin for the 2nd quarter was 26.1% compared to the Q2 of 2022 at 26.5 percent. GAAP gross margin in the 2nd quarter was 25.6 percent of revenues compared to 26.1% in the Q2 of 2022.

Speaker 1

2nd quarter non GAAP operating income was $112,000,000 or 7.7 percent of revenues compared with $103,000,000 or 7.9% of revenues last year. The sequential improvement in non GAAP operating profitability is an encouraging indication of the tangible benefits of the operational transformation plan. GAAP operating income for the Q2 was $102,000,000 or 7% of revenues versus $115,000,000 or 8.8 percent of revenues in the Q2 of 2022. GAAP operating income in the Q2 of 2022 included the capital gain related to the sale of our subsidiary of Shoto's Canone Industry as well as the sale of a building in Israel. The operating expenses breakdown in the Q2 was as follows.

Speaker 1

Net O and D expenses were 6.4% of revenues versus 7.4% in 2022. Marketing and selling expenses were 7% of revenues versus 6.4% last year. The positive inflection in global defense budget growth has created multiple opportunities and the increase in marketing and sales spend will help to realize the potential this creates. G and A expenses were 5.2 percent of revenues compared to 5.6% last year. Financial expenses were $32,000,000 in the 2nd quarter compared to $9,000,000 in 2022.

Speaker 1

Financial expenses in the Q2 were higher as a result of the significant increase in interest rates and higher debt. Operating cash flow in the 2nd quarter was $138,000,000 outflow compared to $169,000,000 out in the same quarter last year. Operating cash flows in the first half of twenty twenty three reflect an increase in inventories to support Revenue growth and delays of payments from the Israeli Ministry of Defense, we do not believe there is a risk to receiving these outstanding payments and we continue to work with our customers to expedite these payments. Our operational improvement plans should also support our efforts to improve cash generation in the medium term. We recorded a tax Expense of $9,000,000 in the 2nd quarter compared to $13,000,000 in 2022.

Speaker 1

The effective tax rate in the Q2 was 13.6%, a similar level to the tax rate in 2022. Our non GAAP diluted EPS was $1.57 in the 2nd quarter compared with $1.73 in 2022. GAAP diluted EPS was $1.40 for the Q2 compared with $1.82 in 2022. Our backlog of orders As of June 30, 2023 was $16,100,000,000 a $2,000,000,000 higher then the backlog at the end of the Q2 of 2022. Approximately 49% of the current backlog is scheduled to be performed during the remainder of 2023 2024 and the rest is scheduled for 2025 and beyond.

Speaker 1

The Board of Directors had declared a dividend of $0.50 per share. I will now turn the call over to Mr. Marklis, our CEO, Bic Rudolfi, please go ahead.

Speaker 2

Thank you, Kobi. The 2nd quarter results demonstrate the successful implementation of Elbit System long term studies. Revenue growth accelerated in the quarter as we started to benefit from increased capacity, the easing of supply chain bottlenecks and continued demand for our portfolio of solutions on customers around the world. The operational improvement plan that we discussed with you in the past is starting to deliver tangible results with the with sequential increase in operating profitability. Financial expenses in the first half reflect the increase in interest rate and higher debt Due to delayed payment from customs, in recent years, we have leveraged a strong balance sheet to overcome the challenges presented by COVID-nineteen and supply chain disruption to sustain deliveries to our customers.

Speaker 2

The increased interest rate environment has raised our cost of finance. As part of our operational improvement plan, We are working to improve cash generation and reduce financial leverage. This should contribute to a reduction in financial expenses over time. I would like to review how the financial results in the Q2 reflect the successful implementation of Elbit Systems' long term strategy. The growth in European revenue in recent quarters is a direct result of our multi year investment in building a multi domestic footprint across Europe.

Speaker 2

Elbit Systems identified the long term potential across European market as part of our strategic planning. Middle European governments had significantly reduced the scale of the military forces following the end of the Cold War. This also resulted in reduced procurement on the domestic defense industrial base and the investment in defense related research and development. At Elbit Systems, we identified the opportunity this provided to supply our advanced solutions to customers across Europe by building domestic subsidiaries with engineering, manufacturing and support capabilities, transferring our cutting edge IP and solutions and adapting them to the requirements of the different European customers. We established domestic subsidiaries and partnership with local companies across Europe, from Sweden to Greece and from UK to Romania.

Speaker 2

When we were ramping up our investment across Europe, other different companies were shrinking their for you and introducing to investors. The Russian invasion of Ukraine was a wake up call for many European countries that have substantially decided to ramp up the defense spending, capitalizing the military forces and the domestic industrial base. Following years of investment in our multi domestic presence across Europe and portfolio of leading and Relevant solutions, LBC Systems has started to benefit from the growth in European defense spending as demonstrated by the growth in recent quarters as well as the orders we announced for Workkeeper X UAV on Romania and Elbourn EW System from Germany in recent months. In 2018, We acquired IMI from the Israeli government and integrated it into our Land segment. IMI has 2 major product areas, active protection systems for armed vehicles and the broad portfolio of munitions.

Speaker 2

The strategic rationale for the condition or the potential we identified for significant value creation we could generate by combining our legacy Seeker technology with IMI's munitions portfolio to develop a range of Air and Ground Launched Precision Guided Munitions. As part of the acquisition, we're committed to building a brand new munition production, development and testing facility in the south part of Kyzyl. The Russian and Ukraine militaries are consuming thousands of rounds of ammunition every day of the current conflict And militaries around the world have realized the critical importance of munition production capacity and stock by. We are benefiting from the strong demand for our portfolio of munition and nuggets from customers around the world. In July, we announced a $60,000,000 contract to prepare T.

Speaker 2

O. B. Shares to the Israeli MOD. These orders follow Multiple orders for our Pulse Rocket Launchers and Precision Rocket Artillery Solutions and Tank Munitions. Demand for platform protection solutions has also increased and we have received Excluding customers around the world in our iron fist active protection system.

Speaker 2

The strong demand for the Landed Segment Solutions validates the strategic rationale around the acquisition of IMI and our M and A processes. As part of our strategic processes, We regularly review our portfolio to identify capability or technology gaps that we can fill through M and A. We have spent more than $1,000,000,000 in recent years on a series of acquisitions that we are delivering tangible returns like IMI and IBC. We also review our existing portfolio to identify the business units that are no longer relevant to our strategy and could be more successful under different ownership. When we identify these businesses, We explore opportunities to serve them.

Speaker 2

In 2020 2, we sold the Shuttersch column to 3 Opportunity Funds and Ferrante and Technology Power and Control Business to the U. K. To TT Electronics. This is a preferred option, but if we are not able to find a buyer, we close the business as part of our strategy to optimize our business portfolio. Last week, following our AGM, David Fetterman was appointed Chair of Elbit Systems Board of Loreto replacing Michael Miki Federman will remain on the Board as a Director.

Speaker 2

Miki was appointed as the Chair of the Board in July 2000 following the merger between Allos and Elbit Systems. In 2000, Elbit Systems reported annual revenue of $591,000,000 and a backlog of 1,400,000,000 In 2022, Eltek reported annual revenues of $5,500,000,000 a 900% increase and a backlog of $50,100,000,000 that increased to $6,100,000,000 at the end of the second quarter. Revenues and order backlog growth during Mickey's tenure at Shell Out strict global defense budget growth and Elbit Systems have become one of the leading defense companies in the world. When in 'twenty three, Elbit Systems was ranked 21st in the 1st news top 100 global defense companies. On behalf of Elbit's employees, I would like to thank Mickey for his leadership and I would like to wish David Ferdinahl success in his role as Chair of the Board of Directors.

Speaker 2

And with that, I will be happy to take your questions. Ruto?

Operator

Thank you, ladies and gentlemen. At this time, we will begin the question and answer session. Your questions will be pulled in the order they are received. Please stand by while we poll for your questions. The first question is from Sheila Kahyaoglu from Jefferies.

Operator

Please go ahead.

Speaker 3

Good morning, guys, and thank you. Good quarter. I just wanted to ask a few questions, if that's okay. You talked about it in the prepared remarks a little bit, but obviously Europe was really strong in the quarter and in Israel and North America weaker. How should we think about the cadence of growth across geographies from here?

Speaker 3

And any color on the regional mix in the backlog?

Speaker 2

Thank you, Sheila. We see a big potential ahead of us, the funnel of Opportunities we deal with is quite big. And we see many opportunities in all domains actually. And we see we expect to see growth in Europe and we also expect to see growth in Asia Pacific as well as in the U. S.

Speaker 2

Here in Israel, we are waiting for a 5 year planning The Israeli MOD, which should take place around the end of this year. After it will take place, I believe that we'll be able to get more orders from the IMOD. And Latin America is shrinking And I don't expect the growth of this region in the near quarter with the near future. And this is it more or less.

Speaker 1

After Edgar and Macaulay,

Speaker 2

I would like To say that there are more opportunities for us in the Middle East. We have in UAE and we believe that there are more quite a big potential for us in this market as well. Our diverse presence is a stabilizing factor for future growth. And I believe that the strategy I started your fair bit, which includes 2 main pillars. 1 is a worldwide portfolio and the other one is Being a global company with many subsidiaries all around the globe is pulling itself and I expect to see additional growth in the renewals as well as in the fiscal quarter.

Speaker 3

Great. And I might ask 1 or 2 more if that's okay. When we think about the And market obviously has been very good again. Is there a different strategy there? You mentioned how far all your coverage is In your prepared remarks in Europe, like how you saw in Europe versus how you saw in North America and Asia?

Speaker 2

No. I don't expect I mean, we continue to enhance our local presence in Europe. We have many facilities. We have facilities in the U. K.

Speaker 2

We just inaugurated a month ago Another facility for Orbit in the U. K. We are enhancing our position also in Germany. We've operated another Facility in Germany in Rome. We have facilities in Sweden.

Speaker 2

We have facilities in Belgium. We have facilities in Switzerland. We have subsidiaries in Austria as well as in Romania and we are Working hard with our customers to improve our local position in the continent. That's our strategy. With regards to the U.

Speaker 2

S, As you know, we acquired 2 companies in the U. S. Recently. We acquired Spartan and we acquired NiVisio. And we are very happy with these acquisitions.

Speaker 2

Actually, we see a lot of interest for our portfolio in the U. S. Market and the additional growth for us in the U. S. Market.

Speaker 3

Great. And then one more, if I don't mind, on the free cash flow continued usage. How much of that $300,000,000 or so of usage in the first half We'll reverse in the second and how much is tied to Israel specifically on the working capital?

Speaker 1

Hi, Sheila. This is Kobi. We expect that the second half would be a positive one. We see some delays in payments from the Ministry of Defense here in Israel, but we don't expect that those Delays will cross the year end. So we expect that on the second half, the Ministry of Defense will pay all the pending receivables that we are currently missing in our cash flow position.

Speaker 3

Great. Thank you.

Operator

Thanks, Shneur. The next question is from Pete Skibitski of Alembic Global. Please go ahead.

Speaker 4

Hello. Good afternoon, everyone. But, see, I did want to follow-up on Sheila's question with regard to Europe because the revenue there has been incredible, right, up 40% last year and roughly 60% here through the first half, so very impressive. And Just for the perspective of playing the role of devil's advocate, as they say, how much concern do you have About the willingness of European governments to continue to fund defense budget increases. Just in light of I think there are some inflationary Pressures there.

Speaker 4

There is, I think, some macroeconomic concerns there. Do you think the governments will Follow through with budget increases the next few years in the current kind of macroeconomic backdrop they find themselves in.

Speaker 2

Thank you, Pete. From what I understand, There is all European countries understand right now they need to spend 2% of GDP for defense. Not only then, some countries are even investing more than that. This is not for the short term, it's for the long term. And many countries also understand, as I described earlier, that they need to build local capabilities and they want to reduce their dependency on external sources.

Speaker 2

And this is partly the Elbit strategy. So I do not see a decline in defense spending in the near term or even in the medium term in Europe. We also want to add to this that inventories are actually huge Demand to increase inventories for munition as well as for additional staff for additional Products in Europe, actually many countries are left without critical mass of ammunition, of tanks, of our pillar pieces, of UAVs, of communication equipment. So it will take years to fill all the storage again with the required quantities. So I don't see a shift or change in the demand in the market.

Speaker 2

I also want to add that the backlog we have in Europe as well as in other places is not just for the coming quarters. It's a long term backlog and I'm sure it will yield additional revenues in Europe. We see a growing demand for guided munition, for UAVs, The EWA systems for command and control and communication solutions, for hunt and wound solutions all over the continent as a result of the conflict with Ukraine and I don't expect it to change in the future.

Speaker 4

Okay. That's very helpful. I appreciate all the color on that. Let me ask one about Israel now and not to go down a political path from 1,000 of miles away here, but Can you just briefly give us a sense of, let's call it, the recent social unrest that we've heard about? Do you expect that to have any impact upon the MOD's budget processes or contracting activities?

Speaker 2

Without entering into politics, as you said, I don't expect in Israel, there is a budget in the country. And as a result of that, the process which is taking place right now in Israel to build a 5 year plan For the IBS, this plan should be concluded around the end of this year and then we expect to get orders. I don't see any changes.

Speaker 4

Okay. Okay. I appreciate it. Last one for me. So earlier this year, we sort of stopped talking about Phantom stock options expense because the shares were had retreated a bit, but of course, now the shares are up about 25% year to date.

Speaker 4

Should we do we have to start thinking again about stock option expense as a headwind to margin at some point? Could you give us some color there?

Speaker 1

Thank you, Pete for the question. As you know, the Phantom Stock Option Plan is a specific plan as and The terms of the option plan is scheduled that all of the payments of This stock option plan will be concluded this year and we don't expect any other cost On the P and L from the stock options, not this year, not in coming years.

Speaker 4

Okay. Okay. That's great. Thank you, guys. Thank

Operator

The next question is from Ella Fried of Bank Lumi. Please go ahead.

Speaker 5

Good afternoon. Well, it seems that you managed To tackle the supply chain challenges, but Also, it's the cost of increasing inventories. Correct me if I'm wrong. And this increasing inventories is actually a follow-up question on the cash flow. How do you plan in this world when supply Isn't so smooth as it used to be.

Speaker 5

How do you plan to face this challenge of inventories With your huge growth.

Speaker 2

I would like to Hi, Alain. Good afternoon. Hi. First, I must Supply chain, as we predicted, supply chain, most of the obstacles we faced during COVID are Going down, not all of them yet, but it's much better than it was a year ago or even a quarter ago. And so we don't have and it should have a positive effect on inventories in the past Because of the uncertainty we faced during COVID, we had to buy more inventories in order to ensure deliveries To our customer, today, we are able to return back to the previous procedures And we don't have to maintain any more big stocks because of supply chain issues.

Speaker 2

And this is more or less coming back to normal. The company is growing quite a lot as you all see. And in order to meet The demand in order to meet the commitment we have, we need to acquire more stocks in order to be able to deliver the goods to the customer. And that's actually what you see in the results. We continue to work hard to reduce the inventories.

Speaker 2

As I said, the fact that supply chain is more normal right now will help us to do so. And this is an important effort in the company which they create these days.

Speaker 5

Well, it seems that the headwinds the headwind of supply chain actually It was replaced in the kind of a decreasing impact of Cost of labor and delays. And the question is, Do you think it will follow us into 2024? And how are you handling it?

Speaker 2

With regards to workforce, So it's a contrary, Ella. To be quite as you know, the company has grown a lot and we As a demand to we still have a demand to recruit additional people, it was quite challenging during the COVID time. Right now, it's no easy for us to find good talent in the country. So it's not easy to find good people and also the salaries are more reasonable. So this factor is also easing.

Speaker 2

And I don't see major challenges for us now to putting good talent in the country with reasonable costs. So it wasn't the case a year ago, right now it's much better.

Speaker 5

So I think the next question is for Kobi. So how should we look at the profitability in 2024 in comparison to this quarter, I mean, do we expect a very I remember that you told us that we should expect a quarter after quarter Increase and improvement. But when I'm looking at this quarter with the impact of Financial expense. How should we be looking at 2024 in comparison to this quarter?

Speaker 1

So, Ella, as you know and thank you for the question. As you know very well, we don't provide guidance.

Speaker 5

I know, but I think you're more clear on

Speaker 1

So we, as Bhutti mentioned before, we are looking for Sequential improvement in non GAAP operational profitability. And we promised that and we think We kept our word and there is improvement, a gradual improvement in non GAAP operational profitability And the company is doing a lot of efforts to achieve this improvement. For your second half of the question, as to financial costs, we see a dramatically increased It's a neighborhood of interest rates and we face higher interest rates. Our rating is excellent. But as you know, the base interest rates, the sulfur is now 5.5% compared to almost 0 a year ago.

Speaker 1

So with almost the same depth, we faced higher financial cost and this is the new reality. And as we mentioned, we're looking at improvement cash generation to reduce our financial debt.

Speaker 2

And we are committed also, as mentioned earlier, to continue to improve our operational profit, with our non debt provisional profit as you saw in the last 2 quarters. It will continue in the future as well.

Speaker 5

Okay. Thank you. And good luck. And maybe not very politically correct question, But can you tell us what actually happened with Denmark because there are so many publications It's about it and does it impact first and most important for Elbit, does it impact The order and the second question, is it relevant in any way to Albit's Position?

Speaker 2

The answer is very clear. It has nothing to do with Elbit. There was an urgent requirement. The Danish company came here and took a decision to acquire our staff. We got an order.

Speaker 2

This order is valid. The criticism which is taking place in Denmark right now is not on And which is on internal

Speaker 5

About the process there. About the

Speaker 2

internal process in Denmark, we delivered already Some equipment to them and this program is valid, is active and We believe that we'll get additional orders from them, I hope, in the future. And as you know, We won rocket launches not just in Denmark, coal fired the Netherlands and just recently $300,000,000 contract And I foresee big opportunities for us for ready ammunition in Europe.

Speaker 5

Thank you very much and Congrats on the improvement in the quarter.

Operator

The next question is from Elad Krause of Midtown. Please go ahead.

Speaker 6

Thank you very much. First of all, good afternoon. Well, you answered most of my questions, but I do have still one. Do you see any change in the competition right now that's regarding the margins of the company can affect the 2024, 2025 margins, Maybe to be higher or lower than today?

Speaker 2

Of course, there is competition in the market, but I believe that the depth of the portfolio we have And the global positions we have are very unique. And customers are looking to get mature Equipment and to get it as soon as possible and to get it from local providers. And we are unique with our offer. Of course, it gives us an advantage in the market, but of course, there is still competition.

Speaker 1

So basically

Speaker 2

It depends on which segment, in each segment. It's a different type of competition, but there aren't many companies We have such a portfolio and such market position with

Speaker 6

us. So if this is the case, should we expect The same margins as we saw in

Speaker 2

the last couple of years? I can tell you that the gross profit profitability of our backlog is higher than the gross profit of the revenues that you saw that you see in our quarterly results. And because of that, I'm able to commit that our revenues in the future will be higher. Our profit in the future will be higher.

Operator

The next question is from Boaz Ben Chirp of Arschule. Please go ahead.

Speaker 7

Hi, good afternoon. I have

Speaker 1

few little references that I wanted to ask.

Speaker 7

First of all, the delay in the statements from the Israeli Defense Force. Are you getting any compensation for that because of varying cost? And the other side of it As if I'm looking forward, I see higher interest rates. What can we expect coming next year? Is it similar to this Past 6 months or more even?

Speaker 7

And on your future contracts, mainly because of the backlog, is it linked to interest rates or inflation Because the world changed in the past year and your backlog is about 2 or maybe 3 years long. So how will we see this in the coming quarters? Thanks.

Speaker 1

So Hi, Boaz. How are you? So for your first question, we are negotiating with the Ministry of Defense and I would not like to disclose those the details of the negotiation. And as I mentioned before, we expect all the payments to be made at the end of the year. As to the second question, The second question, we see probably at the same level of this quarter financial expenses For next quarters, as the interest rate level to our analysis have reached some peak and we don't see additional we don't foresee additional increase in interest levels.

Speaker 1

And We are expecting with cash generation to decrease the debt level. So, we hope to see in the we hope to see some decrease in financial expenses. And as for price adjusted contracts, we have some of our contracts which are price adjusted And some of the contracts which are fixed contracts were subject to competition and of course part of the competition is determining the competition rules and part of our contracts are price adjusted and part are not.

Operator

The next question is from Pete Skibitski of Alembic Global. Please go ahead.

Speaker 4

Yes, I did have one follow-up, but I think it's largely been asked for Kobi. So Kobi, if cash collections do improve in the second half, It sounds like you intend to pay down some of the short term debt that you raised this quarter. But just would you guys prioritize debt pay down over M and A if And if the attractive deal comes your way or are you more flexible in that sense for capital deployment?

Speaker 1

So we are known for very strict capital deployment and we know how to deploy our capital. We do that very diligently. And as to specifics, So we don't have any specifics on big M and A transactions. We're always looking for opportunities. And as we mentioned before, we look for M and A to increase our portfolio or to increase market share.

Speaker 1

So there is always a search in the company and company. And as we've proven in the past, we know our way in M and A transaction. And of course, if we have positive cash generations, we will decrease our short term debt. That's for sure, Pete.

Speaker 4

Okay. Thank you very much.

Speaker 1

Thanks, Pete.

Operator

There are no further questions at this time. Before I ask Mr. Machlis to go ahead with his closing statement, I would like to remind participants That a replay of this call will be available 2 hours after the conference ends. In the U. S, please call 1- 888-782-4291.

Operator

In Israel, please call 03925 5,900. And internationally, please call 9723

Speaker 2

9,255,900.

Operator

A replay of the call will be also available on the company's website www.elbitsystems.com. Mr. Machlis, would you like to make your concluding statements?

Speaker 2

I would like to thank all our employees for their continued hard work and contribution to Orbit Systems' success. To everyone on the call, thank you for joining us today and for your continued support and interest in our company. Have a good day and goodbye.

Operator

Thank you. This concludes the Elbit Systems' Q2 2023 results conference call. Thank you for your participation. You may now go ahead and disconnect.

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Elbit Systems Q2 2023
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